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This paper describes a new, comprehensive database of tax policy measures in 23 advanced and emerging market economies over the last four decades. We extract this information from more than 900 OECD Economic Surveys and 37,000 tax-related news from the International Bureau of Fiscal Documentation using text-mining techniques. The innovation of this dataset lies in its granularity: changes in the rates and bases of personal and corporate income taxes, value added and sale taxes, social security contributions, excise, and property taxes are systematically documented. In addition, the database provides information on the announcement and implementation dates, whether the measures represent major changes, are part of a broader tax package, and phased in over several years. The paper also presents a range of stylized facts suggesting that information from this database is useful to deepen the analysis of tax policy changes for research and policy purposes.

Economics affects our daily lives in crucial ways. We constantly hear about recessions and unemployment, inflation and cost-of-living crises, economic growth and inequality, climate change and carbon taxes, interest rates and house prices, and tariffs and trade wars. What does this all mean?Written in a highly engaging style, Economics: A Global Introduction cuts through the jargon to provide a comprehensive introduction to the basics of economics. This book includes applications of economic principles and insights from behavioural economics into contemporary issues such as global warming and the COVID-19 pandemic. This book is replete with real-world examples and anecdotes from politics, literature, film, and sports to help the reader grasp fundamental micro- and macroeconomic concepts. Student-friendly features include case studies, start-of-chapter learning objectives, discussion questions and answers, further reading suggestions, and mathematical appendices. This book is accompanied by useful digital resources, including lecture recordings, PowerPoint slides, and a test bank containing both multiple-choice and essay questions and answers. Suitable for students who may pursue further studies in economics, as well as those choosing a different field, Economics: A Global Introduction is the ideal textbook for providing students with an economic perspective on the world.

In the ongoing global pursuit for a fairer and more equitable world, the battle against poverty stands as a cornerstone. Addressing poverty requires not just immediate relief but also sustainable, long-term solutions. This collected edition delves into practical strategies aimed at not only alleviating poverty but also fostering enduring development. Creating Pathways for Prosperity offers practical and effective strategies for combating poverty and promoting lasting sustainable development. The authors strive to bridge the gap between research and action by providing actionable advice and best practices for addressing poverty in an inclusive and sustainable manner. They analyze evidence-based policies and interventions that can be implemented at local, national, and global levels to effectively reduce poverty. Emphasizing long-term solutions over short-term fixes, this collection aims to empower individuals to reach their full potential and contribute to thriving, resilient communities. By focusing on capacity building, gender equity, inclusivity, sustainable livelihoods, environmental sustainability, strong governance, and partnership models, this approach lays the foundation for a pathway to prosperity. This comprehensive collection is essential reading for those seeking deep insights into poverty and effective strategies for its alleviation. Students in social sciences, international development, public policy, and related fields will find an invaluable resource, enriching their understanding of poverty and development matters.

The Routledge International Handbook of Complexity Economics covers the historical developments and early concerns of complexity theorists and brings them into engagement with the world today.In this volume, a distinguished group of international scholars explore the state of the art of complexity economics, and how it may deliver new and relevant insights to the challenges of the 21st century. Complexity science started in 1899 when Henri Poincaré described the three-body problem. The first approaches in economics emerged somewhat later, in the 1980s, driven by the Brussels-Austin school. Since then, complexity economics has gone through numerous developments: departing from linear simplifications, applying physical algorithms, to evolutionary economics and big data. This book covers the basic principles and methods, and offers an overview of the various domains—ranging from diverse fields of productivity studies, agricultural economics, to monetary economics—as well as the current challenges such as climate change, epidemics and economic inequality where complexity economics can provide insight. It closes with a review of complexity political economy and policy.Offering a vibrant alternative to orthodox economics, this handbook is a crucial resource for advanced students, researchers and economists across the disciplines of heterodox economics, economic theory and econophysics.

Applying the demand-led growth models framework, this book examines the recent macroeconomic performance of the key Mediterranean economies – Italy, Spain, Portugal and Greece – including the responses to the economic and financial crisis (2008), the debt crisis (2010) and the COVID-19 crisis (2020).As the book explains, the central idea of the growth model approach is that the widespread breakdown of the old labor institutions, such as the existence of strong unions, centralized wage bargaining and the participation of the workforce in corporate governance, has led to a fall in the wage share and a rise in inequality in most advanced economies. Thus, the two main contemporary growth models are usually characterized as debt-led and export-led. In both models, the same processes that cumulatively drive growth, such as over-consumption, also simultaneously undermine the foundations on which this expansion takes hold.The book examines the extent to which these processes hold true for Mediterranean economics and explores the key factors of their economies including productive capacity, growth of aggregate demand components, wage-led or profit-led regimes, personal income distribution, the foreign sector, the financial sector, labor relations, the labor market and welfare states. In particular, the book examines whether policy responses and state interventions in recent years have led to a divergence between the economies. To what extent are these changes transforming the existing growth models? Are we facing a change in the Mediterranean model or the disappearance of the Mediterranean bloc as a whole?This book marks a significant addition to the literature on the economics and politics of Southern Europe and the fields of political economy, comparative economics, and macroeconomics more broadly.

This book explores the levels of cooperation and the phenomenon of convergence among BRICS nations. It provides an in-depth look into the financial and banking systems among these rapidly developing economies and the steps they have taken to foster development and counter inequalities.Of the many factors in determining the income and wealth of a country as well as a group of countries, commercial bank credit, a well-known financial indicator, has been an important one. This book analyses the governance and structure of the New Development Bank and its effects on group members for peer growth and to defend against any external economic and political shocks. It looks at how much of an influence the commercial bank credit, or simply the credit, has upon the income levels of the BRICS member countries, how equitable they are, whether they are converging in credits and incomes, and other such issues. It also focuses on India's credit aspects of inclusiveness and convergence.With a strong empirical model estimation, this book will be of interest to students and researchers of economics, finance, management, political studies, international relations, and international trade.

This book provides a detailed structured analysis of the transition that has taken place in the Indian economy since independence to the present times (including the period of COVID-19 pandemic). Analysing objectives, achievements and failure of planning, the book discusses the crisis in the late 1980s, followed by economic reforms – structural changes and stabilization policies implemented along with regional variation on the development pattern across states.The book also examines policies of distribution, poverty, inequality, and unemployment, reform measures in major sectors, namely, banking or financial sector in general, tax or fiscal policy, external or trade and exchange rate policy. This volume will be useful for students, researchers and faculty working in the field of economics, development studies, political science and public administration. The book will also be an invaluable companion to policymakers looking for a thorough and compact view of the transition in the Indian economic situation and the resulting policy changes which took place since India's independence.

This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modeling an economic system. Adopting a pluralistic approach, it rigorously analyzes the theories and policies proposed by the classical and neoclassical, Marxian, institutionalist, Keynesian and post-Keynesian schools of thought. It critically examines fiscal, monetary, and regulatory policies prescribed by the different schools, exploring the intricate links between the economy, society and nature. It ultimately demonstrates that economic modeling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history.Key Features:Presents a realistic picture of human economic behavior based on empirical evidence from multiple scientific disciplinesDiscusses alternative approaches to modeling an economic system, and explains the advantages and weaknesses of eachDraws on diverse schools of economic thought and other scientific disciplines to explain why an economic system is never a stationary structure but always in a process of dynamic changeFocuses on how macroeconomic policy can be improved in a time of growing inequality, insecurity, and ecological stresses and contradictionsInterdisciplinary in scope, this textbook will prove essential to scholars, researchers and students of economics and finance, especially those interested in political economy, evolutionary economics, environmental economics, development economics, and radical and feminist economics. Economists and social scientists seeking alternative approaches to macroeconomics will equally benefit from this fundamental resource.

A rigorous defense of free markets and open enterprise in the tradition of Adam Smith.During the 20th century, Vietnam and Poland were both victims not only of devastating wars, but also of socialist planned economies that destroyed whatever war hadn't already. In 1990, Vietnam was still one of the poorest countries in the world, while Poland was one of the poorest in Europe. But in the three decades since then, both countries have drastically improved their citizens'standards of living and escaped the vicious cycle of national poverty.In this book, Rainer Zitelmann identifies the reasons behind the sensational growth of both nations'economies, drawing out the lessons that other countries can learn from these two success stories. To explain the source of their success, he returns to Adam Smith's 1776 treatise, The Wealth of Nations: the only way to overcome poverty is through economic growth, Smith wrote, and economic freedom is the crucial prerequisite for such growth.Developments over the past 250 years have proved Smith right. The market economy has led to a global decline in poverty unparalleled in human history. Compare this to the fifty years of “development aid” in Africa that have only entrenched the status quo, and it is clear which approach yields superior results.Despite these strides, almost ten percent of the world's population still lives in extreme poverty. So, what measures actually help to alleviate poverty today? Through a wealth of data and stories from the everyday lives of Polish and Vietnamese people who experienced reforms, Zitelmann demonstrates the persistent relevance of Smith's ideas to economic flourishing in the 21st century.

Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

This book offers various insights on current hot topics in development economics. The authors address the questions of gender effects, leapfrogging, the factors determining the production frontiers of countries, and the respective roles of financial, monetary and fiscal policies in fostering the development of countries. They also question one of the strategies utilized by policy makers in poor countries: development through trade and financial globalization.

This book focuses on the economic challenges India has been facing since its independence in 1947. It traces the country's journey of economic transition and critically analyzes themes such as the political economy of development, agriculture, macroeconomy, industry and labor, money and finance, trade liberalization, gender, welfare, energy, and the environment. The volume also addresses the issues of increasing income inequality, mass unemployment, and environmental degradation and suggests policies for efficient and desirable outcomes in socio-economic development.This is an important and timely contribution that it will be of interest to scholars and researchers in economics, development studies, political economy, management studies, public policy, and political studies. It will also be useful to policymakers.

The world of economics and management is being reshaped in more ways than one including rapid advancements in technology and business practices. This book weaves together a diverse set of issues such as consumption patterns, wealth disparities and the management, behaviour and financial health of businesses and consumers to analyse the effectiveness of economic and business strategies. Rapid technological advancements along with the need for cost-effectiveness and convenience are making service providers embrace technology as a partner rather than a tool in their economic journey. Relatedly, traditional management philosophy is coming under a scanner, with an increasing emphasis on holistic development of the organization, rather than a top-down approach, as has been the case in the past. Understanding major developments in economic and financial policymaking has perennially been a key concern of public policy, shaped by recent global and related developments, this has necessitated a relook at these issues, couched in a cross-cutting perspective. Viewed from this standpoint, the present volume, written to honour the rich academic work of the eminent economist Professor Anindya Sen intersects this triad of economics, finance and public policy that are integral to policy thinking and its formulation. The smorgasbord of research ideas, involving both theoretical analysis and empirical evidence, presented in this volume, provides useful perspectives on the drivers that are continually reshaping the dynamism in the world around us and, in the process, integrates a multidisciplinary perspective of focusing on several pertinent policy challenges.This book will be useful to researchers and students of economics, finance and public policy, economic theorists, microeconomics, and even to those with a broader canvass such as researchers in macroeconomics, international economics, business, management and marketing.

This Companion is a comprehensive introduction to Modern Money Theory (MMT), covering a wide variety of topics from the nature and origins of money, to the fundamentals of government spending and taxation, to the application of MMT in developed and developing countries.Bringing together prominent MMT economists, The Elgar Companion to Modern Money Theory analyzes the crucial contemporary issues of financing the green transition, aging and social security, and job guarantee programs. Authors discuss government debt in the modern money system, the dynamics of fiscal deficits and debt, resource constraints, and macroeconomic policy. This forward-thinking Companion constructively responds to MMT critiques, advocating for the use of MMT principles to devise more effective and sustainable development policies for the future.This book is a crucial resource for students, academics, and researchers specializing in economics, political economics, political science, and the social sciences more broadly. Discussing practical examples alongside theory and related critique, The Elgar Companion to Modern Money Theory is also invaluable for economic policymakers and practitioners.

This book clarifies the mechanism of widening income inequality and declining labor share in macroeconomics, growth, technology, and the labor market, and provides policy implications. The volume covers three research themes: the influence of structural change, the advancement of artificial intelligence, and the phenomena of market concentration on inequalities and labor share dynamics in theory and empirics. The wide array of theoretical topics in this book includes the implications of unbalanced growth, economy-wide elasticity of substitution between capital and labor, relatively rising service sectors, superstar firm phenomena, automation, the heterogeneity of capital, increasing returns to scale, and the information and financial service sectors on inequalities and labor share decline. These analyses are based on multifactor, multisector general equilibrium, the goods market, and the labor market's imperfectly competitive framework. In addition, the book covers the relevant empirical data analyses that involve top wealth dynamics in the U.S. Forbes 400, the effect of deepening ICT capital on the labor share in major Japanese industries, and the emergence of increasing returns to scale in the Japanese information and financial sectors.

Monetary economics is concerned with the role of money in economic activities. The development of monetary theory and policy plays a significant role in the growth and development of various economies. This has far-reaching implications for various sectors of the economy through several channels, including inflation, employment, interest rates, exchange rates, consumption, government spending, investment, and the level of economic activity. Much of the literature to date has focused on developed economies. This book, however, is an essential guide to the monetary and economic systems of emerging and developing countries.The book contributes to the role of monetary policy in macroeconomic stabilisation by examining the characteristics and recent developments in emerging and developing countries'monetary and economic systems, including lessons learned in monetary policy and the associated challenges, the role of building blocks of monetary theory, and policy frameworks used in practice, especially looking at why and how these issues are relevant in these economies. It provides theoretical underpinnings and critical issues relating to various aspects of monetary theory, including the role of money, monetary systems, money supply, demand for money, central banking, monetary policy, and the instruments for its implementation in emerging and developing countries. Furthermore, it presents relevant cases, illustrating the intricacies of the monetary systems in these countries.This invaluable resource elucidates the significant differences between developed and emerging and developing economies. It contributes to the field by providing a comprehensive understanding of monetary economics for students, scholars, researchers, policymakers, and monetary and economic policy practitioners.

This book provides an analysis of various sources and forms of systemic financial risk. It focuses on the most pressing research questions for both advanced and emerging market economies, including green finance, ESG agenda and related risks, international financial connectivity across countries and financial institutions, and catastrophic risks modeling. Part 1 considers emerging research issues in risk assessment and management, including new approaches to measuring financial development, trends and prospects of green finance, and cross-country financial spillovers. Part 2 casts a more nuanced look at the quantitative models and methods adopted in risk assessment and risk management, putting such issues as measuring catastrophic risks, liquidity mismatches as well as modeling probabilities of default and the impact of macroeconomic fundamentals on capital adequacy ratios in the Russian banking sector in the spotlight. Finally, Part 3 discusses the new regulatory challenges dealingwith risk assessment and risk management, such as macroprudential policies which have proved efficient to mitigate systemic risk are investigated. The book offers a comprehensive picture of the challenges which emerging market economies are facing in the field of financial risk assessment and management. Specifically, the challenges are discussed in the context of elaborated models and policy responses, which are based on the up-to-date theoretical contributions and empirical evidence from various fields, making the book relevant to professors, researchers, graduate students, and practitioners of risk management, international finance, and financial services.

Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.

