{"title":"Business \u0026 Economics","description":"","products":[{"product_id":"empirical-dynamic-asset-pricing-9780691122977","title":"Empirical Dynamic Asset Pricing","description":"\u003cp\u003eWritten by one of the leading experts in the field, this book focuses on the interplay between model specification, data collection, and econometric testing of dynamic asset pricing models. The first several chapters provide an in-depth treatment of the econometric methods used in analyzing financial time-series models. The remainder explores the goodness-of-fit of preference-based and no-arbitrage models of equity returns and the term structure of interest rates; equity and fixed-income derivatives prices; and the prices of defaultable securities.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Singleton addresses the restrictions on the joint distributions of asset returns and other economic variables implied by dynamic asset pricing models, as well as the interplay between model formulation and the choice of econometric estimation strategy. For each pricing problem, he provides a comprehensive overview of the empirical evidence on goodness-of-fit, with tables and graphs that facilitate critical assessment of the current state of the relevant literatures.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  As an added feature, Singleton includes throughout the book interesting tidbits of new research. These range from empirical results (not reported elsewhere, or updated from Singleton's previous papers) to new observations about model specification and new econometric methods for testing models. Clear and comprehensive, the book will appeal to researchers at financial institutions as well as advanced students of economics and finance, mathematics, and science.\u003c\/p\u003e","brand":"Kenneth J. Singleton","offers":[{"title":"Default Title","offer_id":42955727175798,"sku":"9780691122977","price":130.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_ff3f5e35-d92b-40e6-ae54-c8f9d366cc27.jpg?v=1767699580"},{"product_id":"universities-in-the-marketplace-9780691120126","title":"Universities in the Marketplace","description":"\u003cp\u003eIs everything in a university for sale if the price is right? In this book, one of America's leading educators cautions that the answer is all too often \"yes.\" Taking the first comprehensive look at the growing commercialization of our academic institutions, Derek Bok probes the efforts on campus to profit financially not only from athletics but increasingly, from education and research as well. He shows how such ventures are undermining core academic values and what universities can do to limit the damage.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Commercialization has many causes, but it could never have grown to its present state had it not been for the recent, rapid growth of money-making opportunities in a more technologically complex, knowledge-based economy. A brave new world has now emerged in which university presidents, enterprising professors, and even administrative staff can all find seductive opportunities to turn specialized knowledge into profit.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Bok argues that universities, faced with these temptations, are jeopardizing their fundamental mission in their eagerness to make money by agreeing to more and more compromises with basic academic values. He discusses the dangers posed by increased secrecy in corporate-funded research, for-profit Internet companies funded by venture capitalists, industry-subsidized educational programs for physicians, conflicts of interest in research on human subjects, and other questionable activities.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e While entrepreneurial universities may occasionally succeed in the short term, reasons Bok, only those institutions that vigorously uphold academic values, even at the cost of a few lucrative ventures, will win public trust and retain the respect of faculty and students. Candid, evenhanded, and eminently readable, Universities in the Marketplace will be widely debated by all those concerned with the future of higher education in America and beyond.\u003c\/p\u003e","brand":"Derek Bok","offers":[{"title":"Default Title","offer_id":42955727208566,"sku":"9780691120126","price":39.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_d3aa798f-76a4-49e4-9b75-de77dd36a17a.jpg?v=1767696013"},{"product_id":"economic-gangsters-9780691144696","title":"Economic Gangsters","description":"\u003cp\u003e\u003cb\u003eGetting inside the heads of the developing world’s dictators, warlords, and corrupt politicians\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eMeet the economic gangster. He's the United Nations diplomat who double-parks his Mercedes on New York City streets at rush hour because the cops can't touch him—he has diplomatic immunity. He's the Chinese smuggler who dodges tariffs by magically transforming frozen chickens into frozen turkeys. The dictator, the warlord, the unscrupulous bureaucrat who bilks the developing world of billions in aid. The calculating crook who views stealing and murder as just another part of his business strategy. And, in the wrong set of circumstances, he might just be you.