False Feedback In Economics

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False Feedback in Economics

Author : Andrin Spescha
Publisher : Routledge
ISBN 13 : 1000417417
Total Pages : 232 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis False Feedback in Economics by : Andrin Spescha

Download or read book False Feedback in Economics written by Andrin Spescha and published by Routledge. This book was released on 2021-07-21 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates why economics makes less visible progress over time than scientific fields with a strong practical component, where interactions with physical technologies play a key role. The thesis of the book is that the main impediment to progress in economics is "false feedback", which it defines as the false result of an empirical study, such as empirical evidence produced by a statistical model that violates some of its assumptions. In contrast to scientific fields that work with physical technologies, false feedback is hard to recognize in economics. Economists thus have difficulties knowing where they stand in their inquiries, and false feedback will regularly lead them in the wrong directions. The book searches for the reasons behind the emergence of false feedback. It thereby contributes to a wider discussion in the field of metascience about the practices of researchers when pursuing their daily business. The book thus offers a case study of metascience for the field of empirical economics. The main strength of the book are the numerous smaller insights it provides throughout. The book delves into deep discussions of various theoretical issues, which it illustrates by many applied examples and a wide array of references, especially to philosophy of science. The book puts flesh on complicated and often abstract subjects, particularly when it comes to controversial topics such as p-hacking. The reader gains an understanding of the main challenges present in empirical economic research and also the possible solutions. The main audience of the book are all applied researchers working with data and, in particular, those who have found certain aspects of their research practice problematic.

A Guide to What's Wrong with Economics

Author : Edward Fullbrook
Publisher : Anthem Press
ISBN 13 : 0857287370
Total Pages : 332 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis A Guide to What's Wrong with Economics by : Edward Fullbrook

Download or read book A Guide to What's Wrong with Economics written by Edward Fullbrook and published by Anthem Press. This book was released on 2004 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: During a time of accelerating momentum for radical change in the study of economics, 'A Guide to What's Wrong with Economics' comprehensively re-examines the shortcomings of neoclassical economics and considers a number of alternative formulations.

Reflexivity and Economics

Author : John B. Davis
Publisher : Routledge
ISBN 13 : 1315471590
Total Pages : 156 pages
Book Rating : 4.3/5 (154 download)

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Book Synopsis Reflexivity and Economics by : John B. Davis

Download or read book Reflexivity and Economics written by John B. Davis and published by Routledge. This book was released on 2018-04-19 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: The form of ‘reflexivity’ – defined by the dictionary as that which is ‘directed back upon itself’ – that is most relevant to economic methodology is that where observation of the economy leads to ideas that change behavior, which in turn changes (is directed back upon) the economy itself. As George Soros explains: "if investors believe that markets are efficient then that belief will change the way they invest, and that in turn will change the nature of the markets they are observing ... That is the principle of reflexivity". Although various versions of reflexivity have long been discussed, in recent years George Soros has been particularly effective in bringing ideas about reflexivity to the attention of the economic and financial communities. In a series of writings he has systematically argued that reflexivity is not only an important aspect of economic life, it is an aspect that is neglected in most mainstream theorizing; and in addition, that the neglect of reflexivity has been responsible for the failure of economists to predict, explain, or offer a solution for events such as the recent financial crisis. Soros’ ideas about reflexivity have important methodological significance, and his chapter in this book summarizes and clarifies his arguments. His contribution is joined by those of thirteen scholars from a wide range of relevant fields, who provide a commentary on the idea of reflexivity in economics. This book was originally published as a special issue of The Journal of Economic Methodology.

