Showing 1–24 of 26 results
Connections among different assets, asset classes, portfolios, and the stocks of individual institutions are critical in examining financial markets. Interest in financial markets implies interest in underlying macroeconomic fundamentals. In Financial and Macroeconomic Connectedness, Frank Diebold and Kamil Yilmaz propose a simple framework for defining, measuring, and monitoring connectedness, which is central to finance and macroeconomics. These measures of connectedness are theoretically rigorous yet empirically relevant.
The approach to connectedness proposed by the authors is intimately related to the familiar econometric notion of variance decomposition. The full set of variance decompositions from vector auto-regressions produces the core of the ‘connectedness table.’ The connectedness table makes clear how one can begin with the most disaggregated pair-wise directional connectedness measures and aggregate them in various ways to obtain total connectedness measures. The authors also show that variance decompositions define weighted, directed networks, so that these proposed connectedness measures are intimately related to key measures of connectedness used in the network literature.
After describing their methods in the first part of the book, the authors proceed to characterize daily return and volatility connectedness across major asset (stock, bond, foreign exchange and commodity) markets as well as the financial institutions within the U.S. and across countries since late 1990s. These specific measures of volatility connectedness show that stock markets played a critical role in spreading the volatility shocks from the U.S. to other countries. Furthermore, while the return connectedness across stock markets increased gradually over time the volatility connectedness measures were subject to significant jumps during major crisis events.
This book examines not only financial connectedness, but also real fundamental connectedness. In particular, the authors show that global business cycle connectedness is economically significant and time-varying, that the U.S. has disproportionately high connectedness to others, and that pairwise country connectedness is inversely related to bilateral trade surpluses.
Amin, one of the most influential economists today, examines the changing notion of crisis in capitalism; misconceptions of the free market model; the various distortions of Marx’s method; the role of culture in revolutions; the decline of the "law of value" in economics; the philosophical roots of postmodernism; how telecommunications affect ideology; and the myth of "pure economics."
The failure of command central planning in the twentieth century has led to a general disillusionment within the socialist movement worldwide. Some alternatives to capitalism have been proposed since the end of the Cold War, but none has offered an alternative form of economic calculation. This book explains how modern information technology may be used to implement a new method of economic calculation that could bring an end to capitalism and make socialism possible.In this book, the author critically examines a number of socialist proposals that have been put forward since the end of the Cold War.
Distinguished researchers from across the globe assess, in a rare example of successful cross-disciplinary engagement, the explanatory power of chaos theory, new evolutionary theory, path dependency, neo-institutional economics, multiple modernities and historical institutionalism. The book provides an exciting panorama of state of the art thinking and new avenues to combining the power of various traditions of thought.
The most important feature of our work is to look at the possible strategic interactions between various economic agents and/or institutions. We are also investigating the potential effects on efficiency and welfare if agents act in a strategic way. The method of non-cooperative game theory leads in general to results which differ from that derived in using "traditional" economic theory.
Today’s economic crisis is the worst since the Great Depression. However, as David Korten shows, the steps being taken to address it do nothing to deal with the reality of a failed economic system. It’s like treating cancer with a bandage. Korten identifies the deeper sources of the failure: Wall Street institutions that have perfected the art of creating ""wealth"" without producing anything of real value: phantom wealth. Our hope lies not with Wall Street, Korten argues, but with Main Street, which creates real wealth from real resources to meet real needs.
The Great Recession of 2008 restored John Maynard Keynes to prominence. After decades when the Keynesian revolution seemed to have been forgotten, the great British theorist was suddenly everywhere. The New York Times asked, “What would Keynes have done?” The Financial Times wrote of “the undeniable shift to Keynes.”Le Monde pronounced the economic collapse Keynes’s “revenge.” Two years later, following bank bailouts and Tea Party fundamentalism, Keynesian principles once again seemed misguided or irrelevant to a public focused on ballooning budget deficits.
This comprehensive textbook introduces readers to the principal ideas and applications of game theory, in a style that combines rigor with accessibility. Steven Tadelis begins with a concise description of rational decision making, and goes on to discuss strategic and extensive form games with complete information, Bayesian games, and extensive form games with imperfect information.
First published in 1985, Theories of Modern Capitalism provides a succinct study of Marxist and non-Marxist theories of Capitalism, its recent development, and the prospects of a transition to socialism.The study begins with a critical examination and comparison of four major theories of capitalism, in the works of Marx, Weber, Schumpeter and Hayek. This is followed by an analysis of the most recent phase of capitalism which has been conceptualised by Marxists thinkers in various ways as ‘organised capitalism”, ‘state monopoly’, or ‘late capitalism’.
Why doesn’t the explosive growth of companies like Facebook and Uber deliver more prosperity for everyone? What is the systemic problem that sets the rich against the poor and the technologists against everybody else? When protesters shattered the windows of a bus carrying Google employees to work, their anger may have been justifiable, but it was misdirected. The true conflict of our age isn’t between the unemployed and the digital elite, or even the 99 percent and the 1 percent. Rather, a tornado of technological improvements has spun our economic program out of control, and humanity as a whole—the pro-testers and the Google employees as well as the shareholders and the executives—are all trapped by the consequences.
Michel Aglietta’s path-breaking book is the first attempt at a rigorous historical theory of the whole development of US capitalism, from the Civil War to the Carter presidency. A major document of the “Regulation School” of heterodox economics, it was received as the boldest book in its field since the classic studies of Paul Baran, Paul Sweezy and Harry Braverman.This edition includes a substantial postface by Aglietta, which situates regulation theory in the context of twenty-first-century capitalism.
