Best of
Economics

2010

Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America


Matt Taibbi - 2010
    The stunning rise, fall, and rescue of Wall Street in the bubble-and-bailout era was the coming-out party for the network of looters who sit at the nexus of American political and economic power. The grifter class—made up of the largest players in the financial industry and the politicians who do their bidding—has been growing in power for a generation, transferring wealth upward through increasingly complex financial mechanisms and political maneuvers. The crisis was only one terrifying manifestation of how they’ve hijacked America’s political and economic life.Rolling Stone’s Matt Taibbi here unravels the whole fiendish story, digging beyond the headlines to get into the deeper roots and wider implications of the rise of the grifters. He traces the movement’s origins to the cult of Ayn Rand and her most influential—and possibly weirdest—acolyte, Alan Greenspan, and offers fresh reporting on the backroom deals that decided the winners and losers in the government bailouts. He uncovers the hidden commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around the world, and he shows how finance dominates politics, from the story of investment bankers auctioning off America’s infrastructure to an inside account of the high-stakes battle for health-care reform—a battle the true reformers lost. Finally, he tells the story of Goldman Sachs, the “vampire squid wrapped around the face of humanity.” Taibbi has combined deep sources, trailblazing reportage, and provocative analysis to create the most lucid, emotionally galvanizing, and scathingly funny account yet written of the ongoing political and financial crisis in America. This is essential reading for anyone who wants to understand the labyrinthine inner workings of politics and finance in this country, and the profound consequences for us all.

How an Economy Grows and Why It Crashes


Peter D. Schiff - 2010
    In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.Inspired by How an Economy Grows and Why It Doesn’t—a previously published book by the Schiffs’ father Irwin, a widely published economist and activist—How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why it Crashes.

Fault Lines: How Hidden Fractures Still Threaten the World Economy


Raghuram G. Rajan - 2010
    Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In "Fault Lines," Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.In "Fault Lines," Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.

Value: The Four Cornerstones of Corporate Finance


McKinsey & Company, Inc. - 2010
    Filled with in-depth insights from experts at McKinsey & Company, this reliable resource takes a much more qualitative approach to what the authors consider a lost art.Discusses the four foundational principles of corporate finance Effectively applies the theory of value creation to our economy Examines ways to maintain and grow value through mergers, acquisitions, and portfolio management Addresses how to ensure your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions A perfect companion to the Fifth Edition of Valuation, this book will put the various issues associated with corporate finance in perspective.

The Cartoon Introduction to Economics: Volume One: Microeconomics


Yoram Bauman - 2010
    From the optimizing individual to game theory to price theory, The Cartoon Introduction to Economics is the most digestible, explicable, and humorous 200-page introduction to microeconomics you'll ever read.Bauman has put the "comedy" into "economy" at comedy clubs and universities around the country and around the world (his "Principles of Economics, Translated" is a YouTube cult classic). As an educator at both the university and high school levels, he has learned how to make economics relevant to today's world and today's students. As Google's chief economist, Hal Varian, wrote, "You don't need a brand-new economics. You just need to see the really cool stuff, the material they didn't get to when you studied economics." The Cartoon Introduction to Economics is all about integrating the really cool stuff into an overview of the entire discipline of microeconomics, from decision trees to game trees to taxes and thinking at the margin.Rendering the cool stuff fun is the artistry of the illustrator and lauded graphic novelist Klein. Panel by panel, page by page, he puts comics into economics. So if the vertiginous economy or a dour professor's 600-page econ textbook has you desperate for a fun, factual guide to economics, reach for The Cartoon Introduction to Economics and let the collaborative genius of the Klein-Bauman team walk you through an entire introductory microeconomics course.

A Taste of Irrationality: Sample chapters from Predictably Irrational and Upside of Irrationality


Dan Ariely - 2010
     Predictably Irrational Why do our headaches persist after we take a one-cent aspirin but disappear when we take a fifty-cent aspirin? Why do we splurge on a lavish meal but cut coupons to save twenty-five cents on a can of soup? When it comes to making decisions in our lives, we think we're making smart, rational choices. But are we? In this newly revised and expanded edition of the groundbreaking New York Times bestseller, Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, we consistently overpay, underestimate, and procrastinate. Yet these misguided behaviors are neither random nor senseless. They're systematic and predictable—making us predictably irrational. Upside of Irrationality The provocative follow-up to the New York Times bestseller Predictably Irrational Why can large bonuses make CEOs less productive? How can confusing directions actually help us? Why is revenge so important to us? Why is there such a big difference between what we think will make us happy and what really makes us happy? In his groundbreaking book Predictably Irrational, social scientist Dan Ariely revealed the multiple biases that lead us into making unwise decisions. Now, in The Upside of Irrationality, he exposes the surprising negative and positive effects irrationality can have on our lives. Focusing on our behaviors at work and in relationships, he offers new insights and eye-opening truths about what really motivates us on the job, how one unwise action can become a long-term habit, how we learn to love the ones we're with, and more. Drawing on the same experimental methods that made Predictably Irrational one of the most talked-about bestsellers of the past few years, Ariely uses data from his own original and entertaining experiments to draw arresting conclusions about how—and why—we behave the way we do. From our office attitudes, to our romantic relationships, to our search for purpose in life, Ariely explains how to break through our negative patterns of thought and behavior to make better decisions. The Upside of Irrationality will change the way we see ourselves at work and at home—and cast our irrational behaviors in a more nuanced light.

More Money Than God: Hedge Funds and the Making of a New Elite


Sebastian Mallaby - 2010
    Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first ­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929-style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded. Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.

Deadly Spin: An Insurance Company Insider Speaks Out on How Corporate PR Is Killing Health Care and Deceiving Americans


Wendell Potter - 2010
    This former senior VP of CIGNA explained how health insurers make promises they have no intention of keeping, how they flout regulations designed to protect consumers, and how they skew political debate with multibillion-dollar PR campaigns designed to spread disinformation.Potter had walked away from a six-figure salary and two decades as an insurance executive because he could no longer abide the routine practices of an industry where the needs of sick and suffering Americans take a backseat to the bottom line. The last straw: when he visited a rural health clinic and saw hundreds of people standing in line in the rain to receive treatment in stalls built for livestock.In Deadly Spin, Potter takes readers behind the scenes to show how a huge chunk of our absurd healthcare spending actually bankrolls a propaganda campaign and lobbying effort focused on protecting one thing: profits. Whatever the fate of the current health care legislation, it makes no attempt to change that fundamental problem. Potter shows how relentless PR assaults play an insidious role in our political process anywhere that corporate profits are at stake-from climate change to defense policy. Deadly Spin tells us why-and how-we must fight back.

What Matters?: Economics for a Renewed Commonwealth


Wendell Berry - 2010
    There is perhaps no more demanding or important critique available to contemporary citizens than Berry’s writings — just as there is no vocabulary more given to obfuscation than that of economics as practiced by professionals and academics. Berry has called upon us to return to the basics. He has traced how the clarity of our economic approach has eroded over time, as the financial asylum was overtaken by the inmates, and citizens were turned from consumers — entertained and distracted — to victims, threatened by a future of despair and disillusion.For this collection, Berry offers essays from over the last 25 years, alongside new essays about the recent economic collapse, including “Money Versus Goods” and “Faustian Economics,” treatises of great alarm and courage. He offers advice and perspective that should be heeded by all concerned as our society attempts to steer from its present chaos and recession to a future of hope and opportunity. With urgency and clarity, Berry asks us to look toward a true sustainable commonwealth, grounded in realistic Jeffersonian principles applied to our present day.

Up from the Projects: An Autobiography


Walter E. Williams - 2010
    Williams recalls some of the highlights and turning points of his life. From his lower middle class beginnings in a mixed but predominantly black neighborhood in West Philadelphia to his department chair at George Mason University, Williams tells an "only in America" story of a life of achievement.

The Economics of Freedom: What Your Professors Won't Tell You


Frédéric Bastiat - 2010
    A collection of essays by nineteenth century French political economist Frédéric Bastiat.

Thinking Like an Economist: A Guide to Rational Decision Making


Randall Bartlett - 2010
    But that doesn't mean you need to passively accept whatever outcome those forces might press upon you. Instead, with these 12 fast-moving and crystal clear lectures, you can learn how to use a small handful of basic nuts-and-bolts principles to turn those same forces to your own advantage.Requiring no previous economics background, Professor Bartlett presents some of the fundamental principles and concepts that shape the lenses through which economists view the world. He then shows you how to use these simple analytical tools to understand what you see through those lenses. By learning to identify the many varied situations in which economics affects your life and how to wield the tools that can help you make the wisest choices in those situations, you'll enhance not only your understanding of daily life but your own success in living it.Packed with case studies, helpful strategies, economic insights, and more, this series will equip you with a reliable toolkit for thinking more like an everyday economist and approach the issues in your own life with a more educated, seasoned eye. And after these dozen lectures with Professor Bartlett, things really will look very different. You'll see how basic economic ideas like incentives, risks, rewards, and rationality are not just the province of professional economists, government policymakers, or your local bank's loan officer, but instead lie at the root of nearly every decision you must make in your daily life.

Arrival City: The Final Migration and Our Next World


Doug Saunders - 2010
    These transitional spaces are where the next great economic and cultural boom will be born, or where the great explosion of violence will occur. The difference depends on our ability to notice.The twenty-first century is going to be remembered for the great, and final, shift of human populations out of rural, agricultural life into cities. The movement engages an unprecedented number of people, perhaps a third of the world's population, and will affect almost everyone in tangible ways. The last human movement of this size and scope, and the changes it will bring to family life, from large agrarian families to small urban ones, will put an end to the major theme of human history: continuous population growth.Arrival City offers a detailed tour of the key places of the "final migration" and explores the possibilities and pitfalls inherent in the developing new world order. From villages in China, India, Bangladesh and Poland to the international cities of the world, Doug Saunders portrays a diverse group of people as they struggle to make the transition, and in telling the story of their journeys — and the history of their often multi-generational families enmeshed in the struggle of transition — gives an often surprising sense of what factors aid in the creation of a stable, productive community.

The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home


Dan Ariely - 2010
    Now, in The Upside of Irrationality, he exposes the surprising negative and positive effects irrationality can have on our lives. Focusing on our behaviors at work and in relationships, he offers new insights and eye-opening truths about what really motivates us on the job, how one unwise action can become a long-term habit, how we learn to love the ones we're with, and more. Drawing on the same experimental methods that made Predictably Irrational one of the most talked-about bestsellers of the past few years, Ariely uses data from his own original and entertaining experiments to draw arresting conclusions about how—and why—we behave the way we do. From our office attitudes, to our romantic relationships, to our search for purpose in life, Ariely explains how to break through our negative patterns of thought and behavior to make better decisions. The Upside of Irrationality will change the way we see ourselves at work and at home—and cast our irrational behaviors in a more nuanced light.

Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America


Greg Farrell - 2010
    The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its "thundering herd" of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only "bullish on America," it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months' work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell's "Crash of the Titans" is a Shakespearean saga of three flawed masters of the universe. E. Stanley O'Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch--where he engineered a successful turnaround--was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O'Neal's support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm's balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O'Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname "Super Thain." He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill's problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose "my way or the highway" management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn't understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the "Beverly Hillbillies." BofA's inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol'-boy network in which competence played second fiddle to blind obedience."Crash of the Titans" is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people's money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.

All the Devils are Here: The Hidden History of the Financial Crisis


Bethany McLean - 2010
    Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.Among the devils you'll meet in vivid detail:• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

Bourgeois Dignity: Why Economics Can't Explain the Modern World


Deirdre Nansen McCloskey - 2010
    It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe.Or so says Deirdre N. McCloskey in Bourgeois Dignity, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity.An utterly fascinating sequel to her critically acclaimed book The Bourgeois Virtues, Bourgeois Dignity is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives.

The Hellhound of Wall Street: How Ferdinand Pecora's Investigation of the Great Crash Forever Changed American Finance


Michael Perino - 2010
     In The Hellhound of Wall Street, Michael Perino recounts in riveting detail the 1933 hearings that put Wall Street on trial for the Great Crash. Never before in American history had so many financial titans been called to account before the public, and they had come within a few weeks of emerging unscathed. By the time Ferdinand Pecora, a Sicilian immigrant and former New York prosecutor, took over as chief counsel, the investigation had dragged on ineffectively for nearly a year and was universally written off as dead. The Hellhound of Wall Street provides a minute-by-minute account of the ten dramatic days when Pecora turned the hearings around, cross- examining the officers of National City Bank (today's Citigroup), particularly its chairman, Charles Mitchell, one of the best known bankers of his day. Mitchell strode into the hearing room in obvious disdain for the proceedings, but he left utterly disgraced. Pecora's rigorous questioning revealed that City Bank was guilty of shocking financial abuses, from selling worthless bonds to manipulating its stock price. Most offensive of all was the excessive compensation and bonuses awarded to its executives for peddling shoddy securities to the American public. Pecora became an unlikely hero to a beleaguered nation. The man whom the press called "the hellhound of Wall Street" was the son of a struggling factory worker. Precocious and determined, he became one of New York's few Italian American lawyers at a time when Italians were frequently stereotyped as anarchic criminals. The image of an immigrant lawyer challenging a blue-blooded Wall Street tycoon was just one more sign that a fundamental shift was taking place in America. By creating the sensational headlines needed to galvanize public opinion for reform, the Pecora hearings spurred Congress to take unprecedented steps to rein in the freewheeling banking industry and led directly to the New Deal's landmark economic reforms. A gripping courtroom drama with remarkable contemporary relevance, The Hellhound of Wall Street brings to life a crucial turning point in American financial history.

Ill Fares the Land


Tony Judt - 2010
    Judt masterfully crystallizes what we’ve all been feeling into a way to think our way into, and thus out of, our great collective dis-ease about the current state of things.As the economic collapse of 2008 made clear, the social contract that defined postwar life in Europe and America – the guarantee of a basal level of security, stability and fairness -- is no longer guaranteed; in fact, it’s no longer part of the common discourse. Judt offers the language we need to address our common needs, rejecting the nihilistic individualism of the far right and the debunked socialism of the past. To find a way forward, we must look to our not so distant past and to social democracy in action: to re-enshrining fairness over mere efficiency.Distinctly absent from our national dialogue, social democrats believe that the state can play an enhanced role in our lives without threatening our liberties. Instead of placing blind faith in the market—as we have to our detriment for the past thirty years—social democrats entrust their fellow citizens and the state itself.Ill Fares the Land challenges us to confront our societal ills and to shoulder responsibility for the world we live in. For hope remains. In reintroducing alternatives to the status quo, Judt reinvigorates our political conversation, providing the tools necessary to imagine a new form of governance, a new way of life.

The New Lombard Street: How the Fed Became the Dealer of Last Resort


Perry G. Mehrling - 2010
    Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis--but the recent global financial meltdown has posed unforeseen challenges. The New Lombard Street lays out the innovative principles needed to address the instability of today's markets and to rebuild our financial system.Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets--most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.

Networks, Crowds, and Markets


David Easley - 2010
    This connectedness is found in many incarnations: in the rapid growth of the Internet, in the ease with which global communication takes place, and in the ability of news and information as well as epidemics and financial crises to spread with surprising speed and intensity. These are phenomena that involve networks, incentives, and the aggregate behavior of groups of people; they are based on the links that connect us and the ways in which our decisions can have subtle consequences for others. This introductory undergraduate textbook takes an interdisciplinary look at economics, sociology, computing and information science, and applied mathematics to understand networks and behavior. It describes the emerging field of study that is growing at the interface of these areas, addressing fundamental questions about how the social, economic, and technological worlds are connected.

The Enigma of Capital and the Crises of Capitalism


David Harvey - 2010
    In The Enigma of Capital, he delivers an impassioned account of how unchecked neoliberalism produced the system-wide crisis that now engulfs the world. Beginning in the 1970s, profitability pressures led the capitalist class in advanced countries to shift away from investment in industrial production at home toward the higher returns that financial products promised. Accompanying this was a shift towards privatization, an absolute decline in the bargaining power of labor, and the dispersion of production throughout the developing world. The decades-long and ongoing decline in wages that accompanied this turn produced a dilemma: how can goods--especially real estate--sell at the same rate as before if workers are making less in relative terms? The answer was a huge expansion of credit that fueled the explosive growth of both the financial industry and the real estate market. When one key market collapsed--real estate--the other one did as well, and social devastation resulted. Harvey places today's crisis in the broadest possible context: the historical development of global capitalism itself from the industrial era onward. Moving deftly between this history and the unfolding of the current crisis, he concentrates on how such crises both devastate workers and create openings for challenging the system's legitimacy. The battle now will be between the still-powerful forces that want to reconstitute the system of yesterday and those that want to replace it with one that prizes social justice and economic equality. The new afterword focuses on the continuing impact of the crisis and the response to it in 2010. One of Huffington Post's Best Social and Political Awareness Books of 2010 Winner of the Isaac and Tamara Deutscher Memorial Prize for 2010 Praise for the Hardcover: "A lucid and penetrating account of how the power of capital shapes our world."--Andrew Gamble, Independent "Elegant... entertainingly swashbuckling... Harvey's analysis is interesting not only for the breadth of his scholarship but his recognition of the system's strengths."--John Gapper, Financial Times

Winner-Take-All Politics: How Washington Made the Rich Richer and Turned Its Back on the Middle Class


Jacob S. Hacker - 2010
    We all know that the very rich have gotten a lot richer these past few decades while most Americans haven’t. In fact, the exorbitantly paid have continued to thrive during the current economic crisis, even as the rest of Americans have continued to fall behind. Why do the “haveit- alls” have so much more? And how have they managed to restructure the economy to reap the lion’s share of the gains and shift the costs of their new economic playground downward, tearing new holes in the safety net and saddling all of us with increased debt and risk? Lots of so-called experts claim to have solved this great mystery, but no one has really gotten to the bottom of it—until now. In their lively and provocative Winner-Take-All Politics, renowned political scientists Jacob S. Hacker and Paul Pierson demonstrate convincingly that the usual suspects—foreign trade and financial globalization, technological changes in the workplace, increased education at the top—are largely innocent of the charges against them. Instead, they indict an unlikely suspect and take us on an entertaining tour of the mountain of evidence against the culprit. The guilty party is American politics. Runaway inequality and the present economic crisis reflect what government has done to aid the rich and what it has not done to safeguard the interests of the middle class. The winner-take-all economy is primarily a result of winner-take-all politics. In an innovative historical departure, Hacker and Pierson trace the rise of the winner-take-all economy back to the late 1970s when, under a Democratic president and a Democratic Congress, a major transformation of American politics occurred. With big business and conservative ideologues organizing themselves to undo the regulations and progressive tax policies that had helped ensure a fair distribution of economic rewards, deregulation got under way, taxes were cut for the wealthiest, and business decisively defeated labor in Washington. And this transformation continued under Reagan and the Bushes as well as under Clinton, with both parties catering to the interests of those at the very top. Hacker and Pierson’s gripping narration of the epic battles waged during President Obama’s first two years in office reveals an unpleasant but catalyzing truth: winner-take-all politics, while under challenge, is still very much with us. Winner-Take-All Politics—part revelatory history, part political analysis, part intellectual journey— shows how a political system that traditionally has been responsive to the interests of the middle class has been hijacked by the superrich. In doing so, it not only changes how we think about American politics, but also points the way to rebuilding a democracy that serves the interests of the many rather than just those of the wealthy few.

He Swam with Sharks for an Ice-Cream


Dhaval Bhatia - 2010
    

Rebooting the American Dream: 11 Ways to Rebuild Our Country


Thom Hartmann - 2010
    The result has been economic and environmental disaster. In this hard-hitting new book, nationally syndicated radio and television host and bestselling author Thom Hartmann outlines eleven common-sense proposals, deeply rooted in America's history, that will once again make America strong and Americans--not corporations and billionaires--prosperous. Some of these ideas will be controversial to both the Left and the Right, but the litmus test for each is not political correctness but whether or not it serves to revitalize this country we all love and make life better for its citizens.

The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street


Robert Scheer - 2010
    Instead of going where other journalists have gone in search of this story--the board rooms and trading floors of the big Wall Street firms--Scheer goes back to Washington, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and allies among leading politicians destroyed an American regulatory system that had been functioning effectively since the era of the New Deal. This is a story largely forgotten or overlooked by the mainstream media, who wasted more than two decades with their boosterish coverage of Wall Street. Scheer argues that the roots of the disaster go back to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of -progressive- Bill Clinton. In fact, if this debacle has a name, Scheer suggests, it is the -Clinton Bubble, - that era when the administration let its friends on Wall Street write legislation that razed decades of robust financial regulation. It was Wall Street and Democratic Party darling Robert Rubin along with his clique of economist super-friends--Alan Greenspan, Lawrence Summers, and a few others--who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in the pain and hardship millions are experiencing now. The Great American Stickup is both a brilliant telling of the story of the Clinton financial clique and the havoc it wrought--informed by whistleblowers such as Brooksley Born, who goes on the record for Scheer--and an unsparing anatomy of the American business and political class. It is also a cautionary tale: those who form the nucleus of the Clinton clique are now advising the Obama administration.

