| boot theory of economics: National System of Political Economy - Volume 2: The Theory Friedrich List, 2006-10-01 One of the most prominent economic philosophers of the 19th century, on a par with-but espousing quite different thinking than-Karl Marx and Adam Smith explores, in the three-volume National System of Political Economy, a reasoned doctrine of national and pan-national management of trade, a global collaboration between government and business. In Volume 2, he delineates his theory of supportive interconnectedness, discussing everything from the value of the individual's ability to produce wealth to the edge established businesses have over new ones. A close reading of this 1841 classic is an absolute necessity for anyone who hopes to understand world economic history of the last 150 years. German economist and journalist FRIEDRICH LIST (1789-1846) served as professor of administration and politics at the University of T bingen, but was later jailed and later exiled to America for his political views. His is also the author of Outlines of American Political Economy (1827). |
| boot theory of economics: The Ragged Trousered Philanthropists Robert Tressell, 1962 The Ragged Trousered Philanthropists is a classic representation of the impoverished and politically powerless underclass of British society in Edwardian England, ruthlessly exploited by the institutionalized corruption of their employers and the civic and religious authorities. Epic in scale, the novel charts the ruinous effects of the laissez-faire mercantilist ethics on the men, women, and children of the working classes, and through its emblematic characters, argues for a socialist politics as the only hope for a civilized and humane life for all. It is a timeless work whose political message is as relevant today as it was in Tressell's time. For this it has long been honoured by the Trade Union movement and thinkers across the political spectrum. |
| boot theory of economics: Rethinking Capitalism Michael Jacobs, Mariana Mazzucato, 2016-07-21 Thought provoking and fresh - this book challenges how we think about economics.” Gillian Tett, Financial Times For further information about recent publicity events and media coverage for Rethinking Capitalism please visit http://marianamazzucato.com/rethinking-capitalism/ Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it. |
| boot theory of economics: Maritime Economics Alan Branch, Martin Stopford, 2013-04-15 Now in its second edition Maritime Economics provides a valuable introduction to the organisation and workings of the global shipping industry. The author outlines the economic theory as well as many of the operational practicalities involved. Extensively revised for the new edition, the book has many clear illustrations and tables. Topics covered include: * an overview of international trade * Maritime Law * economic organisation and principles * financing ships and shipping companies * market research and forecasting. |
| boot theory of economics: Principles Ray Dalio, 2018-08-07 #1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press. |
| boot theory of economics: Principles of Economics Alfred Marshall, 1898 |
| boot theory of economics: Time Biases Meghan Sullivan, 2018 Should you care less about your distant future? What about events in your life that have already happened? How should the passage of time affect your planning and assessment of your life? Most of us think it is irrational to ignore the future but completely harmless to dismiss the past. But this book argues that rationality requires temporal neutrality: if you are rational you don't engage in any kind of temporal discounting. The book draws on puzzles about real-life planning to build the case for temporal neutrality. How much should you save for retirement? Does it make sense to cryogenically freeze your brain after death? How much should you ask to be compensated for a past injury? Will climate change make your life meaningless? Meghan Sullivan considers what it is for you to be a person extended over time, how time affects our ability to care about ourselves, and all of the ways that our emotions might bias our rational planning. Drawing substantially from work in social psychology, economics and the history of philosophy, the book offers a systematic new theory of rational planning. |
| boot theory of economics: Wealth And Poverty Of Nations David S. Landes, 2015-04-20 The history of nations is a history of haves and have-nots, and as we approach the millennium, the gap between rich and poor countries is widening. In this engrossing and important new work, eminent historian David Landes explores the complex, fascinating and often startling causes of the wealth and poverty of nations. The answers are found not only in the large forces at work in economies: geography, religion, the broad swings of politics, but also in the small surprising details. In Europe, the invention of spectacles doubled the working life of skilled craftsmen, and played a prominent role in the creation of articulated machines, and in China, the failure to adopt the clock fundamentally hindered economic development. The relief of poverty is vital to the survival of us all. As David Landes brilliantly shows, the key to future success lies in understanding the lessons the past has to teach us - lessons uniquely imparted in this groundbreaking and vital book which exemplifies narrative history at its best. |
