Making extensive use of archival and other primary sources, David Schorr demonstrates that the development of the “appropriation doctrine,” a system of private rights in water, was part of a radical attack on monopoly and corporate power in the arid West. Schorr describes how Colorado miners, irrigators, lawmakers, and judges forged a system of private property in water based on a desire to spread property and its benefits as widely as possible among independent citizens. He demonstrates that ownership was not dictated by concerns for economic efficiency, but by a regard for social justice.
In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
This book should be useful to anyone interested in identifying the causes of civil conflict and doing something to end it. It even suggests a pathway for the lay reader. Civil conflict is a persistent source of misery to humankind. Its study, however, lacks a comprehensive theory of its causes. Nevertheless, the question of cooperation or conflict is at the heart of political economy. This book introduces Machine Learning to explore whether there even is a unified theory of conflict, and if there is, whether it is a ‘good’ one. A good theory is one that not only identifies the causes of conflict, but also identifies those causes that predict conflict. Machine learning algorithms use out of sample techniques to choose between competing hypotheses about the sources of conflict according to their predictive accuracy. This theoretically agnostic ‘picking’ has the added benefit of offering some protection against many of the problems noted in the current literature; the tangled causality between conflict and its correlates, the relative rarity of civil conflict at a global level, missing data, and spectacular statistical assumptions. This book argues that the search for a unified theory of conflict must begin among these more predictive sources of civil conflict. In fact, in the book, there is a clear sense that game theoretic rational choice models of bargaining/commitment failure predict conflict better than any other approach. In addition, the algorithms highlight the fact that conflict is path dependent - it tends to continue once started. This is intuitive in many ways but is roundly ignored as a matter of science. It should not. Further, those causes of conflict that best predict conflict can be used as policy levers to end or prevent conflict. This book should therefore be of interest to military and civil leaders engaged in ending civil conflict. Last, though not least, the book highlights how the sources of conflict affect conflict. This additional insight may allow the crafting of policies that match a country’s specific circumstance.
How can you turn an English department into a revenue center? How do you grade students if they are "customers" you must please? How do you keep industry from dictating a university's research agenda? What happens when the life of the mind meets the bottom line? Wry and insightful, Shakespeare, Einstein, and the Bottom Line takes us on a cross-country tour of the most powerful trend in academic life today--the rise of business values and the belief that efficiency, immediate practical usefulness, and marketplace triumph are the best measures of a university's success. With a shrewd eye for the telling example, David Kirp relates stories of marketing incursions into places as diverse as New York University's philosophy department and the University of Virginia's business school, the high-minded University of Chicago and for-profit DeVry University. He describes how universities "brand" themselves for greater appeal in the competition for top students; how academic super-stars are wooed at outsized salaries to boost an institution's visibility and prestige; how taxpayer-supported academic research gets turned into profitable patents and ideas get sold to the highest bidder; and how the liberal arts shrink under the pressure to be self-supporting. Far from doctrinaire, Kirp believes there's a place for the market--but the market must be kept in its place. While skewering Philistinism, he admires the entrepreneurial energy that has invigorated academe's dreary precincts. And finally, he issues a challenge to those who decry the ascent of market values: given the plight of higher education, what is the alternative?
Sustainability is one of the key concepts underlying our thinking about corporate responsibilities, particularly with respect to the environment and inter-generational justice, but also in relation to corporate governance and the long-term economic viability. The advantages of the discourse of Sustainability are that it brings together contemporary economic and moral imperatives in the context of scientific knowledge. Its disadvantages relate to its open-ended content, its systematic ambiguity, and the internal tensions between economic growth, human survival and global justice. The essays in this volume reflect these strengths and weaknesses from a variety of viewpoints - economic, scientific, social and philosophical. They illustrate and illuminate the varied and contested content and utility of this currently popular concept and point to its multiple implications for the development of corporate responsibilities.
