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Economic Complexity And Equilibrium Illusion
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Book Synopsis Economic Complexity and Equilibrium Illusion by : Ping Chen
Download or read book Economic Complexity and Equilibrium Illusion written by Ping Chen and published by Routledge. This book was released on 2010-04-05 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.
Book Synopsis Alternative Approaches to Economic Theory by : Victor A. Beker
Download or read book Alternative Approaches to Economic Theory written by Victor A. Beker and published by Routledge. This book was released on 2019-06-11 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007–2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline. This volume brings together contributions from different perspectives and theoretical approaches that address the challenge of updating the economic theory corpus and seek to recover prestige for this discipline after the failure of neoclassical economics. It addresses a range of topics, including the complexity approach to economics, category theory, the Post-Keynesian approach to micro and macroeconomics, financialisation, multidimensional analysis and ecological economics. The book is aimed at economics scholars, researchers, academics and practitioners, as well as upper undergraduates and graduates in this area of knowledge. It may also be of interest for people interested in methodological issues in economics and the relationship between economic theory and the real world.
Book Synopsis Economics and Diversity by : Carlo D'Ippoliti
Download or read book Economics and Diversity written by Carlo D'Ippoliti and published by Routledge. This book was released on 2011-05-15 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bulk of contemporary economics assumes rather than explains differences between people or groups of people. Yet, many of these differences are produced by society or they imply differing opportunities and outcomes. This book argues that economists should concern themselves with the explanation of the social causes and effects of such differences. D’Ippoliti introduces the concept of diversity to summarise all differences that are of social origin and that a theory or model seeks to explain. This contrasts with the traditional concept of heterogeneity that instead refers to differences that are deemed to be exogenous of economic theory. In approaching this, the book ranges from the fields of methodology and history of economics to applied empirical work, as well as gender diversity which is considered in depth. The analysis of the thinking of two major economists of the past, John Stuart Mill and Gustav Schmoller, demonstrates how gender diversity exemplifies some of the fundamental issues in economics, such as the division of labour, society’s capacity to reproduce itself, and the role of social institutions and their impact on individual and collective behaviour. The book maintains that growth of GDP and of the services sector cannot be trusted to automatically bring about greater inclusion of women in the labour market. Active policy interventions are needed, spanning from the removal of discrimination to the provision of public services and the establishment of fair competition in the market, along with an improved division of social and political power between the sexes. This work will be of interest to researchers and students focusing on the history of economic thought, labour economics, social policy and gender studies.
Book Synopsis Political Economy of Human Rights by : Bas de Gaay Fortman
Download or read book Political Economy of Human Rights written by Bas de Gaay Fortman and published by Routledge. This book was released on 2011-06-15 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: The plethora of literature produced over the past decade in response to the perceived failure of the human rights project to deliver results for billions of people living in ‘adverse’ environments has usually focused on international legal standards and mechanisms, with little regard for the root structural realities that constrain their implementation. Hence, a text that primarily focuses on the major challenge of realisation of human rights in the context of diverse realities is urgently needed. This book, then, provides an analytical as well as inspirational text on human rights from a contextual perspective; it offers a reconceptualisation of human rights as not merely legal resources, but political tools as well. After an introduction that familiarizes the reader with some of the key concepts used throughout, the book is divided into six chapters. The first two combine a critique of the overly legal use of human rights with a reconceptualisation of their potential as powerful tools outside of the legal context. The next two chapters examine the nature of the structural challenges that face realisation, both on the global and on the local level. The last two chapters analyse two major areas of the human rights deficit: the structural non-implementation of the rights of the poor and the failing protection of non-dominant collectivities. Finally, a concluding chapter elaborates on the main findings and insights gained. The book combines rigorous juridical study with a focus on political-economic analysis of rights in context. Hence, it aims at an interdisciplinary treatment of human rights as opposed to current texts that have a tendency to be monodisciplinary. The book should be of interest to students of human rights, political economy, law and conflict studies, as well as those who work or research in these areas.