The Great Hangover: 21 Tales of the New Recession from the Pages of Vanity Fair


Vanity Fair - 2010
    A collection of stories from Vanity Fair magazine about the current financial crisis by some of the country’s best business journalists, including Michael Lewis (Moneyball, Liar’s Poker), Bryan Burrough (Barbarians at the Gate), and Mark Bowden (Black Hawk Down), edited by Vanity Fair editor Graydon Carter, and with an introduction by Cullen Murphy (Are We Rome?).

The New Road to Serfdom: A Letter of Warning to America


Daniel Hannan - 2010
    A thoughtful and articulate spokesman for conservative ideas, Hannan is better versed in America's traditions and founding documents than many Americans are. In The New Road to Serfdom, Hannan argues forcefully and passionately that Americans must not allow Barack Obama to take them down the road to European Union-style social democracy. He pleads with Americans not to abandon the founding principles that have made their country a beacon of liberty for the rest of the world.

The Ecological Rift


John Bellamy Foster - 2010
    All ecosystems on the planet are now in decline. Enormous rifts have been driven through the delicate fabric of the biosphere. The economy and the earth are headed for a fateful collision--if we don't alter course.In The Ecological Rift: Capitalism's War on the Earth environmental sociologists John Bellamy Foster, Brett Clark, and Richard York offer a radical assessment of both the problem and the solution. They argue that the source of our ecological crisis lies in the paradox of wealth in capitalist society, which expands individual riches at the expense of public wealth, including the wealth of nature. In the process, a huge ecological rift is driven between human beings and nature, undermining the conditions of sustainable existence: a rift in the metabolic relation between humanity and nature that is irreparable within capitalist society, since integral to its very laws of motion.Critically examining the sanguine arguments of mainstream economists and technologists, Foster, Clark, and York insist instead that fundamental changes in social relations must occur if the ecological (and social) problems presently facing us are to be transcended. Their analysis relies on the development of a deep dialectical naturalism concerned with issues of ecology and evolution and their interaction with the economy. Importantly, they offer reasons for revolutionary hope in moving beyond the regime of capital and toward a society of sustainable human development.

Quotations of Ronald Reagan


Ronald Reagan - 2010
    The book features a classic portrait of "the Great Communicator" on the front cover with his signature printed below in gold foil.

Cambridge International as and a Level Economics Teacher's Resource CD-ROM


Susan Grant - 2010
    This new edition covers the content of the new Cambridge economics syllabus (9708). Fully endorsed by CIE, the course comprises a Coursebook with Student's CD-ROM and this Teacher's Resource CD-ROM. Featuring examples and data from a wide range of economies, the course offers comprehensive coverage of the syllabus and a truly international perspective on the study of economics. The Teacher's Resource CD-ROM contains: a wide range of further activities for each chapter including multiple-choice, data response and essay questions as well as homework suggestions; answers to the further activities including model essays; schemes of work; glossary of key economic terms.

Books by Naomi Klein: The Shock Doctrine


Books LLC - 2010
    Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Chapters: No Logo, the Shock Doctrine, Fences and Windows. Source: Wikipedia. Free updates online. Not illustrated. Excerpt: The Shock Doctrine: The Rise of Disaster Capitalism is a 2007 book by Canadian author Naomi Klein. The book argues that the free market policies of Nobel Laureate Milton Friedman have risen to prominence in some countries because they were pushed through while the citizens were reacting to disasters or upheavals. It is implied that some man-made crises, such as the Falklands war, may have been created with the intention of being able to push through these unpopular reforms in their wake. The book has an introduction, a main body and a conclusion, divided into seven parts with a total of 21 chapters. The introduction sketches the history of the last thirty years where economic shock doctrine has been applied throughout the world, from South America in the 1970s to New Orleans after Hurricane Katrina. Klein introduces two of her main themes. Part 1 begins with a chapter on psychiatric shock therapy and the covert experiments conducted by the psychiatrist Ewen Cameron in collusion with the Central Intelligence Agency: how it was partially successful in distorting and regressing patients' original personality, but ineffectual in developing a better personality to replace it. Parallels with economic shock therapy are made, including a digression on how government agencies harnessed some of the lessons learned to create more effective torture techniques. Torture, according to Klein, has often been an essential tool for authorities who have implemented aggressive free market reforms this assertion is stressed throughout the book. She suggests that for historical reasons the human rights movement has often portrayed torture without explaining...More: http: //booksllc.net/?id=1312750

The Economics Anti-Textbook: A Critical Thinker's Guide to Microeconomics


Roderick Hill - 2010
    The Anti-Textbook argues that this is a myth - one which is not only dangerously misleading but also bland and boring. It challenges the mainstream textbooks' assumptions, arguments, models and evidence. It puts the controversy and excitement back into economics to reveal a fascinating and a vibrant field of study - one which is more an 'art of persuasion' than it is a science. The Anti-Textbook's chapters parallel the major topics in the typical text. They begin with a boiled-down account of them before presenting an analysis and critique. Drawing on the work of leading economists, the Anti-Textbook lays bare the blind spots in the texts and their sins of omission and commission. It shows where hidden value judgements are made and when contrary evidence is ignored. It shows the claims made without any evidence and the alternative theories that aren't mentioned. It shows the importance of power, social context, and legal framework.The Economics Anti-Textbook is the students' guide to decoding the textbooks and shows how real economics is much more interesting than they let on.

The Affluent Society & Other Writings 1952–1967: American Capitalism / The Great Crash, 1929 / The Affluent Society / The New Industrial State


John Kenneth Galbraith - 2010
    This Library of America volume, the first devoted to economics, gathers four of his key early works, the books that established him as one of the leading public intellectuals of the last century. In American Capitalism, Galbraith exposes with great panache the myth of American free-market competition. The idea that an impersonal market sets prices and wages, and maintains balance between supply and demand, remained so vital in American economic thought, Galbraith argued, because oligopolistic American businessmen never acknowledged their collective power. Also overlooked was the way that groups such as unions and regulatory agencies react to large oligopolies by exerting countervailing power—a concept that was the book’s lasting contribution.The Great Crash, 1929 offers a gripping account of the most legendary (and thus misunderstood) financial collapse in American history, as well as an inquiry into why it led to sustained depression. Galbraith posits five reasons: unusually high income inequality; a bad, overleveraged corporate structure; an unsound banking system; unbalanced foreign trade; and, finally, “the poor state of economic intelligence.” His account is a trenchant analysis of the 1929 crisis and a cautionary tale of ignorance and hubris among stock-market players; not surprisingly, the book was again a bestseller in the wake of the 2008 economic collapse.In The Affluent Society, the book that introduced the phrase “the conventional wisdom” into the American lexicon, Galbraith takes on a shibboleth of free-market conservatives and Keynesian liberals alike: the paramount importance of production. For Galbraith, the American mania for production continued even in an era of unprecedented affluence, when the basic needs of all but an impoverished minority had easily been met. Thus the creation of new and spurious needs through advertising—leading to skyrocketing consumer debt, and eventually a private sector that is glutted at the expense of a starved public sector.The New Industrial State stands as the most developed exposition of Galbraith’s major themes. Examining the giant postwar corporations, Galbraith argued that the “technostructure” necessary for such vast organizations—comprising specialists in operations, marketing, and Research & Development—is primarily concerned with reducing risk, not with maximizing profits; it perpetuates stability through “the planning system.” The book concludes with a prescient analysis of the “educational and scientific estate,” which prefigures the “information economy” that has emerged since the book was published.

The Homebrew Industrial Revolution: A Low-Overhead Manifesto


Kevin A. Carson - 2010
    A history of the rise and fall of Sloanist mass production, and a survey of the new economy emerging from the ruins: networked local manufacturing, garage industry, household microenterprises and resilient local economies.

The Tragedy of the Euro


Philipp Bagus - 2010
    In some ways it is much worse because it has cartelized the management of European monetary regimes and created a terrible moral hazard. With this book, Professor Bagus brings his scholarship to English readers, explaining the background to the idea of European unity and its heritage of sound money. He explains that the Euro is not what the older classical liberals had hoped for but instead is a politically managed money that is destined for failure. He writes with a keen sense for economic analytics and empirical detail, offering one of the most accessible and yet rigorous accounts of the emergence of the Euro. He predicts its downfall due to political pressures, bad banking practices, and exploding public-sector liabilities. The analogies with the dollar are indeed close, but with welfare states at a more advanced stage, it will be a race to see which paper currency will crumble first. Professor Bagus brings theoretical power to investigating one of the most important topics in economics today. His arguments and evidence convinced even Jesus Huerta de Soto to withdraw support for the Euro.

The Culture of Power and Governance in Pakistan, 1947-2008


Ilhan Niaz - 2010
    It argues that South Asia's indigenous orientation towards the exercise of power has reasserted itself and produced a regression in the behavior of the ruling elite. This has meant that in the sixty years of independence from British rule the behavior of the state apparatus and political class has become more arbitrary, proprietorial and delusional. The resulting deterioration in the intellectual and moral quality of the state apparatus is a mortal threat to Pakistan. Regrettably, much of the academic and public discussion about developing societies has been vitiated by the heedless repetition of fashionable jargon that emphasizes national security, democracy and development. The Culture of Power and Governance of Pakistan draws upon the primary declassified record of Pakistan and a diverse array of theoretical inputs to try and balance the debate on the crisis of governance.

The Globalization Paradox: Democracy and the Future of the World Economy


Dani Rodrik - 2010
    The economic narratives that underpinned these eras—the gold standard, the Bretton Woods regime, the "Washington Consensus"—brought great success and great failure. In this eloquent challenge to the reigning wisdom on globalization, Dani Rodrik offers a new narrative, one that embraces an ineluctable tension: we cannot simultaneously pursue democracy, national self-determination, and economic globalization. When the social arrangements of democracies inevitably clash with the international demands of globalization, national priorities should take precedence. Combining history with insight, humor with good-natured critique, Rodrik's case for a customizable globalization supported by a light frame of international rules shows the way to a balanced prosperity as we confront today's global challenges in trade, finance, and labor markets.

The Right to Earn a Living: Economic Freedom and the Law


Timothy Sandefur - 2010
    Yet today that right is burdened by a wide array of government rules and regulations that play favorites, rewrite contracts, encourage frivolous lawsuits, seize private property, and manipulate economic choices to achieve outcomes that bureaucrats favor. The Right to Earn a Living charts the history of this fundamental human right, from the constitutional system that was designed to protect it by limiting government's powers, to the Civil War Amendments that expanded protection to all Americans, regardless of race. It then focuses on the Progressive-era judges who began to erode those protections, and concludes with today's controversies over abusive occupational licensing laws, freedom of speech in advertising, regulatory takings, and much more.