The presence of speculative bubbles in capital markets (an important area of interest in financial history) is widely accepted across many circles. Talk of them is pervasive in the media and especially in the popular financial press. Bubbles are thought to be found primarily in the stock market, which is our main interest, although bubbles are said to occur in other markets. Bubbles go hand in hand with the notion that markets can be irrational. The academic community has a great interest in bubbles, and it has produced scholarly literature that is voluminous. For some economists, doing bubble research is like joining the vanguard of a Kuhnian paradigm shift in economic thinking. Not so fast. If bubbles did exist, they would pose a serious challenge to neoclassical finance. Bubbles would contradict the ideas that markets are rational or work in an informationally efficient manner. That’s what makes the topic of bubbles interesting. This book reviews and evaluates the academic literature as well as some popular investment books on the possible existence of speculative bubbles in the stock market. The main question is whether there is convincing empirical evidence that bubbles exist. A second question is whether the theoretical concepts that have been advanced for bubbles make them plausible. The reader will discover that I am skeptical that bubbles actually exist. But I do not think I or anyone else will ever be able to conclusively prove that there has never been a bubble. From studying the literature and from reading history, I find that many famous purported bubbles reflect inaccurate history or mistakes in analysis or simply cannot be shown to have existed. In other instances, bubbles might have existed. But in each of those cases, there are credible rational explanations. And good evidence exists for the idea that even if bubbles do exist, they are not of great importance to understanding the stock market.
How should policy analysts assess 'benefit validity' when behavioral anomalies appear relevant? David L. Weimer provides thoughtful answers through practical guidelines. Behavioral economists have identified a number of situations in which people appear not to behave according to the neoclassical assumptions underpinning welfare economics and its application to the assessment of the efficiency of proposed public policies through cost-benefit analysis. This book introduces the concept of benefit validity as a criterion for estimating benefits from observed or stated preference studies, and provides practical guidelines to help analysts accommodate behavioral findings. It considers benefit validity in four areas: violations of expected utility theory, unexpectedly large differences between willingness to pay and willingness to accept, non-exponential discounting, and harmful addiction. In addition to its immediate value to practicing policy analysts, it helps behavioral economists identify issues where their research programs can make practical contributions to better policy analysis.
During the 2008 election season, politicians from both sides of the aisle promised to rid government of lobbyists’ undue influence. For the authors of Lobbying and Policy Change, the most extensive study ever done on the topic, these promises ring hollow—not because politicians fail to keep them but because lobbies are far less influential than political rhetoric suggests. Based on a comprehensive examination of ninety-eight issues, this volume demonstrates that sixty percent of recent lobbying campaigns failed to change policy despite millions of dollars spent trying. Why? The authors find that resources explain less than five percent of the difference between successful and unsuccessful efforts. Moreover, they show, these attempts must overcome an entrenched Washington system with a tremendous bias in favor of the status quo. Though elected officials and existing policies carry more weight, lobbies have an impact too, and when advocates for a given issue finally succeed, policy tends to change significantly. The authors argue, however, that the lobbying community so strongly reflects elite interests that it will not fundamentally alter the balance of power unless its makeup shifts dramatically in favor of average Americans’ concerns.
Evidence-Based Technical Analysis examines how you can apply the scientific method, and recently developed statistical tests, to determine the true effectiveness of technical trading signals. Throughout the book, expert David Aronson provides you with comprehensive coverage of this new methodology, which is specifically designed for evaluating the performance of rules/signals that are discovered by data mining.
Sustainability is normally considered to be about choices for the future being limited by decisions made in the present, and is frequently portrayed as concerning environmental issues alone. The Durable Corporation rejects both of these notions to argue that sustainability is a more complex concept that involves balancing many factors. It explores the nature, value and role of sustainability in business and maintains that resource utilization must be based upon the twin pillars of equity and efficiency rather than attempting to ensure that our choices in the future are not reduced. The authors of The Durable Corporation propose a new model of sustainability and a fresh approach to managing resources. They extend this to the development of difference strategies for achieving sustainability and an alternative approach to managing for the future. These features make it essential reading for all those with responsibility for the sustainability or durability of the enterprises in which they are engaged or in the study of the issues at stake.