Financial Market Analysis and Behaviour

Author : Emil Dinga
Publisher : Taylor & Francis
ISBN 13 : 1000609693
Total Pages : 299 pages
Book Rating : 4.0/5 (6 download)

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Book Synopsis Financial Market Analysis and Behaviour by : Emil Dinga

Download or read book Financial Market Analysis and Behaviour written by Emil Dinga and published by Taylor & Francis. This book was released on 2022-07-06 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the functioning of financial markets, in particular the financial market model, and modelling. More specifically, the book provides a model of adaptive preference in the financial market, rather than the model of the adaptive financial market, which is mostly based on Popper's objective propensity for the singular, i.e., unrepeatable, event. As a result, the concept of preference, following Simon's theory of satisficing, is developed in a logical way with the goal of supplying a foundation for a robust theory of adaptive preference in financial market behavior. The book offers new insights into financial market logic, and psychology: 1) advocating for the priority of behavior over information - in opposition to traditional financial market theories; 2) constructing the processes of (co)evolution adaptive preference-financial market using the concept of fetal reaction norms - between financial market and adaptive preference; 3) presenting a new typology of information in the financial market, aimed at proving point (1) above, as well as edifying an explicative mechanism of the evolutionary nature and behavior of the (real) financial market; 4) presenting sufficient, and necessary, principles or assumptions for developing a theory of adaptive preference in the financial market; and 5) proposing a new interpretation of the pair genotype-phenotype in the financial market model. The book's distinguishing feature is its research method, which is mainly logically rather than historically or empirically based. As a result, the book is targeted at generating debate about the best and most scientifically beneficial method of approaching, analyzing, and modelling financial markets.

Complexity Economics

Author : Olivér Kovács
Publisher : Routledge
ISBN 13 : 1000610241
Total Pages : 279 pages
Book Rating : 4.0/5 (6 download)

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Book Synopsis Complexity Economics by : Olivér Kovács

Download or read book Complexity Economics written by Olivér Kovács and published by Routledge. This book was released on 2022-07-15 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our socio–economic innovation ecosystem is riddled with ever-increasing complexity, as we are faced with more frequent and intense shocks, such as COVID-19. Unfortunately, addressing complexity requires a different kind of economic governance. There is increasing pressure on economics to not only going beyond its traditional mainstream boundaries but also to tackle real-world problems, such as fostering structural change, enhancing sustained growth, promoting inclusive development in the era of the digital economy, and boosting green growth, while addressing the divide between the financial sector and the real economy. This book demonstrates how to apply complexity science to economics in an effective and instructive way, in the interest of life-enhancing policies. The book revolves around the non-negligible problem of why economics, to date, seems to be inadequate in guiding economic governance to navigate through real and ever-intensifying complex socio–economic and environmental challenges. With its interdisciplinary approach, the book scans the nuanced nexus between complexity and economics by incorporating, as well as transcending, the state-of-the-art literature. It identifies ways to trigger opportunities for behavioural change in the economic profession with respect to how and what to teach, introducing and developing further complexity economics taking into account the configuration of its main principles and outlining the silhouette of next-generation economic governance. The book deciphers recommendations for economic theory, practice, education and economic governance. It will be of interest to students, scholars, academics, think-tank researchers and economic policy practitioners at the national and/or supranational levels.

False Alarm

Author : Bjorn Lomborg
Publisher : Basic Books
ISBN 13 : 1541647483
Total Pages : 320 pages
Book Rating : 4.5/5 (416 download)

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Book Synopsis False Alarm by : Bjorn Lomborg

Download or read book False Alarm written by Bjorn Lomborg and published by Basic Books. This book was released on 2020-07-14 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New York Times-bestselling "skeptical environmentalist" argues that panic over climate change is causing more harm than good Hurricanes batter our coasts. Wildfires rage across the American West. Glaciers collapse in the Artic. Politicians, activists, and the media espouse a common message: climate change is destroying the planet, and we must take drastic action immediately to stop it. Children panic about their future, and adults wonder if it is even ethical to bring new life into the world. Enough, argues bestselling author Bjorn Lomborg. Climate change is real, but it's not the apocalyptic threat that we've been told it is. Projections of Earth's imminent demise are based on bad science and even worse economics. In panic, world leaders have committed to wildly expensive but largely ineffective policies that hamper growth and crowd out more pressing investments in human capital, from immunization to education. False Alarm will convince you that everything you think about climate change is wrong -- and points the way toward making the world a vastly better, if slightly warmer, place for us all.

