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Enlargement and the Future of Europe: Views from the Capitals
Par Michael Kaeding, Johannes Pollak, Paul Schmidt. 2023
This book analyses Member States’ and EU neighbours’ national visions for the enlargement of the European Union (EU), highlighting 41…
national histories, policies, and corresponding public perceptions of European integration. In a geopolitical context in which Russia’s war of aggression in Ukraine has renewed the impetus for EU enlargement, national views vary considerably on the timing, conditions, and reforms necessary to welcome Eastern neighbours and the Western Balkans countries into the European family. Moreover, EU enlargement policy is not only an investment in peace and stability; it has also become a political tool in response to the exploitation of interdependencies and illiberal pressures. This book presents concrete policy recommendations to national governments and the EU on how to move forward productively.The Routledge Handbook on Karl Polanyi (Routledge International Handbooks)
Par Michele Cangiani, Claus Thomasberger. 2024
Karl Polanyi is one of the most influential social scientists of our era. A report of the United Nations Conference…
on Trade and Development (UNCTAD) begins by noting that we are in a "Polanyi era": a time of dangerously unregulated markets, where the greatest need for decisive political action is matched by the least trust in politics. This handbook provides a comprehensive of recent research on Polanyi’s work and ideas, including the central place occupied by his thinking on the relationship between economics and politics. The stellar line-up of contributors to this book explore Polanyi’s work reflecting the intrinsic interdisciplinarity of Polanyi’s approach to understanding our society, its place in history, its fundamental dynamics, and its contradictions, as well as the methodological issues he raises. The handbook broadly follows a chronological structure beginning with influences on Polanyi, his formative experiences and early works. A significant section is dedicated to Polanyi’s seminal work, The Great Transformation, and its impact. Further sections also look at Polanyi’s wider influence, on various disciplines and methodological debates, and his ongoing relevance for present-day issues including debates on populism, neoliberalism and low carbon transitions. This handbook is a vital resource for students and scholars of economics, politics, sociology, and other social sciences.The Entrepreneurial State: Debunking Public vs Private Sector Myths (Anthem Other Canon Economics Ser. #1)
Par Mariana Mazzucato. 2023
Award-winning economist Mariana Mazzucato&’s famously incisive international bestseller debunking the pervasive myth of the inept state versus an innovative private…
sector—with a new preface by the authorAccording to conventional wisdom, innovation is best left to the bold entrepreneurs of the private sector, and government should get out of the way. But what if that wasn't case? What if, from the inventions of Silicon Valley to medical breakthroughs, the public sector has actually been the most courageous and valuable risk-taker of all?Critically acclaimed and influential thinker and scholar Mariana Mazzucato argues comprehensively against the myth of a lumbering, bureaucratic state versus a dynamic, innovative private sector with remarkable original and deep research. In a series of case studies—from nanotechnology to the emerging green tech of today—Mazzucato reveals that the opposite is true: the private sector only finds the courage to invest after an entrepreneurial state has made the high-risk investments. The Entrepreneurial State reveals how every technology that makes the iPhone so &“smart&” was actually funded by the government—from the Internet and GPS technology, to touch-screen displays and voice-activated Siri.In the history of modern capitalism, the State has not only fixed market failures, but has also actively shaped and created markets. In doing so, it sometimes wins and sometimes fails. Yet by not admitting the State&’s role in active risk taking, we've created an "innovation system" where the public sector socializes risks while privatizing reward, as Mazzucato controversially argues. This bold and provocative book considers how we adopted this dysfunctional dynamic, and then how we can overcome it so that economic growth can be not only "smart" but "inclusive" as well.The Emergence of Organizations and Markets
Par John F. Padgett, Walter W. Powell. 2013
A dynamic framework for studying social emergenceThe social sciences have sophisticated models of choice and equilibrium but little understanding of…
the emergence of novelty. Where do new alternatives, new organizational forms, and new types of people come from? Combining biochemical insights about the origin of life with innovative and historically oriented social network analyses, John Padgett and Walter Powell develop a theory about the emergence of organizational, market, and biographical novelty from the coevolution of multiple social networks. They demonstrate that novelty arises from spillovers across intertwined networks in different domains. In the short run actors make relations, but in the long run relations make actors.This theory of novelty emerging from intersecting production and biographical flows is developed through formal deductive modeling and through a wide range of original historical case studies. Padgett and Powell build on the biochemical concept of autocatalysis—the chemical definition of life—and then extend this autocatalytic reasoning to social processes of production and communication. Padgett and Powell, along with other colleagues, analyze a very wide range of cases of emergence. They look at the emergence of organizational novelty in early capitalism and state formation; they examine the transformation of communism; and they analyze with detailed network data contemporary science-based capitalism: the biotechnology industry, regional high-tech clusters, and the open source community.Nature: An Economic History
Par Geerat Vermeij. 2004
From humans to hermit crabs to deep water plankton, all living things compete for locally limiting resources. This universal truth…
