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This book was prompted by the current, lingering financial crisis, which has its basis in the disorderly financial practices of the United States. These practices have resulted in an accumulated debt which now requires the United States to run financial policies at artificially low interest rates. In principle, these low interest rates should flood the markets with ready money. Since the spread for banks is very thin, however, and they must carefully discriminate between available risks and finance only those propositions with no risk, credit is not abundantly available. With staggering foreign debt and a myriad of other perils looming, this great nation is at peril for sure. In the tradition of the Heilbronn Symposium, the authors look at historical cases as a means of understanding the current situation and informing possible solutions to a problem that continues to affect the global economy. The volume analyzes cases such as Prussia, Greece, Italy, Estonia, and the European Union. This book will be of interest to scholars and students of economic history as well as policy makers who may benefit from an historical understanding of the economic challenges their countries currently face.

Economics/Management Science. --- Methodology and the History of Economic Thought. --- Economic Policy. --- Macroeconomics/Monetary Economics. --- Economics. --- Economic policy. --- Macroeconomics. --- Economics --- Economie politique --- Politique économique --- Macroéconomie --- Methodology. --- Méthodologie --- Economics_xMethodology. --- Business & Economics --- Economic History --- Financial crises --- History. --- History --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Economic history. --- Methodology/History of Economic Thought. --- Macroeconomics/Monetary Economics//Financial Economics. --- Crises --- History of Economic Thought/Methodology. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Economic conditions --- History, Economic

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This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

Economics/Management Science. --- Macroeconomics/Monetary Economics. --- Methodology and the History of Economic Thought. --- Economic Theory. --- Economic Policy. --- Philosophy of Science. --- Economics. --- Science --- Economic policy. --- Macroeconomics. --- Economics --- Economie politique --- Sciences --- Politique économique --- Macroéconomie --- Philosophy. --- Methodology. --- Philosophie --- Méthodologie --- Macroeconomics --- Economics_xMethodology. --- Science_xPhilosophy. --- Business & Economics --- Economic Theory --- Philosophy and science. --- Economic history. --- Economic theory. --- Macroeconomics/Monetary Economics//Financial Economics. --- Methodology/History of Economic Thought. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- History of Economic Thought/Methodology. --- Normal science --- Philosophy of science --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic conditions --- History, Economic --- Science and philosophy

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This book describes the international context and some of the factors that have weakened the influence of Keynesian economic thought. It illustrates economic responses offered by the new Keynesian school and the alternative perspective on the global crisis presented by the monetary circuit theory, with a special emphasis on Minsky’s financial instability hypothesis. The authors present a commentary on Keynes’s General Theory with an emphasis on his theory of the scarcity of capital, his analysis of the change in the structure of costs, and straightforward recommendation for a policy marked by very low interest, which he felt was needed to maintain full employment. Additionally, the book discusses major changes in the cost structure of globally active companies, resulting from the extremely intense international capital flows over the last three decades. The authors point out the need to redefine the open economy macroeconomics model, switching it from a world consisting of two major developed open economies to one consisting of two major open economies, one of which is developed and the other is developing.

Economics/Management Science. --- Methodology and the History of Economic Thought. --- Economic Policy. --- Economic Theory. --- Financial Economics. --- Macroeconomics/Monetary Economics. --- Economics. --- Economic policy. --- Macroeconomics. --- Economics --- Finance. --- Economie politique --- Politique économique --- Macroéconomie --- Finances --- Methodology. --- Méthodologie --- Economics_xMethodology. --- Business & Economics --- Economic History --- Keynesian economics. --- Global Financial Crisis, 2008-2009. --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Post-Keynesian economics --- Economic history. --- Economic theory. --- Methodology/History of Economic Thought. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Macroeconomics/Monetary Economics//Financial Economics. --- Financial crises --- Schools of economics --- History of Economic Thought/Methodology. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Economic conditions --- History, Economic