\u003cbr\u003e\u003cbr\u003eIn \u003ci\u003eEconomic Gangsters\u003c\/i\u003e, Raymond Fisman and Edward Miguel take readers into the secretive, chaotic, and brutal worlds inhabited by these lawless and violent thugs. Join these two sleuthing economists as they follow the foreign aid money trail into the grasping hands of corrupt governments and shady underworld characters. Spend time with ingenious black marketeers as they game the international system. Follow the steep rise and fall of stock prices of companies with unseemly connections to Indonesia's former dictator. See for yourself what rainfall has to do with witch killings in Tanzania—and more.\u003cbr\u003e\u003cbr\u003eFisman and Miguel use economics to get inside the heads of these \"gangsters,\" and propose solutions that can make a difference to the world's poor—including cash infusions to defuse violence in times of drought, and steering the World Bank away from aid programs most susceptible to corruption.\u003cbr\u003e\u003cbr\u003eIn a new postscript, the authors look at how economists might use new tools to better understand, and fight back against, corruption and violence in the aftermath of the 2008 financial crisis. Take an entertaining walk on the dark side of global economic development with \u003ci\u003eEconomic Gangsters\u003c\/i\u003e.\u003c\/p\u003e","brand":"Ray Fisman","offers":[{"title":"Default Title","offer_id":42955727372406,"sku":"9780691144696","price":22.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_dc126c0c-d6a6-4f1a-8936-1c63513764be.jpg?v=1767700770"},{"product_id":"methods-for-applied-macroeconomic-research-9780691115047","title":"Methods for Applied Macroeconomic Research","description":"\u003cp\u003eThe last twenty years have witnessed tremendous advances in the mathematical, statistical, and computational tools available to applied macroeconomists. This rapidly evolving field has redefined how researchers test models and validate theories. Yet until now there has been no textbook that unites the latest methods and bridges the divide between theoretical and applied work.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Fabio Canova brings together dynamic equilibrium theory, data analysis, and advanced econometric and computational methods to provide the first comprehensive set of techniques for use by academic economists as well as professional macroeconomists in banking and finance, industry, and government. This graduate-level textbook is for readers knowledgeable in modern macroeconomic theory, econometrics, and computational programming using RATS, MATLAB, or Gauss. Inevitably a modern treatment of such a complex topic requires a quantitative perspective, a solid dynamic theory background, and the development of empirical and numerical methods--which is where Canova's book differs from typical graduate textbooks in macroeconomics and econometrics. Rather than list a series of estimators and their properties, Canova starts from a class of DSGE models, finds an approximate linear representation for the decision rules, and describes methods needed to estimate their parameters, examining their fit to the data. 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They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us. The reality is far different.\u003cbr\u003e\u003cbr\u003e This book breaks free of traditional ideological arguments of the Right and Left and points to a new way of understanding and spreading the extraordinary wealth-generating capabilities of capitalism.\u003c\/p\u003e","brand":"Raghuram G. 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Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading.\u003cbr\u003e\u003cbr\u003eMacroeconomic models have long assumed that agents—households, firms, financial institutions, and central banks—all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading.\u003cbr\u003e\u003cbr\u003eDesigned for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, \u003ci\u003eExchange-Rate Dynamics\u003c\/i\u003e guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research.\u003cbr\u003e\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eComprehensive and in-depth examination of the latest research in exchange-rate economics\u003c\/li\u003e\n\u003cli\u003eOutlines theoretical and empirical research across the spectrum of modeling approaches\u003c\/li\u003e\n\u003cli\u003ePresents new results on the importance of currency trading in exchange-rate determination\u003c\/li\u003e\n\u003cli\u003eProvides new perspectives on long-standing puzzles in exchange-rate economics\u003c\/li\u003e\n\u003cli\u003eEnd-of-chapter questions cement key ideas\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Martin D. 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The methodological rigor, scope, and sophistication of their state-of-the-art account is unparalleled, and its singularly in-depth treatment of pricing and credit derivatives further illuminates a problem that has drawn much attention in an era when financial institutions the world over are revising their credit management strategies.