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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.

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 book explores the swiftly emerging nexus between sustainability, finance, and technology.Leading practitioners and academic thought leaders reflect on the ways in which technology and digitalization shape how sustainable finance professionals address environmental, social, and governance (ESG) issues. Together, the contributors identify three spheres in which technology shapes how investors make sense of such issues: ESG and technology: finance professionals need to know about how technological innovations, such as chemical recycling for plastics, in the real economy shape firms'ESG performance; ESG through technology: technological developments, such as AI and blockchain, can enable finance professionals to offer more fine-grained ESG analyses; and ESG as technology: the ESG agenda itself is influenced by technological developments that are not well understood by practitioners (e.g., data mining for Bitcoin creating significant emissions). Using practically relevant examples and recent insights from people working in the field, the book explores the linkages between sustainability, technology, and finance in different contexts and shows how practitioners can accelerate needed change processes. This book primarily addresses practitioners in companies and investment firms as well as students enrolled in executive education and MBA programs.

Understanding Global Crises is an innovative and interdisciplinary text that investigates the key contemporary economic, social, and environmental crises and demonstrates their deep interconnection. Contributing to the discussion of large-scale crises, this book provides a conceptual framework to understand the current global landscape. Essential cascading crises topics, such as economic collapse, climate change, racial injustice, domestic violence, and epistemic oppression, are explored in order to equip readers with the clarity to understand global crises, assess policy interventions, and analyze social responses. To achieve future resilience, the book shows that society must recognize various forms of inequality and make policy changes. Each chapter showcases an international case study, covering real-life examples of topics such as climate disinformation, vaccine distribution disparities, environmental racism, and socioeconomic deprivation. Other features of the book include key terms, suggested further reading, and discussion questions, as well as online supplements comprising PowerPoint slides and an instructor's guide. Understanding Global Crises will be a valuable text to support courses in economics, environmental studies, political science, public health, and social policy.

Joseph Schumpeter (1883–1950) is one of the most fascinating and influential economists of the twentieth century, renowned for his brilliant and unorthodox insights into the nature of capitalism. His students include leading economists such as Paul Samuelson, Robert Solow and the former chairman of the Federal Reserve, Alan Greenspan.The Theory of Economic Development is one of Schumpeter's most important books and the one that made him famous. He poses a fundamental question: why does economic development proceed cyclically rather than evenly? Turning prevailing economic theory, which approached economics as equilibrium, on its head, Schumpeter argues it is because economics is constantly transformed by its own internal forces. These forces are the'circular flow'of economic life; economic development, characterised by disruption and innovation; and finally, the levers that push and pull capitalism including credit, profit and interest. These are all manifested in the ‘business cycle', one of Schumpeter's major contributions to understanding economics and now a perennial feature of virtually all economics and business curricula. He is also the first economist to place the entrepreneur at the heart of capitalism, anticipating subsequent fascination with entrepreneurship in popular business and management writing. Schumpeter also lays the groundwork for his subsequent, highly influential idea of the'creative destruction'characteristic of radical and rapid economic change. The Theory of Economic Development remains a vital, magisterial account of economics and the nature of capitalism whose many insights remain highly relevant today. This Routledge Classics edition includes a new Introduction by Richard Swedberg.

The Right Place explains why firms succeed in one country and fail in another, irrespective of their inner drivers, and suggests potential initiatives that governments can take to help the private sector create jobs and, consequently, make their countries more prosperous. The competitiveness race is not unlike a cycling race. If you want to ride fast, you need three things: a good bike, to be in good shape, and a smooth and fast road. In a collaborative model, you might say the business is the bicycle, the business leader is the cyclist, and the road is the government and the external environment. The responsibility of a government is to design and build the best possible road. It turns out that when the road is good, good cyclists suddenly appear and want to race on it. In this book, competition and macroeconomics expert, Arturo Bris, provides the analysis of country competitive performance based on 30 years advising countries on this topic. The typical mistakes that countries make are revealed and the pillars necessary in building a competitive economy: economic performance as a necessary condition for prosperity; government efficiency, so the public sector can create the conditions for a productive economy; business efficiency, so companies can create jobs; and infrastructure, both tangible and intangible, so businesses and individuals can operate efficiently. With contemporary case studies throughout, the book provides an illuminating read for politicians, business leaders and students of macroeconomics.