Global Slump: The Economics and Politics of Crisis and Resistance


David McNally - 2010
    In developing an account of the crisis as rooted in fundamental features of capitalism, this study challenges the view that capitalism's source lies in financial deregulation, and highlights the emergence of new patterns of world inequality and new centers of accumulation, particularly in East Asia, and the profound economic instabilities these have produced. This original account of the “financialization” of the world economy during this period explores the intricate connections between international financial markets and new forms of debt and dispossession. Analyzing the massive intervention of the world’s central banks to stave off another Great Depression, this study shows that while averting a complete meltdown, this intervention also laid the basis for recurring crises for poor and working class people: job loss, increased poverty and inequality, and cuts in social programs. Taking a global view of these processes, exposing the damage inflicted on countries in the Global South, as well as the intensification of racism and attacks on migrant workers, this book also traces new patterns of social and political resistance—from housing activism and education struggles, to mass strikes and protests in Martinique, Guadeloupe, France, and Puerto Rico—as indicators of the potential for building anticapitalist opposition to the damage that neoliberal capitalism is inflicting on the lives of millions.

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism


Yves Smith - 2010
    But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster.Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability.In eConned, author Yves Smith reveals:--why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery--how economists have come to play a profoundly anti-democratic role in policy--how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors--how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers--how financial regulation enabled predatory behavior by Wall Street towards investors--how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

The Betrayal of American Prosperity: Free Market Delusions, America's Decline, and How We Must Compete in the Post-Dollar Era


Clyde V. Prestowitz Jr. - 2010
    to China is waste—$7.6 billion of waste paper and scrap metal. Bestselling author Clyde Prestowitz reveals the astonishing extent of the erosion of the fundamental pillars of American economic might—beginning well before the 2008 financial crisis—and the great challenge we face for the future in competing with the economic juggernaut of China and the other fast-rising economies. As the arresting facts he introduces show, the U.S. is rapidly losing the basis of its wealth and power, as well as its freedom of action and independence. If we do not make dramatic changes quickly, we will confront a painful permanent slide in our standard of living; the dollar will no longer be the world’s currency; our military strength will be whittled away; and we will be increasingly subject to the will of China, Russia, Saudi Arabia, and various malcontents. But it doesn’t have to be that way. As Prestowitz shows in a masterful account of how we’ve come to this fateful juncture, we have inflicted our economic decline on ourselves—we abandoned the extraordinary approach to growth that drove the country’s remarkable rise to superpower status from the early days of the republic up through World War II. For most of our history, we supported our home industries, protected our market against unfair trade, made the world’s finest products—leading the way in technological innovation—and we were strong savers. But in the post-WWII era, we reversed course as our leadership embraced a set of simplistically attractive but disastrously false ideas—that consumption rather than production should drive our economy; that free trade is always a win-win; that all globalization is good; that the market is always right and government regulation or intervention in the economy always causes more harm than good; and that it didn’t matter that our factories were fleeing overseas because we were moving to the "higher ground" of services. In a devastating account, Prestowitz shows just how flawed this orthodoxy is and how it has gutted the American economy. The 2008 financial crisis was only its most blatant and recent consequence. It is time to abandon these false doctrines and to get back to the American way of growth that brought us to world leadership; Prestowitz presents a deeply researched and powerful set of highly practical steps that we can begin implementing immediately to reverse course and restore our economic leadership and excellence. The Betrayal of American Prosperity is vital reading for all Americans concerned about the future of the economy and of our power in the coming era.

Foundations of Economics


Shawn Ritenour - 2010
    It maintains that there is no conflict between Christian doctrine and economic science, properly understood. Therefore, Foundations of Economics has three goals: to demonstrate that the foundations of economic laws are derived from a Christian understanding of nature and humanity; to explain basic economic principles of the market economy and apply them to various economic problems, such as poverty and economic development; and to show the relationship between Christian ethics and economic policy. Foundations of Economics: A Christian View accomplishes these goals by rooting the fundamental principles of human action in the Christian doctrines of creation and humanity, and integrating them with the Christian ethic of private property. This volume explains the relevance of economics for fulfilling the cultural mandate set forth in the first two chapters of Genesis, by demonstrating how economics can help us in our task to be fruitful and multiply and have dominion over the earth, without spoiling creation, starving to death, or descending into a barbaric struggle for survival. ""To speak of an economics textbook as enjoyable, thought-provoking, and at points even entertaining, might seem implausible. But Dr. Shawn Ritenour has accomplished the improbable with Foundations of Economics, an outstanding work that makes the sometimes obtuse jargon of economics easily understood. Practical in application and sound in economic theory, Dr. Ritenour's excellent text is unapologetically free market oriented and incorporates a biblical worldview, providing a perspective on economics nearly universally missed by other texts. I pray the book finds a wide audience."" --David Wesley Whitlock President, Oklahoma Baptist University ""Dr. Ritenour has written an exceptional economics text. The book simultaneously avoids technical jargon, injects humor into the alleged 'dismal science, ' and seamlessly integrates the Christian faith into the discipline. Dr. Ritenour's text is a great illustration of how practical and applicable the study of economics can be."" --Dr. Ronda O. Credille Professor of Business Administration, Southwest Baptist University ""Shawn Ritenour's Foundations of Economics is everything a textbook on economics should be: clear, well organized, easy to understand--and interesting! Ritenour presents the material with the effortless ease of the expert, in a way suited to the beginning or intermediate student. That he roots economic principles in biblical wisdom making this a truly momentous contribution and a blessing to anyone fortunate enough to study from it."" --Thomas E. Woods, Jr. author of Meltdown: A Free-Market Look at Why the Stock Market Collapsed, The Economy Tanked, and Government Bailouts Will Make Things Work. ""Professor Ritenour has produced an elegantly written and masterfully organized work . . . Any student who fully absorbs this book will be head and shoulders above the vast majority of principles students today, and it is encouraging to me to think of the powerful impact this text will have . . . In the moral underpinnings, intellectual force, and accessibility of Ritenour's text, he has created what was sorely lacking in collegiate economics today. It is an astonishing achievement."" --Timothy Terrell Associate Professor of Economics, Wofford College ""Think economics is a dry, technical subject? Read Foundations of Economics and discover a lively, humanistic field that deals with everything from the mundane to the sublime. Shawn Ritenour has produced a terrific introduction to economics for the Christian and non-Christian student alike, a smooth blend of economic theory, Christian theology, and Biblical practice. I expect it to be widely adopted by Christian colleges and universities in the U.S. and elsewhere, by homeschooling parents, and by interested members of the lay public. It'

IGCSE and O Level Economics Workbook


Susan Grant - 2010
    The Cambridge IGCSE and O Level Economics Workbook is designed to help learners develop their understanding of economics, to build skills and to enable them to assess their progress. It provides an opportunity to interpret economic information and apply knowledge to real life issues whilst testing the student's understanding with multiple-choice questions. The Workbook can be used alongside the Cambridge IGCSE and O Level Economics Coursebook, but may also be used independently.

Capital and Its Discontents: Conversations with Radical Thinkers in a Time of Tumult


Sasha Lilley - 2010
    Through a series of incisive conversations with some of the most eminent thinkers and political economists on the Left—including Noam Chomsky, Tariq Ali, David Harvey, Ellen Meiksins Wood, Mike Davis, and Doug Henwood—Sasha Lilley examines the roots of the global economic meltdown, neoliberalism in the Global South and North, struggles against empire past and present, the eternal pendulum swing of social revolt, and the potentialities of the radical tradition in a time of austerity.

Crisis by Design: The Untold Story of the Global Financial Coup and What You Can Do about It


John Truman Wolfe - 2010
    On April 2, 2009 at a meeting of the G-20 in London, the fiscal autonomy of the United States (and other nations) was quietly turned over to a little known bank with a troubling Nazi past.The story of this coup sounds like something out a Ludlum novel, but this is real and John Truman Wolfe has documented one of the most enormous power grabs in history, the establishment of what international bankers call a GMA, a Global Monetary Authority. How it was done, who did it, and why, is the subject of Crisis by Design, a no-holds-barred expose of a takeover of the planet's central banks. Wolfe not only exposes the dark side of this operation, he tells you how you can protect yourself as well as what public policy actions need to occur to take back control of our national economic life.Wolfe does not spew economic psychobabble. Instead, he writes in a smooth and easy-to-understand style. And the message in clear-an international financial coup has occurred. We must protect ourselves as well as our national sovereignty.

Money, Sound and Unsound


Joseph T. Salerno - 2010
    Salerno proves it in this sweeping and nearly comprehensive book on applied Austrian monetary theory. He uses the Mises/Rothbard theory of money to reinterpret historical episodes, reevaluate the history of thought, closely examine the Federal Reserve policy, seek out cause and effect in business cycles, provide a new understanding of war and social unrest, and clarify the relationship between the state and the central bank. But it is not just about the past. He presents a great model for the future too with essays on how to tell real from fake gold standards, how to calculate the money supply and follow what the Fed is up to, and how to reform the international monetary system to keep money from the destructive hands of the state. This book might be considered an intermediate text on the topic. If you have read Menger, Rothbard, Mises, or Hayek on the topic of money and you want to know what is next, this is your answer. Joseph Salerno is the master of the subject, and he demonstrates absolute virtuosity in these pages. Salerno's yardstick concerns the soundness of money. He is speaking of a subject too rarely raised: the quality of the money itself. Money originated as a commodity out of market exchange. The further the government and central bank drive money from its original soundness, toward a paper money and finally toward digits that government can manufacture out of nothing, the less sound the money becomes, and the more instability, inflation, false signalling, and economic chaos that results. As he makes clear, money is either absolutely sound (meaning, part of the market order) or it is headed on that slide toward destruction. In the final commentary section, Salerno directly addresses modern monetary madness and speculates on the future.

Robust Political Economy: Classical Liberalism and the Future of Public Policy


Mark Pennington - 2010
    It sets out an analytical framework of 'robust political economy' that explores the economic and political problems that arise from the phenomena of imperfect knowledge and imperfect incentives. Using this framework, the book defends the classical liberal focus on markets and the minimal state from the critiques presented by 'market failure' economics and communitarian and egalitarian variants of political theory. Mark Pennington expertly applies the lessons learned from responding to these challenges in the context of contemporary discussions surrounding the welfare state, international development, and environmental protection. Written in an accessible style, this authoritative book would be useful for both undergraduate and graduate students of political economy and public policy as a standard reference work for classical liberal analysis and a defence of its normative prescriptions. The book's distinctive approach will ensure that academic practitioners of economics and political science, political theory and public policy will also find its controversial conclusions insightful.

Back on the Road to Serfdom: The Resurgence of Statism


Thomas E. Woods Jr. - 2010
    Woods brings together top scholars to examine how bailouts, stimulus packages, a trillion-dollar health care bill, and other government expansion endanger America's prosperity and culture of enterprise.

Foundations of Neuroeconomic Analysis


Paul W. Glimcher - 2010
    In Foundations of Neuroeconomic Analysis, Paul Glimcher argues that a meaningful interdisciplinary synthesis of the study of human and animal choice is not only desirable, but also wellunderway, and so it is time to formally develop a foundational approach for the field. He does so by laying the philosophical and empirical groundwork and integrating the theory of choice and valuation with the relevant physical constraints and mechanisms.While there has been an intense debate about the value and prospects of neuroeconomics, Glimcher argues that existing data from neuroeconomics' three parent fields, neuroscience, psychology and economics, already specify the basic features of the primate choice mechanism at all three levels ofanalysis. His central argument is that combining these three disciplines gives us enough insight to define many of the fundamental features of decision making that have previously eluded scholars working within each individual field.With this in mind, Glimcher provides a comprehensive overview of the neuroscience, psychology, and economics of choice behavior, which will help readers from many disciplines to grasp the rich interconnections between these fields and see how their data and theory can interact to produce newinsights, constraints, and questions. The book is divided into four main sections that address key barriers to interdisciplinary cohesion. The first section defines the central philosophical issues that neuroeconomics must engage. The theory of knowledge already tells us much about how differentdisciplines interact, and in this section, Glimcher reviews those constraints and lays a philosophical foundation for future neuroeconomic discourse. This section concludes with both a defense of neoclassical economics and a spirited attack on Milton Friedman's insistence that economics must not beconstrained by the study of mechanism. Glimcher argues instead for the development of hard-economic theories, which postulate that choosers behave the way they do because of the underlying representations that occur in their brains.The second section describes what is known about the primate choice mechanism-the physical structures in our brains that actively select among the options available to the chooser. By reviewing and integrating economic theory of choice, neurobiological studies of the frontal and parietal cortices, and psychological models of selection, Glimcher creates an interdisciplinary structure for understanding how we choose. This interdisciplinary synthesis leads to several novel insights into the causes of human irrational behavior and recasts many of these so-called irrationalities as neurobiologicaloptimizations in the face of physical constraints.The third section describes the neural circuits for valuation-the physical mechanisms by which we learn, store, and represent the values of the many options from which we choose. In this section, Glimcher combines studies from computer science and neuroscience with representational frameworks fromeconomics to provide novel assessments of both the strengths and weaknesses of modern economic theory. The section ends with a discussion of behavioral neuroeconomics and the ultimate limits of the neoclassical economic program.The book concludes with a description of a new model for human choice behavior that harvests constraints from each of neuroeconomics' parent disciplines and encapsulates the key insights from current research, as well as a review of the major accomplishments and opportunities that await the newfield of neuroeconomics.

Shakedown Socialism: Unions, Pitchforks, Collective Greed, The Fallacy of Economic Equality, and other Optical Illusions of "Redistributive Justice"


Oleg Atbashian - 2010
    Atbashian explains why Socialism cannot work. He exposes the injustice of "Collective Greed" and shows why Economic Equality is a fraud. The book is an eye-opener as the author illustrates his points with examples drawn from his life in the Soviet Union before 1994 and more recent events in the USA. "Oleg Atbashian has written a timely warning for Americans about the collectivists among us and their plans for the future. I hope everyone reads this book." -- David Horowitz, Author of One Party Classroom (2009) "In his brilliant, witty, and wonderfully illustrated Shakedown Socialism, Oleg Atbashian -- who grew up in the Soviet Union, shows what is happening in Obama's America today, and explains why it is putting us on the road to ruin. Shakedown Socialism is an enlightening, sobering, and wonderfully clear explanation of why statism kills -- and thus also of why and how Barack Obama is killing the American economy. This book shows why Obama's statist economic policies are a looming disaster for America and for the spirit of the free human individual." -- Pamela Geller, author, The Post-American Presidency: The Obama Administration's War On America "Brightly written and filled with entertaining and illuminating illustrations, Oleg Atbashian's Shakedown Socialism is a clear and eye-opening guide to exactly what is wrong with socialism and state control of the means of production, and how it kills both the economy and human initiative. Shakedown Socialism is an essential and inspiring guide to the virtues of the free market." -- Robert Spencer, author of the New York Times bestsellers The Politically Incorrect Guide to Islam (and the Crusades) and The Truth About Muhammad

The Kelly Capital Growth Investment Criterion: Theory and Practice


Leonard C. Maclean - 2010
    The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.Contents: "The Early Ideas and Contributions: "Introduction to the Early Ideas and ContributionsExposition of a New Theory on the Measurement of Risk (translated by Louise Sommer) "(D Bernoulli)"A New Interpretation of Information Rate "(J R Kelly, Jr)"Criteria for Choice among Risky Ventures "(H A Latané)"Optimal Gambling Systems for Favorable Games "(L Breiman)"Optimal Gambling Systems for Favorable Games "(E O Thorp)"Portfolio Choice and the Kelly Criterion "(E O Thorp)"Optimal Investment and Consumption Strategies under Risk for a Class of Utility Functions "(N H Hakansson)"On Optimal Myopic Portfolio Policies, with and without Serial Correlation of Yields "(N H Hakansson)"Evidence on the “Growth-Optimum-Model” "(R Roll)""Classic Papers and Theories: "Introduction to the Classic Papers and TheoriesCompetitive Optimality of Logarithmic Investment "(R M Bell and T M Cover)"A Bound on the Financial Value of Information "(A R Barron and T M Cover)"Asymptotic Optimality and Asymptotic Equipartition Properties of Log-Optimum Investment "(P H Algoet and T M Cover)"Universal Portfolios "(T M Cover)"The Cost of Achieving the Best Portfolio in Hindsight "(E Ordentlich and T M Cover)"Optimal Strategies for Repeated Games "(M Finkelstein and R Whitley)"The Effect of Errors in Means, Variances and Co-Variances on Optimal Portfolio Choice "(V K Chopra and W T Ziemba)"Time to Wealth Goals in Capital Accumulation "(L C MacLean, W T Ziemba, and Y Li)"Survival and Evolutionary Stability of Rule the Kelly "(I V Evstigneev, T Hens, and K R Schenk-Hoppé)"Application of the Kelly Criterion to Ornstein-Uhlenbeck Processes "(Y Lv and B K Meister)""The Relationship of Kelly Optimization to Asset Allocation: "Introduction to the Relationship of Kelly Optimization to Asset AllocationSurvival and Growth with a Liability: Optimal Portfolio Strategies in Continuous Time "(S Browne)"Growth versus Security in Dynamic Investment Analysis "(L C MacLean, W T Ziemba, and G Blazenko)"Capital Growth with Security "(L C MacLean, R Sanegre, Y Zhao, and W T Ziemba)"

In and Out of Crisis: The Global Financial Meltdown and Left Alternatives


Greg Albo - 2010
    Objective and detailed, this account provocatively challenges the call for a return to a largely mythical golden age of economic regulation as a check on finance capital. In addition, it deftly illuminates how the era of neoliberal free markets has been, in practice, under-girded by state intervention on a massive scale. Arguing for genuinely transformative alternatives to capitalism, and discussing how to build the collective capacity to realize these goals, this record is a critique of the crisis and an indispensable springboard for a renewed political left.

Working Together: Collective Action, the Commons, and Multiple Methods in Practice


Amy R. Poteete - 2010
    However, which research method or approach is best suited to a particular inquiry is frequently debated and discussed. Working Together examines how different methods have promoted various theoretical developments related to collective action and the commons, and demonstrates the importance of cross-fertilization involving multimethod research across traditional boundaries. The authors look at why cross-fertilization is difficult to achieve, and they show ways to overcome these challenges through collaboration.The authors provide numerous examples of collaborative, multimethod research related to collective action and the commons. They examine the pros and cons of case studies, meta-analyses, large-N field research, experiments and modeling, and empirically grounded agent-based models, and they consider how these methods contribute to research on collective action for the management of natural resources. Using their findings, the authors outline a revised theory of collective action that includes three elements: individual decision making, microsituational conditions, and features of the broader social-ecological context.Acknowledging the academic incentives that influence and constrain how research is conducted, Working Together reworks the theory of collective action and offers practical solutions for researchers and students across a spectrum of disciplines.

Pedagogy, Policy, and the Privatized City: Stories of Dispossession and Defiance from New Orleans


Kristen L. Buras - 2010
    Students at the Center--a writing initiative based in several New Orleans high schools--takes on this struggle through a close examination of race and schools. This book builds on the powerful stories of marginalized youth and their teachers, who contest the policies that are destructive to their communities: decentralization, charter schools, market-based educational choice, teachers union-busting, mixed-income housing, and urban redevelopment. Striking commentaries from the foremost scholars of the day explore the wider implications of these stories for pedagogy and educational policy in schools across the United States and the globe. Most importantly, this book reveals what must be done to challenge oppressive conditions and democratize our schools by troubling the vision of city elites who seek to elide students' histories, privatize their schools, and reinvent their neighborhoods.Contributors include Michael W. Apple, Wayne Au, Adrienne D. Dixson, Maisha T. Fisher, Joyce E. King, Pauline Lipman, and Vanessa Siddle Walker.

Never Enough: America's Limitless Welfare State


William Voegeli - 2010
    Nonetheless, liberals have never answered, or even acknowledged, the corresponding question: What would be the size and nature of a welfare state that was not contemptibly austere, that did not urgently need new programs, bigger budgets, and a broader mandate? Even though the federal government’s outlays have doubled every eighteen years since 1940, liberal rhetoric is always addressed to a nation trapped in Groundhog Day, where every year is 1932, and none of the existing welfare state programs that spend tens of billions of dollars matter, or even exist.Never Enough explores the roots and consequences of liberals’ aphasia about the welfare state’s ultimate size. It assesses what liberalism’s lack of a limiting principle says about the long-running argument between liberals and conservatives, and about the policy choices confronting America in a new century. Never Enough argues that the failure to speak clearly and candidly about the welfare state’s limits has grave policy consequences. The worst result, however, is the way it has jeopardized the experiment in self-government by encouraging Americans to regard their government as a vehicle for exploiting their fellow-citizens, rather than as a compact for respecting one another’s rights and safeguarding the opportunities of future generations.

Managers Who Make a Difference


T.V. Rao - 2010
    How can you train yourself to spot competences in others and build on them to create an effective team? How do you achieve the right balance between adherence to existing systems, and creative or experimental problem-solving? And do you have the people skills—the ability to network extensively and build trust-based relationships—required to be a leader? Richly illustrated with anecdotes and experiences of well-known managers, and with a broad array of tips and self-assessment tools to sharpen your management skills, this book is a must read for all practising and aspiring managers. The IIM Ahmedabad Business Books bring key issues in management and business to a general audience. With a wealth of information and illustrations from contemporary Indian businesses, these non-academic and user-friendly books from the faculty of IIM Ahmedabad are essential corporate reading.

