Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Download or read book Principles written by Ray Dalio and published by Simon and Schuster. This book was released on 2018-08-07 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: #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.
Download or read book Economic Theory and Global Warming written by Hirofumi Uzawa and published by Cambridge University Press. This book was released on 2003-08-14 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an economic framework for modeling global warming and addressing its negative effects.
Download or read book Institutions Institutional Change and Economic Performance written by Douglass C. North and published by Cambridge University Press. This book was released on 1990-10-26 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
Download or read book Economic Theory and Policy amidst Global Discontent written by Ananya Ghosh Dastidar and published by Taylor & Francis. This book was released on 2018-02-06 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled. Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis. This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.
Download or read book Summary Principles for Dealing with the Changing World Order Ray Dalio written by Quick Savant and published by QUICK SAVANT. This book was released on 2022-06-20 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: NEW YORK TIMES BESTSELLER This lengthy summary begins with a Ray Dalio synopsis of Principles of Dealing with Changing World Order. A full analysis of his chapters on China follows. This book and the audiobook are meant to complement as study aids, not to replace the irreplaceable Ray Dalio’s work. “A provocative read...Few tomes 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. Ray Dalio recognized a combination of political and economic situations that he had not seen before a few years ago. Huge debts and near-zero interest rates led to massive money printing in the world's three major reserve currencies; major political and social conflicts within countries, particularly the United States, due to the largest wealth, political, and values disparities in more than a century; and the rise of a world power to challenge the existing world order. Between 1930 and 1945, this confluence happened for the final time. Dalio was inspired by this discovery to look for the recurring patterns and cause-and-effect correlations that underpin all significant shifts in wealth and power over the previous 500 years. Dalio takes readers on a tour of the world's major empires, including the Dutch, British, and American empires, in this remarkable and timely addition to his Principles series, putting the "Big Cycle" that has driven the successes and failures of all the world's major countries throughout history into perspective. He unveils the timeless and universal forces for what is ahead. Humans are more likely to commit evil than good under legalism because they are only driven by self-interest and need rigorous regulations to restrain their urges.
Download or read book Economic Theory in a Changing World written by Sajal Lahiri and published by Oxford University Press, USA. This book was released on 2005 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Volume Brings Together 13 Essays Written By Known Academics Across Three Continents On Economic Growth And Development From Theoretical And Empirical Perspectives.
Download or read book Economic Theory and Cognitive Science written by Don Ross and published by MIT Press. This book was released on 2007-01-26 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics—the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities—whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science.
Download or read book Development Theory and Practice in a Changing World written by Pádraig Carmody and published by Routledge. This book was released on 2019-04-09 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking a critical and historical view, this text explores the theory and changing practice of international development. It provides an overview of how the field has evolved and the concrete impacts of this on the ground on the lives of people in the Global South. Development Theory and Practice in a Changing World covers the major theories of development, such as modernisation and dependency, in addition to anti-development theories such as post-modernism and decoloniality. It examines the changing nature of immanent (structural) conditions of development in addition to the main attempts to steer them (imminent development). The book suggests that the era of development as a hegemonic idea and practice may be coming to an end, at the same time as it appears to have achieved its apogee in the Sustainable Development Goals as a result of the rise of ultra-nationalism around the world, the increasing importance of securitisation and the existential threat posed by climate change. Whether development can or should survive as a concept is interrogated in the book. This book offers a fresh and updated take on the past 60 years of development and is essential reading for advanced undergraduate students in areas of development, geography, international studies, political science, economics and sociology.
