Download or read book Big Players and the Economic Theory of Expectations written by R. Koppl and published by Springer. This book was released on 2002-06-19 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment and all other economic actions depend on 'subjective' expectations. The problem is how to construct a theory of expectations that assumes people interpret their situations in unpredictable ways. Building on the evolutionary economics of F.A.Hayek, Koppl gives us such a theory. This includes a theory of 'Big Players', demonstrating that discretionary policy interventions create ignorance and uncertainty. The volume uses innovative methods to address many vital problems in economic theory, and connects with many other schools of economics including New Institutional Economics, Constitutional Economics and Post Walsarian Economics.

Download or read book Expectations written by Arie Arnon and published by Springer Nature. This book was released on 2020-03-20 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a unique historical perspective on expectations in economic theory, and applications of expectations models in economic history. Based on papers presented at the 2017 Thomas Guggenheim Conference, it brings together the work of economists, historians of economics, and economic historians on issues and events concerning expectations in economics and economic history. The contributions address: (i) the history of expectations models; (ii) growth, expectations and political economy; (iii) controversies regarding expectations methods and models; (iv) expectations in theory and reality; and (v) expectations in economic history. The book opens with a lecture by Thomas Guggenheim Prize winner Duncan Foley on the evolution of expectations in modern economic thought. The remaining content is divided into two parts, the first of which focuses on the utilization of expectations in the “ancient” and “meso” periods of high theory, i.e., from Smithian to Keynesian approaches. The papers cover topics such as “modern” applications of expectations in both “Tobinesque-Phillips” and “Harrodian-Solowian” contexts, and the debate between Friedmanite and Keynesian approaches to expectation formation. In turn, the last part presents essays on the role of economic expectations in connection with historical events and contexts, ranging from the early 20th century to World War II, and on the application of expectations theory to hyperinflation and stabilization, taking Israel as a case study.

Download or read book Economics Economists and Expectations written by William Darity and published by Routledge. This book was released on 2004-03-04 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the 'founding fathers' of the models themselves are also presented here for the first time. The authors trace the development of different approaches to expectations from the likes of Hayek, Morgenstern, and Coase right up to more modern theorists such as Friedman, Patinkin, Phelps and Lucas. The startling conclusion that there was no 'Rational Expectations Revolution' is articulated, supported and defended with impressive clarity and authority. A necessity for economists across the world, this book will deserve its place upon many an academic bookshelf.

Download or read book What is so Austrian about Austrian Economics written by Steven Horwitz and published by Emerald Group Publishing. This book was released on 2010-08-12 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume gathers together papers presented at the second biennial Wirth conference on Austrian economics, held in October 2008 when the crisis of Fall 2008 was still new and shocking. This coincidence of timing makes policy issues and crisis management a kind of leitmotif of the volume.

Download or read book Modern Applications of Austrian Thought written by Jürgen G. Backhaus and published by Routledge. This book was released on 2007-05-07 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Austrian economics is often criticized as being hostile to empirical research and seen purely as an ideology. In contrast, the purpose of this book is to show that Austrian economics provides an interesting approach to most conceivable subjects in economics. Edited by Jürgen G. Backhaus, this comprehensive volume includes Austrian analysis of: health economics labour economics taxation business cycle theory property rights. Contributors include Roger Koppl, Bart Nooteboom, Larry Moss, Dick Wagner and Gerrit Meijer, and this significant book will prove invaluable to students of economics and will make interesting reading for applied economists in any area of application.

Download or read book Markets Information and Communication written by Jack Birner and published by Routledge. This book was released on 2013-02-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The internet bubble which peaked in size in 2000 is now well and truly burst. As with all bubbles, there are varying explanations for its occurrence, but the hype which surrounds the internet has shouldered a lot of the blame. There is however, no doubt that the internet has significantly changed the way people live, think and do business. This impressive volume presents the Austrian school of thought and its considered response to the "internet economy". Contributions are from such figures as Peter Boettke, Richard Aréna and the late Don Lavoie (to whose memory this book is dedicated). With impressive clarity and insight, the book covers such areas as: · "Austrian" theories of the firm and the internet economy · entrepreneurship and e-commerce · private lawmaking on the internet · Hayek and the IT entrepreneurs.