This book advances our knowledge on intangibles and their role in productivity growth, presenting a unique multi-level perspective. It encompasses micro, meso, and macro approaches that build upon firm-, industry-, and country-level data and introduces novel layers of analysis.A variety of empirical instruments are used in the book, such as a large-scale international survey, input-output analysis, register data, etc., thus displaying fresh, comparative evidence for Europe, the USA, China, Korea, and Japan. The book also examines the subject within the global value chain context, which is one of the most relevant phenomena of recent decades, and assesses cross-country trends, drawing on a unique industry-level database of intangible assets, based on production input data from all over the world.The book offers new insights on how to measure intangibles, how they contribute to productivity growth, and how policy can help foster intangibles investments and growth. It will therefore be of great interest to scholars, researchers, and advanced students in the fields of economic growth, innovation, technology, and business management.

Why are some countries rich and others poor? This leading text introduces students to the latest theoretical tools, data, and insights underlying this pivotal question. By showing how empirical evidence relates to new and old theoretical ideas, Economic Growth provides students with a complete introduction to the discipline and the latest research.In addition to thorough updates to the data throughout the book, this fourth edition responds to new research in the field since the last edition. Major changes include: new material on labor's share of income updated material on health and education updated material on the impact of trade on productivity a heavily revised chapter on government, including an expanded section on legacy effects of colonialism a heavily revised chapter on income inequality, including an expanded section on mobility a heavily revised chapter on culture, including an expanded section on persistent effects of geographical factors updated material on climate change, including an expanded discussion of outcomes and policies related to global warming updated online learning resources With its comprehensive and flexible organization, Economic Growth is ideal for a wide array of courses, including undergraduate and graduate courses in economic growth, economic development, macroeconomic theory, applied econometrics, and development studies.

This book deals with the mathematical theory of macroeconomic hysteresis, which is the theory of aggregation of microeconomic hysteresis. Microeconomic sunk cost hysteresis is usually represented by relatively simple hysteresis loops with no discrete memory of past economic shocks. It turns out that macroeconomic aggregation leads to the formation of complex multibranch hysteresis with discrete memory of past economic shocks. Consequently, the macroeconomic aggregation of microeconomic hysteresis results in the emergence of new economic phenomena.In the book, the basic properties of macroeconomic hysteresis are mathematically studied. It is demonstrated that certain important properties of macroeconomic hysteresis (such as history-dependent branching, erasure effects of some past economic shocks, geometric features of macroeconomic hysteresis loops, etc.) are insensitive to specific structures of microeconomic hysteresis subject to aggregation. This suggests that the above properties may be viewed as universal. Furthermore, it is pointed out that these aggregation models have the prediction power of future macroeconomic branching, which may be employed for the prediction of future economic evolution.

This is the 28th issue of the Springer's series Eurasian Studies in Business and Economics, which is the official book series of the Eurasia Business and Economics Society (EBES, www.ebesweb.org). This issue includes selected papers presented at the 41st EBES Conference – Berlin that was held on October 12-14, 2022 and jointly be organized with GLO (The Global Labor Organization) and in collaboration with the FOM University of Applied Sciences. The conference was held both in hybrid with both in-person and online paper presentation format.

EBES conferences have been an intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long-lasting academic cooperation. This is the 27th volume of the Eurasian Studies in Business and Economics (EBES's official proceeding series), which includes selected papers from the 40th EBES Conference which took place in Istanbul on July 6-8, 2022. The conference was organized with the support of the Istanbul Economic Research Association in hybrid mode with both online and in-person discussions at the Istanbul Ticaret University in Istanbul, Türkiye. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions.

This book explores Malaysia's experience during the COVID-19 pandemic, analyzing the profound economic and societal challenges faced from 2020 to 2022.The coverage of Malaysia's post-pandemic recovery provides valuable insights into ongoing global issues. Contributors to this book address a wide range of topics, including unemployment, monetary and trade policies, tourism, human capital development, and women's labor participation. They also examine the rise of the gig economy, poverty alleviation efforts, and social safety nets. By presenting model applications and empirical research, the book offers data-driven policy advice to handle challenges that arise from pandemics, such as rising inflation, supply chain disruptions, disparities and sustainability issues.This book will interest academics and researchers in the field of econometrics, Asian economics and Malaysian studies. It will also act as a useful guide for NGOs, practitioners, public administrators, and economic policymakers involved in post-COVID-19 economic revival and policy development.

Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.

This is an open access book. Europe faces significant challenges in the coming decades: geopolitical, demographic, technological, increased competition, climate-related, and health issues due to an aging population, to mention a few. Given these challenges, technological progress and new ways of handling complex issues will be key to continued prosperity and growth. To accomplish a growth process driven by innovation and entrepreneurship, the institutional environment must take into account a multitude of different policy areas that interact to either strengthen or weaken an economy's innovative potential. Innovation is not only about R&D and higher education but is also intimately related to entrepreneurship. Similarly, entrepreneurship is not only about low start-up costs and favorable tax rates. Hence, a consistent and coordinated policy environment conducive to innovation and entrepreneurship is required to translate innovation into high-growth firms and macro-level growth. This book presents the basic cornerstones required to provide a policy regime that can nurture such dynamics. The authors draw extensively on empirical analysis of the development of the Swedish economy, which has been transformed from a so-called'sclerosis'state in the 1980s until the early 1990s to an economy characterized by successful entrepreneurship and innovation. This transformation resulted from a reform agenda that has been gradually rolled out, beginning in the mid-1980s. The authors argue that the Swedish experience provides useful lessons for other nations as well.

