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The Delta in the Rearview Mirror: The Life and Death of Mississippi's First Winery
by Di RushingAfter graduating from Mississippi State University in 1976, Di Rushing and her husband, Sam, found themselves back on their family farm near Merigold, Mississippi, with 350 acres and no real clue what to do. The couple decided to open the first winery in Mississippi, and with it, a successful business was born. Six years later, a small restaurant joined the Delta winery. Both businesses were thriving by 1990, with eight national award-winning wines, a beautiful vineyard, and a successful restaurant.But in March of 1990, a series of unforeseen events rocked the operation. After the Rushings discovered one of the tour guides, Ray Russell, selling drugs in the winery parking lot, they fired him. He responded with a terrorizing vengeance that persisted over the next nine months. In the early morning hours, the former guide broke into the winery, crept into the wine cellar, and released the entire inventory—nearly a quarter of a million dollars’ worth—down the drain. Fortunately, his incompetence thwarted his most destructive intention to blow up the restaurant. In his rampage, he broke all the windows, which allowed the gas from the kitchen oven to escape, sparing the premises. Though the Rushings rebuilt with the help of their community, Russell continued to stalk and threaten the young family. As his menacing behavior continued to escalate, the Rushings closed their business of fourteen years and moved to Ouray, Colorado, where they began rebuilding their lives. Culminating in the sudden, violent murders of Russell, his wife, and his father twenty-five years later, this book tells a story of both shock and resilience, charting Mississippi history in the process.Intertwined with the true crime narrative, The Delta in the Rearview Mirror: The Life and Death of Mississippi’s First Winery details author Di Rushing’s life in and out of Mississippi, including growing up in 1960s Greenville, attending university, traveling overseas, and the relationships she cultivated along the way.
The Delta Model
by Arnoldo C. HaxStrategy is the most central issue in management. It has to do with defining the purpose of an organization, understanding the market in which it operates and the capabilities the firm possesses, and putting together a winning plan. There are many influential frameworks to help managers undertake a systematic reflection on this issue. The most dominant approaches are Michael Porter's "Competitive Strategy" and the "Resource-Based View of the Firm," popularized by Gary Hamel and C.K. Prahalad. Arnoldo Hax argues there are fundamental drawbacks in the underlying hypotheses of these approaches in that they define strategy as a way to achieve sustainable competitive advantage. This line of thinking could be extremely dangerous because it puts the competitor at the center and therefore anchors you in the past, establishes success as a way of beating your competitors, and this obsession often leads toward imitation and congruency. The result is commoditization - which is the worst outcome that could possibly happen to a business. The Delta Model is an extremely innovative view of strategy. It abandons all of these assumptions and instead puts the customer at the center. By doing that it allows us to be truly creative, separating ourselves from the herd in pursuit of a unique and differentiated customer value proposition. Many years of intense research at MIT, supported by an extensive consulting practice, have resulted in development of powerful new concepts and practical tools to guide organizational leaders into a completely different way of looking at strategy, including a new way of doing customer segmentation and examining the competencies of the firm, with an emphasis on using the extended enterprise as a primary way of serving the customer. This last concept means that we cannot play the game alone; that we need to establish a network among suppliers, the firm, the customers, and complementors - firms that are in the business of developing products and services that enhance our own offering to the customer. Illustrated through dozens of examples, and discussion of application to small and medium-sized businesses and not-for-profits, the Delta Model will help readers in all types of organizations break out of old patterns of behavior and achieve strategic flexibility -- an especially timely talent during times of crisis, intense competition, and rapid change.
The Delta of Chinese Management: Guanxi, Rule of Law and the Middle Way
by Jane Jian ZhangThis book explores the differential mode of people management in the Chinese context. Based on years of ethnographic research, this book illustrates how and why the guanxihu phenomena exist across different organisations and thus, the guanxi-hu could break the ‘organisational laws’ (e.g. structure and system; rules and regulations; policies and procedures). By focusing on personnel practices within organisations, the book provides an outlook for keeping indigenous management with Chinese characteristics. Most importantly, this book offers significant insights into how to ‘manage people’ in the private and public sectors within the Chinese cultural and institutional environment. The delta of Chinese management will appeal not only to academics and researchers who have an interest in management and Chinese studies, but also to expatriates and practitioners who are engaged in doing business and managing people with/in China.
