How We Misunderstand Economics And Why It Matters
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How We Misunderstand Economics And Why It Matters
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Author : David Leiser
language : en
Publisher: Routledge
Release Date : 2018-05-21
How We Misunderstand Economics And Why It Matters written by David Leiser and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-21 with Psychology categories.
This is the first book to explain why people misunderstand economics. From the cognitive shortcuts we use to make sense of complex information, to the metaphors we rely on and their effect on our thinking, this important book lays bare not only the psychological traits that distort our ability to understand such a vital topic, but also what this means for policy makers and civil society more widely. Accessibly written, the book explores the mismatch between the complexities of economics and the constraints of human cognition that lie at the root of our misconceptions. The authors document and explain the gamut of cognitive strategies laypeople employ as they grapple with such complex topics as inflation, unemployment, economic crises, finance, and money in the modern economy. The book examines sources of misconceptions ranging from the intentionality fallacy, whereby economic phenomena are assumed to have been caused deliberately rather than to have come about by an interplay of many agents and causal factors, to the role of ideology in framing economic thinking. Exposing the underlying biases and assumptions that undermine financial and economic literacy, and concluding with recommendations for how policies and ideas should be framed to enable a clearer understanding, this will be essential reading not only for students and researchers across psychology and economics, but also anyone interested in progressive public policy. Visit the associated website for the book here: http://www.misunderstandeconomics.com/
Cogs And Monsters
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Author : Diane Coyle
language : en
Publisher: Princeton University Press
Release Date : 2023-04-11
Cogs And Monsters written by Diane Coyle and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-11 with Business & Economics categories.
How economics needs to change to keep pace with the twenty-first century and the digital economy Digital technology, big data, big tech, machine learning, and AI are revolutionizing both the tools of economics and the phenomena it seeks to measure, understand, and shape. In Cogs and Monsters, Diane Coyle explores the enormous problems—but also opportunities—facing economics today and examines what it must do to help policymakers solve the world’s crises, from pandemic recovery and inequality to slow growth and the climate emergency. Mainstream economics, Coyle says, still assumes people are “cogs”—self-interested, calculating, independent agents interacting in defined contexts. But the digital economy is much more characterized by “monsters”—untethered, snowballing, and socially influenced unknowns. What is worse, by treating people as cogs, economics is creating its own monsters, leaving itself without the tools to understand the new problems it faces. In response, Coyle asks whether economic individualism is still valid in the digital economy, whether we need to measure growth and progress in new ways, and whether economics can ever be objective, since it influences what it analyzes. Just as important, the discipline needs to correct its striking lack of diversity and inclusion if it is to be able to offer new solutions to new problems. Filled with original insights, Cogs and Monsters offers a road map for how economics can adapt to the rewiring of society, including by digital technologies, and realize its potential to play a hugely positive role in the twenty-first century.
Misunderstanding Financial Crises
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Author : Gary B. Gorton
language : en
Publisher: Oxford University Press
Release Date : 2012-11-02
Misunderstanding Financial Crises written by Gary B. Gorton and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.
Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.
The Economics Of The Mishnah
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Author : Jacob Neusner
language : en
Publisher: University of Chicago Press
Release Date : 1990-03
The Economics Of The Mishnah written by Jacob Neusner and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-03 with Business & Economics categories.
In this compelling study, Jacob Neusner argues that economics is an active and generative ingredient of the system of the Mishnah. The Mishnah directly addresses such economic concerns as the value of work, agronomics, currency, commerce and the marketplace, and correct management of labor and of the household. In all its breadth, the Mishnah poses the question of the critical place occupied by the economy in society under God's rule. The Economics of the Mishnah is the first book to examine the place of economic theory generally in the Judaic system of the Mishnah. Jacob Neusner begins by surveying previous work on economics and Judaism, the best known being Werner Sombart's The Jews and Modern Capitalism. The mistaken notion that Jews have had a common economic history has outlived the demise of Sombart's argument, and it is a notion that Neusner overturns before discussing the Mishnaic economics. Only in Aristotle, Neusner argues, do we find an equal to the Mishnah's accomplishment in engaging economics in the service of a larger systemic statement. Neusner shows that the framers of the Mishnah imagined a distributive economy functioning through the Temple and priesthood, while also legislating for the action of markets. The economics of the Mishnah, then, is to some extent a mixed economy. The dominant, distributive element in this mixed economy, Neusner contends, derives from the belief that the Temple and its designated castes on earth exercise God's claim to the ownership of the holy land. He concludes by considering the implications of the derivation of the Mishnah's economics from the interests of the undercapitalized and overextended farmer.
Climate Of The Middle
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Author : Arjen Siegmann
language : en
Publisher: Springer Nature
Release Date : 2022-01-04
Climate Of The Middle written by Arjen Siegmann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-04 with Political Science categories.
This Open Access book presents a multidisciplinary perspective to increase our understanding of climate policies that are rooted in the natural moral inclinations of people, families and firms. Which policies prevent a widening gap between higher and lower educated people? Which policy instruments are there, and how could they be used? What is the role of free entrepreneurship? In this book, academics from different fields have brought together their knowledge and expertise to reflect on the following three questions: How are the polarised positions on climate change of different groups related to their moral outlook, world view, tradition, cultural norms and values? What is a good distribution of responsibilities between firms, households and the government relating to climate change? What are possible avenues where the climate policies are a natural extension of moral inclinations of families and firms, such as the stewardship for the natural environment and the climate? This book will be of interest to policy and decision-makers, students of social and behavioural sciences, and those interested climate change policies and how this effects our lives
Should Differences In Income And Wealth Matter Volume 19 Part 1
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Author : Ellen Frankel Paul
language : en
Publisher: Cambridge University Press
Release Date : 2002-01-28
Should Differences In Income And Wealth Matter Volume 19 Part 1 written by Ellen Frankel Paul and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-28 with Business & Economics categories.
These essays assess the empirical and theoretical questions raised by inequalities of income and wealth.
A Research Agenda For Economic Psychology
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Author : Katharina Gangl
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
A Research Agenda For Economic Psychology written by Katharina Gangl and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Economics categories.
This book presents state of the art reviews on classical and novel research fields in economic psychology. Internationally acknowledged experts and the next generation of younger researchers summarize the knowledge in their fields and outline promising avenues of future research. Chapters include fundamental as well as applied research topics such as the psychology of money, experience-based product design and the enhancement of financial capabilities. The book is targeted particularly towards researchers and advanced students looking to update their knowledge and refresh their thinking on future research developments.
The Dismal Science
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Author : Stephen A. Marglin
language : en
Publisher: Harvard University Press
Release Date : 2008-01-31
The Dismal Science written by Stephen A. Marglin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-31 with Business & Economics categories.
Insurance may be an efficient way of organizing resources, but the deep social and human ties that constitute community are weakened by the shift from reciprocity to market relations. This book dissects the ways in which foundational assumptions of economics justify a world in which social connections are impoverished.
Worst Things First
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Author : Adam M. Finkel
language : en
Publisher: Routledge
Release Date : 2014-04-04
Worst Things First written by Adam M. Finkel and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-04 with Nature categories.
For any government agency, the distribution of available resources among problems or programs is crucially important. Agencies, however, typically lack a self-conscious process for examining priorities, much less an explicit method for defining what priorities should be. Worst Things First? illustrates the controversy that ensues when previously implicit administrative processes are made explicit and subjected to critical examination. It reveals surprising limitations to quantitative risk assessment as an instrument for precise tuning of policy judgments. The book also demonstrates the strength of political and social forces opposing the exclusive use of risk assessment in setting environmental priorities.
A Country Is Not A Company
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Author : Paul R. Krugman
language : en
Publisher: Harvard Business Press
Release Date : 2009
A Country Is Not A Company written by Paul R. Krugman and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Nobel-Prize-winning economist Paul Krugman argues that business leaders need to understand the differences between economic policy on the national and international scale and business strategy on the organizational scale. Economists deal with the closed system of a national economy, whereas executives live in the open-system world of business. Moreover, economists know that an economy must be run on the basis of general principles, but businesspeople are forever in search of the particular brilliant strategy. Krugman's article serves to elucidate the world of economics for businesspeople who are so close to it and yet are continually frustrated by what they see. Since 1922, Harvard Business Review has been a leading source of breakthrough management ideas-many of which still speak to and influence us today. The Harvard Business Review Classics series now offers readers the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world-and will have a direct impact on you today and for years to come.