Rediscovering Economic Policy as a Discipline


Book Description

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.




The Programming Approach and the Demise of Economics


Book Description

In this book – the first of three volumes – Franco Archibugi sets out to create an epistemology of economics, arguing for a radical overturning of the conventional analysis from a “positive” approach to a “programming” approach. This overturning leads to a reappraisal of the foundations of Economics itself, and to an improved integration of Economics as an autonomous discipline alongside Sociology, Political Science, Operational Research, Social Engineering and Physical or Spatial Planning. The author interrogates how scientific the social sciences really are before proposing a new scientific paradigm for the social sciences, a political preference function and a general programming approach. The chapters revisit hitherto neglected economists like Gunnar Myrdal, Ragnar Frisch, Vassili Leontief, and Leif Johansen, using their theory to overturn the epistemological approach of the entire science of economics. Volume II explores oppositions to the traditional and conventional teaching of economics, whilst Volume III 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.




Economic Policy in the 21st Century


Book Description

Economic policy is facing crises on multiple fronts. With the effects of the last financial crisis still with us, it is now faced with the new challenges of post-Covid economic recovery and dealing with the negative effects of over consumption on the climate. This book explores the future of economic policy in relation to what the author sees as the four great policy challenges of the first half of the 21st century: the after effects of the last financial crisis and the catastrophic impact of the Covid pandemic, secular stagnation, growing poverty and inequality, and globalization. The existence of these economic problems has become increasingly relevant since some of the tools available to public action have become useless. As economists begin to suggest new instruments of economic policy, this book will help the reader understand the nature of the economic and political facts that influence both current and future generations.




The Oxford Handbook of Political Science


Book Description

Drawing on the rich resources of the ten-volume series of The Oxford Handbooks of Political Science, this one-volume distillation provides a comprehensive overview of all the main branches of contemporary political science: political theory; political institutions; political behavior; comparative politics; international relations; political economy; law and politics; public policy; contextual political analysis; and political methodology. Sixty-seven of the top political scientists worldwide survey recent developments in those fields and provide penetrating introductions to exciting new fields of study. Following in the footsteps of the New Handbook of Political Science edited by Robert Goodin and Hans-Dieter Klingemann a decade before, this Oxford Handbook will become an indispensable guide to the scope and methods of political science as a whole. It will serve as the reference book of record for political scientists and for those following their work for years to come.




Italy and Germany as Prototypes of the Peripheral and Core Countries in the European Monetary Union


Book Description

This book looks at Italy and Germany as prototypes of the peripheral and core countries in the European Monetary Union (EMU) and examines their respective faults. It also analyses the context of the European Union (EU) institutions, their origin, the forces that drove away from a more balanced or federalist one, and shortcomings. This offers the opportunity to suggest some changes to EU structures, particularly in the light of the COVID-19 pandemic and its aftermath. Both Germany, Italy, and other EU countries have violated European rules. However, despite this, the negative performance of the EMU has to be connected to its deflationary and unbalanced institutions. These were driven away from the federalist route that they seemed to be initially following by a Franco-German axis and by a decisive German switch towards a tough monetary regime.




Redeeming Economics


Book Description

“Groundbreaking.” —Washington Examiner Economics is primed for—and in desperate need of—a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make the leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. Since the great Adam Smith tore down this pillar of economic thought, economic theory has been unable to account for a fundamental aspect of human experience: the relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to exchanges, modern economists have forgotten how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying the economic thought of Aristotle, Augustine, and Aquinas.




The European Monetary Union


Book Description

Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform.




The Foundations of Economic Policy


Book Description

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.




Central Banks as Fiscal Players


Book Description

It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.




Rediscovering Geography


Book Description

As political, economic, and environmental issues increasingly spread across the globe, the science of geography is being rediscovered by scientists, policymakers, and educators alike. Geography has been made a core subject in U.S. schools, and scientists from a variety of disciplines are using analytical tools originally developed by geographers. Rediscovering Geography presents a broad overview of geography's renewed importance in a changing world. Through discussions and highlighted case studies, this book illustrates geography's impact on international trade, environmental change, population growth, information infrastructure, the condition of cities, the spread of AIDS, and much more. The committee examines some of the more significant tools for data collection, storage, analysis, and display, with examples of major contributions made by geographers. Rediscovering Geography provides a blueprint for the future of the discipline, recommending how to strengthen its intellectual and institutional foundation and meet the demand for geographic expertise among professionals and the public.