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This book features the main papers of Gunter Schmolders (1903-1991), a pioneer in economic psychology for the first time in the English language. Schmolders incorporated psychological considerations in his economic analyses at a time when the distance between the two disciplines was much larger than today. His research on ‘fiscal psychology’ is of particular and lasting interest, impacting greatly on continental economics. During his lifetime, Schmolders failed to build bridges to enable his contemporary fellow economists to appreciate the importance of his work, however the relevance of his approach is much more obvious in the world’s current economic climate.
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.
This study systematically investigates the development process, major characteristics and weak links of China’s poverty alleviation experience and conducts a comparative analysis of poverty alleviation cases. It also accurately presents the internal logic and core elements of China’s poverty alleviation theory and taking the Chinese experience of poverty alleviation refines the "Two Threads One Force" theoretical framework to make a basic judgment of the "China model" for poverty alleviation.
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.
In the 1970s, at a time of shock, controversy and uncertainty over the direction of monetary and fiscal policy, Wynne Godley and the Cambridge Department of Applied Economics rose to prominence, challenging the accepted Keynesian wisdom of the time. This collection of essays brings together eminent scholars who have been influenced by Godley’s enormous contribution to the field of monetary economics and macroeconomic modeling.
Godley’s theoretical, applied and policy work is explored in detail, including an analysis of the insightful New Cambridge ‘three balances’ model, and its use in showing the progression of real capitalist economies over time.
Just over 100 years ago, Joseph A. Schumpeter published Theorie, which, along with his other works, has shaped the field of entrepreneurship. Since then, so little research has examined the interiors of the entrepreneurial experiences and its processes. Today’s treatments of entrepreneurship often consist of a cadre of disparate and discipline-based conceptual and theoretical discourses that offer their particular values and contributions.
The Theory of Entrepreneurship examines the interiors of the entrepreneurial value creation process and offers a new unified and comprehensive theory to afford empirical investigations as well as to delineate a broader view of the entrepreneurial contextual milieu.
Austrian Economic Perspectives on Market Organization is a collection of essays by economists and political scientists, each with an interest in evolutionary cultural change.
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.
Cycles, crises and innovation are the major economic forces that shape capitalist economies. Using a critical realist political economy approach, the analysis in this fine work is based on the works of Michal Kalecki and Joseph Schumpeter – both of whom identify these three dynamic forces as plotting the path of economic development. Jerry Courvisanos’ thought-provoking book examines how the rise of capital through investment enshrines innovation in profit and power which in turn determines the course of cycles and crises.
The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual’s highest valued ends.
Imagine trying to understand a stained glass window by breaking it into pieces and examining it one shard at a time. While you could probably learn a lot about each piece, you would have no idea about what the entire picture looks like. This is reductionism—the idea that to understand the world we only need to study its pieces—and it is how most social scientists approach their work.In A Crude Look at the Whole, social scientist and economist John H. Miller shows why we need to start looking at whole pictures.
The conduct of most of social science occurs outside the laboratory. Such studies in field science explore phenomena that cannot for practical, technical, or ethical reasons be explored under controlled conditions. These phenomena cannot be fully isolated from their environment or investigated by manipulation or intervention. Yet measurement, including rigorous or clinical measurement, does provide analysts with a sound basis for discerning what occurs under field conditions, and why.In Science Outside the Laboratory, Marcel Boumans explores the state of measurement theory, its reliability, and the role expert judgment plays in field investigations from the perspective of the philosophy of science.
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’.
In modern derivatives trading, Black–Scholes theory is only a starting point. Asset volatilities are not constant, but change with market conditions. Large price moves are associated with periods of market turbulence and this leads to a smile shaped curve of the volatility implied from market prices.
Smile Pricing Explained provides a clear and thorough explanation of the concepts of smile modelling that are at the forefront of modern derivatives pricing. The key models used in practice are covered, together with numerical techniques and calibration.
Dr Austing guides the reader from the principle of no arbitrage and Black–Scholes, through local and stochastic volatility models, to arrive at a deep understanding of the state of the art of smile modelling. Along the way, practical introductions to the Monte Carlo and finite difference numerical approaches are provided, with user friendly guidance to the deep mathematics underlying the pricing theory.
Smile Pricing Explained provides a much-needed guide to the concepts and complexities of smile modelling. Written in particularly accessible style, topics are presented succinctly, and unnecessary complexity is carefully avoided. Intuition is provided before mathematics so that readers may enjoy the book without necessarily following every technical detail. This book will prove a popular resource for both new and established quantitative practitioners as well as graduate students who wish to understand the realities of the area.
Principles of Economics in Context lays out the principles of micro- and macroeconomics in a manner that is thorough, up to date, and relevant to students, attuned to the economic realities of the world around them. It offers engaging treatment of important current topics such as new thinking in behavioral economics, financial instability and market bubbles, debt and deficits, and policy responses to the problems of unemployment, inequality, and environmental sustainability. This new, affordable edition combines the just-released new editions of Microeconomics in Context and Macroeconomics in Context to provide an integrated full-year text covering all aspects of both micro and macro analysis and application, with many up-to-date examples and extensive supporting web resources for instructors and students.
An eye-opening statistical portrait of the United States;
Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices;
Presentation of policy issues in historical, institutional, social, political, and ethical context–an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition;
Issues of human well-being, both domestic and global, are given central importance, enriching the topics and analytical tools to which students are introduced;
The theme of sustainability–financial, social, and ecological–is thoroughly integrated in the book, with chapters on alternatives to standard GDP measurement, the environment, common property, public goods, and growth and sustainability in the twenty-first century;
Full complement of instructor and student support materials online, including test banks and grading through Canvas.
Intermediate Microeconomics: A Tool-Building Approach is a clear and concise, calculus-based exposition of current microeconomic theory essential for students pursuing degrees in Economics or Business. This beautifully-presented and accessible text covers all the essential topics that are typically required at the intermediate level, from consumer and producer theory to market structure (perfect competition, monopoly and oligopoly). Topics covered include risk, game theory, general equilibrium and externalities, asymmetric information, and public goods.U
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.
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.
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.
This book provides a complete and powerful overview of what the idea of development has meant. Rist traces it from its origins in the Western view of history, through the early stages of the world system, the rise of U.S. hegemony, the supposed triumph of the third world, through to new concerns about the environment and globalization. In two completely new chapters on the Millennium Development Goals and post-development thinking, Rist brings the book completely up to date. Throughout, he argues that development has been no more than a collective delusion, which in reality has only resulted in widening market relations.
Over the past 25 years, applied econometrics has undergone tremen dous changes, with active developments in fields of research such as time series, labor econometrics, financial econometrics and simulation based methods. Time series analysis has been an active field of research since the seminal work by Box and Jenkins (1976), who introduced a gen eral framework in which time series can be analyzed. In the world of financial econometrics and the application of time series techniques, the ARCH model of Engle (1982) has shifted the focus from the modelling of the process in itself to the modelling of the volatility of the process.
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 is a new introductory text providing an up-to-date account of leading theories of development. The book includes a discussion of classical accounts of development, particularly that of Marx, but also considers current debates on the issue. Theories of imperialism, neo-imperialism, dependency, world systems theory and other conceptions are all given full and balanced consideration. A feature of the work is the connections drawn between theoretical interpretation and empirical application: in this respect, the author concentrates particularly upon drawing materials from the Latin American experiences.
Showing 1–24 of 31 results