Adventures in the Chinese Economy: 16 Years from the Inside
This book provides an insightful overview of the social-economical trends in modern China, their global influence, and the disrupting consequences for businesses and countries all over the world. It is a fresh look at the business conditions that Western firms face in China, poised to become the world's largest and most dynamic economy. Using a vast array facts and data, combined with personal stories and experiences, Mr. Agten provides an accessible and entertaining glimpse at Chinese megatrends, such as the development of the middle class, innovation and upskilling, digitalization of Chinese society, rising labor costs and more. This book is a must-read for entrepreneurs, executives and economists seeking to understand the Chinese market.
Data and the American Dream
This book paints a portrait of social life in America by providing an accessible discussion of empirical economics research on issues such as illegal immigration, health care and climate change. All the studies in this book use the same data source: individual responses to the American Community Survey (ACS), the nation's largest household survey.The author identifies studies that clearly illustrate core econometric methods (such as regression control and difference-in-differences), replicates key statistics from the studies, and helps the reader to carefully interpret the statistics. This book has a companion website with replication files in R and Stata format. The Appendix to this book contains a guide to using the free R software, downloading the ACS and other public-use microdata, and running the replication files, which assumes no background knowledge on the part of the reader beyond introductory statistics. By opening up the hood on how top scholars use core econometric methods to analyze large data sets, a motivated reader with a decent computer and Internet connection can use this book to learn not only how to replicate published research, but also to extend the analysis to create new knowledge about important social phenomena. A more casual reader can skip the online supplements and still gain data-driven insights into social and economic behavior. The book concludes by describing how careful empirical estimates can guide decision making, through cost-benefit analysis, to find public policies that lead to greater happiness while accounting for environmental, public health and other impacts.With its accessible discussion, glossary, detailed learning goals, end of chapter review questions and companion resources, this book is ideal for use as a supplementary volume in introductory econometrics or research methods courses.
Economic Instability and Stabilization Policy
This book pleads for a new orientation of government economic policy, as well as central bank policy, rejecting the traditional government stabilization policy that leads to a dead-end of economic instability and social inequality in the long run.Growing economic instability and increasing state stabilization characterize the development of the capitalist market economy since the major world economic crises of the last century. The book examines these crises and the measures states take to overcome them. Additionally, it addresses the effectiveness and consequences of state intervention. In presenting the main features of Keynes' and Minsky's macroeconomics, the book provides a conceptual basis for an outlook on government stabilization in a changing market economy. It thus also offers a suitable framework for current economic policy discussions. Finally, the book examines the wider context of economic history for lessons to be learned.This book is a must-read for scholars and students of economics, as well as policy-makers and practitioners, interested in a better understanding of macroeconomics, central bank policy, and the results of state intervention.
Debates in Macroeconomics from the Great Depression to the Long Recession
This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM's subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008."When the 2008 crisis struck, macroeconomists were caught with models that were theoretically elegant yet inappropriate to the needs of the moment. A broader historical perspective may have prevented the jettisoning of Keynesian models that had proved useful in the past and might have done so again. This highly readable book by Arie Arnon is a wonderful antidote to economists' short time horizon and contributes mightily to restore the profession's "collective memory" of the diversity of ideas within macroeconomics."Professor Dani Rodrik, Harvard Kennedy School
Economic Philosophies
The book shows the ideological underpinning of the economist's work, and the ideological perspectives are those that have largely prevailed in the last couple of centuries: liberalism, nationalism and socialism. It is on the ground and strength of these ideologies that systems of political economy have been built. Roselli explores the connections between theory and value judgements to identify the philosophical premises behind the economic reasoning of economists as diverse as Smith, Ricardo, Marx, Pareto, Keynes, Hayek, among others. Liberalism originally leaned towards an unhindered laissez-faire, then towards a wider role of the State in the economic system, under the influence of socialist ideology, then again it has relied on an individualistic approach to issues of wealth production and distribution; more recently the unrealiability of this approach has been revealed by systemic crises, suggesting new reflections and uncertainties about the coherence of economic reasoning with the liberal idea: an institutional and historical perspective may open new spaces to the understanding of a liberal and capitalistic economy. The vicissitudes of economic nationalism, its statist and protectionist features, its decline and recent resurgence are examined, being unclear what shape it is currently taking from an economic and political viewpoint. This is particularly obscure in the case of that specific form of nationalism called populism. The decline and fall of Marx's historical materialism cannot hide the inherent contrast of interest between the two sides of a labour contract. The lasting legacy of socialism is the enduring and multiform relevance - from a cowed labour force to environmental issues - of social themes in modern economies.
Aid, Trade and Development
This volume presents a broad sweep of modern economic history underpinning aid, trade, development and globalization in the last half century and the salient challenges facing the global community today. The author draws on his long years as an academic and development practitioner to recommend what needs to be done to cope with the backsliding of the fight against global poverty, fractured geopolitics and the threats to the multilateral economic order. The new, revised edition analyses how unilateralism, rising protectionism and the Covid-19 pandemic seriously threaten global sustainable development. It concludes with recommendations on the policy changes needed to make globalization more equitable and development more sustainable. This book will be of interest to researchers and students of economic development and economic history, as well as all those concerned about global inequality and sustainability.
