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'Really made me think about how I think' - Mohsin Hamid, author of Exit West Tough times don't last. Tough people do. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. Here Taleb stands uncer-tainty on its head, making it ...
Antifragile: Things that Gain from Disorder
'Really made me think about how I think' - Mohsin Hamid, author of Exit West Tough times don't last. Tough people do. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. Here Taleb stands uncer-tainty on its head, making it desirable, even necessary. The antifragile is beyond the resilient or robust. The resil-ient resists shocks and stays the same; the antifragile gets better and better. Just as human bones get stronger when subjected to stress and tension, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls antifragile are things that not only gain from chaos but need it in order to survive and flourish. Antifragile is a blueprint for living in a Black Swan world. Erudite, witty, and iconoclastic, Taleb's message is revolutionary: the antifragile, and only the antifragile, will make it. 'The hottest thinker in the world' Bryan Appleyard, Sunday Times
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15.22 USD

Antifragile: Things that Gain from Disorder

by Nassim Nicholas Taleb
Paperback / softback
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THE SUNDAY TIMES BESTSELLER `Why is there so much inequality?' Xenia asks her father, the world-famous economist Yanis Varoufakis. Drawing on memories of her childhood and a variety of well-known tales - from Oedipus and Faust to Frankenstein and The Matrix - Varoufakis explains everything you need to know in ...
Talking to My Daughter About the Economy: A Brief History of Capitalism

THE SUNDAY TIMES BESTSELLER `Why is there so much inequality?' Xenia asks her father, the world-famous economist Yanis Varoufakis. Drawing on memories of her childhood and a variety of well-known tales - from Oedipus and Faust to Frankenstein and The Matrix - Varoufakis explains everything you need to know in order to understand why economics is the most important drama of our times. In answering his daughter's deceptively simple questions, Varoufakis disentangles our troubling world with remarkable clarity, while inspiring us to make it a better one. 'Utterly accessible, deeply humane and startlingly original - a potent democratic tool at the perfect time' Naomi Klein

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14.18 USD

Talking to My Daughter About the Economy: A Brief History of Capitalism

by Yanis Varoufakis
Paperback / softback
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This book explores and compares the works of two great economists and philosophers, David Hume and Adam Smith, considering their contributions to language, perception, sympathy, reason, art and theatre to find a general theory of rationality and economics. The author considers and analyses both figures through a range of approaches, ...
The Birth of Economic Rhetoric: Communication, Arts and Economic Stimulus in David Hume and Adam Smith
This book explores and compares the works of two great economists and philosophers, David Hume and Adam Smith, considering their contributions to language, perception, sympathy, reason, art and theatre to find a general theory of rationality and economics. The author considers and analyses both figures through a range of approaches, and moves on to demonstrate how different concepts of language affect Hume's and Smith's idea of value and economic growth. This book contributes to a wider literature on communication and language to demonstrate that economics is linked to rhetoric and is an essential part of human nature.
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104.990000 USD

The Birth of Economic Rhetoric: Communication, Arts and Economic Stimulus in David Hume and Adam Smith

by Estrella Trincado
Hardback
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A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation. Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students ...
Growth and Distribution: Second Edition
A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation. Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth. They cover corporate finance, the impact of government debt and social security systems, theories of endogenous technical change, and the implications of climate change. Without excessive formal complication, the models emphasize rigorous reasoning from basic economic principles and insights, and respond to students' interest in the history and policy dilemmas of real-world economies. In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution presents many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.
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74.99 USD

