Download or read book Experiments in Economics written by Ananish Chaudhuri and published by Routledge. This book was released on 2008-11-19 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an easy to follow guide to economic experiments and specifically those that explore notions of fairness, altruism and trust in economic transactions and how findings in the field can change the way we approach a variety of economic problems.

Download or read book Experiments in Economics written by Ananish Chaudhuri and published by Routledge. This book was released on 2008-11-19 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are humans fair by nature? Why do we often willingly trust strangers or cooperate with them even if those actions leave us vulnerable to exploitation? Does this natural inclination towards fairness or trust have implications in the market-place? Traditional economic theory would perhaps think not, perceiving human interaction as self-interested at heart. There is increasing evidence however that social norms and norm-driven behaviour such as a preference for fairness, generosity or trust have serious implications for economics. This book provides an easily accessible overview of economic experiments, specifically those that explore the role of fairness, generosity, trust and reciprocity in economic transactions. Ananish Chaudhuri approaches a variety of economic issues and problems including: Pricing by firms Writing labour contracts between parties Marking voluntary contributions to charity, Addressing issues of environmental pollution, Providing micro-credit to small entrepreneurs, Resolving problems of coordination failure in organizations. The book discusses how norm-driven behaviour can often lead to significantly different outcomes than those predicted by economic theories and these findings should in turn cause us to re-think how we approach economic analysis and policy. Assuming no prior knowledge of economics and containing a variety of examples, this reader friendly volume will be perfect reading for people from a wide range of backgrounds including students and policy-makers. The book should appeal to economics undergraduates studying experimental economics, microeconomics or game theory as well as students in social psychology, organizational behaviour, management and other business related disciplines.

Download or read book Fair Economics written by Irene Schoene and published by Bloomsbury Publishing. This book was released on 2015-09-10 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Have you ever questioned our economic model? Wondered how the financial crash was able to happen? Thought about what we can do stop it happening again? Modern economics bases its view of the world on assumptions Adam Smith made about nature and people nearly three hundred years ago, in a time when people travelled by horse and carriage and wrote by the light of candles. We now live in a globally connected, post-industrial world of digital communication and advanced technology – and yet, our economic model remains stuck in the past. Taking a thorough look at economics, including the history and how we reached our current way of thinking, Irene Schoene puts forward an alternative economics that is not only relevant to our modern world of technology and industry, but which also shows an awareness of environmental considerations. Read this to be enlightened about how economics can be considerate of our environmental situation.

Download or read book Building the New American Economy written by Jeffrey D. Sachs and published by Columbia University Press. This book was released on 2017-02-07 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: The influential economist offers a persuasive strategy for a more just and sustainable economy—with a forward by Bernie Sanders. The New York Times has said that Jeffrey D. Sachs is “probably the most important economist in the world.” Now, in a book that combines impassioned manifesto with a plan of action, Sachs charts a path to move America toward sustainable development. Sustainable development is a holistic approach to public policy that unifies economic, social, and environmental objectives. By focusing too much on short-term economic growth, the United States has neglected rising inequality and dire environmental threats—all while putting our long-term economic growth at risk. Sachs explores issues that have captivated national discourse, including infrastructure, trade deals, energy policy, the proper size and role of government, the national debt, and income inequality. In accessible language, he illuminates the forces at work in each case and presents specific policy solutions. His argument rises above the stagnation of partisanship to envision a brighter way forward both individually and collectively. “Sachs demonstrates expertise on vastly different policy fields and makes a convincing case that abdicating the toxic intersection of militarism and exceptionalism is key to building a brighter future.”—Global Policy Journal

Download or read book Economics and Computation written by Jörg Rothe and published by Springer Nature. This book was released on 2024 with total page 779 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook connects three vibrant areas at the interface between economics and computer science: algorithmic game theory, computational social choice, and fair division. It thus offers an interdisciplinary treatment of collective decision making from an economic and computational perspective. Part I introduces to algorithmic game theory, focusing on both noncooperative and cooperative game theory. Part II introduces to computational social choice, focusing on both preference aggregation (voting) and judgment aggregation. Part III introduces to fair division, focusing on the division of both a single divisible resource ("cake-cutting") and multiple indivisible and unshareable resources ("multiagent resource allocation"). In all these parts, much weight is given to the algorithmic and complexity-theoretic aspects of problems arising in these areas, and the interconnections between the three parts are of central interest.

