Lawrence H. Summers

Lawrence H. Summers is Charles W. Eliot Professor and President Emeritus at Harvard University. He served as Secretary of the Treasury in the Clinton administration and as Director of the National Economic Council in the Obama administration.

  • Evolution or Revolution?

    Evolution or Revolution?

    Rethinking Macroeconomic Policy after the Great Recession

    Olivier Blanchard and Lawrence H. Summers

    Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability.

    The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution?  Will it?  If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. 

    The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation.

    Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers

    • Hardcover $39.95 £30.00
  • Progress and Confusion

    Progress and Confusion

    The State of Macroeconomic Policy

    Olivier Blanchard, Raghuram Rajan, Kenneth Rogoff, and Lawrence H. Summers

    Leading economists consider the shape of future economic policy: will it resume the pre-crisis consensus, or contend with the post-crisis “new normal”?

    What will economic policy look like once the global financial crisis is finally over? Will it resume the pre-crisis consensus, or will it be forced to contend with a post-crisis “new normal”? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures—including Ben Bernanke, John Taylor, and Paul Volcker—offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention.

    The chapters address whether we have entered a “new normal” of low growth, negative real rates, and deflationary pressures, with contributors taking opposing views; whether new financial regulation has stemmed systemic risk; the effectiveness of macro prudential tools; monetary policy, the choice of inflation targets, and the responsibilities of central banks; fiscal policy, stimulus, and debt stabilization; the volatility of capital flows; and the international monetary and financial system, including the role of international policy coordination.

    In light of these discussions, is there progress or confusion regarding the future of macroeconomic policy? In the final chapter, volume editor Olivier Blanchard answers: both. Many lessons have been learned; but, as the chapters of the book reveal, there is no clear agreement on several key issues.

    Contributors Viral V. Acharya, Anat R. Admati, Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti, Ricardo J. Caballero, Agustín Carstens, Jaime Caruana, J. Bradford DeLong, Martin Feldstein, Vitor Gaspar, John Geanakoplos, Philipp Hildebrand, Gill Marcus, Maurice Obstfeld, Luiz Awazu Pereira da Silva, Rafael Portillo, Raghuram Rajan, Kenneth Rogoff, Robert E. Rubin, Lawrence H. Summers, Hyun Song Shin, Lars E. O. Svensson, John B. Taylor, Paul Tucker, José Viñals, Paul A. Volcker

    • Hardcover $31.95 £25.00
    • Paperback $21.95 £16.99
  • Reform in Eastern Europe

    Reform in Eastern Europe

    Olivier Blanchard, Rudiger Dornbusch, Paul Krugman, Richard Layard, and Lawrence H. Summers

    How can the new governments of Eastern Europe succeed in moving from centrally planned to freemarket economies? This incisive report identifies and describes the major policy choices to be made and discusses what will work and what will not.Reform in Eastern Europe provides a comprehensive, easily read statement of reform policy that stands in the mainstream of modern Western economics. Based on their experience with stabilization policies in other countries, the authors show how Eastern Europe can reduce unemployment during the painful adjustment process, create effective and socially acceptable mechanisms to subject enterprises to market discipline, and replace barter trade under CMEA with market-based international trade.

    • Hardcover $22.00
    • Paperback $16.00 £12.99
  • Understanding Unemployment

    Lawrence H. Summers

    This collection of work by Lawrence Summers and colleagues Kim Clark, James Poterba, Gregory Mankiw, Julio Rotemberg, and Olivier Blanchard explores new theories of joblessness that could eventually explain why unemployment remains high despite relatively healthy economic growth. It is based on the notion that joblessness is an important, measurable, and definable concept of pervasive importance in modern economies. Understanding Unemployment contains a number of articles that have changed the way economists think about unemployment. These examine the burden of unemployment, the extent to which normal measures understate its consequences, its relationship to supply and demand factors, and the role of unions. Substantial introductory and concluding chapters present new and original material on the crucial facts that any theory of unemployment must grapple with, and the types of theories needed to accommodate the empirical facts of today's unemployment.

