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Buy now to get the main key ideas from Jean-Michel Paul's The Economics of Discontent In the last few decades, income has fallen for the middle and lower classes while the costs of housing, health care, and higher education have soared. This has been caused by unregulated monopolies, globalization, uncontrolled immigration, soft corruption, and shortsighted economic policies. In The Economics of Discontent (2019), economist Jean-Michel Paul points out how Western governments continue to ignore this avalanche of problems even as resentment builds up and populist parties rise to challenge the current elites. With no solid solutions in sight, Paul offers a series of thought-provoking proposals to consider as tensions rise and an economic crisis looms.
The social contract that has underpinned growth and political stability in the Western world since World War II has broken down. Houses, health care and higher education have become unaffordable to a majority of people, while the burden of unregulated monopolies, globalization and uncontrolled immigration has fallen disproportionately on the lower and middle classes. Wrapped in political correctness, an increasingly out of touch Western elite continues catering to special interests and fails to grasp the urgency for change. Populist movements harnessing public anger appear unable to propose and implement effective solutions. The last financial crisis was bad enough. But the next crisis will spread deeper and wider. And yet we stand economically, politically and most of all intellectually unprepared. This book is the story of how we have arrived at the brink of disaster and how we can move away from the win-lose policies of recent decades to restore much-needed balance.
The 2008 financial crisis, the rise of Trumpism, and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks remain frozen in time, continuing to uphold traditional policies as though nothing has happened. Foundations of Real-World Economics demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in mainstream models. Bringing together the work of key scholars like Kahneman, Minsky, and Schumpeter, this textbook takes into consideration the inefficiencies that arise when the perfectly competitive model is applied to the real world dominated by multinational oligopolies. The third edition has been updated throughout, bringing in new material on the financial crises, the rise of populism, racism, inequality, climate change, and the Covid-19 pandemic. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching as John Komlos focuses on the paradigm of humanistic economics.
. . . this volume comes across as one of the most profound sources on the specifics of European electricity market restructuring. Competition and Regulation in Network Industries The SESSA study on the Internal Energy Market was an important and influential contribution towards the Commission s proposal for a third package of proposals, intending to bring more effective competition and better security of supply to Europe s energy markets. This volume, based on the results of the study is an important and welcome contribution to the ongoing debate on these proposals. Andris Piebalgs, Commissioner for Energy at the European Commission The chapters in this book are written by the leading European scholars who have studied the structure, behavior and performance of liberalised electricity markets in many European countries as well as in other regions of the world. Both the analyses and the policy recommendations contained in this volume are well worth careful consideration by policymakers in Europe, as well as by policymakers in other countries that are seeking to adopt successful electricity sector liberalisation programs. From the foreword by Paul L. Joskow, Massachusetts Institute of Technology, US Dynamism or dissipation? Competition or national champions? Will enlargement promote or delay reform? Energy economists contemplate the challenges posed by the restless and discontent European Commission. Stephen Littlechild, University of Birmingham and Judge Institute for Management Studies, University of Cambridge, UK The challenge of European electricity reform is being met, although gradually, delays notwithstanding. This book provides precious help in spotting where the necessary further efforts should be directed. In the US mistakes and delays have occurred, no less than in Europe, but an aggressive federal regulator (absent in Europe) is working to overcome them. Electricity markets do not happen, they have to be built. Here are suggestions for a workable European market design. No ideology, just competence and wisdom from both theory and experience. Will Europe learn? Pippo Ranci, Università Cattolica del Sacro Cuore, Italy The realisation of a European internal market for energy is still a work in progress. Written by leading European scholars and discussed with major energy stakeholders, this book presents a thorough analysis of the motives and methods needed to achieve a single European energy market. The authors discuss the critical issues surrounding an internal European energy market including: market design, competition and market power, sustainable energy versus the market, regulation and harmonisation, benchmarking and indicators, modelling of competition, market prices and energy forecasts. They provide a multi-disciplinary assessment of the best way to build the market base of a future European energy policy. Electricity Reform in Europe will be of great interest to decision makers and managers in the energy industry or business sector as they will be able to see the whole European energy policy picture beyond their own corporate interests. The book will also appeal to national and European energy administrations, regulatory bodies and policy makers providing a synthesis of all relevant policy issues.
Imagine in your next life you might be in any random situation (ignorant, poor, unhealthy, living with war or a mentally-ill family member, etc.) and you can’t predict it. What changes would this make you want in our systems of information, economics, community, government, and religion? If you decide to work for one of these changes now, which should you pursue? It might seem prudent to focus on one in isolation, but it wouldn’t be enough. Other systems could work against it. And, though you might initially get more allies than if you talked about other systems, you could lose those allies if they began to suspect your overall vision conflicted with theirs. By looking at how changes in many systems fit together from as many perspectives as possible, you might be able to reach deeper agreement with others on a big-picture vision. Then, you could move the components forward together with greater trust, watching each system changing and facilitating change in the others. That’s what this book, first written in 1990 yet amazingly relevant, tries to do, both in essay and in novel form. The essay discusses the internet, free enterprise enhanced by universal basic income (UBI), community centers with publicly-funded workers providing universal basic services at UBI-affordable prices, world government, and a religion that helps people identify with the plights of others. The novel tells an inspiring human story of a couple as they marry and become grandparents while helping to develop these systems. This second edition has a new foreword to help integrate these ideas into the real world. It will be wonderful if any of the ideas in this book stimulate you. Even better, this book may help you develop a cohesive worldview, perhaps even one you can share with others in moving our world forward.