Economic Development in the Mena Region
This book offers new perspectives on the economic development of the Middle East and North Africa region. Offering both theoretical studies and empirical country studies, it examines micro- and macroeconomic issues and provides deep insights into the development challenges and prospects of various countries in the region. The articles examine a wide range of development issues, including economic growth, natural resource use, food security, poverty and inequality, corruption and transparency, military spending, water and resource scarcity, agriculture and aid effectiveness, and other relevant issues. The volume is aimed at scholars in economic and development studies as well as policy-makers and investors interested in the economic development of the MENA region.
Financial Market Dynamics After Covid 19
This book analyses the impact of the COVID-19 pandemic in different areas of Finance emphasizing the contagion effect in capital markets. The volume presents evidence-based case studies from the global financial crisis that followed after the onset of the pandemic in March 2020.
Economic Impacts and Emergency Management of Disasters in China
The Rmb in the Global Economy
This Element discusses the global role of the RMB. After recapitulating its economic and trade growth experiences, we recount China's evolving exchange rate policy in the post-reform era, review the debate over whether the RMB is overvalued or undervalued, present China's policies to globalize the RMB, describe offshore RMB trading, assess the current global status of the RMB, and discuss geopolitical tensions in the last few years. Since 2009, the process of globalizing RMB has not been smooth sailing and progressed quite unevenly over time. Despite the strong performance in the early 2010s, the RMB is under-represented in the global market and its global role does not match China's economic might. The path of RMB internationalization is affected by both China's economic performance and geopolitical factors.
Public Finance with Behavioural Agents
Recent developments in behavioural economics have deeply influenced the way governments design public policies. They give citizens access to online simulators to cope with tax and benefits systems and increasingly rely on nudges to guide individual decisions. The recent surge of interest in Behavioural Public Finance is grounded on the conviction that a better understanding of individual behaviours could improve predictions of tax revenue and help design better-suited incentives to save for retirement, search for a new job, go to school or seek medical attention. Through a presentation of the most recent developments in Behavioural Public Finance, this Element discusses the way Behavioural Economics has improved our understanding of fiscal policies.
Book Review
It can be hard for busy professionals to find the time to read the latest books. Stay up to date in a fraction of the time with this concise guide. Development as Freedom by Amartya Sen advocates a new outlook on development: whereas orthodox development thinking has a one-sided focus on economic development as the goal of the process of development, Sen's development as freedom framework sees the expansion of human freedom as both the goal and primary means of human development. He notes the "unfreedoms" that deprive millions of citizens around the world of the right to live the life they would choose, and suggests that economic indicators alone are insufficient as a measure of development. Sen is a major figure in the fields of development economics and welfare economics, and was awarded the Nobel Prize in Economic Sciences in 1998. This book review and analysis is perfect for: - Students of economics and international development - Students of philosophy and politics - Anyone who wants to understand the relationship between development and freedom About 50MINUTES.COM BOOK REVIEW The Book Review series from the 50Minutes collection is aimed at anyone who is looking to learn from experts in their field without spending hours reading endless pages of information. Our reviews present a concise summary of the main points of each book, as well as providing context, different perspectives and concrete examples to illustrate the key concepts.
The Resilience Economy
Many countries have sensed the need to diversify their economies and have created visions and strategies for the diversification of the economy. However, their attempts to diversify their economies have met with little success.For these countries to be successful in diversification they need to have strong factors to support the efforts for economic diversification and development. Factors will serve the economy and the nation to build its capabilities and make sure the efforts for diversification are a success. The "Wheel of Diversification and Development" is a framework that can be used by governments to diversify their economies. The model has identified factors that are essential to the diversification of the economy and without proper output of these factors a successful diversification would be difficult.The model includes 9 factors divided into three wheels: the outer wheel is represented by the factor "Natural Resources and Financial Funding", which is necessary for economic growth. The middle wheel is represented by the three factors "Human Development", "Policy, Institutions and Governance", and "Infrastructure". These factors are very necessary for building the capability of the economy to develop and diversify. The inner wheel is represented by five factors, "Export Orientation", "Innovation", "Entrepreneurship", "Private Sector" and "State-Owned Enterprises". These factors are the ones that support the transfer of the capabilities from the factors of the outer wheels into products or services that can compete globally and maintain their competitive advantage and thus lead to the diversification of the economy.Using Singapore as an example of the success of economic diversification, the model was applied to Singapore to evaluate how the factors need to be applied to create successful diversification efforts. Subsequently, the model was used to evaluate the progress of Abu Dhabi's economy on these factors and highlight the weaknesses that constrain Abu Dhabi from diversifying its economy. Similarly, the model was also used to evaluate the progress of GCC countries in their diversification efforts and identify the weaknesses present.This book includes recommendations about what strategies need to be improved for the development of the diversification model factors so that the goals of diversification and development of the economy can be achieved.
