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The Economic Theory of Fiscal Policy (Routledge Library Editions)
by Bent HansenThe book explores whether fiscal policies can secure full employment without inflation, one of the key questions in economics after Keynes. Part 1, General Theory of Public Finance and Fiscal Policy, discusses Ends and Means in economic policy. The results of this ends-means analysis are applied to fiscal policy. Part 2, Microeconomics, deals with the impact of fiscal measures on the behaviour of the individual household, firm and other organization, concentrating on the effects on consumption and saving. Part 3, Macroeconomics, considers how the problem of keeping the price-level constant and the labour market in equilibrium at full employment may be solved by means of fiscal and monetary measures. Problems connected with the volume of investments and the balance of payments are considered simultaneously.
The Economic Theory of Fiscal Policy (Routledge Revivals)
by Alan Peacock G. K. ShawOriginally published in 1971, this book uses the famous Tinbergen/Theil approach to the theory of economic policy, demonstrating the place of fiscal policy in a realistic policy context. The volume marries analytical developments in macroeconomics to the influence on the economy of the system of public finance. Attention is given to the problem co-ordinating fiscal policy with other policy instruments, notably monetary policy. A final chapter discusses the problems encountered in applying fiscal policy models to real situations.
The Economic Theory of Representative Government
by Albert BretonThis book provides a theory capable of explaining the patterns of public expenditures and taxation that occur under representative government. Economists and political scientists have come to realize that issues of public policy and public finance cannot be solved on the naive assumption that these are problems tackled by a government that exists only to serve the public good. Instead, government must be understood as one of the major economic institutions of society, one that behaves like more familiar economic institutions--the household and the firm--though the market it confronts is a market for policies rather than for goods and services. Albert Breton's pathbreaking work remains important in taking us toward a theory of representative government that enables an understanding of the observed behavior of political institutions.The author's analysis is cast in a relatively simple demand, supply and demand-supply-equilibrium framework, using the tools of marginal and stability analysis to explain the forces that influence and determine the flow of resources as they are allocated between competing ends in the public sector. The book presents a model of demand by citizens, who are assumed to be maximizing their desires for specific public policies and private goods, and a model of the supply of public policies by politicians and bureaucrats, who are assumed to be maximizing the probability of their re-election and the size of their budgets. Breton defines government policies and the institutional framework for collective choices in terms that render them amenable to further analysis.The main accomplishment of Breton's theory is that it provides the ability to analyze the interaction of individuals and generates testable propositions about the behavior of these individuals as well as about the behavior of public expenditures and taxation in more aggregative terms. In this way the book will be useful to students of economics, economists, and those interested in economic theory.
The Economic Thought of Friedrich List (Routledge Studies in the History of Economics)
by Eugen Wendler Harald Hagemann Stephan SeiterAs the world grapples with increased globalization and technological change, Friedrich List’s work appears more relevant than ever before. His theory of "productive powers" and his argument for protecting infant industries give us a valuable way of looking at innovation systems, winners and losers in international trade, and the current shift towards economic and political nationalism. Comprising fifteen specially commissioned chapters from a range of international scholars, this book explores many aspects of List’s economic thought, including industrial development, political economy, the economics of education, infrastructure and catching-up processes in Asian economies. This volume will be illuminating reading for advanced students and researchers in the history of economic thought, economic history, economic policy and international trade.
The Economic Thought of Henry Calvert Simons: Crown Prince of the Chicago School (Routledge Studies in the History of Economics)
by G.R. SteeleDrawing on years of research, Gerald Steele delves into the diverse ideas of Henry Simons, a neglected economist whose work in the 1930s on monetary and financial instability is extremely relevant to today’s debates about commercial bank credit, the interdependence of fiscal and monetary policy, and financial regulation. Steele describes the emergence of the first Chicago school of economics and its distinctive difference to the School subsequently associated with the Monetarism of Milton Friedman, and shows how Simons provides the basis for what is now referred to as ‘the fiscal theory of the price level’ and how this differs from the monetarist attempt to control prices by controlling the supply of broad money. This book will be of interest to advanced students and researchers of the history of economic thought, economic history, macroeconomics and banking and finance.
