The “greater fool” theory of economics states that it’s possible to make money by buying paper (securities), whether overvalued or not, and later, selling it at a profit because there will always be an even greater fool willing to pay the higher price. Many described in this book profited by peddling such worthless junk to foolish investors. But for some people—Bernie Madoff, Norman Hsu, Sholam Weiss, and “Crazie Eddie” Antar, aka the “Darth Vader of Capitalism”—overvalued securities were not enough. Outright fraud was their way of life. History of Greed is the compelling inside story of the names you know—Charles Ponzi, Baron Rothschild, Lou Pearlman—and the names you don’t—Isaac Le Maire, the world’s first “naked” short-seller. It’s also our story—why we ignore the lessons of the past and fall prey, most every time, to the promise of easy money. For thousands of years, alchemists unsuccessfully tried to turn worthless base metals into gold. Where science failed at turning nothing into something, business succeeded. Sometimes we praise the creators of derivatives, collateral debt obligations, subprime mortgages, credit default swaps, or auction rate securities as Wall Street’s new financial wizards, the creators of “magic paper.” Other times, we vilify and prosecute them as scam artists. Sometimes, it’s hard to tell who is who. History of Greed reveals the inside secrets of how the markets really work, and how scam artists abuse them to gain an unfair edge or to outright steal. It describes how luftgescheft (“air business”), wizardry, dishonesty, and fraud are used to swindle people. Along with a comprehensive bibliography, History of Greed also details: 400 years of financial fraud—from everyday fraud to the odd and unusual Accounting fraud (phantom sales), stock option fraud (backdating), auction rate securities, hedge fund fraud, Ponzi schemes, promotion fraud (pump-and-dump scams), and money laundering How to detect fraudulent schemes How government regulation only fixes yesterday’s problems If it’s too good to be true, it probably is. If they say you can’t lose, you probably will. History of Greed shows that there really is no such thing as a free lunch, while also detailing how not to become the “greater fool.”
Regulation in the White House is an examination of regulatory policy and its development in the Johnson administration and the first comprehensive study of any presidency and regulation. Based upon a thorough analysis of presidential papers in the Lyndon B. Johnson Library, the book investigates the working relationships linking the presidency, regulatory commissions, and executive agencies with regulatory responsibilities in both the economic and social spheres. David Welborn finds that the president's business included regulation as a major component. Johnson's concerns in regulation were varied and complex. He and his aides worked assiduously and successfully to establish effective, cooperative relationships with regulators and to avoid the exercise of undue influence on particular regulatory determinations. In Welborn's view, Johnson traversed the treacherous ground of regulatory politics with adeptness and achieved his major purposes in regulation.
Fundamentals of Economics for Business is an innovative text designed specifically for students in business education programs. It provides a comprehensive yet accessible introduction to the key economic issues relevant to present or future business decision-makers. Reflecting the requirements of globalization, the content is international in scope and is applicable worldwide. The material is easily adaptable to courses of different lengths and educational objectives, including a one-semester MBA course, economics courses in an undergraduate commerce or business degree, or an executive MBA program.This second edition adds significant new material on production costs, managerial economics, growth and competitiveness, and includes new case studies with applications to international business.
Huntingtons disease, or Huntingtons chorea, is a progressive genetic disease marked by death of brain cells coupled with loss of muscular control and coordination, declining mental abilities, and erratic behavior. Currently, this form of dementia has no cure. "Huntingtons Disease" offers introduces this disease, detailing its history and progression, and discusses the search for the gene that causes it and the development of genetic tests for the gene. This title also addresses the ethical questions of testing people for a disease whose symptoms typically develop later in life.
In February 1861 Tsar Alexander II issued the statutes abolishing the institution of serfdom in Russia. The procedures set in motion by Alexander II undid the ties that bound together 22 million serfs and 100,000 noble estate owners, and changed the face of Russia. Rather than presenting abolition as an 'event' that happened in February 1861, The Abolition of Serfdom in Russia presents the reform as a process. It traces the origins of the abolition of serfdom back to reforms in related areas in 1762 and forward to the culmination of the process in 1907. Written in an engaging and accessible manner, the book shows how the reform process linked the old social, economic and political order of eighteenth-century Russia with the radical transformations of the late nineteenth and early twentieth centuries that culminated in revolution in 1917.