| boot theory of economics: The International Handbook of Competition Manfred Neumann, Jürgen Weigand, 2013-01-01 ÔThis comprehensive Handbook demonstrates that academic thinking, new and old, has a role to play in shaping modern competition policy.Õ Ð Gunnar Niels, Oxera This indispensable Handbook examines the interface of competition policy, competition law and industrial economics. The book aims to further our understanding of how economic reasoning and legal expertise complement each other in defining the fundamental issues and principles in competition policy. In specially commissioned chapters the book provides a scholarly review of economic theory, empirical evidence and standards of legal evaluation with respect to monopolization of markets, exploitation of market power and mergers, among other issues. The International Handbook of Competition Ð Second Edition will be accessible to a wide audience including students of economics and law, public administrators, lawyers, consultants, and business executives. |
| boot theory of economics: Banking and Trading Mr.Arnoud W.A. Boot, Mr.Lev Ratnovski, 2012-10-02 We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with the ability to generate risk from concentrated positions. When a bank engages in trading, it can use its ‘spare’ capital to profitablity expand the scale of trading. However, there are two inefficiencies. A bank may allocate too much capital to trading ex-post, compromising the incentives to build relationships ex-ante. And a bank may use trading for risk-shifting. Financial development augments the scalability of trading, which initially benefits conglomeration, but beyond some point inefficiencies dominate. The deepending of the financial markets in recent decades leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will persist for the foreseeable future. The analysis has implications for capital regulation, subsidiarization, and scope and scale restrictions in banking. |
| boot theory of economics: An Austrian Perspective on the History of Economic Thought Murray Newton Rothbard, |
| boot theory of economics: The Magic of Terry Pratchett Marc Burrows, 2020-07-30 An in-depth look into the life and writings of the bestselling author of the Discworld novels, Good Omens, and Nation. The Magic of Terry Pratchett is the first full biography of Sir Terry Pratchett ever written. Sir Terry was Britain’s bestselling living author*, and before his death in 2015 had sold more than 85 million copies of his books worldwide. Best known for the Discworld series, his work has been translated into thirty-seven languages, and performed as plays on every continent in the world, including Antarctica. Journalist, comedian and Pratchett fan Marc Burrows delves into the back story of one of UK’s most enduring and beloved authors, from his childhood in the Chiltern Hills, to his time as a journalist, and the journey that would take him—via more than sixty best-selling books—to an OBE, a knighthood and national treasure status. The Magic Of Terry Pratchett is the result of painstaking archival research alongside interviews with friends and contemporaries who knew the real man under the famous black hat, helping to piece together the full story of one of British literature’s most remarkable and beloved figures for the very first time. * Now disqualified on both counts. Praise for The Magic of Terry Pratchett In this encompassing biography of the prolific fantasy and science-fiction author, writer and comedian Burrows details both the writing accomplishments and the personal life of Sir Terry Pratchett. . . . Burrows spoke to friends and family, and this biography has moments of sadness, especially when discussing Pratchett’s fight with Alzheimer’s. But the book is also funny and conversational in tone, and an excellent tribute to a beloved author.” —Booklist “Affable and consistently engaging . . . Burrow’s buoyant, pun-peppered, and aptly footnote-flecked style . . . helpfully marries his subject matter, propelling us through decade after decade of a heavily writing-centric life while illuminating Pratchett’s complexities and contradictions without any drag in the tempo.” —Locus Magazine “An impressively comprehensive, engagingly written biography. ****”—SFX |
| boot theory of economics: Economic Semantics Fritz Machlup, 2020-03-06 When the original edition was first published in 1963, Machlip observed ' I hope that the availibility of this collection will dispel semantic and concpetual; fog and allow greather visibility...'. The work is divided into five sections with a new essay in this edition on 'Are the Social Sciences Really Inferior?' There is also a new introduction by Mark Perlman, University Professor of Economics at the University of Pittsburgh. |
| boot theory of economics: How The West Was Lost Dambisa Moyo, 2011-01-13 How the West was Lost charts how over the last 50 years the most advanced and advantaged countries of the world have squandered their dominant position through a sustained catalogue of fundamentally flawed economic policies. It is these decisions that, along the way, have resulted in an economic and geo-political see-saw, which is now poised to tip in favour of the emerging world. By forging closer ties with the emerging economies, rethinking trade barriers, overhauling their tax systems to encourage savings rather than ravenous consumption, and specifically addressing the three essential ingredients for growth (capital, labour and technology) it might yet still be possible for the West to firmly get back in the race. |