    • Hardcover $37.50
    • Paperback $20.00
  • Tax Policy and the Economy, Volume 4

    Tax Policy and the Economy, Volume 4

    Lawrence H. Summers

    The Tax Policy and Economy series presents new research bearing on the effects of taxation on economic performance and analyzing the effects of potential tax reforms. Research results are, presented in a timely and accessible fashion. Volume 4 includes contributions by Glenn Hubbard, Lawrence Goulder, Lawrence Summers, Daniel Feenberg, and Eytan Sheshinski.

    • Paperback $25.00 £20.00
  • Tax Policy and the Economy, Volume 3

    Lawrence H. Summers

    Tax policy debates, generated by one of the most sweeping reforms of the federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research. This book is the third in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to convey research results in a way that is accessible to a wide body of lawyers, policymakers, and businesspeople involved in formulating tax policy.

    Volume 3 includes contributions by Douglas Bernaheim on the incentive effects of the corporate alternative minimum tax; James Poterba on venture capital and capital gains taxation; Daniel Feenberg and Jonathan Skinner on IRA saving; and by Martin Feldstein and Douglas Elmendorf and Lawrence Summers.

    • Hardcover $40.00
    • Paperback $25.00
  • Tax Policy and the Economy, Volume 2

    Lawrence H. Summers

    Tax policy debates, generated by one of the most sweeping reforms of the Federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research. This book is the second in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to convey research results in a way that is accessible to a wide body of lawyers, policymakers, and businesspeople involved in formulating tax policy.

    Studies in Volume 2 include Don Fullerton's reevaluation of traditional claims that investment incentives bias the tax system toward capital-intensive industries; Laurence Lindsey's further results on the sensitivity of tax revenues to reductions in the top marginal tax rate; Lawrence Kotlikoff's assessment of the impact of tax reform on the pension system; and Douglas Bernheim's examination of international evidence on the impact of budget deficits on trade deficits. Volume 2 also includes research by Roger Gordon and James Hines evaluating the impact of tax reform legislation on the investment decisions of multinational corporations.

    • Paperback $25.00
  • Tax Policy and the Economy, Volume 2

    Lawrence H. Summers

    Tax policy debates, generated by one of the most sweeping reforms of the Federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research. This book is the second in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to convey research results in a way that is accessible to a wide body of lawyers, policymakers, and businesspeople involved in formulating tax policy.

    Studies in Volume 2 include Don Fullerton's reevaluation of traditional claims that investment incentives bias the tax system toward capital-intensive industries; Laurence Lindsey's further results on the sensitivity of tax revenues to reductions in the top marginal tax rate; Lawrence Kotlikoff's assessment of the impact of tax reform on the pension system; and Douglas Bernheim's examination of international evidence on the impact of budget deficits on trade deficits. Volume 2 also includes research by Roger Gordon and James Hines evaluating the impact of tax reform legislation on the investment decisions of multinational corporations.

    • Hardcover $40.00
  • Tax Policy and the Economy, Volume 1

    Lawrence H. Summers

    Tax policy debates, generated by one of the most sweeping reforms of the Federal income tax system since its inception, are certain to continue for years to come, providing a fertile field for economic research. This book is the first in a series of annual publications on tax policy and the economy initiated by the National Bureau of Economic Research and designed to convey research results in a way that is accessible to a wide body of lawyers, policymakers, and businesspeople involved in formulating tax policy.

    Volume 1 of Tax Policy and the Economy presents six studies of diverse tax policy issues, each bringing new data to bear on an important policy issue. Alan Auerbach and James Poterba examine the striking decline in corporate tax revenues as a share of GNP John Shoven describes new developments in corporate finance and tax avoidance, concluding that these devices have helped and will continue to help corporate shareholders escape the double taxation of dividends. Herman Leonard and Richard Zeckhauser review the experience of several states with tax amnesty programs and consider the likely effects of a Federal tax amnesty program. Jeffrey Harris explores the economic effects of tobacco taxation, particularly the effect the recent hike in the Federal excise tax on cigarettes had on prices and on the number of smokers. Douglas Bernheim suggests that the Federal estate tax could conceivably reduce Federal tax revenues. And in a concluding chapter, Michael Boskin and Douglas Puffert show that the redistributions between married workers and single workers in the Social Security system far outweigh the much discussed "marriage tax" effects of the individual income tax.