Download or read book All Together Now written by Jared Bernstein and published by Berrett-Koehler Publishers. This book was released on 2006-04-12 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: So said American patriot Tom Paine. He, like the other Founders, saw this country as a unique opportunity to build a society that valued the wellbeing of all of its people over the interests of the few. In the past 230 years, we've lost sight of Paine's vision. Our government has adopted a YOYO (you're-on-your-own) response in the face of even the most pressing national problems—diminished job security, the rising number of Americans without health coverage, stagnant incomes, decaying public schools, and more. “Here's a tax cut and a private account,” they tell us, “now go fend for yourself.” It hasn't worked. The YOYO strategy has proven to be incapable of addressing the economic challenges that confront us and has instead led to a massive upward shift in wealth and opportunity favoring the few and deteriorating living standards and increasing insecurity for the rest of us. All Together Now details an alternative WITT (we're-in-this-together) strategy for solving our most daunting problems. Detailing practical, collaborative responses to globalization, health care, employment, and other areas that could improve the lives of millions of Americans without increasing national spending, All Together Now shows that the challenges we face can be solved. Together, we can wield the tools of government to build a more just and equitable society.

Download or read book Fair Division and Collective Welfare written by Herve Moulin and published by MIT Press. This book was released on 2004-08-20 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of fair division is as old as civil society itself. Aristotle's "equal treatment of equals" was the first step toward a formal definition of distributive fairness. The concept of collective welfare, more than two centuries old, is a pillar of modern economic analysis. Reflecting fifty years of research, this book examines the contribution of modern microeconomic thinking to distributive justice. Taking the modern axiomatic approach, it compares normative arguments of distributive justice and their relation to efficiency and collective welfare. The book begins with the epistemological status of the axiomatic approach and the four classic principles of distributive justice: compensation, reward, exogenous rights, and fitness. It then presents the simple ideas of equal gains, equal losses, and proportional gains and losses. The book discusses three cardinal interpretations of collective welfare: Bentham's "utilitarian" proposal to maximize the sum of individual utilities, the Nash product, and the egalitarian leximin ordering. It also discusses the two main ordinal definitions of collective welfare: the majority relation and the Borda scoring method. The Shapley value is the single most important contribution of game theory to distributive justice. A formula to divide jointly produced costs or benefits fairly, it is especially useful when the pattern of externalities renders useless the simple ideas of equality and proportionality. The book ends with two versatile methods for dividing commodities efficiently and fairly when only ordinal preferences matter: competitive equilibrium with equal incomes and egalitarian equivalence. The book contains a wealth of empirical examples and exercises.

Download or read book The Economic Case for LGBT Equality written by M. V. Lee Badgett and published by Beacon Press. This book was released on 2020-05-19 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: An economist demonstrates how LGBT equality and inclusion within organizations increases their bottom line and allows for countries’ economies to flourish We know that homophobia harms LGBT individuals in many ways, but economist M. V. Lee Badgett argues that in addition to moral and human rights reasons for equality, we can now also make a financial argument. Finding that homophobia and transphobia cost 1% or more of a country’s GDP, Badgett expertly uses recent research and statistics to analyze how these hostile practices and environments affect both the US and global economies. LGBT equality remains a persistent and pertinent issue. The continued passing of discriminatory laws, people being fired from jobs for their sexual orientation and/or gender identity, harassment and bullying in school, violence and hate crimes on the streets, exclusion from intolerant families, and health effects of stigma all make it incredibly difficult to live a good life. Examining the consequences of anti-LGBT practices across multiple countries, including the US, Canada, the UK, Australia, India and the Philippines, Badgett reveals the expensive repercussions of hate and discrimination, and how our economy loses when we miss out on the full benefit of LGBT people’s potential contributions.

Download or read book The Economics of Human Rights written by Ruud Bronkhorst and published by Springer Nature. This book was released on 2021-01-05 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides new insights into combining economic theory and ethics, and how to formulate policies to combat the roots of poverty. Since a large part of the world’s working population is underpaid, and does not have enough income to feed themselves and their families, there is a need for an alternative approach to producer prices than the usual neo-classical approach with its emphasis on market and equilibrium prices. This book is an introduction to the Living Income / Fair Price approach, a price theory based on ethics and Universal Human Rights. The book explains why there is a need for a paradigm change in our thinking about prices by explaining why the usual market prices rarely are equilibrium prices. Besides market disturbing elements like monopolies and oligopolies, the needs of the poorest parts of the population are not taken into consideration because they are not reflected in the effective demand. This means that the way our producers are paid needs a drastic overhaul, especially in a critical area like food production. An important part of the book is devoted to the need to pay, and the possibilities for paying, a decent price to smallholder farmers. The underpayment of small food producers means they have no possibility to invest and are not able to prepare for the future. This is even more pressing now that climate change demands that every farmer must adjust to changing circumstances and adapt new production methods. Although primarily meant for economists, the book meant also to stimulate discussion amongst those involved in agricultural policies, both in developing and developed countries.

