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Economics and Finance

Economics and Finance

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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.

Eight Long-Range Scenarios

This book presents eight varied scenarios of possible global futures, emphasizing the interconnectedness of three drivers of change: energy prices, economic growth, and geopolitics. Other published global future scenarios focus on only one of these factors, viewing, for example, economic growth as unaffected by energy prices or energy prices in isolation from geopolitical conditions.

Information Law and Policy in Capital Markets

Financial information is a both a public resource and a commodity that market participants produce and distribute in connection with other financial products and services. Legislators, regulators, and other policy makers must therefore balance the goal of making information transparent, accessible, and useful for the collective benefit of society against the need to maintain appropriate incentives for information originators and intermediaries.

The Economics of Well-Being

Can money buy happiness? Is income a reliable measure for life satisfaction? In the West after World War II, happiness seemed inextricably connected to prosperity. Beginning in the 1960s, however, other values began to gain ground: peace, political participation, civil rights, environmentalism.

Experts, pundits, and politicians agree: public debt is hindering growth and increasing unemployment. Governments must reduce debt at all cost if they want to restore confidence and get back on a path to prosperity. Maurizio Lazzarato’s diagnosis, however, is completely different: under capitalism, debt is not primarily a question of budget and economic concerns but a political relation of subjection and enslavement. Debt has become infinite and unpayable.

The United States and other advanced economies in the Eurozone and elsewhere face severe fiscal problems. The United States is on an unsustainable dynamic path; absent corrective fiscal policies, federal deficits and debts relative to gross domestic product will continue to increase dramatically. In this book, experts consider possible fiscal reforms aimed at addressing the debt problem, focusing on entitlement programs, budgetary issues and processes, and individual and corporate income tax reform.

A Mechanism Design Approach

Dynamic allocation and pricing problems occur in numerous frameworks, including the pricing of seasonal goods in retail, the allocation of a fixed inventory in a given period of time, and the assignment of personnel to incoming tasks. Although most of these problems deal with issues treated in the mechanism design literature, the modern revenue management (RM) literature focuses instead on analyzing properties of restricted classes of allocation and pricing schemes.

Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions.

A Retrospective Analysis of U.S. Policy

In recent decades, antitrust investigations and cases targeting mergers—including those involving Google, Ticketmaster, and much of the domestic airline industry—have reshaped industries and changed business practices profoundly. And yet there has been a relative dearth of detailed evaluations of the effects of mergers and the effectiveness of merger policy.

An Emerging Paradigm

Financial crises have some common storylines, among them bursting asset bubbles, bank failures, sharp tightening of credit, and downturn in trade. They are also different from one another. Some start with sudden reversal of international capital flows, others with domestic credit implosions. A challenge to economic research is to integrate common as well as disparate threads into a coherent analytical framework that is at the same time empirically testable.

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