Growth and Distribution: Second Edition

by Daniele Tavani, Thomas R. Michl, Duncan K Foley
Hardback
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A masterful introduction to the key ideas behind the successes--and failures--of free-market economics Since 1946, Henry Hazlitt's bestselling Economics in One Lesson has popularized the belief that economics can be boiled down to one simple lesson: market prices represent the true cost of everything. But one-lesson economics tells only half ...
Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly
A masterful introduction to the key ideas behind the successes--and failures--of free-market economics Since 1946, Henry Hazlitt's bestselling Economics in One Lesson has popularized the belief that economics can be boiled down to one simple lesson: market prices represent the true cost of everything. But one-lesson economics tells only half the story. It can explain why markets often work so well, but it can't explain why they often fail so badly--or what we should do when they stumble. As Nobel Prize-winning economist Paul Samuelson quipped, When someone preaches 'Economics in one lesson, ' I advise: Go back for the second lesson. In Economics in Two Lessons, John Quiggin teaches both lessons, offering a masterful introduction to the key ideas behind the successes--and failures--of free markets. Economics in Two Lessons explains why market prices often fail to reflect the full cost of our choices to society as a whole. For example, every time we drive a car, fly in a plane, or flick a light switch, we contribute to global warming. But, in the absence of a price on carbon emissions, the costs of our actions are borne by everyone else. In such cases, government action is needed to achieve better outcomes. Two-lesson economics means giving up the dogmatism of laissez-faire as well as the reflexive assumption that any economic problem can be solved by government action, since the right answer often involves a mixture of market forces and government policy. But the payoff is huge: understanding how markets actually work--and what to do when they don't. Brilliantly accessible, Economics in Two Lessons unlocks the essential issues at the heart of any economic question.
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40.95 USD

Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly

by John Quiggin
Hardback
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A Foreign Affairs Best Book of the Year An intellectual excursion of a kind rarely offered by modern economics. -Foreign Affairs Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? ...
After Piketty: The Agenda for Economics and Inequality
A Foreign Affairs Best Book of the Year An intellectual excursion of a kind rarely offered by modern economics. -Foreign Affairs Thomas Piketty's Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? Where should researchers go from there in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of leading economists and other social scientists-including Emmanuel Saez, Branko Milanovic, Laura Tyson, and Michael Spence-tackle these questions in dialogue with Piketty. A fantastic introduction to Piketty's main argument in Capital, and to some of the main criticisms, including doubt that his key equation...showing that returns on capital grow faster than the economy-will hold true in the long run. -Nature Piketty's work...laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge. -Justin Wolfers, University of Michigan
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25.52 USD

After Piketty: The Agenda for Economics and Inequality

Paperback / softback
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Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social ...
Markets: Perspectives from Economic and Social Theory
Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets. The book first looks at the definition of markets, their inadequate treatment in orthodox economic theory, and their historical background in the pre-capitalist and capitalist eras. It then assesses various alternatives to orthodox theory, categorised as social/cultural, structural, functional and ethical approaches. Among the alternatives considered are institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views and ethical notions of fair trade. A key finding of the book is that these diverse approaches, valuable as they are, could present a more effective challenge to orthodoxy if they were less disparate. Possibilities are investigated for a more unified theoretical alternative to orthodoxy. Unlike most studies of markets, this book adopts a fully interdisciplinary viewpoint expressed in accessible, non-technical language. Ideas are brought together from heterodox economics, social theory, critical realism, as well as other social sciences such as sociology, anthropology and geography. Anybody seeking a broad critical survey of the theoretical analysis of markets will find this book useful and it will be of great interest to economists, social scientists, students and policy-makers.
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162.10 USD

Markets: Perspectives from Economic and Social Theory

by William A. Jackson
Hardback
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Volume 37A of Research in the History of Economic Thought and Methodology features a symposium edited by Tiago Mata, celebrating 50 years of the Union of Radical Political Economics. It also includes an essay by Mauro Boianovsky, and is accompanied by a series of reflections from esteemed colleagues, all focused ...
Including a Symposium on 50 Years of the Union for Radical Political Economics
Volume 37A of Research in the History of Economic Thought and Methodology features a symposium edited by Tiago Mata, celebrating 50 years of the Union of Radical Political Economics. It also includes an essay by Mauro Boianovsky, and is accompanied by a series of reflections from esteemed colleagues, all focused on Arthur Lewis and the classical foundation of development economics. The Volume further includes an important new archival contribution (edited and introduced by Malcolm Rutherford) from the papers of Alvin Hansen, in which the famous Harvard economist reflects on the contributions of his teacher, John R. Commons, on the occasion of the latter's 70th birthday in November 1932.
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114.24 USD