unites three bodies of thought--economics, evolution, and history--that have developed largely in mutual isolation. Here, Geerat Vermeij undertakes a groundbreaking and provocative exploration of the facts and theories of biology, economics, and geology to show how processes common to all economic systems--competition, cooperation, adaptation, and feedback--govern evolution as surely as they do the human economy, and how historical patterns in both human and nonhuman evolution follow from this principle. Using a wealth of examples of evolutionary innovations, Vermeij argues that evolution and economics are one. Powerful consumers and producers exercise disproportionate controls on the characteristics, activities, and distribution of all life forms. Competition-driven demand by consumers, when coupled with supply-side conditions permitting economic growth, leads to adaptation and escalation among organisms. Although disruptions in production halt or reverse these processes temporarily, they amplify escalation in the long run to produce trends in all economic systems toward greater power, higher production rates, and a wider reach for economic systems and their strongest members. Despite our unprecedented power to shape our surroundings, we humans are subject to all the economic principles and historical trends that emerged at life's origin more than 3 billion years ago. Engagingly written, brilliantly argued, and sweeping in scope, Nature: An Economic History shows that the human institutions most likely to preserve opportunity and adaptability are, after all, built like successful living things.Theory of Games and Economic Behavior: 60th Anniversary Commemorative Edition
Par John Von Neumann, Oskar Morgenstern. 2004
This is the classic work upon which modern-day game theory is based. What began more than sixty years ago as…
a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior. In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded--game theory--has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences. This sixtieth anniversary edition includes not only the original text but also an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews and articles on the book that appeared at the time of its original publication in the New York Times, tthe American Economic Review, and a variety of other publications. Together, these writings provide readers a matchless opportunity to more fully appreciate a work whose influence will yet resound for generations to come.Human Capitalism: How Economic Growth Has Made Us Smarter--and More Unequal
Par Brink Lindsey. 2013
Why the rich are getting smarter while the poor are being left behindWhat explains the growing class divide between the…
well educated and everybody else? Noted author Brink Lindsey, a senior scholar at the Kauffman Foundation, argues that it's because economic expansion is creating an increasingly complex world in which only a minority with the right knowledge and skills—the right "human capital"—reap the majority of the economic rewards. The complexity of today's economy is not only making these lucky elites richer—it is also making them smarter. As the economy makes ever-greater demands on their minds, the successful are making ever-greater investments in education and other ways of increasing their human capital, expanding their cognitive skills and leading them to still higher levels of success. But unfortunately, even as the rich are securely riding this virtuous cycle, the poor are trapped in a vicious one, as a lack of human capital leads to family breakdown, unemployment, dysfunction, and further erosion of knowledge and skills. In this brief, clear, and forthright eBook original, Lindsey shows how economic growth is creating unprecedented levels of human capital—and suggests how the huge benefits of this development can be spread beyond those who are already enjoying its rewards.The Soulful Science: What Economists Really Do and Why It Matters - Revised Edition
Par Diane Coyle. 2010
For many, Thomas Carlyle's put-down of economics as "the dismal science" rings true--especially in the aftermath of the crash of…
2008. But Diane Coyle argues that economics today is more soulful than dismal, a more practical and human science than ever before. The Soulful Science describes the remarkable creative renaissance in economics, how economic thinking is being applied to the paradoxes of everyday life. This revised edition incorporates the latest developments in the field, including the rise of behavioral finance, the failure of carbon trading, and the growing trend of government bailouts. She also discusses such major debates as the relationship between economic statistics and presidential elections, the boundary between private choice and public action, and who is to blame for today's banking crisis.The classic history of economic thought through the ages—now fully updated and expandedHesiod defined the basic economic problem as one…
of scarce resources, a view still held by economists today. Diocletian tried to save the Roman Empire with wage and price fixes—a strategy that has not gone entirely out of style. Roger Backhouse takes readers from the ancient world to the frontiers of game theory, mechanism design, and engagements with climate science, presenting an essential history of a discipline that economist Alfred Marshall called “the study of mankind in the ordinary business of life.” Backhouse introduces the many fascinating figures who have thought about money and markets down through the centuries—from philosophers and theologians to politicians and poets—and shows how today’s economic ideas have their origins in antiquity. This updated edition of The Ordinary Business of Life includes a new chapter on contemporary economics and the rest of the book has been thoroughly revised.Pillars of Prosperity: The Political Economics of Development Clusters (The Yrjö Jahnsson Lectures)
Par Timothy Besley, Torsten Persson. 2011
How nations can promote peace, prosperity, and stability through cohesive political institutions"Little else is required to carry a state to…