Csr for Purpose, Shared Value and Deep Transformation
As we enter the Fourth Industrial Revolution and usher in Globalization 4.0, it is more urgent than ever to commit to social and environmental goals such as those outlined in the UN Sustainable Development Goals. The theory, research, and practice of concepts such as shared purpose, shared value, and corporate social responsibility have evolved rapidly in order to respond to change and transformation in society, but only in a scattershot, poorly understood way, with no single study offering an integrated view of these dramatic transitions. Emphasizing a global perspective, CSR for Purpose, Shared Value and Deep Transformation takes long-overdue stock of how such transformations are integrated within the trajectory of CSR's core concepts. Taking a deep dive into social entre- and intrapreneurship, innovation, shared value, social impact, stakeholder engagement, and the development of the UN SDGs beyond 2030 Virginia Munro provides a framework for understanding the evolving role of the corporate dollar in the pursuit of a global ecosystem that is more inclusive of all stakeholders. For its theoretical rigor as well as its easily digestible case studies, this book is a must-read for both researchers and students of innovative 'preneurship' and CSR-related concepts, and for those struggling to understand the 'new normal' in a setting for 'new responsibility'. The foreword for this book is written by acknowledged CSR guru and Emeritus Professor Archie Carroll. Additional endorsements supporting this book are supplied by various practitioners and academics including ex-Deputy-Director General of UNESCO and Emeritus Professor Colin Power.
Regional Integration in Latin America
This book, focused on the analysis of regional integration and dynamism in Latin American countries, takes a multidisciplinary approach to international business. It uses case studies of major industries to explore the impact of the Pacific Alliance.
The Economics of Competition, Collusion and In-Between
This book provides a methodology for the analysis of oligopolistic markets from an equilibrium viewpoint, considering competition within and between groups of firms. It proposes a well-founded measure of competitive toughness that can be used in empirically relevant applications. This measure reflects the weight put by each firm on competition for market share relative to competition for market size - two dimensions of competition involving conflicting and convergent interests, respectively. It further explores several applications, such as the effect of tougher competition on innovation and of output market power on the emergence of involuntary unemployment, as well as the importance of strategic interactions for investment decisions. Relative to the dominant model of monopolistic competition, The Economics of Competition, Collusion and In-between aims to explore an alternative tractable model of firm competition opening the application of oligopoly theory to many fields in economics where general equilibrium features are crucial. It will be relevant to those interested in applied industrial organization, trade, macroeconomics (in particular macrodynamics) and quantitative economics.
The Untold Story of the Korean Film Industry
This book analyses the Korean film industry emergence and development in a global business and economic perspective. This is one of the first books to compare the film policies and industries of the world's six largest film industries - featuring Korea as the central character - with the aim of defining the contours of what constitutes an effective film policy. It presents many cases showing that, contrary to what is often believed, an economically sound policy is a good instrument for achieving desired cultural goals. It uses a set of analytical tools - borrowed from the economic analysis of international trade policies - to provide a rich harvest of new, rigorous, and often unexpected results on the effectiveness of the existing film policies. The implications found in this book are relevant not only for Korea, but for all other countries that wish to foster or enhance the competitiveness of their film industries. This book will be of interest to a wide spectrum of scholars interested in cultural studies - media and cultural specialists, political scientists, sociologists, historians - in addition to business analysts and economists specialized in cultural economics. As this book focuses on film policies and how to improve them, it will also appeal to policymakers, business figures, public relations officials, and staff from international organizations working on the film industry.
The Evolutionary Invisible Hand
The book presents a new theoretical approach to the description of economic phenomena over time. A realistic and meaningful description of economic phenomena over time is one of the basic preconditions for the success of any economic theory. The presented theoretical solution or proposal has two main characteristics. The first is a modification of the theory of subjective value in the form of the claim that one perceives the satisfaction of one's needs in the context of one's overall individual portfolio of goods. The causal relationship of the "old" theory in the form of "need is satisfied by good" is modified in terms of "sum of needs is satisfied by portfolio of goods (sum of goods)". This is a small modification, which, however, brings several important elements to the description of economic phenomena over time. The old theoretical approach did not enable us to operate over time because of different value context of goods which is changing over time. However, the portfolio of goods is, in fact, a formally-logical homogeneous construction of the mind, which is applicable over time. The second characteristic is the anchoring of this modification of the theory of subjective value in evolutionary (intersubjective) apriorism. The book will be of interest to any Austrian and Mainstream Economists who deal with problems of description of economic phenomena in time. Also, for those involved in topics such as estimating of future, why entrepreneurs are successful or the problem of social ordering or equilibration and those who are interested in the new evolutionary approach to the emergence of criteria for rational decision-making.