Book Synopsis Support-bargaining, Economics, and Society by : Patrick Spread
Download or read book Support-bargaining, Economics, and Society written by Patrick Spread and published by Routledge. This book was released on 2013 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Support-Bargaining, Economics and Society links support-bargaining to Darwin's theory of natural selection and traces the implications of support-bargaining and money-bargaining across society. It provides a wholly different account of the functioning of human societies from anything that has gone before. Social scientists, ever since there have been such people, have missed the crucial human characteristic - the propensity to seek support - that has given rise to group formation and the myriad activities that are feasible in groups.
Book Synopsis China's New Place in a World in Crisis by : Ross Garnaut
Download or read book China's New Place in a World in Crisis written by Ross Garnaut and published by ANU E Press. This book was released on 2009-07-01 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world and China's place in it have been transformed over the past year. The pressures for change have come from the most severe global financial crisis ever. The crisis has accelerated China's emergence as a great power. But China and its global partners have yet to think or work through the consequences of its new position for the governance of world affairs. China's New Place in a World in Crisis discusses and provides in-depth analysis of the following questions. How have China's growth prospects been affected by the global crisis? How will the crisis and China's response to it impact China's major domestic issues, such as industrialisation, urbanisation and the reform of the state-owned sector of the economy? How will the crisis and the international community's response to it affect the rapidly emerging new international order? What will be China's, and other major developing countries', new role? Can China and the world find a way of breaking the nexus between economic growth and environmental sustainability - especially on the issue of climate change?
Book Synopsis Economics, Sustainability, and Democracy by : Christopher L. Nobbs
Download or read book Economics, Sustainability, and Democracy written by Christopher L. Nobbs and published by Routledge. This book was released on 2013 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text argues that the major economic problems of the present century involve issues of public goods and common pool resources with which orthodox economic theory, based as it is on private markets, is ill-equipped to deal.
Book Synopsis The Political Economy of Gunnar Myrdal by : Örjan Appelqvist
Download or read book The Political Economy of Gunnar Myrdal written by Örjan Appelqvist and published by Routledge. This book was released on 2013-11-26 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The intellectual trajectory of Gunnar Myrdal, Swedish Nobel Laureate economist, sociologist, and politician, brings us through many of the major issues in the world economy and politics of the 20th century. This new volume explores Myrdal's work on three major themes: breaking away from conventional assumptions in Political Economy (and highlighting flaws that can still be found in today’s teachings on Political Economy); finding ways of re-creating Europe after WW II, including the discussions between liberal Americans and European social democrats on how to create a more cooperative and socially just international order; and understanding the impact or environmental concerns on growth and development, starting with Myrdal’s participation in the first UN Conference on Environment in Stockholm 1960 and continuing with his later writings. What is then the relevance of these themes today? In times when financial crisis threatens to block international and domestic economies, when the European Union’s promises of prosperity and cooperation seems to be severely threatened and when there is a large consensus that current modes of economic development are ecologically unsustainable: can we find ways of transcending seemingly intractable dilemmas? These questions will be discussed in the final part of the book.
Book Synopsis Against Utility-Based Economics by : Anastasios S. Korkotsides
Download or read book Against Utility-Based Economics written by Anastasios S. Korkotsides and published by Routledge. This book was released on 2013-07-04 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such value per unit of expended income, extending their social presence, soothing their angst and gaining power over each other. This raises output and makes gains cancel out. Negative psychological externalities preclude any well-being or social-welfare type conclusion. These resolve a number of long-standing issues: endogenously generated growth, the micro-macro connection, the price mechanism, crises, unemployment, etc. Equilibrium is of a low-potential kind, not of a force-balancing one, and it is unique, reachable and stable. The relevant analytics involve purely economic, non-psychological entities. Consumer behaviour is grounded on a well-defined, structure-based decision criterion and on observably measurable magnitudes, only. The social ramifications of the two juxtaposed perspectives are discussed at length.
