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Demonstrates the essential connection between theoretical academic research and the creation of economic policy, reflecting his belief that the study of economics should lead to improvement of the social order and of the quality of human life. Herbert Giersch is one of Germany's most prominent economists and an outstanding contributor to the debate on European economic policy. Openness for Prosperity brings together his major essays in macroeconomic policy, written or published over the past two and a half decades. In these twenty nontechnical essays, Giersch clearly demonstrates the essential connection between theoretical academic research and the creation of economic policy, reflecting his belief that the study of economics should lead to improvement of the social order and of the quality of human life. Some of the policy positions that Giersch favors are free trade, limits to government, and openness of economies to future possibilities.The chapters are arranged in two parts with the first focusing on economic growth and structural change and the second on issues of monetary policy, inflation, and exchange rates. The essays are arranged chronologically according to the dates of publication or writing to suggest how topics and emphases have changed over time.The first part, reflecting Giersch's support of Schumpeter's views, includes essays on aspects of growth, protectionism in foreign trade, the role of entrepreneurship in the 1980s, prospects and problems for European economic integration in the 1990s, the lessons to be learned from West Germany's transition to a market economy, and the author's vision of the European and world economies at the end of this century. In the second part, essays address such issues as flexible exchange rates, indexation, IMF surveillance over exchange rates, neglected aspects of inflation, the effect of central bank independence on monetary policy, and the relationship between real exchange rates and comparative economic growth.
Prominent economists discuss internal labor markets, the dynamics of immigration, labor market regulation, and other key topics in the work of Michael J. Piore. In Economy in Society, five prominent social scientists honor Michael J. Piore in original essays that explore key topics in Piore's work and make significant independent contributions in their own right. Piore is distinctive for his original research that explores the interaction of social, political, and economic considerations in the labor market and in the economic development of nations and regions. The essays in this volume reflect this rigorous interdisciplinary approach to important social and economic questions. M. Diane Burton's essay extends our understanding of internal labor markets by considering the influence of surrounding firms; Natasha Iskander builds on Piore's theory of immigration with a study of Mexican construction workers in two cities; Suzanne Berger highlights insights from Piore's work on technology and industrial development; Andrew Schrank takes up the theme of regulatory discretion; and Charles Sabel discusses theories of public bureaucracy.
Written form 1957 through 1978 by one of the foremost authorities in the field of international economics, this collection of Peter Kenen's previously published essays deals with issues in the pure theory of international trade, international monetary theory, and international monetary reform. The essays in Part I, "Trade, Tariffs, and Welfare," concern the roles of tangible and human capital in the determination of trade patterns, the joint determination of demand conditions and trade patterns, the gains from international trade, and the effects of migration on economic welfare. Part II, "International Monetary Theory and Policy," contains essays on the theory of gold-exchange standard, the determination of forward exchange rates, the demand for international reserves, economic integration and the delineation of currency areas, and the process of balance of payments adjustment under pegged and floating exchange rates. The essays in Part III, "Monetary Reform and the Dollar," are arranged in chonological order, from 1963 through 1977, and focus on the problems and progress of international monetary reform and on the functioning of the present international monetary system. Peter B. Kenen is Walker Professor of Economics and International Finance at Princeton University. The Princeton Sereies of Collected Essays provides facsimile reprints, in paperback and in cloth, of important articles by leading scholars. Originally published in 1981. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.
"This timely book provides a wide-ranging and insightful discussion of how labor market institutions and policies influence the mechanisms of economic integration and how economic integration inturn is likely to influence key features of labor markets. It offers both a clear analysis of these issues and a wealth of comparative labor market data." Robert J. Flanagan, Stanford University A volume of the Integrating National Economies Series
The main objective of this dissertation is to study some of the mechanisms suggested by the economic literature as factors that could prevent individuals from attaining certain domains of well-being. This thesis is divided in three independent essays providing new evidence on three issues within the field of economic development: the effect of social networks on immigrants' labor market outcomes (first essay), the long-lasting impact of income inequality on entrepreneurial success and job creation (second essay), and the importance of multiple abilities, parental educational background and race in explaining educational gaps (third essay). I explain the goal and findings of these three essays next. The first essay "The impact of social networks on immigrants' employment prospects: the Spanish case 1997-2007" analyzes the factors that could affect immigrants' integration in the host country. Specifically, I study the extent to which social networks affect job match and wages for immigrants in Spain. By focusing on social networks impact on labor market outcomes, I contribute to the empirical literature by addressing a less explored channel through which immigrants' social and economic integration could be affected. The findings suggest that social networks are likely to help immigrants to find a job in the short-run, but may limit opportunities to fully integrate in the longer term. These results shed light on the importance of social networks preventing immigrants' integration, as well as help to orientate the design of integration policies for immigrants living in Spain. The second essay "The Long-Term Effect of Inequality on Entrepreneurship and Job Creation" studies the extent to which initial conditions understood as income inequality in 1700s and 1800s, and credit market institutions, can condition entrepreneurship and job creation to flourish over time. This essay adds to the literature on the long-lasting effects of income inequality on economic development by empirically testing the predictions of the model by Banerjee and Newman (1993). This model predicts that countries with initially low income inequality would grow over time aided by a strong entrepreneurial sector. A contrasting equilibrium could be reached if a country starts with a high ratio of poor to wealthy people. In this case development runs out of steam. The findings of this essay give empirical support to the predictions of the model, showing that historical income inequality and current credit market imperfections prevent firms to be created and surviving over time, at the time that affect job creation over time. To the best of our knowledge, this article is the first one that tests the long-term effects of inequality on occupational choice. The third essay, entitled "Schooling progression in Uruguay: why some children are left behind?" studies the impact of parental traits on children's educational attainment in Uruguay. Specifically, I analyze whether long-term parental background, crystallized by parental educational background, race, cognitive and non-cognitive abilities, and short-term family income measured by the opportunity cost of education, affect child' schooling progression, and at what stage of the educational path they take on their importance. The results show that parental educational background, cognitive and non-cognitive abilities have effects of diverse magnitude across stages of the educational path. Long-term parental background has increasing effect over the children's schooling progression in comparison to short-term parental income as it decreases its significance when students progress to higher schooling stages. Specifically, cognitive ability has increasing effects on the students' likelihood of dropping out across the educational path. Motivation and risky behavior measuring non-cognitive ability also influence children's schooling completion at early stages of education.