The book explores the core public tasks that the state has traditionally provided but which increasingly are being privatized and subsumed by the private sector. The night-watchman state role of providing security is instead offered by private prisons and security guards. Legitimized by the argument of efficiency gains, social security including public housing, pensions, unemployment insurance and health care are all being gradually privatized. This book argues that on the basis of efficiency, morality and equality there is still an overwhelming need for public intervention – the res publica. Although the state still funds and regulates core domains, it provides fewer and fewer visible goods. The authors show how this apparent invisibility of the state presents serious challenges for both income equality and democracy.
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Edited by Brigitte Unger, Daan van der Linde and Michael Getzner
Technology Displaced by Financial Innovation
Capitalism has been sustained by inherited moral values that are now all but exhausted. A unique combination of a new belief in individualism and a long tradition of property rights had traditionally ensured that self-interested action also produced public benefit. However, these rights, including the laws underwriting economic and financial innovation and parliamentary democracy, were gradually captured and shaped by those who could benefit most from them. This fascinating book shows that the outcome is a reduced ability to generate real wealth combined with exceptional inequality, as well as a worldwide breach of the vital trust between voters and their representatives. Capitalism’s injuries are both self-inflicted and fatal.
Economists have rightly been criticized for not having foreseen the crisis that exploded in 2007–2008. As Giancarlo Bertocco eloquently argues, responsibility does indeed rest heavily on their shoulders. By developing a theory which excluded the possibility that a catastrophic crisis could ever happen, the economics profession has justified decisions and behaviours that caused the Great Recession. This book presents an alternative theoretical approach built on the lessons of Marx, Keynes, Schumpeter, Kalecki, Kaldor and Minsky, which highlights the structural instability of a capitalist economy and the endogenous nature of the current crisis.
Paul C. Cheshire and Christian A.L. Hilber
This important research review brings together seminal works investigating the framework upon which the economic analysis of land markets is based, stretching from the earliest insights of the founding fathers to current debates and research. Recent work on the process and implications of 'land value capitalisation' and land use regulation is well represented, for due to capitalisation, land is responsible for far more of the distribution of real incomes than is widely recognised. This research review settles this, restoring the study of land markets to its rightful place – central to economic understanding.
Edited by Gregory M. Randolph, Michael T. Tasto and Robert F. Salvino Jr.
This exciting book provides fresh insight into how institutions, governments, regulations, economic freedom and morality impact entrepreneurship and public policy. Each chapter contains a rigorous analysis of the consequences of public policy and the effects of institutional decisions on the productivity of entrepreneurs. These chapters will help policymakers direct their efforts at creating a positive economic environment for entrepreneurs to flourish and for scholars to better understand the role policy plays on entrepreneurial activity.
Three Centuries of Theory and Evidence
Richard M. Salsman
How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.
A unique and comprehensive source of information, this book is the only international publication providing economists, planners, policymakers and business people with worldwide statistics on current performance and trends in the manufacturing sector.
J. Stanley Metcalfe and Ronnie Ramlogan
This research review charts the development of scholarly research into the theory of creative destruction, first posited by Joseph Schumpeter in the first half of the twentieth century. The editors identify seminal works discussing creative destruction and its effects at both a macro- and micro- economic level. Beginning with key writings of Schumpeter, the papers cover research into enterprise and innovation, the evolutionary market process, the empirics of creative destruction, finance and the consequences of creative destruction for growth, development and economic welfare.
Jill J. McCluskey and Jason Winfree
This research review discusses key articles on the economics of reputation, starting from the origins of the ideas of asymmetric quality information and reputation, and going through to current articles, including the economics of collective reputation with implications for international trade. This is an ideal research resource for a graduate course in industrial organization or for the economist with interest in reputation issues.
Manual for Measurement
Richard Anker and Martha Anker
This manual describes a new methodology to measure a decent but basic standard of living in different countries and how much workers need to earn to afford this, making it possible for researchers to estimate comparable living wages around the world and determine gaps between living wages and prevailing wages, even in countries with limited secondary data.