Deltas in the Anthropocene
by Robert J. Nicholls W. Neil Adger Craig W. Hutton Susan E. HansonThe Anthropocene is the human-dominated modern era that has accelerated social, environmental and climate change across the world in the last few decades. This open access book examines the challenges the Anthropocene presents to the sustainable management of deltas, both the many threats as well as the opportunities. In the world’s deltas the Anthropocene is manifest in major land use change, the damming of rivers, the engineering of coasts and the growth of some of the world’s largest megacities; deltas are home to one in twelve of all people in the world. The book explores bio-physical and social dynamics and makes clear adaptation choices and trade-offs that underpin policy and governance processes, including visionary delta management plans. It details new analysis to illustrate these challenges, based on three significant and contrasting deltas: the Ganges-Brahmaputra-Meghna, Mahanadi and Volta. This multi-disciplinary, policy-orientated volume is strongly aligned to the United Nation’s Sustainable Development Goals as delta populations often experience extremes of poverty, gender and structural inequality, variable levels of health and well-being, while being vulnerable to extreme and systematic climate change.
Delusional Altruism: Why Philanthropists Fail To Achieve Change and What They Can Do To Transform Giving
by Kris Putnam-WalkerlyHow you give matters. Discover philanthropic strategies for creating transformational change. Whether you regularly donate to charity, run a small family foundation, or are responsible for millions of dollars in grants, you are a philanthropist. Delusional Altruism: Why Philanthropists Fail To Achieve Change and What They Can Do To Transform Giving looks at how you can create transformational change. It reminds us that how we give is as important as the amount we give. The author describes common practices that hinder transformational change and explains how to avoid them, ensuring that your gifts help create the impact you seek. Delusional Altruism—a set of all-too-common errors in philanthropic strategy—can derail a program of giving and result in a loss of efficiency and effectiveness. This book asks philanthropists and charitable organizations to consider whether they have fallen under the spell of Delusional Altruism. Are you cutting out impactful giving in order to save money or avoid uncertainty? Is your philanthropic approach unnecessarily restricted by traditional thinking? This book will help you answer these questions and determine how you can achieve better outcomes through the process of Transformational Giving. Ask questions that spur learning and fuel innovation Believe that investment in yourself and your operation is important Increase the speed of your actions to increase the impact of your giving Give in ways that create lasting, sustainable change Follow strategies to make your philanthropy unstoppable Although enhanced opportunities for philanthropic giving are on the horizon, changes to philanthropic practice are needed to prevent this philanthropy boom from becoming under-leveraged. Implementing updated approaches now can lead to positive change for the future. Read Delusional Altruism to learn how you can transform reality with strategic giving.
Delusions of Competence: The Near-Death of Lloyd’s of London 1970--2002 (Palgrave Studies in Economic History)
by Robin PearsonThis book examines the crisis at the famous insurance market, Lloyd's of London, during the late twentieth century, which nearly destroyed the 300-year-old institution. While rapid structural change resulting from system collapse is less common in insurance than in the history of other financial services, one exception was the Lloyd’s crisis. Hitherto, explanations of the crisis have focused on the effects of catastrophic losses and poor governance. By drawing on contemporary accounts of the crisis, the author constructs the first comprehensive scholarly analysis of the public and political response. The book applies theoretical concepts from behavioural economics and economic psychology to argue that multiple delusions of competence were at work both within and outside the Lloyd’s market. Arrogance, elitism and defence of vested interests comprised endogenous elements of the crisis. Entrenched ideas about the virtues of self-regulation and faith in insider experts also played a role. The result was a misdiagnosis by both insiders and politicians of what ailed Lloyd’s and a series of reforms that failed to address the underlying causes of its disease. This book offers a salutary lesson from recent history about the importance of the transparency, accountability and effective monitoring of financial institutions. It is of interest to academics and students of economic and financial history, business, insurance, political economy and history.
