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This paper presents a model of social learning about the suitability of local conditions for new business ventures and explores its implications for the microeconomic patterns of economic development. I show that: i) firms tend to 'rush' into business ventures with which other firms have had surprising success thus causing development to be 'lumpy'; ii) sufficient business confidence is crucial for fostering economic growth; iii) development may involve wave-like patterns of growth where successive business ventures are first pursued and then given up; iv) there is, nevertheless, no guarantee that firms pursue the best venture even in the long-run.
Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large. Editors are recognized as leaders and can attract an international list of contributors Regional and urban studies interest economists in many subdisciplines, such as labor, development, and public economics Table of contents combines theoretical and applied subjects, ensuring broad appeal to readers
How the Coming Global Crash Will Create a Historic Gold Rush demonstrates the causal relationship between a deep economic crisis and a historical increase in the price of gold. Through the last years of his presidency, Jimmy Carter struggled with the legacy of the OPEC oil embargo causing large lines at the gas pump to pay surging gasoline costs. After the 1973 embargo, the price of oil quadrupled, forcing the United States into a deep recession that lasted into 1975. Gold surged during this period of stagflation, the unusual economic condition in which stagnant economic growth and high inflation coincide. In 1980, when Ronald Reagan was elected president, gold hit a high of $843/ounce. In 2008–2009, the collapse of the subprime mortgage market and the bursting of the real estate bubble caused a Great Recession in which prestigious financial institutions failed across the globe and serious investors poured their money into gold to maintain their total asset value. In 2010, gold’s price hit a high of $1,426/ounce. In the wake of the economic collapse caused by the COVID-19 lockdown, gold hit a yearly high of $2,058.40 in 2020, on the way to an all-time high of $2,074.60 on March 8, 2022. The global economy faces an economic meltdown in 2023, the magnitude of which we have not seen since the Great Depression in the 1930s. When the bubble in hedge funds and derivative contracts bursts, financial institutions worldwide will have to absorb billions and possibly even trillions of dollars in losses, an amount of money almost inconceivable in any other era of global financial history. In this book, Dean Heskin and Jerome R. Corsi explain the reality of 2022–2023: the dollar may collapse, and mounting unemployment and plummeting property values may accelerate the near disappearance of the middle class. In the dystopian world we are entering, gold and silver may be the only “money” that will hold its value.
Charles P. Kindleberger's writing has ranged widely in the past, from international economics to such specialized topics as the Marshall Plan. In recent years, however, his perspective has shifted to one that tempers the rigidity of technical economics with the flexibility of the liberal arts. Historical economics, drawing on history, politics, cultural anthropology, sociology, and geography, bridges the gap between abstraction and fact engendered by traditional conceptions of economic science. Inherently interdisciplinary, historical economics ultimately leads to a more meaningful understanding of contemporary economic phenomena. This selection of Kindleberger's work has been carefully culled to illustrate his approach to the subject. The essays cover a range of historical periods and in addition to his well known writing on financial issues also include European history and explorations of long-run changes in the American economy. Economists and historians, both the converted and the unconvinced, will want to consult this powerful argument for the importance of historical economics.
First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.
Covering over one-hundred topics on issues ranging from Law and Neuroeconomics to European Union Law and Economics to Feminist Theory and Law and Economics, The Oxford Handbook of Law and Economics is the definitive work in the field of law and economics. The book gathers together scholars and experts in law and economics to create the most inclusive and current work on law and economics. Edited by Francisco Parisi, the Handbook looks at the origins of the field of law and economics, tracks its progression and increased importance to both law and economics, and looks to the future of the field and its continued development by examining a cornucopia of fields touched by work in law and economics. The uniqueness of its breadth, depth, and convenience make the volume essential to scholars, students, and contributors in the field of law and economics.
ÔProfessional service firms are critical agents of contemporary economies and understanding them has become a central focus of recent scholarship. This very timely and well organized Handbook brings together several leading scholars who explore how we might think and theorize about professional service firms and their entrepreneurial behaviours. The Handbook will become a key source for the growing community of researchers in this area.Õ Ð Royston Greenwood, University of Alberta, Canada ÔFor too long, both researchers and practitioners have presumed that professional service firms follow the status quo when they should better understand how these professionals set the rules for globalization. This Handbook reminds us that professionals are as much the shock-troops of capitalism as the multinational corporations that they serve. As this Handbook shows, the leading firms successfully compete with each other by fostering entrepreneurship and innovation in order to service an institutional system that undergirds the international economy.Õ Ð Christopher McKenna, University of Oxford, UK Professional services are increasingly seen as an important foundation for future economic growth and prosperity. Yet research on innovative and entrepreneurial processes in professional services has been surprisingly scarce. This Handbook provides a collection of original contributions from leading scholars outlining the current stock of knowledge in the area as well as providing directions for further research. The expert contributors discuss entrepreneurship and innovation from a number of different perspectives, including the entrepreneurial professional team, the entrepreneurial firm and the institutional environment. The first part of the book looks at the challenges of entrepreneurship specific to the professional service firm while the second explores the creation and exploitation of entrepreneurial opportunities in the professional service team. Part III turns to the organization and Part IV to the management and growth of the entrepreneurial professional service firm. The final part discusses the interplay between professions, firms and the institutional environment. Researchers, scholars and PhD students in the areas of entrepreneurship and professional service firms along with advanced students of management will find this volume of great value.
Applying the hot new area of psychological and behavioural economics to notions of economic growth and development, Bertin Martens' new book is a unique and impressive volume.
Papers originally presented at a conference sponsored by Stanford University's Institute for Economic Policy Research (SIEPR) and held Sept. 26-27, 2008.