The Contemporary Russian Economy
This textbook offers a wide-ranging, comprehensive analysis of the contemporary Russian economy (as it functions in the early 2020s) concentrated on the economy, economic policy, and economic governance. Chapters cover recent Russian economic history, the economic geography of Russia, natural resources, population, major sectors and industries, living standards and social policy, institutions, governance, economic policy, and Russia's role in the global economy. The book will provide a comparative cross-country context, analysing how the Russian economy and its institutions perform compared to its peers to help students and instructors understand Russia's strengths, weaknesses, and future challenges. Prepared by a team of leading Russian and international experts on the respective topics, this textbook will be of interest to those studying Russian economics. It will be valuable reading for undergraduate and graduate students of Russian studies, the Russian economy, Russian politics, the economics of transition, the economics of emerging markets, and international relations.
Research in the History of Economic Thought and Methodology
Research in the History of Economic Thought and Methodology
A Japanese Approach to Stages of Capitalist Development
This book offers a novel treatment of one of the most important and long-standing research agendas in critical political economy: the theorizing of stages of capitalist development. Albritton advances the work of Japanese economist, Kozo Uno, to explore capital accumulation and its ideological, legal and political supports, not only in the stages of mercantilism, liberalism and imperialism, but also in the post-World War II capitalist stage of consumerism. The power of Albritton's adoption of this Japanese approach resides in the crisp clarity it achieves over the way stage theorizing of capitalism draws on both economic theory and historical analysis.In the new, fully revised edition, written with Richard Westra, two new chapters are added. One meticulously examines the tendencies of capitalism euphemized as globalization and financialization which followed the crisis of the stage of consumerism. The other deals with current threats to civilization posed by burgeoning militarism, environmental destruction and climate apocalypse. The concluding chapter argues for the necessity of major social change to ensure a liveable future for humanity. The book will be of interest to researchers and students of political economy and the history of economic thought, as well as a wider audience interested in the transformation and crises of capitalism.
The Cfa Franc Zone
This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics.
The Mahalanobis Growth Model
This book provides an analytical and computational approach to solving and simulating the Mahalanobis model and the papers surrounding it. The book comes up, perhaps for the first time, with a holistic examination of an important growth model that emerged out of India in the 1950s. It contains detailed derivations of the Mahalanobis model and the several critiques and extensions surrounding it with an organized synthesis of the main results. Computationally, the book simulates the model and its many variants, thus making it accessible to a wider audience. Advanced undergraduates and beginning graduate students in the fields of Economics, Mathematics, and Statistics will gain immensely from understanding both the mathematical aspects as well as the computational aspects of the Mahalanobis model. In the absence of a single 'go-to' source on all aspects of the model -- analytical and computational -- this book is a definitive volume on the Mahalanobis model that has allthe derivations of all the papers surrounding the model, its dissents and critiques, and extensions as in the wage goods model suggested by Vakil and Brahmananda.
The Political Economy of Indo-European Polytheism
This book sheds new light on the evolution and transformation of polytheistic religions. By applying economic models to the study of religious history and by viewing religious events as the result of rational choices under given environmental constraints, it offers a political economy perspective for the study of Indo-European polytheism. The book formally models the rivalry or competition among multiple gods in a polytheistic system and the monotheistic solution to this competition. Presenting case studies on the transformation and demise of various polytheistic religions, it highlights the pivotal role of the priestly class in driving religious change and suggests a joint explanation for the demise of Greco-Roman religion and the resilience of Hinduism and Zoroastrianism. It will appeal to scholars of the economics of religion and religious history and to anyone seeking new insights into the birth and death of religions, and the birth of monotheism in particular.
The Palgrave Handbook of International Energy Economics
This open access handbook is distinguished by its emphasis on international energy, rather than domestic energy policies or international geopolitic aspects. Addressing key topics such as energy production and distribution, renewables and corporate energy structures, alongside global energy trends, regional case studies and emerging areas such as the digitalization of energy and energy transition, this handbook provides a major new contribution to the field of international energy economics. Written by academics, practitioners and policy-makers, this handbook is a valuable and timely addition to the literature on international energy economics. This book was published open access with the support of Eni.
The Impact of Global Terrorism on Economic and Political Development
Global economic and political systems have been facing serious threats from different terrorist groups for the last few decades, and the implications of these incidences are increasing rapidly. This edited collection seeks to address and analyse the ramifications of terrorism and terrorist activities on economic and political systems in terms of the decline in GDP levels, increase in unnecessary military expenditure at the cost of social and economic developments, disincentives to the foreign investors, loss of diplomatic powers at global levels, social unrest, and increase in youth unemployment, poverty, political violence, and more. Whilst the book considers the effects of terrorism at a world-level, there is a specific focus on the economies in the Afro-Asian regions. This unique coverage of studies in quantitative economics and political systems offers postgraduate students, researchers and academics in the fields of political economics, international relations, and defence studies, among others, the opportunity to expand their knowledge on the impact of terrorism.
