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Business Cycles and Economic Crises
Throughout the history of economic thought, interest in business cycles and economic crises has sometimes been observed to rise during times of crises, recessions and depressions. However, the treatment of this topic in the literature has generally been merely anecdotal. This book presents a bibliometric and econometric analysis of the development of business cycle and crises theory and its connection to economic developments, particularly since the early 20th century. The book explores the connection between economic development and the literature, utilising systematic bibliometric and rigorous econometric methods and drawing its data from a wide range of sources. This volume provides quantitative answers to questions which have not previously been subject to a precise and comprehensive empirical analysis. This book will be of great interest to historians of economic thought for its novel treatment of a much-discussed topic, and its well-founded and transparent results.
Development Patterns of Material Productivity
Increasing concerns regarding the world’s natural resources and sustainability continue to be a major issue for global development. As a result several political initiatives and strategies for green or resource-efficient growth both on national and international levels have been proposed. A core element of these initiatives is the promotion of an increase of resource or material productivity. This dissertation examines material productivity developments in the OECD and BRICS countries between 1980 and 2008. By applying the concept of convergence stemming from economic growth theory to material productivity the analysis provides insights into both aspects: material productivity developments in general as well potentials for accelerated improvements in material productivity which consequently may allow a reduction of material use globally. The results of the convergence analysis underline the importance of policy-making with regard to technology and innovation policy enabling the production of resource-efficient products and services as well as technology transfer and diffusion.
The Yield Curve and Financial Risk Premia
The determinants of yield curve dynamics have been thoroughly discussed in finance models. However, little can be said about the macroeconomic factors behind the movements of short- and long-term interest rates as well as the risk compensation demanded by financial investors. By taking on a macro-finance perspective, the book’s approach explicitly acknowledges the close feedback between monetary policy, the macroeconomy and financial conditions. Both theoretical and empirical models are applied in order to get a profound understanding of the interlinkages between economic activity, the conduct of monetary policy and the underlying macroeconomic factors of bond price movements. Moreover, the book identifies a broad risk-taking channel of monetary transmission which allows a reassessment of the role of financial constraints; it enables policy makers to develop new guidelines for monetary policy and for financial supervision of how to cope with evolving financial imbalances.
Neuroeconomics
What is Neuroeconomics The field of neuroeconomics is an interdisciplinary field that aims to explain human decision-making, which includes the capacity to process various alternatives and to carry out a plan of action. It investigates the ways in which economic behavior can influence our understanding of the brain, as well as the ways in which findings in neuroscientific research can lead economic models. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Neuroeconomics Chapter 2: Behavioral economics Chapter 3: Loss aversion Chapter 4: Ultimatum game Chapter 5: Prefrontal cortex Chapter 6: Somatic marker hypothesis Chapter 7: Orbitofrontal cortex Chap...
The Impact of International Trade and FDI on Economic Growth and Technological Change
Economic globalisation and technological change are the two issues that concerned people in the past, concern them today and will concern them in the future - all over the world, poor or rich. Traditionally, questions about allocative effects are asked: What are the labour market implications? Who loses? Who wins? What is the net aggregate welfare effect after an adjustment period? However, two points are rarely taken into consideration: How do globalisation and technological change interact and what are the potential long-run implications for economic growth? This book addresses the interplay of these megatrends. It asks how economic globalisation may affect innovation and technology of ind...
Cultural Economics
What is Cultural Economics A subfield of economics known as cultural economics investigates the ways in which culture is connected to the outcomes of economic activity. In this context, the term "culture" refers to the views and preferences that are held in common by many populations. These programmatic questions include whether or not culture matters in terms of economic outcomes, the extent to which it does matter, and the relationship between culture and institutions. The influence of culture in economic behavior is becoming increasingly proved to produce major differences in decision-making, as well as in the management and pricing of assets. This is a burgeoning field within the field o...
Mental Accounting
What is Mental Accounting Mental accounting is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process whereby people code, categorize and evaluate economic outcomes. Mental accounting incorporates the economic concepts of prospect theory and transactional utility theory to evaluate how people create distinctions between their financial resources in the form of mental accounts, which in turn impacts the buyer decision process and reaction to economic outcomes. People are presumed to make mental accounts as a self control strategy to manage and keep track of their spending and resources. People budget money into mental accounts for savings or expense ca...
Rational Choice Theory
What is Rational Choice Theory Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Rational cho...
Experimental Economics
What is Experimental Economics In the field of economics, experimental economics refers to the analysis of economic topics through the use of experimental methodologies. During experiments, data are collected with the purpose of estimating the size of the effect, determining whether or not economic theories are valid, and shedding light on market mechanisms. In economic experiments, the volunteers are typically motivated with cash in order to simulate the incentives that are seen in the real world. In order to gain a better understanding of how and why markets and other exchange systems operate in the manner that they do, experiments are utilized. In addition, the field of experimental econo...
Sunk Cost
What is Sunk Cost In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties. How you will benefit (I) Insights, and validations about the following...