Contemporary capitalism is characterized by periods of vigorous economic growth and periods of slow or even negative growth. This book draws on the classical political economy approach to consider both economic cycles and economic growth and draw conclusions about the inherent instability of the modern economy. The book shows that the work of the old classical economists (Smith and Ricardo) and Marx is theoretically sound and capable of providing answers to both growth and cycles. It also demonstrates the potential and natural integration of growth and cycles in a single model. The microeconomic foundation of this model is the labor theory of value, which continues with the General Law of Capital Accumulation, the Law of the Falling Rate of Profit, and the movement of the Industrial Reserve Army of Labour. Finally, a dynamic model of growth-cum-cycles is constructed consisting of the evolution and interaction of five key variables, namely, the rate of profit, the propensity to invest in fixed capital, technological change, the reserve army of labour, and the rate of capital devaluation. The analysis demonstrates that economic growth and cycles are not disconnected from each other, as they have been treated in the literature, but rather interdependent aspects of the same evolutionary process of a capitalist economy. This book will interest readers in the history of economic thought, economic growth and development, macroeconomics, and political economy.

This textbook offers a compact, yet formal, synthesis of the broad field of consumption theory. Written in a coherent and accessible way, this book introduces graduate and postgraduate students to dynamic optimization applied to consumption under certainty and uncertainty, in discrete and continuous time. Delving into deterministic and stochastic models, including the use of Brownian motions, the book offers a deeper understanding of consumption decisions and their impact on asset pricing and investment in partial and general equilibrium. This book compiles lecture notes from advanced courses in micro- and macroeconomics, ensuring a self-contained introduction to the subject. Balancing simplicity with analytical rigor, the book equips readers with essential methodological tools for advanced research in economics. With empirical evidence and exercises integrated throughout, this textbook stands as the go-to resource for scholars and students alike, fostering further theoretical explorations in the field. Basic knowledge of economics, mathematics, and econometrics is recommended for a comprehensive understanding.

The objective of this book is to answer the calls from front-line managers, entrepreneurs, and scholarly researchers to reconstruct the theories of economics and business. Their request is for new theories to be more relevant to real life than the now-prevalent ones. To provide that answer, the book proposes to develop elementary postulates at the level of the four natural endowments of a business firm or an individual: self-awareness, imagination, conscience, and free will. Then, conclusions based on these postulates can be established through logical reasoning. On this realistic footing, the book employs the concepts, methodology, and logical reasoning of systems science to answer a full list of theoretically and practically important questions. Those queries involve such topics as rationality, the meanings of optima and choices of optimization methods, the relationship between micro- and macro-phenomena, consumption preferences, and utility representations. The target audience of the book includes graduate students and scholarly researchers, particularly those who look for opportunities to develop new territories in the world of economic and business knowledge. The book also aims at front-line decision-making managers and entrepreneurs who seek sounder theories than the commonly available ones on which to base their critical decisions. By competently employing the systemic intuition–yoyo model, graduate students, scholarly researchers, decision-making managers, and entrepreneurs can attain new conclusions. In addition, they will gain insightful understanding of market signals without unnecessarily expending other resources of limited availability.

Just as a wave of entrepreneurship created Japan's postwar'economic miracle,'so it will take a new generation of entrepreneurs to revive its stagnant economy. A complex distribution system dominated by the incumbents has made it hard for newcomers even to get their products on store shelves. Fortunately, major social changes are now opening new opportunities. Generational changes in attitudes about work and gender relations are leading more and more talented people to the new companies. This includes ambitious women who are regularly denied promotions at traditional companies. The rise of e-commerce is enabling tens of thousands of newcomers to bypass the traditional distribution system and sell their products to millions of customers. Three decades of low growth have convinced many within both the elites and the public of the need for change. Still, progress remains an uphill climb because of resistance by powerful forces. Bank financing remains quite difficult. For example, the system of'lifetime employment'has made it very hard to newcomers to recruit the staff they need. Banks, who are often in the same sprawling conglomerates as the corporate giants, are still loath to lend to new companies. While parts of the government try to promote more startups, other parts resist making the needed changes in regulations, taxes, and budgets. Japan's economic future will be determined by the contest detailed in this book.

This book provides an engaging introduction to economics through a literary lens. Drawing on writers such as James Joyce, George Eliot, Edith Wharton, Jane Austen, Charlotte Bronte, and Elizabeth Gaskell, each chapter is framed around a quote from a classic text of English literature that helps tease out a key economic concept and demonstrate its broader relevance. While rigorous, the book is virtually free of technical language and aims to give a concise overview of all the main topics in contemporary economics – from supply and demand, pricing, labour markets, externalities, and game theory, to environmental and behavioural economics, fiscal policy and business cycles, modern approaches to macroeconomics and economic growth.Interweaving literary examples with easy-to-follow explanations and reflective tasks, the book takes an interdisciplinary approach to economics and literature that requires no prior knowledge in either camp, but which illuminates patterns of real-world behaviour observed by novelists and economists alike. This concise and accessible book will be a valuable tool for students embarking on introductory economics courses, economics modules in business studies, and interdisciplinary courses more broadly, as well as the general reader interested in building their knowledge of economics.

