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Economics and Finance

Economics and Finance

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This book offers a rigorous study of control, guidance, and coordination problems of an enterprise economy, with attention to the roles of money and financial institutions. The approach is distinctive in drawing on game theory, methods of physics and experimental gaming, and, more generally, a broader evolutionary perspective from the biological and behavioral sciences. The proposed theory unites Walrasian general equilibrium with macroeconomic dynamics and Schumpeterian innovation utilizing strategic market games.

Over the last fifty years, environmentalism has emerged as a clear counterforce to the environmental destruction caused by industrialization, colonialism, and globalization. Activists and policymakers have fought hard to make the earth a better place to live. But has the environmental movement actually brought about meaningful progress toward global sustainability? Signs of global “unsustainability” are everywhere, from decreasing biodiversity to scarcity of fresh water to steadily rising greenhouse gas emissions.

In an era of globalization, issues of language diversity have economic and political implications. Transnational labor mobility, trade, social inclusion of migrants, democracy in multilingual countries, and companies’ international competitiveness all have a linguistic dimension; yet economists in general do not include language as a variable in their research. This volume demonstrates that the application of rigorous economic theories and research methods to issues of language policy yields valuable insights.

Toward a New Synthesis for Economics

Two widely heralded yet contested approaches to economics have emerged in recent years: one emphasizes evolutionary theory in terms of individuals and institutions; the other views economies as complex adaptive systems. In this book, leading scholars examine these two bodies of theory, exploring their possible impact on economics.

Edited by Jon Strand

Government subsidies to energy are widespread and represent a heavy burden on public budgets in many countries. Both producers and consumers may be subsidized; the most common subsidies are for motor fuel consumption and electricity production and consumption. The subsidies to consumers often prove particularly harmful because they result in increased energy consumption, increased carbon emissions, and distortionary effects on consumer behavior.

The Logic, Urgency, and Promise of Tackling Climate Change

The risks of climate change are potentially immense. The benefits of taking action are also clear: we can see that economic development, reduced emissions, and creative adaptation go hand in hand. A committed and strong low-carbon transition could trigger a new wave of economic and technological transformation and investment, a new era of global and sustainable prosperity. Why, then, are we waiting? In this book, Nicholas Stern explains why, notwithstanding the great attractions of a new path, it has been so difficult to tackle climate change effectively.

Economics, Ecology, Ethics

Valuing the Earth collects more than twenty classic and recent essays that broaden economic thinking by setting the economy in its proper ecological and ethical context. They vividly demonstrate that, contrary to current macroeconomic preoccupations, continued growth on a planet of finite resources cannot be physically or economically sustained and is morally undesirable.

The public sector has grown substantially in the last fifty years. In the euro area, for example, total government expenditures have been around fifty percent of GDP since the early 2000s, resulting in a growing tax burden or high public debt or both. At the same time, government had intervened in all aspects of economic life, from the provision of public goods and services to product and labor market regulation.

The End of Employment and the Rise of Crowd-Based Capitalism

Sharing isn’t new. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper club—these are not revolutionary concepts. What is new, in the “sharing economy,” is that you are not helping a friend for free; you are providing these services to a stranger for money. In this book, Arun Sundararajan, an expert on the sharing economy, explains the transition to what he describes as “crowd-based capitalism”—a new way of organizing economic activity that may supplant the traditional corporate-centered model.

What Every Research Assistant Should Know

This book offers a practical guide to the computational methods at the heart of most modern quantitative research. It will be essential reading for research assistants needing hands-on experience; students entering PhD programs in business, economics, and other social or natural sciences; and those seeking quantitative jobs in industry. No background in computer science is assumed; a learner need only have a computer with access to the Internet.

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