How Markets Work

Author: Robert E. Prasch
Publisher: Edward Elgar Publishing
ISBN: 1848443978
Format: PDF, ePub, Docs
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How Markets Work presents a new and refreshing introduction to elementary economics. The venerable theory of supply and demand is reconstituted upon plausible and defensible assumptions concerning human nature, the law, and the facts of everyday life in short the Real World . The message is that markets differ in ways that matter. Starting with a brief survey of property and contract law, the lectures develop several ideal types of markets such as credit, assets, and labor while illuminating the similarities and differences among them. Care has been taken to ensure that the reformulations presented are accessible to students and compatible with a variety of non-mainstream traditions in economic thought. Topics covered include the theory of markets, labor markets, market processes when influenced by the availability of information, and social, ethical and political considerations. Also discussed are commodity, credit and asset markets, contracts, dynamics of labor markets, and the economics of discrimination. This book is intended as an essential supplemental text for undergraduate economics students, particularly in heterodox programs, as well as for those in companion liberal arts and sociology fields looking for an accessible introduction to essential economic theory.

How Markets Work

Author: Diane Bailey
Publisher: The Rosen Publishing Group, Inc
ISBN: 1448855640
Format: PDF, ePub, Mobi
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Examines how markets work, discusses local and global markets, and describes how the system is imperfect.

How Markets Work and Fail and What to Make of Them

Author: Bart Nooteboom
Publisher: Edward Elgar Publishing
ISBN: 1783477563
Format: PDF, Kindle
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øIn this thought-provoking book, Bart Nooteboom offers a radical critique of the principal intellectual and moral assumptions underlying economic science, unravelling the notion of markets: how they work and fail, and how they may be redirected to bett

How Markets Work

Author: Israel M. Kirzner
Publisher:
ISBN: 9780255366762
Format: PDF, ePub, Docs
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Mainstream neo-classical economics focuses on already attained states of equilibrium. It is silent about the processes of adjustment to equilibrium; Human action consists of 'grappling with an essentially unknown future', not being confronted with clearly specified objectives, known resources and defined courses of action as mainstream theory assumes; Critics of the market economy find ammunition in neo-classical theory: they 'merely need to tick off the respects in which real world capitalism departs from the requirements for perfectly competitive optimality'; The theory of entrepreneurial discovery allows economists to escape from the 'analytical box' in which 'choice' simply consists of computing a solution implicit in given data; An entrepreneurial act of discovery consists in 'realising the existence of market value that has hitherto been overlooked'. Scope for entrepreneurial discovery occurs in a world of disequilibrium -- which is quite different from the equilibrium world of mainstream economics where market outcomes are foreordained; Entrepreneurial discovery explains why one price tends to prevail in a market. Though new causes of price differences continually appear, entrepreneurs exploit the resulting profit opportunities and produce a tendency towards a single price; Only with the introduction of entrepreneurship is it possible to appreciate how markets work. Without entrepreneurship, there would be no market co-ordination; So-called 'imperfections' of competition are often 'crucial elements in the market process of discovery and correction of earlier entrepreneurial errors'; Advertising expenditures, for example, are means of alerting consumers to 'what they do not know that they do not know'. Anti-trust laws may hamper market processes and prevent competitive entry to markets; so. Entrepreneurial profit, far from generating injustice, is a 'created gain'. It is not `sliced from a pre-existing pie ... it is a portion which has been created in the very act of grasping it'.

Making Markets Work for Africa

Author: Eleanor M. Fox
Publisher: Oxford University Press, USA
ISBN: 0190930993
Format: PDF, Docs
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Developing countries, economic development, and markets -- Competition law and the global landscape : the view from above -- West Africa : from state control to freer markets -- Eastern and Southern Africa -- South Africa : leaning in towards inclusive development -- Regional arrangements : integrating, coordinating, and gaining a voice -- Perspectives from four stages of development : what is needed by the nations, what is needed for the world? -- Better laws for Africa : pro-development, pro-inclusion, pro-outsider

