front cover of Economic and Financial Crises in Emerging Market Economies
Economic and Financial Crises in Emerging Market Economies
Edited by Martin Feldstein
University of Chicago Press, 2003
In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the developing world. The crises eventually spread to Russia, Turkey, and Latin America, and impacted the economies of many industrialized nations as well. In today's increasingly interdependent world, finding ways to reduce the risk of future crises—and to improve the management of crises when they occur—has become an international policy challenge of paramount importance.

This book rises to that challenge, presenting accessible papers and commentaries on the topic not only from leading academic economists, but also from high-ranking government officials (in both industrial and developing nations), senior policymakers at international institutions, and major financial investors. Six non-technical papers, each written by a specialist in the topic, provide essential economic background, introducing sections on exchange rate regimes, financial policies, industrial country policies, IMF stabilization policies, IMF structural programs, and creditor relations. Next, personal statements from the major players give firsthand accounts of what really went on behind the scenes during the crises, giving us a rare glimpse into how international economic policy decisions are actually made. Finally, wide-ranging discussions and debates sparked by these papers and statements are summarized at the end of each section.

The result is an indispensable overview of the key issues at work in these crises, written by the people who move markets and reshape economies, and accessible to not just economists and policymakers, but also to educated general readers.

Montek S. Ahluwalia, Domingo F. Cavallo, William R. Cline, Andrew Crockett, Michael P. Dooley, Sebastian Edwards, Stanley Fischer, Arminio Fraga, Jeffrey Frankel, Jacob Frenkel, Timothy F. Geithner, Morris Goldstein, Paul Keating, Mervyn King, Anne O. Krueger, Roberto Mendoza, Frederic S. Mishkin, Guillermo Ortiz, Yung Chul Park, Nouriel Roubini, Robert Rubin, Jeffrey Sachs, Ammar Siamwalla, George Soros

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The Economic Approach
Unpublished Writings of Gary S. Becker
Gary S. Becker
University of Chicago Press, 2023

A revealing collection from the intellectual titan whose work shaped the modern world.

As an economist and public intellectual, Gary S. Becker was a giant. The recipient of a Nobel Prize, a John Bates Clark Medal, and a Presidential Medal of Freedom, Becker is widely regarded as the greatest microeconomist in history.

After forty years at the University of Chicago, Becker left a slew of unpublished writings that used an economic approach to human behavior, analyzing such topics as preference formation, rational indoctrination, income inequality, drugs and addiction, and the economics of family.

These papers unveil the process and personality—direct, critical, curious—that made him a beloved figure in his field and beyond. The Economic Approach examines these extant works as a capstone to the Becker oeuvre—not because the works are perfect, but because they offer an illuminating, instructive glimpse into the machinations of an economist who wasn’t motivated by publications. Here, and throughout his works, an inquisitive spirit remains remarkable and forever resonant.


front cover of Economic Dimensions of Personalized and Precision Medicine
Economic Dimensions of Personalized and Precision Medicine
Edited by Ernst R. Berndt, Dana P. Goldman, and John Rowe
University of Chicago Press, 2019
Personalized and precision medicine (PPM)—the targeting of therapies according to an individual’s genetic, environmental, or lifestyle characteristics—is becoming an increasingly important approach in health care treatment and prevention. The advancement of PPM is a challenge in traditional clinical, reimbursement, and regulatory landscapes because it is costly to develop and introduces a wide range of scientific, clinical, ethical, and socioeconomic issues. PPM raises a multitude of economic issues, including how information on accurate diagnosis and treatment success will be disseminated and who will bear the cost; changes to physician training to incorporate genetics, probability and statistics, and economic considerations; questions about whether the benefits of PPM will be confined to developed countries or will diffuse to emerging economies with less developed health care systems; the effects of patient heterogeneity on cost-effectiveness analysis; and opportunities for PPM’s growth beyond treatment of acute illness, such as prevention and reversal of chronic conditions.
This volume explores the intersection of the scientific, clinical, and economic factors affecting the development of PPM, including its effects on the drug pipeline, on reimbursement of PPM diagnostics and treatments, and on funding of the requisite underlying research; and it examines recent empirical applications of PPM.   

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Economic Diversity in Contemporary Timor-Leste
Kelly Silva
Leiden University Press, 2023
Economic Diversity in Contemporary Timor-Leste analyses various economic dynamics in past and present Timor-Leste. Comprising 14 research chapters, the volume brings to the fore: 1) local, community-based economic values and arrangements; 2) community-based entanglements with a market-driven economy; 3) the colonial and postcolonial governance praxis through which a market-driven economy has permeated the country, and 4) the creative and place-based ways through which local people have responded to these transformations. The collection challenges hegemonic, market-driven analyses which characterise Timor-Leste’s economy as weak, deformed and homogenised and demonstrates the myriad of socially embedded ways through which Timor-Leste’s economy is diverse, richly complex and continually brought into being. To frame the analysis of these complex economic dynamics in Timor-Leste, the collection’s introduction develops the concept of economic ecologies: the assemblages of institutions and their localised and historical relationships mobilised for reproducing collective life, both in its material and immaterial aspects.

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The Economic Sociology of Immigration
Essays on Networks, Ethnicity, and Entrepreneurship
Alejandro Portes
Russell Sage Foundation, 1995
"Portes suggests that immigration constitutes an especially appropriate Mertonian 'strategic research site' for economic sociology in that it provides very good opportunities for investigating the embeddedness of economic relationships in social situations....the contributors expand the conventional domain of economic sociology quite literally in both time and space."—Contemporary Sociology "Alejandro Portes and his splendid band of collaborators make clear that the causes, processes, and consequences of migration vary dramatically from group to group, that a group's history makes a profound difference to its fate in the American economy. They have produced a sinewy book, a book worth arguing with."—Charles Tilly, Columbia University The Economic Sociology of Immigration forges a dynamic link between the theoretical innovations of economic sociology with the latest empirical findings from immigration research, an area of critical concern as the problems of ethnic poverty and inequality become increasingly profound. Alejandro Portes' lucid overview of sociological approaches to economic phenomena provides the framework for six thoughtful, wide-ranging investigations into ethnic and immigrant labor networks and social resources, entrepreneurship, and cultural assimilation. Mark Granovetter illustrates how small businesses built on the bonds of ethnicity and kinship can, under certain conditions, flourish remarkably well. Bryan R. Roberts demonstrates how immigrant groups' expectations of the duration of their stay influence their propensity toward entrepreneurship. Ivan Light and Carolyn Rosenstein chart how specific metropolitan environments have stimulated or impeded entrepreneurial ventures in five ethnic populations. Saskia Sassen provides a revealing analysis of the unexpectedly flexible and vital labor market networks maintained between immigrants and their native countries, while M. Patricia Fernandez Kelly looks specifically at the black inner city to examine how insular cultural values hinder the acquisition of skills and jobs outside the neighborhood. Alejandro Portes also depicts the difference between the attitudes of American-born youths and those of recent immigrants and its effect on the economic success of immigrant children.

front cover of The Economics of Food Price Volatility
The Economics of Food Price Volatility
Edited by Jean-Paul Chavas, David Hummels, and Brian D. Wright
University of Chicago Press, 2014
There has been an increase in food price instability in recent years, with varied consequences for farmers, market participants, and consumers. Before policy makers can design schemes to reduce food price uncertainty or ameliorate its effects, they must first understand the factors that have contributed to recent price instability. Does it arise primarily from technological or weather-related supply shocks, or from changes in demand like those induced by the growing use of biofuel? Does financial speculation affect food price volatility?

The researchers who contributed to The Economics of Food Price Volatility address these and other questions. They examine the forces driving both recent and historical patterns in food price volatility, as well as the effects of various public policies in affecting this volatility. The chapters include studies of the links between food and energy markets, the impact of biofuel policy on the level and variability of food prices, and the effects of weather-related disruptions in supply. The findings shed light on the way price volatility affects the welfare of farmers, traders, and consumers.

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Entropy Economics
The Living Basis of Value and Production
James K. Galbraith and Jing Chen
University of Chicago Press, 2025

Economists dream of equilibrium. It’s time to wake up.

In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.

Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen’s theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.

Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.


front cover of Envy Up, Scorn Down
Envy Up, Scorn Down
How Status Divides Us
Susan T. Fiske
Russell Sage Foundation, 2011
An insightful examination of why we compare ourselves to those above and below us. The United States was founded on the principle of equal opportunity for all, and this ethos continues to inform the nation's collective identity. In reality, however, absolute equality is elusive. The gap between rich and poor has widened in recent decades, and the United States has the highest level of economic inequality of any developed country. Social class and other differences in status reverberate throughout American life, and prejudice based on another's perceived status persists among individuals and groups. In Envy Up, Scorn Down, noted social psychologist Susan Fiske examines the psychological underpinnings of interpersonal and intergroup comparisons, exploring why we compare ourselves to those both above and below us and analyzing the social consequences of such comparisons in day-to-day life. What motivates individuals, groups, and cultures to envy the status of some and scorn the status of others? Who experiences envy and scorn most? Envy Up, Scorn Down marshals a wealth of recent psychological studies as well as findings based on years of Fiske's own research to address such questions. She shows that both envy and scorn have distinctive biological, emotional, cognitive, and behavioral characteristics. And though we are all "wired" for comparison, some individuals are more vulnerable to these motives than others. Dominant personalities, for example, express envy toward high-status groups such as the wealthy and well-educated, and insecurity can lead others to scorn those perceived to have lower status, such as women, minorities, or the disabled. Fiske shows that one's race or ethnicity, gender, and education all correlate with perceived status. Regardless of whether one is accorded higher or lower status, however, all groups rank their members, and all societies rank the various groups within them. We rate each group as either friend or foe, able or unable, and accordingly assign them the traits of warmth or competence. The majority of groups in the United States are ranked either warm or competent but not both, with extreme exceptions: the homeless or the very poor are considered neither warm nor competent. Societies across the globe view older people as warm but incompetent. Conversely, the very rich are generally considered cold but highly competent. Envy Up, Scorn Down explores the nuances of status hierarchies and their consequences and shows that such prejudice in its most virulent form dehumanizes and can lead to devastating outcomes—from the scornful neglect of the homeless to the envious anger historically directed at Tutsis in Rwanda or Jews in Europe. Individuals, groups, and even cultures will always make comparisons between and among themselves. Envy Up, Scorn Down is an accessible and insightful examination of drives we all share and the prejudice that can accompany comparison. The book deftly shows that understanding envy and scorn—and seeking to mitigate their effects—can prove invaluable to our lives, our relationships, and our society.

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