| boot theory of economics: A Course in Behavioral Economics Erik Angner, 2020-11-27 This textbook looks at decisions – how we make them, and what makes them good or bad. In this bestselling introduction, Erik Angner clearly lays out the theory of behavioral economics and explains the intuitions behind it. The book offers a rich tapestry of examples, exercises, and problems drawn from fields such as economics, management, marketing, political science, and public policy. It shows how to apply the principles of behavioral economics to improve your life and work – and to make the world a better place to boot. No advanced mathematics is required. This is an ideal textbook for students coming to behavioral economics from various fields. It can be used on its own in introductory courses, or in combination with other texts at advanced undergraduate and postgraduate levels. It is equally suitable for general readers who have been captivated by popular-science books on behavioral economics and want to know more about this intriguing subject. New to this Edition: - An updated chapter on behavioral policy and the nudge agenda. - Several new sections, for example on the economics of happiness. - Updated examples and exercises, with an expanded answer key - Refreshed ancillary resources make for a plug and play experience for instructors teaching behavioral economics for the first time. |
| boot theory of economics: Introducing Anthropological Economics Sujay Rao Mandavilli, This paper attempts to merge the concepts and theoretical frameworks of the disciplines of Anthropology and Economics, and attempts to create a new sub-field in Economics called ‘Anthropological Economics’ which is mired in Anthropological concepts and principles and seeks to maximize not only human welfare and happiness but also wealth maximization across cultures, while considering both the psychic unity of man, universal human needs and culture-specific factors. Thus, Anthropological Economics is expected to be inter-related to other disciplines of Economics, but remain complementary to them i.e., it is not expected that it will intrude into other sub-fields of economics, replace them, or override their principles in any way. It will therefore draw upon other aspects of economic theory, and enrich them suitably. It is therefore expected that all aspects of Economic theory will be taken into consideration for policy formulation and decision-making, including those of Anthropological economics, and independent, context-specific judgment will always be applied. The new proposed field of Anthropological Economics proposes to take the idea of Human Welfare to its logical conclusion by extending the work already carried out in various sub-disciplines of economics, and integrating it more tightly with various concepts in Anthropology. Many new tools and techniques are therefore, proposed as a part of this paper, and we believe these will suitably enrich the field of Economics as well. While many attempts have been made in the past to integrate the fields of Anthropology and Economics, we hope this endeavour will take this exercise to a much higher level, by creating a new generation of “Anthroeconomists”. We also hope it will eventually help move mainstream economics away from Neo-classical approaches to Anthropological and human-centric approaches. |
| boot theory of economics: Economics Rules Dani Rodrik, 2015-10-08 The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. Dani Rodrik argues that the multiplicity of theoretical frameworks - what economists call 'models' that exist side by side is economics' great strength. Economists are trained to hold diverse, possibly contradictory models of the world in their minds. This is what allows them, when they do their job right, to comprehend the world, make useful suggestions for improving it, and to advance their stock of knowledge over time. In short, it is what makes economics a 'science' a different kind of science from physics or some other natural sciences, but a science nonetheless. But syncretism is not a comfortable state of mind, and economists often jettison it for misplaced confidence and arrogance, especially when they confront questions of public policy. Economists are prone to fads and fashions, and behave too often as if their discipline is about the search for the model that works always and everywhere, rather than a portfolio of models. Their training lets them down when it comes to navigating among diverse models and figuring out which one applies where. Ideology and political preferences frequently substitute for analysis in choosing among models. So the book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual nature of economics is also its Achilles' heel in the hands of clumsy practitioners. |
