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Author: Steven N. S. Cheung
Publisher: Hobart Papers (Paperback)
ISBN:
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
For over 50 years economists have argued that where private costs or benefits differ from social costs or benefits - in noise, smells, congestion, pollution of the environment - there is a 'clear case' for government intervention to correct the divergence. This argument has been used to justify almost endless intervention. However, the original analysts of social costs/benefits were led into error by failing to test their propositions against the evidence of real life. Painstaking empirical studies clearly demonstrate these errors. A divergence between private and social cost is no decisive justification for government action to correct it. The costs of intervention often outweigh the social benefits. Moreover, the alleged 'externalities' are merely uncontracted effects. Under private property rights, the use of contracts to transact what have been regarded as 'external' effects is far more common than has been commonly recognised.
Author: Steven N. S. Cheung
Publisher: Hobart Papers (Paperback)
ISBN:
Category : Business & Economics
Languages : en
Pages : 108
Get Book Here
Book Description
For over 50 years economists have argued that where private costs or benefits differ from social costs or benefits - in noise, smells, congestion, pollution of the environment - there is a 'clear case' for government intervention to correct the divergence. This argument has been used to justify almost endless intervention. However, the original analysts of social costs/benefits were led into error by failing to test their propositions against the evidence of real life. Painstaking empirical studies clearly demonstrate these errors. A divergence between private and social cost is no decisive justification for government action to correct it. The costs of intervention often outweigh the social benefits. Moreover, the alleged 'externalities' are merely uncontracted effects. Under private property rights, the use of contracts to transact what have been regarded as 'external' effects is far more common than has been commonly recognised.
Author:
Publisher: Arcadia Press Ltd.
ISBN: 9789628806096
Category : Externalities (Economics)
Languages : en
Pages : 112
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Book Description
Author: Stephanie Kelton
Publisher: PublicAffairs
ISBN: 1541736206
Category : Business & Economics
Languages : en
Pages : 311
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Book Description
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
Author: Robert H. Frank
Publisher: Princeton University Press
ISBN: 0691178305
Category : Business & Economics
Languages : en
Pages : 202
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Book Description
From New York Times bestselling author and economics columnist Robert Frank, a compelling book that explains why the rich underestimate the importance of luck in their success, why that hurts everyone, and what we can do about it How important is luck in economic success? No question more reliably divides conservatives from liberals. As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success—and why that hurts everyone, even the wealthy. Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones—and enormous income differences—over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways. But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year—more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, noncontroversial steps. Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.
Author: Colin Campbell
Publisher: Cambridge University Press
ISBN: 9780521646369
Category : Social Science
Languages : en
Pages : 212
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Book Description
The Myth of Social Action, first published in 1996, is a powerful critique of the sociology of the time and a call to reject the prevailing orthodoxy. Arguing that sociological theory had lost its way, Colin Campbell mounts a case for a new 'dynamic interpretivism' a perspective on human conduct which is more inkeeping with the spirit of traditional Weberian action theory. Discussing and dismissing one by one the main arguments of those who reject individualistic action theory, he demonstrates that this has been wrongly rejected in favour of the interactional, social situationalist approach now dominating sociological thought.
Author: Rodrigo Aguilera
Publisher: Watkins Media Limited
ISBN: 1912248816
Category : Political Science
Languages : en
Pages : 378
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Book Description
Despite the doom and gloom of financial crises, global terrorism, climate collapse, and the rise of the far-right, a number of leading intellectuals (Steven Pinker, Hans Rosling, Johan Norberg, and Matt Ridley, among others) have been arguing in recent years that the world is getting better and better. But this “progress narrative” is little more than a very conservative defence of the capitalist status quo. At a time when liberal democracy appears incapable of stemming the tide of the far-right populism, and when laissez-faire capitalism is ill-equipped to deal with socio-economic problems like climate change, inequality, and the future of wok, the real advocates of progress are those willing to challenge these established paradigms. The Glass Half-Empty argues that, without criticising the systems of capitalism, the changes needed to make a better world will always fall short of our expectations. The "progress narrative" needs to be challenged before we stumble into a potentially catastrophic future, despite having the means to build a truly better world.
Author: Kent Greenfield
Publisher: Yale University Press
ISBN: 0300178875
Category : Psychology
Languages : en
Pages : 316
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Book Description
Freedom of choice is at the core of the American story. But what if choice is fake?Americans are fixated on the idea of choice. Our political theory is based on the consent of the governed. Our legal system is built upon the argument that people freely make choices and bear responsibility for them. And what slogan could better express the heart of our consumer culture than "Have it your way"?In this provocative book, Kent Greenfield poses unsettling questions about the choices we make. What if they are more constrained and limited than we like to think? If we have less free will than we realize, what are the implications for us as individuals and for our society? To uncover the answers, Greenfield taps into scholarship on topics ranging from brain science to economics, political theory to sociology. His discoveries—told through an entertaining array of news events, personal anecdotes, crime stories, and legal decisions—confirm that many factors, conscious and unconscious, limit our free will. Worse, by failing to perceive them we leave ourselves open to manipulation. But Greenfield offers useful suggestions to help us become better decision makers as individuals, and to ensure that in our laws and public policy we acknowledge the complexity of choice.
Author:
Publisher:
ISBN:
Category : Computer network resources
Languages : en
Pages : 300
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Book Description
Author: Jonathan Tepper
Publisher: John Wiley & Sons
ISBN: 1394184069
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.
Author: Paolo Ramazzotti
Publisher: Routledge
ISBN: 0415508460
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
This book deals with the current crises from a somewhat different the usual perspectives. It claims that causes and policy implications of these crises cannot be properly assessed by focusing on allocative efficiency or income growth alone; it requires a more general approach, based on social costs. It does not deal with social costs according to the Pigouvian or the Coasian traditions. It draws on the work of Original Institutional Economics (OIE) such as Thorstein Veblen, Karl William Kapp, and Karl Polanyi, on Post-Keynesians such as Hyman Minsky and, in general, on authors who have provided insights beyond the conventional wisdom of economic thought.
