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Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.
In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest unemployment rate since the Great Depression. These circumstances have prompted renewed interest in the concept of business cycles, which Joseph Schumpeter suggested are "like the beat of the heart, of the essence of the organism that displays them." In The American Business Cycle, some of the most prominent macroeconomics in the United States focuses on the questions, To what extent are business cycles propelled by external shocks? How have post-1946 cycles differed from earlier cycles? And, what are the major factors that contribute to business cycles? They extend their investigation in some areas as far back as 1875 to afford a deeper understanding of both economic history and the most recent economic fluctuations. Seven papers address specific aspects of economic activity: consumption, investment, inventory change, fiscal policy, monetary behavior, open economy, and the labor market. Five papers focus on aggregate economic activity. In a number of cases, the papers present findings that challenge widely accepted models and assumptions. In addition to its substantive findings, The American Business Cycle includes an appendix containing both the first published history of the NBER business-cycle dating chronology and many previously unpublished historical data series.
This classic is organized as follows: Book I. Preliminary Survey Chapter I. Introduction Chapter II. The Substance of Economics Chapter III. Economic Generalizations or Laws Chapter IV. The Order and Aims of Economic Studies Book II. Some Fundamental Notions Chapter I. Introductory Chapter II. Wealth Chapter III. Production. Consumption. Labour. Necessaries Chapter IV. Income. Capital Book III. On Wants and Their Satisfaction Chapter I. Introductory Chapter II. Wants in Relation to Activities Chapter III. Gradations of Consumers’ Demand Chapter IV. The Elasticity of Wants Chapter V. Choice Between Different Uses of the Same Thing. Immediate and Deferred Uses Chapter VI. Value and Utility Book IV. The Agents of Production. Land, Labour, Capital and Organization Chapter I. Introductory Chapter II. The Fertility of Land Chapter III. The Fertility of Land, Continued. The Tendency to Diminishing Return Chapter IV. The Growth of Population Chapter V. The Health and Strength of the Population Chapter VI. Industrial Training Chapter VII. The Growth of Wealth Chapter VIII. Industrial Organization Chapter IX. Industrial Organization, Continued. Division of Labour. The Influence of Machinery Chapter X. Industrial Organization, Continued. The Concentration of Specialized Industries in Particular Localities Chapter XI. Industrial Organization, Continued. Production on a Large Scale Chapter XII. Industrial Organization, Continued. Business Management Chapter XIII. Conclusion. Correlation of the Tendencies to Increasing and to Diminishing Return Book V. General Relations of Demand, Supply and Value Chapter I. Introductory. On Markets Chapter II. Temporary Equilibrium of Demand and Supply Chapter III. Equilibrium of Normal Demand and Supply Chapter IV. The Investment and Distribution of Resources Chapter V. Equilibrium of Normal Demand and Supply, Continued, With Reference to Long and Short Periods Chapter VI. Joint and Composite Demand. Joint and Composite Supply Chapter VII. Prime and Total Cost in Relation to Joint Products. Cost of Marketing. Insurance Against Risk. Cost of Reproduction Chapter VIII. Marginal Costs in Relation to Values. General Principles Chapter IX. Marginal Costs in Relation to Values. General Principles, Continued Chapter X. Marginal Costs in Relation to Agricultural Values Chapter XI. Marginal Costs in Relation to Urban Values Chapter XII. Equilibrium of Normal Demand and Supply, Continued, With Reference to the Law of Increasing Return Chapter XIII. Theory of Changes of Normal Demand and Supply in Relation to the Doctrine of Maximum Satisfaction Chapter XIV. The Theory of Monopolies Chapter XV. Summary of the General Theory of Equilibrium of Demand and Supply Book VI. The Distribution of the National Income Chapter I. Preliminary Survey of Distribution Chapter II. Preliminary Survey of Distribution, Continued Chapter III. Earnings of Labour Chapter IV. Earnings of Labour, Continued Chapter V. Earnings of Labour, Continued Chapter VI. Interest of Capital Chapter VII. Profits of Capital and Business Power Chapter VIII. Profits of Capital and Business Power, Continued Chapter IX. Rent of Land Chapter X. Land Tenure Chapter XI. General View of Distribution Chapter XII. General Influences of Economic Progress Chapter XIII. Progress in Relation to Standards of Life Appendices Appendix A. The Growth of Free Industry and Enterprise Appendix B. The Growth of Economic Science Appendix C. The Scope and Method of Economics Appendix D. Uses of Abstract Reasoning in Economics Appendix E. Definitions of Capital Appendix F. Barter Appendix G. The Incidence of Local Rates, With Some Suggestions as to Policy Appendix H. Limitations of the Use of Statical Assumptions in Regard to Increasing Return Appendix I. Ricardo’s Theory of Value Appendix J. The Doctrine of the Wages-Fund Appendix K. Certain Kinds of Surplus Appendix L. Ricardo’s Doctrine as to Taxes and Improvements in Agriculture
