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This paper analyzes the appropriate choice of an exchange rate regime in agricultural commodity-exporting economies. In an open economy model that incorporates key structural characteristics of agricultural commodity exporters including dual labor markets, the benefits of exchange rate flexibility are shown to depend on the extent of labor and product market development. With developed markets, flexible exchange rates are preferred as they allow for greater relative price fluctuations, which amplify the transmission mechanism of labor reallocation upon commodity price volatility. When labor and product markets are not welldeveloped, however, international relative price adjustments exacerbate currency and factor misalignments. A nominal exchange rate peg, by mitigating relative wage and price fluctuations, increases welfare relative to a float. Given the current low level of labor and product market development across most agricultural commodity exporters, the study provides a counterpoint to conventional arguments in favor of flexible exchange rates and a rationale as to why exchange rate targeting is appropriate in agricultural economies.

Certain key economic decisions taken by organizations and indeed countries are often not made by economists but by businessmen, trade unionists, politicians and policy-makers. Those who employ people, those who represent workers, those who make laws and those who elect them need economics but may have little time or desire to study it.This book makes economics easily available to everyone. The author's use of simple language and avoidance of technical jargon provides non-economists with a better understanding of economic reasoning and the tools'to know and to decide'. The author achieves this through introducing key concepts in short presentations and arming the reader with selected press articles and recent research using these concepts. An analysis of these demonstrates how a general concept can be derived from a specific context and highlighted questions provide the basis for further debate. The reader can then focus on the parts most relevant to their own needs.This book will have great appeal to employers, trade unionists and public officials attending courses organized by international institutions, professional training providers, as well as graduate students of courses where economics is an important element, especially in relation to its policy implications. Finally, it is invaluable for anybody who has wanted to learn the basics of practical economics but has been deterred by its technicalities.

Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets.The book first looks at the definition of markets, their inadequate treatment in orthodox economic theory, and their historical background in the pre-capitalist and capitalist eras. It then assesses various alternatives to orthodox theory, categorised as social/cultural, structural, functional and ethical approaches. Among the alternatives considered are institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views and ethical notions of fair trade. A key finding of the book is that these diverse approaches, valuable as they are, could present a more effective challenge to orthodoxy if they were less disparate. Possibilities are investigated for a more unified theoretical alternative to orthodoxy. Unlike most studies of markets, this book adopts a fully interdisciplinary viewpoint expressed in accessible, non-technical language. Ideas are brought together from heterodox economics, social theory, critical realism, as well as other social sciences such as sociology, anthropology and geography. Anybody seeking a broad critical survey of the theoretical analysis of markets will find this book useful and it will be of great interest to economists, social scientists, students and policy-makers.

¿Cuáles son las oportunidades y desafíos que presenta el mundo actual para Uruguay? Nicolás Albertoni explica las claves de la inserción internacional que el país tiene por delante y porqué es un asunto de urgencia nacional. Con prólogos de Luis Lacalle Pou, Daniel Martínez, Pablo Mieres y Julio María Sanguinetti. ¿Qué pasaría en Uruguay si moviéramos el eje de la discusión abocándola a buscar soluciones en vez de simplemente opinar sobre nuestros problemas? ¿Cuánto habríamos avanzado como país hacia el desarrollo? En este libro Nicolás Albertoni toma como punto de partida la inserción internacional del país para contribuir a un debate orientado a las soluciones. Un país que no está en contacto económico, comercial y político permanente con el mundo no se interpela a sí mismo y tiene a comparaciones facilistas que no lo alientan a crecer. «En momentos de definiciones políticas que determinarán el futuro del país, resulta especialmente oportuno este aporte sobre la estrategia de inserción internacional.» LUIS LACALLE POU «Este libro sale a la luz en el momento indicado. Nos invita a pensar en aspiraciones posibles e importantes que cada vez más se transforman en urgentes.» DANIEL MARTÍNEZ «Un trabajo que refleja una continuidad lúcida y profunda de su investigación. No podemos más que coincidir con la relevancia de esta apuesta.» PABLO MIERES «El Uruguay es internacional o no es. En esta obra están los caminos y las respuestas.» JULIO MARIA SANGUINETTI

