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Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Economics. --- Economic history. --- Popular Science in Economics. --- History of Economic Thought/Methodology.
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This book reveals all that can potentially happen when a private company takes over a local water supply system, both the good and the bad. Backed by real life stories of water privatization in action, author Manuel Schiffler presents a nuanced picture free of spin or fear mongering. Inside, readers will find a detailed analysis of the multiple forms of water privatization, from the outright sale of companies to various forms of public-private partnerships. After covering their respective strengths and weaknesses, it then compares them to purely publicly managed water utilities. The book examines the privatization and the public management of water and sewer utilities in twelve countries: the United States, the United Kingdom, France, Germany, the Philippines, Cambodia, Egypt, Jordan, Uganda, Bolivia, Argentina and Cuba. Readers will come to understand how and why some utilities failed while others succeeded, including some that substantially increased access, became more efficient and improved service quality even in the poorest countries of the world. It is natural that a private company taking over a local water supply system causes both fear and worry for consumers. With the aid of solid empirical evidence, this book argues that who manages the system is only half the story. Rather, it is the corporate culture of the utilities and the political culture of where they operate that more often than not determines performance and how well a community is served.
Science (General). --- Development Economics. --- Popular Science. --- Popular Science in Economics / Management. --- Water Policy/Water Governance/Water Management. --- Finance/Investment/Banking. --- Water-supply --- Water resources development --- Management. --- Finance. --- Popular works. --- Environmental management. --- Economics. --- Development economics. --- Finance, general. --- Popular Science in Economics. --- Economics --- Economic development --- Funding --- Funds --- Currency question --- Environmental stewardship --- Stewardship, Environmental --- Environmental sciences --- Management --- Economic theory --- Political economy --- Social sciences --- Economic man
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Issues related to central banks feature regularly in economic news coverage, and in times of economic or financial crisis, especially when a commercial bank is bailed out, they become the focus of the policy debate. But what role do central banks play in a modern economy? How do central banks wield influence over the financial system and the broad economy? Through which channels does monetary policy impact macroeconomic fundamentals such as inflation or unemployment? For example, how does a central bank alter the money supply? What are the benefits of central bank independence, and what are the up- and downsides of having a common currency? This book provides easily accessible answers to these and other questions associated with central banking.
Macroeconomics. --- Finance, Public. --- Economic history. --- Popular Science in Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Finance. --- Economic History. --- Economic conditions --- History, Economic --- Economics --- Cameralistics --- Public finance --- Currency question --- Public finances --- Economics. --- Economic theory --- Political economy --- Social sciences --- Economic man
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This book offers a fascinating overview of the challenges posed by the world’s new geostrategic order and likely future directions. It opens with an unconventional view of the Arab Spring, identifying its origins in the relative US withdrawal from the Middle East caused by both the need for military disengagement for economic reasons and the discovery of shale gas and tight oil in the heart of the North American continent. The rise in the geostrategic importance of Putin’s Russia is explored in this context. The implications of the worldwide economic crisis are analyzed in depth: the author’s interpretation is that the world is entering a phase of unstable growth generated by hyperfinancialization and deflation. Against this background, the book explores the US attempt to trigger growth through the Transatlantic Trade and Investment Partnership, the impact of the Trans-Pacific Partnership (based on the US-Australia military alliance) in restraining China’s advance, and the potential for Africa to become the driver of the world’s economic future if it can resist Chinese penetration and continue the nation-building process.
