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Externality and Institutions by Andreas A. Papandreou Pdf
Debate over the important concept of externality has influenced our perception of the role of governing authorities and has become central to our appraisal of the ecology-economy connection. Despite this, it remains hazy as a concept. This book examines ideas of externality and some of the ways that these have influenced and should continue to influence economics. The difficult issue of defining or characterising externalities is tackled and the effect that externality theory has had on major economic issues is investigated. The author provides a distinctive and non-technical survey of the various methodological approaches taken by economists to the issue of externalities. He fully explains and analyses the ideas lying behind the theory and looks at the failure of some markets to reconcile individual and social costs and benefits. The book's major theme is an exploration of institutional inefficiency and the implications of incorporating organizational costs into economic models.
Externalities and Macroprudential Policy by Gianni De Nicolo Pdf
As for any form of government intervention, macroprudential policy should be justified by market failures. This paper discusses three key externalities across financial institutions and from financial institutions to the real economy that rationalize the need for macroprudential policy: externalities related to strategic complementarities, fire sales and interconnectedness. We link each externality to recently proposed macroprudential policy tools, and argue that although various tools can correct the same externality, these tools are best seen as complements rather than substitutes.
Author : Steven A. Y. Lin Publisher : Academic Press Page : 280 pages File Size : 53,6 Mb Release : 2014-05-10 Category : Business & Economics ISBN : 9781483271477
Theory and Measurement of Economic Externalities by Steven A. Y. Lin Pdf
Theory and Measurement of Economic Externalities provides information on some analytical and empirical developments in the field of externalities. This book presents the function of turning out producer's goods in the form of better knowledge, analytical formulation, and approaches for application to current problems. Organized into five parts encompassing 12 chapters, this book begins with an overview of the notion of externalities in connection with analyses of economic welfare. This text then discusses the relationship between publicness and external diseconomies when either consumption or production or decision sets are nonconvex due to a high degree of externalities. Other chapters consider disproving the pessimistic conclusions concerning tax–subsidy schemes. This book discusses as well the solutions for the allocation of resources in an economy with public goods and interdependent preferences. The final chapter deals with a general framework for estimating externality production functions. This book is a valuable resource for economists.
Conflict, Cooperation and Institutions in International Water Management by Ines Dombrowsky Pdf
This book asks under which conditions cooperation is in the interest of the riparian countries sharing international waters, and how institutions must be designed to realize potential gains of cooperation.
The Theory of Externalities, Public Goods, and Club Goods by Richard Cornes,Todd Sandler Pdf
This book presents an updated and expanded discussion of theoretical treatment of externalities (i.e. uncompensated interdependencies), public goods, and club goods.
Institutions and the Environment by Arild Vatn Pdf
Vatn has prepared a vast feast for his readers. Hopefully, this book will become one of the core textbooks both in institutional economics and in resource economics. As a political scientist, I can recommend it to social scientists more generally. I must confess, I enjoyed it all. Elinor Ostrom, 2009 Nobel Laureate, Land Economics Institutions and the Environment indeed serves as a first-rate starting point for students and researchers regardless of whether they are mainly interested in institutions in general or environmental governance and ecological economics in particular. Charlotta Söderberg, Environmental Politics This timely book is about institutions: how they develop, how they function and how they solve problems. . . This book exemplifies the fine institutionalist tradition of using knowledge to solve pressing problems; in fact, institutionalists will find little here to criticize. The scope of this book is wide: policy makers, government officials, institutionalists, environmentalists and the general public will all benefit from reading this book. . . Keep this book handy: you ll want to make frequent references as the global warming policy debate unfolds. Jack Reardon, Journal of Economic Issues Vatn s book addresses the urgent question of environmental policy and shows that an understanding of the role of institutions is vital in this area. It incorporates insights on institutions from both mainstream and heterodox traditions of thought. Magisterial and comprehensive, it is both a textbook and an inspiring, pioneering monograph. Geoffrey M. Hodgson, University of Hertfordshire, UK This is an excellent book, which can be read at different levels. . . I very much enjoyed reading this book and would recommend it to anyone interested in these issues. I feel it is likely to become one of the core text books on the topic. Neil Powe, Newcastle University, UK We have here an encompassing