The 21st century marks a watershed in the history of the human economic condition. Income and wealth inequalities are now greater than ever before – and their role in the global financial crisis is one of the burning issues of today.Commodity looks at the great financial crisis from an entirely original perspective – that of the global commodity system as a newly operational totality. In the 19th century, the commodity system as defined by Karl Marx was limited to a few regions and embraced only the labour and capital capacities and their outputs. By the end of the 20th century, it encompassed the entire planet and embraced government capacity as well as private capacities, financial securities and material goods and services. This book shows how the financial crisis and its causes can only properly be understood as a result of this vast, unprecedented extension of the commodity system – a system which benefits the rich. The author makes the watertight case that it is only through the creation of a global tax authority – to coordinate national tax regimes and to implement a tax on global wealth – that we can avoid another crisis and create a fairer and more equitable world.Addressing a broad range of themes, Commodity offers a new perspective which will be of interest to political economists as well as researchers specialising in other related fields of social enquiry. Written in a clear and engaging way, the book's concise nature also makes it accessible for the non-specialist reader, and it will especially appeal to all those who want a more just society.

Intended as a basic text on ocean shipping, this book provides a basis for understanding how the industry functions and the problems and issues that arise because of its international character. Dr. Abrahamsson makes no attempt to judge the relative merits of various developments, arguments, or positions; rather, he explains concepts and principles

Die Unterstützung der Innovationstätigkeit von Unternehmen durch staatliche Förderung stellt ein populäres Instrument der Politik dar. Diese Arbeit untersucht unter Anwendung von Ansätzen der Neuen Institutionenökonomik und Entrepreneurship-Theorie die Ausgestaltung von Innovationsförderung am Beispiel des Niedersächsischen Innovationsförderprogramms und die von diesem Programm ausgehende Wirkung auf die beteiligten Akteure. Daran schließt sich die Darstellung der Ergebnisse einer Unternehmensbefragung an, in welcher die theoretischen und empirischen Erkenntnisse verknüpft werden. Im Mittelpunkt steht dabei die Fragestellung, inwiefern sich Unternehmen, die Innovationsfördermittel erhalten haben, von nicht geförderten Unternehmen unterscheiden.

Richard Cantillon is one of the key figures in the early history of economics. He was certainly not the first to think about economic problems, but he was the first to have clear insight into the way the economy functions as a system. He was arguably the first to structure a theory of how the economy works. In this sense he could be called the first real economist. Today, his ideas on population, determination of prices, wages and interest, the role of the entrepreneur, banking, and the influence of money supply on the economy are increasingly quoted and appreciated.This is a translation of the Éssai sur la nature du commerce en general his only surviving work. It was circulated in manuscript form for many years after his death and was extremely influential, albeit not well known, at least throughout the eighteenth century. Essays on the Nature of Commerce in General shaped the development of economics through its formative influence on Franþois Quesnay and Adam Smith. It is a cornerstone upon which all subsequent economic theory has been built.Transaction is proud to breathe new life into this classic work as part of its distinguished series in economic theory and history. In his new introduction, Anthony Brewer showcases Cantillon, the prophetic thinker, for a new generation of readers. This volume's broad-based appeal and great cultural import can no longer afford to be overlooked. Students of economic theory, intellectual historians, and sociologists will find this volume indispensable.

In this book, originally published in 1937, Jacob Viner traces, in a series of studies of contemporary source-material, the evolution of the modern orthodox theory of international trade from its beginnings in the revolt against English mercantilism in the 17th and 18th centuries, through the English currency and tariff controversies of the 19th century, to the late 20th century. The author offers a detailed examination of controversies in the technical literature centering on important propositions of the classical and neo-classical economists relating to the theory of the mechanism of international trade and the theory of gain from trade.

