We don't alwaysknow what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copyothers around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions.
The implications of understanding therationale for our own financial behaviour are huge.
Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. MichelleBaddeley concludes by looking forward, to see what the future of behavioural economics holds for us. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, andenthusiasm to make interesting and challenging topics highly readable.
In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world.
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But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics - finance. Peter Diamond and Hannu Vartiainen's "Behavioral Economics and Its Applications" argues that behavioral economics can have a similar impact in other fields of economics.
In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated - public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics - an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Siegfried Call Number: HB B48 Library West.
Better Living Through Economics consists of twelve case studies that demonstrate how economic research has improved economic and social conditions over the past half century by influencing public policy decisions. Economists were obviously instrumental in revising the consumer price index and in devising auctions for allocating spectrum rights to cell phone providers in the s.
Economists built the foundation for eliminating the military draft in favor of an all-volunteer army in , for passing the Earned Income Tax Credit in , for deregulating airlines in , for adopting the welfare-to-work reforms during the Clinton administration, and for implementing the Pension Reform Act of that allowed employers to automatically enroll employees in a k. B37 Library West. One of the central tenets of mainstream economics is Adam Smith's proposition that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand.
This deep insight has, over the past two centuries, been taken out of context and used as the cornerstone of free-market orthodoxy. In Beyond the Invisible Hand, Kaushik Basu argues that mainstream economics and its conservative popularizers have misrepresented Smith's insight and hampered our understanding of how economies function, why some economies fail and some succeed, and what the nature and role of state intervention might be.
Comparing this view of the invisible hand with the vision described by Kafka--in which individuals pursuing their atomistic interests, devoid of moral compunction, end up creating a world that is mean and miserable--Basu argues for collective action and the need to shift our focus from the efficient society to one that is also fair. It maintains that, by ignoring the role of culture and custom, traditional economics promotes the view that the current system is the only viable one, thereby serving the interests of those who do well by this system.
Beyond the Invisible Hand challenges readers to fundamentally rethink the assumptions underlying modern economic thought and proves that a more equitable society is both possible and sustainable. By scrutinizing Adam Smith's theory, this impassioned critique of contemporary mainstream economics debunks traditional beliefs regarding best economic practices, self-interest, and the social good. Athreya Call Number: HB A Library West. Macroeconomists have been caricatured either as credulous savants in love with thebeauty of their mathematical models or as free-market fundamentalists who admit no doubt as to themarket's wisdom.
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In this book, Kartik Athreya draws a truer picture, offering a nontechnicaldescription of prominent ideas and models in macroeconomics, arguing for their value as interpretivetools as well as their policy relevance. Athreya deliberately leaves out the technical machinery,providing students new to modern macroeconomics as well as readers with no formal training in economics or mathematics with an essential guide to the sometimes abstract ideas that drive macroeconomists' research and practical policy advice.
Athreya describes the main approach to macroeconomic model construction,the foundational Walrasian general equilibrium framework, and its modern version, theArrow-Debreu-McKenzie ADM model. In the heart of the book, Athreya shows how the Walrasian approach shapes and unifiesmuch of modern macroeconomics. He details models central to ongoing macroeconomic analyses: theneoclassical and stochastic growth models, the standard incomplete-markets model, theoverlapping-generations model, and the standard search model.
Athreya's accessible primer traces thelinks between the views and policy advice of modern macroeconomists and their shared theoreticalapproach. Meier Call Number: HD M Library West. The study of economic development is one of the newest, most exciting, and most challenging branches of the broader discipline of economics and political economy. Although one could claim that Adam Smith was the first "development economist", the systematic study of the problems and processes of economic development in Africa, Asia, and Latin America has emerged only over the past five decades.
This biography of the subject of economic development will focus on the essential ideas in the evolution of development thought and policy over the subject's half-century of life.
In concise form and avoiding undue technicality, it highlights the influence of development theory on policymaking and on the mixed record of successes and failures in promoting development efforts. Gerald Meier-one of the world's most prominent leading thinkers in the economics of development - interprets the past treatment of development problems with the present and future in mind.
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He re-interprets the past two generations of development economists in a contemporary voice. And in a forward-looking fashion, the book's perspectives should make the next generation of development problems-and development economists-more intelligible. The reader is invited to consider whether development economists really know how to put matters right. This timely and authoritative set explores four centuries of good times and hard times in major economies throughout the world. Nearly signed articles cover events from Tulipmania during the s to the U. Written in a clear, accessible style, Booms and Busts supports history and economics curricula, and provides vital insights and perspective for students, teachers, and the general public--anyone interested in understanding the historical precedents, causes, and longer-term effects of the current global economic crisis.
A chronology of major booms and busts throughout history, a glossary of economic terms, sources for further research, a topic finder, and a comprehensive index help make this encyclopedia the definitive reference on one of the most critical issues of our time. The big economic story of our times is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long.
The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe. So says Deirdre N.
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McCloskey in Bourgeois Dignity, a fiercely contrarian history that wages a similar argument about economics in the West. She turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them.
During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. Bourgeois Dignity is a feast of intellectual riches from one of our most spirited and ambitious historians. There's little doubt that most humans today are better off than their forebears. Stunningly so, the economist and historian Deirdre McCloskey argues in the concluding volume of her trilogy celebrating the oft-derided virtues of the bourgeoisie.
The poorest of humanity, McCloskey shows, will soon be joining the comparative riches of Japan and Sweden and Botswana. McCloskey disagrees, fiercely.
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It was ideas, not matter, that drove "trade-tested betterment. The World Bank orthodoxy of "add institutions and stir" doesn't work, and didn't. McCloskey builds a powerful case for the initiating role of ideas--ideas for electric motors and free elections, of course, but more deeply the bizarre and liberal ideas of equal liberty and dignity for ordinary folk. Liberalism arose from theological and political revolutions in northwest Europe, yielding a unique respect for betterment and its practitioners, and upending ancient hierarchies.
Commoners were encouraged to have a go, and the bourgeoisie took up the Bourgeois Deal, and we were all enriched. Few economists or historians write like McCloskey--her ability to invest the facts of economic history with the urgency of a novel, or of a leading case at law, is unmatched.
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She summarizes modern economics and modern economic history with verve and lucidity, yet sees through to the really big scientific conclusion. Not matter, but ideas. Big books don't come any more ambitious, or captivating, than Bourgeois Equality.
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For a century and a half, the artists and intellectuals of Europe have scorned the bourgeoisie. And for a millennium and a half, the philosophers and theologians of Europe have scorned the marketplace. Can you be virtuous and bourgeois? Do markets improve ethics? Has capitalism made us better as well as richer?
The Bourgeois Virtues is nothing less than a dazzling reinterpretation of Western intellectual history, a dead-serious reply to the critics of capitalism—and a surprising page-turner.