    • Paperback $25.00 £20.00

Contributor

  • Innovation + Equality

    Innovation + Equality

    How to Create a Future That Is More Star Trek Than Terminator

    Joshua Gans and Andrew Leigh

    How to get more innovation and more equality.

    Is economic inequality the price we pay for innovation? The amazing technological advances of the last two decades—in such areas as artificial intelligence, genetics, and materials—have benefited society collectively and rewarded innovators handsomely: we get cool smartphones and technology moguls become billionaires. This contributes to a growing wealth gap; in the United States; the wealth controlled by the top 0.1 percent of households equals that of the bottom ninety percent. Is this the inevitable cost of an innovation-driven economy? Economist Joshua Gans and policy maker Andrew Leigh make the case that pursuing innovation does not mean giving up on equality—precisely the opposite. In this book, they outline ways that society can become both more entrepreneurial and more egalitarian.

    All innovation entails uncertainty; there's no way to predict which new technologies will catch on. Therefore, Gans and Leigh argue, rather than betting on the future of particular professions, we should consider policies that embrace uncertainty and protect people from unfavorable outcomes. To this end, they suggest policies that promote both innovation and equality. If we encourage innovation in the right way, our future can look more like the cheerful techno-utopia of Star Trek than the dark techno-dystopia of The Terminator.

    • Hardcover $24.95 £20.00
  • The Natural Resources Trap

    The Natural Resources Trap

    Private Investment without Public Commitment

    William Hogan and Federico Sturzenegger

    Experts discuss the contractual instability resulting from commodity price volatility and its effect on private investment and public involvement.

    Volatility in commodity prices has been accompanied by perpetual renegotiation of contracts between private investors in natural resource production and the governments of states with mineral and energy wealth. When prices skyrocket, governments want a larger share of revenues, sometimes to the point of nationalization or expropriation; when prices fall, larger state participation becomes a burden and the private sector is called back in. Recent and newsworthy changes in the price of oil (which fell from an all-time high of $147 in mid-2008 to $40 by year's end) are notable for their speed and the steepness of their rise and fall, but the up-and-down pattern itself is not unusual. If the unpredictability of commodity prices is so predictable, why do contracts not allow for this with mechanisms that would provide a more stable commercial framework?

    In The Natural Resources Trap, top scholars address this question in terms of both theory and practice. Theoretical contributions range across a number of fields, from contract theory to public finance, and treat topics that include taxation, royalties, and expropriation cycles. Case studies examine experiences in the U.K., Bolivia, Argentina, Venezuela, and other parts of the world.

    Contributors Philippe Aghion, George-Marios Angeletos, Fernando Candia Castillo, Rafael di Tella, Juan Dubra, Eduardo Engel, Ramón Espinasa, Ronald Fischer, Jeffrey Frankel, Nicolás Gadano, Dieter Helm, William Hogan, Robert MacCulloch, Osmel Manzano, Francisco Monaldi, Bijan Mossavar-Rahmani, Erich Muehlegger, Fernando Navajas, Robert Pindyck, Lucía Quesada, Roberto Rigobon, Eduardo S. Schwartz, Federico Sturzenegger, Lawrence Summers, Laurence Tai, Michael Tomz, Anders B. Trolle, Louis T. Wells, Nils Wernerfelt, Mark L. J. Wright, Richard Zeckhauser, Jeromin Zettelmeyer

