Arrow and the Foundations of the Theory of Economic Policy PDF Download

Author: George R. Feiwel
Publisher: Springer
ISBN: 1349073571
Category : Business & Economics
Languages : en
Pages : 806

View

Book Description

Author: George R. Feiwel
Publisher:
ISBN: 9780814725948
Category :
Languages : en
Pages :

View

Book Description

Author: Nicola Acocella
Publisher: Cambridge University Press
ISBN: 9780521586382
Category : Business & Economics
Languages : en
Pages : 546

View

Book Description
Recent developments in public economics have largely been in the direction of reaffirming the limits of the market and of establishing new ones. The possible existence of fundamental non-convexities, imperfect and asymmetric information, incentive compatibility, imperfect competition, strategic complementarity, and scale economies led to the conclusion that a large set of market failures exist; such situations also imply government failure. Acocella, considers this complicated picture and provides a discussion of the different approaches to establishing social 'rankings' of the possible situations and the underlying principles. The arguments for and against different institutions are then analysed at a micro and macroeconomic level. The market and the government are recognised as imperfect, and thus complementary, institutions. Specific policy targets and instruments are considered in the areas of micro and macro-economic policy. Special attention is devoted to questions of policy management in an open economy. Finally, problems of domestic and international policy co-ordination are considered.

Author: Kenneth Joseph Arrow
Publisher: Harvard University Press
ISBN: 9780674137639
Category : Distributive justice
Languages : en
Pages : 302

View

Book Description

Author: Robert M. Solow
Publisher: Stanford University Press
ISBN: 9780804728416
Category : Business & Economics
Languages : en
Pages : 116

View

Book Description
Nobel laureate Solow shows how Kenneth J. Arrow's classic paper "The Economic Implications of Learning by Doing" fits into the modern theory of economic growth, and uses it as a springboard for a critical consideration of spectacular recent developments that have made growth theory a dynamic topic today.

Author: George R. Feiwel
Publisher: Springer
ISBN: 1349072397
Category : Business & Economics
Languages : en
Pages : 745

View

Book Description
This and the companion volume are about the ascent, vicissitudes and lacunae in the science and art modern economics and about Kenneth Arrow, his architectonic contributions to and impact on the theoretical and applied economics and moral and political philosophy of our age. They provide a comprehensive composite analysis of Arrow's approach and contributions to and his impact on modern economics and philosophy seen from various forms. In addition to original essays that not only analyse Arrow's contributions and impact, but provide insights into what is being done at the frontiers of the subject, these volumes contain interview chapters that afford extraordinary glimpses into the creativity and personality of the major contributors to the economics of our age (including our protagonist) and are an important historical document.

Author: Kenneth Joseph Arrow
Publisher: Cambridge University Press
ISBN: 9780521553551
Category : Business & Economics
Languages : en
Pages : 412

View

Book Description
Leading theorists offer insights on the role of uncertainty and information in the market.

Author: Kaushik Basu
Publisher: MIT Press
ISBN: 0262039990
Category : Business & Economics
Languages : en
Pages : 553

View

Book Description
Leading economists address the ongoing challenges to economics in theory and practice in a time of political and economic crises. More than a decade of financial crises, sovereign debt problems, political conflict, and rising xenophobia and protectionism has left the global economy unsettled and the ability of economics as a discipline to account for episodes of volatility uncertain. In this book, leading economists consider the state of their discipline in a world of ongoing economic and political crises. The book begins with three sweeping essays by Nobel laureates Kenneth Arrow (in one of his last published works), Amartya Sen, and Joseph Stiglitz that offer a summary of the theoretical foundations of modern economics—the twin pillars of general equilibrium theory and welfare economics. Contributors then turn to macroeconomic stabilization and growth and, finally, new areas of research that depart from traditional theory, methodology, and concerns: climate change, behavioral economics, and evolutionary game theory. The 2019 Nobel Prize laureates, Abhijit Banerjee, Esther Duflo, and Michael Kremer, contribute a paper on the use of randomized control trials indevelopment economics. Contributors Philippe Aghion, Ingela Alger, Kenneth Arrow, Abhijit Banerjee, Kaushik Basu, Lawrence Blume, Guillermo Calvo, Francesco Caselli, Asli Demirgüç-Kunt, Shantayanan Devarajan, Esther Duflo, Samuel Fankhauser, James Foster, Varun Gauri, Xavier Gine, Gäel Giraud, Gita Gopinath, Robert Hockett, Karla Hoff, Ravi Kanbur, Aart Kraay, Michael Kremer, David McKenzie, Célestin Monga, Maurice Obstfeld, Hamid Rashid, Martin Ravallion, Amartya Sen, Luis Servén, Hyun Song Shin, Nicholas Stern, Joseph Stiglitz, Cass Sunstein, Michael Toman, Jörgen Weibull

Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222

View

Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Author: Claude Ménard
Publisher: Springer Science & Business Media
ISBN: 354069305X
Category : Business & Economics
Languages : en
Pages : 875

View

Book Description
New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.