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Duffie and Singleton offer critical assessments of alternative approaches to credit-risk modeling, while highlighting the strengths and weaknesses of current practice. Their approach blends in-depth discussions of the conceptual foundations of modeling with extensive analyses of the empirical properties of such credit-related time series as default probabilities, recoveries, ratings transitions, and yield spreads. Both the \"structura\" and \"reduced-form\" approaches to pricing defaultable securities are presented, and their comparative fits to historical data are assessed. The authors also provide a comprehensive treatment of the pricing of credit derivatives, including credit swaps, collateralized debt obligations, credit guarantees, lines of credit, and spread options. Not least, they describe certain enhancements to current pricing and management practices that, they argue, will better position financial institutions for future changes in the financial markets.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003ci\u003eCredit Risk\u003c\/i\u003e is an indispensable resource for risk managers, traders or regulators dealing with financial products with a significant credit risk component, as well as for academic researchers and students.\u003c\/p\u003e","brand":"Darrell Duffie","offers":[{"title":"Default Title","offer_id":42955729207414,"sku":"9780691090467","price":130.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_c91843fe-c7e3-427b-9048-3f36ec046fa9.jpg?v=1767698584"},{"product_id":"the-big-ditch-9780691147383","title":"The Big Ditch","description":"\u003cp\u003e\u003cb\u003eAn incisive economic and political history of the Panama Canal\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eOn August 15, 1914, the Panama Canal officially opened for business, forever changing the face of global trade and military power, as well as the role of the United States on the world stage. The Canal's creation is often seen as an example of U.S. triumphalism, but Noel Maurer and Carlos Yu reveal a more complex story. Examining the Canal's influence on Panama, the United States, and the world, \u003ci\u003eThe Big Ditch\u003c\/i\u003e deftly chronicles the economic and political history of the Canal, from Spain's earliest proposals in 1529 through the final handover of the Canal to Panama on December 31, 1999, to the present day.\u003cbr\u003e\u003cbr\u003eThe authors show that the Canal produced great economic dividends for the first quarter-century following its opening, despite massive cost overruns and delays. Relying on geographical advantage and military might, the United States captured most of these benefits. By the 1970s, however, when the Carter administration negotiated the eventual turnover of the Canal back to Panama, the strategic and economic value of the Canal had disappeared. And yet, contrary to skeptics who believed it was impossible for a fledgling nation plagued by corruption to manage the Canal, when the Panamanians finally had control, they switched the Canal from a public utility to a for-profit corporation, ultimately running it better than their northern patrons.\u003cbr\u003e\u003cbr\u003eA remarkable tale, \u003ci\u003eThe Big Ditch\u003c\/i\u003e offers vital lessons about the impact of large-scale infrastructure projects, American overseas interventions on institutional development, and the ability of governments to run companies effectively.\u003c\/p\u003e","brand":"Noel Maurer","offers":[{"title":"Default Title","offer_id":42955729895542,"sku":"9780691147383","price":48.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_d9eb931f-d202-46ad-b979-c08d603b5875.jpg?v=1767699817"},{"product_id":"principles-of-economic-sociology-9780691130590","title":"Principles of Economic Sociology","description":"\u003cp\u003eThe last fifteen years have witnessed an explosion in the popularity, creativity, and productiveness of economic sociology, an approach that traces its roots back to Max Weber. This important new text offers a comprehensive and up-to-date overview of economic sociology. It also advances the field theoretically by highlighting, in one analysis, the crucial economic roles of both interests and social relations.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Richard Swedberg describes the field's critical insights into economic life, giving particular attention to the effects of culture on economic phenomena and the ways that economic actions are embedded in social structures. He examines the full range of economic institutions and explicates the relationship of the economy to politics, law, culture, and gender. Swedberg notes that sociologists too often fail to properly emphasize the role that self-interested behavior plays in economic decisions, while economists frequently underestimate the importance of social relations. Thus, he argues that the next major task for economic sociology is to develop a theoretical and empirical understanding of how interests and social relations work in combination to affect economic action. Written by an author whose name is synonymous with economic sociology, this text constitutes a sorely needed advanced synthesis--and a blueprint for the future of this burgeoning field.