An Evolutionary Theory of Economic Change

An Evolutionary Theory of Economic Change
Author: Richard R. Nelson
Publisher: Harvard University Press
Total Pages: 456
Release: 1985-10-15
Genre: Business & Economics
ISBN: 9780674041431

This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

Finance & Development, September 2014

Finance & Development, September 2014
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
Total Pages: 60
Release: 2014-08-25
Genre: Business & Economics
ISBN: 1475566980

This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

The Economics of Contemporary Latin America

The Economics of Contemporary Latin America
Author: Beatriz Armendariz
Publisher: MIT Press
Total Pages: 461
Release: 2017-05-05
Genre: Political Science
ISBN: 0262337878

Analysis of Latin America's economy focusing on development, covering the colonial roots of inequality, boom and bust cycles, labor markets, and fiscal and monetary policy. Latin America is richly endowed with natural resources, fertile land, and vibrant cultures. Yet the region remains much poorer than its neighbors to the north. Most Latin American countries have not achieved standards of living and stable institutions comparable to those found in developed countries, have experienced repeated boom-bust cycles, and remain heavily reliant on primary commodities. This book studies the historical roots of Latin America's contemporary economic and social development, focusing on poverty and income inequality dating back to colonial times. It addresses today's legacies of the market-friendly reforms that took hold in the 1980s and 1990s by examining successful stabilizations and homemade monetary and fiscal institutional reforms. It offers a detailed analysis of trade and financial liberalization, twenty–first century-growth, and the decline in poverty and income inequality. Finally, the book offers an overall analysis of inclusive growth policies for development—including gender issues and the informal sector—and the challenges that lie ahead for the region, with special attention to pressing demands by the vibrant and vocal middle class, youth unemployment, and indigenous populations.

Mission Economy

Mission Economy
Author: Mariana Mazzucato
Publisher: HarperCollins
Total Pages: 272
Release: 2021-03-23
Genre: Business & Economics
ISBN: 0063046261

Longlisted for the 2021 Porchlight Business Book Awards, Big Ideas & New Perspectives “She offers something both broad and scarce: a compelling new story about how to create a desirable future.”—New York Times An award-winning author and leading international economist delivers a hard-hitting and much needed critique of modern capitalism in which she argues that, to solve the massive crises facing us, we must be innovative—we must use collaborative, mission-oriented thinking while also bringing a stakeholder view of public private partnerships which means not only taking risks together but also sharing the rewards. Capitalism is in crisis. The rich have gotten richer—the 1 percent, those with more than $1 million, own 44 percent of the world's wealth—while climate change is transforming—and in some cases wiping out—life on the planet. We are plagued by crises threatening our lives, and this situation is unsustainable. But how do we fix these problems decades in the making? Mission Economy looks at the grand challenges facing us in a radically new way. Global warming, pollution, dementia, obesity, gun violence, mobility—these environmental, health, and social dilemmas are huge, complex, and have no simple solutions. Mariana Mazzucato argues we need to think bigger and mobilize our resources in a way that is as bold as inspirational as the moon landing—this time to the most ‘wicked’ social problems of our time.. We can only begin to find answers if we fundamentally restructure capitalism to make it inclusive, sustainable, and driven by innovation that tackles concrete problems from the digital divide, to health pandemics, to our polluted cities. That means changing government tools and culture, creating new markers of corporate governance, and ensuring that corporations, society, and the government coalesce to share a common goal. We did it to go to the moon. We can do it again to fix our problems and improve the lives of every one of us. We simply can no longer afford not to.

Global Trends 2040

Global Trends 2040
Author: National Intelligence Council
Publisher: Cosimo Reports
Total Pages: 158
Release: 2021-03
Genre:
ISBN: 9781646794973

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

The Rise of the Global South

The Rise of the Global South
Author: Justin Dargin
Publisher: World Scientific
Total Pages: 450
Release: 2013
Genre: Political Science
ISBN: 9814397814

This book provides a broad and in-depth introduction to the geopolitical, economic and trade changes wrought with the increasing influence of the countries of the Global South in international affairs. Since the introduction of the United Nations General Assembly's New International Economic Order, the countries of the Global South, particularly China, India, Brazil, Saudi Arabia, South Africa and Qatar, made an indelible impact upon the world's economic architecture.

The Demographic Dividend

The Demographic Dividend
Author: David Bloom
Publisher: Rand Corporation
Total Pages: 127
Release: 2003-02-13
Genre: Social Science
ISBN: 0833033735

There is long-standing debate on how population growth affects national economies. A new report from Population Matters examines the history of this debate and synthesizes current research on the topic. The authors, led by Harvard economist David Bloom, conclude that population age structure, more than size or growth per se, affects economic development, and that reducing high fertility can create opportunities for economic growth if the right kinds of educational, health, and labor-market policies are in place. The report also examines specific regions of the world and how their differing policy environments have affected the relationship between population change and economic development.

Monsoon Economies

Monsoon Economies
Author: Tirthankar Roy
Publisher: MIT Press
Total Pages: 231
Release: 2022-04-12
Genre: Nature
ISBN: 0262369273

How interventions to mitigate climate-caused poverty and inequality in India came at a cost to environmental sustainability. In the monsoon regions of South Asia, the rainy season sustains life but brings with it the threat of floods, followed by a long stretch of the year when little gainful work is possible and the threat of famine looms. Beginning in the late nineteenth century, a series of interventions by Indian governments and other actors mitigated these conditions, enabling agricultural growth, encouraging urbanization, and bringing about a permanent decrease in death rates. But these actions—largely efforts to ensure wider access to water—came at a cost to environmental sustainability. In Monsoon Economies, Tirthankar Roy explores the interaction between the environment and the economy in the emergence of modern India. Roy argues that the tropical monsoon climate makes economic and population growth contingent on water security. But in a water-scarce world, the means used to increase water security not only created environmental stresses but also made political conflict more likely. Roy investigates famine relief, the framing of a seasonal “water famine,” and the concept of public trust in water; the political movements that challenged socially sanctioned forms of deprivation; water as a public good; water quality in cities; the shift from impounding river water in dams and reservoirs to exploring groundwater; the seasonality of a monsoon economy; and economic lessons from India for a world facing environmental degradation.

Old South, New South

Old South, New South
Author: Gavin Wright
Publisher: LSU Press
Total Pages: 0
Release: 1997-01-01
Genre: History
ISBN: 0807120987

In this provocative and intricate analysis of the postbellum southern economy, Gavin Wright finds in the South’s peculiar labor market the answer to the perennial question of why the region remained backward for so long. After the Civil War, Wright explains, the South continued to be a low-wage regional market embedded in a high-wage national economy. He vividly details the origins, workings, and ultimate demise of that distinct system. The post-World War II southern economy, which created today’s Sunbelt, Wright shows, is not the result of the evolution of the old system, but the product of a revolution brought on by the New Deal and World War II that shattered the South’s stagnant structure and created a genuinely new, thriving order.