In this book, John Marangos offers an insightful analytical and theoretical review of the Washington Consensus and its successors among the mainstream. Following an intuitive structure, it explores international development and the Washington Consensus, as a critique through the lenses of Neoclassical economics, Post Keynesian economics, Institutional economics, and Marxist economics. Ultimately, it provides a compelling alternative perspective to the dominant development paradigm, and enables readers to identify the interconnections, interrelationships, and intercontradictions between different frameworks and policies.It will be a valuable supplementary reading for students, researchers, and policymakers in international development, development economics, heterodox economics, and the history of economic thought.

In the aftermath of the Napoleonic Wars Britain found itself faced with a stagnant economy. Economist David Ricardo believed that the full re-integration of Britain into the world market would allow for both capital accumulation and population growth, and used arguments that anticipate ideas entertained in modern contributions to the theory of economic growth and development. However, several of these arguments have not yet been translated into the language of modern classical economics. Ricardo's Theory of Growth and Accumulation seeks to overcome this striking lacuna.The latest entry in the Graz Schumpeter lecture series, this text explores and elaborates Ricardo's arguments and the models utilized by those who subsequently followed in support of his work. The Ricardian system is first examined through a one-sector economy, following Kaldor's model, and a two-sector economy, following Pasinetti's model. These building blocks are developed through the exploration of a small open economy, which allows an analysis of the impact of international trade in exceedingly simple circumstances. This discussion expands further by considering the world economy. More sophisticated variants of the two-sector model are presented, in which commodity prices are endogenously determined by the trading interplay amongst several countries. A final analysis makes Ricardo's case by introducing accumulation in the world economy.This book is of interest to students and scholars of Ricardo, classical economics, and – more broadly – growth theory, the theory of international economics, and globalization. The author was keen to render the analytical parts compelling to the historian and the historical parts compelling to the theorist.

First published in 1989, this book provides a macro-micro approach to economic development — taking account of multi-level linkages, both inter and intra, that had been missed by previous analyses. The author argues that these linkages demonstrate that social and economic change may occur from the'bottom up'household/family level and not just from the'top down'economic order level — using women as a vehicle to illustrate this. In the first section, the expansive body of development literature is summarised and critically reviewed — isolating the primary strengths and weaknesses. Case studies of Malaysia, the Chinese Commune and the Israeli Kibbutz demonstrate that a theory which combines the analysis of the organisation of work, kinship and ethnicity can accommodate the experience of women in an integrated manner that traditional development theory has failed to achieve.

This book is concerned with the theory of economic growth and its relevance to policy for growth in developed economies. The various factors hwich determine the potential growth rate of a developed economy, and the problems involved in actually realising it, are analysed. The author also dicusses how growth and a satisfactory balance of payments may be achieved together.

Why are some countries rich and others poor? David N. Weil, one of the top researchers in economic growth, introduces students to the latest theoretical tools, data, and insights underlying this pivotal question. By showing how empirical data relate to new and old theoretical ideas, Economic Growth provides students with a complete introduction to the discipline and the latest research. 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, macro theory, applied econometrics, and development studies.

The consequences of the global economic crisis which started in the United States in 2007-08 are still being felt in most of the advanced economies, and the mainstream tools of recovery are not having the required results. It seems that many of the after-effects of the crisis, including the instability of the financial markets, increasing public debts and limited economic growth, require new solutions from both economic policy and theory. Lower aggregate demand during the crisis increased the pressure on firms to be more competitive and at the same time, the crisis in the banking system has had a negative impact on the willingness of financial institutions to give credit to companies for investment. Therefore, the key issue for current economic policy is to find a balance between the stabilisation of public finance and maintaining the momentum of long-term growth. This book offers an evolutionary-developmental analysis, combining elements of neo-Schumpeterian economics, institutional economics and post-Keynesian economics, to show that selection processes within an economy, and the institutional rules shaping those processes, are substantially more important than usually recognised by evolutionary economic theory. Two major challenges for economic theory and policy, in particular, have emerged during the crisis. The first is the rise of unemployment coupled with growing public deficits. The second is the financial instability which threatens the permanence of economic development. This book examines the performance of the advanced economies since the crisis and explores why some of them have been more successful in tackling these challenges than others. It is argued that the reasons for the varied performances of these economies lie in the economic policies which were introduced before and in the aftermath of the crisis and the differences in the regulation of their labour markets. This volume will be of interest to students and academics in the areas of macroeconomics, public economics and public management.