The Solow Model of Economic Growth

Author : Paweł Dykas
Publisher : Taylor & Francis
ISBN 13 : 1000774813
Total Pages : 265 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis The Solow Model of Economic Growth by : Paweł Dykas

Download or read book The Solow Model of Economic Growth written by Paweł Dykas and published by Taylor & Francis. This book was released on 2022-10-21 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1956, Solow proposed a neoclassical growth model in opposition or as an alternative to Keynesian growth models. The Solow model of economic growth provided foundations for models embedded in the new theory of economic growth, known as the theory of endogenous growth, such as the renowned growth models developed by Paul M. Romer and Robert E. Lucas in the 1980s and 90s. The augmentations of the Solow model described in this book, excepting the Phelps golden rules of capital accumulation and the Mankiw-Romer-Weil and Nonneman-Vanhoudt models, were developed by the authors over the last two decades. The book identifies six spheres of interest in modern macroeconomic theory: the impact of fiscal and monetary policy on growth; the effect of different returns to scale on production; the influence of mobility of factors of production among different countries on their development; the effect of population dynamics on growth; the periodicity of investment rates and their influence on growth; and the effect of exogenous shocks in the form of an epidemic. For each of these issues, the authors construct and analyze an appropriate growth model that focuses on the description of the specific macroeconomic problem. This book not only continues the neoclassical tradition of thought in economics focused on quantitative economic change but also, and to a significant extent, discusses alternative approaches to certain questions of economic growth, utilizing conclusions that can be drawn from the Solow model. It is a useful tool in analyzing contemporary issues related to growth.

Teaching and Research Methods for Islamic Economics and Finance

Author : Mohd Ma'Sum Billah
Publisher : Taylor & Francis
ISBN 13 : 1000540154
Total Pages : 411 pages
Book Rating : 4.0/5 (5 download)

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Book Synopsis Teaching and Research Methods for Islamic Economics and Finance by : Mohd Ma'Sum Billah

Download or read book Teaching and Research Methods for Islamic Economics and Finance written by Mohd Ma'Sum Billah and published by Taylor & Francis. This book was released on 2022-03-10 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Methods and techniques adopted in teaching, training, learning, research, professional development, or capacity building are generally standardized across most traditional disciplines, particularly within developing countries. This is not the case, however, when it comes to the Islamic disciplines, and, in particular, in relation to the study of Islamic economics and finance, which is influenced by conventional standards and techniques. This is primarily due to the lack of availability of the requisite standards and mechanisms designed within the spirit of Maqsid al-Shari’ah. This book offers a unique resource and a comprehensive overview of the contemporary methods and smart techniques available for teaching, learning, and researching Islamic eco-finance, and it presents solutions to the challenges in implementing them. Further, the book gives deep insight into the most appropriate methodologies that could be employed empirically to explore, model, analyze, and evaluate Islamic finance theories and models, respectively. It also gives recommendations for improving learning, teaching, and research outcomes in Islamic eco-finance. The book also addresses how, in this advanced technological era, smart tools like artificial intelligence, machine learning, big data, Zoom, and the internet of things can be adapted to help equip students, researchers, and scholars with smart skills. The book will enable those studying Islamic economics and finance to grasp the appropriate tools for research and learning. Additionally, the Islamic economics and finance sector is growing at a significant rate and therefore requires the upskilling and capacity building of its human resources; thus, the book will also be highly beneficial for practitioners involved in the industry.

