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Neoclassical Finance (Princeton Lectures in Finance)
Stephen A. Ross Manufacturer: Princeton University Press ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0691121389 |
Book Description
Neoclassical Finance provides a concise and powerful account of the underlying principles of modern finance, drawing on a generation of theoretical and empirical advances in the field. Stephen Ross developed the no arbitrage principle, tying asset pricing to the simple proposition that there are no free lunches in financial markets, and jointly with John Cox he developed the related concept of risk-neutral pricing. In this book Ross makes a strong case that these concepts are the fundamental pillars of modern finance and, in particular, of market efficiency. In an efficient market prices reflect the information possessed by the market and, as a consequence, trading schemes using commonly available information to beat the market are doomed to fail.
By stark contrast, the currently popular stance offered by behavioral finance, fueled by a number of apparent anomalies in the financial markets, regards market prices as subject to the psychological whims of investors. But without any appeal to psychology, Ross shows that neoclassical theory provides a simple and rich explanation that resolves many of the anomalies on which behavioral finance has been fixated.
Based on the inaugural Princeton Lectures in Finance, sponsored by the Bendheim Center for Finance of Princeton University, this elegant book represents a major contribution to the ongoing debate on market efficiency, and serves as a useful primer on the fundamentals of finance for both scholars and practitioners.
Customer Reviews:
What!?.......2006-01-04
Excellent riposte to the behavioralists.......2004-11-20
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The Macroeconomic Debate: Models of the Closed and Open Economy
Brian Hillier Manufacturer: Blackwell Publishing Limited ProductGroup: Book Binding: Paperback ASIN: 0631177582 |
Book Description
This textbook, originally published as Macroeconomics: Models, Debates and Developments, enables readers to understand the current debate amongst macroeconomists by examining the major theoretical controversies that have raged in macroeconomics since the publication of Keynes' General Theory.In a clear and concise style, Brian Hillier uses simple macroeconomic models to show how the controversies have led to the development of new ideas and further debate. The key issues fought over today by New Classical, New Keynesian and Monetarist economists are shown to have their roots in the debate between Keynes and the Classics. For this new edition, the author has increased the space given to open economy models to show how the closed economy models developed earlier in the book can be developed earlier in the book can be developed to deal with important open economy issues. Topics covered include Keynes versus the Classics; does fiscal policy really matter?; is there a trade-off between inflation and unemployment?; and can the government maintain the exchange rate without losing control of fiscal and monetary policy?
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Evolutionary Economics: Program and Scope (Recent Economic Thought, Volume 74) (Recent Economic Thought)
Manufacturer: Springer ProductGroup: Book Binding: Hardcover ASIN: 0792373944 |
Book Description
Evolutionary Economics: Program and Scope offers a fresh look at the paradigmatic foundations and basic theoretical propositions of economics. Twelve authors - each of them with his own distinct contribution to economics - make a step forward by reinterpreting major areas of micro and macroeconomics in line with modern evolutionary thinking. This volume offers a unified approach to economics that allows recent developments in various strands of Evolutionary Economics to be integrated and major positions of Neoclassical Economics to be reconsidered.
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Shoveling Fuel for a Runaway Train: Errant Economists, Shameful Spenders, and a Plan to Stop them All
Brian Czech Manufacturer: University of California Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0520225147 |
Book Description
Americans have been conditioned to appreciate, cheer, and serve economic growth. Brian Czech argues that, while economic growth was a good thing for much of American history, somewhere along the way it turned bad, depleting resources, polluting the environment, and threatening posterity. Yet growth remains a top priority of the public and polity. In this revolutionary manifesto, Czech knocks economic growth off the pedestal of American ideology. Seeking nothing less than a fundamental change in public opinion, Czech makes a bold plea for castigating society's biggest spenders and sets the stage for the "steady state revolution."Customer Reviews:
Slow down that train.......2005-11-03
This book does more harm than good.......2004-10-25
Another important clue in uncovering the world we live in.......2004-05-03
Brian has uncovered and clarified issues which have probably been rolling around in the back of many of our minds, for example the link between Darwinism, Maslow's heirarchy, and sexuality. (The real spirit of how things work is deeply embedded in our passions, sexuality, etc, and we must uncover these things to get to the root of all critical life issues). He also proposed a viewpoint of the role of the wealthy in our society, how their behavior impacts our economny and ecology, and how we all are capable of the same behavior if we had a few more dollars in our pocket, so perhaps a little better understanding of each other across "classes" is in order.
Brian only loosely alluded to the role of addiction in the behavior of the wealthy (e.g. if you have a hundred million dollars, why do you need more, what are you trying to prove, and aren't you in a position to exercize the most important human / spirtual values?). Perhaps a closer look at the role of addiction and prevalance of addictive behaviors and how they contribute to "success" and sustain destructive behaviors and ego based delusions at the expense of a more spirtual well roundedness would be in order.
Brian makes an excellent point about how a real solution requires a change in the mindset of the populace (very Jeffersonian) to be more aware and more involved in solving these problems, however he falls short with solid solutions. But then again, maybe there are no simple solutions. This book is about awareness, and it does a great job at it.
Part I by itself would have earned 5 stars.......2004-01-04
The underlying theme of the book is that neoclassical economists support a theory that the economy can sustain infinite growth, while the ecological economists claim that at some point, the growth will inevitably slow and then stop (more likely crash) because it is impossible in practicality to sustain growth forever. The book starts off with some interesting points about economic growth and sustainability in Part I, and then goes off the deep end in Part II as the author shares his proposed plan for achieving a 'steady-state economy.'
The plan in a nutshell: everyone should live very modestly, regardless of their income level, and whenever they notice someone else spending more money than they feel is necessary, they should immediately judge them and try to shame them into changing their ways. The goal is for society to become repulsed by conspicuous consumption to the extent that those in the financial top 1% of society are pressured to reform themselves and give their extra money away to those in need.
Although Part I is good enough to justify the purchase price, I would recommend skipping Part II in its entirety.
Rampant overspending begins with buying this book.......2003-11-19
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The Struggle over the Soul of Economics
Yuval P. Yonay Manufacturer: Princeton University Press ProductGroup: Book Binding: Hardcover ASIN: 0691034192 |
Book Description
This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering their impact and by analyzing the conflicts that arose between neoclassicists and institutionalists, Yonay brings to life a hidden chapter in the history of economics.
The author is a sociologist of science who brings a unique perspective to economic history. By utilizing the actor-network approach of Bruno Latour and Michel Callon, he arrives at a deeper understanding of the nature of the changes that took place in the practice of economics. His analysis also illuminates a broader set of issues concerning the nature of scientific practice and the forces behind changes in scientific knowledge.
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This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering their impact and by analyzing the conflicts that arose between neoclassicists and institutionalists, Yonay brings to life a hidden chapter in the history of economics. The author is a sociologist of science who brings a unique perspective to economic history. By utilizing the actor-network approach of Bruno Latour and Michel Callon, he arrives at a deeper understanding of the nature of the changes that took place in the practice of economics. His analysis also illuminates a broader set of issues concerning the nature of scientific practice and the forces behind changes in scientific knowledge.Customer Reviews:
Economist, know your soul.......2000-10-16
It illuminates many puzzles. Central is that of the ideas that dominated post-war Western (especially Anglo-Saxon) policy making. That is, until economists came through who could do the maths (rather than things like Edgeworth boxes) who ran the show? Why were people like Wesley C. Mitchell, Arthur Burns and others, who played dominant roles in US conomic policy-making, so very different in approach and attitude to what followed once Samuelson and others had effected the mathematical revolution.
The crucial point made is that both institutionalists and the necoclassicals they fought were swept away by the post-war mathematicisation of economics. In this sense, neo-institutionalists are no more modern-day institutionalists than neo-classicals are modern classical economists. The failed institionalist attempt to create a basis for economics that would start from a fresh examination of the massive amounts of data that was coming available sits beside the gathering evidence that modern econometrics, co-integration and all, in effect does little more. Thus the massive tensions remain, for example between the exogenous preferences assumptions that penetrate economics as taught, and the need to address such issues as the data presents them.
A great book.
Adam Fforde
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Economics: Marxian versus Neoclassical
Richard D. Wolff , and Stephen A. Resnick Manufacturer: The Johns Hopkins University Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0801834805 |
Book Description
Wolff and Resnick provide a unique, balanced explication of the differing assumptions, logical structures, and arguments of neoclassical and Marxian economics. They address broader aspects of evaluating or choosing between alternative theories, but their conclusions are nonpolemical. Throughout, math is used simply and sparingly.
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Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics (Econometric Society Monographs)
Jean-Michel Grandmont Manufacturer: Cambridge University Press ProductGroup: Book Binding: Paperback ASIN: 0521313643 |
Book Description
This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations hypothesis when approaching this topic, and conversely stresses the common-sense observation that short-run learning processes are among the most important characteristics of economic agents. Grandmont argues that such processes are deserving of careful theoretical study, and the result is a clear and rigorous analysis of all the issues involved.
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Global Economy, Global Justice: Theoretical Objections and Policy Alternatives to Neoliberalism (Contemporary Political Economy Series)
G. Demartino Manufacturer: Routledge ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0415224012 |
Book Description
Global Economy, Global Justice explores a vital question that is suppressed in most economics texts: "what makes for a good economic outcome?" Neoclassical theory embraces the normative perspective of "welfarism" to assess economic outcomes. This volume demonstrates the fatal flaws of this perspective--flaws that stem from objectionable assumptions about human nature, society and science. Exposing these failures, the book obliterates the ethical foundations of global neoliberalism.
George DeMartino probes heterodox economic traditions and philosophy in search of an ethically viable alternative to welfarism. Drawing on the work of Amartya Sen, DeMartino proposes the egalitarian principle of the "global harmonization of capabilities" to guide economics. This principle provides a basis for resisting oppression the world over while nevertheless demanding respect for cultural diversity. DeMartino puts this principle to work adjudicating contemporary debates over global policy regimes, and completes thebook with a set of deeply egalitarian global policies for the year 2025. Global Economy, Global Justice's engaging prose will appeal to those seeking to understand the intersection between economics and political philosophy. Its focus on the normative foundations of contemporary policy disputes makes it unique in the literature on globalization.
Customer Reviews:
Great for students looking for alternatives to neoliberalism.......2005-02-19
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Economics: New Classical Versus Neoclassical Frameworks
Xiaokai Yang Manufacturer: Blackwell Publishing Limited ProductGroup: Book Binding: Paperback Similar Items: ASIN: 063122002X |
Book Description
This innovative text ushers in a new way of examining basic economic issues. It teaches economics from a different standpoint, using a division-of-labor theme to eliminate the need for a dichotomy between microeconomics and macroeconomics. This text shows how resource allocation and levels of division of labor are determining factors for demand and supply. It also illustrates the ways that unemployment and business cycles are seen as features of the network of division of labor.While innovative in content, this book keeps the continuity of mainstream economics through a synthesis of existing and emerging branches of economics. It is an exceptional work that will encourage both creative and critical thinking.
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Microeconomics: Neoclassical and Institutional Perspectives on Economic Behaviour
Susan Himmelweit , Roberto Simonetti , and Andrew Trigg Manufacturer: Int. Cengage Business Press ProductGroup: Book Binding: Paperback Similar Items: ASIN: 1861525397 |
Book Description
In economics the dominant framework for exploring the structure of market economies is provided by the neoclassical school of thought. This text aims to show how neoclassical theory is used to model market mechanisms, both in particular markets and in the market economy as a whole. Underpinning this analysis is an examination of what neoclassical economists regard as key decision makers in a market economy, namely households and firms. In analysing these demand and supply activities, this text aims to provide an introduction to the microeconomics of markets, that is, the behaviour of individual units of economic activity. However, individuals do not behave as independent entities in the economy. They make economic decisions in the context of a variety of institutional structures. The text presents an alternative to neoclassicism by introducing the institutionalist perspective of economic thought. In this approach the social interactions between individuals are placed at the heart of economic activity. Perspectives are presented as a critique of neoclassical economics by providing an appraisal of neoclassical theory and developing an alternative.Books:
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