| boot theory of economics: Modern Political Economics Yanis Varoufakis, Joseph Halevi, Nicholas Theocarakis, 2012-03-29 Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency; an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use science's tools (e.g. calculus and statistics) to second-guess it. The second part casts an attentive eye on the post-war era; on the breeding ground of the Crash of 2008. It distinguishes between two major post-war phases: The Global Plan (1947-1971) and the Global Minotaur (1971-2008). This dynamic new book delves into every major economic theory and maps out meticulously the trajectory that global capitalism followed from post-war almost centrally planned stability, to designed disintegration in the 1970s, to an intentional magnification of unsustainable imbalances in the 1980s and, finally, to the most spectacular privatisation of money in the 1990s and beyond. Modern Political Economics is essential reading for Economics students and anyone seeking a better understanding of the 2008 economic crash. |
| boot theory of economics: Why We Can't Afford the Rich Andrew Sayer, 2015-11-11 Even as inequalities widen, the effects of austerity deepen, and the consequences of recession linger, in many countries the wealth of the rich has soared. Why We Can't Afford the Rich exposes the unjust and dysfunctional mechanisms that allow the top 1% to siphon off wealth produced by others through the control of property and money. Leading social scientist Andrew Sayer shows how over the past three decades the rich worldwide have increased their ability to hide their wealth, create indebtedness, and expand their political influence. Aimed at all engaged citizens, this important and accessible book uses simple distinctions to burst the myth of the rich as especially talented wealth creators. But more than this, as the risk of runaway climate change grows, it shows how the rich are threatening the planet by banking on unsustainable growth. Forcefully arguing that the crises of economy and climate can only be resolved by radical change, Sayer makes clear that we must make economies sustainable, fair, and conducive to well being for all. |
| boot theory of economics: Beyond GDP Marc Fleurbaey, Didier Blanchet, 2013-04-11 In spite of recurrent criticism and an impressive production of alternative indicators by scholars and NGOs, GDP remains the central indicator of countries' success. This book revisits the foundations of indicators of social welfare, and critically examines the four main alternatives to GDP that have been proposed: composite indicators, subjective well-being indexes, capabilities (the underlying philosophy of the Human Development Index), and equivalent incomes. Its provocative thesis is that the problem with GDP is not that it uses a monetary metric but that it focuses on a narrow set of aspects of individual lives. It is actually possible to build an alternative, more comprehensive, monetary indicator that takes income as its first benchmark and adds or subtracts corrections that represent the benefit or cost of non-market aspects of individual lives. Such a measure can respect the values and preferences of the people and give as much weight as they do to the non-market dimensions. A further provocative idea is that, in contrast, most of the currently available alternative indicators, including subjective well-being indexes, are not as respectful of people's values because, like GDP, they are too narrow and give specific weights to the various dimensions of life in a more uniform way, without taking account of the diversity of views on life in the population. The popular attraction that such alternative indicators derive from being non-monetary is therefore based on equivocation. Moreover, it is argued in this book that greening GDP and relative indicators is not the proper way to incorporate sustainability concerns. Sustainability involves predicting possible future paths, therefore different indicators than those assessing the current situation. While various indicators have been popular (adjusted net savings, ecological footprint), none of them involves the necessary forecasting effort that a proper evaluation of possible futures requires. |
| boot theory of economics: Handbook of Economic Growth Philippe Aghion, Steven Durlauf, 2005-12-09 The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement.The Handbook of Economic Growth, edited by Philippe Aghion and Steven Durlauf, with an introduction by Robert Solow, features in-depth, authoritative survey articles by the leading economists working on growth theory.Volume 1A, the first in this two volume set, covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms.Volume 1B, the second in this two volume set, covers technology, trade and geography, and growth and socio-economic development. |
| boot theory of economics: Economics 1966 International Committee for Social Science Information and Documentation, 1968-07 First published in 1968. Routledge is an imprint of Taylor & Francis, an informa company. |