This book illuminates the real effects of regulations on people's everyday lives. It traces the effects of regulations on an economy by working through the ripple effects of changes. In so doing, the book provides a fundamental understanding for the economy as an organism rather than a machine, and enlightens the reader by offering a model for understanding the economy and market. Regulations, which are restrictions placed on the working of the economy, have consequences, both intended and unintended, direct and indirect. While the direct effects are well understood, the indirect effects are often overlooked because they don't fit with the machine understanding of an economy. More to the point, this book emphasizes the real effects of regulation and market change on individual actors, thereby stressing how the economy works to provide an individual with the options that exist in choice situations. We draft a new definition of prosperity and well-being which focuses on the individual's access to valuable alternatives. From this point of view, the real implications of regulation are traced step by step, following the logic of exchange and the effects on individual actors rather than the economy as a whole.

This new edition of Economics for Business uses up-to-date case studies to examine the key issues facing the business world today. Looking at everything from the impact of the financial crisis to the operation of individual business, the 7th edition illustrates how economic theory relates to real business issues in a clear, accessible and engaging way designed to help students excel. Looking for economics in action? Search online for the Sloman Economics News Site, a blog that's updated several times a week with current affairs and topical stories, all linked to your textbook so you can explore the background to the issues more deeply. John Sloman was Director of the Economics Network from its foundation in 1999 until 2012, and is now Visiting Fellow at the University of Bristol where the Network is based. John is also Visiting Professor at the University of the West of England, Bristol. Dean Garratt is Principal Teaching Fellow in the Department of Economics at the University of Warwick. Jon Guest is a National Teaching Fellow of the Higher Education Academy and a Principal Lecturer in the School of Economics, Finance and Accountancy at Coventry University. Jon is also an Associate of the Economics Network and a Lecturer on economics courses delivered to departments across the UK government. Elizabeth Jones is a Principal Teaching Fellow and the Dean of Students in the Economics Department at the University of Warwick. Elizabeth is also a Lecturer on economics courses non-economists delivered to departments across the UK government.

Economics for Business enables the reader to develop a clear understanding of the economic environment in which business takes place. This comprehensive book covers: the process of globalization and its implications for business; the role of the market and supply and demand; the impact of demand on branding and brand loyalty; and pricing strategies under various market structures.With specific business content integrated throughout and a global perspective on the current world of business, taking into account the financial crisis and its aftermath, Economics for Business is a useful introduction to economics for business students, a streamlined and comprehensive alternative to large undergraduate economics textbooks, and a valuable resource for managers and executives who need to understand the basics of economic concepts to grow their business.Online supporting resources for this book include bonus chapters on shareholders, trading blocs and skills groupings, a glossary, history of economics and an instructor's manual.

A detailed look at how economists shaped the world, and how the legacy continues Trillion Dollar Economists explores the prize-winning ideas that have shaped business decisions, business models, and government policies, expanding the popular idea of the economist's role from one of forecaster to one of innovator. Written by the former Director of Economic Research at Bloomberg Government, the Kauffman Foundation and the Brookings Institution, this book describes the ways in which economists have helped shape the world – in some cases, dramatically enough to be recognized with a Nobel Prize or Clark Medal. Detailed discussion of how economists think about the world and the pace of future innovation leads to an examination of the role, importance, and limits of the market, and economists'contributions to business and policy in the past, present, and future. Few economists actually forecast the economy's performance. Instead, the bulk of the profession is concerned with how markets work, and how they can be made more efficient and productive to generate the things people want to buy for a better life. Full of interviews with leading economists and industry leaders, Trillion Dollar Economists showcases the innovations that have built modern business and policy. Readers will: Review the basics of economics and the innovation of economists, including market failures and the macro-micro distinction Discover the true power of economic ideas when used directly in business, as exemplified by Priceline and Google Learn how economists contributed to policy platforms in transportation, energy, telecommunication, and more Explore the future of economics in business applications, and the policy ideas, challenges, and implications Economists have helped firms launch new businesses, established new ways of making money, and shaped government policy to create new opportunities and a new landscape on which businesses compete. Trillion Dollar Economists provides a comprehensive exploration of these contributions, and a detailed look at innovation to come.

