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A long tradition explains technological change as recombination. Within this tradition, this Element develops an innovative combinatorial model of technological change and tests it with 2,000 years of global GDP data and with data from US patents filed between 1835 and...
This Element explores the topics of terrorism, counterterrorism, and the US government's war on terror following the September 11, 2001 terror attacks. It draw on insights from Austrian and public choice economics. First, the foundations of the economics of terrorism...
The UK has been collaborating with international, primarily European partners in the design, development and production of advanced combat aircraft for over sisty years. Driven by a combination of rising costs and limited domestic markets, collaboration has also been a...
Economics helps us to understand that certain slick mechanisms are operating beyond what we see in our daily economic lives. To fully understand and appreciate these mechanisms, we need to master the core mathematical theories, some of which are highly advanced and...
History is replete with examples of scientists and social scientists working under the yoke of oppressive regimes. In The Closed World of East German Economists, Till Düppe tells the story of a generation of economists whose entire careers coincided with the...
The recent rise of dollar, pound, and euro inflation rates has rekindled the debate over potential alternative monies, particularly gold and Bitcoin. Though Bitcoin has been much discussed in recent years, a basic understanding of how it and gold would work as monetary...
As societies progress, old generations of social agents die and are replaced by new ones. This book explores what happens in this transition as the old guard instructs the new arrivals about the wisdom of their ways. Do new entrants listen and follow the advice of their...
What produces a happy society and a happy life? Thanks to the new science of wellbeing, we can now answer this question using state-of-the-art empirical evidence. This transforms our ability to base our decisions on the outcomes that matter most, namely the wellbeing of...
Drawing from stratification economics, intersectionality, and respectability politics, The Love Jones Cohort centers on the voices and lifestyles of members of the Black middle class who are single and living alone (SALA). While much has been written about both the...
How states develop the capacity to tax is a question of fundamental importance to political science, legal theory, economics, sociology, and history. Increasingly, scholars believe that China's relative economic decline in the 18th and 19th centuries was related to its...
Behavioral economics provides a rich set of explicit models of non-classical preferences and belief formation which can be used to estimate structural models of decision making. At the same time, experimental approaches allow the researcher to exogenously vary...
This Element focuses on the specific role of financial conglomerates in managing banking and financial stability. The Element aims to estimate financial stability in CEE using the constructed aggregate financial stability index, to incorporate the financial stability of...
Recent developments in behavioural economics have deeply influenced the way governments design public policies. They give citizens access to online simulators to cope with tax and benefits systems and increasingly rely on nudges to guide individual decisions. The recent...
Macroeconomics for Emerging East Asia presents a distinctive approach to the study of macroeconomic theory and policy. The author develops a unique analytical framework that incorporates: (1) both internal and external balance as aspects of macroeconomic stability; (2)...
This Element investigates how the Ghanaian household wealth index is impacted by travel time reduction, which is a direct effect of infrastructural investments from 2000 to 2016. The wealth index is constructed based on the possession of selected assets and re?ects the...
For a long time, economists have assumed that we were cold, self-centred, rational decision makers – so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing...
How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives,...
Economic policy is facing crises on multiple fronts. With the effects of the last financial crisis still with us, it is now faced with the new challenges of post-Covid economic recovery and dealing with the negative effects of over consumption on the climate. This book...
The Fourth Industrial Revolution (4IR) is reshaping the globe at a rate far quicker than earlier revolutions. It is also having a greater influence on society and industry. We are currently witnessing extraordinary technology such as self-driving cars and 3D printing,...
Sovereign Wealth Funds are government investment vehicles that have been present for decades. They are usually characterized by minimum information disclosure, however, this situation differed after worldwide events shed light on the role they possess to mitigate their...
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