We analyze the performance of labor markets in Latin America since the late 1990s. Strong GDP growth during the commodity boom period led to important gains in employment and a fall in the unemployment rate as labor demand outpaced an increasing labor supply. We emphasize the role of informality in the dynamics of labor markets in Latin America. A re-examination of Okun’s law shows that informality dampens changes in unemployment accompanying output fluctuations. Moreover, we present some evidence that countries with higher redundancy costs and cumbersome dismissal regulations, exhibit “excess” informality over and above what would be expected based on their income and educational levels. Labor market reforms could thus contribute to reducing informality and increasing the responsiveness of labor markets to output growth. However, looking at selected case studies of reforms using the synthetic control method, we find mixed results in terms of labor market outcomes.
Winner of the 2007 Pfizer Prize from the History of Science Society. Feynman diagrams have revolutionized nearly every aspect of theoretical physics since the middle of the twentieth century. Introduced by the American physicist Richard Feynman (1918-88) soon after World War II as a means of simplifying lengthy calculations in quantum electrodynamics, they soon gained adherents in many branches of the discipline. Yet as new physicists adopted the tiny line drawings, they also adapted the diagrams and introduced their own interpretations. Drawing Theories Apart traces how generations of young theorists learned to frame their research in terms of the diagrams—and how both the diagrams and their users were molded in the process. Drawing on rich archival materials, interviews, and more than five hundred scientific articles from the period, Drawing Theories Apart uses the Feynman diagrams as a means to explore the development of American postwar physics. By focusing on the ways young physicists learned new calculational skills, David Kaiser frames his story around the crafting and stabilizing of the basic tools in the physicist's kit—thus offering the first book to follow the diagrams once they left Feynman's hands and entered the physics vernacular.
For almost thirty years, Brookings Papers on Economic Activity (BPEA) has provided academic and business economists, government officials, and members of the financial and business communities with timely research of current economic issues. Contents include: Articles " The East Asian Financial Crisis: Diagnosis, Remedies, Prospects" by Steven Radelet and Jeffrey D. Sachs " Self-Control and Saving for Retirement" by David I. Laibson, Andrea Repetto, and Jeremy Tobacman " The Political Economy of Fiscal Adjustments" by Alberto Alesina, Roberto Perotti, and Jos Tavares Reports " The Wealth Dynamics of American Families, 1984-94" by Erik Hurst, Ming Ching Luoh, and Frank P. Stafford " Hours Reductions as Work-Sharing" by Jennifer Hunt
Drawing on extensive State Department files, declassified Navy policy papers, interviews with both former top officials and individuals who were involved in incidents, David F. Winkler examines the evolution of the U.S.-Soviet naval relationship during the Cold War, focusing in particular on the 1972 Incidents at Sea Agreement (INCSEA). In this volume, an updated edition of his classic Cold War at Sea, Winkler brings the story up to the present, detailing occasional U.S.-Russia naval force interactions, including the April 2016 Russian aircraft “buzzings” of the USS Donald Cook in the Baltic. He also details China’s efforts to militarize the South China Sea, claim sovereignty over waters within their exclusive economic zone, and the U.S. Navy’s continuing efforts to counter these challenges to freedom of navigation.
The book is concerned with the right of an employee of a Soviet state enterprise to keep his existing job, unless he/she voluntarily quit it to search for another, and with the maintaining of overfull employment in all regional labor markets of the Soviet Union. The author hypothesises that over most other objectives to preserving these conditions favorable for labor. This hypothesis is contrasted with that which explains the low unemployment and low dismissal rate in the Soviet Union simply by the oberheating of the economy, finding a parallel here with capitalist economies in high-boom periods. The novelty of the book is twofold. It is the first examination of the Soviet economy from the theoretic viewpoint described above. Second, it is a full length treatment of labor markets in the Soviet Union and is the first study of such markets since that of Abram Bergson published in the 1940s. Indeed, no similar treatment of labor markets exists for any centrally planned socialist economy.