First published in 1952, this work is a systematic exposition of Professor Meade's geometric method, bringing together into a single coherent account the modern geometrical analysis of the theory of international trade. The work makes a number of original contributions, notably in the geometrical treatment of domestic production, of the balance of payments, and of import and export duties.

An internationally acknowledged authority on all aspects of the theory of international trade and payments, this book collects Harry Johnson's contributions to the study of international trade, including a critique of the theory of effective protection. The book discusses: the integration of income distribution and other aspects of the economy into the positive theory of tariffs the issues raised by the use of tariffs to promote economic development the implications of distortions of various kinds in the working of competition for tariff theory and policy the costs of protection the implications of effective protection for world economic development and the economic effects of trade preferences the question of free trade and the extent to which it requires the harmonization other aspects of economic policy.

From the world's leading thinker on innovation and New York Times bestselling author of The Innovator's Dilemma, Clayton M. Christensen, comes an unconventional book of inspiration and wisdom for achieving a fulfilling life. Christensen's The Innovator's Dilemma, notably the only business book that Apple's Steve Jobs said “deeply influenced” him, is widely recognized as one of the most significant business books ever published. Now, in the tradition of Randy Pausch's The Last Lecture and Anna Quindlen's A Short Guide to a Happy Life, Christensen's How Will You Measure Your Life is with a book of lucid observations and penetrating insights designed to help any reader—student or teacher, mid-career professional or retiree, parent or child—forge their own paths to fulfillment.

Twenty-five years of reform have transformed China from a centrally planned and closed system to a predominantly market-driven and open economy. As a consequence, China is emerging as the new powerhouse for the world economy. China: new engine for world growth discusses the impact and significance of this transformation. It points out risks to the growth process and unfinished tasks of reform. It presents conclusions from recent research on growth, trade and investment, the financial sector, income and regional disparities, industrial location and private sector development.This work, originally published by Asia Pacific Press, is reproduced here in the interests of maintaining open access to high-quality academic works no longer in print.

The interplay of ideas and policies is central to understanding the historical evolution of economies. Ideas shape economic institutions and real economic constraints are the source of new economic ideas. The history of economic ideas, both those that are fairly recent and those that are considerably older, may provide a fertile ground for new appr

In Human Action, Mises starts from the ideas set forth in his Theory and History that all actions and decisions are based on human needs, wants, and desires and continues deeper and further to explain how studying this human action is not only a legitimate science (praxeology) but how that science is based on the foundation of free-market economics. Mises presents and discusses all existing economic theories and then proceeds to explain how the only sensible, realistic, and feasible theory of economics is one based on how the needs and desires of human beings dictate trends, affect profits and losses, adjust supply and demand, set prices, and otherwise maintain, regulate, and control economic forces. Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century. Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999. Please note: This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes.

General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research, namely, international trade, economic growth, and general equilibrium theory. This book highlights the main aspects of McKenzie's work. Organized into three parts encompassing 21 chapters, this book begins with an overview of the regularizing effects of aggregation over nonregular microrelations. This text then examines the theory of a multiperiod monopolist incurring nonseparable labor adjustment costs, which is developed when investment is irreversible. Other chapters consider the behavior of a price-maker in a competitive market as a preliminary step to a more complete analysis of pure competition. This book discusses as well the effects of uncertainty on optimal decisions, which constitutes an increasingly essential area of economic research. The final chapter deals with the general equilibrium macroeconomic model. This book is a valuable resource for economists and economic theorists.

The Private Planning Association of Canada initiated the Atlantic Economic Studies Program to study the implications for Canada of trade liberalization and closer economic integration among the nations bordering the North Atlantic. Over twenty studies by leading economists, which point out the significance of international trade for the structure and growth of the Canadian economy, have been published in a series of thirteen volumes. This is the last in the series, and it summarizes the conclusions expressed in the previous studies in chapters dealing with such topics as the growth of world markets and changing trade patterns, free trade alternatives for Canada, and the structure of the Canadian economy.