Combining powerful insights from theory with close observation of data, Robert Barro’s new book goes a long way toward the establishment of an empirically based macroeconomic theory.
Barro first presents a positive theory of government economic policymaking by using applied game theory to model strategic interactions between policymakers and the private sector. He applies this framework to questions of rules, discretion, and reputation in monetary policy. He then takes a close look at whether monetary disturbances have a strong effect on business fluctuations, concluding that the effect is neither as strong nor as pervasive as many economists have believed. He consequently turns his attention from monetary policy to fiscal policy. The originator of the modern theory of Ricardian equivalence, which says that taxes and budget deficits are logically equivalent, Barro summarizes the current debate and argues that the Ricardian theorem is the correct starting point for the analysis of intertemporal government finance. Finally, stating his belief that macroeconomists have probably spent too much time thinking about deficits—which relate to how government spending is financed—and not enough about the effects of government expenditures themselves, he examines evidence of the macroeconomic effects of government spending in the United States and Great Britain.
Making Development Sustainable is an integrated series of essays on the policies for sustainable development from one of the leading policy research institutes for environmental and development issues.
Using a wide array of historical and contemporary sources, Way explores the multiple intersections of development and individual life, focusing on the construction of social space through successive waves of land reform, urban planning, and economic policy. His explorations move from Guatemala City's poorest neighborhoods and informal economies (run predominantly by women) to a countryside still recovering from civil war and anti-Mayan genocide, and they encompass such artifacts of development as the modernist Pan-American Highway and the postmodern Grand Tikal Futura, a Mayan-themed shopping mall ringed by gated communities and shantytowns. Capitalist development, Way concludes, has dramatically reshaped the country's physical and social landscapes—engendering poverty, ethnic regionalism, and genocidal violence—and positioned Guatemala as a harbinger of globalization's future.
After World War II, an unprecedented age of global development began. The formation of the World Bank and the International Monetary Fund allowed war torn and poverty stricken nations to become willing debtors in their desire to entice Western investment and trade. New capital, it was foretold, would pave the way to political and economic stability, and the benefits would “trickle down” to even the poorest citizens. The hyperbole of this neocolonialism, however, has left many of these countries with nothing but compounded debt and unfulfilled promises.
The Megarhetorics of Global Development examines rhetorical strategies used by multinational corporations, NGOs, governments, banks, and others to further their own economic, political, or technological agendas. These wide-ranging case studies employ rhetorical theory, globalization scholarship, and analysis of cultural and historical dynamics to offer in-depth critiques of development practices and their material effects. By deconstructing megarhetorics, at both the local and global level, and following their paths of mobilization and diffusion, the concepts of “progress” and “growth” can be reevaluated, with the end goal of encouraging self-sustaining and ethical outcomes.
Far more than an intellectual puzzle for pundits, economists, and policymakers, economic growth--its makings and workings--is a subject that affects the well-being of billions of people around the globe. In The Mystery of Economic Growth, Elhanan Helpman discusses the vast research that has revolutionized understanding of this subject in recent years, and summarizes and explains its critical messages in clear, concise, and accessible terms.
The tale of growth economics, as Helpman tells it, is organized around a number of themes: the importance of the accumulation of physical and human capital; the effect of technological factors on the rate of this accumulation; the process of knowledge creation and its influence on productivity; the interdependence of the growth rates of different countries; and, finally, the role of economic and political institutions in encouraging accumulation, innovation, and change.
One of the leading researchers of economic growth, Helpman succinctly reviews, critiques, and integrates current research--on capital accumulation, education, productivity, trade, inequality, geography, and institutions--and clarifies its relevance for global economic inequities. In particular, he points to institutions--including property rights protection, legal systems, customs, and political systems--as the key to the mystery of economic growth. Solving this mystery could lead to policies capable of setting the poorest countries on the path toward sustained growth of per capita income and all that that implies--and Helpman's work is a welcome and necessary step in this direction.
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