No matter what we do, however kind or generous our deeds may seem, a hidden motive of selfishness lurks--or so science has claimed for years. This book, whose publication promises to be a major scientific event, tells us differently. In Unto Others philosopher Elliott Sober and biologist David Sloan Wilson demonstrate once and for all that unselfish behavior is in fact an important feature of both biological and human nature. Their book provides a panoramic view of altruism throughout the animal kingdom--from self-sacrificing parasites to insects that subsume themselves in the superorganism of a colony to the human capacity for selflessness--even as it explains the evolutionary sense of such behavior. Explaining how altruistic behavior can evolve by natural selection, this book finally gives credence to the idea of group selection that was originally proposed by Darwin but denounced as heretical in the 1960s. With their account of this controversy, Sober and Wilson offer a detailed case study of scientific change as well as an indisputable argument for group selection as a legitimate theory in evolutionary biology. Unto Others also takes a novel evolutionary approach in explaining the ultimate psychological motives behind unselfish human behavior. Developing a theory of the proximate mechanisms that most likely evolved to motivate adaptive helping behavior, Sober and Wilson show how people and perhaps other species evolved the capacity to care for others as a goal in itself. A truly interdisciplinary work that blends biology, philosophy, psychology, and anthropology, this book will permanently change not just our view of selfless behavior but also our understanding of many issues in evolutionary biology and the social sciences.
Understanding the main concepts of IFRS Standards The fourth edition of Applying IFRS Standards explains the core principles of International Financial Reporting (IFRS) Standards. It also addresses the skills needed to apply the standards in business environments. The book begins with an overview of the International Accounting Standards Board (IASB) and how it establishes accounting standards. The general book topics are then covered in detail and include: income taxes, financial instruments, fair value measurement, property, inventories, employee benefits and more. Discussion questions, exercises and references are provided throughout the book.
The second European edition of Financial Markets and Corporate Strategy provides comprehensive coverage of financial markets and corporate finance, brought to life by real world examples, cases and insights. Placed in a truly international context, this new and updated edition takes an academic and practical view-point to guide students through the challenges of studying and practicing finance. Aimed specifically at an international audience, this edition boasts hundreds of references to new and relevant non-US research papers from top finance journals. Whilst retaining the well respected structure of the successful US text, Professor David Hillier has also made a number of additions which include: Fully updated research, data and examples in every chapter. Coverage of the global financial crisis, the impact it made on the financial markets and the lessons being learnt by the finance industry. A stronger emphasis on corporate governance and agency theory. Updates on accounting standards, bankruptcy laws, tax rules and tax systems.
Indirect Rule examines how states indirectly exercise authority over others and how this mode of rule affects domestic and international politics. Indirect rule has long characterized interstate relationships and US foreign relations. A key mechanism of international hierarchy, indirect rule involves an allied group within a client state adopting policies preferred by a dominant state in exchange for the dominant state's support. Drawing on the history of US involvement in the Caribbean and Central America, Western Europe, and the Arab Middle East, David A. Lake shows that indirect rule is more likely to occur when the specific assets at risk are large and governance costs are low. Lake's conceptualization of indirect rule sharpens our understanding of how the United States came to occupy the pinnacle of world power. Yet the consequences of indirect rule he documents—including anti-Americanism—reveal its shortcomings. As US efforts at democracy promotion and other forms of intervention abroad face declining support at home, Indirect Rule compels us to consider whether this method of rule ultimately advances US interests.
Once exports and imports meant agriculture and industry. Today, in the global economy and the electronic age, trade is also expanding into the service sector. This timely book closely examines trade in health. Professor David Reisman offers a comprehen
The institutional economy is the economy of rules and laws, conventions and precedents. It is prices but also practices, change but also constancy, individual but also interdependence. David Reisman argues that conformity and repetition as well as new initiatives and mould-breaking departures constitute the essence of supply and demand.
One of the great intellectual battles of modern times is between evolution and religion. Until now, they have been considered completely irreconcilable theories of origin and existence. David Sloan Wilson's Darwin's Cathedral takes the radical step of joining the two, in the process proposing an evolutionary theory of religion that shakes both evolutionary biology and social theory at their foundations. The key, argues Wilson, is to think of society as an organism, an old idea that has received new life based on recent developments in evolutionary biology. If society is an organism, can we then think of morality and religion as biologically and culturally evolved adaptations that enable human groups to function as single units rather than mere collections of individuals? Wilson brings a variety of evidence to bear on this question, from both the biological and social sciences. From Calvinism in sixteenth-century Geneva to Balinese water temples, from hunter-gatherer societies to urban America, Wilson demonstrates how religions have enabled people to achieve by collective action what they never could do alone. He also includes a chapter considering forgiveness from an evolutionary perspective and concludes by discussing how all social organizations, including science, could benefit by incorporating elements of religion. Religious believers often compare their communities to single organisms and even to insect colonies. Astoundingly, Wilson shows that they might be literally correct. Intended for any educated reader, Darwin's Cathedral will change forever the way we view the relations among evolution, religion, and human society.
A comprehensive guide to the key investment decisions all investors must make and how to manage the risk that entails Since all investors seek maximize returns balanced against acceptable risks, successful investment management is all about successful risk management. Strategic Risk Management uses that reality as a starting point, showing investors how to make risk management a process rather than just another tool in the investor's kit. The book highlights and explains primary investment risks and shows readers how to manage them across the key areas of any fund, including investment objectives, asset allocation, asset class strategy, and manager selection. With a strong focus on risk management at the time of asset allocation and at the time of implementation, the book offers important guidance for managers of benefit plans, endowments, defined contribution schemes, and family trusts. Offers a thorough examination of the role of risk management in the decision-making process for asset allocation, manager selection, and other duties of fund managers Written by the current head of portfolio design for the New Zealand Superannuation Fund Addresses the fundamental importance of risk management in today's post-crisis fund management landscape Strategic Risk Management is a comprehensive and easy-to-read guide that identifies the primary risks investors face and reveals how best to manage them.
This book is a novel treatment of modern project management from artificial intelligence (AI), entailing data analytics, neural networks, fuzzy logic, genetic algorithms; and data visualisation deploying agent based modelling for the knowledge based urban development (KBUD). The book can be adopted by design engineers, urban planners, project managers, quantity and real estate surveyors, public and private real estate developers, architects and scholars. Chapter 1 discusses that the traditional statistical method, which needs a priori parametric knowledge of linear or non-linear functions between the input and output variables. Nneural networks do not need such information to predict future possible outcomes. Chapter 2 reiterates that new private office and residential supply like in Hong Kong depend on current market prices, relative to the replacement or building costs. The market should equate prices with replacement costs that include the cost of land. Prices and costs may diverge because of lags and delays in the building process. Chapter 3 discusses the specific tasks to be planned to develop life cycle models and metrics to analyse technology and innovation. Such models can look into life cycle cost analysis (LCA). Chapter 4 draws attention to the trend that in a highly volatile world, the best point estimate of classical DCF model is not a reliable indication of investment worth. The fuzzy discounted cash flow (DCF) model offers a natural and intuitive way, based on a set of fuzzy inputs. The fuzzy net present value (NPV) for an office-cum-retail development is so estimated to provide the approximated evaluation of investment worth. Chapter 5 discusses the fuzzy tactical asset allocation (FTAA) model, incorporating intuitive decision making into the direct real estate project (asset) allocation process, from the expert investor prospective. The FTAA model improves the efficiency of asset allocation, adopting fuzzy set theory and fuzzy optimization theory. Chapter 6 reiterates that today’s city planners see the KBUD strategy as a new form of urban renewal for industrial cities. Planners believe KBUDs bring economic, technological progress and sustainable socio-spatial order to the contemporary city. Chapter 6 addresses the need for an urban design criterion that aids in efficient land use planning for KBUDs.
Building the Moral Community: Radical Naturalism and Emergence demonstrates how very simple models of moral engagements based on natural, incomplete, value-laden frames of the world can lead to general moral progress for the human community. All moral behavior affects more than one person, which means that the moral community is more than the sum of the individuals included in it. David W. Chambers argues that there is no ethically detached and superior position from which to operate, and that such claims are focused on ethics, not on acting morally. Therefore, he cautions against mistaking theories of ethics composed on statements about what is good and right for actual moral behavior that moves broadly and inevitably toward a better world. This book explores naturalistic ethics, offering a modified classical analytic philosophy exploration of morality that is consistent with emerging thinking in psychology, neurobiology, game theory, and self-adjusting systems.
From a zoologist and psychologist, an astonishing look at the biological and strategic roots of human decisions Humans, like bacteria, woodchucks, chimpanzees, and other animals, compete or cooperate in order to get food, shelter, territory, and other resources to survive. But how do they decide whether to muscle out or team up with the competition? In The Survival Game, David P. Barash synthesizes the newest ideas from psychology, economics, and biology to explore and explain the roots of human strategy. Drawing on game theory-the study of how individuals make decisions-he explores the give-and-take of spouses in determining an evening's plans, the behavior of investors in a market bubble, and the maneuvers of generals on a battlefield alongside the mating and fighting strategies of "less rational" animals. Ultimately, Barash's lively and clear examples shed light on what makes our decisions human, and what we can glean from game theory and the natural world as we negotiate and compete every day.
This book provides a comprehensive introduction to housing policy and finance in Britain. It describes changes in the condition and tenure of housing in the post-war period, and contrasts the massive investment in house building and improvement with allegations that housing conditions are deteriorating. It describes the rise of the public housing sector and the slight decline in the face of the Thatcher government's policy on council house sales, which followed. The book thus provides a background for the development of housing policy over the next decade.
This book offers a new theory of the historical relationship between economic modernization and the emergence of democracy on a global scale, focusing on the effects of land and income inequality.
Of all the areas of contemporary thought, economics seems the most resistant to the destabilizing effects of postmodernism. Yet, David Ruccio and Jack Amariglio argue that one can detect, within the diverse schools of thought that comprise the discipline of economics, "moments" that defy the modernist ideas to which many economists and methodologists remain wedded. This is the first book to document the existence and to explore the implications of the postmodern moments in modern economics. Ruccio and Amariglio begin with a powerful argument for the general relevance of postmodernism to contemporary economic thought. They then conduct a series of case studies in six key areas of economics. From the idea of the "multiple self" and notions of uncertainty and information, through market anomalies and competing concepts of value, to analytical distinctions based on gender and academic standing, economics is revealed as defying the modernist frame of a singular science. The authors conclude by showing how economic theory would change if the postmodern elements were allowed to flourish. A work of daring analysis sure to be vigorously debated, Postmodern Moments in Modern Economics is both accessible and relevant to all readers concerned about the modernist straightjacket that has been imposed on the way economics is thought about and practiced in the world today.
* 41 in-depth essays cover current economic theory and applied economics in a single, comprehensive volume * Interfaces section considers economics as it relates to other disciplines * Extensive notes, bibliographies and suggestions for further reading; detailed index of Topics and People `A treasure-house of stimulating argument and vast amounts of, mostly, well marshalled information. The market for general survey volumes, while already crowded, should surely find room for this offering.' - The World Economy `The work under review scores very high marks.' - The Economic Journal `The chapters are written by people who are excellently qualified and frequently well-known in their field ... The book's strengths lie in the range of contributors, the very high quality of most of the contributors and its emphasis on applied economics. For these reasons alone it is an important book, which will be invaluable both to students and to economists wishing to learn about developments in other branches of their discipline.' - Economica
Fascination with the economics of Thorstein Veblen is today no less than it was fifty years ago. Many books have been written about his life and ideas. But David Reisman breaks new ground by providing one of the best and most comprehensive explainations of Veblen's thought. Written in a strikingly fresh and lucid style, this work is one of the landmarks of the literature on this great and enduringly relevant economist.' Geoffrey M. Hodgson, University of Hertfordshire, UK 'Considering the inability of conventional economics to comprehend the socio-economic convulsions over the past few years in so many countries, it is surely time to try something else. David Reisman's The Social Economics of Thorstein Veblen thus appears at a most opportune moment. This original analytical study is the best introduction into Veblen's work that I know of, and will, I trust, encourage a renewal of interest in possibly the most unjustly neglected of economists. Reisman's primary contention that there is despite obstacles to comprehension created by Veblen's personal idiosyncrasies and unconventional literary style a Veblen structure of thought, or general system, is fully confirmed by the evidence presented in his book. In this demonstration lies its great merit.' Samuel Hollander, Ben-Gurion University of the Negev, Israel 'Veblen is a notoriously difficult economist to read and understand. He was, however, unequivocal in his scorn for neoclassical economics, whose demise he took pleasure in predicting. In light of the limp excuses offered by the economics profession for its failure to anticipate the current global financial crisis, Reisman's incisive analysis of Veblen's writings suggests that were Veblen alive today, he would be revelling in schadenfreude. This timely book will make uncomfortable reading for neoclassical economists.' Douglas Mair, Heriot-Watt University, UK 'Reisman offers a brilliant distillation of Veblen's jaundiced purview of the social, psychological and pecuniary motivations that have driven man the social animal in his economic life down the ages, from noble savage to predatory barbarian in his ancient, modern, and potential guises. Avoiding hagiography, this book exposes Veblen's exaggerations as well as his compelling institutional insights into the evolution of capitalism and socialism. Reisman's own intellectual sweep in explaining and criticising Veblen demonstrate political economy at its best.' Roger Sandilands, University of Strathclyde, UK Thorstein Veblen was a