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Author: Ricardo J. Caballero Publisher: MIT Press ISBN: 0262033623 Category : Asset specificity Languages : en Pages : 349
Book Description
A proposal that the notion of specificity -- the idea that factors of production are not interchangeable -- can provide a unified framework to analyze and understand a wide variety of macroeconomic phenomena stemming from the transactional environment and microeconomic restructuring. The core mechanism that drives economic growth in modern market economies is massive microeconomic restructuring and factor reallocation -- the Schumpeterian "creative destruction" by which new technologies replace the old. At the microeconomic level, restructuring is characterized by countless decisions to create and destroy production arrangements. The efficiency of these decisions depends in large part on the existence of sound institutions that provide a proper transactional environment. In this groundbreaking book, Ricardo Caballero proposes a unified framework to analyze and understand a wide variety of macroeconomic phenomena stemming from limitations, especially institutional, that hinder these adjustments. Caballero argues that macroeconomic models need to be made more "structural" in a precise sense and can not be maintained on the assumption that decisions are fully flexible. What is needed, he proposes, is the notion of specificity -- the idea that factors of production are not freely interchangeable. Many of the major macroeconomic developments of recent decades, he argues, fit naturally into this perspective, including the transition problems of Eastern Europe, the heavy weight of labor regulations in Western Europe, the emerging market crises of the 1990s, the prolonged expansion of the U.S. economy, and Japan's stagnation following the collapse of its real estate bubble. After describing the basic arguments of the book and developing models to illustrate two different kinds of specificity (relationship specificity and technological specificity), Caballero analyzes a variety of aspects of inefficient restructuring and revisits perennial business cycle patterns such as the cyclical behavior of unemployment, investment, and wages. Finally, he looks at the endogenous response of political institutions and technology to opportunistic exploitation of relationship specificity. Economists working on macroeconomics, development, growth, labor, and productivity issues will find Caballero's conceptual framework applicable to phenomena in their fields.
Author: Ricardo J. Caballero Publisher: MIT Press ISBN: 0262033623 Category : Asset specificity Languages : en Pages : 349
Book Description
A proposal that the notion of specificity -- the idea that factors of production are not interchangeable -- can provide a unified framework to analyze and understand a wide variety of macroeconomic phenomena stemming from the transactional environment and microeconomic restructuring. The core mechanism that drives economic growth in modern market economies is massive microeconomic restructuring and factor reallocation -- the Schumpeterian "creative destruction" by which new technologies replace the old. At the microeconomic level, restructuring is characterized by countless decisions to create and destroy production arrangements. The efficiency of these decisions depends in large part on the existence of sound institutions that provide a proper transactional environment. In this groundbreaking book, Ricardo Caballero proposes a unified framework to analyze and understand a wide variety of macroeconomic phenomena stemming from limitations, especially institutional, that hinder these adjustments. Caballero argues that macroeconomic models need to be made more "structural" in a precise sense and can not be maintained on the assumption that decisions are fully flexible. What is needed, he proposes, is the notion of specificity -- the idea that factors of production are not freely interchangeable. Many of the major macroeconomic developments of recent decades, he argues, fit naturally into this perspective, including the transition problems of Eastern Europe, the heavy weight of labor regulations in Western Europe, the emerging market crises of the 1990s, the prolonged expansion of the U.S. economy, and Japan's stagnation following the collapse of its real estate bubble. After describing the basic arguments of the book and developing models to illustrate two different kinds of specificity (relationship specificity and technological specificity), Caballero analyzes a variety of aspects of inefficient restructuring and revisits perennial business cycle patterns such as the cyclical behavior of unemployment, investment, and wages. Finally, he looks at the endogenous response of political institutions and technology to opportunistic exploitation of relationship specificity. Economists working on macroeconomics, development, growth, labor, and productivity issues will find Caballero's conceptual framework applicable to phenomena in their fields.
Author: Publisher: Springer ISBN: 1349588024 Category : Law Languages : en Pages : 7493
Book Description
The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Author: Arthur M. Diamond, Jr. Publisher: Oxford University Press ISBN: 0190263687 Category : Business & Economics Languages : en Pages : 304
Book Description
Life improves under the economic system often called "entrepreneurial capitalism" or "creative destruction," but more accurately called "innovative dynamism." Openness to Creative Destruction: Sustaining Innovative Dynamism shows how innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation. The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches. Arthur M. Diamond, Jr. shows how economies grow where innovative dynamism through leapfrog competition flourishes, as in the United States from roughly 1830-1930. Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizens more than the privileged elites. Diamond highlights that because breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions. He argues that some fears about adverse effects on labor market are unjustified, since more and better new jobs are created than are destroyed, and that other fears can be mitigated by better policies. The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs to potential entrepreneurs and thus reduces innovation. The "Great Fact" of economic history is that after at least 40,000 years of mostly "poor, nasty, brutish, and short" humans in the last 250 years have started to live substantially longer and better lives. Diamond increases understanding of why.
Author: J. Drèze Publisher: Palgrave Macmillan ISBN: 9780333773536 Category : Business & Economics Languages : en Pages : 372
Book Description
Leading world scholars analyze a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies. Jacques Drèze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro-policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises.
Author: Mårten Blix Publisher: Edward Elgar Publishing ISBN: 1786432951 Category : Welfare state Languages : en Pages : 200
Book Description
The Swedish welfare state finds itself in the middle of two major upheavals: The impact of technology and immigration. Having taken in more refugees per capita than most other countries, the pillars of the welfare state are being shaken. Digital technologies are set to strengthen already existing trends towards job and wage polarization. This book explores how these trends are more pronounced due to the rigidity of the labor market and the comprehensiveness of tax-financed welfare services.
Author: Hian Teck Hoon Publisher: World Scientific ISBN: 9813236248 Category : Business & Economics Languages : en Pages : 176
Book Description
As Singapore progresses from a newly-independent nation to a more mature economy, the economic challenges it faces have evolved.In the 50 years following Singapore's independence, the country tackled economic challenges relating to a fledgling nation, that included launching onto a path of economic take-off, and managing workers' wage aspirations without rising unemployment. It met those challenges, successfully transiting from relative poverty in the 1960s to relative prosperity today.As the country enters the next phase of its economic development, having now surpassed the US standard of living as measured by real GDP per capita, it faces another set of challenges: How to transit from catch-up growth arising from technological diffusion from frontier economies, to generating indigenous innovation? How to face the problem of a shrinking local workforce? How to manage a shift in job preferences with rising wealth and educational attainments?This volume provides a theory of Singapore's economic development. With a coherent theory capable of explaining how Singapore got to where it is, the book analyses how the future might look like for the Singapore economy. With its forward-looking analysis, this book is valuable to students as it weaves macroeconomic data together with growth theory and highlights the interaction of economic forces with social influences and political institutions. It also serves as a good reference for other emerging economies that, like Singapore, want to avoid the middle-income trap, and for researchers interested in analysing the economic possibilities for current and future Singaporeans.
Author: David B. Audretsch Publisher: Springer ISBN: 3319266772 Category : Business & Economics Languages : en Pages : 210
Book Description
This book explores public sector entrepreneurship from an international perspective. It features essays from eminent scholars in the field addressing entrepreneurial public policies from different countries. Public sector entrepreneurship is at the cusp of becoming a watchword in international policy circles. This book is a pioneer volume in this emerging field and provides topics and policies that are broadly applicable across different economies. Public sector entrepreneurship refers to innovative public policy initiatives that generate greater economic prosperity by transforming a status-quo economic environment into one that is more conducive to economic units engaging in creative activities in the face of uncertainty. In today’s economy, public sector entrepreneurship affects that transformation primarily by increasing the effectiveness of knowledge networks; that is, by increasing the heterogeneity of experiential ties among economic units and the ability of those same economic units to exploit such diversity. Through policy initiatives that are characterized by public sector entrepreneurship, there will be more development of new technology and hence more innovation throughout the economy.
Author: David B. Audretsch Publisher: Oxford University Press ISBN: 0199993319 Category : Business & Economics Languages : en Pages : 592
Book Description
The local levels of economies have felt the impact of technological change and globalization. These forces have triggered the need to understand the dynamic mechanisms that enable locales to respond to such changes. For example, the downsizing of traditional employers because of a major loss in market share due to new competitors, acquisition by global firms, or off-shoring of production or services was traditionally thought to be beyond the scope of powers of local policy makers, thinkers, and business leaders. In the world of practice, those concerned about the economic performance of place-city, region or state-are increasingly focused on how to adapt to these trends and leverage their existing resources to respond to these global challenges as a positive opportunity. The Oxford Handbook of Local Competitiveness brings together some of the leading minds in the fields of business, economics, and the social sciences to identify, articulate, and analyze what influences and shapes local competitiveness and what places can do to enhance their economic performance. The contributors to the Handbook provide a body of systematic analyses suggesting that the local context is a critical element of the forces that shape competitiveness. The challenges to generate and sustain economic performance vary across places, and the factors and conditions that either enhance or impede competiveness also are place-specific. Finally, the characteristics and nature of what constitutes success also vary across places. This Handbook is essential reading material for academics in the fields of economics and public policy, as well as business leaders who hope to gain a more in-depth understanding of their field. Informative and intellectually rigorous, The Oxford Handbook of Local Competitiveness is the definitive volume of scholarly analysis regarding the relationship between place and economic competition.
Author: Takatoshi Ito Publisher: MIT Press ISBN: 0262357186 Category : Business & Economics Languages : en Pages : 617
Book Description
The second edition of a comprehensive account of all the major aspects of the Japanese economy, substantially updated and expanded. This textbook offers a comprehensive, rigorous but accessible account of all the major aspects of the Japanese economy, grounding its approach in mainstream economics. The second edition has been extensively revised and substantially updated, with new material that covers Japan's period of economic stagnation between 1991 and 2010. The first edition, published in 1992, focused on Japan as a success story of catch-up economic development; this edition reflects the lessons learned from Japan's Lost Two Decades. After presenting the historical background, the book begins with macroeconomics, studying growth and business cycles. It then covers essential policy issues, with new material that takes into account the Japanese banking crisis of 1997–1998 and the global financial crisis of 2008–2009, discussing financial regulation, monetary policy, and fiscal policy. It goes on to examine saving, demography, and social security in light of Japan's ongoing demographic transition; industrial organization; labor markets; international trade and international finance; and the Japan–U.S. relationship. A new chapter offers a detailed analysis of the Lost Two Decades, synthesizing and applying concepts discussed in previous chapters and offering insights into such issues as successful catch-up growth, demographic shifts, and credit booms and busts.
Author: Ricardo J. Caballero
Author: Ricardo J. Caballero
Author: 
Author: Robert M. Townsend
Author: Arthur M. Diamond, Jr.
Author: J. Drèze
Author: Mårten Blix
Author: Hian Teck Hoon
Author: David B. Audretsch
Author: David B. Audretsch
Author: Takatoshi Ito