\u003c\/p\u003e","brand":"Richard Swedberg","offers":[{"title":"Default Title","offer_id":42955730321526,"sku":"9780691130590","price":63.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_42de28e9-35eb-41d5-98d5-dbc16b26e503.jpg?v=1767698670"},{"product_id":"the-big-ditch-9780691248073","title":"The Big Ditch","description":"\u003cp\u003e\u003cb\u003eAn incisive economic and political history of the Panama Canal\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eOn August 15, 1914, the Panama Canal officially opened for business, forever changing the face of global trade and military power, as well as the role of the United States on the world stage. 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With it, we can better appreciate why incentives like stock options work or don't; why some schools succeed and others don't; why some cities and towns don't invest in their futures—and much, much more.\u003cbr\u003e\u003cbr\u003e\u003ci\u003eIdentity Economics\u003c\/i\u003e bridges a critical gap in the social sciences. It brings identity and norms to economics. People's notions of what is proper, and what is forbidden, and for whom, are fundamental to how hard they work, and how they learn, spend, and save. Thus people's identity—their conception of who they are, and of who they choose to be—may be the most important factor affecting their economic lives. And the limits placed by society on people's identity can also be crucial determinants of their economic well-being.\u003c\/p\u003e","brand":"George A. 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In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity.\u003cbr\u003e\u003cbr\u003eAkerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government—simply allowing markets to work won't do it. 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They cover a broad chronological range, beginning with Plato, Aristotle, and Aquinas, focusing extensively on Adam Smith, Thomas Malthus and the classicals, and finishing with a discussion of moderns and marginalists from Marx to Alfred Marshall. Robbins takes a varied and inclusive approach to intellectual history. As he says in his first lecture: \"I shall go my own sweet way--sometimes talk about doctrine, sometimes talk about persons, sometimes talk about periods.\" The lectures are united by Robbins's conviction that it is impossible to understand adequately contemporary institutions and social sciences without understanding the ideas behind their development.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Authoritative yet accessible, combining the immediacy of the spoken word with Robbins's exceptional talent for clear, well-organized exposition, this volume will be welcomed by anyone interested in the intellectual origins of the modern world.\u003c\/p\u003e","brand":"Lionel Robbins","offers":[{"title":"Default Title","offer_id":42955738022006,"sku":"9780691070148","price":58.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_d117fde1-23b4-49ff-b8fb-485512b598ad.jpg?v=1767695703"},{"product_id":"the-darwin-economy-9780691156682","title":"The Darwin Economy","description":"\u003cp\u003e\u003cb\u003eWhat Charles Darwin can teach us about building a fairer society\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eWho was the greater economist—Adam Smith or Charles Darwin? The question seems absurd. Darwin, after all, was a naturalist, not an economist. But Robert Frank, \u003ci\u003eNew York Times\u003c\/i\u003e economics columnist and best-selling author of \u003ci\u003eThe Economic Naturalist\u003c\/i\u003e, predicts that within the next century Darwin will unseat Smith as the intellectual founder of economics. The reason, Frank argues, is that Darwin's understanding of competition describes economic reality far more accurately than Smith's. And the consequences of this fact are profound. Indeed, the failure to recognize that we live in Darwin's world rather than Smith's is putting us all at risk by preventing us from seeing that competition alone will not solve our problems.\u003cbr\u003e\u003cbr\u003eSmith's theory of the invisible hand, which says that competition channels self-interest for the common good, is probably the most widely cited argument today in favor of unbridled competition—and against regulation, taxation, and even government itself. But what if Smith's idea was almost an exception to the general rule of competition? That's what Frank argues, resting his case on Darwin's insight that individual and group interests often diverge sharply. Far from creating a perfect world, economic competition often leads to \"arms races,\" encouraging behaviors that not only cause enormous harm to the group but also provide no lasting advantages for individuals, since any gains tend to be relative and mutually offsetting.\u003cbr\u003e\u003cbr\u003eThe good news is that we have the ability to tame the Darwin economy. The best solution is not to prohibit harmful behaviors but to tax them. By doing so, we could make the economic pie larger, eliminate government debt, and provide better public services, all without requiring painful sacrifices from anyone. That's a bold claim, Frank concedes, but it follows directly from logic and evidence that most people already accept.