the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things." So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters—places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes.To achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all three pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the provision of public goods. In line with much historical research, international conflict has also been an important force behind effective states by fostering common interests. The absence of common interests and/or cohesive political institutions can explain the existence of very different development clusters in fragile states that are plagued by poverty, violence, and weak state capacity.Yield Curve Modeling and Forecasting: The Dynamic Nelson-Siegel Approach (The Econometric and Tinbergen Institutes Lectures)
Par Francis X. Diebold, Glenn D. Rudebusch. 2013
Understanding the dynamic evolution of the yield curve is critical to many financial tasks, including pricing financial assets and their…
derivatives, managing financial risk, allocating portfolios, structuring fiscal debt, conducting monetary policy, and valuing capital goods. Unfortunately, most yield curve models tend to be theoretically rigorous but empirically disappointing, or empirically successful but theoretically lacking. In this book, Francis Diebold and Glenn Rudebusch propose two extensions of the classic yield curve model of Nelson and Siegel that are both theoretically rigorous and empirically successful. The first extension is the dynamic Nelson-Siegel model (DNS), while the second takes this dynamic version and makes it arbitrage-free (AFNS). Diebold and Rudebusch show how these two models are just slightly different implementations of a single unified approach to dynamic yield curve modeling and forecasting. They emphasize both descriptive and efficient-markets aspects, they pay special attention to the links between the yield curve and macroeconomic fundamentals, and they show why DNS and AFNS are likely to remain of lasting appeal even as alternative arbitrage-free models are developed. Based on the Econometric and Tinbergen Institutes Lectures, Yield Curve Modeling and Forecasting contains essential tools with enhanced utility for academics, central banks, governments, and industry.When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
Par Guillaume Plantin, Jean-Charles Rochet. 2007
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how…
to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.Strategic Investment: Real Options and Games
Par Han T. Smit, Lenos Trigeorgis. 2004
Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on…
the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.Economic Lives: How Culture Shapes the Economy
Par Viviana A. Zelizer. 2010
Revealing the human side of economic lifeOver the past three decades, economic sociology has been revealing how culture shapes economic…
life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists. Economic Lives synthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a single volume for the first time.Economic Lives shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. Economic Lives ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity—as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises.Providing an important perspective on the recent past and possible futures of a growing field, Economic Lives promises to be widely read and discussed.Foreign Direct Investment: Analysis of Aggregate Flows
Par Assaf Razin, Efraim Sadka. 2007
The 1990s saw global flows of foreign direct investment increase some sevenfold, spurring economists to explore FDI from a micro-…
or trade-based perspective. Foreign Direct Investment is one of the first books to analyze the macroeconomics of FDI, treating FDI as a unique form of international capital flow between specific pairs of countries. By examining the determinants of the aggregate flows of FDI at the bilateral, source-host-country level, Assaf Razin and Efraim Sadka present the first systematic global analysis of the singular features of FDI flows. Drawing on a wealth of fresh data, they provide new theoretical models and empirical techniques that illuminate the vital country-pair characteristics that drive these flows. Uniquely, Foreign Direct Investment examines FDI between developed and developing countries, and not just between developed countries. Among many other insights, the book shows that tax competition vis-à-vis FDI need not lead to a "race to the bottom." Foreign Direct Investment is an essential resource for graduate students, academics, and policy professionals.The Limits of Convergence: Globalization and Organizational Change in Argentina, South Korea, and Spain
Par Mauro F. Guillén. 2001
This book challenges the widely accepted notion that globalization encourages economic convergence--and, by extension, cultural homogenization--across national borders. A systematic…
comparison of organizational change in Argentina, South Korea, and Spain since 1950 finds that global competition forces countries to exploit their distinctive strengths, resulting in unique development trajectories. Analyzing the social, political, and economic conditions underpinning the rise of various organizational forms, Guillén shows that business groups, small enterprises, and foreign multinationals play different economic roles depending on a country's path to development. Business groups thrive when there is foreign-trade and investment protectionism and are best suited to undertake large-scale, capital-intensive activities such as automobile assembly and construction. Their growth and diversification come at the expense of smaller firms and foreign multinationals. In contrast, small and medium enterprises are best fitted to compete in knowledge-intensive activities such as component manufacturing and branded consumer goods. They prosper in the absence of restrictions on export-oriented multinationals. The book ends on an optimistic note by presenting evidence that it is possible--though not easy--for countries to break through the glass ceiling separating poor from rich. It concludes that globalization encourages economic diversity and that democracy is the form of government best suited to deal with globalization's contingencies. Against those who contend that the transition to markets must come before the transition to ballots, Guillén argues that democratization can and should precede economic modernization. This is applied economic sociology at its best--broad, topical, full of interesting political implications, and critical of the conventional wisdom.The Handbook of Organizational Economics