Including a Symposium on 50 Years of the Union for Radical Political Economics

Hardback
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The quality of life experienced by people in the past is one of the most important areas of historical enquiry, and the standard of living of populations is one of the leading measures of the economic performance of nations. Yet how accurate is the information on which these judgments are ...
Seven Centuries of Unreal Wages: The Unreliable Data, Sources and Methods that have been used for Measuring Standards of Living in the Past
The quality of life experienced by people in the past is one of the most important areas of historical enquiry, and the standard of living of populations is one of the leading measures of the economic performance of nations. Yet how accurate is the information on which these judgments are based? This collection of essays, written by renowned scholars in the fields of labour, wage and welfare history, cogently undermine the validity of the data that have for decades dominated the measurement of these phenomena in Britain, Europe and Asia, and provided the statistical backbone for countless descriptions and analyses of economic development, welfare and many other prime subjects in economic and social history. The contributors to this volume rigorously expose misapprehensions of long-run macroeconomic estimates of the real wage and provide a host of improved methods and data for revising and rejecting them. This volume is essential reading for anyone interested in economic and social history, economics and the application of statistical methods to historical evidence.
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146.990000 USD

Seven Centuries of Unreal Wages: The Unreliable Data, Sources and Methods that have been used for Measuring Standards of Living in the Past

Hardback
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This book presents powerful techniques for solving global optimization problems on manifolds by means of evolutionary algorithms, and shows in practice how these techniques can be applied to solve real-world problems. It describes recent findings and well-known key facts in general and differential topology, revisiting them all in the context ...
Evolutionary Global Optimization, Manifolds and Applications
This book presents powerful techniques for solving global optimization problems on manifolds by means of evolutionary algorithms, and shows in practice how these techniques can be applied to solve real-world problems. It describes recent findings and well-known key facts in general and differential topology, revisiting them all in the context of application to current optimization problems. Special emphasis is put on game theory problems. Here, these problems are reformulated as constrained global optimization tasks and solved with the help of Fuzzy ASA. In addition, more abstract examples, including minimizations of well-known functions, are also included. Although the Fuzzy ASA approach has been chosen as the main optimizing paradigm, the book suggests that other metaheuristic methods could be used as well. Some of them are introduced, together with their advantages and disadvantages. Readers should possess some knowledge of linear algebra, and of basic concepts of numerical analysis and probability theory. Many necessary definitions and fundamental results are provided, with the formal mathematical requirements limited to a minimum, while the focus is kept firmly on continuous problems. The book offers a valuable resource for students, researchers and practitioners. It is suitable for university courses on optimization and for self-study.
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157.490000 USD

Evolutionary Global Optimization, Manifolds and Applications

by Hime Aguiar E Oliveira Junior
Paperback / softback
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In the years surrounding the Second World War, a serendipitous confluence of events created a healthy balance between the market and the polity-between the engine of capitalism and the egalitarian ideals of democracy. Yet, from the 1970s on, a power shift occurred in which financial regulations were rolled back, taxes ...
Can Democracy Survive Global Capitalism?
In the years surrounding the Second World War, a serendipitous confluence of events created a healthy balance between the market and the polity-between the engine of capitalism and the egalitarian ideals of democracy. Yet, from the 1970s on, a power shift occurred in which financial regulations were rolled back, taxes were cut, inequality worsened and disheartened voters turned to far-right, faux populism. Robert Kuttner lays out the events that led to the post-war miracle and charts its dissolution all the way to Trump, Brexit and the tenuous state of the EU. He asks whether today's poisonous alliance of reckless finance and ultra-nationalism is inevitable, and whether democracy can find a way to survive.
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22.17 USD

Can Democracy Survive Global Capitalism?

by Robert Kuttner
Paperback / softback
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An in-depth look at how to account for the human complexities at the heart of today's financial system Our economy may have recovered from the Great Recession--but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic ...
The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
An in-depth look at how to account for the human complexities at the heart of today's financial system Our economy may have recovered from the Great Recession--but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model--and the theory behind it--useless for dealing with financial crises. What model should replace it? None. At least not any version we've been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.
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25.58 USD

The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction

by Richard Bookstaber
Paperback / softback
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This book presents new theory and empirical studies on the roles of cognitive workload and fatigue on repeated financial decisions. The mathematical models that are developed here utilize two cusp catastrophe functions for discontinuous changes in performance and integrate objective measures of workload, subjective experiences, and individual differences among the ...
Cognitive Workload and Fatigue in Financial Decision Making
This book presents new theory and empirical studies on the roles of cognitive workload and fatigue on repeated financial decisions. The mathematical models that are developed here utilize two cusp catastrophe functions for discontinuous changes in performance and integrate objective measures of workload, subjective experiences, and individual differences among the decision makers. Additional nonlinear dynamical processes are examined with regard to persistence and antipersistence in decisions, entropy, further explanations of overall performance, and the identification of risk-optimization profiles for long sequences of decisions.
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115.490000 USD

