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WHY AREN'T ECONOMISTS AS IMPORTANT AS GARBAGEMEN?

Essays on the Art and Craft of Economics

David Colander

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Preface

Essays on the Art and Craft of Economics

David Colander

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Preface

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Caroline Kuzemko, Michael F. Keating and Andreas Goldthau

This chapter makes the case for nexus thinking in the study of the international political economy of energy and resources, that is their inter-dependencies with other policy areas. It argues that it is imperative to go beyond an IPE of ‘just energy’ – rather than treating it as truly ‘discrete’ – to understand energy and resources as part of dynamic inter-relationship with other issue areas. In addition to the ones related to climate change, security and development, nexuses as identified in the chapter include the energy–technology nexus, the energy–water nexus, the energy–food nexus, or the global–local nexus in energy, all of which are increasingly identified within some global and national governance organisations and within recent scholarship. The chapter suggests that from a scholarly point of view this establishes energy as a highly complex, interconnected policy area – both in terms of how energy markets and technical regimes are constituted, their implications for other issue areas, and in terms of the extent to which governance institutions are being designed that stretch across these issue areas. Moreover, the chapter makes the case for the ‘IPE toolkit’ being well equipped to capture energy nexuses in their various forms and shapes. Finally, the chapter lays out the structure and the content of the Handbook.

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Introduction and overview

Exploring the Causes and Remedies of Japanization

Dongchul Cho, Takatoshi Ito and Andrew Mason

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Introduction

Essays on the Art and Craft of Economics

Huei-chun Su

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Bruce A. Blonigen and Wesley W. Wilson

International trade has grown rapidly over the past half-century, which the transportation industry has accommodated through concomitant growth and technological change. But, while the connection between transport and trade flows is clear, the academic literature often looks at these two issues (international trade and transport) separately. This Handbook reviews the key concepts in each of these two literatures, while providing new insights into the intersection between them, including such topics as trade facilitation, trade networks, and the role of transport costs in offshoring, foreign investment location, and the role of intermediary firms. Each chapter points to where further study is needed and provides ideas for future research.

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How we got here

An Institutional Critique

Frank H. Stephen

Chapter 1 sets the scene for the book. It discusses the reasons for the interest in the relationship between the law and economic development beginning with an outline of theories of development. The theory of development currently favoured by multilateral development agencies such as the World Bank is one of market-led development which emphasizes the role of the financial sector. Drawing on an analysis of the reasons why the Law and Development Movement of the 1960s and 1970s failed, criteria by which theories of law and the legal system’s role in development should be evaluated are identified. It is argued that a theory based on New Institutional Economics can satisfy these criteria.

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Abbreviations and acronyms

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Marc Lavoie

Abstract

Misguided economics policies relying on an unrealistic macroeconomic theory that denied the possibility of a crisis are at the origins of the global financial crisis. The goal of the present paper is to recall how the end of the Great Moderation has been interpreted by the advocates of mainstream economics, and how they have questioned their own macroeconomic theories as a consequence of what happened during and after the financial crisis. There is thus a need to reconsider most aspects of mainstream theory. In particular, the crisis has once more demonstrated that potential output is influenced by aggregate demand – a phenomenon associated with hysteresis, which also questions concepts such as the natural rate of interest and crowding-out effects.