Book Synopsis The Moral Rhetoric of Political Economy by : Paul Turpin
Download or read book The Moral Rhetoric of Political Economy written by Paul Turpin and published by Routledge. This book was released on 2011-03-17 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two of the most important economics treatise are Adam Smith's Theory of Moral Sentiments and Wealth of Nations and Milton Friedman's Capitalism and Freedom. In this book, Paul Turpin provides a rhetorical analysis of these texts arguing that both Smith and Friedman use argumentative and narrative depictions of character to reinforce a sense of societal decorum as a stabilizing foundation for their theories of liberal political economy. The comparison of Smith and Friedman by itself is a major contribution to the development of the history of economic thought. It adds a new, historical, depth to the heterodox analyses and critiques of twentieth century economics by writers such as Giocoli and Mirowski. The issue of the social constitution of identity, which is at the core of this book, is a hot topic in economic methodology and as such this book by a promising young historian of economic thought will be roundly applauded.
Book Synopsis Hegel, Institutions and Economics by : Carsten Herrmann-Pillath
Download or read book Hegel, Institutions and Economics written by Carsten Herrmann-Pillath and published by Routledge. This book was released on 2014-01-10 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hegel’s philosophy has witnessed periods of revival and oblivion, at times considered to be an unrivalled and all-embracing system of thought, but often renounced with no less ardour. This book renews the dialogue with Hegel by looking at his legacy as a source of insight and judgement that helps us rethink contemporary economics. This book focuses on a concept of institution which is equally important for Hegel's political philosophy and for economic theory to date. The key contributions of this Hegelian perspective on economics lead us to the synthesis of traditional approaches and new ideas gained in economic experiments and advanced by neuroeconomists, sociologists and cognitive scientists. The proper account of contemporary 'civil society' involves comprehending it as a historically evolving totality of individual minds, ideas and intersubjective structures that are mutually dependent, tied by recognitive relations, and assert themselves as a whole in the ongoing performative movement of 'objective spitit'. The ethics of recognition is paired with the ethics of associations that supports moral principles and gives them true, concrete universality. This unusual constellation of seemingly remote fields suggests that Hegel, read in a pragmatist mode, anticipated the new theories and philosophies of extended mind, social cognition and performativity. By providing a new conceptual apparatus and reformulating the theory of institutions in the light of this new synthesis, this book claims to give new meaning both to Hegel as interpreted from today, and to the social sciences. Seen from this perspective, such phenomena as cooperation in games, personal identity or justice in the version of Amartya Sen's 'realization-focused comparisons' are reinscribed into the logic of institutional theory. This 'Hegel' clearly goes beyond the limits of philosophical discussion and becomes a decisive reference for economists, sociologists, political scientists and other scholars who study the foundations and consequences of human sociality and try to explore and design the institutions necessary for a worthy common life.
Book Synopsis Institutional Economics and National Competitiveness by : Young Back Choi
Download or read book Institutional Economics and National Competitiveness written by Young Back Choi and published by Routledge. This book was released on 2011-07-29 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a strong contribution to the growing field of institutional economics, going beyond the question of why institutions matter and examines the ways in which different types of institutions are conducive to the enhancement of competitiveness and economic development. Adopting a variety of approaches, ranging from New Institutional Economics, Public Choice, Constitutional Political Economy and Austrian Economics, to more traditional economic approaches, contributors examine the important issues of interest to development economics. This book asks whether democracy is a pre-condition for economic development, what the proper role of government is in the age of globalization and whether successful government led policies were the cause of South Korea’s economic development. As well as these key questions, the book covers the issues of whether the government should rely on the market process to encourage economic development or must they interfere, and by what criteria one can judge a proposal for policies for economic prosperity. The book tries to make a contribution by introducing a variety of perspective, some argue in favour of industrial policies while others argue for a lesser role for the government and a greater entrepreneurial freedom. Some question the wisdom of promoting democracy as a necessary condition for economic development while others argue that political liberalization is the basis of lasting competitive edge of an economy. The book should be of great interest to students and researchers in need of a multi-perspective collection covering several approaches to the issues of institutional economics and national competition.