Download or read book The Oxford Handbook of Austrian Economics written by Peter J. Boettke and published by . This book was released on 2015 with total page 833 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.

Download or read book Economic Theory and the Roman Monetary Economy written by Colin P. Elliott and published by Cambridge University Press. This book was released on 2020-02-20 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reconceptualizes economic theory as a tool for understanding the Roman monetary system and its social and cultural contexts.

Download or read book Subjectivism and Interpretative Methodology in Theory and Practice written by Fu-Lai Tony Yu and published by Anthem Press. This book was released on 2020-02-15 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Subjectivism and Interpretative Methodology in Theory and Practice” uses the subjectivist approach originated in Max Weber’s interpretation method, Alfred Schutz’s phenomenology, and Peter Berger and Thomas Luckmann’s sociology of knowledge to understand economic and social phenomena. This method brings human agency back into the forefront of analysis, adding new insights not only in economics and management, but also in sociology, politics, psychology and organizational behavior.

Download or read book Equilibrium Expectations And Information written by Christopher Torr and published by Westview Press. This book was released on 1988-08-31 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Jan Tinbergen 1903 1994 and the Rise of Economic Expertise written by Erwin Dekker and published by Cambridge University Press. This book was released on 2021-07-01 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan Tinbergen was the first Nobel Prize winner in Economics and one of the most influential economists of the 20th century. This book argues that his crucial contribution is the theory of economic policy and the legitimation of economic expertise in service of the state. It traces his youthful socialist ideals which found political direction in the Plan-socialist movement of the 1930s for which he developed new economic models to combat the Great Depression. After World War II he was able to synthesize that work into a theory of economic policy which not only provided a lasting framework for economic policy around the world, but also secured a permanent place for economic experts close to government. The book then turns to an examination of his attempt to repeat this achievement in the development projects in the Global South and at the international level for the United Nations.

Download or read book Entangled Political Economy written by Roger Koppl and published by Emerald Group Publishing. This book was released on 2014-10-03 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 18 Entangled Political Economy of the Book Series Advances in Austrian Economics examines the concept 'entangled political economy' from several distinct but complementary points of view. The volume is proof that Wagner's notion of entanglement opens new vistas for political economy in all its dimensions.

Download or read book Austrian Economics Re examined written by Gerald P O'Driscoll Jr and published by Routledge. This book was released on 2014-12-05 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: Austrian Economics Re-examined: The Economics of Time and Ignorance is an expanded version of the 1996 edition of The Economics of Time and Ignorance. This work is a classic statement of the role of subjectivism, radical uncertainty and change through real time in Austrian economics specifically, and in modern economics more generally. The new book contains the full text and Introductions of the earlier edition as well as the comprehensive previously-unpublished essay "What is Austrian Economics?" and a new Introduction. The essay is a comprehensive overview of the central themes of the book from a somewhat different perspective than in the book itself. It supplements the analysis in the book. The new Introduction explains that the 2007-8 financial crisis and recent developments in behavioural economics have made the book more relevant than ever before. Austrian Economic Re-examined develops and systematizes the fundamental principles of the Austrian tradition to the analysis of rational expectations, business cycles, monetary theory competition and monopoly, and capital theory. The Open Access version of this book, available at https://www.taylorfrancis.com/books/oa-edit/10.4324/9781315776736, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

Download or read book New Thinking in Austrian Political Economy written by Christopher J. Coyne and published by Emerald Group Publishing. This book was released on 2015-08-04 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 19 includes research by scholars working within Austrian political economy. The contributors shed incisive light on a range of topics in Austrian economics including: the role of culture in post-disaster recovery, class structure, decentralized political orders, drones, institutional change, macroeconomics, and superstition and norms.

