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Exposes two fundamental theoretical errors responsible for the bankruptcy of modern economic policy. Toxic economic theory originates from its misconceived division into separate micro- and macro- compartments. It is responsible for fraudulent accounting standards, a dysfunctional system of taxation, and totally bankrupt macroeconomic policy.
Exposes two fundamental theoretical errors responsible for the bankruptcy of modern economic policy. Toxic economic theory originates from its misconceived division into separate micro- and macro- compartments. It is responsible for fraudulent accounting standards, a dysfunctional system of taxation, and totally bankrupt macroeconomic policy.
Volume II proposes radical reform (1) of the accounting system – to bring corporate management under the control of market forces; and (2) of the tax system – to enable the economy to grow to its full potential and to establish an automatic mechanism for price stability without any arbitrary intervention.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
A leading economist trains a lens on his own discipline to uncover when it fails and when it works.
On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.
Drawing on Baumol's concepts of productive, unproductive and destructive entrepreneurship and relevant amendments, this book develops a conceptual framework which allows operationalising the concepts for empirical assessment. Using data from a longitudinal survey, the author further makes one of the first attempts to address these concepts empirically. The results show the importance of shifting the focus from firms' activities to output on both, venture and societal levels, short and long term. Overall, the findings suggest that productive entrepreneurs are less involved in behaviour such as tax avoidance or illegal business and show a higher level of entrepreneurial orientation.