    • Hardcover $19.75 £14.99
  • Imperfect Competition and International Trade

    Imperfect Competition and International Trade

    Gene M. Grossman

    The last decade has seen an important extension of the theory of international trade to include imperfectly competitive market structures. This book collects 19 of the most influential articles on trade with imperfect competition, providing ready access to current research by top-level economists. Following an introduction. by Grossman that surveys the literature, the readings cover such important topics as the causes and consequences of intraindustry trade, the effects of tariffs and quantitative restrictions in oligopolistic settings, the welfare consequences of strategic trade policies, the raison d'être for multinational corporations, the determinants of innovation, and the interaction between technological progress and trade. The recent work on trade incorporating imperfect competition can help to explain the high volume of intraindustry trade between similarly endowed countries and can account for the increasing importance of multinational corporations in the conduct of international trade. It can predict the emergence of cross-country technology gaps and can help to identify the determinants of dynamic comparative advantage. The explorations of trade with imperfect competition have also deepened substantially our understanding of the costs and benefits of trade policy. We now know why governments may be motivated to assist their national firms in global oligopolistic competitions, and we also know the limitations of the arguments in support of strategic trade policies.

    Contributors Richard E. Baldwin, James A. Brander, Avinash K. Dixit, Jonathan Eaton, Wilfred J. Ethier, Gene M. Grossman, Elhanan Helpman, Kala Krishna, Paul R. Krugman, James R. Markusen, Victor Norman, Luis A. Rivera-Batiz, Paul M. Romer, Barbara J. Spencer, Anthony J. Venables Shmuel Ben Zvi

    • Hardcover $37.50
    • Paperback $8.75 £6.99
  • New Keynesian Economics, Volume 1

    New Keynesian Economics, Volume 1

    Imperfect Competition and Sticky Prices

    N. Gregory Mankiw and David Romer

    These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets.

    Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

    • Hardcover $42.50 £31.95
    • Paperback $42.00 £33.00
  • New Keynesian Economics, Volume 2

    New Keynesian Economics, Volume 2

    Coordination Failures and Real Rigidities

    N. Gregory Mankiw and David Romer

    These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection. Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets.

    Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

    • Hardcover $42.50
    • Paperback $45.00 £35.00
  • Invention, Growth, and Welfare

    A Theoretical Treatment of Technological Change

    William D. Nordhaus

    As technology continues to expand and to envelop the everyday lives of Westerners, it is important that analysts continue to question the direction in which technology is leading us. One specific set of problems concerns the significance of technology in economic life. It has become clear in recent years that technological change is the major source of growth in per capita income. Less clear, but no less important, is the role of technology in determining the distribution of income and unemployment, the strength of a country's position in the growth of organizational efficiency. Finally, behind the material gains lie the imponderable problems of the destructive forces unleased by technological progress. Many of these questions have been discussed, but much remains to be learned from further analysis.

    The present work explores some of the problems raised in connection with the economics of technology. The author is careful to keep his approach elementary, his feeling being that it is more useful to prepare a good foundation than to put together hastily an elaborate theoretical edifice that stands on uncertain grounds. Where possible the presentation is non-technical, and most of the mathematical intricacies have been put in separate appendixes at the end of the book. To further simplify the reader's task, a uniform notation has been used throughout, with a key to notation given in a separate section at the beginning.

    The book is divided into two general subjects. Part I considers the problem of invention in the firm, with special attention to the microeconomic problems which technological change raises for economic analysis. This part includes a presentation of a simple model of invention with various applications and a discussion of the economics of patents. Part II broadens the study by turning to problems of invention in an economy-wide or general equilibrium framework, with special emphasis on technological change in the process of economic growth. The author examines the Kennedy-Samuelson model of induced invention and applies the model to analyze both the optimal rate and direction of technological change in a planned economy and the applicability of the results to a competitive economy. The effect of invention on prices and wages is also examined, by means of a multisector model. Some surprising results are obtained when this model is applied to economics with unlimited supplies of labor.

    • Hardcover $12.50
  • The Dynamics of the World Cocoa Market

    F. Helmut Weymar

    The static framework of traditional microeconomic theory has never provided an entirely satisfying explanation of short- and intermediate-term commodity price behavior. The conventional supply-demand notion, which accounts in general very well for long-term price levels, is not realistic when shorter term price movements are involved. This monograph proposes a dynamic formulation of commodity price fluctuations that answers this deficiency, using the behavior of the world cocoa market as a source of data and a basis for theoretical conclusions.