The Economic Thought of Hilaire Belloc: A Christian Alternative to the Servile State (Routledge Studies in the History of Economics)
by Alfonso Díaz VeraHilaire Belloc’s thinking on the economy constitutes, by its originality and acuity, a heterodox approach of the greatest interest in addressing the economic problems of his time and those of our own.Belloc’s main interest as a writer were on economics and history, and his works were praised by economists such as F. A. Hayek or Wilhelm Röpke and political philosophers such as Robert Nisbet and Russell Kirk, but his contributions have been often overlooked. To address that oversight, this book inserts Belloc´s ideas into the academic dialogue on economics. Despite not being a trained economist, Belloc developed his thought based on a coherent system rooted in original elements such as the scholastic tradition. Belloc’s Christian or “post-scholastic” economics updates and renews many of the scholastic concepts to make them applicable to the economy of the world he knew. Issues such as the impossibility of socialism, entrepreneurship, the effects of monetary policy and credit on economic cycles, or the sustainability of the welfare state were studied by Belloc from a very singular perspective.Describing and interpreting the economic thought of Belloc, the book will be of interest to scholars and students, as well as general readers, interested in heterodox perspectives on economics.
The Economic Thought of Michael Polanyi (Routledge Studies in the History of Economics)
by Gábor BiróMichael Polanyi is most famous for his work in chemistry and the philosophy of science, but in the 1930s and 1940s he made an important contribution to economics. Drawing on rich archival materials on Polanyi and his correspondents, Gábor Biró explores their competing worldviews and their struggles to popularise their visions of the economy, economic expertise and democracy. Special focus is given to Polanyi’s pioneering economics film and postmodern ideas. This volume will be of interest to advanced students and researchers of the history of economics, philosophy of science, and science and technology studies.
The Economic Thought of Sir James Steuart: First Economist of the Scottish Enlightenment (Routledge Studies in the History of Economics)
by José M. MenudoJames Steuart published An Inquiry into the Principles of Political Œconomy in 1767, the first systematic treatise on economics, nine years before Adam Smith’s Wealth of Nations. Traditional historiography has tended to disregard and even deny Steuart’s oeuvre, categorizing him as the last, outdated advocate of mercantilist policies in Britain. A clear portrait of a modernizing and enlightened Steuart emerges from this book, opening up an alternative approach to many key developments in economic theory. This book brings together a diverse international team of experts to overturn the "advocate of mercantilism" myth and explore different interpretations of Steuart’s work within the context of the writings of other contemporary authors. A diverse range of specialists – historians, economists, political scientist, and sociologists – reflecting the diversity of James Steuart’s work explore various aspects of the life, works, and influence of James Steuart, including his links to other authors who conceive – as Steuart did – the economic system of "natural liberty" as an artificial creation. The portrait of a demarginalized, modernizing, and enlightened Steuart emerges clearly in this book. This book is not reduced to old authors whose ideas would be at the Museum of Dead Ideas, it has a very contemporary resonance. The subjects and the way Steuart tackles them could have a big influence on future authors who recognized some advantages of an alternative approach to many key developments in economic theory. This will also be of interest to scholars of history of economic thought, intellectual history, and 18th century history.
