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Institutions matter for economic development. Yet despite this accepted wisdom, new institutional economics (NIE) has yet to provide a comprehensive look at what constitutes the institutional foundation of economic development (IFED). Bringing together findings from a range a fields, from development economics and development studies to political science and sociology, this title explores the precise mechanisms through which institutions affect growth. Shiping Tang contends that institutions shape economic development through four 'Big Things': possibility, incentive, capability, and opportunity. From this perspective, IFED has six major dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Tang further argues that IFED is only one pillar within the New Development Triangle (NDT).

Economic development. --- Institutional economics. --- Political stability --- BUSINESS & ECONOMICS / Development / Economic Development. --- Economic aspects. --- Aggregate demand. --- Autocracy. --- Basic education. --- Bond Yield. --- Bureau of Economic Analysis. --- Capital accumulation. --- Capital control. --- Capital market. --- Classical economics. --- Consumer behaviour. --- Consumer spending. --- Consumer. --- Consumption (economics). --- Convergence (economics). --- Cost Of Funds. --- Credit default swap. --- Credit risk. --- Currency. --- Current account. --- Democracy and economic growth. --- Derivative (finance). --- Developed country. --- Development economics. --- Economic equilibrium. --- Economic growth. --- Economic history. --- Economic indicator. --- Economic interventionism. --- Economic liberalization. --- Economic nationalism. --- Economic planning. --- Economic policy. --- Economic power. --- Economic recovery. --- Economic sociology. --- Economic surplus. --- Economics. --- Economy. --- Effectiveness. --- Endogeneity (econometrics). --- Entrepreneurship. --- Evolutionary economics. --- Exchange rate. --- Factor endowment. --- Financial inclusion. --- Financial transaction. --- Fiscal capacity. --- GDP deflator. --- Globalization. --- Historical institutionalism. --- Household. --- Human capital. --- Incentive. --- Inclusive growth. --- Income tax. --- Income. --- Innovation. --- Institution. --- Institutional theory. --- Interest rate parity. --- Interest rate. --- International development. --- International trade. --- Investment fund. --- Investment. --- Investor. --- Journal of Political Economy. --- Knowledge economy. --- Labour economics. --- Market economy. --- Market integration. --- Market liquidity. --- Market power. --- Marketplace of ideas. --- Meritocracy. --- Neoclassical economics. --- Neoliberalism. --- Net Investment Income. --- New institutional economics. --- Output (economics). --- Probability theory. --- Production–possibility frontier. --- Public policy. --- Rate of return. --- Saving. --- Social capital. --- Social evolution. --- Social mobility. --- Social science. --- Socioeconomic development. --- State (polity). --- Supply (economics). --- Theoretical Value. --- Welfare economics. --- World Bank Group. --- World Bank. --- World Trade Organization. --- World Values Survey. --- Destabilization (Political science) --- Political instability --- Stability, Political --- Consensus (Social sciences) --- Legitimacy of governments --- Economics --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Political stability. --- Economic development --- Institutional economics

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Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress's role in steering this evolution, Sarah Binder and Mark Spindel explore the Fed's past, present, and future and challenge the myth of its independence.Binder and Spindel argue that recurring cycles of crisis, blame, and reform propelled lawmakers to create and revamp the powers and governance of the Fed at critical junctures, including the Panic of 1907, the Great Depression, the postwar Treasury-Fed Accord, the inflationary episode of the 1970s, and the recent financial crisis. Marshaling archival sources, interviews, and statistical analyses, the authors pinpoint political and economic dynamics that shaped interactions between the legislature and the Fed, and that have generated a far stronger central bank than anticipated at its founding. The Fed today retains its unique federal style, diluting the ability of lawmakers and the president to completely centralize control of monetary policy.In the long wake of the financial crisis, with economic prospects decidedly subpar, partisan rivals in Congress seem poised to continue battling over the Fed's statutory mandates and the powers given to achieve them. Examining the interdependent relationship between America's Congress and its central bank, The Myth of Independence presents critical insights about the future of monetary and fiscal policies that drive the nation's economy.

United States. --- United States --- Politics and government. --- 1951 Accord. --- Accountability. --- Adobe. --- Amendment. --- Annual report. --- Appointee. --- Audit. --- Balance sheet. --- Bank Holding Company Act. --- Bank run. --- Bank. --- Behalf. --- Ben Bernanke. --- Board of directors. --- Board of governors. --- Bond market. --- Bureau of Labor Statistics. --- Cambridge University Press. --- Central bank. --- Chair of the Federal Reserve. --- Commercial bank. --- Consideration. --- Craig Torres. --- Creditor. --- Criticism. --- Currency. --- Debt. --- Deflation. --- Discount window. --- District Bank. --- Dodd–Frank Wall Street Reform and Consumer Protection Act. --- Dual mandate. --- Dummy variable (statistics). --- Economic growth. --- Economic interventionism. --- Economic policy. --- Economic power. --- Economic recovery. --- Economics. --- Economist. --- Economy of the United States. --- Economy. --- Employment. --- Expense. --- Federal Open Market Committee. --- Federal Reserve Bank. --- Federal Reserve Board of Governors. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial services. --- Fiscal policy. --- Full employment. --- Governance. --- Government Accountability Office. --- Government Security. --- Government bond. --- Government debt. --- Great Recession. --- Ideology. --- Inflation targeting. --- Inflation. --- Institution. --- Interest rate. --- Investor. --- Legislation. --- Legislator. --- Legislature. --- Lehman Brothers. --- Lender of last resort. --- Monetary authority. --- Monetary policy. --- Money supply. --- Money. --- Open market operation. --- Policy. --- Politician. --- Politics. --- Provision (accounting). --- Provision (contracting). --- Quantitative easing. --- Recession. --- Republican Congress. --- Requirement. --- Reserve requirement. --- Slowdown. --- Southern Democrats. --- Stagflation. --- Statute. --- Stock market. --- Supply (economics). --- Tax. --- The New York Times. --- The Wall Street Journal. --- Tight Monetary Policy. --- Trade-off. --- Unemployment. --- United States Department of the Treasury. --- United States Treasury security. --- Voting. --- World War II.