The Economics and Science of Measurement

Author : Albert N. Link
Publisher : Taylor & Francis
ISBN 13 : 1000442209
Total Pages : 93 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis The Economics and Science of Measurement by : Albert N. Link

Download or read book The Economics and Science of Measurement written by Albert N. Link and published by Taylor & Francis. This book was released on 2021-07-08 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Metrology is the study of measurement science. Although classical economists have emphasized the importance of measurement per se, the majority of economics-based writings on the topic have taken the form of government reports related to the activities of specific national metrology laboratories. This book is the first systematic study of measurement activity at a national metrology laboratory, and the laboratory studied is the U.S. National Institute of Standards and Technology (NIST) within the U.S. Department of Commerce. The primary objective of the book is to emphasize for academic and policy audiences the economic importance of measurement not only as an area of study but also as a tool for sustaining technological advancement as an element of economic growth. Toward this goal, the book offers an overview of the economic benefits and consequences of measurement standards; an argument for public sector support of measurement standards; a historical perspective of the measurement activities at NIST; an empirical analysis of one particular measurement activity at NIST, namely calibration testing; and a roadmap for future research on the economics of metrology.

What’s Wrong with Economics?

Author : Robert Skidelsky
Publisher : Yale University Press
ISBN 13 : 0300252765
Total Pages : 243 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis What’s Wrong with Economics? by : Robert Skidelsky

Download or read book What’s Wrong with Economics? written by Robert Skidelsky and published by Yale University Press. This book was released on 2020-04-28 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time This insightful book looks at how mainstream economics’ quest for scientific certainty has led to a narrowing of vision and a convergence on an orthodoxy that is unhealthy for the field, not to mention the societies which base policy decisions on the advice of flawed economic models. Noted economic thinker Robert Skidelsky explains the circumstances that have brought about this constriction and proposes an approach to economics which includes philosophy, history, sociology, and politics. Skidelsky’s clearly written and compelling critique takes aim at the way that economics is taught in today’s universities, where a focus on modelling leaves students ill-equipped to grapple with what is important and true about human life. He argues for a return to the ideal set out by John Maynard Keynes that the economist must be a “mathematician, historian, statesman, [and] philosopher” in equal measure.

Choice, Behavioral Economics, and Addiction

Author : Rudolph Eugene Vuchinich
Publisher : Elsevier
ISBN 13 : 9780080440569
Total Pages : 468 pages
Book Rating : 4.4/5 (45 download)

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Book Synopsis Choice, Behavioral Economics, and Addiction by : Rudolph Eugene Vuchinich

Download or read book Choice, Behavioral Economics, and Addiction written by Rudolph Eugene Vuchinich and published by Elsevier. This book was released on 2003-11-13 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice, Behavioural Economics and Addiction is about the theory, data, and applied implications of choice-based models of substance use and addiction. The distinction between substance use and addiction is important, because many individuals use substances but are not also addicted to them. The behavioural economic perspective has made contributions to the analysis of both of these phenomena and, while the major focus of the book is on theories of addiction, it is necessary also to consider the behavioural economic account of substance use in order to place the theories in their proper context and provide full coverage of the contribution of behavioural economics to this field of study. The book discusses the four major theories of addiction that have been developed in the area of economic science/behavioural economics. They are: . hyperbolic discounting . melioration . relative addiction . rational addiction The main objective of the book is to popularise these ideas among addiction researchers, academics and practitioners. The specific aims are to articulate the shared and distinctive elements of these four theories, to present and discuss the latest empirical work on substance abuse and addiction that is being conducted in this area, and to articulate a range of applied implications of this body of work for clinical, public health and public policy initiatives. The book is based on an invitation-only conference entitled, Choice, Behavioural Economics and Addiction: Theory, Evidence and Applications held at the University of Alabama at Birmingham, March 30 - April 1, 2001. The conference was attended by prominent scientists and scholars, representing a range of disciplines concerned with theories of addiction and their consequences for policy and practice. The papers in the book are based on the papers given at the above conference, together with commentaries by distinguished experts and, in many cases, replies to these comments by the presenters.