Ancient Economies in Comparative Perspective
This book investigates the economic organization of ancient societies from a comparative perspective. By pursuing an interdisciplinary approach, including contributions by archaeologists, historians of antiquity, economic historians as well as historians of economic thought, it studies various aspects of ancient economies, such as the material living conditions including production technologies, etc.; economic institutions such as markets and coinage; as well as the economic thinking of the time. In the process, it also explores the comparability of economic thought, economic institutions and economic systems in ancient history. Focusing on the Ancient Near East as well as the Mediterranean, including Greece and Rome, this comparative perspective makes it possible to identify historical permanencies, but also diverse forms of social and political organization and cultural systems. These institutions are then evaluated in terms of their capacity to solve economic problems, such as the efficient use of resources or political stability. The first part of the book introduces readers to the methodological context of the comparative approach, including an evaluation of the related historiographical tradition. Subsequent parts discuss a range of development models, elements of economic thinking in ancient societies, the role of trade and globalization, and the use of monetary and financial instruments, as well as political aspects.
Re-Constructing the Global Network Economy
This book looks at how to build more resilience into socio-economic networks within local communities. Understanding the relationships between attachment to place, complex systems and patterns of knowledge creation is the challenge we face in bridging the gap between the social worlds that we inhabit and an emerging digital world.
The Many Faces of Socioeconomic Change
Development is not a purely economic phenomenon; it also has a strong sociological element. The Many Faces of Socioeconomic Change explores how economic socio-cultural and political aspects of human progress have been studied since the time of Adam Smith. Surveying narratives of how development occurs, from early evolutionary models to recent types of development theory, it outlines the main long-term changes in how socioeconomic development has been envisaged through time. The Many Faces of Socioeconomic Change presents the argument that socioeconomic development emerged with the creation of grand evolutionary sequences of social progress that were the products of Enlightenment and mid-Victorian thinkers. By the middle of the twentieth century, when interest in accelerating development gave the topic a new impetus its scope narrowed to a set of economically based strategies. After 1960, however, faith in such strategies began to wane, in the face of indifferent results and a general faltering of confidence in economists' boasts of scientific expertise. In the twenty first century, development research is being pursued using research methods that generate disconnected results. As a result, it seems unlikely that any grand narrative will be created in the future and that Neo-liberalism will be the last of this particular kind of socioeconomic theory. With a broad scope of content and clear exposition of academic thinking this book guides the reader through the way in which the policy adopted as a consequence of modern theories has been less effective because of the neglect or a misunderstanding of the social context within which they operate.
Gender, Internet Use, and Covid-19 in the Global South
This book analyzes the use of the mobile Internet against the background of gender bias and Covid-19, currently two of the most important and pressing problems of the Global South. The book argues that the degree of benefits from this new technology depends heavily on the way it is actually used and that most new technologies are developed for the conditions prevailing in rich countries, where they tend to be quite easily adopted and used. In the Global South, by contrast, a paucity of digital skills and other factors make the potentially valuable benefits from the Internet much more difficult to derive. Using empirical data recently provided by the Groupe Speciale Mobile Association (GSMA), the book examines the existence and extent of the digital divide between males and females in mobile Internet use, which constitutes a new form of divide. It sheds light on the acute difficulty for first-time mobile Internet users in the Global South, and especially Sub-Saharan Africa, to learn the digital skills that are needed to use the said technology effectively, with a special focus on how these users acquire the required knowledge, without having undergone the process of learning by doing. The book further discusses the determinants of digital skills in the Global South, as well as major factors underlying the extent to which different users actually benefit from the mobile Internet, such as gender, location, age, and education. Finally, it investigates how womens' use of the Internet has been altered by the pandemic in the Global South.This book will appeal to students, researchers, and scholars of development economics and development studies, as well as policy-makers interested in a better understanding of the impact of gender bias and Covid-19 on mobile internet use in the Global South.
Quest for Good Money
This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by B璽chet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were. Exploring how we can consolidate with these two views of denomination, this book will appeal to anyone interested in creating new digital or cryptocurrencies. It also serves as a textbook on central bank digital currency.
A Macroeconometric Model for Saudi Arabia
This Open Access Brief presents the KAPSARC Global Energy Macroeconometric Model (KGEMM). KGEMM is a policy analysis tool for examining the impacts of domestic policy measures and global economic and energy shocks on the Kingdom of Saudi Arabia. The model has eight blocks (real sector, fiscal, monetary, external sector, price, labor and wages, energy, population, and age cohorts) that interact with each other to represent the Kingdom's macroeconomy and energy linkages. It captures New Keynesian demand-side features anchored to medium-run equilibrium and long-run aggregate supply. It applies a cointegration and equilibrium correction modeling (ECM) methodology to time series data to estimate the model's behavioral equations in the framework of Autometrics, a general-to-specific econometric modeling strategy. Hence, the model combines 'theory-driven' approach with 'data-driven' approach. The Brief begins with an introduction to the theoretical framework of the model and the KGEMM methodology and then walks the reader through the structure of the model and its behavioral equations. The book closes with simulations showing the application of the model. Providing a detailed introduction to a cutting-edge, robust predictive model, this Brief will be of great use to researchers and policymakers interested in macroeconomics, energy economics, econometrics, and more specifically, the economy of Saudi Arabia.