The Exploitation Theory Of Socialism Communism: The Idea That All Unearned Income (Rent, Interest, And Profit) Involves Economic Injustice: An Extract


Eugen von Böhm-Bawerk - 2010
    It is a brilliant brief in defense of interest in any economic system, and a thorough rebuttal of the Marxian structure. It is probably the most interesting, and politically the most momentous, part of Von Bohm-Bawerk analysis. After all, Marxian thought pervades the world. Even in the United States, the exploitation theory has swayed public opinion and permeated both political parties. It has given rise to a "New Deal" in social and economic matters and a powerful labor union movement. The notion of labor exploitation by businessmen and corporations continues to determine basic economic policies on all levels of government, from labor legislation to Social Security and income taxation. Von Bohm-Bawerk rejoinder provides the only logical defense from the onslaught by the exploitation doctrine, which in the end breeds political and social radicalism. Many see the results of Marxian imperfections, but few people actually know the reasons for failure. The Exploitation Theory supplies the answers. Von Bohm-Bawerk's most controversial analysis.

The Essential Financial Toolkit: Everything You Always Wanted To Know About Finance But Were Afraid To Ask


Javier Estrada - 2010
    In ten easy-to-read chapters, it explains all the essential financial tools and concepts, fully illustrated with real-world examples and Excel implementations.

Endangered: Biodiversity on the Brink


Mitch Tobin - 2010
    He crisscrossed the Southwest in search of wildlife driven to the brink. This region, with its unique and complex issues provides a snapshot of issues facing endangered species.

The Community Land Trust Reader


John Emmeus Davis - 2010
    The collection also examines contemporary applications of the CLT to promote home ownership, spur community development, protect public investment, and capture land gains for the common good.

Understanding the Crash


Seth Tobocman - 2010
    They show how the troubles of a working-class community in Cleveland or a newly built suburb of Miami became an international financial crisis, explaining the complex new forms of credit that came into being because of financial deregulation, and how they created an economic whirlpool. From there they discuss how, over the same time span, a smaller and smaller group of people came to control a larger and larger percentage of the world’s money — a result of rising inequality that, combined with the shortage of affordable housing, a decline in real wages, and our unwavering belief in an �ownership society,” impelled poor people into debt. Tobocman and Laursen conclude with a consideration of a restructured financial system and a look toward a culture of sustainability — one that covets real wealth in the form of security, meaningful work, and community.

Economists and the Powerful Convenient Theories, Distorted Facts, Ample Rewards. by Norbert Haring, Niall Douglas


Norbert Häring - 2010
    Based on empirical and theoretical studies by distinguished economists from both the past and present day, this book argues that the true workings of capitalism are very different from the popular myths voiced in mainstream economics. Offering a closer look at the history of economic doctrines - as well as how economists are incentivized - "Economists and the Powerful" exposes how, when and why the theme of power was erased from the radar screens of mainstream economic analysis - and the influence this subversive removal has had upon the modern financial world.

Economics Evolving: A History of Economic Thought


Agnar Sandmo - 2010
    It describes the development of theories concerning prices and markets, money and the price level, population and capital accumulation, and the choice between socialism and the market economy. The book examines how important economists have reflected on the sometimes conflicting goals of efficient resource use and socially acceptable income distribution. It also provides sketches of the lives and times of the major economists.Economics Evolving repeatedly shows how apparently simple ideas that are now taken for granted were at one time at the cutting edge of economics research. For example, the demand curve that today's students probably get to know during their first economics lecture was originally drawn by one of the most innovative theorists in the history of the subject. The book demonstrates not only how the study of economics has progressed over the course of its history, but also that it is still a developing science.

Constructions of Neoliberal Reason


Jamie Peck - 2010
    Forever associated with the conviction politics of Ronald Reagan and Margaret Thatcher, the free-market project has since become synonymous with the Washington consensus on international development policy and the phenomenon of corporate globalization, where it has come to mean privatization, deregulation, and the opening up of new markets. But beyond its utility as a protest slogan or buzzword as shorthand for the political-economic Zeitgeist, what do we know about where neoliberalism came from and how it spread? Who are the neoliberals, and why do they studiously avoid the label?Constructions of Neoliberal Reason presents a radical critique of the free-market project, from its origins in the first half of the 20th century through to the recent global economic crisis, from the utopian dreams of Friedrich von Hayek through the dogmatic theories of the Chicago School to the hope and hubris of Obamanomics. The book traces how neoliberalism went from crank science to common sense in the period between the Great Depression and the age of Obama.Constructions of Neoliberal Reason dramatizes the rise of neoliberalism and its uneven spread as an intellectual, political, and cultural project, combining genealogical analysis with situated case studies of formative moments throughout the world, like New York City's bankruptcy, Hurricane Katrina, and the Wall Street crisis of 2008. The book names and tracks some of neoliberalism's key protagonists, as well as some of the less visible bit-part players. It explores how this adaptive regime of market rule was produced and reproduced, its logics and limits, its faults and its fate.

The Concise Oxford Companion to Economics in India


Kaushik Basu - 2010
    This concise and reader-friendly volume addresses this need.Culled from the collective wisdom of distinguished contributors, the volume provides a comprehensive and engaging account of the trends and issues across various sectors of the Indian economy. More than 100 pertinent entries, organized thematically, cover the evolution of the Indian economy from relative obscurity to an emergent global force. They span the recent cover stories of India's phenomenal growth, and also document the backwaters-widespread poverty, farmer suicides, child labour, and the large and impoverished informal sector.A new introduction and some new entries cover the developments since the first edition was written, and also focus on the economic crises. An appendix presents relevant statistics on Indian economic indicators, which will serve as a handy reference for students of the Indian economy and, more generally, of development economics.

Handbook on Contemporary Austrian Economics


Peter J. Boettke - 2010
    In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. The home of the field moved first to Britain and then on to the US, and at present a diverse mix of intellectual traditions in economic science is obvious in contemporary Austrian school economists. While one could argue that a unique Austrian school of economics operates within the economic profession today, one could also sensibly argue that the label 'Austrian' no longer possesses any substantive meaning. This Handbook looks through the lens of the latest generation of scholars at the main propositions believed by so-called 'Austrians'. Each contributing author addresses key tenets of the school of thought, and outlines its ongoing contribution to economics and to the social sciences.Contributors: S.A. Beaulier, P.J. Boettke, C.J. Coyne, A.J. Evans, P.T. Leeson, S.C. Miller, B. Powell, F. Sautet, V.H. Storr, E.P. Stringham, J.R. Subrick

The Enlightened Economy: An Economic History of Britain 1700-1850


Joel Mokyr - 2010
    Joel Mokyr shows that we cannot understand the Industrial Revolution without recognizing the importance of the intellectual sea changes of Britain’s Age of Enlightenment. In a vigorous discussion, Mokyr goes beyond the standard explanations that credit  geographical factors, the role of markets, politics, and society to show that the beginnings of modern economic growth in Britain depended a great deal on what key players knew and believed, and how those beliefs affected their economic behavior. He argues that Britain led the rest of Europe into the Industrial Revolution because it was there that the optimal intersection of ideas, culture, institutions, and technology existed to make rapid economic growth achievable. His wide-ranging evidence covers sectors of the British economy often neglected, such as the service industries.

On Zizek's Dialectics: Surplus, Subtraction, Sublimation


Fabio Vighi - 2010
    The book begins by evaluating Zizek's account of the capitalist ideology of enjoyment through the analysis of Lacan's critique of Marx's surplus-value. If the originality of Žižek's wager lies in the claim that enjoyment secretly sustains our ideological space, can we think of surplus-jouissance in a way that not only unmasks the ruse of capitalism but also adumbrates the construction of an alternative social space?The answer to this question is developed in the second part of the book. Arguing that the transformative potential of Zizek's epistemology needs to be fully unravelled if it is to avoid the risk of congealing into mere academic exercise, Fabio Vighi attempts to politicise Žižek's groundbreaking critical method by calling upon the necessity to translate its emphasis on the "indigestible" surplus of knowledge into the drive to think the new. Under the current conditions, this creative moment can no longer be delayed.

Confessions of a Radical Industrialist: How Interface proved that you can build a successful business without destroying the planet


Ray C. Anderson - 2010
    His story is now legend. In 1994, after reading The Ecology of Commerce by Paul Hawken, Ray Anderson felt a "spear in the chest" the founder of Interface, Inc., a billion-dollar carpeting manufacturer, realized that his company was plundering the environment and he needed to steer it on a new course. Since then, Interface has cut its greenhouse gas emissions by 82%, and the goal is to reach zero environmental footprint by 2020. Thoughtful and winning, Confessions of a Radical Industrialist shows how Anderson revolutionized his company, in the process bringing costs down, improving quality, making it one of "Fortune"'s "100 Best Companies to Work For" -- and driving up profits. "*The publisher has aimed for sustainability in all aspects of this book's production, from the inks and glues to the trim size. The interior paper is 100% post-consumer recycled, certified by the Forest Stewardship Council, and ancient-forest friendly. Instead of a jacket, the cover boards are wrapped in 100% recycled paper stock coated in a biodegradable varnish - and these are just two examples among many.""From the Hardcover edition."

Greening Steam: How to Bring 19th-Century Heating Systems into the 21st Century (and save lots of green!)


Dan Holohan - 2010
    There is so much you can do to make them better, and most of what you can do won't cost a fortune. It's not that easy, inexpensive, or even practical to rip out an old steam system and start anew, and that's why so many of them are still around. In this book, I'm going to walk you through those old systems, tell you some great success stories, and show you how to increase efficiency and save fuel dollars. You'll be amazed at how small changes can make a huge difference. Read this book and you'll be greening your heating system and your wallet.

The Sumerian Swindle


Banjo Billy - 2010
    

Textbook of Computable General Equilibrium Modeling: Programming and Simulations


Nobuhiro Hosoe - 2010
    CGE models are powerful but tend to be large-scale and, therefore, often difficult to learn. This book provides a comprehensive A-to-Z guide for CGE models. Focusing on its practical application, readers can learn from the simplest CGE models, and proceed, in a step-by-step manner, to database construction, programming for computation, and developing more elaborated CGE models, which can be applied empirically to actual simulation purposes. Particular emphasis is placed on computer programs of CGE models. Readers can obtain knowledge and skills from which they can develop and operate their own CGE models, and apply them to their research. This book is essential reading for all interested in computational economics, advanced macroeconomics, international trade, regional development, development economics.

The Last of the Prune Pickers: A Pre-Silicon Valley Story


Tim Stanley - 2010
    

Green Economics: Confronting the Ecological Crisis


Robin Hahnel - 2010
    This book's pluralistic, non-dogmatic, and committed investigation of the values of ecological sustainability, economic justice, and human dignity provides balanced analysis of environmental problems and their potential solutions.