The Economic Thought of William Petty: Exploring the Colonialist Roots of Economics (Routledge Studies in the History of Economics)
by Hugh GoodacreWilliam Petty (1623-1687), long recognised as a founding father of English political economy, was actively involved in the military-colonial administration of Ireland following its invasion by Oliver Cromwell, and to the end of his days continued to devise schemes for securing England’s continued domination of that country. It was in that context that he elaborated his economic ideas, which consequently reflect the world of military-bureaucratic officialdom, neo-feudalism and colonialism he served. This book shows that much of the theory and methodology in use within the economics discipline of today has its roots in the writings of Petty and his contemporaries, rather than in the supposedly universalistic and enlightened ideals of Adam Smith a century later. Many of the fundamental ideas of today’s development economics, for example, are shown to have been deployed by Petty explicitly for the purpose of furthering England’s colonialist objectives, while his pioneering writings on fiscal issues and national accounting theory were equally explicitly directed towards the raising of funds for England’s predatory colonial and commercial wars. This book argues that exploring the historical roots of economic ideas and methods in this way is an essential aspect of assessing their appropriateness and analytical power today, and that this is more relevant than ever. It will be of interest to advanced students and researchers in the history of economic thought, early modern economic history, development economics and economic geography.
The Economic Valuation of Green Electricity (SpringerBriefs in Environmental Science)
by Simona Bigerna Paolo PolinoriThe aim of this book is to analyze the relationship between renewable energy sources and citizens, focusing both on demand and supply. Today, the consequences regarding the use of fossil energy are seen from a different perspective because the issues related to climate change are evident worldwide. Thus, climate change and resource depletion are real problems to be addressed for the welfare of society. Renewable energy sources (RES) are essential to reduce polluting emissions, but they can produce a range of environmental effects which might be detrimental to human activities as attested by the several types of the Nimby effect (“Not In My Back Yard”). This is because infrastructure siting usually offers different pros and cons to stakeholders and the local populations affected. Nevertheless empirical evidence shows that in many countries, society is willing to pay a significant amount to facilitate adoption of renewable technologies. With RES, citizens are called on to play a dual role – not only that of end consumers but often also stakeholders in the local production process. In this book we try to deal with this dual role played by the citizens to evaluate the actual public acceptance of RES. We address a specific and important area of the economic analysis: willingness to pay (WTP) and willingness to accept (WTA). The research evaluates the attitude of citizens towards the end use of green energy by investigating the likelihood of acceptance of a new infrastructures related to RES production. The book, therefore, is not about how to reconcile consumers and citizens, rather it explores the main determinants of peoples' behavior for a better understanding of this phenomenon.
The Economic Value of Biodiversity
by David Pearce Dominic MoranBiodiversity loss is one of the major resource problems facing the world, and the policy options available are restricted by inappropriate economic tools which fail to capture the value of species and their variety. This study describes in non-technical terms how cost-benefit analysis techniques can be applied to species and species loss, and how they provide a measure of the efficiency of conservation measures. Only when conservation can be shown to pass such a basic economic test, the authors claim, will it be incorporated into policies.;David Pearce has also written Blueprint for a Green Economy.
The Economic Value of Creative Mental Labor: Economic Growth and the Labor Theory of Value
by Hasan GürakThis book examines the role of creative mental labor in determining long-term economic growth, production costs, and product pricing. By redefining theories of value-price and growth in relation to creative mental labor, it acknowledges the role of human talent and skill in the creation of new technologies, productions, and productions methods, and highlights the impact this has on supply and demand dynamics. Traditional and neoclassical notions of human capital are challenged to present a new theory of growth that is more aligned with real life economics. This book reevaluates ideas of economic growth by contextualising technological advancement and sustainable long-term economic growth within ideas of creative mental labor and skilled mental labor. It will be of interest to students and researchers working on labour economics.
The Economic Value of Digital Disruption: A Holistic Assessment for CXOs (Management for Professionals)
by Vijay KumarThis book is a holistic impact study, replete with real-world examples, of digital transformation enhancing businesses and influencing managers' thinking. It links economic value with digital disruptions, arguing that these disruptions deliver economic benefits, boost shareholder value, and provide societal value. The central discourse is on the ability of digitization to make the world a better place to live in. The book analyses wealth creation due to digital disruption with a global span. It extensively incorporates anecdotal examples of disruptive digitization across countries, accentuating the impact of major digital disruptions. It is targeted at any professional interested in studying digitization's holistic impact. The book provides a discourse on digital topography to make business students industry-ready. Given the pervasive digital economy and a rapidly evolving business world, the book helps practicing managers better appreciate their digital environments. Management students who not only have to survive in this digital landscape but also thrive and chart out a lucrative career will benefit significantly from the book.