Feedback Economics

Author : Robert Y. Cavana
Publisher : Springer Nature
ISBN 13 : 3030671909
Total Pages : 593 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis Feedback Economics by : Robert Y. Cavana

Download or read book Feedback Economics written by Robert Y. Cavana and published by Springer Nature. This book was released on 2021-06-30 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book approaches economic problems from a systems thinking and feedback perspective. By introducing system dynamics methods (including qualitative and quantitative techniques) and computer simulation models, the respective contributions apply feedback analysis and dynamic simulation modeling to important local, national, and global economics issues and concerns. Topics covered include: an introduction to macro modeling using a system dynamics framework; a system dynamics translation of the Phillips machine; a re-examination of classical economic theories from a feedback perspective; analyses of important social, ecological, and resource issues; the development of a biophysical economics module for global modelling; contributions to monetary and financial economics; analyses of macroeconomic growth, income distribution and alternative theories of well-being; and a re-examination of scenario macro modeling. The contributions also examine the philosophical differences between the economics and system dynamics communities in an effort to bridge existing gaps and compare methods. Many models and other supporting information are provided as online supplementary files. Consequently, the book appeals to students and scholars in economics, as well as to practitioners and policy analysts interested in using systems thinking and system dynamics modeling to understand and improve economic systems around the world. "Clearly, there is much space for more collaboration between the advocates of post-Keynesian economics and system dynamics! More generally, I would like to recommend this book to all scholars and practitioners interested in exploring the interface and synergies between economics, system dynamics, and feedback thinking." Comments in the Foreword by Marc Lavoie, Emeritus Professor, University of Ottawa and University of Sorbonne Paris Nord

The Art and Science of Econometrics

Author : Ping Zong
Publisher : Taylor & Francis
ISBN 13 : 1000580229
Total Pages : 249 pages
Book Rating : 4.0/5 (5 download)

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Book Synopsis The Art and Science of Econometrics by : Ping Zong

Download or read book The Art and Science of Econometrics written by Ping Zong and published by Taylor & Francis. This book was released on 2022-05-02 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today econometrics has been widely applied in the empirical study of economics. As an empirical science, econometrics uses rigorous mathematical and statistical methods for economic problems. Understanding the methodologies of both econometrics and statistics is a crucial departure for econometrics. The primary focus of this book is to provide an understanding of statistical properties behind econometric methods. Following the introduction in Chapter 1, Chapter 2 provides the methodological review of both econometrics and statistics in different periods since the 1930s. Chapters 3 and 4 explain the underlying theoretical methodologies for estimated equations in the simple regression and multiple regression models and discuss the debates about p-values in particular. This part of the book offers the reader a richer understanding of the methods of statistics behind the methodology of econometrics. Chapters 5–9 of the book are focused on the discussion of regression models using time series data, traditional causal econometric models, and the latest statistical techniques. By concentrating on dynamic structural linear models like state-space models and the Bayesian approach, the book alludes to the fact that this methodological study is not only a science but also an art. This work serves as a handy reference book for anyone interested in econometrics, particularly in relevance to students and academic and business researchers in all quantitative analysis fields.

Handbook of Research Methods and Applications in Experimental Economics

Author : Arthur Schram
Publisher : Edward Elgar Publishing
ISBN 13 : 1788110560
Total Pages : 448 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis Handbook of Research Methods and Applications in Experimental Economics by : Arthur Schram

Download or read book Handbook of Research Methods and Applications in Experimental Economics written by Arthur Schram and published by Edward Elgar Publishing. This book was released on 2019 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers a comprehensive review of experimental methods in economics. Its 21 chapters cover theoretical and practical issues such as incentives, theory and policy development, data analysis, recruitment, software and laboratory organization. The Handbook includes separate parts on procedures, field experiments and neuroeconomics, and provides the first methodological overview of replication studies and a novel set-valued equilibrium concept. As a whole, the combination of basic methods and current developments will aid both beginners and advanced experimental economists.