Cognitive Workload and Fatigue in Financial Decision Making

Paperback / softback
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This book about mathematics and methodology for economics is the result of the lifelong experience of the authors. It is written for university students as well as for students of applied sciences. This self-contained book does not assume any previous knowledge of high school mathematics and helps understanding the basics ...
Mathematics and Methodology for Economics: Applications, Problems and Solutions
This book about mathematics and methodology for economics is the result of the lifelong experience of the authors. It is written for university students as well as for students of applied sciences. This self-contained book does not assume any previous knowledge of high school mathematics and helps understanding the basics of economic theory-building. Starting from set theory it thoroughly discusses linear and non-linear functions, differential equations, difference equations, and all necessary theoretical constructs for building sound economic models. The authors also present a solid introduction to linear optimisation and game theory using production systems. A detailed discussion on market equilibrium, in particular on Nash Equilibrium, and on non-linear optimisation is also provided. Throughout the book the student is well supplied with numerous examples, some 2000 problems and their solutions to apply the knowledge to economic theories and models.
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125.990000 USD

Mathematics and Methodology for Economics: Applications, Problems and Solutions

by Winfried Gleissner, Wolfgang Eichhorn
Paperback / softback
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In countries that have managed to confront and cope with the challenges of food insecurity over the past two centuries, markets have done the heavy lifting. Markets serve as the arena for allocating society's scarce resources to meet the virtually unlimited needs and desires of consumers: no other mechanism can ...
Food Security and Scarcity: Why Ending Hunger Is So Hard
In countries that have managed to confront and cope with the challenges of food insecurity over the past two centuries, markets have done the heavy lifting. Markets serve as the arena for allocating society's scarce resources to meet the virtually unlimited needs and desires of consumers: no other mechanism can efficiently signal fluctuations in scarcity and abundance, the cost of labor, or the value of commodities. But markets fail at tasks that society regards as important; thus, governments have had to intervene to stabilize the economic environment and provide essential public goods, such as transportation and communications networks, agricultural research and development, and access to quality health and educational facilities. Ending hunger requires that each society find the right balance of market forces and government interventions to drive a process of economic growth that reaches the poor and ensures that food supplies are readily, and reliably, available and accessible to even the poorest households. But locating that balance has been a major challenge for many countries, and seems to be getting more difficult as the global economy becomes more integrated and less stable. Food Security and Scarcity explains what forms those challenges take in the long run and short term and at global, national, and household levels. C. Peter Timmer, best known for his work on the definitive text Food Policy Analysis, draws on decades of food security research and analysis to produce the most comprehensive and up-to-date assessment of what makes a productive, sustainable, and stable food system-and why so many countries have fallen short. Poverty and hunger are different in every country, so the manner of coping with the challenges of ending hunger and keeping it at bay will depend on equally country-specific analysis, governance, and solutions. Timmer shows that for all their problems and failures, markets and food prices are ultimately central to solving the problem of hunger, and that any coherent strategy to improve food security will depend on an in-depth understanding of how food markets operate. Published in association with the Center for Global Development.
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35.82 USD

Food Security and Scarcity: Why Ending Hunger Is So Hard

by C. Peter Timmer
Paperback / softback
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This book offers an intellectual history of the libertarian case for markets in education. Currie-Knight tracks the diverse and evolving arguments libertarians have made, with each chapter devoted to a different libertarian thinker, their reasoning and their impact. What are the issues libertarians have had with state-controlled public schooling? What ...
Education in the Marketplace: An Intellectual History of Pro-Market Libertarian Visions for Education in Twentieth Century America
This book offers an intellectual history of the libertarian case for markets in education. Currie-Knight tracks the diverse and evolving arguments libertarians have made, with each chapter devoted to a different libertarian thinker, their reasoning and their impact. What are the issues libertarians have had with state-controlled public schooling? What have been the libertarian voices on the benefits of markets in education? How have these thinkers interacted with law and policy? All of these questions are considered in this important text for those interested in debates over market mechanisms in education and those who are keen to understand how those arguments have changed over time.
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104.990000 USD

