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Economics and Finance

Economics and Finance

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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.

Although it is among the oldest of market institutions, the auction is ubiquitous in today’s economy, used for everything from government procurement to selling advertising on the Internet to course assignment at MIT’s Sloan School. And yet beyond the small number of economists who specialize in the subject, few people understand how auctions really work. This concise, accessible, and engaging book explains both the theory and the practice of auctions.

A Strategic Approach

This book offers a framework for making decisions under risk and uncertainty. Synthesizing research from economics, finance, decision theory, management, and other fields, the book provides a set of tools and a way of thinking that determines the relative merits of different strategies. It takes as its premise that we make better decisions if we use the whole toolkit of economics and related fields to inform our decision making.

Simulation modeling is increasingly integrated into research and policy analysis of complex sociotechnical systems in a variety of domains. Model-based analysis and policy design inform a range of applications in fields from economics to engineering to health care. This book offers a hands-on introduction to key analytical methods for dynamic modeling.

In order to control climate change, the International Panel on Climate Change (IPCC) estimates that greenhouse gas emissions will need to fall by about forty percent by 2030.

Intelligence does not arise only in individual brains; it also arises in groups of individuals. This is collective intelligence: groups of individuals acting collectively in ways that seem intelligent. In recent years, a new kind of collective intelligence has emerged: interconnected groups of people and computers, collectively doing intelligent things. Today these groups are engaged in tasks that range from writing software to predicting the results of presidential elections.

Solutions to odd-numbered problem set questions in Modern Macroeconomics.

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