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For all of their focus on asset prices, financial economists rarely ask if assets are priced ethically—that is, if their prices are compatible with the public good. Yet in a world facing major, possibly catastrophic problems—global warming, for instance, and growing inequality—it is now more important than ever that we allocate capital to projects that will benefit society as a whole, not just today but far into the future. In this book, Christian Gollier develops a powerful method for transforming our societal goals of collective prosperity into the cornerstone of our financial decision making. Ethical Asset Valuation and the Good Society starts by stating transparent moral principles and, from these, derives simple rules that can be used to evaluate saving and investment decisions in terms of the public good. Rather than trying to explain observed asset prices, Gollier derives what these prices ought to be in order to direct capital toward socially desirable investments. He focuses especially on the two prices that drive most financial decisions—the price of time as reflected in the interest rate and the price of risk—and explores the role these play in our long-term planning. If investment projects in renewable energy could be financed at a lower interest rate than those linked to fossil fuels, for instance, the energy transition would be easier to accomplish. Building on criticism of the short-term thinking of financial markets, Gollier suggests ways to shift investment toward the future through the discounting of the valuation of assets and investments with long-term benefits. In this sophisticated but accessible work, Gollier builds a bridge between welfare economics and finance theory to provide a framework for ethical valuation capable of establishing what asset prices should be on the basis of our shared moral values.
How should we evaluate the ethics of procreation, especially the environmental consequences of reproductive decisions on future generations, in a resource-constrained world? While demographers, moral philosophers, and environmental scientists have separately discussed the implications of population size for sustainability, no one has attempted to synthesize the concerns and values of these approaches. The culmination of a half century of engagement with population ethics, Partha Dasgupta’s masterful Time and the Generations blends economics, philosophy, and ecology to offer an original lens on the difficult topic of optimum global population. After offering careful attention to global inequality and the imbalance of power between men and women, Dasgupta provides tentative answers to two fundamental questions: What level of economic activity can our planet support over the long run, and what does the answer say about optimum population numbers? He develops a population ethics that can be used to evaluate our choices and guide our sense of a sustainable global population and living standards. Structured around a central essay from Dasgupta, the book also features a foreword from Robert Solow; correspondence with Kenneth Arrow; incisive commentaries from Joseph Stiglitz, Eric Maskin, and Scott Barrett; an extended response by the author to them; and a joint paper with Aisha Dasgupta on inequalities in reproductive decisions and the idea of reproductive rights. Taken together, Time and the Generations represents a fascinating dialogue between world-renowned economists on a central issue of our time.
Mainstream economics considers individual preferences to be fixed and unchanging. Although psychologists and other social scientists explore how tastes are formed, influenced, and evolve, it is not considered “proper” in orthodox economics to do so. Arguing About Tastes makes the case that economists should abandon the principle that preferences are fixed and instead incorporate into their work how context and experience shape individual tastes. David M. Kreps argues that the discipline must account for dynamic personal tastes when it comes to understanding social exchange, emphasizing human resource management and on-the-job behavior. He develops formal models that illustrate the power of intrinsic motivation and show why applying extrinsic incentives can be counterproductive. Kreps weighs the advantages and disadvantages of the principle de gustibus non est disputandum: there is no arguing about tastes. He calls for a new era of economics in which preferences are taken into account—and not for granted. Arguing About Tastes concludes with responses by the distinguished economists Alessandra Casella and Joseph E. Stiglitz and a final reply by Kreps.
Reducing carbon emissions is the most complex political and economic problem humanity has ever confronted. Coping with the Climate Crisis brings together leading experts from academia and policy circles to explore issues related to the implementation of the COP21 Paris Agreement and the challenges of accelerating the transition toward sustainable development. The book synthesizes the key insights that emerge from the latest research in climate-change economics in an accessible and useful guide for policy makers and researchers. Contributors consider a wide range of issues, including the economic implications and realities of shifting away from fossil fuels, the role of financial markets in incentivizing development and construction of sustainable infrastructure, the challenges of evaluating the well-being of future generations, the risk associated with uncertainty surrounding the pace of climate change, and how to make climate agreements enforceable. They demonstrate the need for a carbon tax, considering the issues of efficiently pricing carbon as well as the role of supply-side policies on fossil fuels. Through a range of perspectives from academic economists and practitioners in the public and private sectors who work either at the country level or under the auspices of multilateral organizations, Coping with the Climate Crisis outlines what it will take to achieve a viable, global climate-stabilization path.