    The conventional static-theoretic explanation of short-term price levels makes use of two major variables – the short-term demand function and the market supply rate – that generate at best an incomplete picture of actual commodity behavior. The author argues for the inclusion in the model of two further dynamic variables – inventories and expectations – and develops a commodity price theory to account for them. The current price level at any moment is shown to be a function of long-run equilibrium price expectations and expected future inventory levels. An analysis of the dynamic behavior of the cocoa market is given in illustration of the theories offered.

    Dynamics of the World Cocoa Market offers in addition some valuable data on the cocoa market: a detailed history of cocoa market events during the 1950's and 1960's; comments, in an appendix from market letters during that period; and quantitative data on production expectations, consumption expectations, producer sales rates, and world consumption. The general theoretical content of the book assures it of an audience among economists, particularly specialists in agricultural economics price theory, and applied economics. The cocoa trade – independent dealers, manufactures, and growers – will also welcome the book's publication, as will government officials and commodity speculators working with the cocoa trade.

    • Hardcover $17.50
  • Programming Investment in the Process Industries

    An Approach to Sectoral Planning

    David A. Kendrick

    The purpose of this book is to describe a programming approach to investment planning in the process industries. Investment planners have recognized the value of project analysis in decision making for some time. The extent of this analysis, however, has frequently been limited to an evaluation of the cost and rate of return on a single project independent of the others. Analysts have been unable to take into account the effects of complementary or competing projects because the number of possible combinations of projects made calculation too long and involved. Programming Investment in the Process Industries attempts to meet this need by constructing a mathematical programming model that can be used to evaluate various combinations of investment alternatives and different schedules over time. The model is a means of setting down all the calculations so that they can be performed by computer.

    Professor Kendrick begins by constructing a linear programming model that describes the industry as it exists at the time the investor is making his decisions. This model includes estimates of each product's requirements in all market areas, plant capacities, production costs at each facility, the cost of transporting the products from the plants to the market areas, and other factors. To accommodate the projection of profitable future investment, the model is then converted to a multiperiod model and revised to include investment decision variables. In the final section of the book, Professor Kendrick illustrates the operation of his system by describing in detail the application of his model to an investment planning problem in the Brazilian steel industry. The last chapter of the book includes a brief discussion of the use of time-sharing systems for solving this class of investment problems.

    Programming Investment in the Process Industries describes one of the new and useful tools places at the disposal of the economist and the economic planner by the appearance of the electronic computer. It will be welcome reading for economists and students of economic planning as well as for engineers and businessmen in the process industries. The possibilities suggested by a computer planning system stretch far beyond the process industries alone, making this book a valuable text for members of other industrial concerns and for development planners working with the growth of developing national economies.

    • Hardcover $15.00
  • Unemployment, Money Wage Rates, and Inflation

    George L. Perry

    This is a theoretical and empirical study of the interaction of wage changes, unemployment, and inflation. Its main purpose is to obtain a better understanding of the conditions causing inflation ia an economy where both business and labor exact considerable market power, and to establish the nature of the trade-off between inflation and unemployment in the United States, how it has changed in the past, and what can be done to affect this trade-off in the future.

    The analysis centers on a model of wage determination in which several variables are identified as important determinants of changes in wage rates. Empirical estimates of the wag change model are made for various time periods, including the postwar years and the 1920's. For the postwar years, estimates are also made of relations explaining the principal variables affecting wage rates, and these are combined with the wage equation in a dynamic analysis of a wage-price-profit subsystem of the economy.

    The development and estimation of multivariate model for studying the inflation-unemployment trade-off is in contrast to earlier studies that have examined the effects on wage changes of unemployment alone.

    Volume No. 7 in the M.I.T. Economics Monograph Series.

    • Hardcover $10.00
  • The Theory of Oil Tankship Rates

    An Economic Analysis of Tankship Operations

    Zenon S. Zannetos

    This remarkable contribution to the field of oil tankship economics offers, for the first time, a solid foundation for many decisions in tankship building, chartering, and operation which heretofore have been based primarily on intuition. It provides an intensive economic analysis of all the factors that affect the supply and demand of tanker services in order to develop a sound theory of oil tankship rates. Every important facet of tankship building and operations, encompassing both the economic and motivational aspects of the industry, is analyzed and integrated into a cohesive theory for explaining the behavior of tankship rates.