The Economic Value of Landscapes (Routledge Studies in Ecological Economics)
by C. Martijn van der Heide Wim J.M. HeijmanThis book aims to explore the avenue of landscape economics and provides the building blocks (from different scientific disciplines) for an economic analysis of landscapes. What exactly constitutes and determines the value of a landscape? It focuses on the value of landscapes in its broadest sense, thereby covering a variety of topics including stakeholder involvement in landscape design, landscape governance and landscape perceptions from different countries. Merely saying that landscapes have value or are important is not sufficient – not when resources are scarce and have alternative uses. Measuring and quantifying the economic value of changes in landscapes would help ensure that landscape management decisions are both (economically) rational and sound.
The Economic Value of Water
by Diana C. GibbonsGibbons examines the water supply problem through five case studies. The problems faced by these regions and the methods suggested to overcome them provide excellent models for the entire United States. The case studies---typically, expanding supplies---but economic efficiency principles lead to emphasizing managing the demand. In many cases, this means reducing demand by raising prices.
The Economic Way Of Thinking
by Paul Heyne Peter Boettke David PrychitkoThe Economic Way of Thinking goes beyond explaining the basic principles of micro- and macroeconomic analysis by showing readers a method of reasoning that teaches them how to apply these principles as tools. The authors expose readers to a method of reasoning that makes them think like an economist through example and application and also shows them how not to think, by exposing errors in popular economic reasoning.
The Economic Weapon: The Rise of Sanctions as a Tool of Modern War
by Nicholas MulderThe first international history of the emergence of economic sanctions during the interwar period and the legacy of this development Economic sanctions dominate the landscape of world politics today. First developed in the early twentieth century as a way of exploiting the flows of globalization to defend liberal internationalism, their appeal is that they function as an alternative to war. This view, however, ignores the dark paradox at their core: designed to prevent war, economic sanctions are modeled on devastating techniques of warfare. Tracing the use of economic sanctions from the blockades of World War I to the policing of colonial empires and the interwar confrontation with fascism, Nicholas Mulder uses extensive archival research in a political, economic, legal, and military history that reveals how a coercive wartime tool was adopted as an instrument of peacekeeping by the League of Nations. This timely study casts an overdue light on why sanctions are widely considered a form of war, and why their unintended consequences are so tremendous.
The Economic Writings of William Thornton Vol 1
by Philip Mirowski Steven TradewellThornton's writings are central to the history of the "Laws of Supply and Demand" and seminal in understanding the rise of neoclassical economics. Thornton has been cast as a minor player in John Stuart Mill's recantation of the wages fund doctrine. This text should show how he played a major role.
The Economic Writings of William Thornton Vol 2
by Philip Mirowski Steven TradewellThornton's writings are central to the history of the "Laws of Supply and Demand" and seminal in understanding the rise of neoclassical economics. Thornton has been cast as a minor player in John Stuart Mill's recantation of the wages fund doctrine. This text should show how he played a major role.
The Economic Writings of William Thornton Vol 3
by Philip Mirowski Steven TradewellThornton's writings are central to the history of the "Laws of Supply and Demand" and seminal in understanding the rise of neoclassical economics. Thornton has been cast as a minor player in John Stuart Mill's recantation of the wages fund doctrine. This text should show how he played a major role.
The Economic Writings of William Thornton Vol 4
by Philip Mirowski Steven TradewellThornton's writings are central to the history of the "Laws of Supply and Demand" and seminal in understanding the rise of neoclassical economics. Thornton has been cast as a minor player in John Stuart Mill's recantation of the wages fund doctrine. This text should show how he played a major role.