\u003cbr\u003e\u003cbr\u003eIn a new afterword, Frank further explores how the themes of inequality and competition are driving today's public debate on how much government we need.\u003c\/p\u003e","brand":"Robert H. 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He argues that the growth explosion in the modern West in the past two centuries was driven not just by the appearance of new technological ideas but also by the improved access to these ideas in society at large--as made possible by social networks comprising universities, publishers, professional sciences, and kindred institutions. Through a wealth of historical evidence set in clear and lively prose, he shows that changes in the intellectual and social environment and the institutional background in which knowledge was generated and disseminated brought about the Industrial Revolution, followed by sustained economic growth and continuing technological change.\u003cbr\u003e\u003cbr\u003eMokyr draws a link between intellectual forces such as the European enlightenment and subsequent economic changes of the nineteenth century, and follows their development into the twentieth century. He further explores some of the key implications of the knowledge revolution. 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In this profoundly innovative book, Daniel Bromley challenges these theories, arguing instead for \"volitional pragmatism\" as a plausible way of thinking about the evolution of economic institutions. Economies are always in the process of becoming. Here is a theory of how they become.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Bromley argues that standard economic accounts see institutions as mere constraints on otherwise autonomous individual action. Some approaches to institutional economics--particularly the \"new\" institutional economics--suggest that economic institutions emerge spontaneously from the voluntary interaction of economic agents as they go about pursuing their best advantage. He suggests that this approach misses the central fact that economic institutions are the explicit and intended result of authoritative agents--legislators, judges, administrative officers, heads of states, village leaders--who volitionally decide upon working rules and entitlement regimes whose very purpose is to induce behaviors (and hence plausible outcomes) that constitute the sufficient reasons for the institutional arrangements they create.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Bromley's approach avoids the prescriptive consequentialism of contemporary economics and asks, instead, that we see these emergent and evolving institutions as the reasons for the individual and aggregate behavior their very adoption anticipates. 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Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that \"irrational\" agents are not needed to explain herding behavior, booms, and crashes. 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Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroeconomic problems, but also the broad perspective needed to apply those tools to the big-picture questions of growth and divergence. And he introduces the economic and mathematical foundations of modern growth theory and macroeconomics in a rigorous but easy to follow manner.\u003cbr\u003e\u003cbr\u003eAfter covering the necessary background on dynamic general equilibrium and dynamic optimization, the book presents the basic workhorse models of growth and takes students to the frontier areas of growth theory, including models of human capital, endogenous technological change, technology transfer, international trade, economic development, and political economy. The book integrates these theories with data and shows how theoretical approaches can lead to better perspectives on the fundamental causes of economic growth and the wealth of nations.\u003cbr\u003e\u003cbr\u003eInnovative and authoritative, this book is likely to shape how economic growth is taught and learned for years to come.\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eIntroduces all the foundations for understanding economic growth and dynamic macroeconomic analysis\u003c\/li\u003e\n\u003cli\u003eFocuses on the big-picture questions of economic growth\u003c\/li\u003e\n\u003cli\u003eProvides mathematical foundations\u003c\/li\u003e\n\u003cli\u003ePresents dynamic general equilibrium\u003c\/li\u003e\n\u003cli\u003eCovers models such as basic Solow, neoclassical growth, and overlapping generations, as well as models of endogenous technology and international linkages\u003c\/li\u003e\n\u003cli\u003eAddresses frontier research areas such as international linkages, international trade, political economy, and economic development and structural change\u003c\/li\u003e\n\u003cli\u003eAn accompanying Student Solutions Manual containing the answers to selected exercises is available (978-0-691-14163-3\/$24.95). 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William Barnett argues that a similar dynamic is at work when organizations compete, shaping how firms and industries evolve over time.