The Collected Short Works of Thorstein Veblen - Volume I

Thornstein Veblen

This three-volume collection contains Veblen's publications in academic journals and other scholarly press. The articles are organized under major chapters covering Veblen's pioneering thoughts on social organization; economic theory; social theory; institutions, social organization and economic performance; contemporary policies and social movements; social applications of evolutionary reasoning. Veblen made numerous seminal contributions on issues as diverse as the social role of science, the economic and social competition between entrepreneurs and engineers as well as a sobering criticism of the still under-appreciated preconceptions of economics as a science. The collection brings together much work that has been inaccessible in print and provides instructive reading for researchers on institutional economics, evolutionary economics as well as those with an interest on the history of economic thought. This edition has been professionally typeset from the original articles for easier reading and includes a comprehensive index. It is printed on quality, hard-bound volumes, resulting in an indispensable contemporary edition of Veblen's timeless ideas.

The Collected Short Works of Thorstein Veblen - Volume II

Thornstein Veblen

This three-volume collection contains Veblen's publications in academic journals and other scholarly press. The articles are organized under major chapters covering Veblen's pioneering thoughts on social organization; economic theory; social theory; institutions, social organization and economic performance; contemporary policies and social movements; social applications of evolutionary reasoning. Veblen made numerous seminal contributions on issues as diverse as the social role of science, the economic and social competition between entrepreneurs and engineers as well as a sobering criticism of the still under-appreciated preconceptions of economics as a science. The collection brings together much work that has been inaccessible in print and provides instructive reading for researchers on institutional economics, evolutionary economics as well as those with an interest on the history of economic thought. This edition has been professionally typeset from the original articles for easier reading and includes a comprehensive index. It is printed on quality, hard-bound volumes, resulting in an indispensable contemporary edition of Veblen's timeless ideas.

The Collected Short Works of Thorstein Veblen - Volume III

Thornstein Veblen

This three-volume collection contains Veblen's publications in academic journals and other scholarly press. The articles are organized under major chapters covering Veblen's pioneering thoughts on social organization; economic theory; social theory; institutions, social organization and economic performance; contemporary policies and social movements; social applications of evolutionary reasoning. Veblen made numerous seminal contributions on issues as diverse as the social role of science, the economic and social competition between entrepreneurs and engineers as well as a sobering criticism of the still under-appreciated preconceptions of economics as a science. The collection brings together much work that has been inaccessible in print and provides instructive reading for researchers on institutional economics, evolutionary economics as well as those with an interest on the history of economic thought. This edition has been professionally typeset from the original articles for easier reading and includes a comprehensive index. It is printed on quality, hard-bound volumes, resulting in an indispensable contemporary edition of Veblen's timeless ideas.

Generational Poverty

An Economic Look at the Culture of the Poor

Adam D. Vass Gal, Belmont University

Are the impoverished victims of circumstance or are they contributing to their situations through their own actions and principles? This perplexing question does not have a simple answer. "Generational Poverty: An Economic Look at the Culture of the Poor" examines both sides of the coin. Written by an economist, the book provides a unique perspective into the study of this emotionally-charged issue. It shows that economic analysis can shed light on some of the roots of persistent poverty and may point to its potential solution. Generational Poverty covers the author’s eye-opening experiences with a young man named Jermaine and his family, initiated through the Big Brothers Big Sisters (BBBS) program. As someone who cares for Jermaine and his family, it was nothing short of a surprise to see first-hand some of the obstacles Jermaine’s family are creating for themselves, while at the same time battling many of today’s social constructs. In the course of the program, the author learned a great deal about Jermaine’s life, culture, and the obstacles he faces. This work identifies impediments that Jermaine has experienced as well as common challenges faced in his community. In the words of the author: “Most of my research for this book is devoted to pinpointing these cultural issues and gathering varying opinions for each one. While I do detail each unique perspective, my goal is to align each argument to an economic fundamental. This creates a more consistent diagnosis that does not depend on a personal set of values. My hope is that future economists will continue to study this suffering portion of our population to determine the most effective way to remedy the continuingly increasing problem of poverty.”

Economic Growth

How it works and how it transformed the world

Edward A. Hudson

How does economic growth work? Beginning with the history of leading countries over the past 2000 years, Economic Growth finds which countries have achieved sustained growth and how they did it. The effects of growth are examined on a human scale. The benefits of growth are enormous in terms of life, health, education, leisure and opportunity, while the downsides can be managed by appropriate policies. Economic Growth develops a new theory of growth. This new theory is based on careful analysis of actual growth; it covers the causes and mechanisms as well as the results of growth. This new theory extends conventional theory by operating at the industry level and by placing demand considerations at the forefront of growth. Demand growth – based on product innovation, marketing, credit and the consumer society – drives the economy forward while supply growth – based on investment and process innovation – sustains the growth in spending and incomes. Growth is not automatic but, in the right conditions, demand and supply expansion work together to generate sustained growth. Economic Growth offers a new view of growth, unique in its combination of historical depth, intellectual clarity and practical relevance. Its original insights will interest academic and professional economists, while its comprehensive treatment and lucid explanations make it an excellent guidebook for anyone interested in economic growth.

Titans of the Forests

The Economic Evolution of the Human Species and that of Our Cultures

Gregory V. Short

Instead of dwelling on the biological, physiological, or even the genetic aspects of our evolution, “Titans of the Forests” takes a completely different approach, which could be referred to as the unchartered and neglected field of macroevolution. Uniquely captivating, controversial, and very readable, it is the author’s contention that we as a species were continuously forced to change our way of obtaining nourishment, or rather our various economies, in order to adapt to the ever-changing world. And as a result of this economic adaptation, our species would then and only then begin to slowly change into the modern humans of today. For much too long, the world’s scientific community has directed the discussion of our incredible evolution. As a matter of fact, our species’ biological, physiological, psychological, and cultural evolution has been instigated, propelled, and shaped by our economic adaptation to a fluctuating environment. In a very real sense, the scientists are so far into the trees that they have actually ignored the forest. Consequently, we teach human evolution as a hodgepodge of different theories within the realm of microevolution, thus failing to understand or even to recognize the economic thread that binds them altogether. By integrating the timeline of our prehistoric past with that of our earliest known economies (food gathering, scavenging, and nomadism), the author was able to synthesize a sequence of events that illustrates the economic basis of our remarkable ascension and the beginnings of our present day institutions. He not only reveals the genesis behind the cultural forces that exist within every human society, but for the first time, he has created a systematic and holistic approach in explaining the “how” and the “why” we have economically, physiologically, and then culturally evolved. For unlike the rest of the animal kingdom, we have possessed the extraordinary ability to change our economy, which has made us an extremely adaptable species.

Designing Technology, Work, Organizations and Vice Versa

Edited by Enrico Attila Bruni, University of Trento, Italy et al.

The concept of design has been defined in a multitude of ways and used in a variety of academic fields, ranging from the classics of organizational and system design to studies on corporate culture, aesthetics and consumption. However, in mainstream organization and management studies, the concept of design has been ‘black-boxed’ and easily implied as an updated (and more fashionable) version of the traditional idea of structuring organizational processes. At the same time, working and organizing seem to be embedded nowadays in increasingly complex and situated technologies and practices. If the spreading of information and communication technologies (ICTs) has changed workplaces (and even the very meaning of 'workplace' as an area marked by the physical presence of different human actors), working and organizing mobilizes the joint action of humans, technologies and knowledges. The aim of the book is thus to discuss the relations among technologies, work and organisations from multiple theoretical perspectives and to engage with questions about design as well as the sociomaterial foundations of working and organising. The book focuses on the close study of practices and processes that inextricably link work and organisation to the use of artefacts and technological systems (and vice versa), exploring by means of different cases of organizational and design research articulations and disarticulations of daily work and design; the doing of objects and technologies in everyday organizational life; the reconstruction of organizational processes through technological and design practices; the relation between learning, innovations and technologies in organizational settings. The book is addressed to graduate students, PhDs, scholars and researchers interested in the fields of Organization Studies, Science and Technology Studies, Sociology and Design, as well as to professionals and practitioners interested in new methodological approaches towards the relations between technology, work and organization.

Boom and Bust: Ecuador’s Financial Rollercoaster

The interplay between finance, politics and social conditions in 20th Century Ecuador

Pablo R. Izurieta Andrade

Throughout the history of Ecuador, the ambivalent evolution of major political and social events such as the stability of serving presidents, coups and even war, has coincided with changes in the financial environment. The product of careful historical study, "Boom & Bust: Ecuador’s Financial Rollercoaster" combines evidence from prior studies with original research, including data from the Central Bank of Ecuador, unpublished diplomatic papers and documents from the personal archives of relevant historical figures. A central finding is that the export performance of Ecuador's three primary commodities - cacao, bananas and oil - has significantly shaped 20th-century Ecuadorian history. Synthesis of old and new insights reveals how the state of the nation’s economy has frequently determined the outcome of critical events. All the while, the strength, immediacy and direction of the relationships examined has varied. The book would appeal to anyone with an interest in Ecuador's recent history as well as specialists and scholars of Latin American economic and political history.

Introduction to Dynamic Macroeconomic General Equilibrium Models

José Luis Torres Chacon, Universidad de Málaga, Spain

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a variety of additional features, such as consumption habit formation, investment adjustment cost, investment-specific technological change, taxes, public capital, household production, non-ricardian agents, monopolistic competition, etc. The book includes Dynare codes for the models developed that can be downloaded from the book’s homepage. The second edition is identical to the first with the exception of a revised appendix to Chapter 2. The revised appendix can be downloaded free of charge in the accompanying downloads section.

Understanding DSGE models

Theory and Applications

Celso Jose Costa Junior, São Paulo School of Economics, Brazil

While the theoretical development of DSGE models is not overly difficult to understand, practical application remains somewhat complex. The literature on this subject has some significant obscure points. This book can be thought of, firstly, as a tool to overcome initial hurdles with this type of modeling. Secondly, by showcasing concrete applications, it aims to persuade incipient researchers to work with this methodology. In principle, this is not a book on macroeconomics in itself, but on tools used in the construction of this sort of models. It strives to present this technique in a detailed manner, thereby providing a step by step course intended to walk readers through this otherwise daunting process. The book begins with a basic Real Business Cycle model. Subsequently various frictions are gradually incorporated into a standard DSGE model: imperfect competition; frictions in prices and in wages ; habit formation; non-Ricardian agents; adjustment cost in investment; costs of not using the maximum installed capacity; and finally, Government.

Public Assistance of the Poor in France

From the Middle Ages to the Late 19th Century (New Edition)

Emily Greene Balch

This book is a historical assessment of state institutions and other social arrangements put in place to alleviate poverty in France. It draws from both primary (notably archives of the Church) and secondary sources (such as Monnier’s Histoire de l’Assistance Publique). It offers a comparative perspective with respect to contemporary arrangements in Britain and the United States, including some early poverty statistics. The result is a useful and concise account of the history of social institutions which continues to be of relevance over a century after its initial publication. This New Edition has been typeset with modern techniques. It has been painstakingly proofread to ensure that it is free from errors.

The Challenge of Credit Supply

American Problems and Solutions, 1650-1950

Michael Anthony Kirsch

This book is for anyone seeking a succinct and accessible treatment of the most pivotal financial and monetary policies throughout American history from 1650-1950. But it is especially written for those who desire an intricate and detailed knowledge of how and why these policies worked with respect to the supply of adequate credit for economic development. A thorough examination of key credit institutions and their specific powers, functions, mechanisms, context, and economic impact brings the reader to a recognition of which policies and institutions were successful and unsuccessful in supporting the economy and preventing crisis. Its extensive use of primary sources, period literature, and carefully chosen quotations allows the reader to participate in the original discussion and issues that faced Americans in each era. This vivid account leads to a unique grasp of relationships between essential facts, ideas, and time periods. The reader is rewarded with the rare experience of seeing the evolution of three hundred years of policy development as an integrated process. The book’s content will be new and provoking to the academic, policy maker, and economist, but is presented in a manner and style ensuring comprehension for a general audience and those new to the topics involved. Many of the lessons learned in the course of the investigation are relevant and applicable to modern economic and financial policies.

Marketing & Economics

An integrative approach to making effective business decisions in the global marketing world.

Sultan Kermally

This book bridges the disciplines of economics and marketing and brings them to bear on the analysis of contemporary business problems. The world has changed dramatically over the last four decades. Sociologically, technologically, economically and politically speaking the world is changing at an increasing pace. The spread of ideas and values are reinforcing the impact of globalization on various business operations and activities. As the late Peter Drucker once remarked: “while you were out the world changed.” To make sense of to the world we live in, we are compelled to draw from diverse disciplines and subjects.This book focuses on the contributions of economics and marketing. The basic principles, theories and issues of economics are selected and are integrated with key elements and principles of marketing. Marketers, in conventional as well as in digital markets, are encouraged to integrate marketing with economics in order to make successful and effective business decisions. Marketing and Economics are subjects dealing with business – business of private firms, not-for-profit organisations and that of government. Economics involves allocation of scarce resources. Scarcity in economics is relative scarcity, scarcity in relation to demand. Written in a casual, accessible language and taking very little for granted, this book is for anyone who is curious about economics and marketing. It provides the essential analytical framework necessary for thriving in today's business. In its diverse chapters it covers topics such as offshoring, the circular economy, benchmarking, mergers and acquisitions, knowledge and innovation, services industries, customer relationships, advertising and communication, among others. It is particularly well suited to undergraduates in business or economics and its fresh perspectives on today's challenges would be of interest to business managers and marketing professionals.

Stock-Flow-Consistent Models and Institutional Variety

Romar Correa, St Andrew’s College, India and Amelia Correa, St Andrew’s College, India

Orthodox macroeconomics is founded on microeconomics. Heterodox economists either reject micro foundations or experiment with behavioural relationships without paying attention to the principles that generate them. The book takes off from Michal Kalecki’s aphorism about economics being a science that confused stocks and flows. Kalecki was famous for presiding over a marriage between Marx and Keynes and all three figure prominently in the volume. However, the first part of the title is a homage to Wynne Godley who pioneered stock-flow-consistent modeling in our times. The authors exploit lagged values of variables emerging from the definitions. Lags also emerge in so-called stock-flow norms connecting the aggregates. Some moving and shaking of identities and a difference or differential equation emerges. The requirements for stability of the dynamic systems are illuminating and the reader can stop at structure and history with the first half of the book. The conversation with orthodoxy begins with the second part. The equivalent equation systems of the first part throw up different pairs of characters whose happiness must be maximised over time. The price to pay through the solution process is the confrontation with many ugly expressions but the explicit calculations are undertaken repeatedly only to reassure students through drillwork that tedium is not the same as difficulty. The payoffs are that variable transitions in capitalism (the second part of the title) are captured from a small clutch of identities. The movements from backward agriculture to capitalism, from ‘golden age’ capitalism to ‘financialization’, are modeled. A separate chapter is devoted to Europe. The policy prescriptions of heterodox economics do not compare with the richness of critique and positive analysis. ‘Positive’ and ‘normative’ are one in this work, the combination of stock-flow norms along with ‘forgotten’ policy variables like the tax rate promising order and stability to economies.