Monetary Economics: Institutions, Theory & Policy


Suraj B. Gupta - 2010
    CONTENTS: PART I: Institutions Money and the payments system Credit and the financial system Fincncial markets The reserve bank of india Commercial banks Commercial bank II Co-operative banks Development banks Non bank financial intermediaries Unregulated credit markets Part II: Thoery The demand for money Money and prices Money,Interest and income Inflation Theory of money supply The supply of credit and its allocation Interest rates Part III: Policy Goals,targets adn indicators Instruments of control Monetary Credit policy of the reserve bank of india Appendices References Index

State of Innovation: The U.S. Government's Role in Technology Development


Fred L. Block - 2010
    State of Innovation brings together critical essays looking at the 'innovation industry' in the context of the current crisis. The book shows how government programs and policies have underpinned technological innovation in the US economy over the last four decades, despite the strength of 'free market' political rhetoric. The contributors provide new insights into where innovations come from and how governments can support a dynamic innovation economy as the US recovers from a profound economic crisis. State of Innovation outlines a 21st century policy paradigm that will foster cutting-edge innovation which remains accountable to the public.

Sustainable World Sourcebook: Critical Issues, Inspiring Solutions, Resources for Action


Sustainable World Coalition - 2010
    The Sustainable World Sourcebook, Fourth Edition, is designed to support readers in finding pathways for effective individual and group action. It cuts through the glut of information, providing a clear, concise overview of the most important issues and aspects of sustainability that everyone needs to know. And it's packed with successful models, inspiring examples and actionable solutions. This richly illustrated, beautifully designed, full-color manual addresses: • Environmental issues and their impacts, along with a prescription for rapid, large-scale change • Energy resources, peak oil, conservation, and emerging technologies • The global financial crisis, economic transition, green jobs, and sustainable business • Poverty, health, education, food security, and social justice • Local, sustainable communities and engaged citizens and• Green lifestyle choices Featuring a foreword written by renowned environmentalist and best-selling author Paul Hawken, the Sustainable World Sourcebook will appeal to anyone seeking an understanding of a broad range of sustainability issues. Focused on solutions and actions, it is the essential guidebook for every concerned citizen. The Sustainable World Coalition, the producers of this book, provide educational materials and courses that foster strong engagement in personal and planetary sustainability. The Coalition is a project of Earth Island Institute, a nonprofit organization dedicated to environmental sustainability and social justice.

Marketing: A Critical Textbook


Gavin Jack - 2010
    Both productive and positive, the approach taken offers other ways of looking at, and solving, marketing 'problems'.Using examples and case studies to illustrate and discuss major alternative and critical perspectives on the subject, it enables students to constructively question the conventional assumptions, concepts and models with which they are already familiar.-Each chapter in this book presents the alternative(s) approaches to the topic step by step-Real world case studies and examples-Fully supported with chapter pedagogy-Features a Companion Website, including Instructor's Manual

Elements of Pure Economics


Leon Walras - 2010
    Walras' theory of general equilibrium remains one of the cornerstones of economic theory more than 100 years after it was first published.

Development Economics in Action: A Study of Economic Policies in Ghana


Tony Killick - 2010
    In this new edition three additional chapters provide a detailed account of 1978-2008.

Liberals: America's Termites or It's A Shame That Liberals, Unlike Hamsters, Don't Eat Their Young


Burt Prelutsky - 2010
    In 13 chapters, including "Justice is Blind, Also Deaf & Dumb," "Islam is a Peaceful Religion, And If You Don't Believe It, They'll Cut Off Your Head," "Why 80% of Jews Vote Like 90% of Blacks," "Why 90% of Blacks Vote Like 80% of Jews," "Sex, Sex and More Sex" and "Hollywood Would Rather Make Trouble Than Movies," Prelutsky, like a latter-day Zorro slashes his witty way through Socialists, Communists, Maoists, Progressives and garden variety Democrats.

Babylon's Banksters: The Alchemy of Deep Physics, High Finance and Ancient Religion


Joseph P. Farrell - 2010
    Farrell outlines the consistent pattern and strategy of bankers in ancient and modern times, and their desire to suppress the public development of alternative physics and energy technologies, usurp the money creating and issuing power of the state, and substitute a facsimile of money-as-debt. Here, Farrell peels back the layers of deception to reveal the possible deep physics that the “banksters” have used to aid them in their financial policies.Feral House also published Farrell’s Philosopher’s Stone: Alchemy and the Secret Research for Exotic Matter.

Both Hands Tied: Welfare Reform and the Race to the Bottom in the Low-Wage Labor Market


Jane L. Collins - 2010
    Grounded in the experience of thirty-three women living in Milwaukee and Racine, Wisconsin, it tells the story of their struggle to balance child care and wage-earning in poorly paying and often state-funded jobs with inflexible schedules—and the moments when these jobs failed them and they turned to the state for additional aid.   Jane L. Collins and Victoria Mayer here examine the situations of these women in light of the 1996 national Personal Responsibility and Work Opportunity Reconciliation Act and other like-minded reforms—laws that ended the entitlement to welfare for those in need and provided an incentive for them to return to work. Arguing that this reform came at a time of gendered change in the labor force and profound shifts in the responsibilities of family, firms, and the state, Both Hands Tied provides a stark but poignant portrait of how welfare reform afflicted poor, single-parent families, ultimately eroding the participants’ economic rights and affecting their ability to care for themselves and their children.

Forensic Accounting And Fraud Examination


Mary-Jo Kranacher - 2010
    The text follows the model curriculum for education in fraud and forensic funded by the U.S. national Institute of Justice and developed by a Technical Working Group of experts in the field. The text serves as a comprehensive and authoritative resource for teaching forensic accounting concepts and procedures that is also and appropriate and pedagogically ready for class room use. This easy to read, comprehensive textbook includes case study examples to clearly explain technical concepts and bring the material to life.

Keynes The Man


Murray N. Rothbard - 2010
    This minibiography covers Keynes's schooling, his membership in secret societies, and his political associations and sponsors — as well the intellectual shifts and dodges he employed throughout his life.To put it mildly, Keynes was not the genius liberal he is reputed to be. He was instead shifty, duplicitous, and manipulative from beginning to end, and his deliberate obfuscations of economic theory reflect those personal traits.When present-day newscasters go on about how Keynes has saved us and will continue to do so, it is good to be armed with the truth about the man who reconstructed economics as he saw fit. You will be alternately amazed and outraged that his writings have inspired government policy for so many decades.To search for Mises Institute titles, enter a keyword and LvMI (short for Ludwig von Mises Institute); e.g., Depression LvMI

Princes, Brokers, and Bureaucrats: Oil and the State in Saudi Arabia


Steffen Hertog - 2010
    Starting in the late 1990s, Saudi Arabia embarked on an ambitious reform campaign to remedy its long-term economic stagnation.The results have been puzzling for both area specialists and political economists: Saudi institutions have not failed across the board, as theorists of the rentier state would predict, nor have they achieved the all-encompassing modernization the regime has touted. Instead, the kingdom has witnessed a bewildering m�lange of thorough failures and surprising successes. Hertog argues that it is traits peculiar to the Saudi state that make sense of its uneven capacities.Oil rents since World War II have shaped Saudi state institutions in ways that are far from uniform. Oil money has given regime elites unusual leeway for various institutional experiments in different parts of the state: in some cases creating massive rent-seeking networks deeply interwoven with local society; in others large but passive bureaucracies; in yet others insulated islands of remarkable efficiency. This process has fragmented the Saudi state into an uncoordinated set of vertically divided fiefdoms.Case studies of foreign investment reform, labor market nationalization and WTO accession reveal how this oil-funded apparatus enables swift and successful policy-making in some policy areas, but produces coordination and regulation failures in others.

The Powers That Be: Global Energy for the Twenty-first Century and Beyond


Scott L. Montgomery - 2010
    Three or four decades from now, it certainly will: dwindling oil reserves will clash with skyrocketing demand, as developing nations around the world lead their citizens into the modern energy economy, and all the while, the grave threat of catastrophic climate change looms ever larger. Energy worries are at an all-time high—just how will we power our future?   With The Powers That Be, Scott L. Montgomery cuts through the hype, alarmism, and confusion to give us a straightforward, informed account of where we are now, and a map of where we’re going. Starting with the inescapable fact of our current dependence on fossil fuels—which supply 80% of all our energy needs today—Montgomery clearly and carefully lays out the many alternative energy options available, ranging from the familiar, like water and solar, to such nascent but promising sources as hydrogen and geothermal power. What is crucial, Montgomery explains, is understanding that our future will depend not on some single, wondrous breakthrough; instead, we should focus on developing a more diverse, adaptable energy future, one that draws on a variety of sources—and is thus less vulnerable to disruption or failure.   An admirably evenhanded and always realistic guide, Montgomery enables readers to understand the implications of energy funding, research, and politics at a global scale. At the same time, he doesn’t neglect the ultimate connection between those decisions and the average citizen flipping a light switch or sliding behind the wheel of a car, making The Powers That Be indispensible for our ever-more energy conscious age.

Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System


Kevin Dowd - 2010
    This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy.In a clear and accessible style, ex-investment banker and financial journalist Martin Hutchinson, and highly respected academic, Kevin Dowd show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centers.Breaks down the events involved in the 2007-08 financial collapse Reveals how botched policy response made a bad situation worse Focuses on lessons that the practice of finance must learn from recent events The Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won't happen again as we move forward.

Industrial Organization: Markets and Strategies


Paul Belleflamme - 2010
    Written in a clear and accessible style, it acquaints the reader with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments. It covers a wide range of topics including recent developments on product bundling, branding strategies, restrictions in vertical supply relationships, intellectual property protection, and two-sided markets, to name just a few. Models are presented in detail and the main results are summarized as lessons. Formal theory is complemented throughout by real-world cases that show students how it applies to actual organizational settings. The book is accompanied by a website containing a number of additional resources for lecturers and students, including exercises, answers to review questions, case material and slides.

The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps


Kathleen C. Engel - 2010
    How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance?In this lively new book, Kathleen C. Engel and Patricia A. McCoy answer these questions as they tell the story behind the subprime crisis. The authors, experts in the law and the economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actionsthat produced the greatest economic collapse since the Great Depression. The Subprime Virus reveals how consumer abuses in a once obscure corner of the home mortgage market led to the near meltdown of the world's financial system. The authors also delve into the roles of federal banking andsecurities regulators, who knew of lenders' hazardous mortgages and of Wall Street's addiction to high stakes financing, but did nothing until the crisis erupted. This is the first book to offer a comprehensive description of the government's failure to act and to analyze the financial reformlegislation of 2010.Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, andjust financial order.