Education in the Marketplace: An Intellectual History of Pro-Market Libertarian Visions for Education in Twentieth Century America

by Kevin Currie-Knight
Hardback
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A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of ...
Adaptive Markets: Financial Evolution at the Speed of Thought
A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist--the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
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30.70 USD

Adaptive Markets: Financial Evolution at the Speed of Thought

by Andrew W. Lo
Paperback / softback
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From a pioneer in experimental economics, an expanded and updated edition of a textbook that brings economic experiments into the classroom Economics is rapidly becoming a more experimental science, and the best way to convey insights from this research is to engage students in classroom simulations that motivate subsequent discussions ...
Markets, Games, and Strategic Behavior: An Introduction to Experimental Economics (Second Edition)
From a pioneer in experimental economics, an expanded and updated edition of a textbook that brings economic experiments into the classroom Economics is rapidly becoming a more experimental science, and the best way to convey insights from this research is to engage students in classroom simulations that motivate subsequent discussions and reading. In this expanded and updated second edition of Markets, Games, and Strategic Behavior, Charles Holt, one of the leaders in experimental economics, provides an unparalleled introduction to the study of economic behavior, organized around risky decisions, games of strategy, and economic markets that can be simulated in class. Each chapter is based on a key experiment, presented with accessible examples and just enough theory. Featuring innovative applications from the lab and the field, the book introduces new research on a wide range of topics. Core chapters provide an introduction to the experimental analysis of markets and strategic decisions made in the shadow of risk or conflict. Instructors can then pick and choose among topics focused on bargaining, game theory, social preferences, industrial organization, public choice and voting, asset market bubbles, and auctions. Based on decades of teaching experience, this is the perfect book for any undergraduate course in experimental economics or behavioral game theory. New material on topics such as matching, belief elicitation, repeated games, prospect theory, probabilistic choice, macro experiments, and statistical analysis Participatory experiments that connect behavioral theory and laboratory research Largely self-contained chapters that can each be covered in a single class Guidance for instructors on setting up classroom experiments, with either hand-run procedures or free online software End-of-chapter problems, including some conceptual-design questions, with hints or partial solutions provided
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89.250000 USD

Markets, Games, and Strategic Behavior: An Introduction to Experimental Economics (Second Edition)

by Charles A. Holt
Hardback
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For almost 150 years, scholars have been debating how to interpret Marx's seminal work Capital while they had access to just some of Marx's economic manuscripts. This changed in 2013 with the publication of all the known economic writings of Marx and Engels in the Marx-Engels Gesamtausgabe (MEGA). One can ...
Marx's Capital: An Unfinishable Project?
For almost 150 years, scholars have been debating how to interpret Marx's seminal work Capital while they had access to just some of Marx's economic manuscripts. This changed in 2013 with the publication of all the known economic writings of Marx and Engels in the Marx-Engels Gesamtausgabe (MEGA). One can now reconstruct the lines of intellectual development, and one can also explore in detail how Friedrich Engels went about compiling volumes II and III of Capital from the vast legacy of manuscripts that Marx left behind after his death in 1883. It should be possible, now, to develop a more comprehensive and accurate picture of Marx as an economic theoretician. This volume of essays aims to initiate this process. Contributors are: Christopher J. Arthur, Matthias Bohlender, Timm Gra mann, Jorge Grespan, Gerald Hubmann, Heinz D. Kurz, Marcel van der Linden, Kenji Mori, Fred Moseley, Lucia Pradella, Geert Reuten, Regina Roth, and Carl-Erich Vollgraf.
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29.400000 USD

Marx's Capital: An Unfinishable Project?