Financial reforms, stabilization and development in 21st-century Turkey

Haluk Haksal, University of Geneva, Switzerland

The central argument of this book is that while central bank independence can contribute to stabilization, inflation-targeting monetary policy is quite powerless in promoting economic development. The basic message is simple: Policy makers should not strive to achieve price stability at any cost, as stability in product markets does not necessarily translate into economic development. The recent experience of Turkey is illuminating and other developing countries, in particular those using inflation targeting monetary policy framework, can draw useful lessons from this experience. Early chapters summarize the deregulation process from 1980 to 2001. The Turkish Central Bank is placed at the center of the analysis as monetary policies have a significant impact both on stability and development. Although the 1994 and 2001 financial crises have been extensively studied elsewhere, they are nevertheless summarized to underscore the importance of central bank independence. Later chapters investigate the impact of an independent central bank on stabilization and development from 2001 onwards. Upon visiting the Turkish Central Bank's website, readers are greeted with the following statement: "The primary objective of the Bank is to achieve and maintain price stability." By the end of this book the reader should be able to assess the relative merits of a monetary policy that focuses on price stability, versus an alternative where price stability is accompanied by other objectives targeting development, for instance, monitoring also unemployment rates, which would undermine its independence to some degree. The study aims to provide a perspective on the need for such an alternative in line also with the vision of some international agencies on development, such as the UNCTAD and the ILO. This is the first book-length study examining the financial reforms Turkey undertook in its path towards EU accession. This unique work will be of interest to economists and other experts in financial history, (de)regulation, institutional economics and economic development, as well as a broad range of scholars interested in the dramatic transformation of Turkey's economy and society in the 21st century.

Freedom, Authority and Economics: Essays on Michael Polanyi's Politics and Economics

Edited by R. T. Allen

This edited volume of original contributions deals with the economic and political thought of Michael Polanyi. Requiring little prior knowledge of Polanyi, this volume further develops a somewhat neglected side of Polanyi's work. In particular it examines the 'tacit integration', of subsidiary details into focal objects or actions as central to all knowing and action. It traces ontological counterparts in the structures of comprehensive entities and complex actions, and a multi-level universe in which lower levels have their boundary conditions, the extents to which they apply, determined by those of the next higher level, whilst each possessing its own laws or operative principles. This schema of 'dual control' preserves the reality and relative autonomy of each level, and its interactions with others, against the various reductions. The essays in this volume also employ and develop important additional concepts and distinctions such as: 'corporate' and 'spontaneous' order; 'public' and 'private' liberties; 'general' and 'specific authority'; and 'moral inversion'; which, as the essays show, are necessary for understanding and maintaining a free society and the freedom of institutions within it. Among the topics treated with them are: more of the prerequisites of freedom in public liberties dedicated to principles and transcendent values; totalitarianism and society as spontaneous order; the balance of general and specific authority in society and particular institutions; reductionism, totalitarianism and consumption in consumer societies, as moral inversions; the mutual interactions of economics and politics as distinct and autonomous but interacting levels; the sociological aspects of economics; and Polanyi's own contributions to sociology. Although, as indicated, Polanyi has his special terms, the essays in this volume, like his works, give them meaning with concrete examples and so avoid merely shuffling a mass of abstractions. Together the essays show that his work is a rich seam of ideas and inspiration for yet further extension and application.

Global Responsible Intergenerational Leadership

A conceptual framework and implementation guidance for intergenerational fairness

Julia M. Puaschunder, The New School

Today's grand policy dilemmas, from climate change, to over-indebtedness, to demographic shifts, have momentous long-term implications. Future generations will be constrained by our present decisions to an extent that is without precedent in advanced capitalist democracies. This book is an extensively researched and reasoned appeal in favor of intergenerational fairness - the ability to provide to future generations an at least as favorable standard of living as that enjoyed today. Intergenerational equity is an essential consideration in finding lasting solutions to the multifaceted crises of our time. As an implicit contract and transfer between living and future generations, intergenerational equity avoids discriminating against future generations. The book aims to theoretically define intergenerational equity and to frame it as a natural behavioral law, capturing human ethicality bounds. It follows a long and distinguished tradition of scholarly discourse in turning to natural law for solutions to major social predicaments. Outlining some of the causes of the current intergenerational imbalances regarding climate change and over-indebtedness it sets the basis for understanding their drivers and implications. A central proposition is that the natural human drive towards intergenerational fairness can be the basis for the necessary behavioral responses: the human-imbued moral compass of natural law can be a useful complement, if not alternative, to public policy. This book fills an important gap. Despite a resurgence of literature, the economic and social dimensions of intergenerational equity remain underexplored. Existing literature misses a holistic ethical framework of decision-making failures that addresses intergenerational concerns. Whilst evolutionary grounded, intergenerational fairness has not been recognized as a natural behavioral law – a human-imbued drive being bound by human fallibility. Practical implications and recommendations in advancing an agenda for the advancement of intergenerational equity are provided. Attention is drawn to the problem of providing the required leadership to promote the idea of intergenerational equity as a guiding principle in corporate, social and policy action. This book contributes both theoretical and practical insights and will be of interest to economists, sociologists, public policy makers and corporate executives tasked with tackling the most pressing contemporary challenges of mankind.