Praised by JAMA as "The most complete description of the development, structure, function, pathophysiology, and treatment of the retina and its diseases to be found anywhere," this monumental three-volume work puts all of today's scientific and clinical knowledge of the retina at readers' fingertips. The New Edition has been comprehensively updated and reorganized to reflect all of the very latest scientific and genetic discoveries, diagnostic imaging methods, drug therapies, treatment recommendations, and surgical techniques. The result is an indispensable reference and diagnostic tool for generalists and specialists alike. Delivers the editorial expertise of four highly respected authorities, as well as contributions from internationally recognized leaders in visual science, ophthalmology, and vitreoretinal studies. Presents more than 3,400 superb illustrations (2,200 in full color) that capture all forms of retinal disease from every perspective. Offers the very latest information on the genetic basis of retinal disease, diagnostic retinal imaging, photodynamic therapy, and age-related macular degeneration. Examines the most recent advances in diagnostic indocyanine green angiography � optical coherence tomography (OCT) and quantitative fluoroscein angiography � macular translocation with 360� peripheral retinectomy � surgery for diffuse macular edema due to multiple causes, including proliferative vitreoretinopathy � artificial vision � and much more. Features a completely restructured section on age-related macular degeneration that includes epidemiology and risk factors � prophylaxis and prevention knowledge gained from large clinical trials like AREDS � proven and experimental treatments for AMD � and pharmacotherapy. Incorporates a multitude of new full-color images, 2200 in all.
Collective Bargaining and the Public Interest presents a critical assessment of the way society marshals and deploys its labour force. David Winch's analysis is based on the economic theory of how markets work and the criteria of welfare economics by which they can be evaluated. Using neoclassical economic theory to analyse the welfare economics of collective bargaining, Winch examines where and to what extent legitimate third-party inter-ests are involved when labour unions and firms come together to negotiate collective agreements. Winch also makes important recommendations for public policy. He concludes that while unions and collective bargaining serve society well, the process of dispute resolution by conflict, or strike, does not. He proposes that arbitration be employed instead of strike or lock-out as a last resort mechanism of dispute resolution.
An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood. This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980s and the emergence of the new economy.
Integrating findings from recent literature and his ongoing 20-year research program, Watson (psychology, U. of Iowa) presents a framework for understanding short-term mood fluctuations and their relationship to differences in temperament and emotionality. He discusses the biological and environmental bases for mood fluctuations, relates affectivity to personality, links negative emotionality to various health complaints, and describes the implications of his study for theories of happiness.
An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood. This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980s and the emergence of the new economy.
The most up-to-date edition of a critically acclaimed and widely read cross-cultural counseling resource In the newly revised Ninth Edition of Counseling the Culturally Diverse: Theory and Practice, a team of veteran practitioners delivers an up-to-date and comprehensive exploration of multicultural counseling combining the most recent research and theoretical concepts in the field. The book examines concepts like “cultural humility,” the role of white allies in multicultural counseling, social justice counseling, “minority stress,” and microaggressions. Readers will also find: Expansive discussions on the implications of numerous subjects for real-world clinical practice “Reflection and Discussion Questions” that encourage reader engagement, learning, and retention with the concepts discussed within Access to an instructor’s website that provides PowerPoint decks, exam questions, sample syllabi, and links to other valuable resources Perfectly suited to researchers and practitioners who work in or study mental health and interact with a racially, ethnically, culturally, or socio-demographically diverse population, Counseling the Culturally Diverse: Theory and Practice also belongs in the libraries of social workers and psychiatrists.
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.
During the 1960s, President Lyndon Johnson and his administration substantially altered the structure of the American administrative state. Creating intergovernmental programs to forward the goal of the Great Society, they changed the contours of national-state-local relationships, and these changes largely have remained, despite the attempts of later administrations to reverse them. Intergovernmental Relations in the American Administrative State is the first comprehensive study of how and why these changes occurred. Drawn from a wealth of primary material in the Lyndon Baines Johnson Library, the study probes the objectives of the president and other framers of new policies and programs, within the institutional and political context of the time. The authors give special attention to the inherent incongruities that arise when intergovernmental programs are used to address problems defined in national terms. In addition, they reveal how certain programs actually challenged the power of established national bureaucracies. They conclude with a thoughtful overview of the Johnson legacy in intergovernmental relations during subsequent administrations.
