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Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
This book places economic debates in their historical context and outlines how economic ideas have influenced swings in policy.
Beginning in the 1950s, a group of academics, businesspeople, and politicians set out on an ambitious project to remake North Carolina’s low-wage economy. They pitched the universities of Raleigh, Durham, and Chapel Hill as the kernel of a tech hub, Research Triangle Park, which would lure a new class of highly educated workers. In the process, they created a blueprint for what would become known as the knowledge economy: a future built on intellectual labor and the production of intellectual property. In Brain Magnet, Alex Sayf Cummings reveals the significance of Research Triangle Park to the emergence of the high-tech economy in a postindustrial United States. She analyzes the use of ideas of culture and creativity to fuel economic development, how workers experienced life in the Triangle, and the role of the federal government in bringing the modern technology industry into being. As Raleigh, Durham, and Chapel Hill were transformed by high-tech development, the old South gave way to a distinctly new one, which welded the intellectual power of universities to a vision of the suburban good life. Cummings pinpoints how the story of the Research Triangle sheds new light on the origins of today’s urban landscape, in which innovation, as exemplified by the tech industry, is lauded as the engine of economic growth against a backdrop of gentrification and inequality. Placing the knowledge economy in a broader cultural and intellectual context, Brain Magnet offers vital insight into how tech-driven development occurs and the people and places left in its wake.
An accessible, thoroughly engaging look at how the economy really works and its role in your everyday life Not surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before. But economics, with its weird technical jargon and knotty concepts and formulas can be a very difficult subject to get to grips with on your own. Enter Greg Ip and his Little Book of Economics. Like a patient, good-natured tutor, Greg, one of today's most respected economics journalists, walks you through everything you need to know about how the economy works. Short on technical jargon and long on clear, concise, plain-English explanations of important terms, concepts, events, historical figures and major players, this revised and updated edition of Greg's bestselling guide clues you in on what's really going on, what it means to you and what we should be demanding our policymakers do about the economy going forward. From inflation to the Federal Reserve, taxes to the budget deficit, you get indispensible insights into everything that really matters about economics and its impact on everyday life Special sections featuring additional resources of every subject discussed and where to find additional information to help you learn more about an issue and keep track of ongoing developments Offers priceless insights into the roots of America's economic crisis and its aftermath, especially the role played by excessive greed and risk-taking, and what can be done to avoid another economic cataclysm Digs into globalization, the roots of the Euro crisis, the sources of China's spectacular growth, and why the gap between the economy's winners and losers keeps widening
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Economists and the Economy seeks to explain how economic theories are formed in response to specific incidents affecting economic events. The work covers both major historical events, such as the English Civil War, the Industrial Revolution, and the Great Depression, and intellectual developments in economic thought. Among the theories examined are neoclassical growth theory and the Harrod-Domar model.
Deftly navigating the tensions among globalization, national sovereignty, and democracy, Straight Talk on Trade presents an indispensable commentary on today's world economy and its dilemmas, and offers a visionary framework at a critical time when it is most needed.
Date of publication obtained from publisher website.
A compilation of essays by the author that reveals the value for science studies of examples arising within the history of economics.
Creativity is the fastest growing business in the world. Companies are hungry for people with ideas - and more and more of us want to make, buy, sell and share creative products. But how do you turn creativity into money? In this newly rewritten edition of his acclaimed book, leading creative expert John Howkins shows what creativity is, how it thrives and how it is changing in the digital age. His key rules for success include: Invent yourself. Be unique. Own your ideas. Understand copyright, patents and IP laws. Treat the virtual as real, and vice versa. Learn endlessly: borrow, reinvent and recycle. Know when to break the rules. Whether in film or fashion, software or stories, by turning ideas into assets anyone can make creativity pay.