The fourth edition of The Process of Economic Development offers a thorough and up-to-date treatment of development economics. This landmark text will continue to be an invaluable resource for students, teachers and researchers in the fields of development economics and development studies. The new edition has been revised and updated throughout, reflecting the most recent developments in research and incorporating the latest empirical data, as well as key theoretical advances. The period since the publication of the third edition of The Process of Economic Development has been a time of immense change in the developing world. The period has seen huge economic growth in China, economic restructuring in India and the continuing impact of environmental issues such as climate change. The fourth edition reflects these developments, as well as including numerous case studies and new material on the following: transnational corporations and labor in export processing zones industrial policy and structural change gender inequality, income distribution and development progress towards the Millennium Development Goals technology and national innovation systems aid and the least developed nations the post debt crisis era and debt relief for Africa. Cypher's comprehensive account remains the development economics text par excellence, as it takes a much more practical, hands-on view of the issues facing developing countries than other, overly mathematical texts. This book is unique in its scope and in the detailed attention it gives to the historical contexts that have influenced progress toward development. It is accessibly written both for students of economics and for those with an interest in the many aspects of development studies.

In this new volume it is argued that network effects are much more common than usually assumed, and that they have a profound impact on many aspects of economic systems, especially technological change and economic growth. The analysis and modelling of this interrelationship is the central focus of this book.While there exists a vast body of literature on economic growth, the theories put forward so far have had limited success in explaining observed patterns of economic growth. ‘Growth cycles'in particular continue to elude standard economic models, though evolutionary economics has made some progress. Seeking to fill the gap, Torsten Heinrich's innovative approach uses microeconomics to explain heterogeneous sectoral dynamics on the meso level, and then aggregating these to observed macroeconomic growth rates. In this way, it is shown that an evolutionary model of technological change with network effects can explain not only commonly observed asymmetric industry structures, monopolies and oligopolies but also ‘growth cycles'.The book includes a comprehensive account of the most influential economic growth theories, a discussion of the research on network effects as well as an introduction to the methodology, the model, and a case study on the recent emergence of information and communication technology. This important new volume will be relevant to all those interested in theoretical economics, growth theory, innovation economics, agent based modelling and industry dynamics.

Important parts of development practice, especially in key institutions such as the World Bank, are dominated by economists. In contrast, Development Studies is largely based upon multidisciplinary work in which anthropologists, human geographers, sociologists, and others play important roles. Hence, a tension has arisen between the claims made by Development Economics to be a scientific, measurable discipline prone to wide usage of mathematical modelling, and the more discursive, practice based approach favoured by Development Studies.The aim of this book is to show how the two disciplines have interacted, as well as how they differ. This is crucial in forming an understanding of development work, and to thinking about why policy recommendations can often lead to severe and continuing problems in developing countries. This book introduces Development Economics to those coming from two different but linked perspectives; economists and students of development who are not economists. In both explaining and critiquing Development Economics, the book is able to suggest the implications of these findings for Development Studies, and more broadly, for development policy and its outcomes.

Stimulating growth through adjusting macroeconomic conditions remains the principal policy responses to pressing problems of unemployment, poverty and environmental degradation. However, are the current policy approaches capable of tackling these problems by generating win-win solutions or are they the root causes of these problems? The current growth trajectory has neither lead to a reduction of our overall resource use – as we use resources and energy more efficiently we consume more – nor create the conditions for employment and well-being. Increasingly, there is the realization that it is necessary to make substantial interventions into our national economies and create better framework conditions and incentive systems in order to more widely and rapidly develop and disseminate workable, innovative solutions for realizing sustainable development. This is the task of politics, and the concrete design of the measures must be built upon a broad public debate and shared long-term visions. The authors of this book intend to trigger a dialogue among stakeholders about how we can shape this transformation process towards sustainability. Following a detailed presentation of the key arguments for reconsidering the necessary conditions for sustainable economies, an international cast of commentators from politics, administration, civil society, business and science engage with the central question: is there an alternative trajectory for Western economies that sustains wellbeing whilst confronting ecological and social breakdown?