work of remarkable clarity and coherence demonstrating the enduring pertinence of classical institutional economics to the vexing issues of our time. While most of the illustrative examples come from the realm of environmental problems, the reach of this fine book goes far beyond this particular issue and informs how we ought to think about all aspects of public policy. Daniel W. Bromley, University of Wisconsin, Madison, US This is a superb book on institutional economics and environmental policy. Vatn has written the definitive exposition of the theory and policy approaches of modern institutional economics. It not only builds on the work of the best institutional economists, from Veblen to Bromley and Hodgson it also incorporates the extremely relevant and exciting research now being done in contemporary mainstream economics. With the demise of Walrasian economics and the current drive for the unification of the behavioral sciences, the time is ripe for institutional economics to once again become a dominant school of economic thought. Vatn s book shows the way. John Gowdy, Rensselaer Polytechnic Institute, US This important text develops an institutional response to the core issues raised in public policy making and develops a distinct understanding of the role of institutions, not least in the study of environmental problems. It questions: how are conflicting interests shaped and taken into account in policy making? How should they be accounted for? What motivates the behaviour of firms and individuals, and how is it possible to change these motivations to produce the favoured common outcomes? The author addresses these questions by integrating elements from classical institutional economics, neoclassical economics, sociology and ecological economics. He argues that public policy in general, and environmental policy in particular, are best examined from an institutional perspective. In this way the author presents a distinct and consistent alternative to standard neoclassical economics for students and scholars who
What is Externality An externality, sometimes known as an external cost, is a cost or benefit that flows to an uninvolved third party as a result of the actions of another party. In economics, an externality is also referred to as an external cost. Externalities are components that are not priced and are involved in either consumer or producer market transactions. They can be thought of as unpriced components. One such example is the pollution of the air caused by motor vehicles. The makers of motorized transportation and the people who use it are not responsible for paying the cost of air pollution to society. This cost is borne by the rest of society. A further illustration of this is the contamination of water by mills and factories. All consumers of water are made worse off as a result of pollution, but the market does not pay them for the damage that they have suffered. In the context of a market, a positive externality occurs when the consumption of an individual contributes to the improvement of the well-being of other individuals, but the individual does not charge the third party for the benefit. Additionally, the third party is receiving a product at no cost to them. An illustration of this would be the flat that is located over a bakery and receives some free heat during the cold months. The bakery does not get any compensation from the residents of the flat for the advantage that they receive. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Externality Chapter 2: Ronald Coase Chapter 3: Emissions trading Chapter 4: Environmental economics Chapter 5: Free-rider problem Chapter 6: Market failure Chapter 7: Factor price equalization Chapter 8: Arthur Cecil Pigou Chapter 9: Economies of agglomeration Chapter 10: Marginal cost Chapter 11: Coase theorem Chapter 12: Pigouvian tax Chapter 13: Free-market environmentalism Chapter 14: Social cost Chapter 15: Shadow price Chapter 16: The Problem of Social Cost Chapter 17: Spillover (economics) Chapter 18: Public economics Chapter 19: Environmentally honest market system Chapter 20: Federal Reserve Chapter 21: Efficient Voter Rule (II) Answering the public top questions about externality. (III) Real world examples for the usage of externality in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Externality.
Institutions and Incentives in Public Policy by Rosolino A. Candela,Rosemarie Fike,Roberta Herzberg Pdf
Institutions and Incentives in Public Policy: An Analytical Assessment of Non-Market Decision-Making explores, both in theory and in practice, the consequences of using public policy as a tool to achieve specific individual and social goals, as well as its impact on private solutions to address such goals. The chapters examine the institutional incentives that operate in non-market settings, both governmental and non-governmental, using the theoretical frameworks of market process theory and public choice theory, they analyze a diverse set of contemporary public policy issues at both the domestic and international levels. Authored by individuals from a variety of disciplines with diverse interests in public policy, this work includes discussions of topics, such as foreign aid, education policy, environmental policy, health care policy, and the construction of private cities. This volume is relevant to scholars, students, policymakers, and knowledgeable citizens interested in the study of economics, political science, public policy, as well as those interested in particular policies rather than specific disciplines.