Download or read book Social Ontology and Modern Economics written by Stephen Pratten and published by Routledge. This book was released on 2014-09-25 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists increasingly recognise that engagement with social ontology – the study of the basic subject matter and constitution of social reality - can facilitate more relevant analysis. This growing recognition amongst economists of the importance of social ontology is due very considerably to the work of members of the Cambridge Social Ontology Group. This volume brings together important papers by members of this group, some previously unpublished, in a collection that reveals the breadth and vitality of this Cambridge project. It provides a brilliant introduction to the central themes explored, perspectives sustained, insights achieved and how the project is moving forward. An initial set of papers examine how ontology is understood and justified within this Cambridge project and consider how it compares with prominent historical and contemporary alternatives. The majority of the included papers involve social ontological analysis being put to work directly in underlabouring for specific types of development in economics. The papers are grouped according to their contribution to clarifying and developing (i) various competing traditions and projects of modern economics, (ii) history of thought contributions, (iii) methodological concerns, (iv) ethics and (v) conceptions of particular aspects of social reality, including money, gender, technology and institutions. Background to and a brief history of the Cambridge group is provided in the Introduction. Social Ontology and Modern Economics will be of interest not only to economists but also philosophers of social science, social theorists and those eager to explore the nature of gender, social institutions and technology.

Download or read book The Future of the Post industrial Society written by David Emanuel Andersson and published by Springer Nature. This book was released on 2023-12-12 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the ongoing transition from an industrial to a creative (or post-industrial) society and how the creative society depends on a ‘soft infrastructure’ of individualist values and institutions. It explains this by looking first at the key actors in the creative society: creative individuals and entrepreneurial individuals, using insights from social and cognitive psychology and the economic theory of entrepreneurship. It shows how individual creativity and entrepreneurship are supported by both cultural individualism, based on the work of political scientists Ronald Inglehart and Christian Welzel, as well as political individualism, the principles of a democratic market economy guided by classical liberalism. The book offers a number of policy implications that result from the connection of this multidisciplinary reconceptualization of individualism to economic creativity. It discusses a system of property rights that accommodates the creation of new property, ranging from the result of what we normally think of as product innovation to larger-scale innovations embodied in the formation of new lifestyle communities. It also considers examples such as universities that are more open to experimentation and more autonomous from government regulation, and a more liberal immigration policy that may result from the positive association between population diversity and creativity. This book is intended to support further interdisciplinary and multidisciplinary research on the creative society (also known as post-industrialism, the postmodern society or the knowledge-based society). It will be of interest to academics and postgraduate students working in political economy, entrepreneurship, institutional economics, Austrian economics, and public policy.

Download or read book The Subprime Crisis and Its Impact on Financial and Managerial Environments written by Elisabeth Paulet and published by Cambridge Scholars Publishing. This book was released on 2013-01-04 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: History has shown us the role that financial and banking crises have had in economic transformation. The last crisis in 2008 was particularly significant because of its extent and its effect worldwide. Two aspects hold equal importance. Firstly, governance is a key concept to be clearly defined and enforced, especially within the EU. Both entrepreneurial and financial players must measure the impact of their various actions (transparency in decision-making processes, strategic choices to achieve profit, etc.), maintaining their market position while preserving the social positioning of all partners. Secondly, from a more technical point of view, the relevance of mathematical and quantitative methods should be discussed in order to evaluate asset performance. Securitization has always been a tool used to increase financial institutions’ profit margins but it cannot become their primary goal. The error does not come from the use of this technique but from its misuse at international level. This book aims to provide the reader with a broad discussion of the financial impacts and consequences arising from the last subprime crisis. By means of an international and European analysis, the different contributors intend to stress the relevance of a multi-national solution guaranteeing the stability of the international financial and banking system.