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Barnett examines the effects--and unforeseen perils--of competing and winning. He takes a fascinating, in-depth look at two of the most competitive industries--computer manufacturing and commercial banking--and derives some startling conclusions. Organizations that survive competition become stronger competitors--but only in the market contexts in which they succeed. Barnett shows how managers may think their experience will help them thrive in new markets and conditions, when in fact the opposite is likely to be the case. He finds that an organization's competitiveness at any given moment hinges on the organization's historical experience. Through Red Queen competition, weaker competitors fail, or they learn and adapt. 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What is science and what is merely guesswork in forecasting? What motivates people to buy forecasts? 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Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters—places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes.\u003cbr\u003e\u003cbr\u003eTo achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all three pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the provision of public goods. In line with much historical research, international conflict has also been an important force behind effective states by fostering common interests. 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He traces the theory of market failure from the 1840s through the 1950s and subsequent attacks on this view by the Chicago and Virginia schools. Medema follows the debate from John Stuart Mill through the Cambridge welfare tradition of Henry Sidgwick, Alfred Marshall, and A. C. Pigou, and looks at Ronald Coase's challenge to the Cambridge approach and the rise of critiques affirming Smith's doctrine anew. He shows how, following the marginal revolution, neoclassical economists, like the preclassical theorists before Smith, believed government can mitigate the adverse consequences of self-interested behavior, yet how the backlash against this view, led by the Chicago and Virginia schools, demonstrated that self-interest can also impact government, leaving society with a choice among imperfect alternatives.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003ci\u003eThe Hesitant Hand\u003c\/i\u003e demonstrates how government's economic role continues to be bound up in questions about the effects of self-interest on the greater good.\u003c\/p\u003e","brand":"Steven G. 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Drawing lessons from the failures of four insurance companies, \u003ci\u003eWhen Insurers Go Bust\u003c\/i\u003e dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the \"bankers\" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. 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Whether loans were made in kind or in cash, creditors often were accused of beggar-thy-neighbor exploitation when their lending terms put borrowers at risk of ruin. While the concept of usury reflects transcendent notions of fairness, its definition has varied over time and place: Roman law distinguished between simple and compound interest, the medieval church banned interest altogether, and even Adam Smith favored a ceiling on interest. But in spite of these limits, the advantages and temptations of lending prompted financial innovations from margin investing and adjustable-rate mortgages to credit cards and microlending.\u003cbr\u003e\u003cbr\u003eIn \u003ci\u003eBeggar Thy Neighbor\u003c\/i\u003e, financial historian Charles R. Geisst tracks the changing perceptions of usury and debt from the time of Cicero to the most recent financial crises. 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The textbook continues its in-depth look at cooperation in teams, agent-based simulations, experimental economics, the evolution and diffusion of preferences, and the connection between biology and economics.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  Recognizing that students learn by doing, the textbook introduces principles through practice. Herbert Gintis exposes students to the techniques and applications of game theory through a wealth of sophisticated and surprisingly fun-to-solve problems involving human and animal behavior. The second edition includes solutions to the problems presented and information related to agent-based modeling. 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This book will be welcomed by finance scholars and all those math--and statistics-minded readers interested in knowing whether there is science beyond the mathematics of finance.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e  This book provided the foundation for subsequent journal articles that won two prestigious awards: the \u003ci\u003e2003 Journal of Financial Markets Best Paper Award\u003c\/i\u003e and the \u003ci\u003e2004 Goldman Sachs Asset Management Best Research Paper\u003c\/i\u003e for the \u003ci\u003eReview of Finance\u003c\/i\u003e.\u003c\/p\u003e","brand":"Peter Bossaerts","offers":[{"title":"Default Title","offer_id":42955746345078,"sku":"9780691123134","price":80.