Download or read book FairEconomy written by Wolfgang Fikentscher and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: ​FairEconomy is a concept for a free and fair market economy. In response to the financial and economic crises of the past years, the authors develop fundamental ideas of how a market economy works, what rules markets need and who safeguards fairness and equal opportunity in such an economy. The book sets out the design of a sustainable market order: Going back to the very roots of doing business it offers a fascinating insight into the cultural and anthropological premises of the market economy. Fairness and free competition can be identified as key elements of successful markets, sometimes neglected in politics and business. Legal rules need to ensure that fairness and economic freedom work. The same holds true for the relationship of risk and liability that has been overlooked in the banking sector. The ideas of a FairEconomy, sketched in this book, are fit to become a reality: The authors point to institutions and mechanisms that could integrate the concept into global law. They place their trust less upon ever-larger institutions and more on private entitlement and enforcement at the global, regional, and local levels. ​

Download or read book Fair Play written by Steven E. Landsburg and published by Simon and Schuster. This book was released on 2011-06-21 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: With his witty and instructive book The Armchair Economist, Steven Landsburg won popularity and acclaim by using economics to illuminate the mysteries of daily life, and using daily life to illuminate the mysteries of economics. Now Landsburg returns to address fundamental issues like fairness, tolerance, morality and justice—issues that are as important on the playground as they are in the marketplace. With the help of his daughter, Cayley, he contrasts the wisdom of parents with the wisdom of economists—not always to the credit of the latter. How should we feel about taxes that redistribute income? Ask how parents feel about children who forcibly "redistribute" other children's toys. How should we respond to those who complain that their neighbors are too wealthy? Ask how parents respond when children complain that their siblings got too much cake. By insisting that fairness can't mean one thing for children and another for adults, Landsburg shows that the instincts of the parent have profound consequences for economic justice. Along the way, Landsburg—with his customary sharp wit and challenging logic—pauses to reflect on an astonishing variety of issues in economic theory, the philosophy of parenting, the true nature of family values, and how to get the most out of life. He uses parent-child interactions to explain the economics of free trade and immigration, progressive taxation, minimum wages, racial discrimination, and the role of money. He makes the best possible philosophical cases for and against progressive taxation, and weighs them against the wisdom of the playground. He explains why children are a good thing, and why economic theory tells us we don't have enough of them. He meditates on the role of authority in our lives, the effects of cultural bias, and why it's important to read poetry to your children. This lively and entertaining book will inform and delight readers who have forgotten the human side of the dismal science.

Download or read book Fairness in the World Economy written by Americo Beviglia Zampetti and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americo Beviglia Zampetti s Fairness in the World Economy provides an important lens into understanding fairness debates in contemporary trade discourse. . . an important contribution to the trade literature. . . the historical excavation that Fairness in the World Economy provides is of great value. Students and scholars alike will find Zampetti s clear and concise history of US trade policy from the founding to the present to be extremely useful. More importantly, at a time when there is widespread argument that too few share in [globalization s] benefits [and] too many have no voice in its design and no influence on its course, Fairness in the World Economy invites its readers to consider the adequacy of the level playing field notion of fairness and to grapple with the politically contentious question of how trade can help create a more just international economic order. Jeffrey L. Dunoff, The American Journal of International Law This is an unusually timely and insightful work, addressing the crucial issue of the justice of globalization. The author avoids the polemics and abstractions with which this question is usually treated; his economic literacy as well as hands-on policy experience in international and transnational institutions, make this a uniquely practical, balanced and nuanced account, bringing much clarity to a heated debate, which usually divides the different disciplines and specialities rather than inciting their engagement. Robert L. Howse, University of Michigan, Ann Arbor, US This volume describes the birth (with all the birth defects) of the notion of fairness in the US. The extent of the author's research is quite breathtaking: not only does he delve into an infinite series of official and semi-official documents, but he also looks at case law, opinions expressed in the literature etc., to come up with an expression of (US) fairness that does not suffer from selection bias. But this is only half what the author has accomplished through his work. He goes on to examine how US fairness has been exported to international institutions (such as the GATT/WTO regime) and demonstrates how, once discussed and shaped among all trading partners, it has come back to the US in a different form. The book thus provides both the inside out and the outside in perspective. It will prove invaluable for the political scientist, the economic historian and the lawyer alike. Petros C. Mavroidis, Edwin B. Parker Professor of Law, Columbia Law School, US and University of Neuchatel, Switzerland & CEPR This book represents a significant scholarly contribution to the field of international political economy, with particular respect to the evolution of the multilateral trading system. The author engages effectively with the current debate concerning the conflict between the legalistic foundations of the multilateral trading system underpinned by the equality of nation states and the demands for fair trade on the basis of inter-personal equity. It is a coherent and well-researched book on a critically important issue that has not received the significant attention that it deserves within the field of international trade policy. Robert Read, Lancaster University Management School, UK In an international context, fairness is particularly important, since only a system which is perceived by its participants as fair can command acceptance and compliance. The main focus of this study is to investigate the development of the notion of fairness in US trade policy and law as well as the impact this notion has on international trade discussions and rule-making, and especially on the formation of the multilateral trade regime. The contention of the author, Americo Beviglia Zampetti, is that fairness concerns, which have been present in the US trade policy debates and treaty practice since the Republic s inception, have contributed to shaping these debates and practice over the years, both at home and abroad. These concerns were