This book examines public debt hoarding within the Euro Area, which is one of the most complicated challenges regarding modern fiscal policy-making. The author offers an up-to-date analysis of the fiscal situations of Italy, Spain, Portugal, and Greece. The book describes key mechanisms of debt transmission, discusses the potential establishment of fiscal and debt union in the EU, identifies numerous implications, and connects the fiscal positions of the examined countries with the structural flaws of the Euro Area and the monetary policy of the European Central Bank. Moreover, the work presents an estimation of structural budget balances, including a comparison with the estimates of major international institutions such as the IMF, OECD, and European Commission. A separate chapter is devoted to analysing the fiscal policy determinants, using time series since the late 19th century, and the issue of fiscal policy efficiency. Finally, the work provides an overview of debt resolutionoptions. Overall, this book offers eight core chapters intended for the public, professional economists, and policymakers.

This book, the second of two volumes, explores the legacy of Trevor Winchester Swan, often described as Australia's greatest ever economist. Some of Swan's most prominent articles are presented alongside analysis of his work from leading historians of economic thought to provide a broad and insightful view of his work. Particular attention is given to Swan's work on the balance of payments, economic development, capital accumulation, and the neoclassical growth model. This book aims to shed light on the enigmatic and influential life of Trevor Winchester Swan. It will be relevant to students and researchers interested in the history of economic thought and those that want to understand the foundations of modern macro, trade, and neoclassical economics.

The performance of the British economy over the past fifty-odd years does not make for comforting reading. Indeed, the story is a depressing catalogue of misapprehensions, missteps, wasted opportunities, crises and humiliations, with all-too-familiar problems arising time and again and yet never being satisfactorily addressed. All nations and their economic policymakers are to a certain extent prisoners of their history, but this seems to apply more to the UK than to other countries. Nostalgia for the great days of the past has become tyrannical – and is in some sense embodied in the form of the Chancellor of the Exchequer's famous ‘budget box', made for William Gladstone in the 1850s and only passed over to a museum in 2010. Nostalgia has led to wishful thinking, and this has been the underlying sentiment driving poorly thought through – sometimes even panicky – initiatives that were blindly borrowed from elsewhere, that flew in the face of experience, or that were drawn from theoretical and political extremes. This book describes and interprets the economic and political history of the past half a century, examining the challenges confronted by successive governments and their chancellors, the policies employed for good or ill, and – running through it all – the desperate search for a panacea that could arrest the nation's relative decline and return the country to its supposed former glories.

Presenting an in-depth overview of the foundations and developments of post-Keynesian macroeconomics since Kalecki and Keynes, this timely book develops a comprehensive post-Keynesian macroeconomic model with the respective macroeconomic policy mix for achieving non-inflationary full employment. The different versions of the model for closed and open economies are concerned with the key areas of macroeconomics, such as full employment, constant inflation and external balance. Eckhard Hein expertly illustrates how to embed these post-Keynesian macroeconomics and macroeconomic policies into the post-Keynesian research programme more generally, whilst also providing a review of its methods and historical roots. Furthermore, the book links post-Keynesian short-run macroeconomics to long-run distribution and growth theories. Finally, it applies these theoretical approaches to the current research on macroeconomic regimes and regime changes within finance-dominated capitalism and on the macroeconomic challenges of the ecological crisis and of the required socio-ecological transformation. This book will be a crucial read for academics and graduate students interested in post-Keynesian macroeconomics. Providing a thought-provoking alternative to orthodox economic policies, this will also be of interest to policy advisers and politicians.

Despite the dynamic development of the discipline of economics, the ways in which economics is taught and how it defines its basic principles have hardly changed, resulting in economics being criticised for its inability to provide relevant insights on global challenges. In response, this book defines new principles of economics and seeks to establish economics as the science of markets. A New Principles of Economics provides an alternative conceptual framework for the study of economics, integrating recent developments and research in both economics and neighbouring social sciences. Adopting the structure of a standard principles text, it separates the study of markets as mechanisms and markets in their wider contexts. In doing so, a number of new perspectives are introduced, including approaching the economy as part and parcel of the Earth system; directly connecting the analysis of production with an analysis of technology and thermodynamic principles; explicitly treating markets as forms of social networks mediated by the institution of money; and reinstating the central role of distribution in political economy analysis. Drawing on the latest theories and research on the economy, and including both the natural and social sciences, this text provides a holistic introduction suitable for postgraduates and other advanced students.

Economic Methodology, History and Pluralism: Expanding Economic Thought to Meet Contemporary Challenges pays tribute to Emeritus Professor Sheila Dow (University of Stirling, Scotland). This volume focusses on the contributions of Dow to economic methodology, pluralism and the history of economic thought. These explorations serve to underpin her ideas and theories on macroeconomics, banking and money.Bringing together an impressive panel of contributors, the chapters in this work examine Dow's writings on structured pluralism and schools of thought, meanings of open and closed systems, reflections on the relationship between economics and other sciences (both social and natural), the methodology of behavioural economics, as well as the political economy of the Scottish school of thought. The book challenges the foundations of the mainstream economics paradigm in a novel and holistic manner, seeking to advance thinking across Dow's favoured discipline. The essays in this collection provide thought-provoking reading for advanced students and scholars of economic methodology, the history of economic thought, heterodox economics and political economy. The book will also be valued by the economics profession at large, as it contains important elements and ideas concerning ethics, methodology and tolerance within economics as a discipline and as a profession.