This book provides a theoretical framework to better understand how firms, economies and labor markets have evolved. This is done in a reader-friendly fashion, without complex mathematical arguments and proofs. Economic Growth and the High Wage Economy shows how high wage economies help make firms and economies more productive and why high wage economies can be competitive even in an increasingly globalized environment. It also demonstrates why concerns that labor supply will dry up as wages increase and social benefits rise are largely based on impoverished economic reasoning.The first chapters provide a theoretical basis for the rest of the book, showing for instance how higher wages are prone to increasing the level of economic efficiency by getting people to work harder and smarter (mainly smarter). Altman also explains that our understanding of technological change can be markedly improved by modelling technological change as a product of higher wages and improved working conditions and other shocks to the economic system. As the book develops, it is shown that increasing and high levels of income inequality are not necessary for growth and development, because the economic ‘pie'grows when the economic wellbeing of the lower half and even the middle improves. The evolution of the state can also be better understood by applying this analytical framework. So too can the persistence of inefficient systems of production and cultural traits that appear to be inconsistent with economic prosperity. On top of this, the book examines the implications of Altman's theoretical framework for macroeconomic analysis and policy. Finally, it is shown that labor supply can be better understood by introducing target income into the analytical mix. The main contribution of this book is providing the theoretical underpinning for why relatively high wages and, moreover, competition with high wages is good for dynamic growth and development. This work establishes why an alternative model of labor supply, based on the notion and reality of target income, does a better job of explaining the evolution of labor supply. The latter also reinforces the view that increasing wage and workers'benefits should not be expected to damage the economy, even in the realm of labor supply. This book will be of interest to public policy experts, trade unions, human rights experts and scholars of behavioural economics, labour economics and globalization.

Is more economic growth the solution? Will it deliver prosperity and well-being for a global population projected to reach nine billion? In this explosive book, Tim Jackson? a top sustainability adviser to the UK government? makes a compelling case against continued economic growth in developed nations. No one denies that development is essential for poorer nations. But in the advanced economies there is mounting evidence that ever-increasing consumption adds little to human happiness and may even impede it. More urgently, it is now clear that the ecosystems that sustain our economies are collapsing under the impacts of rising consumption. Unless we can radically lower the environmental impact of economic activity? and there is no evidence to suggest that we can? we will have to devise a path to prosperity that does not rely on continued growth. Economic heresy? Or an opportunity to improve the sources of well-being, creativity and lasting prosperity that lie outside the realm of the market? Tim Jackson provides a credible vision of how human society can flourish? within the ecological limits of a finite planet. Fulfilling this vision is simply the most urgent task of our times. This book is a substantially revised and updated version of Jackson's controversial study for the Sustainable Development Commission, an advisory body to the UK Government. The study rapidly became the most downloaded report in the Commission's nine year history when it was launched earlier this year.

The fifth edition of The Process of Economic Development offers a thorough and up-to-date treatment of development economics. It has been extensively revised throughout, reflecting the most recent developments in research and incorporating the latest empirical data, as well as key theoretical advances and many new topics. The world has seen vast economic growth in China, economic transformation in India, new challenges in Latin America, rapid economic progress in Southeast Asia, and the deepening impact of environmental issues such as climate change. This new edition addresses all these critical issues as well as the pivotal role of the state, where China's capacity is contrasted with that of African states.Transnational corporations'reliance on low-wage manufacturing and labor arbitrage is featured in the book. Agricultural policy—extensively explored—remains crucial, as does the promotion of industrialization. This fifth edition offers a ‘state-of-the-art'analysis of these essential themes and many others. Numerous case studies and issue focuses have been integrated with sundry central topics. Neoclassical theories and applications, including a timely exploration of behavioral economics, are both rigorously and accessibly explicated.Cypher's comprehensive account remains the development economics text par excellence, as it takes a much more practical, hands-on view of the issues facing the developing countries than other, overly mathematical texts. This book is unique in its scope and in the detailed attention it gives to a vast range of ideas, including pioneering developmentalist and heterodox formulations. Distinct institutional structures are examined within their historical contexts.This landmark text will continue to be an invaluable resource for students, teachers, and researchers in the fields of development economics and development studies.