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Flaws and Ceilings
  • Language: en
  • Pages: 227

Flaws and Ceilings

Price controls across many sectors are currently being hotly debated. New controls in the housing market, more onerous minimum wages, minimum prices for alcohol, and freezes on energy prices are very high up the agenda of most politicians at the moment. Even without any further controls, wages, university fees, railway fares and many financial products already have their prices at least partly determined by politicians rather than by supply and demand in the market. Indeed, barely a sector of the UK economy is unaffected in one way or another by government controls on prices. This book demonstrates why economists do not like price controls and shows why they are widely regarded as being amongst the most damaging political interventions in markets. The authors analyse, in a very readable fashion, the damage they cause. Crucially, the authors also explain why, despite universal criticism from economists, price controls are so popular amongst politicians.

Taxation, Government Spending and Economic Growth
  • Language: en
  • Pages: 256

Taxation, Government Spending and Economic Growth

Amidst the debates about ‘austerity’ a number of vital debates in public finance have been sidelined. Because the reductions in government spending – small though they have been so far- have been designed to reduce the government’s borrowing requirement, there has been little discussion of whether the size of the state should be reduced in order to facilitate long-run reductions in the burden of taxation. This book traces the history of the growth of the size of the state over the last 100 years whilst also making international comparisons. There is a particular focus on recent and projected future developments which shows that, though the total level of government spending has not d...

Getting the Measure of Money: A Critical Assessment of UK Monetary Indicators
  • Language: en
  • Pages: 209

Getting the Measure of Money: A Critical Assessment of UK Monetary Indicators

How much money is circulating in the United Kingdom? The question sounds simple. In fact, it is notoriously difficult to answer, because what counts as money is not a straightforward matter. A variety of measures have been advanced, and they tell different stories about the changing supply of money in an economy. These differences are of more than merely academic interest, because measures of the money supply are inputs to the decisions of central banks. Wrong answers can lead to wrong actions, with potentially devastating economic effects. This book examines the measure of money and, in that light, the actions of the Bank of England in in the lead up to the 2008 financial crisis and its aftermath. It is essential reading for anyone interested in money, measures of its quantity, and the relationship between the money supply and the economic cycle.

The Economics of International Development: Foreign Aid versus Freedom for the World's Poor
  • Language: en
  • Pages: 116

The Economics of International Development: Foreign Aid versus Freedom for the World's Poor

Foreign aid and overseas military intervention have been important and controversial political topics for over a decade. The government’s controversial target to spend 0.7 per cent of national income on foreign aid has been widely welcomed by some, but strongly criticised by others. Furthermore, the controversy of the Iraq war rumbles on, even today. This is all happening amongst much instability in many parts of the world. In this short book, a number of authors challenge the assumption that we can bring about economic development and promote liberal democracies through direct foreign intervention – whether economic or military intervention. The lead author, William Easterly, drawing on...

The Causes and Consequences of Interest Theory
  • Language: en
  • Pages: 177

The Causes and Consequences of Interest Theory

Interest has always been a part of humans' daily economic life, and the concept of interest has attracted intense attention from economists, philosophers, religious scholars and lawmakers. This book analyses the issue of prohibition of interest through the lens of conventional economics and then makes a comparison with the position of Islamic economists. It evaluates the theory of interest presented by Böhm-Bawerk, which is the most respected and applicable theory at present. It provides an in-depth analysis of the current literature, and it is the first book to scrutinize the interpretation of Islamic economists on the concepts of time preference and interest rate control. This book will be of interest to academics and students of economics and Islamic economics.

Scandinavian Unexceptionalism
  • Language: en
  • Pages: 160

Scandinavian Unexceptionalism

This book is important to help an international audience understand the cultural peculiarities behind the Scandinavian “success story”. It is also vital that Scandinavians themselves read this book to help them understand the market reforms that are essential for a successful future.

Economic and Political Institutions and Development
  • Language: en
  • Pages: 187

Economic and Political Institutions and Development

  • Type: Book
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  • Published: 2019-02-23
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  • Publisher: Springer

This book focuses on the role of economic and political institutions in economic development. The book offers fresh perspectives on the issues facing less-developed countries and the elements influencing their outcomes. The text includes chapters on democracy, property rights, and economic freedom, and uses diverse methodology such as case studies, spacial econometrics, and cross-country analysis. The volume features the work of prominent scholars in the area of institutional analysis such as Mohammed Akacem, Christopher Coyne, and Andrew Young as well as a number of junior scholars. This book will be useful for researchers and students interested in economic development and institutional analysis in general, in addition to individuals with a specific focus on countries or regions such as Iraq or sub-Saharan Africa.

Universal Healthcare without the NHS: Towards a Patient-Centred Health System
  • Language: en
  • Pages: 176

Universal Healthcare without the NHS: Towards a Patient-Centred Health System

The National Health Service remains the sacred cow of British politics – any criticism is considered beyond the pale, guaranteed to trigger angry responses and accusations of bad faith. This book argues that the NHS should not be insulated from reasoned debate. In terms of health outcomes, it is one of the worst systems in the developed world, well behind those of other high-income countries. The NHS does achieve universal access to healthcare, but so do the health systems in every other developed country (with the exception of the US). Britain is far from being the only country where access to healthcare does not depend on an individual’s ability to pay. Author Kristian Niemietz draws on a wealth of international evidence to develop a vision for a universal healthcare system based on consumer sovereignty, freedom of choice, competition and pluralism. His roadmap for reform charts a path from the status quo to a more desirable and effective alternative.

The Driving Force of the Collective
  • Language: en
  • Pages: 293

The Driving Force of the Collective

  • Type: Book
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  • Published: 2016-11-26
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  • Publisher: Springer

This book investigates why Austrian economists fail to apply the spontaneous order framework to cooperative relationships – such as a dynamic and evolving public sector – that might complement a thriving market. In direct response to Israel Kirzner's The Driving Force of the Market, Nell challenges traditional Austrian economics by proposing "democratic process theory" as a parallel to market process theory, highlighting the possibilities for an economic organization that harnesses the power of transparent and effective democracy. Keeping in mind the central problems experienced in socialist and capitalist countries due to self-interested political and economic actors, The Driving Force of the Collective highlights the public sector advantages of allowing culture and institutions to evolve endogenously as a spontaneous public sector order.

Entrepreneurial Action, Public Policy, and Economic Outcomes
  • Language: en
  • Pages: 199

Entrepreneurial Action, Public Policy, and Economic Outcomes

Providing a clear summary of the institutions and entrepreneurship research this comprehensive and timely book will be of great interest to anyone involved in public policy. It also offers a practical application for academic research and a rich biblio