A leading expert on economic policy makes the convincing case for the foundation, coordination and reach of government action through economic policy. Presenting justifications for government intervention in coping with market failures, Acocella applies the theory of economic policy to current global issues.
Econometric techniques and models are still being extensively used in the business of forecasting and policy advice. This book presents recent advances in the theory and applications of quantitative economic policy, with particular emphasis on fiscal and monetary policies in a European and global context. The volume honors Andrew Hughes Hallett, a pioneer and major scientist in quantitative economic policy analysis, whose contributors are among his friends and former students.
A solid understanding of the social, economic and legal environment in which a business operates is crucial to developing a successful business strategy. With a unique balance between theory and practice, Business Environment is a broad ranging and easy to use guide that looks at how factors such as the world economy, government policy, regulation and demography, and social trends, affect day-to-day strategy and decision making in practice. The text is ideal for students taking undergraduate and postgraduate modules in the Business Environment or Business Context areas of an HR or business degree, and also caters for students studying the CIPD Leadership and Management module 'Managing in a Strategic Business Context'. This fully updated 2nd edition includes new content addressing the needs of migrant workers, further international case studies and real-world examples, and lots of new research from the CIPD and elsewhere. Online, you will find a comprehensive tutor and student support site to complement the practical material within the text. Packed with engaging features such as chapter objectives, student and seminar activities, self assessment questions, case studies, key learning points and further reading, Business Environment is guaranteed to develop the skills, knowledge and key understanding of business strategy that is required at every level.
This trilogy deals with an epistemology of economics, arguing for a radical overturning of conventional analysis and providing an alternative to political economy and social sciences, based not on positivism, but on a normative and programming paradigm. Volume II builds on the work presented in Volume I to explore oppositions to the traditional and conventional teaching of economics, and presents testimonies that are favourable to a trend towards a programming approach, thereby giving substance to the epistemological 'overturning' of conventional analysis. Such oppositions studied include the work of Ludvig von Mises and his theory of praxeology; Ian Tinbergen and Wassily Leontif's preference for 'planning' over 'forecasting science'; Bruno de Finetti and Daniel Bell's support for the base of 'utopia' in economics; the trend from the 'theory of planning' towards the 'methodology of planning, by Andreas Faludi; neoclassic curiosity about the 'multi-purposes approach' and 'non-economic commodities' as investigated by Walter Isard, as well as theories expressed by Herbert Simon, Robert Lucas, George Soros and Mark Blaug. Volume III takes studies further and presents a concrete and practical example of how to build a Planning Accounting Framework (PAF), as associated with Frisch's 'plan-frame' (explored in Volume II), to demonstrate the extent to which decisions and negotiations can be routed in the social sciences.
This book provides the theoretical and analytical background necessary to understanding the process of growth and the implementation of economic policies. First, it presents the growth theory landscape and the evolution of growth as well as modern growth theory arguments where the policy implications of the theoretical approaches are set. The book then covers the relationship between policy and growth, discussing not only the growth prototypes that prevail but also their relation to politics and economic policy formation and decision making. In this context, policy formation determinants, as well as the targets, instruments, and policy implementations, are crucial. The role of structural changes and structural reforms and their relationship with economic growth is also analyzed. The book ends with an interdisciplinary study of how institutions and cultural background, entrepreneurship and innovation affect policy formation.
Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Recent developments in public economics have largely been in the direction of reaffirming the limits of the market and of establishing new ones. The possible existence of fundamental non-convexities, imperfect and asymmetric information, incentive compatibility, imperfect competition, strategic complementarity, and scale economies led to the conclusion that a large set of market failures exist; such situations also imply government failure. Acocella, considers this complicated picture and provides a discussion of the different approaches to establishing social 'rankings' of the possible situations and the underlying principles. The arguments for and against different institutions are then analysed at a micro and macroeconomic level. The market and the government are recognised as imperfect, and thus complementary, institutions. Specific policy targets and instruments are considered in the areas of micro and macro-economic policy. Special attention is devoted to questions of policy management in an open economy. Finally, problems of domestic and international policy co-ordination are considered.