Invisible Wealth

Author: Arnold Kling
Publisher: Encounter Books
ISBN: 1594035423
Format: PDF, Docs
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The discipline of economics is not what it used to be. Over the last few decades, economists have begun a revolutionary reorientation in how we look at the world, and this has major implications for politics, policy, and our everyday lives. For years, conventional economists told us an incomplete story that leaned on the comfortable precision of mathematical abstraction and ignored the complexity of the real world with all of its uncertainties, unknowns, and ongoing evolution. What economists left out of the story were the positive forces of creativity, innovation, and advancing technology that propel economies forward. Economists did not describe the dynamic process that leads to new pharmaceuticals, cell phones, Web-based information services—forces that fundamentally alter how we live our daily lives. Economists also left out the negative forces that can hold economies back: bad governance, counterproductive social practices, and patterns of taking wealth instead of creating it. They took for granted secure property rights, honest public servants, and the willingness of individuals to experiment and adapt to novelty. From Poverty to Prosperity is not Tipping Point or Freakonomics. Those books offer a smorgasbord of fascinating findings in economics and sociology, but the findings are only loosely related. From Poverty to Prosperity on the other hand, tells a big picture story about the huge differences in the standard of living across time and across borders. It is a story that draws on research from the world’s most important economists and eschews the conventional wisdom for a new, more inclusive, vision of the world and how it works.

Making Environmental Markets Work

Author: Tabitha M. Benney
Publisher: Routledge
ISBN: 131761481X
Format: PDF, Kindle
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Perhaps the most defining characteristic of the global economy today is the rise of emerging market economies (EMEs). Many states have experienced rapid economic growth over the past two decades that has led to an increasing share of global wealth. Such dramatic changes are highly relevant because they raise important issues about the distribution of global monetary and fiscal power. As the EMEs have gained importance in the global economy, their influence and significance have grown across a wide range of policy domains. One particularly relevant example is the increasingly critical role of EMEs in addressing climate change. Contrary to the popular belief that the level of development determines a country’s ability to produce positive environmental outcomes, this book shows that the variation in environmental outcomes among the EMEs is due to differences in the types of economic institutions prevalent in their economies. Since EMEs differ dramatically on a number of variables, examining national variations in economic institutions helps explain why international climate policy has been more successful in some countries than in others. To assess how variations in capitalism may influence important outcomes, this book explores a representative sample of 31 EMEs and employs a mixed method research design that incorporates both conventional regression analysis and Qualitative Comparative Analysis (QCA) to explain these outcomes. The analysis shows that although liberal market economies were expected to perform better than other types of capitalism, their performance fell below expectations. On the contrary, economic institutions related to coordinated types of capitalism (like those found in China and Brazil) have led to greater Clean Development Mechanism (CDM) market participation. Theoretically informed, this book employs innovative ways of understanding a broad set of increasingly important but under studied states in an effort to highlight the interactions found in complex socio-political and ecological systems. With the growing importance of the EMEs, a better understanding of how to design market-based policies with them in mind will be required if future efforts across a range of policy issues are to be meaningful and effective.

How Markets Really Work

Author: Larry Connors
Publisher: John Wiley & Sons
ISBN: 1118239458
Format: PDF, Docs
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For years, traders and investors have been using unprovenassumptions about popular patterns such as breakouts, momentum, newhighs, new lows, market breadth, put/call ratios and more withoutknowing if there is a statistical edge. Common wisdom holds that the stock markets are ever changing.But, as it turns out, common wisdom can be wrong. Offering acomprehensive look back at the way the markets have acted over thelast two decades, How Markets Really Work: A Quantitative Guideto Stock Market Behavior, Second Edition shows that nothing haschanged, that the markets behave the same way today as they have inyears past, and that understanding this puts you in a primeposition to profit. Written by two top financial experts and filledwith charts and graphs that illustrate the market concepts theydevelop, the book takes a sometimes contrarian view of everythingfrom market edges to historical volatility, and from volume toput/call ratio, giving you all that you need to truly understandhow the markets function. Fully revised and updated, How MarketsReally Work, Second Edition takes a level-headed, data-drivenlook at the markets to show how they function and how you can applythat information intelligently when making investmentdecisions.

Understanding Business Markets

Author: Vivek Suneja
Publisher: Routledge
ISBN: 1134555970
Format: PDF, ePub, Docs
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How do markets work? This reader introduces the student to the workings of the market, explaining both the reasons for its success and its shortcomings. Throughout, the text encourages a critical approach demonstrating the diversity of market economies. In particular it explores: the social nature of market economies the range of approaches to the study of the market: Marxist, Austrian, Keynesian and institutional economics are discussed as alternatives to the neo-classical mainstream the differences between Anglo-American, European and Asian economic models the historical development of markets globalisation: its extent and its impact the costs and the benefits of markets With chapters by Will Hutton, John Gray and Eric Hobsbawm, this reader provides an excellent introduction.

How Markets Fail

Author: Cassidy John
Publisher: Penguin UK
ISBN: 0141939427
Format: PDF, ePub, Mobi
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How did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.