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This is a textbook on macroeconomic theory that attempts to rework the theory of macroeconomic relations through a re-examination of their microeconomic foundations. In the tradition of Keynes's General Theory of Employment, Interest and Money (published in 1936), and Patinkin's Money, Interest, and Prices, published in 1956 and revised in 1965, this book represents a third generation of macroeconomic theory. This book presents a comprehensive choice-theoretic analysis of the determination of the level of employment and the rate of inflation. A central feature of the book is the recasting of macroeconomic analysis in terms of a theory of exchange under non-market-clearing conditions. In addition, the analysis incorporates other aspects of the current reformulation of macroeconomic theory, including the relation between inflationary expectations, rates of return, and unemployment, the dynamics of aggregate demand, and the significance of incomplete information regarding the spatial distribution of wages and prices.
The papers in this volume present an excellent sampling of the best of current research in labor economics, combining the most sophisticated theory and econometric methods with high-quality data on a variety of problems. Originally presented at a Universities-National Bureau Committee for Economic Research conference on labor markets in 1978, and not published elsewhere, the thirteen papers treat four interrelated themes: labor mobility, job turnover, and life-cycle dynamics; the analysis of unemployment compensation and employment policy; labor market discrimination; and labor market information and investment. The Introduction by Sherwin Rosen provides a thoughtful guide to the contents of the papers and offers suggestions for continuing research.
Presents the life of the Heisman trophy winner, discussing his impoverished childhood, his development as a teenage athlete, his college and NFL professional career, his success as a businessman, and his diagnosis and treatment for dissociative identity disorder.
Textbook on macroeconomics - covers macroeconomic analysis, measurement of national income, basic economic models of the financial market, the labour market, etc., the goals of fiscal policy and monetary policy, economic equilibrium and balance of payments, economic relations, economic growth and growth models, inflation, etc. Graphs and references.
Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
There is discontent with how the textbooks have come to reinterpret Keynes but there is little communication between the most prominent schools of criticism. This book argues that this lack of dialogue is mistaken and damaging. A synthesis is possible as many of the arguments between them can be traced to simple misunderstadings and differences of emphasis.
This volume presents 18 IMF research studies on the causes and consequences of corruption, as well as how it can most effectively be combated to improve governance, increase economic growth, and reduce poverty. The authors examine how civil service wages affect corruption, the impact of natural resource availability on corruption, the impact of corruption on a country’s income distribution and incidence of poverty, and the effect of corruption on government expenditures on health and education.
This paper argues that corruption patterns are endogenous to political structures. Thus, corruption can be systemic and planned rather than decentralized and coincidental. In an economic system without law or property rights, a kleptocratic state may arise as a predatory hierarchy from a state of pure anarchy. A dictator minimizes the probability of a palace revolution by creating a system of patronage and loyalty through corrupt bureaucracy. Competitive corruption patterns are associated with anarchy and weak dictators, while strong dictators implement a system of monopolistic corruption. Efforts at public sector reform may meet resistance in countries featuring such systemic corruption.