Popular Science. --- Popular Science in Economics / Management. --- Political Economy. --- International Economics. --- Economic Geography. --- Energy Policy, Economics and Management. --- Science (General). --- Geography. --- International economics. --- Géographie --- Globalization --- Economic aspects. --- Popular works. --- Energy policy. --- Energy and state. --- Political economy. --- Economic geography. --- Economics. --- Popular Science in Economics. --- International Political Economy. --- Cosmography --- Earth sciences --- World history --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Economic theory --- Political economy --- Social sciences --- Economic man --- Energy and state --- Power resources --- State and energy --- Industrial policy --- Energy conservation --- Geography, Economic --- World economics --- Geography --- Commercial geography --- Government policy
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This book charts the experiences, pitfalls and knowledge behind leading scientific ideas to successful startups. Written by one of Switzerland's top serial entrepreneurs, this book is a must-read for scientists and academicians who want to see their idea turn into a product and change the market. It is also pertinent for finance and business professionals who aspire to become technology entrepreneurs. Starting with personal qualities of an entrepreneur, Anil Sethi discusses successful ideas, technology evaluation, team formation, patents and investor expectations. To guide the entrepreneur, this book also analyzes deal closing, equity conversion and ideal exit strategies to follow. Ultimately Anil Sethi reveals the 'inside track' which helps understand what drives entrepreneurs and what they wouldn't admit. To take scientific skilled people into business is key for innovation: the author attests solid experience in dealing with and acting in both fields. Mauro Dell’Ambrogio, State Secretary for Education, Research and Innovation, Switzerland I read Anil's book with great interest. One of the biggest challenges modern education systems are faced with is how we prepare the next generation of leaders, innovators and wealth creators. This book is very helpful for all budding entrepreneurs, a must read. Illugi Gunnarsson, Minister for Education, Science and Culture, Iceland Anil Sethi has captured some powerful insights into the entrepreneurial journey that will be invaluable to any emerging technology entrepreneur – read, learn and succeed! Professor John Bates, Fellow of Strategy & Entrepreneurship, London Business School, London, United Kingdom .
Popular works. --- Entrepreneurship. --- Management. --- Industrial management. --- Economics. --- Popular Science. --- Popular Science in Economics / Management. --- Innovation/Technology Management. --- High technology industries. --- Small business. --- Technological innovations --- Economic aspects. --- Entrepreneur --- Intrapreneur --- Businesses, Small --- Medium-sized business --- Micro-businesses --- Microbusinesses --- Microenterprises --- Small and medium-sized business --- Small and medium-sized enterprises --- Small businesses --- SMEs (Small business) --- Capitalism --- Business incubators --- Business --- Business enterprises --- Industries --- Size --- Popular Science in Economics. --- Administration --- Industrial relations --- Organization --- Business administration --- Business management --- Corporate management --- Corporations --- Industrial administration --- Management, Industrial --- Rationalization of industry --- Scientific management --- Management --- Industrial organization --- Economic theory --- Political economy --- Social sciences --- Economic man
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This book explores the steady decline in the status of the individual in recent years and addresses common misunderstandings about the concept of individuality. Drawing from psychology, neuroscience, technology, economics, philosophy, politics, and law, White explains how and why the individual has been devalued in the eyes of scholars, government leaders, and the public. He notes that developments in science have led to doubts about our cognitive competence, while assumptions made in the humanities have led to questions about our moral competence. In this book, White goes on to argue that both of these views are mistaken and that they stem from overly simplistic ideas about how individuals make choices, however imperfectly, in their interests, which are multifaceted and complex. In response, he proposes a new way to look at individuals that preserves their essential autonomy while emphasizing their responsibility to others, inspired by the moral philosophy of Immanuel Kant and the legal and political philosophy reflected in the Bill of Rights to the U.S. Constitution. This book explains how individuality combines both rights and responsibilities, reconciles the popular yet false dichotomy between individual and society, and provides the basis for a humane and respectful civil society and government. This book is part of White's trilogy on the individual and society, which includes The Manipulation of Choice and The Illusion of Well-Being.
Popular works. --- Social sciences --- Microeconomics. --- Social policy. --- Popular Science. --- Popular Science in Economics. --- Social Policy. --- Social Philosophy. --- Philosophy. --- Autonomy. --- Independence --- Self-government --- International law --- Political science --- Sovereignty --- Social sciences-Philosophy. --- National planning --- State planning --- Economic policy --- Family policy --- Social history --- Price theory --- Economics --- Economics. --- Social sciences—Philosophy. --- Economic theory --- Political economy --- Economic man
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This book provides a framework for understanding the economics that drive markets, enabling investment professionals to understand the reality of markets and models, and to ‘be where the profits are’. Economics is about the allocation of resources, so it is at the heart of markets. And yet to many, economics is a field that feels far removed from the realities of what they see trading. Common sense, some entrepreneurial intuition and a decent dose of luck might seem like the only tools one needs to navigate a profitable course, especially when approaching a new financial market. This is, however, a weak framework. It is one where inconsistencies can thrive, cancelling out the rewards of erstwhile successful views or leaving no protection when risks crystallize. Of course, luck is always welcome, but there is no accounting for it. Relying on luck for returns is to make those returns completely un-replicable and thus unstable – a recipe for an unintentionally short relationship with real markets. A robust framework is needed instead. Split into three parts, Real Market Economics first builds the core framework of economic concepts, starting with real levels of activity before turning to growth in it and then prices, ending with the dynamics of business cycles. Part two adds on the stabilizing crossbeams, including the new macroprudential policies next to the more conventional monetary and fiscal ones. It then addresses how we might watch and anticipate policy changes. Finally, part three liberally coats the framework with financial markets, thereby making the completed framework's robust structure truly useful for investing in real markets.