Par Robert Gibbons, John Roberts. 2013
The definitive introduction to organizational economics, with contributions by leaders in the fieldIn even the most market-oriented economies, most economic…
transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. This landmark book assembles the leading figures in organizational economics to present the first comprehensive view of both the current state of research in this fast-emerging field and where it might be headed.The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.The defining book on the subject, The Handbook of Organizational Economics is essential reading for researchers and students looking to understand this emerging field in economics.Presents the first comprehensive treatment of organizational economicsFeatures contributions by leaders in the fieldUnifies and extends existing literaturesDescribes theoretical and empirical methods used todayThe Theory of Taxation and Public Economics
Par Louis Kaplow. 2008
The Theory of Taxation and Public Economics presents a unified conceptual framework for analyzing taxation--the first to be systematically developed…
in several decades. An original treatment of the subject rather than a textbook synthesis, the book contains new analysis that generates novel results, including some that overturn long-standing conventional wisdom. This fresh approach should change thinking, research, and teaching for decades to come. Building on the work of James Mirrlees, Anthony Atkinson and Joseph Stiglitz, and subsequent researchers, and in the spirit of classics by A. C. Pigou, William Vickrey, and Richard Musgrave, this book steps back from particular lines of inquiry to consider the field as a whole, including the relationships among different fiscal instruments. Louis Kaplow puts forward a framework that makes it possible to rigorously examine both distributive and distortionary effects of particular policies despite their complex interactions with others. To do so, various reforms--ranging from commodity or estate and gift taxation to regulation and public goods provision--are combined with a distributively offsetting adjustment to the income tax. The resulting distribution-neutral reform package holds much constant while leaving in play the distinctive effects of the policy instrument under consideration. By applying this common methodology to disparate subjects, The Theory of Taxation and Public Economics produces significant cross-fertilization and yields solutions to previously intractable problems.Real Analysis with Economic Applications
Par Efe A. Ok. 2007
There are many mathematics textbooks on real analysis, but they focus on topics not readily helpful for studying economic theory…
or they are inaccessible to most graduate students of economics. Real Analysis with Economic Applications aims to fill this gap by providing an ideal textbook and reference on real analysis tailored specifically to the concerns of such students. The emphasis throughout is on topics directly relevant to economic theory. In addition to addressing the usual topics of real analysis, this book discusses the elements of order theory, convex analysis, optimization, correspondences, linear and nonlinear functional analysis, fixed-point theory, dynamic programming, and calculus of variations. Efe Ok complements the mathematical development with applications that provide concise introductions to various topics from economic theory, including individual decision theory and games, welfare economics, information theory, general equilibrium and finance, and intertemporal economics. Moreover, apart from direct applications to economic theory, his book includes numerous fixed point theorems and applications to functional equations and optimization theory. The book is rigorous, but accessible to those who are relatively new to the ways of real analysis. The formal exposition is accompanied by discussions that describe the basic ideas in relatively heuristic terms, and by more than 1,000 exercises of varying difficulty. This book will be an indispensable resource in courses on mathematics for economists and as a reference for graduate students working on economic theory.Beyond the Market: The Social Foundations of Economic Efficiency
Par Jens Beckert. 2003
Beyond the Market launches a sociological investigation into economic efficiency. Prevailing economic theory, which explains efficiency using formalized rational choice…
models, often simplifies human behavior to the point of distortion. Jens Beckert finds such theory to be particularly weak in explaining such crucial forms of economic behavior as cooperation, innovation, and action under conditions of uncertainty--phenomena he identifies as the proper starting point for a sociology of economic action. Beckert levels an enlightened critique at neoclassical economics, arguing that understanding efficiency requires looking well beyond the market to the social, cultural, political, and cognitive factors that influence the coordination of economic action. Beckert searches social theory for the components of an alternative theory of action, one that accounts for the social embedding of economic behavior. In Durkheim and Parsons he finds especially useful approaches to cooperation; in Luhmann, a way to understand how people act under highly contingent conditions; and in Giddens, an understanding of creative action and innovation. Together, these provide building blocks for a research program that will yield a theoretically sophisticated understanding of how economic processes are coordinated and the ways that markets are embedded in social, cultural, and cognitive structures. Containing one of the most fully informed critiques of the neoclassical analysis of economic efficiency--as well as one of the most thoughtful blueprints for economic sociology--this book reclaims for sociology the study of one of the most important arenas of human action.