The Economic Writings of William Thornton Vol 5
by Philip Mirowski Steven TradewellThornton's writings are central to the history of the "Laws of Supply and Demand" and seminal in understanding the rise of neoclassical economics. Thornton has been cast as a minor player in John Stuart Mill's recantation of the wages fund doctrine. This text should show how he played a major role.
The Economic and Business History of Occupied Japan: New Perspectives (Perspectives in Economic and Social History)
by Thomas FrenchThe Occupation era (1945-1952) witnessed major change in Japan and the beginnings of its growth from of the ashes of defeat towards its status as a developmental model for much of the world. The period arguably saw the sowing of the seeds of the post-war flowering of what some term the ‘postwar Japanese economic miracle’. However, some scholars dispute this position and argue that the Occupation's policies and impacts actually hindered Japan's recovery. This volume addresses this question and others surrounding the business and economic history of this crucial period. The chapters presented in The Economic and Business History of Occupied Japan are authored by major scholars of the Occupation from the U.S., Japan, and Europe. The chapters are divided into three sections: 'Planning, reform and recovery', 'Industries under the Occupation', and 'Legacies of the Occupation era'. Following an introduction focusing on the historiographical background, the first section examines zaibatsu dissolution and its significance, the role of Japanese businessmen within the Occupation's reforms, the crucial impact of Japan's postwar Materials Crisis, and the impact of reform at the local level in Hokkaidō. Part two looks at a number of individual industries and their development during the era, including the fishing, automotive, and cotton spinning industries. The final section looks at the human impact of the changes of the initial postwar years, including the reintegration of repatriates into the Japanese labour force and the impact of changing working patterns on society and family life. This book covers a key period of the economic and business history of Japan and presents numerous new approaches and original contributions to the scholarship of the Occupation era. It will be of interest to scholars of modern Japan, economic history, business history, development studies and postwar U.S.-Japan relations.
The Economic and Legal Impact of Covid-19: The Case of Poland (Routledge Studies in the European Economy)
by Jerzy MenkesIn response to the outbreak of the COVID-19 pandemic, governments and international institutions took steps to contain the harmful consequences on citizens’ lives and health, as well as the economy. In the short term, the goal was to limit the spread of the virus and the effects of the restrictions on the economy and, in the longer run, to prevent the appearance of new cases, facilitate the end of social restrictions, reboot the economy, and return to a path of sustainable growth and development. This is an economic and legal exploration of the impact of the pandemic, in the Polish context, examining Polish society and the economy as well as the response of the Polish authorities to the pandemic. The choice of Poland as the subject of the research is justified by its specificity. On the one hand, Poland is a country undergoing systemic transformation with access to European and transatlantic institutions. On the other hand, in recent years, it has evolved towards a hybrid democracy and is currently diverging away from the EU project. The book presents Poland’s legal and institutional response to the pandemic, analysed through the prism of common European values and Poland’s international commitments. It signposts the financial solutions adopted by the EU in the aftermath of the outbreak to assess how they will be used in combatting the short and longer-term consequences of the pandemic in Poland. The book is an introduction to original research, shaped by the novelty of the subject matter, and as such, will be essential reading for students and researchers of economics, law, and international relations.
The Economic and Political Dangers of Globalization: A Non-Western Perspective on Global Capitalism
by Dipak Basu Victoria MiroshnikThis book explores the economic and political impact of US aggression and the rise of China. Charting the impact of globalization from the Greek and Roman Empires onwards, the contemporary challenges posed by globalization is analysed in relation to both multinational companies and Wall Street banks. The influence of the World Trade Organization is investigated, with a particular focus on how it has created a Washington consensus throughout the world. This book aims to provide a non-Western perspective on global capitalism and the dangers it creates. It will be relevant to students and researchers interested in political economy, economic history, and development economics.