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_991a6a9f-060f-4220-9d29-a3b9b8df62c2.jpg?v=1767699135"},{"product_id":"the-tyranny-of-utility-9780691128177","title":"The Tyranny of Utility","description":"\u003cp\u003eThe general assumption that social policy should be utilitarian--that society should be organized to yield the greatest level of welfare--leads inexorably to increased government interventions. Historically, however, the science of economics has advocated limits to these interventions for utilitarian reasons and because of the assumption that people know what is best for themselves. But more recently, behavioral economics has focused on biases and inconsistencies in individual behavior. Based on these developments, governments now prescribe the foods we eat, the apartments we rent, and the composition of our financial portfolios.\u003ci\u003e The Tyranny of Utility\u003c\/i\u003e takes on this rise of paternalism and its dangers for individual freedoms, and examines how developments in economics and the social sciences are leading to greater government intrusion in our private lives.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Gilles Saint-Paul posits that the utilitarian foundations of individual freedom promoted by traditional economics are fundamentally flawed. 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But by 1800, the region had fallen dramatically behind—in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the Middle East remain drastically underdeveloped compared to the West? In \u003ci\u003eThe Long Divergence\u003c\/i\u003e, one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions.\u003cbr\u003e\u003cbr\u003eTimur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life—including private capital accumulation, corporations, large-scale production, and impersonal exchange. By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies—all characteristic of the region's economies today and all legacies of its economic history—will take generations to overcome.\u003cbr\u003e\u003cbr\u003e\u003ci\u003eThe Long Divergence\u003c\/i\u003e opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.\u003c\/p\u003e","brand":"Timur Kuran","offers":[{"title":"Default Title","offer_id":42955747098742,"sku":"9780691156415","price":37.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_2ae7f3ef-8db4-4fc9-8787-6d4ceffe8898.jpg?v=1767700377"},{"product_id":"the-architecture-of-markets-9780691102542","title":"The Architecture of Markets","description":"\u003cp\u003eMarket societies have created more wealth, and more opportunities for more people, than any other system of social organization in history. Yet we still have a rudimentary understanding of how markets themselves are social constructions that require extensive institutional support. This groundbreaking work seeks to fill this gap, to make sense of modern capitalism by developing a sociological theory of market institutions. Addressing the unruly dynamism that capitalism brings with it, leading sociologist Neil Fligstein argues that the basic drift of any one market and its actors, even allowing for competition, is toward stabilization.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e \u003ci\u003eThe Architecture of Markets\u003c\/i\u003e represents a major and timely step beyond recent, largely empirical studies that oppose the neoclassical model of perfect competition but provide sparse theory toward a coherent economic sociology. Fligstein offers this theory. With it he interprets not just globalization and the information economy, but developments more specific to American capitalism in the past two decades--among them, the 1980s merger movement. He makes new inroads into the ''theory of fields,'' which links the formation of markets and firms to the problems of stability. His political-cultural approach explains why governments remain crucial to markets and why so many national variations of capitalism endure. States help make stable markets possible by, for example, establishing the rule of law and adjudicating the class struggle. State-building and market-building go hand in hand.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e Fligstein shows that market actors depend mightily upon governments and the members of society for the social conditions that produce wealth. He demonstrates that systems favoring more social justice and redistribution can yield stable markets and economic growth as readily as less egalitarian systems. This book will surely join the classics on capitalism. Economists, sociologists, policymakers, and all those interested in what makes markets function as they do will read it for many years to come.\u003c\/p\u003e","brand":"Neil Fligstein","offers":[{"title":"Default Title","offer_id":42955747229814,"sku":"9780691102542","price":48.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0671\/1374\/6550\/files\/CoreSourceHub_b2f043d3-5528-4704-bc2f-2ca174b8589e.jpg?v=1767700387"}],"url":"https:\/\/ingramacademic.com\/collections\/business-economics.oembed?page=38","provider":"Ingram Academic \u0026 Professional","version":"1.0","type":"link"}