Delwarca Software Remote Support Unit
by Roy D. Shapiro Paul E. MorrisonDelwarca Software provides business software to large corporate clients around the world. The firm serves customers who prefer to assemble corporate solutions using a combination of software programs from various suppliers rather than implementing a single enterprise resource planning system. Consequently, Delwarca must provide telephone support services for complex software-hardware interaction and performance problems in addition to the typical software support issues around software installation and upgrades, malware attacks, and processing failures. The manager of the remote support unit implemented a new triage program for customer calls hoping to reduce customer wait time, improve customer satisfaction, and reduce costs. After one year, customer dissatisfaction is at an all-time high and he must perform a quantitative analysis of the current process, considering wait times for customers as well as cost per call, before making a final recommendation. This case can be used in a first-year MBA course in Service Management or Operations Management or a course in industrial engineering. It can also be used to introduce simple queuing theory.
Demand
by Adrian Slywotzky Karl WeberIn DEMAND: Giving People What They Love Before They Know They Want It (Crown Business; October 2011), Adrian Slywotzky, named by Industry Week one of the world's six most influential management thinkers, provides a radically new way to think about demand, with a big idea and a host of practical applications--not just for people in business but also for social activists, governments leaders, non-profit managers, and other would-be innovators. They all need to master such ground-breaking concepts as the hassle map (and the secrets of fixing it); the curse of the incomplete product (and how to avoid it); why very good != magnetic; how what you don't see can make or break a product; the art of transforming fence sitters into customers; why there's no such thing as an average customer; and why real demand comes from a 45-degree angle of improvement (rather than the five degrees most organizations manage).From the Hardcover edition.
Demand and Supply (Routledge Revivals)
by Ralph TurveyFirst published in 1971, Demand and Supply is an introduction to the economics of resource allocation, often known as micro-economics. Ralph Turvey examines how the economy really works and does not just give the economists’ textbook version, which oversimplifies technology and exaggerates the importance of prices in adjusting supply and demand. Instead of offering theoretical diagrams and imaginary examples, he refrains from expounding those ideas that cannot be simply demonstrated or applied. But he includes sections on retail margins, urban land values, and the value of time – topics rarely dealt with in beginner’s books. Some examples of the examples are: university teachers’ pay; cotton spinning costs; pricing of tin cans; demand for farm tractors; newspaper economics; competition in the bus industry. This is the kind of economics used in practice and rests on down to earth fact finding. This book will be useful for both general readers and A- level and first year university students.
Demand Better Results - and Get Them (Classic)
by Robert H. SchafferThis article, first published in 1974, answers one of management's most important questions: Why do so few organizations reach their productivity potential? The author answers that most executives fail to establish expectations of performance improvement in ways that get results. To set high goals that employees respond to and are accountable for, managers must invest their own time and energy. The first step is to set a modest, measurable goal concerning an important organizational problem. If this goal is met, management uses the success as a springboard for more ambitious demands.
Demand, Complexity, and Long-Run Economic Evolution (Economic Complexity and Evolution)
by Andreas Chai Chad M. BaumThe purpose of this contributed volume is to consider how global consumption patterns will develop in the next few decades, and what the consequences of that development will be for the economy, policymakers, and society at large. In the long run, the extent to which economic growth translates into better living conditions strongly depends on how rising affluence and new technologies shape consumer preferences. The ongoing rise in household income in developing countries raises some important questions: Will consumption patterns always continue to expand in the same manner as we have witnessed in the previous two centuries? If not, how might things evolve differently? And what implications would such changes hold for not only our understanding of consumption behavior but also our pursuit of more sustainable societies?
Demand: Creating What People Love Before They Know They Want It
by Karl Weber Adrian Slywotzky Adrian Slywotzky With Karl WebDemand is one of the few economic terms almost everyone knows. Demand drives supply. When demand rises, it stimulates growth - jobs are created, the economy flourishes and society thrives. So goes the theory. It sounds simple, yet almost no one really understands demand, including the business owners, company leaders and policy makers who try to stimulate and satisfy it. DEMAND is a book with breakout general non-fiction potential which searches for clues as to where demand really comes from, and why, and how we might control it.
Demand-Driven Business Strategy: Digital Transformation and Business Model Innovation (Business and Digital Transformation)
by Cor MolenaarDemand-Driven Business Strategy explains the ways of transforming business models from supply driven to demand driven through digital technologies and big data analytics. The book covers important topics such as digital leadership, the role of artificial intelligence, and platform firms and their role in business model transformation. Students are walked through the nature of supply- and demand-driven models and how organizations transform from one to the other. Theoretical insights are combined with real-world application through global case studies and examples from Amazon, Google, Uber, Volvo and Picnic. Chapter objectives and summaries provide consistent structure and aid learning, whilst reflective questions encourage further thought and discussion. Comprehensive and practical, this is an essential text for advanced undergraduate and postgraduate students studying strategic management, marketing, business innovation, consumer behavior, digital transformation and entrepreneurship.
