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Economic Models for Policy Making: Principles and Designs Revisited (Routledge Frontiers of Political Economy)
by Solomon CohenOver the past decades, many different kinds of models have been developed that have been of use to policy makers, but until now the different approaches have not been brought together with a view to enhancing the systematic unification and evaluation of these models. This new volume aims to fill this gap by bringing together four decades’ worth of work by S. I. Cohen on economic modelling for policy making. Work on older models has been rewritten and brought fully up to date, and these older models have therefore been brought back to the fore, both to assess how they influenced more recent models and to see how they could be used today. The focus of the book is on models for development policies in developing economies, but there are some chapters that relate to economic policies in transition and developed economies. The policy areas covered are of typical interest in developing and transition economies. They include those relating to trade liberalization reforms, sustainable development, industrial development, agrarian reform, growth and distribution, human resource development and education, public goods and income transfers. Each chapter contains a brief assessment of the empirical literature on the economic effects of the policy measures discussed in the chapter. The book presents a platform of economic modelling that can serve as a refresher for practising professionals, as well as a reference companion for graduates engaging in economic modelling and policy preparations.
Economic Planning and Social Justice in Developing Countries
by Ozay MehmetFirst published in 1978, this book was written at a time when belief was high in Western-guided economic development of the emerging countries. The success of Marshall Plan in war-torn Europe generated a US-led optimism that, with generous inflows of aid and technical assistance, the Third World could be won over in the Cold War. The author’s direct experience as a young academic economist in Cyprus, Malaysia, Uganda and Liberia led him to question this general optimism: the reality on the ground in the developing world did not seem to match Western optimism. Theories and blueprints, made in the West, did not fit the requirements of developing countries. Higher production and better income distribution were inseparable twin objectives of developing nations. That meant, production of a higher national output must at the same time promote social justice. Investment must create adequate jobs so that new entrants into rapidly expanding labor force could be gainfully employed. Yet, the dominant (Western) theories of development at the time, in particular the Trickle Down Theory of Growth, prescribed "Growth First, Distribution Later" strategy. Similarly, Import Substitution Industrialization theories were emphasized at the expense of export-led growth. Dualistic Growth theories preached urban-biased, anti-rural development. This book was written as a rebuttal of such faulty theorizing and misguided professional technical assistance and the book’s message is no less valid today than in the 1970’s.
Economic Policy of the People's Republic of China
by Barbara DarimontThis book deals with the current economic policy of the People's Republic of China. In addition to a brief overview of economic history since its founding and discussions of economic models, an overview of both the forms of business and the Chinese labor market is provided. The book pays particular attention to the development of China's e-commerce sector. Equally significant are China's environmental issues against the backdrop of the climate crisis. Without innovations, for example in energy production and waste management, the Chinese economy will hardly be able to continue growing. Therefore, one focus of the book is on economic policy in the environmental sector. Finally, foreign policy, including the Silk Road Initiative, is examined. The aim of this book is to highlight the above developments. It is aimed at laypersons involved in the business of China as well as first-year students who want an overview of economic policy institutions and current developments.
Economic Systems Analysis: Statistical Indicators (Studies in Systems, Decision and Control #158)
by Elena V. Sibirskaya Lyudmila V. Oveshnikova Lilia A. Mikheykina Innara R. LyapinaThis book explores a wide range of issues related to the methodology, organization, and technologies of analytical work, showing the potential of using analytical tools and statistical indicators for studying socio-economic processes, forecasting, organizing effective companies, and improving managerial decisions. At the level of “living knowledge” in the broad context, it describes the essence of analytical technologies and means of applying analytical and statistical work. The book is of interest to readers regardless of their specialization: scientific research, medicine, pedagogics, law, administrative work, or economic practice. Starting from the premise that readers are familiar with the theory of statistics, which has formulated the general methods and principles of establishing the quantitative characteristics of mass phenomena and processes, it describes the concepts, definitions, indicators and classifications of socio-economic statistics, taking into consideration the international standards and the present-day practice of statistics in Russia. Although concise, the book provides plenty of study material as well as questions at the end of each chapter It is particularly useful for those interested in self-study or remote education, as well as business leaders who are interested in gaining a scientific understanding of their financial and economic activities.
