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Economics and Finance

Economics and Finance

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The Changing Role of the State

Infrastructures—tangible, intangible, and institutional public facilities, from bridges to health care—are a vital precondition for economic and societal wellbeing. There has been an increasing awareness that we cannot rely on market forces for infrastructure investment and maintenance. In this volume, experts from Europe, North and South America, and Asia examine the complexities of financing, installing, implementing, and regulating public infrastructures.

The WTO Agreements on Trade in Goods

The General Agreement on Tariffs and Trade (GATT) has extended its institutional arsenal since the Kennedy round in the early 1960s. The current institutional design is the outcome of the Uruguay round and agreements reached in the ongoing Doha round (begun in 2001). One of the institutional outgrowths of GATT is the World Trade Organization (WT0), created in 1995. In this book, Petros Mavroidis offers a detailed examination of WTO agreements regulating trade in goods, discussing legal context, policy background, economic rationale, and case law.

The State of Macroeconomic Policy

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.

From the coalition's desert showdown with Saddam Hussein to the dieter's duel with himself in the midnight kitchen, strategic choices determine destinies. These essays by wellknown scholars - economists, psychologists, philosophers, and political scientists, inspired by master strategist Thomas Schelling - present the most significant recent advances in strategic choice theory.In activities ranging from gift giving to political wheeling and dealing, men and women strive ingeniously - though sometimes counterproductively - to secure desired outcomes.

Government regulation is ubiquitous today in rich and middle-income countries--present in areas that range from workplace conditions to food processing to school curricula--although standard economic theories predict that it should be rather uncommon. In this book, Andrei Shleifer argues that the ubiquity of regulation can be explained not so much by the failure of markets as by the failure of courts to solve contract and tort disputes cheaply, predictably, and impartially. When courts are expensive, unpredictable, and biased, the public will seek alternatives to dispute resolution.

The Analysis of Scarcity, Policies, and Projects

Economics brings powerful insights to water management, but most water professionals receive limited training in it. The second edition of this text offers a comprehensive development of water resource economics that is accessible to engineers and natural scientists as well as to economists. The goal is to build a practical platform for understanding and performing economic analysis using both theoretical and empirical tools. Familiarity with microeconomics or natural resource economics is helpful, but all the economics needed is presented and developed progressively in the text.

The Dance of Ideology and Unequal Riches

The idea of America as politically polarized—that there is an unbridgeable divide between right and left, red and blue states—has become a cliché. What commentators miss, however, is that increasing polarization has been closely accompanied by fundamental social and economic changes—most notably, a parallel rise in income inequality. In this second edition of Polarized America, Nolan McCarty, Keith Poole, and Howard Rosenthal use the latest data to examine the relationships of polarization, wealth disparity, immigration, and other forces.


The General Agreement on Tariffs and Trade (GATT) was created alongside other towering achievements of the post-World War II era, including the United Nations, the World Bank, and the International Monetary Fund. GATT, the first successful agreement to generate multilateral trade liberalization, became the principal institution to administer international trade for the next six decades. In this book, Petros Mavoidis offers detailed examination of the GATT regime for international trade, discussing the negotiating record, policy background, economic rationale, and case law.

Useful Economics for the World Economy

As the global economic crisis continues to cause damage, some policy makers have called for a more Keynesian approach to current economic problems. In this book, the economists Peter Temin and David Vines provide an accessible introduction to Keynesian ideas that connects Keynes’s insights to today’s global economy and offers readers a way to understand current policy debates. They survey economic thinking before Keynes and explain how difficult it was for Keynes to escape from conventional wisdom.

Institutions, Instruments, and Risk Management

Over the last fifty years, an extensive array of instruments for financing, investing, and controlling risk has become available in financial markets, with demand for these innovations driven by the needs of investors and borrowers. The recent financial crisis offered painful lessons on the consequences of ignoring the risks associated with new financial products and strategies. This substantially revised fifth edition of a widely used text covers financial product innovation with a new emphasis on risk management and regulatory reform.

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