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'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemics, relationships driving returns change in unforeseeable ways. To deal with uncertainty, investors engage in narratives which simplify the complexity of real-time, non-routine change. This book assesses the novelty-narrative hypothesis for the U.S. stock market by conducting a comprehensive investigation of unscheduled events using big data textual analysis of financial news. This important contribution to the field of narrative economics finds that major macro events and associated narratives spill over into the churning stream of corporate novelty and sub-narratives, spawning different forms of unforeseeable stock market instability.
Although today's richest countries tend to have long histories of secure private property rights, legal-titling projects do little to improve the economic and political well-being of those in the developing world. This book employs a historical narrative based on secondary literature, fieldwork across thirty villages, and a nationally representative survey to explore how private property institutions develop, how they are maintained, and their relationship to the state and state-building within the context of Afghanistan. In this predominantly rural society, citizens cannot rely on the state to enforce their claims to ownership. Instead, they rely on community-based land registration, which has a long and stable history and is often more effective at protecting private property rights than state registration. In addition to contributing significantly to the literature on Afghanistan, this book makes a valuable contribution to the literature on property rights and state governance from the new institutional economics perspective.
Video games aren't merely casual entertainment: they are the heart of one of the fastest-growing media industries in the world, and a cultural phenomenon in their own right. Gaming has evolved from a niche pastime into a global business that rivals film and television, creating, in the process, new art forms and social arenas and have become the subject of endless public debate. This book shows that games also provide a unique space in which to study economic behavior. Games, more than any other form of media, demonstrate the power and creative potential of human choice - an idea that's also the foundation of economic thinking. Whether it's developing trade relations, or the use of money, or even complex legal institutions, virtual worlds provide a captivating and entertaining arena for studying economic behavior in its most dynamic forms. The overarching theme of the volume is the economic order that governs virtual worlds, and the many ways individuals work together, often without knowing it, to govern their social relations in digital space.
Macroeconomics: An Introduction, provides a lucid and novel introduction to macroeconomic issues. It introduces the reader to an alternative approach of understanding macroeconomics, which is inspired by the works of Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and Piero Sraffa. It also presents the reader with a critical account of mainstream marginalist macroeconomics. The book begins with a brief history of economic theories and then takes the reader through three different ways of conceptualizing the macroeconomy. Subsequently, the theories of money and interest rates, output and employment levels, and economic growth are discussed. The book ends by providing a policy template for addressing the macroeconomic concerns of unemployment and inflation. The conceptual discussion in Macroeconomics is situated within the context of the Indian economy. Besides using publicly available data, the contextual description is instantiated using excerpts from works of fiction by Indian authors.
Property rights are important for economic exchange, but many governments don't protect them. Private market organizations can fill this gap by providing an institutional structure to enforce agreements, but with this power comes the ability to extort group members. Under what circumstances, then, will private organizations provide a stable environment for economic activity? Based on market case studies and a representative survey of traders in Lagos, Nigeria, this book argues that threats from the government can force an association to behave in ways that promote trade. The findings challenge the conventional wisdom that private good governance in developing countries thrives when the government keeps its hands off private group affairs. Instead, the author argues, leaders among traders behave in ways that promote trade primarily because of the threat of government intrusion.
This guide uniquely presents the three volumes of Capital in a different order of reading to that in which they were published, placing them instead in the order that Marx himself sometimes recommended as a more user-friendly way of reading. Dr Smith also argues that, for most of the twentieth century, the full development of the capitalist mode of production (CMP) has been undermined by the existence of a non-capitalist 'third world', which has caused the CMP to take on the form of what Marx called a highly developed mercantile system, rather than one characterized by an uninterrupted circuit of industrial capital of the kind he expected would develop.
Economic arguments favoring increased immigration restrictions suggest that immigrants undermine the culture, institutions, and productivity of destination countries. But is this actually true? Nowrasteh and Powell systematically analyze cross-country evidence of potential negative effects caused by immigration relating to economic freedom, corruption, culture, and terrorism. They analyze case studies of mass immigration to the United States, Israel, and Jordan. Their evidence does not support the idea that immigration destroys the institutions responsible for prosperity in the modern world. This nonideological volume makes a qualified case for free immigration and the accompanying prosperity.
Framing effects are everywhere. An estate tax looks very different to a death tax. Gun safety seems to be one thing and gun control another. Yet, the consensus from decision theorists, finance professionals, psychologists, and economists is that frame-dependence is completely irrational. This book challenges that view. Some of the toughest decisions we face are just clashes between different frames. It is perfectly rational to value the same thing differently in two different frames, even when the decision-maker knows that these are really two sides of the same coin. Frame It Again sheds new light on the structure of moral predicaments, the nature of self-control, and the rationality of co-operation. Framing is a powerful tool for redirecting public discussions about some of the most polarizing contemporary issues, such as gun control, abortion, and climate change. Learn effective problem-solving and decision-making to get the better of difficult dilemmas.
What might the world look like in the aftermath of COVID-19? Almost every aspect of society will change after the pandemic, but if we learn lessons then life can be better. Featuring expert authors from across academia and civil society, this book offers ideas that might put us on alternative paths for positive social change. A rapid intervention into current commentary and debate, Life After COVID-19 looks at a wide range of topical issues including the state, co-operation, work, money, travel and care. It invites us to see the pandemic as a dress rehearsal for the larger problem of climate change, and it provides an opportunity to think about what we can improve and how rapidly we can make changes.
For five decades, rising US income and wealth inequality has been driven by wage repression and production realignments benefitting the top one percent of households. In this inaugural book for Cambridge Studies in New Economic Thinking, Professor Lance Taylor takes an innovative approach to measuring inequality, providing the first and only full integration of distributional and macro level data for the US. While work by Thomas Piketty and colleagues pursues integration from the income side, Professor Taylor uses data of distributions by size of income and wealth combined with the cost and demand sides, flows of funds, and full balance sheet accounting of real capital and financial claims. This blends measures of inequality with national income and product accounts to show the relationship between productivity and wages at the industry sector level. Taylor assesses the scope and nature of various interventions to reduce income and wealth inequalities using his simulation model, disentangling wage growth and productivity while challenging mainstream models.
This study of the Visigothic kingdom monetary system in southern Gaul and Hispania from the fifth century through the Muslim invasion of Spain fills a major gap in the scholarship of late antiquity. Examining all aspects of the making of currency, it sets minting in relation to questions of state - monarchical power, administration and apparatus, motives for money production - and economy. In the context of the later Roman Empire and its successor states in the west, the minting and currency of the Visigoths reveal shared patterns as well as originality. The analysis brings both economic life and the needs of the state into sharper focus, with significant implications for the study of an essential element in daily life and government. This study combines an appreciation for the surprising level of sophistication in the Visigothic minting system with an accessible approach to a subject which can seem complex and abstruse.
This clearly written and engaging book brings together anthropology, psychology and economics to show how these three human science disciplines address fundamental questions related to the psychology of economic life in human societies - questions that matter for people from every society and every background. Based around vivid examples drawn from field research in China and Taiwan, the author encourages anthropologists to take the psychological dimensions of economic life more seriously, but also invites psychologists and economists to pay much more attention than they currently do to cultural and historical variables. In the end, this intrinsically radical book challenges us to step away from disciplinary assumptions and to reflect more deeply on what really matters to us in our collective social and economic life.
The burgeoning field of behavioral economics has produced a new set of justifications for paternalism. This book challenges behavioral paternalism on multiple levels, from the abstract and conceptual to the pragmatic and applied. Behavioral paternalism relies on a needlessly restrictive definition of rational behavior. It neglects nonstandard preferences, experimentation, and self-discovery. It relies on behavioral research that is often incomplete and unreliable. It demands a level of knowledge from policymakers that they cannot reasonably obtain. It assumes a political process largely immune to the effects of ignorance, irrationality, and the influence of special interests and moralists. Overall, behavioral paternalism underestimates the capacity of people to solve their own problems, while overestimating the ability of experts and policymakers to design beneficial interventions. The authors argue instead for a more inclusive theory of rationality in economic policymaking.