Economyths

Author : David Orrell
Publisher : John Wiley & Sons
ISBN 13 : 047067802X
Total Pages : 303 pages
Book Rating : 4.4/5 (76 download)

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Book Synopsis Economyths by : David Orrell

Download or read book Economyths written by David Orrell and published by John Wiley & Sons. This book was released on 2010-08-16 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the inability of wealth to make us happier, to our catastrophic blindness to the credit crunch, Economyths reveals ten ways in which economics has failed us all. Forecasters predicted a prosperous year in 2008 for financial markets - in one influential survey the average prediction was for an eleven percent gain. But by the end of the year, the Standard and Poor's 500 index - a key economic barometer - was down 38 percent, and major economies were plunging into recession. Even the Queen asked - "Why did no one see it coming?" An even bigger casualty was the credibility of economics, which for decades has claimed that the economy is a rational, stable, efficient machine, governed by well-understood laws. Mathematician David Orrell traces the history of this idea from its roots in ancient Greece to the financial centres of London and New York, shows how it is mistaken, and proposes new alternatives. Economyths explains how the economy is the result of complex and unpredictable processes; how risk models go astray; why the economy is not rational or fair; why no woman has ever won the Nobel Prize for economics; why financial crashes are less Black Swans than part of the landscape; and finally, how new ideas in mathematics, psychology, and environmentalism are helping to reinvent economics.

Economics Austrian School

Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 225 pages
Book Rating : 4.:/5 (661 download)

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Book Synopsis Economics Austrian School by : Fouad Sabry

Download or read book Economics Austrian School written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-12-24 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economics Austrian School It is a heterodox school of economic theory that supports rigorous adherence to methodological individualism, which is the belief that social phenomena are essentially the product of the motivations and actions of individuals and their own self-interest. The Austrian School is a school of economic thought that originated in Austria. Individuals who subscribe to the Austrian school of economics believe that economic theory ought to be drawn only from fundamental principles of human behavior. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Austrian school of economics Chapter 2: Carl Menger Chapter 3: Murray Rothbard Chapter 4: Eugen von Bhm-Bawerk Chapter 5: Methodenstreit Chapter 6: Friedrich von Wieser Chapter 7: Israel Kirzner Chapter 8: Ludwig Lachmann Chapter 9: Mises Institute Chapter 10: Richard Cantillon Chapter 11: Knut Wicksell Chapter 12: Fritz Machlup Chapter 13: Austrian business cycle theory Chapter 14: The Theory of Money and Credit Chapter 15: Ludwig von Mises Chapter 16: Joseph T. Salerno Chapter 17: Center for Libertarian Studies Chapter 18: Frank Fetter Chapter 19: Social psychology Chapter 20: Richard Ritter von Strigl Chapter 21: Jrg Guido Hlsmann (II) Answering the public top questions about economics austrian school. (III) Real world examples for the usage of economics austrian school in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of economics austrian school. (eBook only). Who will benefit Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of economics austrian school.

The Great Escape

Author : Angus Deaton
Publisher : Princeton University Press
ISBN 13 : 0691259259
Total Pages : 392 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Great Escape by : Angus Deaton

Download or read book The Great Escape written by Angus Deaton and published by Princeton University Press. This book was released on 2024-05-21 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Nobel Prize–winning economist tells the remarkable story of how the world has grown healthier, wealthier, but also more unequal over the past two and half centuries The world is a better place than it used to be. People are healthier, wealthier, and live longer. Yet the escapes from destitution by so many has left gaping inequalities between people and nations. In The Great Escape, Nobel Prize–winning economist Angus Deaton—one of the foremost experts on economic development and on poverty—tells the remarkable story of how, beginning 250 years ago, some parts of the world experienced sustained progress, opening up gaps and setting the stage for today's disproportionately unequal world. Deaton takes an in-depth look at the historical and ongoing patterns behind the health and wealth of nations, and addresses what needs to be done to help those left behind. Deaton describes vast innovations and wrenching setbacks: the successes of antibiotics, pest control, vaccinations, and clean water on the one hand, and disastrous famines and the HIV/AIDS epidemic on the other. He examines the United States, a nation that has prospered but is today experiencing slower growth and increasing inequality. He also considers how economic growth in India and China has improved the lives of more than a billion people. Deaton argues that international aid has been ineffective and even harmful. He suggests alternative efforts—including reforming incentives to drug companies and lifting trade restrictions—that will allow the developing world to bring about its own Great Escape. Demonstrating how changes in health and living standards have transformed our lives, The Great Escape is a powerful guide to addressing the well-being of all nations.