Memes of Misinformation: Federal Spending

Unraveling the controversial, socio-economic and political issues behind those annoying social media memes

Julio C. Castañeda Jr.

In this first installment of the Misinformation series, the author tackles complex socio-economic and political topics related to the economy of the United States, such as the federal budget, wasteful spending, the national debt, unemployment and social security. By breaking down each subject into layman’s terms, the author clearly and concisely presents, in an unbiased manner, the facts behind the fake news, half-truths and general misinformation from the annoying headlines and memes cluttering social media on these volatile subjects.

Agricultural Sector Issues in the European Periphery

Productivity, Export and Development Challenges

Edited by Persefoni Polychronidou, Central Macedonia Institute of Technology, Greece and Anastasios Karasavvoglou, Eastern Macedonia and Thrace Institute of Technology, Greece

Over the course of the past two decades peripheral European economies in the Balkans and in Eastern Europe have experienced significant structural changes and have adapted to the global economic environment. Agriculture and the processing, using and trading of agricultural products play an important role in their economies. This volume covers several issues facing the contemporary agricultural sector in these countries, such as the framework of the Common Agricultural Policy of the European Union, the identification of an opinion leader portrait in agriculture, the characteristics of using Information and Communication Technologies as tools in the partnerships and internal processes of enterprises throughout the whole agro-food supply chain, the increased need of small-scale artisanal food businesses to seek new markets abroad, the perceptions of Greek olive oil importers in the UK, the barriers that Greek yogurt entrepreneurs face during their export activities, the reasons for the differences in economic performance and the role of tangible and less tangible factors influencing development outcomes. It will be of interest to researchers studying economic development, agricultural economists, businesses active in the primary sector and students of applied economic analysis.

Global Economy in Transition: the European Union and Beyond

Edited by Linda Winkler, Wilkes University and Harold Codrington, Central Bank of Barbados

This volume covers various issues in global development and global economic transformation including factors affecting economies and development in the European Union (EU), the Ukraine, select countries in Africa, the Caribbean, the South Pacific as well as India and the United States. The global economy is in transition, from the 1990s' status quo to the “new normal” with heavy reliance on the internet, rapid communications, sophisticated payment systems, diminishing importance of size and distance and changing notions of the market. This volume discusses how this process is affecting economies across the globe and why an appreciation of it will help efforts by governmental bodies and the private sector to reassess societal relationships - both economic and political. This volume shows that challenges to policy-making and the achievement of social consensus on development issues are often quite similar in all countries, irrespective of size, geographical location, endowment and developmental status. The chapters speak to concerns that touch on a cross-section of issues which are driving transition and transformation at multiple levels. As a group, they compare economic factors across transnational economic or political associations (OECD, European Union, G20) or make comparisons across or within emerging markets or small states (BRICS, various African countries, the Caribbean, South Pacific). They include the presentation of a new model for transnational agreements, discussions of policies related to labor compensation and corporate governance, comparisons of nations across the world using indices of economic development and governance, an analysis of gender inequality in employment in the European Union, comparisons of tax burdens across the European Union and the USA, discussions of employee representation in corporate governance, and a look at grass-roots development and markets in developing economies. As a whole, in its breadth and cross-national perspective, the volume represents an important scholarly contribution to international economics.