The Economy


Book Description

A complete introduction to economics and the economy taught in undergraduate economics and masters courses in public policy. CORE's approach to teaching economics is student-centred and motivated by real-world problems and real-world data. The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics. THE ECONOMY: is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics, and financial instability; challenges students to address inequality, climate change, economic instability, wealth creation and innovation, and other problems; provides a unified treatment of micro- and macroeconomics; motivates all models and concepts by evidence and real-world applications.




Twenty-first Century Economics


Book Description

Helps readers to grasp the revolutionary nature of the current economic transition and to sense the power being unleashed by today’s and tomorrow’s vast technological advances.







Principles


Book Description

#1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press.




Design Economies and the Changing World Economy


Book Description

Design is central to every service or good produced, sold and consumed. Manufacturing and service companies located in high cost locations increasingly find it difficult to compete with producers located in countries such as India and China. Companies in high-cost locations either have to shift production abroad or create competitive advantage through design, innovation, brand and the geographic distribution of tasks rather than price. Design Economies and the Changing World Economy provides the first comprehensive account of the relationship between innovation, design, corporate competitiveness and place. Design economies are explored through an analysis of corporate strategies, the relationship between product and designer, copying and imitation including nefarious learning, design and competitiveness, and design-centred regional policies. The design process plays a critical role in corporate competitiveness as it functions at the intersection between production and consumption and the interface between consumer behaviour and the development and design of products. This book focuses on firms, individuals, as well as national policy, drawing attention to the development of corporate and nation based design strategies that are intended to enhance competitive advantage. Increasingly products are designed in one location and made in another. This separation of design from the place of production highlights the continued development of the international division of labour as tasks are distributed in different places, but blended together to produce design-intensive branded products. This book provides a distinctive analysis of the ways in which companies located in developed market economies compete on the basis of design, brand and the geographic distribution of tasks. The text contains case studies of major manufacturing and service companies and will be of valuable interest to students and researchers interested in Geography, Economics and Planning.




Understanding the Process of Economic Change


Book Description

In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.




Narrative Economics


Book Description

From Nobel Prize–winning economist and New York Times bestselling author Robert Shiller, a groundbreaking account of how stories help drive economic events—and why financial panics can spread like epidemic viruses Stories people tell—about financial confidence or panic, housing booms, or Bitcoin—can go viral and powerfully affect economies, but such narratives have traditionally been ignored in economics and finance because they seem anecdotal and unscientific. In this groundbreaking book, Robert Shiller explains why we ignore these stories at our peril—and how we can begin to take them seriously. Using a rich array of examples and data, Shiller argues that studying popular stories that influence individual and collective economic behavior—what he calls "narrative economics"—may vastly improve our ability to predict, prepare for, and lessen the damage of financial crises and other major economic events. The result is nothing less than a new way to think about the economy, economic change, and economics. In a new preface, Shiller reflects on some of the challenges facing narrative economics, discusses the connection between disease epidemics and economic epidemics, and suggests why epidemiology may hold lessons for fighting economic contagions.




Principles for Dealing with the Changing World Order


Book Description

NEW YORK TIMES BESTSELLER * MORE THAN ONE MILLION COPIES SOLD “A provocative read...There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes—and to offer practical advice on how to navigate them well. A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political, and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing world power (US) and the existing world order. The last time that this confluence occurred was between 1930 and 1945. This realization sent Dalio on a search for the repeating patterns and cause/effect relationships underlying all major changes in wealth and power over the last 500 years. In this remarkable and timely addition to his Principles series, Dalio brings readers along for his study of the major empires—including the Dutch, the British, and the American—putting into perspective the “Big Cycle” that has driven the successes and failures of all the world’s major countries throughout history. He reveals the timeless and universal forces behind these shifts and uses them to look into the future, offering practical principles for positioning oneself for what’s ahead.




Herman Daly’s Economics for a Full World


Book Description

As the first biography of Professor Herman Daly, this book provides an in-depth account of one of the leading thinkers and most widely read writers on economics, environment and sustainability. Herman Daly’s economics for a full world, based on his steady-state economics, has been widely acknowledged through numerous prestigious international awards and prizes. Drawing on extensive interviews with Daly and in-depth analysis of his publications and debates, Peter Victor presents a unique insight into Daly’s life from childhood to the present day, describing his intellectual development, inspirations and influence. Much of the book is devoted to a comprehensive account of Daly’s foundational contributions to ecological economics. It describes how his insights and proposals have been received by economists and non-economists and the extraordinary relevance of Daly’s full world economics to solving the economic problems of today and tomorrow. Innovative and timely, this book will be of great interest to students, scholars, researchers, activists and policy makers concerned with economics, environment and sustainability.




Trade Policy in a Changing World Economy


Book Description

Trade policy issues are no longer solely the concern of a few government specialists and academics. Manufacturers, businesspeople, educators, and government officials must keep abreast of laws and regulations relating to trade, the economic consequences of various trade measures, and current trends in policy, but there have been few coherent sources for such information. Trade Policy in a Changing World Economy provides a clear introduction to complex trade issues, covering theoretical issues of trade policy, the changing nature of American trade policy, the changing nature of American trade policy since World War II, multilateral trade negotiations, and trade strategies. The volume is particularly timely as the world's nations enter a new round of GATT negotiations for the reduction of trade barriers.