multidisciplinary social scientist whose original insights continue to inspire debate. Rather than focusing on allocation, markets and scarcity, his perspective on economics was rather one of Darwinian evolution and perpetual development, unfolding conventions and interpersonal constraints. This interdisciplinary and comprehensive book determines that Veblen's disparate theories of conspicuous consumption, imperial Germany, the giant corporation and the speculation-led cycle all add up to a consistent and coherent world-view. Veblen was a fascinating author who deserves to be read for himself. This penetrating new interpretation demonstrates that he also identified a serious threat to property and peace in the form of irresponsible finance and frustrated workmanship. He believed corporate capitalism was at risk from its internal contradictions. This lucid book assesses the logic behind Veblen's stark and apocalyptic vision. The Social Economics of Thorstein Veblen examines all of Veblen's books and articles, revealing that they are closely integrated to form an organic whole. It will prove valuable for scholars and students interested in sociological theory, politics and political economy, history and institutional economics.
Chapter 1 compares the direct real estate (DRE) duration Beta estimates with the time-varying Beta regression estimates, for each of the three prime DRE sectors. Except for the prime office sector, both the duration Beta and the time-varying Beta profiles follow the same general trend. The luxury residential sector and the prime office sector are inclined to move in opposite direction. However, the prime office sector shows greater volatility in the duration Beta compared with the time-varying Beta. Chapter 2 demonstrates overall that in the presence of a set of limited available information comprising a direct real estate (DRE) asset’s passing (annual) rent, the current rental value, the expected yields and the yield-growth movements from a DRE sector analysis, conducted by a DRE consultancy or service provider, the risk-free rate and the lease maturity period; it is readily feasible to model and rigorously estimate several key risk measures and the expected total returns (TRs). Such a model and its estimations can be achieved through an ex-ante integrated DRE risk-measure model, which innovatively combines the bond duration-convexity risk conception, the Beta distribution function, and the DRE equivalent (rental) yield valuation conception. Finally, Chapter 3 looks at the structural and behavioural experience of the prepayment risk for the underlying mortgages of China’s rapidly developing residential mortgage life insurance (RMLI) market. A reliable private prepayment dataset for China’s commercial center - the city of Shanghai - is deployed. Chapter 3 estimates the relationship between RMLI’s underlying mortgage prepayment risk and the observable macroeconomic factors, loan specific factors and borrower specific characteristics. A Cox proportional hazard model is adopted for this purpose. Chapter 4 summarises the book’s findings and highlights the contributions and recommendations made
This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.
This book combines elements of economic and business history to study business ethics from the nineteenth century to today. It concentrates on American and British business history, delving into issues such as slavery, industrialization, firm behavior and monopolies, and Ponzi schemes. This book draws on the work of economists and historians to highlight the importance of changing technologies, religious beliefs, and cultural attitudes, showing that what is considered ethical differs across time and place.
In a unique approach to microeconomic theory, this book constructs (and proposes solutions to) major problems in mathematical programming, the theory of consumer demand, the theory of production, and welfare economics. Readers can thereby derive for themselves many of the major results achieved in microeconomics. Introductory notes set the scene for each chapter, and the subsequent sets of problems and annotated reading lists guarantee the reader a thorough grounding in microeconomic theory.
This textbook addresses the main economic principles required by agricultural economists involved in rural development. The principles of 'micro-economics' or 'price-theory' are of relevance to economists everywhere, but this book reinforces the message of their relevance for rural development by explaining the theory in the specific context of the agricultural and food sectors of developing countries. Hypothetical and actual empirical illustrations drawn almost exclusively from such countries distinguish this book from other economic principles texts that draw their examples almost invariably from industrialised countries, and also from books more oriented to the issue of rural development. The first half of the book deals with the underlying principles of production, supply and demand. These are essential tools for the study and management of the agricultural sector and food markets. In the second half, supply and demand are bought together into a chapter of equilibrium and exchange. This is followed by chapters on trade and the theory of economic welfare. In the final chapter it is shown that much of the material in the earlier chapters can be combined by agricultural economists into a system for analysing and comparing the effects of alternative agricultural policies. The ability of agricultural economics to provide a consistent framework for the analysis of policy problems thus enables it to make a key contribution to rural development.