Demand-Driven Forecasting
by Charles W. Chase Jr.Praise for Demand-Driven ForecastingA Structured Approach to Forecasting"There are authors of advanced forecasting books who take an academic approach to explaining forecast modeling that focuses on the construction of arcane algorithms and mathematical proof that are not very useful for forecasting practitioners. Then, there are other authors who take a general approach to explaining demand planning, but gloss over technical content required of modern forecasters. Neither of these approaches is well-suited for helping business forecasters critically identify the best demand data sources, effectively apply appropriate statistical forecasting methods, and properly design efficient demand planning processes. In Demand-Driven Forecasting, Chase fills this void in the literature and provides the reader with concise explanations for advanced statistical methods and credible business advice for improving ways to predict demand for products and services. Whether you are an experienced professional forecasting manager, or a novice forecast analyst, you will find this book a valuable resource for your professional development."--Daniel Kiely, Senior Manager, Epidemiology, Forecasting & Analytics, Celgene Corporation"Charlie Chase has given forecasters a clear, responsible approach for ending the timeless tug of war between the need for 'forecast rigor' and the call for greater inclusion of 'client judgment.' By advancing the use of 'domain knowledge' and hypothesis testing to enrich base-case forecasts, he has empowered professional forecasters to step up and impact their companies' business results favorably and profoundly, all the while enhancing the organizational stature of forecasters broadly."--Bob Woodard, Vice President, Global Consumer and Customer Insights, Campbell Soup Company
Demand-Driven Inventory Optimization and Replenishment
by Robert A. DavisUse demand driven optimized inventory and replenishment to overcome your supply chain weaknesses, and deliver business-maximizing results Reviewing the fundamentals of inventory optimization so that you can attain a demand-driven supply, Demand-Driven Inventory Optimization and Replenishment provides a business look at why present inventory systems sub-optimize the supply chain and faulty replenishment processes lead to wasted time and effort. Straightforward and clearly written, this book allows readers to come away with a good understanding of why optimized inventory and replenishment helps overcome in-system weaknesses and deliver results. Discusses how multi-echelon inventory optimization and replenishment enables installed systems to go from a sequential, "islands of efficiency" approach to a systematic distribution system working as a complete network Provides case studies throughout Reveals how optimized inventory and replenishment delivers results across industry verticals With a historical view of the three major supply chain efforts of the last thirty years, this book discusses mathematical shortcuts set up in the transitional and supply chain management systems that make it very difficult for companies to attain supply chain excellence.
Demand Driven Strategic Planning
by Marcos Fava NevesThis book offers students and practitioners alike an integrated approach to strategic planning for companies. Marcos Fava Neves presents a new and unique perspective on this critical topic based on three main points: strongly demand-driven decisions that bridge the gap between long- and short-term strategy; a vision of a company as an integrated network, full of relationships that deserve consideration during the planning process; and the introduction of ‘collective-action’ thinking, which raises the prospect for cooperation between competitors. With this clear, comprehensive framework for strategic planning, companies can be sure to navigate today’s complex environment and enhance their prospects of success.
Demand Driven Supply Chain: A Structured and Practical Roadmap to Increase Profitability
by Paulo MendesThis book aims to identify and describe the practical key components of demand driven supply chains, and based on these components, develops a structured and integrated assessment framework that companies can use to assess their current and desired future supply chain states in light of the Demand Driven Supply Chain (DDSC) concepts. Another contribution of the book is the structured framework developed to design a supply chain strategy, which will consider the DDSC assessment results as one of the key inputs, and will support the implementation of the opportunities identified during the assessment. The framework presented in this book was applied in different supply chain operations of a global CPG company to validate the methodology and formalize an action plan to allow these operations move towards a DDSC. Results show clear opportunities to improve supply chain operation and become more demand driven.