Paperback / softback
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The methodological and epistemological problem this book studies is related to the heterogeneity of capital. Capitals are heterogeneous through time and space; at the same time, various heterogeneous capitals must be aggregated, as shown by Ricardo and Keynes. On the other hand, the value of some quantity of aggregate capital ...
Essays on the Historicity of Capital
The methodological and epistemological problem this book studies is related to the heterogeneity of capital. Capitals are heterogeneous through time and space; at the same time, various heterogeneous capitals must be aggregated, as shown by Ricardo and Keynes. On the other hand, the value of some quantity of aggregate capital changes over time, as demonstrated by Ricardo, Keynes and Stiglitz. For this purpose, this book considers Ricardo, Keynes and Stiglitz. For each author, capital is heterogeneous: Ricardo, from his labor theory; Keynes from the change in expectations, in regard to the return of such capital; and Stiglitz from the divergences between the different groups' expectations. Ricardo was the first author who explained why the value of capital cannot be determined independently from distribution variables and consequently why such value changes when distribution variables change - this mechanism was deepened by Sraffa and the neo-Ricardian school. Keynes, with the concept of supply price of capital, explains why such value moves in regard to long-term expectations. Finally, Stiglitz's analysis is a complementary approach in regard to Keynes's, insofar as he details the mechanism of speculation observed by Keynes from asymmetries of information. Keynes and Stiglitz's approaches allow complement Ricardo's analysis, insofar expectations are absent from Ricardo's framework. This book argues that epistemological choices allow going beyond the traditional opposition between neo-Ricardian and post-Keynesian approaches, introducing path dependence mechanisms and an expectational dimension. From the moment that capital is not a constant value over time and space, it is not possible anymore to consider a well-behaved production function, which this book argues implies refuting all the neoclassical framework, from the stability of the macroeconomic equilibrium and the Marshallian market equilibrium to the convergence towards the steady state.
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115.490000 USD

Essays on the Historicity of Capital

by Alain Herscovici
Hardback
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WINNER OF THE 2019 MADAME DE STAEL PRIZE AND THE 2018 LEONTIEF PRIZE FOR ADVANCING THE FRONTIERS OF ECONOMIC THOUGHT SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018 Who really creates wealth in our world? And how do we decide the value of what they do? ...
The Value of Everything: Making and Taking in the Global Economy
WINNER OF THE 2019 MADAME DE STAEL PRIZE AND THE 2018 LEONTIEF PRIZE FOR ADVANCING THE FRONTIERS OF ECONOMIC THOUGHT SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018 Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma's 'value pricing', we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - radically to transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic - that works for us all. The Value of Everything reigniteS a long-needed debate about the kind of world we really want to live in.
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15.75 USD

The Value of Everything: Making and Taking in the Global Economy

by Mariana Mazzucato
Paperback / softback
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`This is the second book of a two-volume set that continues Adam Smith's work, using the tools mathematical, experimental, and behavioural economists have developed since 1776. As in the first volume, markets are not the central organising principle. Instead, attention centres on social institutions and the division of labour that ...
Economic Wealth Creation and the Social Division of Labour: Volume II: Network Economies
`This is the second book of a two-volume set that continues Adam Smith's work, using the tools mathematical, experimental, and behavioural economists have developed since 1776. As in the first volume, markets are not the central organising principle. Instead, attention centres on social institutions and the division of labour that they enable. The book studies this via the endogenous division of labour that existing institutions help form. The first book in the series examined this problem deeply, resorting minimally to formal mathematical modelling; the second volume is where the formal modelling blossoms. General equilibrium theory meets network theory and receives a breath of fresh air, including a new viewpoint on economic inequality, the newly resurgent bane of capitalism. What I said for the first volume applies to this second volume equally: if you care to understand the economy, this book belongs to your bookshelf.' -Dimitrios Diamantaras, Temple University, Philadelphia, USA This textbook introduces and develops new tools to understand the recent economic crisis and how desirable economic policies can be adopted. Gilles provides new institutional concepts for wealth creation, such as network economies, which are based on the social division of labour. This second volume introduces mathematical theories of the endogenous formation of social divisions of labour through which economic wealth is created. Gilles also investigates the causes of inequality in the social division of labour under imperfectly competitive conditions. These theories frame a comprehensive, innovative and consistent perspective on the functioning of the twenty-first century global economy, explaining many of its failings. Suitable reading for advanced undergraduate, MSc and postgraduate students in microeconomic analysis, economic theory and political economy.
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62.990000 USD