Quest for Good Money
This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by B璽chet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were. Exploring how we can consolidate with these two views of denomination, this book will appeal to anyone interested in creating new digital or cryptocurrencies. It also serves as a textbook on central bank digital currency.
Resource Conservation
Resource Conservation: Economics and Policies by S. V. Ciriacy-Wantrup is a landmark study that frames conservation not simply as a matter of ecological stewardship but as a set of economic problems demanding rigorous analysis. Written in the early postwar era, the book identifies the twin experiences of resource depletion--renewable and nonrenewable--as central challenges for modern societies, linking them to technological change, population growth, and shifting social institutions. Ciriacy-Wantrup provides a systematic classification of resources, defines conservation in terms of intertemporal use, and introduces concepts such as the "safe minimum standard," which have since become foundational in resource economics. Across its wide scope, the book integrates private decision-making, market forces, property and tenure arrangements, and public policy tools into a coherent framework. It examines how uncertainty, interest rates, taxation, and market structures shape conservation behavior, and it pushes beyond private economics to define objectives for social conservation policy. With chapters on domestic and international tools, policy coordination, and even mathematical notes on conservation theory, the book laid intellectual groundwork for subsequent environmental economics. For scholars and practitioners alike, it remains a touchstone for understanding how economic reasoning can guide the protection and use of natural resources in ways that balance present demands with long-term security. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1952.
Cost of Medical Care
Cost of Medical Care: Expenditures for Medical Care of 455 Families in the San Francisco Bay Area, 1947-1948 provides an in-depth examination of the economic burden of healthcare expenses on moderate-income families. Conducted under the auspices of the Heller Committee for Research in Social Economics at the University of California, this study offers a factual and unbiased account of medical expenditure patterns in the late 1940s. It seeks to inform the ongoing debate on the affordability of healthcare with detailed statistical data, replacing speculation with evidence-based insights. Aimed at policymakers, researchers, and anyone concerned with healthcare economics, this study focuses on the ability of relatively well-off wage-earning families to manage their medical costs. By offering extensive data and inviting readers to verify or reinterpret its findings, the publication establishes itself as a valuable resource for objective discussions on healthcare affordability. It fills a critical gap in historical understanding, presenting insights that remain relevant for contemporary analyses of economic pressures in healthcare systems. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1951.
A Treatise on War Inflation
A Treatise on War Inflation: Present Policies and Future Tendencies in the United States by William Fellner is a seminal study of the economic challenges faced by the United States during the Second World War. Written in 1942 as part of a research program for the Bureau of Business and Economic Research at the University of California, the volume provides both a theoretical and empirical account of the causes of wartime inflation and the efficacy of policies designed to contain it. Fellner begins with a general analysis of the irrationalities of war finance, arguing that inflation arises less from abstract monetary expansion than from the creation of redundant incomes under conditions of scarcity. He explores the role of direct controls, progressive taxation, and nonexpansionary borrowing as tools to minimize inflationary pressures while also emphasizing the long-term implications for postwar economic stability. The heart of the book examines U.S. fiscal and monetary practices from the pre-Pearl Harbor defense buildup through the early years of war mobilization. Fellner analyzes how induced consumption and investment stimulated civilian production, weighs the real burden of war in terms of consumption levels and distributional changes, and assesses both expansionary and noninflationary financing methods--from excise taxes to compulsory saving. His concluding chapters evaluate contemporary policies of "controlled inflation" while warning of their weaknesses and future risks. With its blend of economic theory, policy critique, and quantitative comparisons, the treatise remains an invaluable resource for scholars and policymakers interested in wartime economic management, the dynamics of inflation, and the enduring tension between fiscal discipline and political feasibility during national crises. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1942.
The Farm Crisis, 1919-1923
Study of the abiding farm question in twentieth-century United States history has directed the author's attention to the period 1919-1923 as a turning point in the great economic, political, and social trends of agriculture. As a result of an accumulation of ills and of sharp dislocations caused by World War I, particularly in its world economic position, agriculture was placed in a position of inequality and thrown into a long-lasting depression. This crisis damaged the agricultural industry and the farm population, altered the position of agriculture in relation to the rest of the economy, shifted ideas concerning rural well-being, and established definite lines of farm policy. The purpose of this study is to examine the changes that took place and the attempts of agriculture to improve its status through self-help and political action. The historical approach to the farm crisis, with its general view, should help the reader to recognize continuing problems and to plan for their correction or acceptance. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1957.
