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In 1780 Richard Sheridan noted that merchants worked 'merely for money'. However, rather than being a criticism, this was recognition of the important commercial role that merchants played in the British empire at this time. Of course, merchants desired and often made profits, but they were strictly bound by commonly-understood socio-cultural norms which formed a private-order institution of a robust business culture. In order to elucidate this business culture, this book examines the themes of risk, trust, reputation, obligation, networks and crises to demonstrate how contemporary merchants perceived and dealt with one another and managed their businesses. Merchants were able to take risks and build trust, but concerns about reputation and fulfilling obligations constrained economic opportunism. By relating these themes to an array of primary sources from ports around the British-Atlantic world, this book provides a more nuanced understanding of business culture during this period. A theme which runs throughout the book is the mercantile community as a whole and its relationship with the state. This was an important element in the British business culture of this period, although this relationship came under stress towards the end of period, forming a crisis in itself. This book argues that the business culture of the British-Atlantic mercantile community not only facilitated the conduct of day-to-day business, but also helped it to cope with short-term crises and long-term changes. This facilitated the success of the British-Atlantic economy even within the context of changing geo-politics and an under-institutionalised environment. Not working 'merely for money' was a successful business model.
This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour. The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.
In The Limits of Choice, Sahra Wagenknecht examines household saving decisions and basic needs in Germany and the United States, based on official data from both countries from the 1950s to present day. Arguing against the hypothesis that assumes consumers optimize their consumption intertemporally based exclusively on their permanent or lifetime income, Wagenknecht proposes a rule of thumb, according to which consumers will save if their current income exceeds basic expenditure, while they will demand credit when income can no longer meet basic needs.
When low-income city dwellers lack access to mainstream banking services, many end up turning to 'fringe banks,' such as cheque-cashers and pawnshops, for some or all of their financial transactions. This predicament of 'financial exclusion' - faced by those underserved by conventional financial institutions - is comprehensively examined in Jerry Buckland's powerful study, Hard Choices. The first account of the nature and causes of financial exclusion in Canada, Hard Choices thoroughly integrates economic and social data on consumer choice, bank behaviour, and government policy. Buckland demonstrates why the current two-tier system of banking is becoming increasingly dysfunctional, especially in the context of new credit products that aggravate income inequality and stifle local economic growth. Featuring a foreword by esteemed economics scholar John P. Caskey, Hard Choices presents pragmatic policy improvements on both the public and private levels that can promote and build financial inclusion for all.
This book represents the first of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin’s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism.