A review of the Heckscher–Ohlin framework prompts a noted economist to consider the methodology of economics.In this spirited and provocative book, Edward Leamer turns an examination of the Heckscher–Ohlin framework for global competition into an opportunity to consider the craft of economics: what economists do, what they should do, and what they shouldn't do. Claiming “a lifetime relationship with Heckscher–Ohlin,” Leamer argues that Bertil Ohlin's original idea ...

This distinctive book sets forth, on an advanced level, various methods for the quantitative measurement of important relationships at issue in areas of the balance of payments and international trade and welfare. The results achieved in recent studies are presented and the directions for new research are indicated. This book is composed of two main parts.Part I deals with the balance of payments and consists of the first half of the book. One of the longest and almost important chapters o...

New scholarly research in important aspects of international economics is brought together in this volume. The unifying theme is that each chapter is devoted to a fresh analysis of a problem in international economics that had earlier received cogent and prescient attention by Professor Robert Stern of the University of Michigan, one of the major figures in international economic research in the second half of the twentieth century. Each chapter examines a significant issue in internationa...

As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs metho...

As conceived by the founders of the Econometric Society, econometrics is a field that uses economic theory and statistical methods to address empirical problems in economics. It is a tool for empirical discovery and policy analysis. The chapters in this volume embody this vision and either implement it directly or provide the tools for doing so. This vision is not shared by those who view econometrics as a branch of statistics rather than as a distinct field of knowledge that designs metho...

The Handbook is a definitive reference source and teaching aid for econometricians. It examines models, estimation theory, data analysis and field applications in econometrics. Comprehensive surveys, written by experts, discuss recent developments at a level suitable for professional use by economists, econometricians, statisticians, and in advanced graduate econometrics courses.For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/lo...

From the Nobel Prize–winning economist and former chair of the U.S. Federal Reserve, a landmark book that provides vital lessons for understanding financial crises and their sometimes-catastrophic economic effectsAs chair of the U.S. Federal Reserve during the Global Financial Crisis, Ben Bernanke helped avert a greater financial disaster than the Great Depression. And he did so by drawing directly on what he had learned from years of studying the causes of the eco...

“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial TimesIn the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a...

An updated look at what Fischer Black's ideas on business cycles and equilibrium mean todayThroughout his career, Fischer Black described a view of business fluctuations based on the idea that a well-developed economy will be continually in equilibrium. In the essays that constitute this book, which is one of only two books Black ever wrote, he explores this idea thoroughly and reaches some surprising conclusions.With the newfound popularity of quantitative finance and risk...

This authoritative and comprehensive dictionary contains clear, concise definitions of approximately 3,500 key economic terms. Covering all aspects of economics including economic theory and policy, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, and environmental economics, this is the essential reference work in this area. The new edition of this dictionary has been updated to include entries on China, India, and South...

Trying to summarize the essentials of macroeconomic theory in the wake of the financial crisis that has shaken not only Western economies but also the macroeconomic profession is no easy task. In particular, the notion that markets are self-correcting and always in equilibrium appears to have taken a heavy blow. However, the jury is still out on which areas should be considered as failures and what which constitute the future of research.The overall aim of this text is to provide a...

The authors show how a common approach that emphasizes the three-way interaction among increasing returns, transportation costs, and the movement of productive factors can be applied to a wide range of issues in urban, regional, and international economics.Since 1990 there has been a renaissance of theoretical and empirical work on the spatial aspects of the economy—that is, where economic activity occurs and why. Using new tools—in particular, modeling techniques ...