How to Write about Economics and Public Policy is designed to guide graduate students through conducting, and writing about, research on a wide range of topics in public policy and economics. This guidance is based upon the actual writing practices of professional researchers in these fields and it will appeal to practitioners and students in disciplinary areas such as international economics, macroeconomics, development economics, public finance, policy studies, policy analysis, and public administration. Supported by real examples from professional and student writers, the book helps students understand what is expected of writers in their field and guides them through choosing a topic for research to writing each section of the paper. This book would be equally effective as a classroom text or a self-study resource. Teaches students how to write about qualitative and quantitative research in public policy and economics in a way that is suitable for academic consumption and that can drive public policy debates Uses the genre-based approach to writing to teach discipline-appropriate ways of framing problems, designing studies, and writing and structuring content Includes authentic examples written by students and international researchers from various sub-disciplines of economics and public policy Contains strategies and suggestions for textual analysis of research samples to give students an opportunity to practice key points explained in the book Is based on a comprehensive analysis of a research corpus containing 400+ research articles in various areas of public policy and economics
Millions of people—nearly 3 percent of the world’s population—no longer live in the country where they were born. Every day, migrants enter not only the United States but also developed countries without much of a history of immigration. Some of these nations have switched in a short span of time from being the source of immigrants to being a destination for them. International migration is today a central subject of research in modern labor economics, which seeks to put into perspective and explain this historic demographic transformation. Immigration Economics synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows. Economist George Borjas lays out with clarity and rigor a full spectrum of topics, including migrant worker selection and assimilation, the impact of immigration on labor markets and worker wages, and the economic benefits and losses that result from immigration. Two important themes emerge: First, immigration has distributional consequences: some people gain, but some people lose. Second, immigrants are rational economic agents who attempt to do the best they can with the resources they have, and the same holds true for native workers of the countries that receive migrants. This straightforward behavioral proposition, Borjas argues, has crucial implications for how economists and policymakers should frame contemporary debates over immigration.
A practical guide to understanding how key economic and market statistics drive financial market trends The recent global financial crisis stressed the need for economists who understand how key economic and market statistics drive financial market trends and how to mitigate the risks for businesses that those trends affect. Trading Economics provides guidance for navigating key market figures in a convenient and practical format. Emphasizing the link between economic data and market movements, this book analyzes surveys, economic growth statistics, inflation, labor markets, international trade, monetary and fiscal indicators, and their relevance in financial markets. It bypasses complex terminology to offer a hands-on, accessible introduction to financial statistics and how to profit from them. Offers clear illustrations and an easy-to-read layout to teach you how to trade profitably in financial markets and minimizes risk for your business Written Trevor Williams and Victoria Turton, authoritative public figures with experience working on the New York Stock Exchange Includes a website featuring a blog and new surveys as they develop accompanies the book Complete with worked examples and updated information, Trading Economics is an essential, comprehensive guide to understanding every aspect of financial market trends and how to navigate them to your advantage.
Write clearly about any subject: “Writers should check out Economical Writing, and editors should recommend it. Your future readers will be thankful.” —Journal of Scholarly Publishing Economics is not a field known for good writing. Charts, yes. Sparkling prose, no. Except, that is, when it comes to Deirdre Nansen McCloskey. Her conversational and witty yet always clear style is a hallmark of her classic works of economic history, enlivening the dismal science and engaging readers well beyond the discipline. And now she’s here to share the secrets of how it’s done, no matter what your field. Economical Writing is itself economical: a collection of thirty-five pithy rules for making your writing clear, concise, and effective. Proceeding from big-picture ideas to concrete strategies for improvement at the level of the paragraph, sentence, or word, McCloskey shows us that good writing, after all, is not just a matter of taste—it’s a product of adept intuition and a rigorous revision process. Debunking stale rules, warning us that “footnotes are nests for pedants,” and offering an arsenal of readily applicable tools and methods, she shows writers of all levels of experience how to rethink the way they approach their work, and gives them the knowledge to turn mediocre prose into magic. At once efficient and digestible, hilarious and provocative, Economical Writing lives up to its promise. With McCloskey as our guide, we discover how any piece of writing—on economics or any other subject—can be a pleasure to read.
There is growing recognition that the United States' clinical trials enterprise (CTE) faces great challenges. There is a gap between what is desired - where medical care is provided solely based on high quality evidence - and the reality - where there is limited capacity to generate timely and practical evidence for drug development and to support medical treatment decisions. With the need for transforming the CTE in the U.S. becoming more pressing, the IOM Forum on Drug Discovery, Development, and Translation held a two-day workshop in November 2011, bringing together leaders in research and health care. The workshop focused on how to transform the CTE and discussed a vision to make the enterprise more efficient, effective, and fully integrated into the health care system. Key issue areas addressed at the workshop included: the development of a robust clinical trials workforce, the alignment of cultural and financial incentives for clinical trials, and the creation of a sustainable infrastructure to support a transformed CTE. This document summarizes the workshop.