Liberalization in the Process of Economic Development
Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
Liberalization in the Process of Economic Development
Economic growth in all developing countries is guided, and often accelerated, by generally intrusive policies implemented by governments intent on playing an active role in furthering development. As economies have grown and become more complex, however, even small market distortions are magnified, and the tendency is to rely more heavily on the market for continued growth. In this volume, leading experts in economic development examine the variety of issues that arise as governments in some of the newly industrializing countries of Southeast Asia, such as South Korea, Taiwan, and Singapore, grapple with this difficult process of liberalization. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1991.
State Building, Reforms, Growth and Investments
How can developing countries become high-income nations? What are the reference points for measuring national development, public leadership and government performance? What is the nexus between public policies and geopolitical, political, emotional, historical, national governance-related, social and cultural norms, forces and factors which shape the process of the state building? This second edition of the book elaborates on many of these critical interconnections, focusing on 9 years after Georgia's Revolution of Roses in November 2003. The book explains what can be accomplished in two electoral terms at a given starting level of GDP per capita and which pitfalls to avoid. It contributes to documenting an almost decade-long history of Georgia.
Cost of Medical Care
Cost of Medical Care: Expenditures for Medical Care of 455 Families in the San Francisco Bay Area, 1947-1948 provides an in-depth examination of the economic burden of healthcare expenses on moderate-income families. Conducted under the auspices of the Heller Committee for Research in Social Economics at the University of California, this study offers a factual and unbiased account of medical expenditure patterns in the late 1940s. It seeks to inform the ongoing debate on the affordability of healthcare with detailed statistical data, replacing speculation with evidence-based insights. Aimed at policymakers, researchers, and anyone concerned with healthcare economics, this study focuses on the ability of relatively well-off wage-earning families to manage their medical costs. By offering extensive data and inviting readers to verify or reinterpret its findings, the publication establishes itself as a valuable resource for objective discussions on healthcare affordability. It fills a critical gap in historical understanding, presenting insights that remain relevant for contemporary analyses of economic pressures in healthcare systems. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1951.
Resource Conservation
Resource Conservation: Economics and Policies by S. V. Ciriacy-Wantrup is a landmark study that frames conservation not simply as a matter of ecological stewardship but as a set of economic problems demanding rigorous analysis. Written in the early postwar era, the book identifies the twin experiences of resource depletion--renewable and nonrenewable--as central challenges for modern societies, linking them to technological change, population growth, and shifting social institutions. Ciriacy-Wantrup provides a systematic classification of resources, defines conservation in terms of intertemporal use, and introduces concepts such as the "safe minimum standard," which have since become foundational in resource economics. Across its wide scope, the book integrates private decision-making, market forces, property and tenure arrangements, and public policy tools into a coherent framework. It examines how uncertainty, interest rates, taxation, and market structures shape conservation behavior, and it pushes beyond private economics to define objectives for social conservation policy. With chapters on domestic and international tools, policy coordination, and even mathematical notes on conservation theory, the book laid intellectual groundwork for subsequent environmental economics. For scholars and practitioners alike, it remains a touchstone for understanding how economic reasoning can guide the protection and use of natural resources in ways that balance present demands with long-term security. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1952.
China
This title offers a profound exploration of one of the world's oldest civilizations and its pivotal role in shaping global history and modern international relations. This volume, part of a series aimed at fostering mutual understanding among Allied nations during and after World War II, provides a comprehensive and realistic account of China's cultural evolution, societal institutions, and historical milestones. Drawing on contributions from distinguished scholars, the book delves into China's religious and secular thought systems, artistic achievements, economic progress, and political dynamics, offering insights that resonate with both its ancient heritage and its position in the 20th-century global order. Focusing on objective analysis over sentimentality, the book highlights China's resilience and adaptability amid internal and external challenges. It underscores the importance of understanding China's rich historical context to appreciate its contemporary developments. This volume not only serves as an invaluable resource for those seeking to deepen their knowledge of China but also embodies the spirit of international cooperation, aiming to enhance postwar collaboration and foster a more harmonious global community. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1946.