In this textbook, basic mathematical models used in Big Data Analytics are presented and application-oriented references to relevant practical issues are made. Necessary mathematical tools are examined and applied to current problems of data analysis, such as brand loyalty, portfolio selection, credit investigation, quality control, product clustering, asset pricing etc. – mainly in an economic context. In addition, we discuss interdisciplinary applications to biology, linguistics, sociology, electrical engineering, computer science and artificial intelligence. For the models, we make use of a wide range of mathematics – from basic disciplines of numerical linear algebra, statistics and optimization to more specialized game, graph and even complexity theories. By doing so, we cover all relevant techniques commonly used in Big Data Analytics.Each chapter starts with a concrete practical problem whose primary aim is to motivate the study of a particular Big Data Analytics technique. Next, mathematical results follow – including important definitions, auxiliary statements and conclusions arising. Case-studies help to deepen the acquired knowledge by applying it in an interdisciplinary context. Exercises serve to improve understanding of the underlying theory. Complete solutions for exercises can be consulted by the interested reader at the end of the textbook; for some which have to be solved numerically, we provide descriptions of algorithms in Python code as supplementary material.This textbook has been recommended and developed for university courses in Germany, Austria and Switzerland.
In recent years the use of film and video by British artists has come to widespread public attention. Jeremy Deller, Douglas Gordon, Steve McQueen and Gillian Wearing all won the Turner Prize (in 2004, 1996, 1999 and 1997 respectively) for work made on video. This fin-de-siecle explosion of activity represents the culmination of a long history of work by less well-known artists and experimental film-makers. Ever since the invention of film in the 1890s, artists have been attracted to the possibilities of working with moving images, whether in pursuit of visual poetry, the exploration of the art form's technical challenges, the hope of political impact, or the desire to re-invigorate such time-honoured subjects as portraiture and landscape. Their work represents an alternative history to that of commercial cinema in Britain - a tradition that has been only intermittently written about until now. This major new book is the first comprehensive history of artists' film and video in Britain. Structured in two parts ('Institutions' and 'Artists and Movements'), it considers the work of some 300 artists, including Kenneth Macpherson, Basil Wright, Len Lye, Humphrey Jennings, Margaret Tait, Jeff Keen, Carolee Schneemann, Yoko Ono, Malcolm Le Grice, Peter Gidal, William Raban, Chris Welsby, David Hall, Tamara Krikorian, Sally Potter, Guy Sherwin, Lis Rhodes, Derek Jarman, David Larcher, Steve Dwoskin, James Scott, Peter Wollen and Laura Mulvey, Peter Greenaway, Patrick Keiller, John Smith, Andrew Stones, Jaki Irvine, Tracy Emin, Dryden Goodwin, and Stephanie Smith and Ed Stewart. Written by the leading authority in the field, A History of Artists' Film and Video in Britain, 1897-2004 brings to light the range and diversity of British artists' work in these mediums as well as the artist-run organisations that have supported the art-form's development. In so doing it greatly enlarges the scope of any understanding of 'British cinema' and demonstrates the crucial importance of the moving image to British art history.
This exploration of some of the more important frameworks used for understanding the relationship between politics and economics includes the classical, Marxian, Keynesian, neoclassical, state-centered, power-centered, and justice-centered.
Offering a highly visual, systematic approach to diagnosing skin diseases, Atlas of Dermatopathology: Synopsis and Atlas of Lever’s Histopathology of the Skin, 4th Edition, is an ideal reference tool or teaching aid for dermatopathologists, pathologists, dermatologists, and trainees. This unique atlas uses a pattern-based approach to differential diagnosis, clearly organized according to what is seen on a microscopic slide. More than 1600 high-quality images assist in the understanding of cutaneous reaction patterns and diagnosis.
Postoperative Pain: Science and Clinical Practice compiles the proceedings of the November, 2013 IASP Research Symposium on Operative Pain into one convenient volume, giving you clinically relevant and research-driven information on the state of the art in postoperative pain. Global experts from the IASP provide practical knowledge on everything from basic research in animals to human research on clinical questions of diagnosis and treatment – information that’s ideal for pain researchers and clinicians who deal with perioperative pain.