Any enquiry into the nature, performance, role, demerits, growth, efficiency, or other aspects of financial services such as banking and insurance activities, requires rigorous estimates of their economic output, i.e., the economic contributions made by these firms, as well as by the industries as a whole.Accordingly, this book condenses several theoretical, methodological, empirical, and philosophical issues in conceptualizing, measuring, and empirically operationalizing the economic output of the banking and insurance industries. The analytical focus is on both Global and Emerging Markets perspectives. The book synthesizes applied and conceptual evidence to locate the chosen theme's analytical patterns, consensus, and disagreements. The selected subject matter is studied within the firm-level and aggregate settings, bringing literature of varied scopes together. Contributions from various international academics, practitioners, and policymakers further enrich the narrative. The book concludes with data-driven case studies that analyze the extent to which the critical performance parameters of the banking and insurance industries in the BRIICS economies – including estimation of aggregate industry-level partial factor productivities, total factor productivity, technical efficiency, and returns to scale – vary concerning alternate measures of their output. The present work also provides a brief note on the inputs measurement dimension, following which there is a discussion on the limitations, future scope, and conclusions.This work will be valuable for researchers and policymakers undertaking performance analyses related to banking and insurance activities. It shall provide them with the examination of a plethora of analytical options and related issues on the theory and praxis of output measurement, all finely organized into one single volume.

In light of the pickup of inflation at the end of 2021 and monetary policy shifts by the world's major central banks, this book examines interrelated issues in the normalization of monetary policy. It covers topics including the role of technological innovations such as derivatives and cryptocurrencies in monetary and financial management, the role of monetary policy in financial crises (especially public debt), and the major repricing needed for central banks and the global economy. In addition, the book discusses the problem of how flexible money should be and the importance of predictive tools for these decisions, with attention to the advances of languages for scientific research, including those on the workings of the economy. The work addresses the geopolitical and social challenges that have arisen as a result of the invasiveness of monetary policy in its various manifestations in the context of major leading currencies. It is aimed at scholars and students of monetary and financial economics.

This timely book explores the measurement and consequences of financialisation, as well as its driving forces, to take a fresh look at reconciling the twin concepts of financialisation and financial development. Imad Moosa provides a critical review of these two separate strands – the individual measures of economic development and financialisation – on the grounds that they are inadequate to represent a multi-dimensional process.Introducing a new composite measure encompassing the means of payment and asset ownership as well as conventional indicators, Moosa expertly investigates the economic, political and social consequences of financialisation. Identifying the driving forces of financialisation, he concludes that there is a requirement to reverse the current trend using more than just legislation and regulation to secure a sound and stable economy. This innovative book will be a fascinating and informative read for academics and research students of financial economics, regulation and economic sociology. Policy makers and politicians engaged in financial regulation will find the suggested insights into achieving future financial stability thought-provoking.

This book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the Middle East and North Africa (MENA) region, Africa, Asia, the Caribbean, Europe, Australasia, and the United States. Inflation reached double digits in the developed countries in the 1970s and 80s, and then central banks, successfully stabilized it by anchoring inflation expectations for decades, until now. Conditional on common and country-specific shocks such as oil price shocks, financial and banking and political crises, wars, pandemics, natural disasters etc., the book tests various theoretical models about the long and short run relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems. In addition, it explains why policymakers in inflation – targeting countries, e.g. the U.S., failed to anticipate the recent sudden rise in inflation. And, it examines the fallibility of the Modern Monetary Theory's policy prescription to reduce inflation by raising taxes. This is a unique and innovative book, which will find an audience among students, academics, researchers, policy makers, analysts in corporations, private and central banks and international monetary institutions.

Mainstream textbooks present economics as an objective science, free from value judgements. This book demonstrates this to be a myth – one which serves to make such textbooks not only off-puttingly bland, but also dangerously misleading in their justification of the status quo and neglect of alternatives.In this much-needed companion volume to the popular Microeconomics Anti-Textbook, Tony Myatt reveals how the blind spots and methodological problems present in microeconomics continue to exert their influence in mainstream macroeconomics. From a flawed conception of the labour market, to a Pollyana view of the financial sector, macroeconomic principles as they are set out in conventional undergraduate textbooks consistently fail to set out a realistic, useful, or equitable framework for understanding the world.By summarising and then critically evaluating the major topics found in a typical macroeconomics textbook, the Anti-Textbook lays bare their sins of omission and commission, showing where hidden value judgements are made and when contrary evidence and alternative theories are ignored. The Macroeconomics Anti-Textbook is the student's essential guide to decoding mainstream macroeconomic textbooks, and demonstrating how real-world economics are much more interesting than most economists are willing to let on.