Economic Theory in the Twentieth Century, An Intellectual History—Volume III: 1946–Mid-1970s. Economic Theory in the New Golden Age of Capitalism
by Roberto MarchionattiThis book, set out over four-volumes, provides a comprehensive history of economic thought in the 20th century. Special attention is given to the cultural and historical background behind the development of economic theories, the leading or the peripheral research communities and their interactions, and a critical appreciation and assessment of economic theories throughout these times.Volume III addresses economic theory in the period of the new golden age of capitalism, between the years from the end of the Second World War to the mid1970s, which saw the establishment of the new mainstream, in particular in its Harvard-MIT-Cowles version. It was the period of the pre-eminence of the Neoclassical Keynesian Synthesis—the theoretical core of the period’s dominant school of thought.This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of themajor international figures in economics. It will appeal to students, scholars and the more informed reader wishing to further their understanding of the history of the discipline.
Economic Time Series: Modeling and Seasonality
by Tucker S. McElroy Scott H. Holan William R. BellEconomic Time Series: Modeling and Seasonality is a focused resource on analysis of economic time series as pertains to modeling and seasonality, presenting cutting-edge research that would otherwise be scattered throughout diverse peer-reviewed journals. This compilation of 21 chapters showcases the cross-fertilization between the fields of time s
Economic and Environmental Cost of Traffic Congestion in India
by Krishna Raj Vijayalakshmi S SThis book explores one of the most prevailing problems of the contemporary urban world, i.e. traffic congestion and its economic, environmental, and health implications. Generally viewed as an urban menace, the problem of traffic congestion has huge economic implications, which are often overlooked by urban planners. This book examines and quantifies the costs and adverse consequences and of traffic congestion, which include emissions, loss of productive hours, fuel wastage, and the adverse effects on the health of commuters, among others. It provides a comprehensive and scientific understanding of the underlying problems of traffic gridlocks by analyzing empirical evidence from Bengaluru, a city in South India. It also offers solutions and highlights innovative measures that draw from both economic and engineering perspectives to counter and reduce the tangible and intangible costs of traffic conjestion. This book will be of interest to both academic and non-academic readers of economics, environmental economics and econometrics, transport economics, urban planning, transport geography, as well as planners and policy makers.
Economic and Financial Modelling with EViews: A Guide for Students and Professionals (Statistics and Econometrics for Finance)
by Abdulkader Aljandali Motasam TatahiThis practical guide in Eviews is aimed at practitioners and students in business, economics, econometrics, and finance. It uses a step-by-step approach to equip readers with a toolkit that enables them to make the most of this widely used econometric analysis software. Statistical and econometrics concepts are explained visually with examples, problems, and solutions.Developed by economists, the Eviews statistical software package is used most commonly for time-series oriented econometric analysis. It allows users to quickly develop statistical relations from data and then use those relations to forecast future values of the data. The package provides convenient ways to enter or upload data series, create new series from existing ones, display and print series, carry out statistical analyses of relationships among series, and manipulate results and output. This highly hands-on resource includes more than 200 illustrative graphs and tables and tutorials throughout. Abdulkader Aljandali is Senior Lecturer at Coventry University in London. He is currently leading the Stochastic Finance Module taught as part of the Global Financial Trading MSc. His previously published work includes Exchange Rate Volatility in Emerging Markers, Quantitative Analysis, Multivariate Methods & Forecasting with IBM SPSS Statistics and Multivariate Methods and Forecasting with IBM® SPSS® Statistics. Dr Aljandali is an established member of the British Accounting and Finance Association and the Higher Education Academy.Motasam Tatahi is a specialist in the areas of Macroeconomics, Financial Economics, and Financial Econometrics at the European Business School, Regent’s University London, where he serves as Principal Lecturer and Dissertation Coordinator for the MSc in Global Banking and Finance at The European Business School-London.
Economic and Political Change in Asia and Europe
by Frédéric Royall Bernadette Andreosso-O'CallaghanSince the 1973 publication of Alain Peyrefitte's prophetic When China Awakens, developments in East Asia have outstripped even the wildest predictions. China has undergone the fastest industrialization and urbanization process in history, yet tensions there are rising as some realize how far they have been left behind. This volume explores the applicability of European economic and social models to our analysis of East Asia's and, in particular, China's situation. Though millions of Chinese and other Asian people have been lifted out of poverty, inequality is rising nonetheless, and contemporary Europe and Asia are both witnessing collective action against rampant economic neoliberalism in the former and the exclusion of minorities in the latter. It is difficult to overstate the relevance of this assessment, which seeks answers to some central questions: Can events in Europe serve as a model for those in East Asia? Are there similarities or differences between the two regions? To what extent do political, economic or social systems stimulate or inhibit collective action? How culturally equivalent are the collective actions of marginalized/ disadvantaged people in the two locations, or are events in Europe symptomatic of specific cultural attributes? Comparing and contrasting the research tools and dominant paradigms in the social and economic sciences in East Asia and Europe, as this volume does, throws out some revealing results.