Demand-Driven Supply Chain Management: Transformational Performance Improvement
by Simon EagleMany manufacturing and distribution companies are moving from the traditional 'forecast push MRP' to demand-driven supply chain management (SCM). Demand-driven SCM is an 'end-to-end' supply chain planning and replenishment process that enables companies to achieve their planned service levels from up to half the average level of inventory and requiring significantly less throughput capacity - irrespective of the level of demand volatility or lead-time length. Demand-Driven Supply Chain Management is the go-to source for industry supply chain/operations executives and students. It describes, in a readable but rigorous manner, the 'what, how and why' of the demand-driven SCM process. The key themes in the book are: what is demand-driven? why is demand-driven so effective? how to operate a demand-driven supply chain? and how to adopt the demand-driven process in your company? The book has been written in such a way that it doesn't require reading from cover to cover. Readers can quickly grasp the essential concepts from one of numerous self-contained sections that present the book's key concepts from different perspectives.
Demand Flexibility in Supply Chain Planning
by Joseph GeunesThis work encapsulates the essential developments in this field into a single resource, as well as to set an agenda for further development in the field. This brief focuses on the demand flexibility in supply chains with fragmented results distributed throughout the literature. These results have strong implications for managing real-world complex operations planning problems. This book exploits dimensions of demand flexibility in supply chains and characterizes the best fit between demand properties and operations capabilities and constraints. The origins and seminal works are traced in integrated demand and operations planning and an in-depth documentation is provided for the current state of the art. Systems with inherent costs and constraints that must respond to some set of demands at a minimum cost are examined. Crucial unanswered questions are explored and the high-value research directions are highlighted for both practice and for the development of new and interesting optimization models and algorithms.
The Demand for Alcohol, Tobacco and Marijuana: International Evidence
by Saroja SelvanathanThis book is the first to present an extensive analysis of the international evidence for the similarities of the consumption patterns of such controversial commodities as alcohol, tobacco and marijuana, using recent data from a number of developed and less developed countries over a number of years. The book also presents analysis of the consumption patterns of food in general and soft drinks in particular. In addition the book provides a detailed analysis of the consumption restrictions and regulations in place in various countries in relation to issues associated with taxation, availability, and marketing of these products. The book's focus is on rigorous empirical analysis and presents the estimates of demand elasticities of these five commodities across different countries. Such estimates are key inputs for government economic models that are used for the purpose of social policy analysis. Furthermore, the book presents hypothesis testing results on various demand theory hypotheses such as demand homogeneity and Slutsky symmetry.
Demand for Communications Services - Insights and Perspectives
by James Alleman Áine Marie Patricia Ní-Shúilleabháin Paul N. RappoportThis volume grew out of a conference organized by James Alleman and Paul Rappoport, conducted on October 10, 2011 in Jackson Hole, Wyoming, in honor of the work of Lester D. Taylor, whose pioneering work in demand and market analysis has had profound implications on research across a wide spectrum of industries In his Prologue, Eli M. Noam notes that demand analysis in the information sector must recognize the "public good" characteristics of media products and networks, while taking into account the effects of interdependent user behavior; the strong cross-elasticities in a market; as well as the phenomenon of supply creating its own demand The second Prologue, by Timothy Tardiff and Daniel Levy, focuses more specifically on Taylor's body of work, in particular its practical applications and usefulness in analyses of, and practices within, the Information and Communications Technology (ICT) sector (known in Europe and elsewhere as the Telecommunications, Media, and Technology (TMT) sector) The remainder of the book is organized into four parts: Advances in Theory; Empirical Applications; Evidence-Based Policy Applications; and a final Conclusion The book closes with an Appendix by Sharon Levin and Stanford Levin detailing Taylor's contributions using bibliometrics. Not only featuring chapters from distinguished scholars in economics, applied sciences, and technology, this volume includes two contributions directly from Lester Taylor, providing unique insight into economics from a lifetime in the field. "What a worthy book! Every applied researcher in communications encounters Lester Taylor's work. Many empirical exercises in communications can trace their roots to Taylor's pioneering research and his thoughtful leadership. This book assembles an impressive set of contributors and contributions to honor Taylor. No surprise, the collection extends far and wide into many of the core topics of communications and media markets. The emphasis is where it should be-on important and novel research questions informed by useful data --Shane Greenstein, Professor of Management and Strategy, Kellogg School of Management, Northwestern University "For more than 40 years, Lester Taylor has been a leader in the application of consumer modeling, econometric techniques and microeconomic data to understand residential and business user behavior in telecommunications markets. During that time, he inspired a cadre of students and colleagues who applied this potent combination to address critical corporate and regulatory issues arising in the telecommunications sector. This volume collects the recent product of many of these same researchers and several other devotees who go beyond empirical analysis of fixed line service by extending Prof. Taylor's approach to the next wave of services and technologies. These contributions, including two new papers by Prof. Taylor, offer an opportunity for the next generation to learn from his work as it grapples with the pressing issues of consumer demand in the rapidly evolving digital economy. " -- Glenn Woroch, Adjunct Professor of Economics, University of California, Berkeley