The massive dams of the American West were designed to serve multiple purposes: improving navigation, irrigating crops, storing water, controlling floods, and generating hydroelectricity. Their construction also put thousands of people to work during the Great Depression. Only later did the dams’ baneful effects on river ecologies spark public debate. Big Dams of the New Deal Era tells how major water-storage structures were erected in four western river basins. David P. Billington and Donald C. Jackson reveal how engineering science, regional and national politics, perceived public needs, and a river’s natural features intertwined to create distinctive dams within each region. In particular, the authors describe how two federal agencies, the Army Corps of Engineers and the Bureau of Reclamation, became key players in the creation of these important public works. By illuminating the mathematical analysis that supported large-scale dam construction, the authors also describe how and why engineers in the 1930s most often opted for massive gravity dams, whose design required enormous quantities of concrete or earth-rock fill for stability. Richly illustrated, Big Dams of the New Deal Era offers a compelling account of how major dams in the New Deal era restructured the landscape—both politically and physically—and why American society in the 1930s embraced them wholeheartedly.
In the aftermath of explosive civil wars in Africa during the 1990s and 2000s, the establishment of multi-party elections has often been heralded by the West as signaling the culmination of the conflict and the beginning of a period of democratic rule. However, the outcomes of these elections are very rarely uniform, with just as many countries returning to conflict as not. Here, David Harris uses the examples of Sierra Leone and Liberia to examine the nexus of international and domestic politics in these post-conflict elections. In doing so, he comes to the conclusion that it is political, rather than legal, solutions that are more likely to enhance any positive political change that has emerged from the violence. This book is thus of significance to Western and African policy makers, and also to students and scholars who wish to engage with the critical issues of conflict resolution and reconciliation both in Sierra Leone and Liberia in particular and in the wider region in general.
Archaeologists, anthropologists, and evolutionary biologists study the origins of our relationship with dogs and how it has evolved over time. Sociologists and legal scholars study the roles of dogs in the modern family. Veterinarian researchers address the relationship in the context of professional practice, yet economists have produced scant scholarship on the relationship between humans and dogs. Dog Economics applies economic concepts to relationships between people and dogs to inform our understanding of their domestication. It interprets their contemporary role as both property and family members and explores factors that affect the demand for dogs as well as market failures of the American puppy market. Offering economic perspectives on our varied relationships with dogs, this book assesses mortality risks and addresses end-of-life issues that commonly arise. It develops a framework for classifying canine occupations, considers the impact of pet insurance on euthanasia, and assesses the social value of guide dogs.
This book presents an integrated jurisprudential critique of neoclassical microeconomic theory. It explains what is ‘really wrong’ with the theory both descriptively, as well as normatively. The criticism presented is based on questions of jurisprudence, and on neoclassical theory’s sins of omission and commission concerning the underlying system of property and contract. On the positive side - while the presentation is almost entirely non-mathematical - the book contains the first mathematical treatment of the fundamental theorem about property and contract in jurisprudence that underlies a market economy. The book follows the tradition of John Stuart Mill as the last major political economist who considered the study of property rights as an integral part of economic theory. The conceptual criticisms presented in this book focus on the descriptive and normative misconceptions about property and contracts that are deeply embedded ideology in neoclassical economics, not to mention in the broader society. The book recognizes that the idealized microeconomic theory is not descriptive of reality and focuses its criticism on conceptual mistakes in the theory, which are even clearer due to the idealized nature of the theory. Therefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in general.
The fourth edition of Cost-Benefit Analysis is an authoritative, market-leading textbook that provides a practical introduction to cost-benefit analysis through problem solving. The text uses a consistent application of a nine-step framework for interpreting a cost-benefit analysis. This edition has been fully revised, updated and re-organized to provide the material more effectively. It presents application over abstract theory and clear discussion over mathematics to appeal to a larger, more diverse audience.
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