| boot theory of economics: Chicago Fundamentalism: Ideology And Methodology In Economics Craig F Freedman, 2008-08-01 Cold-war ideology infected the development of economics in ways its practitioners were often not fully aware. The Chicago counter-revolution against the dominant post-war triumph of Keynesian analysis had an essential subtext, a perceived struggle between freedom and collective slavery. Ideological objectives subsequently influenced methodological concerns, pushing economists to adopt the zero-sum tactics of the courtroom rather than the mutually beneficial manners of the senior common room. In these ideologically charged times, economists stopped reading opposing views carefully, seeking instead to dismiss, out of hand, uncongenial ideas.In this collection of previously published and new material, Craig Freedman examines the problem of ideology through the reflection cast by the architects of the Chicago counter-revolution, George Stigler and Milton Friedman. The second half of the volume demonstrates the legacy of these ideological fires, namely a profession where the methodology of careless reading and zero-sum exchanges have persisted and come to dominate. |
| boot theory of economics: World Inequality Report 2022 Lucas Chancel, Thomas Piketty, Emmanuel Saez, Gabriel Zucman, 2022-11 World Inequality Report 2022 is the most authoritative and comprehensive account of global trends in inequality, providing cutting-edge information about income and wealth inequality and also pioneering data about the history of inequality, gender inequality, environmental inequalities, and trends in international tax reform and redistribution. |
| boot theory of economics: Economics and Utopia Geoffrey M Hodgson, 2002-01-04 Since the fall of the Berlin Wall we have been told that no alternative to Western capitalism is possible or desirable. This book challenges this view with two arguments. First, the above premise ignores the enormous variety within capitalism itself. Second, there are enormous forces of transformation within contemporary capitalisms, associated with moves towards a more knowledge-intensive economy. These forces challenge the traditional bases of contract and employment, and could lead to a quite different socio-economic system. Without proposing a static blueprint, this book explores this possible scenario. |
| boot theory of economics: The Ragged Trousered Philanthropists Robert Tressell, 1925 Tressell's novel is about survival on the underside of the Edwardian Twilight, about exploitative employment when the only safety nets are charity, workhouse, and grave. Following the fortunes of a group of painters and decorators and their families, and the attempts to rouse their politicalwill by the Socialist visionary Frank Owen, the book is both a highly entertaining story and a passionate appeal for a fairer way of life. It asks questions that are still being asked today: why do your wages bear no relation to the value of your work? Why do fat cats get richer when you don't?Tressell's answers are The Great Money Trick and the philanthropy of an unenlightened workforce, who give away their rights and aspirations to a decent life so freely.Intellectually enlightening, deeply moving and gloriously funny (complete with exploding clergyman), The Ragged Trousered Philanthropists is a book that changes lives. |
| boot theory of economics: The New Economics Steve Keen, 2021-11-11 In 1517, Martin Luther nailed his 95 theses to the wall of Wittenberg church. He argued that the Church’s internally consistent but absurd doctrines had pickled into a dogmatic structure of untruth. It was time for a Reformation. Half a millennium later, Steve Keen argues that economics needs its own Reformation. In Debunking Economics, he eviscerated an intellectual church – neoclassical economics – that systematically ignores its own empirical untruths and logical fallacies, and yet is still mysteriously worshipped by its scholarly high priests. In this book, he presents his Reformation: a New Economics, which tackles serious issues that today's economic priesthood ignores, such as money, energy and ecological sustainability. It gives us hope that we can save our economies from collapse and the planet from ecological catastrophe. Performing this task with his usual panache and wit, Steve Keen’s new book is unmissable to anyone who has noticed that the economics Emperor is naked and would like him to put on some clothes. |
| boot theory of economics: History of Economic Analysis Joseph A. Schumpeter, 1954-12-31 This classic text, which Schumpeter was working on right up until his death in 1950, provides a complete history of economic theory from Ancient Greece to the end of World War II. |
| boot theory of economics: Night Watch Terry Pratchett, 2014-02-14 A new stage adaptation of one of Pratchett's best-selling novels Set in Ankh-Morpork one of the most thoroughly imagined cities in fantasy, Night Watch is the story of Sam Vimes, running hero of the Guards sequence, who finds himself cast back in time to the Ankh-Morpork of his youth. With a psychopath from his own time rising in the vile ranks of the Cable Street Unmentionables complicating things, Vimes has to ensure that history takes its course so that he will have the right future to go back to, and to keep his younger self alive.One of the funniest English authors alive (Independent) |
| boot theory of economics: Handbook of the Economics of Finance George M. Constantinides, M. Harris, Rene M. Stulz, 2003-11-04 Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders. |