Download or read book The Unity of Science and Economics written by Jing Chen and published by Springer. This book was released on 2015-11-06 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a new economic theory developed from physical and biological principles. It explains how technology, social systems and economic values are intimately related to resources. Many people have recognized that mainstream (neoclassical) economic theories are not consistent with physical laws and often not consistent with empirical patterns, but most feel that economic activities are too complex to be described by a simple and coherent mathematical theory. While social systems are indeed complex, all life systems, including social systems, satisfy two principles. First, all systems need to extract resources from the external environment to compensate for their consumption. Second, for a system to be viable, the amount of resource extraction has to be no less than the level of consumption. From these two principles, we derive a quantitative theory of major factors in economic activities, such as fixed cost, variable cost, discount rate, uncertainty and duration. The mathematical theory enables us to systematically measure the effectiveness of different policies and institutional structures at varying levels of resource abundance and cost.The theory presented in this book shows that there do not exist universally optimal policies or institutional structures. Instead, the impacts of different policies or social structures have to be measured within the context of existing levels of resource abundance. As the physical costs of extracting resources rise steadily, many policy assumptions adopted in mainstream economic theories, and workable in times of cheap and abundant energy supplies and other resources, need to be reconsidered. In this rapidly changing world, the theory presented here provides a solid foundation for examining the long-term impacts of today's policy decisions.
Download or read book The Reformation in Economics written by Philip Pilkington and published by Springer. This book was released on 2016-12-13 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book carves the beginnings of a new path in the arguably weary discipline of economics. It combines a variety of perspectives – from the history of ideas to epistemology – in order to try to understand what has gone so wrong with economics and articulate a coherent way forward. This is undertaken through a dual path of deconstruction and reconstruction. Mainstream economics is broken down into many of its key component parts and the history of each of these parts is scrutinized closely. When the flaws are thoroughly understood the author then begins the task of reconstruction. What emerges is not a ‘Grand Unified Theory of Everything’, but rather a provisional map outlining a new terrain for economists to explore. The Reformation in Economics is written in a lively and engaging style that aims less at the formalization of dogma and more at the exploration of ideas. This truly groundbreaking work invites readers to rethink their current understanding of economics as a discipline and is particularly relevant for those interested in economic pluralism and alternative economics.
Download or read book The Economy written by The Core Team and published by Core Economics Education. This book was released on 2022-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Theory in the Twentieth Century An Intellectual History Volume II written by Roberto Marchionatti and published by Springer Nature. This book was released on 2021-09-13 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, set out over three-volumes, provides a comprehensive history of economic thought in the 20th century with special attention to the cultural and historical background in the development of theories, to the leading or the peripheral research communities and their interactions, and finally to an assessment and critical appreciation of economic theories. Volume II addresses economic theory in the period between the two world wars in which the economic theory went through a process of criticism of old mainstream, deconstruction and reconstruction and theoretical ferment which involved the intellectual communities of economists emphasizing their nature of evolving interacting entities. This work provides a significant and original contribution to the history of economic thought and gives insight to the thinking of some of the major international figures in economics. It will appeal to students, scholars and the more informed reader wishing to further their understanding of the history of the discipline.
Download or read book Governing the Market written by Robert Wade and published by Princeton University Press. This book was released on 2004 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: "George Clooney and Mark Wahlberg lead a talented cast in this harrowing special-effects adventure intercutting the plight of seafarers struggling to reach safe harbor with the heroics of air/sea rescue crews"--Container.
Download or read book The Economy As An Evolving Complex System II written by W. Brian Arthur and published by CRC Press. This book was released on 2018-05-04 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
Download or read book Understanding the Process of Economic Change written by Douglass C. North and published by Princeton University Press. This book was released on 2010-05-09 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Theory of Technological Change and Economic Growth written by Dr Stanislaw Gomulka and published by Routledge. This book was released on 2006-12-05 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this wide ranging exposition of the various economic theories of technological change, Stanislaw Gomulka relates them to rates of growth experienced by different economies in both the short and the long term. Analysis of countries as diverse as Japan, the Soviet Union and the United Kingdom demonstrates that there is an interdependence between technological change and the institutional and cultural characteristics of different countries, which can have a profound effect on their rates of growth. All of the major, relevant models are discussed, including those of Kuznets and Phelps, but throughout the emphasis is on the creation of a unified theoretical framework to help explain the impact of technological progress on both a micro and a macro scale.