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The rapidly progressing digital revolution is now touching the foundations of the governance of societal structures. Humans are on the verge of evolving from consumers to prosumers, and old, entrenched theories – in particular sociological and economic ones – are falling prey to these rapid developments. The original assumptions on which they are based are being questioned. Each year we produce as much data as in the entire human history - can we possibly create a global crystal ball to predict our future and to optimally govern our world? Do we need wide-scale surveillance to understand and manage the increasingly complex systems we are constructing, or would bottom-up approaches such as self-regulating systems be a better solution to creating a more innovative, more successful, more resilient, and ultimately happier society? Working at the interface of complexity theory, quantitative sociology and Big Data-driven risk and knowledge management, the author advocates the establishment of new participatory systems in our digital society to enhance coordination, reduce conflict and, above all, reduce the “tragedies of the commons,” resulting from the methods now used in political, economic and management decision-making.  The author Physicist Dirk Helbing is Professor of Computational Social Science at the Department of Humanities, Social and Political Sciences and an affiliate of the Computer Science Department at ETH Zurich, as well as co-founder of ETH’s Risk Center. He is internationally known for the scientific coordination of the FuturICT Initiative which focuses on using smart data to understand techno-socio-economic systems.  “Prof. Helbing has produced an insightful and important set of essays on the ways in which big data and complexity science are changing our understanding of ourselves and our society, and potentially allowing us to manage our societies much better than we are currently able to do. Of special note are the essays that touch on the promises of big data along with the dangers...this is material that we should all become familiar with!” Alex Pentland, MIT, author of Social Physics: How Good Ideas Spread - The Lessons From a New Science  "Dirk Helbing has established his reputation as one of the leading scientific thinkers on the dramatic impacts of the digital revolution on our society and economy.  Thinking Ahead  is a most stimulating and provocative set of essays which deserves a wide audience.” Paul Ormerod, economist, and author of Butterfly Economics and Why Most Things Fail.  "It is becoming increasingly clear that many of our institutions and social structures are in a bad way and urgently need fixing. Financial crises, international conflicts, civil wars and terrorism, inaction on climate change, problems of poverty, widening economic inequality, health epidemics, pollution and threats to digital privacy and identity are just some of the major challenges that we confront in the twenty-first century. These issues demand new and bold thinking, and that is what Dirk Helbing offers in this collection of essays. If even a fraction of these ideas pay off, the consequences for global governance could be significant. So this is a must-read book for anyone concerned about the future." Philip Ball, science writer and author of Critical Mass   “This collection of papers, brought together by Dirk Helbing, is both timely and topical. It raises concerns about Big Data, which are truly frightening and disconcerting, that we do need to be aware of; while at the same time offering some hope that the technology, which has created the previously unthought-of dangers to our privacy, safety and democracy can be the means to address these dangers by enabling social, economic and political participation and coordination, not possible in the past. It makes for compelling reading and I hope for timely action.”Eve Mitleton-Kelly, LSE, author of Corporate Governance and Complexity Theory and editor of Co-evolution of Intelligent Socio-technical Systems.

Computer Science. --- Computer Appl. in Social and Behavioral Sciences. --- Socio- and Econophysics, Population and Evolutionary Models. --- Methodology and the History of Economic Thought. --- Data Mining and Knowledge Discovery. --- Sociological Theory. --- Complexity. --- Computer science. --- Data mining. --- Social sciences --- Physics. --- Engineering. --- Economics --- Informatique --- Exploration de données (Informatique) --- Sciences sociales --- Physique --- Ingénierie --- Economie politique --- Data processing. --- Methodology. --- Méthodologie --- Economics_xMethodology. --- Social sciences_xData processing. --- Engineering & Applied Sciences --- Computer Science --- Big data. --- Internet --- Social aspects. --- Political aspects. --- Algorithmic knowledge discovery --- Factual data analysis --- KDD (Information retrieval) --- Knowledge discovery in data --- Knowledge discovery in databases --- Mining, Data --- Data sets, Large --- Large data sets --- Application software. --- Sociophysics. --- Econophysics. --- Complexity, Computational. --- Economic history. --- Sociology. --- Methodology/History of Economic Thought. --- Database searching --- Data sets --- Data-driven Science, Modeling and Theory Building. --- History of Economic Thought/Methodology. --- Construction --- Industrial arts --- Technology --- Economic conditions --- History, Economic --- Computational complexity. --- Complexity, Computational --- Electronic data processing --- Machine theory --- Social theory --- Statistical physics --- Mathematical sociology --- Application computer programs --- Application computer software --- Applications software --- Apps (Computer software) --- Computer software --- Statistical methods --- System theory. --- Dynamics. --- Nonlinear theories. --- Computer Application in Social and Behavioral Sciences. --- Complex Systems. --- History of Economic Thought and Methodology. --- Applied Dynamical Systems. --- History. --- Nonlinear problems --- Nonlinearity (Mathematics) --- Calculus --- Mathematical analysis --- Mathematical physics --- Dynamical systems --- Kinetics --- Mathematics --- Mechanics, Analytic --- Force and energy --- Mechanics --- Physics --- Statics --- Systems, Theory of --- Systems science --- Science --- Philosophy