The Demand for Health: A Theoretical and Empirical Investigation (Occasional Papers #No. 119)
by Michael GrossmanA seminal work in health economics first published in 1972, Michael Grossman's The Demand for Health introduced a new theoretical model for determining the health status of the population. His work uniquely synthesized economic and public health knowledge and has catalyzed a vastly influential body of health economics literature. It is well past time to bring this important work back into print. Grossman bases his approach on Gary S. Becker's household production function model and his theory of investment in human capital. Consumers demand health, which can include illness-free days in a given year or life expectancy, and then produce it through the input of medical care services, diet, other market goods and services, and time. Grossman also treats health and knowledge as equal parts of the durable stock of human capital. Consumers therefore have an incentive to invest in health to increase their earnings in the future. From here, Grossman examines complementarities between health capital and other forms of human capital, the most important of which is knowledge capital earned through schooling and its effect on the efficiency of production. He concludes that the rate of return on investing in health by increasing education may exceed the rate of return on investing in health through greater medical care. Higher income may not lead to better health outcomes, as wealth enables the consumption of goods and services with adverse health effects. These are some of the major revelations of Grossman's model, findings that have great relevance as we struggle to understand the links between poverty, education, structural disadvantages, and health.
The Demand for Imports and Exports in the World Economy (Routledge Revivals)
by W. Charles Sawyer Richard L. SprinkleFirst published in 1999, this volume responds to one of the more important issues in applied international economics: the extent to which trade flows adjust to changes in income, relative prices and exchange rates. This work surveys the literature on empirical estimation of the demand for imports and exports for the US. The book is designed to be a reference book for both academic international economists and international trade practitioners in government, international organisations and the private sector.
The Demand for Life Insurance: Dynamic Ecological Systemic Theory Using Machine Learning Techniques
by Wookjae HeoThis book, adopting machine learning techniques for the financial planning field, explores the demand for life insurance as seen in previous literature and both estimates and predicts the demand for the adoption of life insurance using these techniques. Previous studies used diverse perspectives, like actuarial and life span, in order to understand the demand for life insurance, though these approaches have shown inconsistent findings. Employing two theoretical backgrounds—ecological systemic theory and artificial intellectual methodology—this book explores a better estimation and a prediction of the demand for life insurance and will be of interest to academics and students of insurance, financial planning, and risk management.
Demand for Money: An Analysis of the Long-run Behavior of the Velocity of Circulation
by Lars JonungThe income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study, originally published as The Long-Run Behavior of the Velocity of Circulation. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and firms make about how much money to hold.Annual time series of velocity for several countries from the late nineteenth century to the late twentieth century display a U-shaped pattern. Existing theories can explain each section of the velocity curve-the falling, flat, and rising parts-but the overall pattern is not consistent with any one theory. Here the authors put forth a comprehensive explanation for this behavior over time. Their theory is largely an extension of the approach of Knut Wicksell, the Swedish economist who stressed the role of substitution between monetary assets. This approach, which emphasizes institutional variables, is incorporated into the arguments for the traditional long-run money demand (velocity) function. Four types of empirical evidence strongly support the authors' theory: econometric studies of the long-run velocity function for several countries; a cross section study of approximately eighty countries in the postwar period; a case study of the Swedish monetization process in the fifty years before World War I; and an examination of the time series properties of velocity.Demand for Money suggests that institutional factors, as opposed to real income, play a greater role in velocity than previously thought. And these institutional factors have a major impact on monetary policy. This is a book that will prove of great value to economists, monetary strategists, and policymakers.