Microeconomics
Bowles and Halliday capture the intellectual excitement, analytical precision, and policy relevance of the new microeconomics that has emerged over the past decades. Drawing on themes of the classical economists from Smith through Marx and 20th-century writers--including Hayek, Coase, and Arrow--the authors use twenty-first-century analytical methods to address enduring challenges in economics. The subtitle of the work--Competition, Conflict, and Coordination--signals the authors' focus on how the institutions of a modern capitalist economy work, introducing students to recent developments in the microeconomics of credit and labor markets with asymmetric information and a dynamic analysis of how firms compete going beyond price taking, as well as bargaining over the gains from exchange, social norms, and the exercise of power. The new benchmark model proposed by Bowles and Halliday is based on an empirical approach to economic actors and problems. They start from the premise that contracts are incomplete, and that as a result market failures, rather than being a special case illustrated by environmental spillovers, are to be expected in markets for labor, credit, knowledge and throughout the economy. They explain how experiments show that human motivations include ethical as well as other-regarding preferences (rather than entirely self-interested) and explain why the technologies of knowledge-based economies are a source of winner-take-all rather than stable competition. The authors also consider the intrinsic limits of mechanism design and governmental interventions in the economy. Teaching recent developments in microeconomic theory allows the authors to provide students with the tools to analyze and engage in informed debate on the issues that concern them most: climate change, inequality, innovation, and epidemic spread. Tradeoffs are highlighted by providing models in which capitalism can be seen as an "innovation machine" that raises material living standards on average, while at the same time sustaining levels of inequality that many find to be unfair. Digital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources. The e-Book offers a mobile experience and convenient access to a variety of features that offer extra learning support. It allows students to engage in self-assessment activities, watch video material that further explains figures and mathematics, and offers the opportunity to work with interactive graphs to understand how the models work. Drawing on the authors' decades of teaching the new microeconomics, this title is supported by a range of online resources for students and lecturers including multiple-choice questions with instant feedback, further mathematical and discussion-based questions, a fully customizable test bank for lecturer use, PowerPoint slides to accompany each chapter, worksheets that can be assigned to the class, and answers to the problems set in the book.
Major League Sports and the Property Tax
This book updates the public policy dialogue on major league sports facilities and the property tax in the US. By providing a rigorous treatment of the property tax within the context of major league sports facilities, this volume debunks the widely asserted claim that most major league teams do not pay property taxes. The chapters methodically lay out the property tax status of every activity major league facility, the actual worth of that property tax expenditure, and the impact of property tax exemptions on local public services. Using empirical data, the volume provides a foundation for informed policy making regarding major league sports facilities. As such, this book will be a useful tool for researchers and students in sports economics, sports management, public policy, and public finance, as well as practitioners involved in the policy process.Economists have extensively studied the billions of dollars that state and local governments have devoted to funding professional sports stadiums. However, the implicit subsidies that stadiums typically receive through property tax exemptions has received scant attention. In Major League Sports and the Property Tax, Geoffrey Propheter thoroughly examines the common practice of removing sports venues from local tax rolls, which results in millions of dollars in forgone tax revenue that is often not reported in the public accounting of costs. Propheter provides a detailed examination of how property taxes are administered and the implications that derive from stadium property tax exemptions and abatements. His comprehensive analysis presents stylized facts and specific examples that provide the most thorough treatment on the subject to date. The breadth of analysis and meticulous coverage of relevant issues demonstrates why Propheter has emerged as a leading expert on the economics of stadiums. This is perhaps the most important book on the public financing of stadiums written in the past decade, and anyone interested in stadium economics will want their own copy to read and reference. JC Bradbury, Professor of Economics, Kennesaw State University
A Treatise on War Inflation
A Treatise on War Inflation: Present Policies and Future Tendencies in the United States by William Fellner is a seminal study of the economic challenges faced by the United States during the Second World War. Written in 1942 as part of a research program for the Bureau of Business and Economic Research at the University of California, the volume provides both a theoretical and empirical account of the causes of wartime inflation and the efficacy of policies designed to contain it. Fellner begins with a general analysis of the irrationalities of war finance, arguing that inflation arises less from abstract monetary expansion than from the creation of redundant incomes under conditions of scarcity. He explores the role of direct controls, progressive taxation, and nonexpansionary borrowing as tools to minimize inflationary pressures while also emphasizing the long-term implications for postwar economic stability. The heart of the book examines U.S. fiscal and monetary practices from the pre-Pearl Harbor defense buildup through the early years of war mobilization. Fellner analyzes how induced consumption and investment stimulated civilian production, weighs the real burden of war in terms of consumption levels and distributional changes, and assesses both expansionary and noninflationary financing methods--from excise taxes to compulsory saving. His concluding chapters evaluate contemporary policies of "controlled inflation" while warning of their weaknesses and future risks. With its blend of economic theory, policy critique, and quantitative comparisons, the treatise remains an invaluable resource for scholars and policymakers interested in wartime economic management, the dynamics of inflation, and the enduring tension between fiscal discipline and political feasibility during national crises. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1942.
The Farm Crisis, 1919-1923
Study of the abiding farm question in twentieth-century United States history has directed the author's attention to the period 1919-1923 as a turning point in the great economic, political, and social trends of agriculture. As a result of an accumulation of ills and of sharp dislocations caused by World War I, particularly in its world economic position, agriculture was placed in a position of inequality and thrown into a long-lasting depression. This crisis damaged the agricultural industry and the farm population, altered the position of agriculture in relation to the rest of the economy, shifted ideas concerning rural well-being, and established definite lines of farm policy. The purpose of this study is to examine the changes that took place and the attempts of agriculture to improve its status through self-help and political action. The historical approach to the farm crisis, with its general view, should help the reader to recognize continuing problems and to plan for their correction or acceptance. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1957.