Economic Wealth Creation and the Social Division of Labour: Volume II: Network Economies

by Robert P. Gilles
Paperback / softback
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In this book, Binder shows that at the heart of the most prominent arguments in favour of value-neutral approaches to overall freedom lies the value freedom has for human agency and development. Far from leading to the adoption of a value-neutral approach, however, ascribing importance to freedom's agency value requires ...
Agency, Freedom and Choice
In this book, Binder shows that at the heart of the most prominent arguments in favour of value-neutral approaches to overall freedom lies the value freedom has for human agency and development. Far from leading to the adoption of a value-neutral approach, however, ascribing importance to freedom's agency value requires one to adopt a refined value-based approach. Binder employs an axiomatic framework in order to develop such an approach. She shows that a focus on freedom's agency value has far reaching consequences for existing results in the freedom ranking literature: it requires one to move beyond a person's given all-things-considered preferences to the values underlying a person's preference formation. Furthermore, it requires, as Binder argues, one to account (only) for those differences between choice options which really matter to people. Binder illustrates the implications of her analysis for the evaluation of public policy and human development with the capability approach: only if sufficient importance is ascribed to freedom's agency value can the capability approach keep its promises.
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94.490000 USD

Agency, Freedom and Choice

by Constanze Binder
Hardback
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A groundbreaking debunking of moderate attempts to resolve financial crises In the ruins of the 2007-2008 financial crisis, self-proclaimed progressives the world over clamored to resurrect the economic theory of John Maynard Keynes. The crisis seemed to expose the disaster of small-state, free-market liberalization and deregulation. Keynesian political economy, in ...
In the Long Run We Are All Dead: Keynesianism, Political Economy, and Revolution
A groundbreaking debunking of moderate attempts to resolve financial crises In the ruins of the 2007-2008 financial crisis, self-proclaimed progressives the world over clamored to resurrect the economic theory of John Maynard Keynes. The crisis seemed to expose the disaster of small-state, free-market liberalization and deregulation. Keynesian political economy, in contrast, could put the state back at the heart of the economy and arm it with the knowledge needed to rescue us. But what it was supposed to rescue us from was not so clear. Was it the end of capitalism or the end of the world? For Keynesianism, the answer is both. Keynesians are not and never have been out to save capitalism, but rather to save civilization from itself. It is political economy, they promise, for the world in which we actually live: a world in which prices are sticky, information is asymmetrical, and uncertainty inescapable. In this world, things will definitely not take care of themselves in the long run. Poverty is ineradicable, markets fail, and revolutions lead to tyranny. Keynesianism is thus modern liberalism's most persuasive internal critique, meeting two centuries of crisis with a proposal for capital without capitalism and revolution without revolutionaries. If our current crises have renewed Keynesianism for so many, it is less because the present is worth saving, than because the future seems out of control. In that situation, Keynesianism is a perfect fit: a faith for the faithless.
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25.58 USD

In the Long Run We Are All Dead: Keynesianism, Political Economy, and Revolution

by Geoff Mann
Paperback / softback
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Based on the observation of economic reality, this book provides for the foundations of a new structure of national payment systems. Specifically, to this end, a rigorous accounting for money transactions, savings, and invested profit is suggested, with a major aim to settle sustainable lending levels. Profit lies at the ...
A Macroeconomic Analysis of Profit
Based on the observation of economic reality, this book provides for the foundations of a new structure of national payment systems. Specifically, to this end, a rigorous accounting for money transactions, savings, and invested profit is suggested, with a major aim to settle sustainable lending levels. Profit lies at the heart of economic activities. Indeed, companies, from small to large, seek net gains to remunerate shareholders and to increase their assets. Yet, economists are far from sharing a common theory of profit. Using mathematical tools and a discursive approach, this book contributes to the debates in such regard, in the attempt to provide new answers to old economic issues. What is macroeconomic profit? Is there any relationship between wages, lending, and profit? This book is an accesible resource for economists and financial experts as well as global economics students, researchers, academics and historians alike. It will challenge policy-makers and professionals and lead them on a thought-provoking journey through the realm of macroeconomics.
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196.22 USD

A Macroeconomic Analysis of Profit

by Andrea Carrera
Hardback
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Today, the most pressing challenges for public economics are of macroeconomic nature: pensions, debt, income distribution, and fiscal sustainability. All these problems are compounded by the phenomenon of demographic transition and aging. This graduate textbook addresses these issues with the help of state-of-the-art macroeconomic tools that are based on a ...
Public Economics: The Macroeconomic Perspective
Today, the most pressing challenges for public economics are of macroeconomic nature: pensions, debt, income distribution, and fiscal sustainability. All these problems are compounded by the phenomenon of demographic transition and aging. This graduate textbook addresses these issues with the help of state-of-the-art macroeconomic tools that are based on a sound microfoundation and rooted in empirical evidence. Different from the standard partial-equilibrium analysis in traditional textbooks on public economics, the concept of general equilibrium helps to account for compensating or amplifying side-effects of economic policy. GAUSS and MATLAB computer code as well as teaching material (slides) are available as downloads from the author's homepage.
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115.490000 USD