The Fairtax Solution: Financial Justice for All Americans


Ken Hoagland - 2010
    economy In the century since it was created, the federal income tax system has grown into a monster that threatens the well-being of average citizens and business owners as well as the very foundations of our economy and our democracy. But there's a better alternative: the FairTax. Its supporters argue that the federal government should stop taxing what goes into the economy-earnings, savings, and investments-and start taxing what comes out: consumption. The result would be the same amount of revenue but more growth, much less political corruption, and a far healthier relationship between Americans and their government. Ken Hoagland of the FairTax Institute is an expert on this grassroots movement, and his book offers the clearest explanation of this revolutionary idea. He details the history of income tax collection in this coun-try and current lobbying practices that have bloated the tax code to 67,500 pages of irrational regulations. Anyone who has ever shuddered as April 15 approaches or who simply cares about making the country better will be fascinated by Hoagland's research and conclusions.

Interest Rate Modeling. Volume 2: Term Structure Models


Leif B.G. Andersen - 2010
    Written by two leading practitioners and seasoned industry veterans, this unique series combines finance theory, numerical methods, and approximation techniques to provide the reader with an integrated approach to the process of designing and implementing industrial-strength models for fixed income security valuation and hedging. Aiming to bridge the gap between advanced theoretical models and real-life trading applications, the pragmatic, yet rigorous, approach taken in this book will appeal to students, academics, and professionals working in quantitative finance. Volume II is dedicated to in-depth study of term structure models of interest rates. While providing a thorough analysis of classical short rate models, the primary focus of the volume is on multi-factor stochastic volatility dynamics, in the setups of both the separable HJM and Libor market models. Implementation techniques are covered in detail, as are strategies for model parameterization and calibration to market data.

Organizational Behaviour and Work: A Critical Introduction


Fiona Wilson - 2010
    This engagingly written textbook introduces students to key topics, ideas, and research in organizational behavior. Without assuming prior knowledge of the subject, the student is nevertheless encouraged to critically assess and question the traditional approach to the study of organizational life.The text introduces students to both traditional and non-traditional areas of research, acting as a springboard for further research and critical thinking. The range of themes and topics explored provides a rich picture of the realities of organizational life, and of the varied contributions that make up the study of organizational behavior. For example, the concept of alienation is discussed in relation to both assembly lines and to call centres, leading into a discussion about the meaning of work.The new edition takes the reader from critical perspectives on classic organizational topics--including new chapters on Personality and Perception--to the core of the critical approaches, including power, resistance, and alternative forms of organization. The Introduction also provides more detail on the different implications of taking a functionalist or critical approach to the study of organizational behavior--a theme which runs throughought the book.The third edition also includes enhanced pedagogy, ensuring that the book is highly accessible. Questions, further reading suggestions, and annotated examples of films and novels that illustrate themes and topics from each chapter, help students to interact with the text, and support instructors to prepare. "Stop and Think" boxes encourage students to engage with and reflect on the text by drawing on their own experiences and perspectives, and numerous and varied examples and cases, drawn from both research and organizational life, bring the text to life and add depth.

Strictly Confidential: The Private Volker Fund Memos Of Murray N. Rothbard


Murray N. Rothbard - 2010
    Libertarian, a great genius of the 20th century and one of the most innovative intellectuals in human history, still has more to say, especially from his private papers.These memos by Murray Rothbard, written in the 1950s and early 1960s for the William Volker Fund, were kept under wraps for 50 years. Rothbard’s writing is deeply insightful, brazenly honest, and penetrating in every way, as he treats every subject from strategy to historical scholarship.Never published before, these memos provide a different perspective on the mind of a great and pioneering thinker. The first book to bring some to light was Roberta Modugno’s Rothbard Versus the Philosophers.The Volker Fund provided much needed support for libertarian scholars, such as Ludwig von Mises and Friedrich von Hayek. It commissioned Rothbard to read and evaluate books, journal articles, and other materials. It also asked him to submit reports on particular questions, such as how to rank sundry economists in terms of friendliness to the free market, surveys of the literature on monopoly, Soviet wage structures, etc. Through his memos, Rothbard provided guidance for the publishing and philanthropic efforts of the fund.Strictly Confidential heats up the legacy of these writings with pages sometimes marked "Strictly Confidential." And you can see why. Rothbard is merciless toward the enemies of liberty and relentless against those who are unwilling to follow through on the full logic of what liberty demands. Edited (but never censored) by David Gordon, and with an introduction by Brian Doherty, Strictly Confidential presents 40 full memos by Rothbard.Some of the thinkers evaluated: Willmoore Kendall, Charles Beard, Jackson Turner Main, George B. DeHuszar, Douglass C. North, William Appleman Williams, Alexander Gray, T.S. Ashton, Ronald Coase, John Chamberlain, Lionel Robbins, Benjamin Anderson, Alan S. Whiting, Frank S. Meyer, Walter Millis, George F. Kennan, Ayn Rand, Edmund Fuller, among many others.

Make Your Move: Change the Way You Look at Your Business and Increase Your Bottom Line


Alan N. Beaulieu - 2010
    Make Your Move shows you how to spot future changes well in advance so you have plenty of time to take advantage of them. It's packed with practical strategies and proven solutions that businesses of all sizes can immediately use to boost their bottom lines and strengthen their futures. For over 27 years, authors Alan and Brian Beaulieu have specialized in forecasting future economic changes for businesses. Their accuracy rate of 96% has helped their clients increase their profits and build for the future -- even in the most severe economic downturns.

Childhood and Child Labour in the British Industrial Revolution


Jane Humphries - 2010
    Using more than 600 autobiographies written by working men of the eighteenth and nineteenth centuries Jane Humphries illuminates working-class childhood in contexts untouched by conventional sources and facilitates estimates of age at starting work, social mobility, the extent of apprenticeship, and the duration of schooling. The classic era of industrialization, 1790-1850, apparently saw an upsurge in child labour. While the memoirs implicate mechanization and the division of labour in this increase, they also show that fatherlessness and large sibsets, common in these turbulent, high-mortality, and high-fertility times, often cast children as partners and supports for mothers struggling to hold families together. The book offers unprecedented insights into child labour, family life, careers, and schooling. Its images of suffering, stoicism, and occasional childish pleasures put the humanity back into economic history and the trauma back into the industrial revolution.

Rothbard vs. The Philosophers: Unpublished Writings on Hayek, Mises, Strauss, and Polanyi


Murray N. Rothbard - 2010
    The advantage here is that you get very candid evaluations of the thought of the giants while avoiding the apparatus of formal papers. The result is more like a series of expansive letters to the reader rather than a collection drawn from a scholarly journal.These important essays have never been published before. In fact, they were not written for publication. They were written on assignment by a foundation that employed Rothbard to read and review books. In many ways, then, the tone is unguarded, even reckless in a wonderful way, but this serves the reader's advantage.The payoff here is that you get both Rothbard's perspective and a clear look at the thoughts of Karl Polanyi, F.A. Hayek, Leo Strauss, Ludwig von Mises, and other great thinkers of his time.Some of his judgments are surprising. His initial review of Hayek's Constitution of Liberty, for example, is brutal in its criticism. But once the book came out, Rothbard moderated his opinion and called the book extremely important. Both essays appear herein. The same is true of his judgment of Strauss: at once blistering where he is wrong and congratulatory where he is right. Meanwhile, Rothbard is effusive in his praise of the work of Lionel Robbins.There is one additional benefit from reading this volume: it shows a master critic at work. We can all be supremely grateful that a book like this exists at all. It gives us another glimpse into the mind of one of the great intellectual innovators of the 20th century.CONTENTSPreface by David GordonIntrduction: "Law and Nature in the Work of Murray N. Rothbard" by Roberta ModugnoRothbard's Unpublished WritingsRothbard on Leo StraussCriticism of the Subjectivism of ValuesCriticism of Hayek: Historical Rights and Natural RightsCriticism of the Concept of Coercion in HayekReviews and Comments by Murray Newton Rothbard1. Letter on Rugged Individualism by George B. Cutten2. Confidential Memo to the Volker Fund on F.A. Hayek's The Constitution of Liberty3. Letter on The Constitution of Liberty by F.A. Hayek4. Review of Lionel Robbins's The Great Depression5. Letter on The Eighteenth-Century Commonwealthman by Caroline Robbins6. Letter on What Is Political Philosophy? by Leo Strauss7. Letter on Thoughts on Machiavelli by Leo Strauss8. Letter on On Tyranny by Leo Strauss9. The Symposium on Relativism: A Critique10. On Polanyi's The Great TransformationChronology of the Life and Works of Murray Newton RothbardReferencesBibliography1. Selected Writings by Murray N. Rothbard2. Writings on Murray N. Rothbard3. Writings of a General NatureIndex

Earth Capitalism: Creating a New Civilization Through a Responsible Market Economy


Patrick Uwe Petit - 2010
    Earth Capitalism attributes the crisis to inappropriate macroeconomic policies and excessive expansion of financial institutions in blind pursuit of profit, lack of self-discipline among financial institutions, and the failure of supervision and regulation to keep up with financial innovations. Collectively, these are some of the main causes of the current global economic malaise.Petit argues that human greed and insatiability are the true source of disparities around the world. Greed is the reason why we are depleting the Earth's natural resources and destroying its ecosystems. He argues that instead, a good life should be based on balanced give-and-take. When we take something from society or the Earth, we have to maintain a balance by giving something equivalent back. Happiness is founded on gratitude for what one has, and one should engage in an overall appraisal of life, not what one lacks. He believes the same principle should be applied to management of the Earth's natural resources and goods.The current global crisis impels us to create a responsible capitalism, one that benefits all living beings on this planet. It reminds us to live a simpler life based on true well-being and life-satisfaction, but simple living is not about living in poverty. As its subtitle suggests, Earth Capitalism's contributors present leading edge economic concepts, business models, and best practices that show the path toward creation of responsible capitalism--a viable scenario emerging from the current global economic and financial crisis.

A Landscape Manifesto


Diana Balmori - 2010
    This book presents Balmori’s most complete vision yet of the theory and practice of urban landscape design as a discipline that combines the science of ecology with the formal aspects of aesthetics. Here, Balmori advocates a new formal language that reflects a philosophical shift in our traditional understanding of nature, along with “realignments” in how humans relate to nature and live in our world today, changes that will shape the livable city of the future.A Landscape Manifesto includes discussions of urban ecology, environmental conservation, and environmentally beneficial building techniques. Projects by Balmori Associates, which include the Memphis Riverfront and a port area newly reclaimed by the Guggenheim Bilbao, illuminate Balmori’s innovations. Featuring an introduction by Michel Conan, one of landscape architecture’s most respected historians, Balmori’s book heralds a significant development in the literature of landscape architecture.