Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 0691210047
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
"[This book] argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a 'focal point' approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state: the politicians, judges, and bureaucrats enforcing them. He demonstrates the connections between social norms and the law and shows how well conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact: a framework applicable to both less developed countries and the developed world"--Jacket.
Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 0691177686
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
A leading economist offers a radically new approach to the economic analysis of the law In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative for how the relationship between economics and real-world law enforcement can be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a "focal point" approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state—the politicians, judges, and bureaucrats—enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world. Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society.
Author: Nicola Gennaioli
Publisher: Princeton University Press
ISBN: 0691202230
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
"How investor expectations move markets and the economy. The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people--and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters."--
Author: Drew Gilpin Faust
Publisher: Vintage
ISBN: 0375703837
Category : History
Languages : en
Pages : 385
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Book Description
NATIONAL BESTSELLER • NATIONAL BOOK AWARD FINALIST • An "extraordinary ... profoundly moving" history (The New York Times Book Review) of the American Civil War that reveals the ways that death on such a scale changed not only individual lives but the life of the nation. An estiated 750,000 soldiers lost their lives in the American Civil War. An equivalent proportion of today's population would be seven and a half million. In This Republic of Suffering, Drew Gilpin Faust describes how the survivors managed on a practical level and how a deeply religious culture struggled to reconcile the unprecedented carnage with its belief in a benevolent God. Throughout, the voices of soldiers and their families, of statesmen, generals, preachers, poets, surgeons, nurses, northerners and southerners come together to give us a vivid understanding of the Civil War's most fundamental and widely shared reality. With a new introduction by the author, and a new foreword by Mike Mullen, 17th Chairman of the Joint Chiefs of Staff.
Author: Gregg L. Frazer
Publisher: University Press of Kansas
ISBN: 0700620214
Category : History
Languages : en
Pages : 312
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Book Description
Were America's Founders Christians or deists? Conservatives and secularists have taken each position respectively, mustering evidence to insist just how tall the wall separating church and state should be. Now Gregg Frazer puts their arguments to rest in the first comprehensive analysis of the Founders' beliefs as they themselves expressed them-showing that today's political right and left are both wrong. Going beyond church attendance or public pronouncements made for political ends, Frazer scrutinizes the Founders' candid declarations regarding religion found in their private writings. Distilling decades of research, he contends that these men were neither Christian nor deist but rather adherents of a system he labels "theistic rationalism," a hybrid belief system that combined elements of natural religion, Protestantism, and reason-with reason the decisive element. Frazer explains how this theological middle ground developed, what its core beliefs were, and how they were reflected in the thought of eight Founders: John Adams, Thomas Jefferson, Benjamin Franklin, James Wilson, Gouverneur Morris, James Madison, Alexander Hamilton, and George Washington. He argues convincingly that Congregationalist Adams is the clearest example of theistic rationalism; that presumed deists Jefferson and Franklin are less secular than supposed; and that even the famously taciturn Washington adheres to this theology. He also shows that the Founders held genuinely religious beliefs that aligned with morality, republican government, natural rights, science, and progress. Frazer's careful explication helps readers better understand the case for revolutionary recruitment, the religious references in the Declaration of Independence, and the religious elements-and lack thereof-in the Constitution. He also reveals how influential clergymen, backing their theology of theistic rationalism with reinterpreted Scripture, preached and published liberal democratic theory to justify rebellion. Deftly blending history, religion, and political thought, Frazer succeeds in showing that the American experiment was neither a wholly secular venture nor an attempt to create a Christian nation founded on biblical principles. By showcasing the actual approach taken by these key Founders, he suggests a viable solution to the twenty-first-century standoff over the relationship between church and state-and challenges partisans on both sides to articulate their visions for America on their own merits without holding the Founders hostage to positions they never held.
Author: Gerasimos Santas
Publisher: John Wiley & Sons
ISBN: 9781444320145
Category : Philosophy
Languages : en
Pages : 256
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Book Description
Understanding Plato’s Republic is an accessible introduction to the concepts of justice that inform Plato’s Republic, elucidating the ancient philosopher's main argument that we would be better off leading just lives rather than unjust ones Provides a much needed up to date discussion of The Republic's fundamental ideas and Plato's main argument Discusses the unity and coherence of The Republic as a whole Written in a lively style, informed by over 50 years of teaching experience Reveals rich insights into a timeless classic that holds remarkable relevance to the modern world
Author: Minouche Shafik
Publisher: Princeton University Press
ISBN: 069120764X
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.
Author: John Harmon McElroy
Publisher: Ivan R. Dee
ISBN: 1461730295
Category : History
Languages : en
Pages : 273
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Book Description
Why do so many different people with widely dissimilar ideas and customs get along as Americans? In American Beliefs, John McElroy identifies and explains those essential ideas that promote the unity of a vast nation and a diversified people—because they have been shared and acted upon by generations of Americans. Tracing these beliefs historically from their origins in the earliest experiences of the American colonists, Mr. McElroy shows how they became continuing convictions that together form a pattern distinct from those of other peoples. Work, he argues, shaped the primary beliefs of Americans, for the task of the early settlers was first of all to survive in a new wilderness. He then goes on to discuss beliefs that grew from the experiences of immigrants, from life on the frontier, and from the ideas that Americans developed about religion and morality, politics, human nature, and the workings of society. It is not birthplace or skin color that makes a person an American, Mr. McElroy observes, but a common behavior based upon principles of freedom and equality, individuality and responsibility, improvement and practicality. American Beliefs is a book greatly needed, a powerful antidote to decades of historical and political writings that have concentrated on the differences among Americans.
Author: Laura L. Veldkamp
Publisher: Princeton University Press
ISBN: 0691248095
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
An authoritative graduate textbook on information choice, an exciting frontier of research in economics and finance Most theories in economics and finance predict what people will do, given what they know about the world around them. But what do people know about their environments? The study of information choice seeks to answer this question, explaining why economic players know what they know—and how the information they have affects collective outcomes. Instead of assuming what people do or don't know, information choice asks what people would choose to know. Then it predicts what, given that information, they would choose to do. In this textbook, Laura Veldkamp introduces graduate students in economics and finance to this important new research. The book illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas. It shows how to build and test applied theory models with information frictions. And it covers recent work on topics such as rational inattention, information markets, and strategic games with heterogeneous information. Illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas Teaches how to build and test applied theory models with information frictions Covers recent research on topics such as rational inattention, information markets, and strategic games with heterogeneous information
Author: Glory M. Liu
Publisher: Princeton University Press
ISBN: 0691240868
Category : Business & Economics
Languages : en
Pages : 384
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Book Description
The unlikely story of how Americans canonized Adam Smith as the patron saint of free markets Originally published in 1776, Adam Smith’s The Wealth of Nations was lauded by America’s founders as a landmark work of Enlightenment thinking about national wealth, statecraft, and moral virtue. Today, Smith is one of the most influential icons of economic thought in America. Glory Liu traces how generations of Americans have read, reinterpreted, and weaponized Smith’s ideas, revealing how his popular image as a champion of American-style capitalism and free markets is a historical invention. Drawing on a trove of illuminating archival materials, Liu tells the story of how an unassuming Scottish philosopher captured the American imagination and played a leading role in shaping American economic and political ideas. She shows how Smith became known as the father of political economy in the nineteenth century and was firmly associated with free trade, and how, in the aftermath of the Great Depression, the Chicago School of Economics transformed him into the preeminent theorist of self-interest and the miracle of free markets. Liu explores how a new generation of political theorists and public intellectuals has sought to recover Smith’s original intentions and restore his reputation as a moral philosopher. Charting the enduring fascination that this humble philosopher from Scotland has held for American readers over more than two centuries, Adam Smith’s America shows how Smith continues to be a vehicle for articulating perennial moral and political anxieties about modern capitalism.