Economics
by Paul KrugmanAvailable with Achieve, Krugman and Wells’ widely adopted text helps students reach new levels of economic understanding. <P><P>The new edition is revised and enhanced, including new interactive graphs, interactive topic reviews, thorough coverage of the Covid recession, and updated analysis of aggregate demand/aggregate supply and monetary policy.
Economics After the Crisis
by Adair TurnerThe global economic crisis of 2008--2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008--2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that the faults of theory and policy that led to the crisis were integral elements within a broader set of simplistic beliefs about the objectives and means of economic activity that dominated policy thinking for several decades. This dominant discourse cast economic growth as the objective, markets as the universally applicable means of achieving it, and inequality as inevitable and necessary. Turner takes on these assumptions point by point, arguing that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced, and that these conclusions have broad implications for the case for economic freedom, for specific areas of public policy (including financial regulation and climate change), and for the discipline of economics itself.
Economics After the Crisis: Objectives and Means (Lionel Robbins Lectures)
by Adair TurnerA noted economist challenges the fundamental economic assumptions that cast economic growth as the objective and markets as the universally applicable means of achieving it. The global economic crisis of 2008–2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008–2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.
Economics class 12 - GSTB
by Gujarat State Board of School TextbooksThe Gujarat State Board of School Textbooks takes pleasure in presenting this textbook to the students. It is prepared according to the new syllabus of Economics for Standard 12. This textbook is written and reviewed by expert teachers and professors. This textbook is published after incorporating the necessary changes suggested by the reviewers.
Economics of Natural Disasters: A Machine-generated Literature Overview
by Prarthna Agarwal Goel Joyita Roy Chowdhury Charu Grover Sharma Yashobanta ParidaThis book is a machine-generated literature overview that explores the theoretical and empirical aspects of economics of natural disasters such as floods, cyclones, droughts, and earthquakes from a policy perspective. It provides a comprehensive collection of economic theories in Disasters and empirical findings that would benefit scholars in academia and policy-making. On the theory side, there is a growing use of game theory, Input-Output, computable general equilibrium models, and Catastrophe models to analyze the economic impacts of natural disasters. These models provide optimal decisions for the government concerning disaster relief. On the empirical front, studies showing causal and associative relationships between disasters and socio-economic variables are important for estimating disaster-related losses and making appropriate policy suggestions.The book explores different critical aspects and interlinkages of natural disasters; economic, social, and political. Besides having localized effects, disasters influence macroeconomic parameters, such as impacts on international trade and foreign direct investment. Moreover, the effects of disasters are subject to interventions from various national and international agencies. It discusses fiscal pressures caused due to disasters and existing policies related to disaster-risk mitigation and management as a guide to policy-making. It is an important guide to researchers and policymakers examining the socio-economic impact of natural disasters and public investment for disaster-risk mitigation.
Economics of Tourism in Portugal: Impacts of the COVID-19 Pandemic (SpringerBriefs in Economics)
by Vítor João MartinhoThis Brief discusses impacts of the COVID-19 pandemic on the Portuguese tourism sector. Taking into account real-world conditions and the importance of the tourism sector for the Portuguese economy, this book highlights the economic contexts of tourism in Portugal at the regional and municipal levels, discussing pre-pandemic economic frameworks and projecting potential implications for the future. Using data provided by Statistics Portugal, the Brief performs econometric analysis on three cases: new paradigms for overnight stays and guests, changes in tourism revenues and prospective alternatives, and a comparison of effects on changes in number of guests and overnight stays at the regional level. Providing cutting edge analysis of a dynamic global situation, this Brief will be useful for researchers interested in tourism economics and European economics as well as policymakers and industry professionals.