This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.
Liberty Fund's new six-volume The Collected Works of Frederic Bastiat series, of which "The Man and the Statesman "is the first volume, may be considered the most complete edition of Bastiat's works published to date, in any country, and in any language. The main source for this translation is the seven-volume "Oeuvres completes de Frederic Bastiat," published in the 1850s and 1860s. The present volume, most of which has never before been translated into English, includes Bastiat's complete correspondence: 207 letters Bastiat wrote between 1819, when he was only 18 years old, until just a few days before his untimely death in 1850 at the age of 49. For contemporary classical liberals, Bastiat's correspondence will provide a unique window into a long-forgotten world where opposition to war and colonialism went hand-in-hand with support for free trade and deregulation. Bastiat's numerous letters to Richard Cobden, a Member of Parliament and best known today as the leader of the British Anti-Corn Law League, chronicle the profound effect the Anti-Corn League had on Bastiat. The League's success in mobilizing a popular movement in England to pressure the British government into abolishing the very protectionist "corn laws," in 1846, inspired Bastiat to emulate the League's success in France by starting his own free-trade movement. "The Man and the Statesman "also includes articles and other writings on politics and current events that showcase Bastiat's talent as a theoretician, a pamphleteer, a journalist, and a deputy (Member of Parliament) of the nascent French Second Republic. Together with the correspondence, the writings in this volume fill an important gap in our understanding of the lesser-known Bastiat, who, in just a few short years, made a profound impact on French intellectual and political life in Paris. Forthcoming titles in The Collected Works of Frederic Bastiat series include: ""The Law," "The State," and Other Political Writings, 1843-1850 Economic Sophisms and "What is Seen and What is Not Seen" Miscellaneous Works on Economics: From "Jacques-Bonhomme" to Le Journal des ""economistes Economic Harmonies The Struggle Against Protectionism: The English and French Free-Trade Movements " Frederic Bastiat (1801-1850) was born in the French port city of Bayonne and became one of the leading advocates of free markets and free trade in the mid-nineteenth century. A theorist of classical liberal political economy and an elected member of various French political bodies, he opposed both protectionism and the rise of socialist ideas. Jacques de Guenin is president of the Cercle Frederic Bastiat. He is a graduate of the ecole des Mines in Paris and holds a Master of Sciences from the University of California, Berkeley. Jean-Claude Paul-Dejean is a historian from the University of Bordeaux and a Bastiat scholar. Dennis O'Keeffe is Professor of Social Science at the University of Buckingham, Buckingham, England, and is Senior Research Fellow in Education at the Institute of Economic Affairs, London. David M. Hart received a Ph.D. in history from King's College, Cambridge, and is the Director of Liberty Fund's Online Library of Liberty Project.
This open access book is a 2022 Nautilus Gold Medal winner in the category "World Cultures' Transformational Growth & Development". It states that the societal fault lines of our times are deeply intertwined and that they confront us with challenges affecting the security, fairness and sustainability of our societies. The author, Prof. Dr. Patrick Huntjens, argues that overcoming these existential challenges will require a fundamental shift from our current anthropocentric and economic growth-oriented approach to a more ecocentric and regenerative approach. He advocates for a Natural Social Contract that emphasizes long-term sustainability and the general welfare of both humankind and planet Earth. Achieving this crucial balance calls for an end to unlimited economic growth, overconsumption and over-individualisation for the benefit of ourselves, our planet, and future generations. To this end, sustainability, health, and justice in all social-ecological systems will require systemic innovation and prioritizing a collective effort. The Transformative Social-Ecological Innovation (TSEI) framework presented in this book serves that cause. It helps to diagnose and advance innovation and spur change across sectors, disciplines, and at different levels of governance. Altogether, TSEI identifies intervention points and formulates jointly developed and shared solutions to inform policymakers, administrators, concerned citizens, and professionals dedicated towards a more sustainable, healthy and just society. A wide readership of students, researchers, practitioners and policy makers interested in social innovation, transition studies, development studies, social policy, social justice, climate change, environmental studies, political science and economics will find this cutting-edge book particularly useful. “As a sustainability transition researcher, I am truly excited about this book. Two unique aspects of the book are that it considers bigger transformation issues (such as societies’ relationship with nature, purpose and justice) than those studied in transition studies and offers analytical frameworks and methods for taking up the challenge of achieving change on the ground.” - Prof. Dr. René Kemp, United Nations University and Maastricht Sustainability Institute