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In any field—whether scientific, business, or social—ethics plays a critical role in determining what is acceptable in a particular community and what is considered taboo. The source of these preconditions is often a complex interweaving of tradition and rational thought. Socio-Cybernetic Study of God and the World-System investigates morality in a socio-scientific worldview, examining the epistemology of existence in conjunction with Islamic monotheistic law to generate a world-system that governs action and reaction in the context of a variety of cognitive and social environments. Readers with backgrounds in finance and economics can utilize this book to construct a more thorough theoretical understanding of their societal and professional associations.
Spans the relationships among business, ethics, and society by including numerous entries that feature broad coverage of corporate social responsibility, the obligation of companies to various stakeholder groups, the contribution of business to society and culture, and the relationship between organizations and the quality of the environment.
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
Navigate equity investments and asset valuation with confidence Equity Asset Valuation, Third Edition blends theory and practice to paint an accurate, informative picture of the equity asset world. The most comprehensive resource on the market, this text supplements your studies for the third step in the three-level CFA certification program by integrating both accounting and finance concepts to explore a collection of valuation models and challenge you to determine which models are most appropriate for certain companies and circumstances. Detailed learning outcome statements help you navigate your way through the content, which covers a wide range of topics, including how an analyst approaches the equity valuation process, the basic DDM, the derivation of the required rate of return within the context of Markowitz and Sharpe's modern portfolio theory, and more. Equity investments encompass the buying and holding of shares of stock in the anticipation of collecting income from dividends and capital gains. Determining which shares will be profitable is key, and an array of valuation techniques is applied on today's market to decide which stocks are ripe for investment and which are best left out of your portfolio. Access the most comprehensive equity asset valuation text on the market Leverage detailed learning outcome statements that focus your attention on key concepts, and guide you in applying the material accurately and effectively Explore a wide range of essential topics, such as the free cash flow approach, valuation using Graham and Dodd type concepts of earning power, associated market multiples, and residual income models Improve your study efforts by leveraging the text during your CFA certification program prep Equity Asset Valuation, Third Edition is a comprehensive, updated text that guides you through the information you need to know to fully understand the general analysis of equity investments.
“A superb new understanding of the dynamic economy as a learning society, one that goes well beyond the usual treatment of education, training, and R&D.”—Robert Kuttner, author of The Stakes: 2020 and the Survival of American Democracy Since its publication Creating a Learning Society has served as an effective tool for those who advocate government policies to advance science and technology. It shows persuasively how enormous increases in our standard of living have been the result of learning how to learn, and it explains how advanced and developing countries alike can model a new learning economy on this example. Creating a Learning Society: Reader’s Edition uses accessible language to focus on the work’s central message and policy prescriptions. As the book makes clear, creating a learning society requires good governmental policy in trade, industry, intellectual property, and other important areas. The text’s central thesis—that every policy affects learning—is critical for governments unaware of the innovative ways they can propel their economies forward. “Profound and dazzling. In their new book, Joseph E. Stiglitz and Bruce C. Greenwald study the human wish to learn and our ability to learn and so uncover the processes that relate the institutions we devise and the accompanying processes that drive the production, dissemination, and use of knowledge . . . This is social science at its best.”—Partha Dasgupta, University of Cambridge “An impressive tour de force, from the theory of the firm all the way to long-term development, guided by the focus on knowledge and learning . . . This is an ambitious book with far-reaching policy implications.”—Giovanni Dosi, director, Institute of Economics, Scuola Superiore Sant’Anna “[A] sweeping work of macroeconomic theory.”—Harvard Business Review