Economics with Heterogeneous Interacting Agents
by Mauro Gallegati Alessandro Caiani Alberto Russo Antonio PalestriniThis book offers a practical guide to Agent Based economic modeling, adopting a learning by doing approach to help the reader master the fundamental tools needed to create and analyze Agent Based models. After providing them with a basic toolkit for Agent Based modeling, it present and discusses didactic models of real financial and economic systems in detail. While stressing the main features and advantages of the bottom-up perspective inherent to this approach, the book also highlights the logic and practical steps that characterize the model building procedure. A detailed description of the underlying codes, developed using R and C, is also provided. In addition, each didactic model is accompanied by exercises and applications designed to promote active learning on the part of the reader. Following the same approach, the book also presents several complementary tools required for the analysis and validation of the models, such as sensitivity experiments, calibration exercises, economic network and statistical distributions analysis. By the end of the book, the reader will have gained a deeper understanding of the Agent Based methodology and be prepared to use the fundamental techniques required to start developing their own economic models. Accordingly, Economics with Heterogeneous Interacting Agents will be of particular interest to graduate and postgraduate students, as well as to academic institutions and lecturers interested in including an overview of the AB approach to economic modeling in their courses. "
Economics: Principles And Practices
by McGraw-Hill EducationProven in the classroom, Economics: Principles and Practices provides a solid basis for learning economics for all students based on the twenty standards from the Council of Economic Education Includes Print Student Edition
Economists' Mathematical Manual
by Knut Sydsaeter Peter Berck Arne StrømThis volume presents mathematical formulas and theorems commonly used in economics. It includes both formulas like Roy`s identity that are peculiar to economics and formulas like Leibniz's rule that are common to many areas of applied mathematics. The volume is meant to be a reference work, to be used by students in conjunction with a textbook and by researchers in need of exact statements of mathematical results. The volume is the first grouping of this material for a specifically economist audience.
Economy and Disability: A Game Theoretic Approach (Economy and Social Inclusion)
by Akihiko MatsuiSociety has developed so that it accommodates the needs of intertwined people, but a question arises as to which people have been accommodated. Has everyone been taken care of in an equal manner? If not, who has fallen into the gap between the institutions that are supposed to accommodate them? This book is a study of these issues of economy and disability using game theory, which has provided a means of analyzing various social phenomena. Part I provides actual cases related to economy and disability, with the stories based on interviews by the author. Part II is geared toward a game theoretic analysis. This book explains disability-related issues by game theory and innovates that theory by deeply contemplating the issues.It is not common that first-rate theorists manage to make their research relevant and applicable to the most pressing problems our society faces these days. This is the remarkable achievement of this book. Akihiko Matsui, an internationally recognized leader in economic theory, succeeds in bringing profound game theoretical insights to the questions of disability, the social norms relating to it, and the ethical and economic problems they raise. The book is a tour de force, brilliantly combining economic and sociology, mathematics and philosophy, to provide us a fresh look at the way we run modern societies.Itzahk Gilboa, Professor, Eitan Berglas School of Economics, Tel-Aviv University and Professor of Economics and Decision Sciences, HEC, ParisThe present world faces a broad range of societal problems such as discrimination against minorities and conflicts between groups. The market mechanism may solve some of these dilemmas, but many others remain. This book targets various societal problems and provides game theoretical approaches to them, stressing the importance of social institutions including the market system and individual interactive attitudes to society. Aki Matsui’s splendid Economy and Disability is indispensable for students and scholars interested in social science, particularly in economic theory, and gives a better understanding of these phenomena and their potential cures.Mamoru Kaneko, Professor, Faculty of Political Science and Economics, Waseda UniversityIn this book, Aki Matsui is revealed to be a fully-fledged humanist in the guise of a game theoretician. He beautifully presents game-theoretical ideas while at the same time suggesting how society should relate to the disabled. This unique combination makes Economy and Disability—apart from anything else—a truly moving book.Ariel Rubinstein, Professor of Economics, Eitan Berglas School of Economics, Tel-Aviv University and Professor of Economics, New York University
Economy in Society
by Paul OstermanIn Economy in Society, five prominent social scientists honor Michael J. Piore in original essays that explore key topics in Piore's work and make significant independent contributions in their own right. Piore is distinctive for his original research that explores the interaction of social, political, and economic considerations in the labor market and in the economic development of nations and regions. The essays in this volume reflect this rigorous interdisciplinary approach to important social and economic questions.M. Diane Burton's essay extends our understanding of internal labor markets by considering the influence of surrounding firms; Natasha Iskander builds on Piore's theory of immigration with a study of Mexican construction workers in two cities; Suzanne Berger highlights insights from Piore's work on technology and industrial development; Andrew Schrank takes up the theme of regulatory discretion; and Charles Sabel discusses theories of public bureaucracy.