Public Economics: The Macroeconomic Perspective

by Burkhard Heer
Hardback
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This volume of Advances in Econometrics contains a selection of papers presented at the Econometrics of Complex Survey Data: Theory and Applications conference organized by the Bank of Canada, Ottawa, Canada, from October 19-20, 2017. The papers included in this volume span a range of methodological and practical topics including ...
The Econometrics of Complex Survey Data: Theory and Applications
This volume of Advances in Econometrics contains a selection of papers presented at the Econometrics of Complex Survey Data: Theory and Applications conference organized by the Bank of Canada, Ottawa, Canada, from October 19-20, 2017. The papers included in this volume span a range of methodological and practical topics including survey collection comparisons, imputation mechanisms, the bootstrap, nonparametric techniques, specification tests, and empirical likelihood estimation using complex survey data. For academics and students with an interest in econometrics and the ways in which complex survey data can be used and evaluated, this volume is essential.
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133.00 USD

The Econometrics of Complex Survey Data: Theory and Applications

Hardback
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The definitive new translation of Max Weber's classic work of social theory-arguably the most important book by the foremost social theorist of the twentieth century. Max Weber's Economy and Society is the foundational text for the social sciences of the twentieth and twenty-first centuries, presenting a framework for understanding the ...
Economy and Society: A New Translation
The definitive new translation of Max Weber's classic work of social theory-arguably the most important book by the foremost social theorist of the twentieth century. Max Weber's Economy and Society is the foundational text for the social sciences of the twentieth and twenty-first centuries, presenting a framework for understanding the relations among individual action, social action, economic action, and economic institutions. It also provides a classification of political forms based upon systems of rule and rulership that has shaped debate about the nature and role of charisma, tradition, legal authority, and bureaucracy. Keith Tribe's major new translation presents Economy and Society as it stood when Weber died in June 1920, with three complete chapters and a fragment of a fourth. One of the English-speaking world's leading experts on Weber's thought, Tribe has produced a uniquely clear and faithful translation that balances accuracy with readability. He adds to this a substantial introduction and commentary that reflect the new Weber scholarship of the past few decades. This new edition will become the definitive translation of one of the few indisputably great intellectual works of the past 150 years.
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26.200000 USD

Economy and Society: A New Translation

by Max Weber
Paperback / softback
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This textbook gives a comprehensive introduction to stochastic processes and calculus in the fields of finance and economics, more specifically mathematical finance and time series econometrics. Over the past decades stochastic calculus and processes have gained great importance, because they play a decisive role in the modeling of financial markets ...
Stochastic Processes and Calculus: An Elementary Introduction with Applications
This textbook gives a comprehensive introduction to stochastic processes and calculus in the fields of finance and economics, more specifically mathematical finance and time series econometrics. Over the past decades stochastic calculus and processes have gained great importance, because they play a decisive role in the modeling of financial markets and as a basis for modern time series econometrics. Mathematical theory is applied to solve stochastic differential equations and to derive limiting results for statistical inference on nonstationary processes. This introduction is elementary and rigorous at the same time. On the one hand it gives a basic and illustrative presentation of the relevant topics without using many technical derivations. On the other hand many of the procedures are presented at a technically advanced level: for a thorough understanding, they are to be proven. In order to meet both requirements jointly, the present book is equipped with a lot of challenging problems at the end of each chapter as well as with the corresponding detailed solutions. Thus the virtual text - augmented with more than 60 basic examples and 40 illustrative figures - is rather easy to read while a part of the technical arguments is transferred to the exercise problems and their solutions.
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103.950000 USD

Stochastic Processes and Calculus: An Elementary Introduction with Applications

by Uwe Hassler
Paperback / softback
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Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of ...
The Foundations of Behavioral Economic Analysis: Volume II: Other-Regarding Preferences
Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of inequity aversion, intention based reciprocity, conditional cooperation, human virtues, and social identity. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
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32.40 USD

The Foundations of Behavioral Economic Analysis: Volume II: Other-Regarding Preferences

by Sanjit Dhami
Paperback / softback
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