| boot theory of economics: Global Economic History: A Very Short Introduction Robert C. Allen, 2011-09-15 Why are some countries rich and others poor? In 1500, the income differences were small, but they have grown dramatically since Columbus reached America. Since then, the interplay between geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britain's path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation, erecting an external tariff to protect their fledgling industries from British competition, banks to stabilize the currency and mobilize domestic savings for investment, and mass education to prepare people for industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution, most of the world's manufacturing was done in Asia, but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century, and Asia was transformed into 'underdeveloped countries' specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan, Soviet Russia, South Korea, Taiwan, and perhaps China - have, nonetheless, caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. |
| boot theory of economics: The Handbook of Economic Development and Institutions Jean-Marie Baland, François Bourguignon, Jean-Philippe Platteau, Thierry Verdier, 2020-01-21 The definitive reference on the most current economics of development and institutions The essential role that institutions play in understanding economic development has long been recognized across the social sciences, including in economics. Academic and policy interest in this subject has never been higher. The Handbook of Economic Development and Institutions is the first to bring together in one single volume the most cutting-edge work in this area by the best-known international economists. The volume’s editors, themselves leading scholars in the discipline, provide a comprehensive introduction, and the stellar contributors offer up-to-date analysis into institutional change and its interactions with the dynamics of economic development. This book focuses on three critical issues: the definitions of institutions in order to argue for a causal link to development, the complex interplay between formal and informal institutions, and the evolution and coevolution of institutions and their interactions with the political economy of development. Topics examined include the relationship between institutions and growth, educational systems, the role of the media, and the intersection between traditional systems of patronage and political institutions. Each chapter—covering the frontier research in its area and pointing to new areas of research—is the product of extensive workshopping on the part of the contributors. The definitive reference work on this topic, The Handbook of Economic Development and Institutions will be essential for academics, researchers, and professionals working in the field. |
| boot theory of economics: The Road to Wigan Pier George Orwell, 2024-04-26 George Orwell provides a vivid and unflinching portrayal of working-class life in Northern England during the 1930s. Through his own experiences and meticulous investigative reporting, Orwell exposes the harsh living conditions, poverty, and social injustices faced by coal miners and other industrial workers in the region. He documents their struggles with unemployment, poor housing, and inadequate healthcare, as well as the pervasive sense of hopelessness and despair that permeates their lives. In the second half of the The Road to Wigan Pier Orwell delves into the complexities of political ideology, as he grapples with the shortcomings of both socialism and capitalism in addressing the needs of the working class. GEORGE ORWELL was born in India in 1903 and passed away in London in 1950. As a journalist, critic, and author, he was a sharp commentator on his era and its political conditions and consequences. |
| boot theory of economics: Principles of Economics Alfred Marshall, 1890 |
| boot theory of economics: The Theory of Corporate Finance Jean Tirole, 2010-08-26 Magnificent.—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come. |
| boot theory of economics: Exchange Rate Determination and Optimal Economic Policy Under Various Exchange Rate Regimes Eelke de Jong, 2013-12-19 1.1 Some characteristics of the floating exchange rate system The flexible exchange rate system has functioned far less satisfactorily than many anticipated in 1973, when the major industrialized countries decided to let their currencies float. The dominant currencies' exchange rates have fluctuated more 1 than expected. These fluctuations concern both short-term movement- intraday fluctuations and movements during a week or a month - and long term changes that last for more than a year. Daily percentage changes of one percent are not unusual for the recent float (see MacDonald, 1988, p.8). However, the release of new information can give rise to much larger changes. For example in August 1987 the dollar moved down 6 percent in two days based on the July trade figures (Glynn, 1988, p. 36). For the period 1973-1985 MacDonald (1988, p.10) presents minimum and maximum monthly percentage exchange rate changes. These figures clearly illustrate the magnitude of the volatility and also show that the volatility has not diminished as the experience 2 with floating has increased. In addition to this volatility, exchange rates are also characterized by misalignment: persistent departure of the exchange rate from its long-run equilibrium (Williamson, 1983, p.l3). Although the measure of misalignment depends upon the exact definition of the exchange rate's long-run equilibrium, there is a widespread feeling that during the greater part of the 1970s the dollar was undervalued, whereas it was overvalued during the first half of the 1980s. |