This book extensively examines various contemporary macroeconomic themes of India, namely growth and macro policies, tax reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environment and social sector policies. It has three to six chapters devoted to each of these broad themes, with the contributors being eminent economists from the region. The book serves as an excellent reference for students in economics, finance, and management, and a valuable tool for professionals such as policymakers and investment analysts and other stakeholders in the areas of global economics and finance, in general, and India in particular.Excerpt from the Foreword:'This book examines various contemporary macroeconomic themes of India: growth and macro policies, fiscal reforms, government finances and intergovernmental fiscal transfers, banking and monetary policy, and environmental and social sector policies. Forty-four eminent economists who have had the privilege of working with and learning from Dr. C. Rangarajan have contributed 25 chapters.I am sure that this book will serve as an excellent reference for professionals such as policymakers and financial analysts, students, and other stakeholders interested in the field of economics and finance.'- Dr. Manmohan Singh, Former Prime Minister of India and eminent economist

War reparations have been large and small, repaid and defaulted on, but the consequences have almost always been significant. Ever since Keynes made his case against German reparations in The Economic Consequences of the Peace, the effects of transfer payments have been hotly debated. When Nations Can't Default tells the history of war reparations and their consequences by combining history, political economy, and open economy macroeconomics. It visits often forgotten episodes and tells the story of how reparations were mostly repaid - and when they were not. Analysing fifteen episodes of war reparations, this book argues that reparations are unlike other sovereign debt because repayment is enforced by military and political force, making it a senior liability of the state.

Departing from the category of'peripheral socialism', this book offers an economic history of the Cuban revolution between 1959 and 2019, with a focus on the period that ranges between 2008 and 2018. The core of the research is the administration of Raúl Castro and the economic and social reforms introduced by it under the concept of socialism update. The book describes Cuba's recent economic policies and analyses the structure and dynamics of Cuba's economic changes, offering a panoramic view which can serve as an introduction to further more detailed analyses. The book also offers an interpretation of Cuba's socialism in light of the Latin American political economy of underdevelopment, so as to interpret Cuba's structural economic performance.The analytical background will enable readers to understand the contemporary crises in Cuba, with a balanced look at the triumphs and limits of its peripheral socialism. It will find an audience among scholars and researchers of economic development and history, macroeconomics, Latin American and Cuban Studies, Socialism Studies, and related areas. It will also be of interest to economists, politicians, diplomats, journalists, and NGOs.

This book explores the central economic and political issues defining the modern world. With contributions from a number of world renowned economists, a range of topical debates are discussed in an accessible and practical manner. The topics discussed include the current economic and political backdrop, global economic shifts, challenges within central banking and financial integration, the international monetary and financial system, and geopolitical tensions. Particular attention is given to the transition to a low carbon economy, the perils of public debt, the post-COVID-19 recovery, and the conflict in Ukraine.This book aims to envisage the economic challenges and opportunities that will be faced in the years to come. It will be relevant to students, researchers, and policymakers interested in economic policy and the political economy.Chapter-No.17 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

This timely book presents a nuanced investigation into the idiosyncrasies of the supermultiplier model, examining its application to residential investment, exports and fiscal policy. It offers an accessible introduction to this growth model, hypothesising that it is one of the cornerstones of modern macroeconomics. By highlighting what this unique model adds to other heterodox systems that share common elements, such as structural growth models, this insightful book strengthens the current theoretical understanding of the new macroeconomics. Utilising important case studies such as open and decarbonised economies to encapsulate key messages gained from the study of this model, it fully acknowledges that the supermultiplier is still a work in progress and may be developed further. The Supermultiplier will be hugely influential for finance and economics graduate students focusing on an alternative macroeconomics approach. It will also appeal to academics within the same fields searching for a model that permits direct application within spreadsheets.

Revised and updated for the second edition, this textbook allows students to work through classic texts in economics and finance, using the original data and replicating their results. In this book, the author rejects the theorem-proof approach as much as possible, and emphasizes the practical application of econometrics. They show with examples how to calculate and interpret the numerical results.This book begins with students estimating simple univariate models, in a step by step fashion, using the popular Stata software system. Students then test for stationarity, while replicating the actual results from hugely influential papers such as those by Granger & Newbold, and Nelson & Plosser. Readers will learn about structural breaks by replicating papers by Perron, and Zivot & Andrews. They then turn to models of conditional volatility, replicating papers by Bollerslev. Students estimate multi-equation models such as vector autoregressions and vector error-correction mechanisms, replicating the results in influential papers by Sims and Granger. Finally, students estimate static and dynamic panel data models, replicating papers by Thompson, and Arellano & Bond.The book contains many worked-out examples, and many data-driven exercises. While intended primarily for graduate students and advanced undergraduates, practitioners will also find the book useful.“How to best start learning time series econometrics? Learning by doing. This is the ethos of this book. What makes this book useful is that it provides numerous worked out examples along with basic concepts. It is a fresh, no-nonsense, practical approach that students will love when they start learning time series econometrics. I recommend this book strongly as a study guide for students who look for hands-on learning experience.'--Professor Sokbae'Simon'Lee, Columbia University, Co-Editor of Econometric Theory and Associate Editor of Econometrics Journal.

Presenting a wide range of topics and written 150 years since Carl Menger's Principles of Economics was published, this timely book reviews Menger's life and theories and explains how his insights on the creation of money are still inspiring and relevant today. Highlighting state-of-the-art results on Menger's methodology and economic theory, the book expertly analyses key topics such as the debt theory of money, capital wealth and the gender wage gap. Chapters also cover up-to-date topics such as Bitcoin and technological progress reinvigorating the study of Menger's philosophies and their application for future work in economics and the history of economic thought. Comprehensive in its approach, this book will provide an excellent addition to the mainstream literature for scholars and students of economics, Austrian economics and the philosophy of economics. Researchers interested in economic development and other areas such as Bitcoin will find this an excellent resource for their research.