Popular works. --- Economics. --- Management science. --- Popular Science. --- Popular Science in Economics. --- Economics, general. --- Capitalism. --- Investments. --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Market economy --- Economics --- Profit --- Capital --- Economic theory --- Political economy --- Social sciences --- Economic man --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision
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This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith’s personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University. At Arizona Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be “natural” monopolies. The “Smart Computer Assisted Market” was born. Smith’s move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy—witness the great housing-mortgage market bubble run-up of 1997-2007. This book’s conversational style and emphasis on the backstory of research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It’s a must-read for those interested in experimental economics, the housing crisis, and economic history.
Experimental economics. --- Economics --- History. --- Methodology --- Behavioral economics. --- Economic history. --- Popular Science in Economics. --- Behavioral/Experimental Economics. --- Economic History. --- History of Economic Thought/Methodology. --- Economic conditions --- History, Economic --- Behavioral economics --- Behavioural economics --- Economics. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Experimental Economics. --- History of Economic Thought and Methodology.
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This book provides an intimate history of Nobel Laureate Vernon Smith’s early life, combining elements of biography, history, economics and philosophy to show how crucial incidents early in his life provided the necessary framework for his research into experimental economics. Smith takes the reader from his family roots on the railroads and oil fields of Middle America to his early life on a farm in Depression-wracked Kansas. A mediocre student in high school, Smith attended Friends University, on Wichita’s west side, where an intense study of mathematics, physics, chemistry, and astronomy enabled him to pass the examinations to enter Caltech and study under luminary scientists like Linus Pauling. Eventually Smith discovered economics and pursued graduate study in the field at University of Kansas and Harvard. This volume ends with his Camelot years at Purdue, where he began his famous work in experimental economics, nurturing his research into an unlikely new field of economics.
Economists --- Behavioral economics. --- Economic history. --- Popular Science in Economics. --- Behavioral/Experimental Economics. --- Economic History. --- History of Economic Thought/Methodology. --- Economic conditions --- History, Economic --- Economics --- Behavioral economics --- Behavioural economics --- Economics. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Experimental economics. --- Experimental Economics. --- History of Economic Thought and Methodology. --- History. --- Methodology
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‘This is essential reading for anybody interested in global history.’ —Professor Ugo Panizza, The Graduate Institute of Geneva, Switzerland This illuminating book offers a compact survey and new interpretation of trends and policies in the US economy from the end of the nineteenth century to the initial period of the Trump administration. Valli maps three stages in this period of US economic history: first, the economic and demographic consequences of the frontier; second, the Fordist model of growth; and third, the attempt to build an economic empire through economic and financial globalization, military and political power and rapid technological progress. Examining pivotal moments from the Wall Street Crash and the World Wars to the recent Great Recession, Obamacare and Trump's electoral promises and first controversial decisions, this book is essential reading for all those interested in American economic power and its future. Vittorio Valli is Emeritus Professor at the University of Turin and has taught at Bocconi University and at the University of Padua, all in Italy. He has been Visiting Professor at the University of Kyoto, Japan; Seoul National University, South Korea; University of Nice, France; and Visiting Scholar at Brown University and the University of California (Berkeley), USA. He was the first president of the Italian Association for the Study of Comparative Economic Systems and the European Association of Comparative Economic Studies. He was also co-editor of the European Journal of Comparative Economics.
United States --- Economic conditions --- America—Economic conditions. --- Political economy. --- Public finance. --- Economic history. --- Macroeconomics. --- Popular Science in Economics. --- North American Economics. --- International Political Economy. --- Public Economics. --- Economic History. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economics --- History, Economic --- Cameralistics --- Public finance --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Public finances --- Economics. --- Finance, Public. --- Economic conditions. --- Economic policy.
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