| boot theory of economics: The Correspondence of Alfred Marshall, Economist Alfred Marshall, Royal Economic Society (Great Britain), 1996-02-23 This three-volume work constitutes a comprehensive scholarly edition of the correspondence of the English economist, Alfred Marshall (1842-1924), one of the leading figures in the development of economics and the founder of the Cambridge School of Economics. The edition fills a long- standing gap in the history of economic thought and contains hitherto unpublished material. Notable for their frankness and spontaneity, Marshall's letters provide much new information about his views on economic, social and political issues, his struggles to promote the teaching of economics at the University of Cambridge, and his relations with colleagues there and elsewhere. |
| boot theory of economics: The New Palgrave Dictionary of Economics , 2016-05-18 The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product. |
| boot theory of economics: Doing the Right Thing Arjo Klamer, 2020-04-15 This book is for all those who are seeking a human perspective on economic and organizational processes. It lays the foundations for a value based approach to the economy. The key questions are: What is important to you or your organization? What is this action or that organization good for? The book is directed at the prevalence of instrumentalist thinking in the current economy and responds to the calls for another economy. Another economy demands another economics. The value based approach is another economics; it focuses on values and on the most important goods such as families, homes, communities, knowledge, and art. It places economic processes in their cultural context. What does it take to do the right thing, as a person, as an organization, as a society? What is the good to strive for? This book gives directions for the answers. The value based approach restores the ancient idea that quality of life and of society is what the economy is all about. It advocates shifting thefocus from quantities (how much?) to qualities (what is important?). |
| boot theory of economics: Handbook of Entrepreneurship Research Sharon A. Alvarez, Rajshree R. Agarwal, Olav Sorenson, 2006-03-30 early economic thinkers and classic works such as Cantillon (1755), Knight (1921), and Kirzner (1973). The paper opens by explaining how uncertainty and thus entrepreneurship disappeared from microeconomic theory as it became increasingly formalized (and stylized). It then goes on to bring the entrepreneur and entrepreneurial decision-making back into economic theory by focusing on the interrelationships among actors, knowledge, and perceived economic opportunities using a resource-based framework. The third paper in this section (Chapter 4) is by Foss and Klein, Entrepreneurship and the Economic Theory of the Firm: Any Gains from Trade? Foss and Klein strongly link theories of the firm to entrepreneurship, arguing a fundamental and intrinsic connection between the two. They, like Mahoney and Michael, explain how entrepreneurship became less important in economic models as the general equilibrium model became dominant. Foss and Klein ask: Does the entrepreneur need a firm? They focus on the judgment of the entrepreneur and suggest that this judgment is exercised through asset ownership and starting a firm. Foss and Klein further argue that it is through this notion of judgment that heterogeneous assets combine to meet future wants. |
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arguments with the Austrian School of Economics, whose adherents believed that recessions and booms are a part of the natural order and that government intervention only worsens the …
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theory shows how the appropriate approach to measurement depends on the question at hand. Using Chicago Price Theory to Learn Economics . Graduate microeconomic texts often devote …
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Optimization Methods in Economics 1 John Baxley Department of Mathematics Wake Forest University June 20, 2015 1Notes (revised Spring 2015) to Accompany the textbook …
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General Economics: Theory of Production 25 Law of Variable Proportions • It refers to Input-Output relationship, when the Output is Increased by varying the Quantity of one Input. • Law …
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TODD T. MILBOURN - Olin Business School
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Microeconomic Theory - LPU Distance Education (LPUDE)
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Forthcoming in The New Palgrave Dictionary of Economics, 2nd edition, Palgrave Macmillan “Matching” is the part of economics that focuses on the question of who gets what, particularly …
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Journal of Financial Economics 84 (2007) 826–859 A lender-based theory of collateral$ Roman Indersta,c, Holger M. Muellerb,c, aLondon School of Economics, Houghton Street, London …
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