Dr. Cooper’s 35 years of university experience and his award-winning teaching style are evident in this highly readable, authoritative introduction to environmental engineering. Appropriate for all branches of engineering, this text presents fundamental knowledge in a logical, up-to-date manner, incorporating abundant examples with step-by-step solutions to illustrate key concepts. Central to Cooper’s treatment is the use of material and energy balances to solve specific environmental engineering problems and to instill a problem-solving mind-set that will benefit readers throughout their careers. Introduction to Environmental Engineering offers an overview of the profession and reviews the math and science essential to environmental engineering practice. The comprehensive coverage includes water resources, drinking water treatment, wastewater treatment, air pollution control, solid and hazardous wastes, energy resources, risk assessment, indoor air quality, and noise pollution. Featuring more than 80 graphics, real-world examples, and extensive end-of-chapter problems (with selected answers), this volume is an outstanding choice for a first course in environmental engineering.
This volume of important papers by one the world's leading astrophysicists provides a sweeping survey of the incisive and exciting applications of nuclear and particle physics to a wide range of problems in astrophysics and cosmology.The prime focus of the book is on Big Bang cosmology and the role of primordial nucleosynthesis in establishing the modern consensus on the Big Bang. This leads into the connection of cosmology to particle physics and the constraints put on various elementary particles by astrophysical arguments. Big Bang Nucleosynthesis has also led to the argument for nonbaryonic dark matter and is thus related to the major problem in physical cosmology today, namely, structure formation. The nuclear-particle interface with astrophysics also extends to the other topics of major interest such as the age of the universe, cosmic rays, supernovae, and solar neutrinos, each of which will be discussed in some detail. Each section contains historical papers, current papers, and frequently a popular article on the subject which provides an overview of the topic.This volume is testimony to the success of the integration of nuclear and particle physics with astrophysics and cosmology, and to the ingenuity of the work in this area which has earned the author numerous prestigious awards. The book, which is accessible to beginning graduate students, should be of particular interest to researchers and students in astronomy, astrophysics, cosmology and gravitation, and also in high energy and nuclear physics.
This volume is the fourth instalment of the 'Report on the state of the European Union' series. Its shows that if the EU does not want to be ruled by crisis any longer, it must invest in sustainability, political, economic, social and environmental. Europe must turn this elusive and ever-threatening 'crisis' into a chosen and meaningful transition.
The effort to establish economic, political, arid monetary integration in Europe is one of the great dramas of our time, and the implications of its success or failure are enormous for the rest of the world. In this volume distinguished economists and political scientists address the wide-ranging set of issues confronting the nations of Europe and explore the implications of the European experience for regional integration elsewhere. The distinguished contributors of this volume address an impressively broad range of issues, including the influence of Europe's troubled history since the 1930s, the performance of preferential trade arrangements and their impact on multilateral institutions such as the GATT, the particular impact of monetary integration, and the significance of all these developments for the political future of Europe. The Challenge of European Integration is a key document in the interpretation and understanding of current developments in Europe. It is required reading not just for economists and political scientists but for any student of contemporary Europe and of the emerging system of global trade and finance.
by Professor Poul Harremoes Environmental engineering has been a discipline dominated by empirical approaches to engineering. Historically speaking, the development of urban drainage structures was very successful on the basis of pure empiricism. Just think of the impressive structures built by the Romans long before the discipline of hydraulics came into being. The fact is that the Romans did not know much about the theories of hydraulics, which were discovered as late as the mid-1800s. However, with the Renaissance came a new era. Astronomy (Galileos) and basic physics (Newton) started the scientific revolution and in the mid-1800s Navier and Stokes developed the application of Newtons laws to hydrodynamics, and later, St. Venant the first basic physics description of the motion of water in open channels. The combination of basic physical understanding of the phenomena involved in the flow of water in pipes and the experience gained by "trial and error", the engineering approach to urban drainage improved the design and performance of the engineering drainage infrastructure. However, due to the mathematical complications of the basic equations, solutions were available only to quite simple cases of practical significance until the introduction of new principles of calculation made possible by computers and their ability to crunch numbers. Now even intricate hydraulic phenomena can be simulated with a reasonable degree of confidence that the simulations are in agreement with performance in practice, if the models are adequately calibrated with sample performance data.
Bringing together the proceedings of the 1979 and 1980 annual conferences of the Association of University Teachers of Economics the papers in this volume discuss: the effect of social security on private saving; an analysis of aggregate consumer behaviour; the philosophy and objectives of econometrics and other topics in macroeconomic and econometric analysis.
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