It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.Thus, to understand how countries grow and develop, it is essential to know...

Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence.In this book Eric Maskin and Amartya Sen explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to ...

As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheink...

This book proceeds from a meeting at the Santa Fe Institute where economists and physical and biological scientists came together to discuss a conceptual framework incorporating a more appropriate mathematics with a greatly strengthened capacity to deal simultaneously with multiple variables, nonlinearity, incomplete information and dynamical processes.

Property rights are a tool humans use in regulating their use of natural resources. Understanding how rights to resources are assigned and how they are controlled is critical to designing and implementing effective strategies for environmental management and conservation.Rights to Nature is a nontechnical, interdisciplinary introduction to the systems of rights, rules, and responsibilities that guide and control human use of the environment. Following a brief overview of t...

What are the ends of economic activity? According to neoclassical theory, efficient interaction of the profit-maximizing "ideal producer" and the utility-maximizing "ideal consumer" will eventually lead to some sort of social optimum. But is that social optimum the same as human well-being? Human Well-Being and Economic Goals addresses that issue, considering such questions as:Does the maximization of individual welfare really lead to social welfare?How can...

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the ...

The Pulitzer Prize-winning behind-the-scenes account of the historic Nixon-Kennedy race: "A fascinating story of a fascinating campaign." — TimeThis is the dramatic and groundbreaking chronicle that captured the epic clash between John F. Kennedy and Richard M. Nixon in the 1960 presidential election, and in the process revolutionized modern political journalism. Granted intimate access to all parties involved, New York Times–bestselling author The...

An Inquiry into the Nature and Causes of the Wealth of Nations generally referred to by its shortened title "The Wealth of Nations", is the magnum opus of the Scottish economist and moral philosopher Adam Smith.Adam Smith (1723 – 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

'In order to understand the universe you must know the language in which it is written. And that language is mathematics.'- Galileo (1564-1642)For hundreds of thousands of years, we have sought order in the apparent chaos of the universe. Mathematics has been our most valuable tool in that search, uncovering the patterns and rules that govern our world and beyond. How the World Works: Mathematics serves as a brilliant introduction to the history and...

Dive into the gripping world of international ecocomics through American lawyer, investment banker, media commentator, and author, James G. Rickards's expertise and thought-provoking insights.From collapsed paper currencies and hidden agendas of soveriegn wealth funds to the very real threats of national security, James G. Rickards scrutinizes the history and disastrous outcomes of currency wars, shedding light on the potential crisis that looms over the United Sta...

Wall Street legend and bestselling author Jim Rogers offers investing insights and economic, political, and social analysis, drawing on lessons and observations from his lifetime in the markets.Jim Rogers, whose entertaining accounts of his travels around the world--studying the markets from Russia to Singapore from the ground up--has enthralled readers, investors and Wall Street aficionados for decades. In his engaging memoir Street Smarts, Rogers offers ...