Economy in Society: Essays in Honor of Michael J. Piore
by edited by Paul OstermanProminent economists discuss internal labor markets, the dynamics of immigration, labor market regulation, and other key topics in the work of Michael J. Piore. In Economy in Society, five prominent social scientists honor Michael J. Piore in original essays that explore key topics in Piore's work and make significant independent contributions in their own right. Piore is distinctive for his original research that explores the interaction of social, political, and economic considerations in the labor market and in the economic development of nations and regions. The essays in this volume reflect this rigorous interdisciplinary approach to important social and economic questions.M. Diane Burton's essay extends our understanding of internal labor markets by considering the influence of surrounding firms; Natasha Iskander builds on Piore's theory of immigration with a study of Mexican construction workers in two cities; Suzanne Berger highlights insights from Piore's work on technology and industrial development; Andrew Schrank takes up the theme of regulatory discretion; and Charles Sabel discusses theories of public bureaucracy.
Econophysics Approaches to Large-Scale Business Data and Financial Crisis: Proceedings of Tokyo Tech-Hitotsubashi Interdisciplinary Conference + APFA7
by Tsutomu Watanabe Hideki Takayasu Misako TakayasuThe new science of econophysics has arisen out of the information age. As large-scale economic data are being increasingly generated by industries and enterprises worldwide, researchers from fields such as physics, mathematics, and information sciences are becoming involved. The vast number of transactions taking place, both in the financial markets and in the retail sector, is usually studied by economists and management and now by econophysicists. Using cutting-edge tools of computational analysis while searching for regularities and "laws" such as those found in the natural sciences, econophysicists have come up with intriguing results. The ultimate aim is to establish fundamental data collection and analysis techniques that embrace the expertise of a variety of academic disciplines. This book comprises selected papers from the international conference on novel analytical approaches to economic data held in Tokyo in March 2009. The papers include detailed reports on the market behavior during the financial crisis of 2008 and discussions on the mechanism of bubbles and crashes, with proposals for avoiding new crises. Filled with up-to-date research, this book will interest researchers and students, finance professionals, and scholars in diverse fields.
Econophysics and Companies: Statistical Life and Death in Complex Business Networks
by Hideaki Aoyama Yoshi Fujiwara Yuichi Ikeda Hiroshi Iyetomi Wataru SoumaEconophysics is an emerging interdisciplinary field that takes advantage of the concepts and methods of statistical physics to analyse economic phenomena. This book expands the explanatory scope of econophysics to the real economy by using methods from statistical physics to analyse the success and failure of companies. Using large data sets of companies and income-earners in Japan and Europe, a distinguished team of researchers show how these methods allow us to analyse companies, from huge corporations to small firms, as heterogeneous agents interacting at multiple layers of complex networks. They then show how successful this approach is in explaining a wide range of recent findings relating to the dynamics of companies. With mathematics kept to a minimum, the book is not only a lively introduction to the field of econophysics but also provides fresh insights into company behaviour.
Econophysics and Sociophysics: Recent Progress and Future Directions
by Bikas K. Chakrabarti Anirban Chakraborti Hideaki Aoyama Frédéric Abergel Dhruv Raina Nivedita Deo Irena VodenskaThis book presents the proceedings from ECONOPHYS-2015,an international workshop held in New Delhi, India, on the interrelated fieldsof "econophysics" and "sociophysics", which have emerged from the applicationof statistical physics to economics and sociology. Leading researchers fromvaried communities, including economists, sociologists, financial analysts,mathematicians, physicists, statisticians, and others, report on their recentwork, discuss topical issues, and review the relevant contemporary literature. A society can be described as a group of peoplewho inhabit the same geographical or social territory and are mutually involvedthrough their shared participation in different aspects of life. It is possibleto observe and characterize average behaviors of members of a society, an examplebeing voting behavior. Moreover, the dynamic nature of interaction within anyeconomic sector comprising numerous cooperatively interacting agents has manyfeatures in common with the interacting systems of statistical physics. It ison these bases that interest has grown in the application within sociology andeconomics of the tools of statistical mechanics. This book will be of value forall with an interest in this flourishing field.
Econophysics of Agent-based models
by Bikas K. Chakrabarti Anirban Chakraborti Hideaki Aoyama Frédéric Abergel Asim GhoshThe primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is "perfectly rational" and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature.