Having originated in the advanced economies, the Global Financial Crisis (GFC) of 2008–09 spread rapidly to the rest of the world. The impact on the emerging markets, especially those in Asia, though not as severe as that in the advanced countries, was still quite signifi- cant. India withstood the crisis initially but could not remain entirely unaffected for long (especially after the collap…
Econometrics by Example (EBE) is written primarily for undergraduate students in economics, accounting, finance, marketing, and related disciplines. It is also intended for students in MBA programs and for researchers in business, government, and re- search organizations. There are several excellent textbooks in econometrics, written from very elementary to very advanced levels. The writers of…
Yujiro Hayami and Vernon Ruttan worked well together; they did so because they had a profound respect for each other. That respect was the bridge to listening and thinking together in ways that allowed them to build an important theoretical perspective referred to as the “most widely accepted model used today both for understanding agricultural growth processes and as the basis for agricultur…
Why, indeed? A good short answer is that you can’t get away from it. Almost everything you do involves economics. Why do people have to earn a living? Why do some people—heavyweight boxers, rock stars, and movie producers, for example—earn vastly more than bus drivers or policemen? What determines the price of a Big Mac, or, for that matter, a Mack truck? Whenever you have to deal with mo…
In 1849, at a time when classical liberalism was still the dominant ideological force and “economist” and “socialist” were generally considered antonyms, Gustave de Molinari, a renowned Belgian economist, wrote, If there is one well-established truth in political economy, it is this: That in all cases, of all commodities that serve to provide for the tangible or intangible need of the c…
It is customary to open with a remark about how long this study has taken, but the present work may approach an all- time record. My interest in the American South, and in the connection between the race issue and economics, goes back to the summer of 1963, when I traveled to Warren County, North Carolina— a black- majority, tobacco belt county in the northeastern part of the state— to joi…
The use of psychoactive drugs—licit and illicit—is associated with a range of adverse effects on both physical and mental health. Such health consequences range from short-term effects such as insomnia and abdominal pain to longterm effects such as seizures, strokes, paranoia, liver cirrhosis and heart disease (IHME 2013). Other than health effects, drug use is also associated with an …
Since 1986, Viet Nam has been involved in a renovation process (doi moi) in order to promote socioeconomic development and closer integration with the rest of the world. A wide range of theoretical and practical problems have cropped up relating to various aspects of national social life, as well as relationships with foreign countries. These have become urgent topics for research and have …
It is unlikely that there will be much difference of opinion about the fact that along with class, gender continues to be a basic criterion that structures most societies around the globe. In South Asia, the region which provides the main context of the research presented in this book, caste divisions combine with class and gender to generate what must be among the most complex and highly struc…
Initially, the notion of a business case for cloud computing seemed almost redun- dant. It seemed to me that the cost savings associated with cloud computing were self-evident and therefore no further explanation was needed. Based on my conver- sations with people in the industry—consumers, providers, and manufacturers of IT goods and services—cloud adoption appeared to be a foregone conclu…
I’m not a historian. Nor am I a pirate. I’m an economist with a long-standing interest in privately created law and order who happened to wonder one day how pirates cooperated since they had no government. Like many others, my interest in pirates goes back many years. I went to Disney World when I was eight; Pirates of the Caribbean was my favorite ride. My parents bought me a “silver” …
The subject of financial markets is fascinating to many people: to those who care about money and investments, to those who care about the well-being of modern society, to those who like gambling, to those who like applications of mathematics, and so on. We, the authors of this book, care about many of these things (no, not the gambling), but what we care about most is teaching. The main reason…