The ten essays in Future Challenges of Cities in Asia engage with some of the most critical urban questions of the near future across Asia. These comprise socio-economic and cultural transitions as a result of urbanization; environmental challenges, especially questions of climate change, natural disasters, and environmental justice; and the challenges of urban infrastructure, built form, and new emerging types of urban settlements. The essays demonstrate that it is increasingly difficult to conceptualize the ‘urban’ as one particular type of settlement. Rather, it would be more accurate to say that the ‘urban’ characterizes a global transition in the way we are beginning to think about settlements. This book is of interest not only to researchers interested in comparative and inter-disciplinary research, but also to urban practitioners more broadly, illustrating through concrete cases the challenges that urban regions in Asia and beyond are facing, and the various opportunities that exist for dealing with these challenges.
The e-commerce market has grown rapidly within the ASEAN region in recent years. This trend is expected to continue in the future given the region's large population base, rising middle-class and improvements in connectivity. This edited volume examines the current state of e-commerce in ASEAN countries. It highlights some of the key domestic and cross-border challenges faced by ASEAN member states in developing e-commerce. These challenges include the regulatory and legal environment in which e-commerce firms operate across ASEAN, and the supporting infrastructure in ASEAN member states. "A comprehensive snapshot of the latest emerging regulatory, policy and consumer issues. It's essential reading for anyone working in this field. E-commerce is fundamentally altering the way in which businesses are being conducted, both within and between ASEAN countries. More than just an alternate distribution channel, online trading offers new opportunities and challenges for consumers, businesses, regulators and policymakers. How do markets operate in the new paradigm? How should regulators and governments ensure that dynamic competitive economies evolve, instead of descending into anti-competitive structures? And how are markets evolving in different parts of Southeast Asia? All of these issues — and much more — are discussed in here. The editors are to be congratulated for assembling a range of insightful perspectives from across ASEAN. These are issues that will affect the region for many years to come. The lessons here are timely and timeless." —Michael Schaper Ph.D., Deputy Chairman, Australian Competition and Consumer Commission, 2008—18
What if we had a government prepared to implement the policies that could radically change 21st-century Britain and improve people's lives? Social and economic policies are rarely communicated clearly to the public, but it's never been more important for citizens to understand and contribute to the debate around the country's future. In everyday language, Rethinking Britain presents a range of ideas from some of the country's most influential thinkers such as Kate Pickett and Ha-Joon Chang. From inflation to tax, and health to education, each contribution offers solutions which, if implemented, would lead to a fairer society. Curated by leading economists from the Progressive Economics Group and accompanied by a 'jargon buster', this book is an essential aid for citizens who are interested in critiquing inequalities while looking to build a better future.
There has been a rapid expansion of academic interest and publications on polycentricity. In the contemporary world, nearly all governance situations are polycentric, but people are not necessarily used to thinking this way. Governing Complexity provides an updated explanation of the concept of polycentric governance. The editors provide examples of it in contemporary settings involving complex natural resource systems, as well as a critical evaluation of the utility of the concept. With contributions from leading scholars in the field, this book makes the case that polycentric governance arrangements exist and it is possible for polycentric arrangements to perform well, persist for long periods, and adapt. Whether they actually function well, persist, or adapt depends on multiple factors that are reviewed and discussed, both theoretically and with examples from actual cases.
Since the 1980 military coup in Turkey, much of the history and politics of the country can be described as a struggle between democracy and authoritarianism. In this accessible account of the country's politics, society and economics, the authors delve into the causes and processes of what has been called a democratic 'backsliding'. In order to explore this, Yeşim Arat and Şevket Pamuk, two of Turkey's leading social scientists, focus on the mutual distrust between the secular and Islamist groups. They argue that the attempts by a secular coalition to circumscribe the Islamists in power had a boomerang effect. The Islamists struck back first in self-defence, then in pursuit of authoritarian power. With chapters on urbanization, Kurdish nationalism, women's movements, economic development and foreign relations, this book offers a comprehensive and lively examination of contemporary Turkey and its role on the global stage.