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Author: Julian Reiss Publisher: Routledge ISBN: 1317496825 Category : Business & Economics Languages : en Pages : 272
Book Description
What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.
Author: Julian Reiss Publisher: Routledge ISBN: 1317496825 Category : Business & Economics Languages : en Pages : 272
Book Description
What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.
Author: Grzegorz W. Kołodko Publisher: Columbia University Press ISBN: 0231150695 Category : Business & Economics Languages : en Pages : 474
Book Description
Grzegorz W. Kolodko, one of the world's leading authorities on economics and development policy and a key architect of Poland's successful economic reforms, applies his far-reaching knowledge to the past and future of the world economy, introducing a framework for understanding our global situation that transcends any single discipline or paradigm. Deploying a novel mix of scientific evaluation and personal observation, Kolodko begins with a brief discussion of misinformation and its perpetuation in economics and politics. He criticizes the simplification of complex economic and social issues and investigates the link between developments in the global economy and cultural change, scientific discoveries, and political fluctuations. Underscoring the necessity of conceptual and theoretical innovation in understanding our global economic situation, Kolodko offers a provocative study of globalization and the possibility of coming out ahead in an era of worldwide interdependence. Deeply critical of neoliberalism, which sought to transfer economic control exclusively to the private sector, Kolodko explores the virtues of social-economic development and the new rules of the economic game. He concludes with a look at our near and distant future, questioning whether we have a say in its making.
Author: Henry Hazlitt Publisher: Crown Currency ISBN: 0307760626 Category : Business & Economics Languages : en Pages : 220
Book Description
With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.
Author: Richard S. Grossman Publisher: Oxford University Press, USA ISBN: 0199322198 Category : Business & Economics Languages : en Pages : 291
Book Description
The industrialized world has long been rocked by economic crises, often caused by policy makers who are guided by ideology rather than cold, hard analysis. WRONG examines the worst economic policy blunders of the last 250 years, providing a valuable guide book for policy makers... and the citizens who elect them.
Author: Tim Harford Publisher: Farrar, Straus and Giroux ISBN: 1429920688 Category : Business & Economics Languages : en Pages : 322
Book Description
In this groundbreaking book, Tim Harford, the Undercover Economist, shows us a new and inspiring approach to solving the most pressing problems in our lives. When faced with complex situations, we have all become accustomed to looking to our leaders to set out a plan of action and blaze a path to success. Harford argues that today's challenges simply cannot be tackled with ready-made solutions and expert opinion; the world has become far too unpredictable and profoundly complex. Instead, we must adapt. Deftly weaving together psychology, evolutionary biology, anthropology, physics, and economics, along with the compelling story of hard-won lessons learned in the field, Harford makes a passionate case for the importance of adaptive trial and error in tackling issues such as climate change, poverty, and financial crises—as well as in fostering innovation and creativity in our business and personal lives. Taking us from corporate boardrooms to the deserts of Iraq, Adapt clearly explains the necessary ingredients for turning failure into success. It is a breakthrough handbook for surviving—and prospering— in our complex and ever-shifting world.
Author: Robert William Fogel Publisher: University of Chicago Press ISBN: 0226256618 Category : Business & Economics Languages : en Pages : 163
Book Description
We take for granted today that the assessments, measurements, and forecasts of economists are crucial to the decision-making of governments and businesses alike. But less than a century ago that wasn’t the case—economists simply didn’t have the necessary information or statistical tools to understand the ever more complicated modern economy. With Political Arithmetic, Nobel Prize–winning economist Robert Fogel and his collaborators tell the story of economist Simon Kuznets, the founding of the National Bureau of Economic Research, and the creation of the concept of GNP, which for the first time enabled us to measure the performance of entire economies. The book weaves together the many strands of political and economic thought and historical pressures that together created the demand for more detailed economic thinking—Progressive-era hopes for activist government, the production demands of World War I, Herbert Hoover’s interest in business cycles as President Harding’s commerce secretary, and the catastrophic economic failures of the Great Depression—and shows how, through trial and error, measurement and analysis, economists such as Kuznets rose to the occasion and in the process built a discipline whose knowledge could be put to practical use in everyday decision-making. The product of a lifetime of studying the workings of economies and skillfully employing the tools of economics, Political Arithmetic is simultaneously a history of a key period of economic thought and a testament to the power of applied ideas.
Author: Altug Yalcintas Publisher: Routledge ISBN: 9781138495555 Category : Economics Languages : en Pages : 174
Book Description
Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? Intellectual Path Dependence in Economics argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A key question which often gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics.
Author: Melina Palmer Publisher: Mango Media Inc. ISBN: 1642505633 Category : Business & Economics Languages : en Pages : 263
Book Description
Why do people buy? A behavioral economist explains the science of consumer behavior in “the most important business book to come out in years” (Michael F. Schein, author and columnist for Inc., Forbes, and Psychology Today). What Your Customer Wants and Can’t Tell You explains the neuroscience of consumer behavior. Learn exactly why people buy—and how to use that knowledge to improve pricing, increase sales, create better “brain-friendly” brand messaging, and be a more effective leader. Behavioral economics is the marketing research future of brands and business. This book goes beyond an academic understanding of behavioral economics and into practical applications. Learn how real businesses and business professionals can use science to make their companies better. Business owner, consultant, and behavioral economics expert Melina Palmer helps leaders like you use the psychology of the consumer, innovation, and truly impactful branding to achieve real, bottom-line benefits. Discover information and tools you can actually use to influence consumers. Go beyond data science and learn how the consumer brain works. Dramatically improve your effectiveness as a leader and marketer with: · Real-world examples that bring a concept to life and make it stick · Ideas to help you with problem solving for your business · Ways to hack your brain into coming up with innovative programs, products, and initiatives “A stand-out guide for anyone fascinated by customer behavior and the science of decision-making.” —Madeline Quinlan, cofounder of Salient Behavioral Consultants
Author: Julian Reiss
Author: Julian Reiss
Author: Grzegorz W. Kołodko
Author: Henry Hazlitt
Author: Richard S. Grossman
Author: Tim Harford
Author: Robert William Fogel
Author: Stephen Thomas Ziliak
Author: Dexter Merriam Keezer
Author: Altug Yalcintas
Author: Melina Palmer