Download or read book All Together Now written by Jared Bernstien and published by . This book was released on 2010-10-29 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: What does our national debate about economics most need? It needs ideas. It needs strong voices for justice who understand economics. And it needs economists with a passion for social decency. Jared Bernstein is a passionate economist who provides hard data to describe the world as it is, and ideas to make the world more just. All Together Now should be read and debated by all who know that the status quo is failing us and seek a daring and bracing examination of the reasons for our discontent.

Download or read book Comparing Fairness written by McCain, Roger A. and published by Edward Elgar Publishing. This book was released on 2021-08-27 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic theory and philosophy have discussed concepts of fairness, but the criteria of fairness are in each case absolute: a situation is either fair or it is not. This book draws on these literatures to propose two criteria of relative fairness, and a hierarchical rule for the priority of application of these criteria, with a view to comparison of practicable alternatives in public policy.

Download or read book American Fair Trade written by Laura Phillips Sawyer and published by Cambridge University Press. This book was released on 2017-12-31 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Rather than viewing the history of American capitalism as the unassailable ascent of large-scale corporations and free competition, American Fair Trade argues that trade associations of independent proprietors lobbied and litigated to reshape competition policy to their benefit. At the turn of the twentieth century, this widespread fair trade movement borrowed from progressive law and economics, demonstrating a persistent concern with market fairness - not only fair prices for consumers but also fair competition among businesses. Proponents of fair trade collaborated with regulators to create codes of fair competition and influenced the administrative state's public-private approach to market regulation. New Deal partnerships in planning borrowed from those efforts to manage competitive markets, yet ultimately discredited the fair trade model by mandating economy-wide trade rules that sharply reduced competition. Laura Phillips Sawyer analyzes how these efforts to reconcile the American tradition of a well-regulated society with the legacy of Gilded Age of laissez-faire capitalism produced the modern American regulatory state.

Download or read book How Much Inequality Is Fair written by Venkat Venkatasubramanian and published by Columbia University Press. This book was released on 2017-08-08 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many in the United States feel that the nation’s current level of economic inequality is unfair and that capitalism is not working for 90% of the population. Yet some inequality is inevitable. The question is: What level of inequality is fair? Mainstream economics has offered little guidance on fairness and the ideal distribution of income. Political philosophy, meanwhile, has much to say about fairness yet relies on qualitative theories that cannot be verified by empirical data. To address inequality, we need to know what the goal is—and for this, we need a quantitative, testable theory of fairness for free-market capitalism. How Much Inequality Is Fair? synthesizes concepts from economics, political philosophy, game theory, information theory, statistical mechanics, and systems engineering into a mathematical framework for a fair free-market society. The key to this framework is the insight that maximizing fairness means maximizing entropy, which makes it possible to determine the fairest possible level of pay inequality. The framework therefore provides a moral justification for capitalism in mathematical terms. Venkat Venkatasubramanian also compares his theory’s predictions to actual inequality data from various countries—showing, for instance, that Scandinavia has near-ideal fairness, while the United States is markedly unfair—and discusses the theory’s implications for tax policy, social programs, and executive compensation.

Download or read book A Theory of Fairness and Social Welfare written by Marc Fleurbaey and published by Cambridge University Press. This book was released on 2011-06-13 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definition and measurement of social welfare have been a vexed issue for the past century. This book makes a constructive, easily applicable proposal and suggests how to evaluate the economic situation of a society in a way that gives priority to the worse-off and that respects each individual's preferences over his or her own consumption, work, leisure and so on. This approach resonates with the current concern to go 'beyond the GDP' in the measurement of social progress. Compared to technical studies in welfare economics, this book emphasizes constructive results rather than paradoxes and impossibilities, and shows how one can start from basic principles of efficiency and fairness and end up with concrete evaluations of policies. Compared to more philosophical treatments of social justice, this book is more precise about the definition of social welfare and reaches conclusions about concrete policies and institutions only after a rigorous derivation from clearly stated principles.