    Dr. Zannetos has produced an extensive time series of data gathered from numerous sources including oil companies, shipyards, banks, tankship transportation companies, and government agencies, and has formulated an analytical framework for decision making based on modern economic, mathematical, and statistical tools.

    In an effort to identify all the factors that affect the rates in the short as well as the long run and to estimate their impact wherever possible, the author first discusses separately the factors influencing tankship rates that operate through the respective demand and supply schedules. He then fuses the two schedules too show how short-term rates are determined and then focuses attention on long-term or period rates.

    The Theory of Oil Tankship Rates offers a number of important conclusions which should prove invaluable in managerial decision making. Although the methodology provided here is developed specifically for tankship operations, it is applicable in analyzing the interactions in any dynamic market where price expectations and investment decisions combine to cause cyclical price patterns. Consequently, the book should be of interest to a broad range of scholars and practitioners in the fields of economics, business, industry, management science, operations research, and marine transportation.

    Volume No. 4 in the M.I.T. Economics Monograph Series.

    • Hardcover $30.00
  • Urban Migration and Economic Development in Chile

    Bruce H. Herrick

    A study of the effect of internal migration on Chile's economic development.

    The years between 1940 and 1960 in Chile were marked by economic stagnation. Urban migration, reflecting theis economic decay, as well as demographic conditions, are the subject of this study. The work attempts to coordinate the record of Chile's economic development with an account of its concomitant internal migration. In particular, shifts in urban population and changes in the structure of the labor force are explored in an attempt to understand migration's role.

    The study deals explicitly with the economic implications of internal migration. Such an orientation is unique in the English language literature on this subject in Latin America. It is also the first work of its kind to consider internal migration within a lass developed country whose income has risen above the lowest levels. Higher incomes in Chile change many of the preconceptions about the economic impact of migration, both for the migrant and for society. The book deals extensively with these differences.

    Volume No. 6 in the M.I.T. Economics Monograph Series.

    • Hardcover $12.00
  • Labor Migration and Economic Growth

    A Case Study of Puerto Rico

    Stanley L. Friedlander

    The chief goal of this study is to examine the effectiveness of emigration as a tool in aiding the economic growth of the less developed and overpopulated countries. The specific effects of emigration upon economic development—reduced size and possibly improved quality of the labor force, decreased birth rate and population growth, prevention of increased unemployment, rapid growth of output, and so on—are analyzed, and are shown to have had a profound impact on economic growth in Puerto Rico from 1946 to 1960.

    The author chose Puerto Rico for this empirical analysis because it possesses many characteristics of a typical underdeveloped nation. The study, therefore, may have application for many of the less developed countries in the world today.

    The high standards of research and analysis apparent in this work make it a unique and valuable contribution to its field. Economists and labor specialists will, of course, be interested in this book, while international agencies concerned with economic development and those specifically interested in the labor and economic problems of Puerto Rico will find this a basic work.

    • Hardcover $18.00
  • Iron and Steel in Nineteenth-Century America

    An Economic Inquiry

    Peter Temin

    In the nineteeth century, as the United States rapidly increased its area, population, and income, the American iron and steel industry also underwent tremendous expansion, both to meet the increased demand of the booming railroad industry for iron and steel products, and as a result of important innovations in iron and steel production methods. This is the first book to use the tools of modern economic analysis to explain the nature of the growth of the iron and steel industry. Information is provided relating to the changes in the supply and demand curves for iron and steel from 1830 to 1900, a period that saw, besides the expansion of the industry, a major improvement in the quality of iron and steel products, accompanied by a simultaneous lowering of their price.

    This book will be of interest to students of the iron and steel industry, economic historians and those specifically interested in American economic development or the diffusion of innovations, as well as to those concerned with more general questions of industrial growth.

    • Hardcover $12.50