Book Synopsis The Responsible Economy by : Jefferson Frank
Download or read book The Responsible Economy written by Jefferson Frank and published by Routledge. This book was released on 2015-05-08 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the ‘financial crisis’ and ‘Great Recession’, some have called for replacing standard economic theory by heterodox models based upon behavioural approaches. The Responsible Economy argues that there is nothing wrong with economic theory. Instead, the problem has been a ‘devil’s pact’ of simplistic pro-market economics combined with simplistic Keynesian monetary policy. This book revisits the fundamental theorems in economics that state the conditions for markets to achieve efficiency. It has long been known that there are limitations of markets in dealing with externalities, increasing returns to scale and monopoly. The role of information in the economy was developed in economic theory in the 1970s onwards and in a world of imperfect and asymmetric information, markets perform poorly. Managers of firms engage in short-termism, take on excessive risk and misstate their own and their firm’s performance. While finance theory makes clear that much of the activity in the financial services sector is of no economic value and represents wasteful ‘financial engineering’. In this real world, it is economically inefficient for firms to maximise shareholder value. On the macroeconomics side, monetary expansion cannot be an effective substitute for addressing real problems of infrastructure and education investment. This book maintains that markets work best if individuals and firms behave ethically and responsibly. Employment should be a long-term relationship; firms should pay living wages, produce good products at a fair price, and pay their share of taxes. Where these standards don’t hold, governments should not try to micromanage through regulation, but set up simple and straightforward policies.
Book Synopsis A Political Economy of Contemporary Capitalism and its Crisis by : Dimitris P Sotiropoulos
Download or read book A Political Economy of Contemporary Capitalism and its Crisis written by Dimitris P Sotiropoulos and published by Routledge. This book was released on 2013-06-19 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial meltdown and the resulting global recession have rekindled debates regarding the nature of contemporary capitalism. This book analyses the ongoing financialization of the economy as a development within capitalism, and explores the ways in which it has changed the organization of capitalist power. The authors offer an interpretation of the role of the financial sphere which displays a striking contrast to the majority of contemporary heterodox approaches. Their interpretation stresses the crucial role of financial derivatives in the contemporary organization of capitalist power relations, arguing that the process of financialization is in fact entirely unthinkable in the absence of derivatives. The book also uses Marx’s concepts and some of the arguments developed in the framework of the historic Marxist controversies on economic crises in order to gain an insight into the modern neoliberal form of capitalism and the recent financial crisis. Employing a series of international case studies, this book will be essential reading for all those with an interest in the financial crisis, and all those seeking to comprehend the workings of capitalism.
Book Synopsis Facts, Values and Objectivity in Economics by : José Castro Caldas
Download or read book Facts, Values and Objectivity in Economics written by José Castro Caldas and published by Routledge. This book was released on 2012-03-22 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Economics an ‘objective’ or ‘positive’ science, independent of ethical and political positions? The financial crisis that began in 2007 gave rise to renewed doubts regarding the ‘objectivity’ of economics and brought into the public arena a debate that was previously confined to academia. A remarkable feature of the public debate on the value neutrality of economics since then was that it not only involved indictments of ideological biases in economic theory, but also the attribution of the crisis itself to the unethical orientation of economic agents, of economists acting as experts and of ‘economic science’ itself. The contributors to this volume believe that economists of all persuasions are once again compelled to probe the normative foundations of their discipline and give a public account of their doubts and conclusions.
Book Synopsis Wage Policy, Income Distribution, and Democratic Theory by : Oren M Levin-Waldman
Download or read book Wage Policy, Income Distribution, and Democratic Theory written by Oren M Levin-Waldman and published by Routledge. This book was released on 2010-11-23 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book makes an important contribution to the literature of public policy, political philosophy and political economy and the author argues that wage policy is an important component in the maintenance of democratic society.
Download or read book China and the West written by Jan Svejnar and published by Edward Elgar Publishing. This book was released on 2021-04-30 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents twelve chapters prepared by senior researchers and former policy makers on key policy issues confronting China and the West. They focus on the role of the state in economic development, trade issues and the part played by innovation, digitalization and leadership.