This landmark treatise of 1817 formulated the guiding principles behind the market economy. Author David Ricardo, with Adam Smith, founded the "classical" system of political economy, a school of thought that dominated economic policies throughout the nineteenth century and figured prominently in the theories of John Stuart Mill and Karl Marx. Its foundation of the tenets of diminishing returns and economic rent led to the doctrines known today as distribution theory and international trade theory, and the Ricardian system continues to influence and inform modern economic thought
Affluenza, n. a painful, contagious, socially transmitted condition of overload, debt, anxiety, and waste resulting from the dogged pursuit of more.
We tried to warn you! The 2008 economic collapse proved how resilient and dangerous Affluenza can be. Now in its third edition, this book can safely be called prophetic in showing how problems ranging from loneliness, endless working hours, and family conflict to rising debt, environmental pollution, and rampant commercialism are all symptoms of this global plague.
The new edition traces the role overconsumption played in the Great Recession, discusses new ways to measure social health and success (such as the Gross Domestic Happiness index), and offers policy recommendations to make our society more simplicity-friendly. The underlying message isn’t to stop buying it’s to remember, always, that the best things in life aren’t things.
The Wealth of Ideas traces the history of economic thought, from its prehistory (the Bible, Classical antiquity) to the present day. In this eloquently written, scientifically rigorous and well documented book, chapters on William Petty, Adam Smith, David Ricardo, Karl Marx, William Stanley Jevons, Carl Menger, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter and Piero Sraffa alternate with chapters on other important figures and on debates of the period. Economic thought is seen as developing between two opposite poles: a subjective one, based on the ideas of scarcity and utility, and an objective one based on the notions of physical costs and surplus.
“Do we really need yet another book about the financial crisis? Yes, we do—because this one is different….A must-read for anyone who wants to understand the mess we’re in.”—Paul Krugman, New York Times Book Review“Fox makes business history thrilling.”—St. Louis Post-DispatchA lively history of ideas, The Myth of the Rational Market by former Time Magazine economics columnist Justin Fox, describes with insight and wit the rise and fall of the world’s most influential investing idea: the efficient markets theory.
This book investigates the tensions between subjectivism and objectivism in the history of economics. The book looks at the works of Adam Smith, Carl Menger, Leon Walras, William Stanley Jevons, Oskar Morgenstern, Ludwig Mises, Piero Sraffa, and so on. The book highlights the diverse subjective and objective elements of their economic theories and suggests a reframing of methodology to better address the core problems of the theories. Contributors of the volume are leading members of the Japan Society of History of Economic Thought who have provided a comprehensive overview on the economics methodology and the related problems.
In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today.This important book fills a gap in the literature. It is an Austrian critique of Keynes that is concise and accessible to the general reader.K
The Handbook of Experimental Economic Methodology, edited by Guillaume R. Fréchette and Andrew Schotter, aims to confront and debate the issues faced by the growing field of experimental economics. For example, as experimental work attempts to test theory, it raises questions about the proper relationship between theory and experiments. As experimental results are used to inform policy, the utility of these results outside the lab is questioned, and finally, as experimental economics tries to integrate ideas from other disciplines like psychology and neuroscience, the question of their proper place in the discipline of economics becomes less clear.
This book contains papers written by some of the most accomplished scholars working at the intersection of experimental, behavioral, and theoretical economics talking about methodology.
It is divided into four sections, each of which features a set of papers and a set of comments on those papers. The intention of the volume is to offer a place where ideas about methodology could be discussed and even argued. Some of the papers are contentious―-a healthy sign of a dynamic discipline―-while others lay out a vision for how the authors think experimental economics should be pursued.
This exciting and illuminating collection of papers brings light to a topic at the core of experimental economics. Researchers from a broad range of fields will benefit from the exploration of these important questions.
Modern economics bases its view of the world on assumptions about nature and people laid down by Adam Smith, nearly 300 years ago, in a time when people traveled by horse and carriage and wrote by the light of candles. We now live in a globally connected, postindustrial world of digital communication and space exploration—and yet, our economic model remains stuck in the past. In Fair Economics, Irene Schoene puts forward an alternative economics that is not only relevant to our modern world of technology and industry but which also shows an awareness of environmental and geographic considerations.
The disappearance of central planned economies left politicians, researchers, consultants, and academics with an interest in economies in transition in vagueness about the actual state of the economy and its short and medium term prospects. This volume provides the reader with information on how to deal with the statistical shortcomings of economies in transition. Most economic variables published for these countries tend to encompass a short period of time or they possess a low measurement quality.
In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ”lumpy” behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management.In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present.
This book explores the dynamic processes in economic systems, concentrating on the extraction and use of the natural resources required to meet economic needs. Sections cover methods for dynamic modeling in economics, microeconomic models of firms, modeling optimal use of both nonrenewable and renewable resources, and chaos in economic models. This book does not require a substantial background in mathematics or computer science.
For sometime now, I felt that the evolution of the literature of econo metrics had mandated a higher level of mathematical proficiency. This is particularly evident beyond the level of the general linear model (GLM) and the general linear structural econometric model (GLSEM). The problems one encounters in nonlinear econometrics are not easily amenable to treatment by the analytical methods one typically acquires, when one learns about probability and inference through the use of den sity functions.
Showing 1–24 of 26 results