Author : Steven G. Medema Publisher : Springer Science & Business Media Page : 278 pages File Size : 54,5 Mb Release : 2012-12-06 Category : Law ISBN : 9789401153508
Coasean Economics Law and Economics and the New Institutional Economics by Steven G. Medema Pdf
Upon hearing that Ronald Coase had been awarded the Nobel Prize, a fellow economist's first response was to ask with whom Coase had shared the Prize. Whether this response was idiosyncratic or not, I do not know; I expect not. Part of this type of reaction can no doubt be explained by the fact that Coase has often been characterized as an economist who wrote only two significant or influential papers: "The Nature of the Firm" (1937) and "The Problem of Social Cost" (1960). And by typical professional standards of "significant" and "influential" (i. e. , widely read and cited), this perception embodies a great deal of truth, even subsequent to Coase's receipt of the Prize. This is not to say that there have not been other important works - "The Marginal Cost Controversy" (1946) and "The Lighthouse in Economics" (1974) come immediately to mind here - only that in a random sample of, say, one hundred economists, one would likely find few who could list a Coase bibliography beyond the two classic pieces noted above, in spite of Coase's significant publication record. ' The purpose of this collection is to assess the development of, tensions within, and prospects for Coasean Economics - those aspects of economic analysis that have evolved out of Coase's path-breaking work. Two major strands of research can be identified here: law and economics and the New Institutional Economics.
Markets sometimes fail. But so do regulatory efforts to correct market failures. Sometimes regulations reach too far, condemning good activities as well as bad, and sometimes they don't reach far enough, allowing bad behavior to persist. In this highly instructive book, Thomas A. Lambert explains the pitfalls of both extremes while offering readers a manual of effective regulation, showing how the best regulation maximizes social welfare and minimizes social costs. Working like a physician, Lambert demonstrates how regulators should diagnose the underlying disease and identify its symptoms, potential remedies for it, and their side effects before selecting the regulation that offers the greatest net benefit. This book should be read by policymakers, students, and anyone else interested in understanding how the best regulations are crafted and why they work.
Whether dealing with contracts, tort actions, or government regulations, lawyers are more likely to be successful if they are conversant in economics. Economics for Lawyers provides the essential tools to understand the economic basis of law. Through rigorous analysis illustrated with simple graphs and a wide range of legal examples, Richard Ippolito focuses on a few key concepts and shows how they play out in numerous applications. There are everyday problems: What is the social cost of legislation enforcing below-market prices, minimum wages, milk regulation, and noncompetitive pricing? Why are matinee movies cheaper than nighttime showings? And then there are broader questions: What is the patent system's role in the market for intellectual property rights? How does one think about externalities like airport noise? Is the free market, a regulated solution, or tort law the best way to deliver the "efficient amount of harm" in the workplace? What is the best approach to the question of economic compensation due to a person falsely imprisoned? Along the way, readers learn what economists mean when they talk about sorting, signaling, reputational assets, lemons markets, moral hazard, and adverse selection. They will learn a new vocabulary and a whole new way of thinking about the world they live in, and will be more productive in their professions.
The Institutional Structure of Macroprudential Policy in the UK by Kosmas Kaprinis Pdf
Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.
Institutions For Future Generations by Iñigo González-Ricoy,Axel Gosseries Pdf
In times of climate change and public debt, a concern for intergenerational justice should lead us to have a closer look at theories of intergenerational justice. It should also press us to provide institutional design proposals to change the decision-making world that surrounds us. This book provides an exhaustive overview of the most important institutional proposals as well as a systematic and theoretical discussion of their respective features and advantages. It focuses on institutional proposals aimed at taking the interests of future generations more seriously, and does so from the perspective of applied political philosophy, being explicit about the underlying normative choices and the latest developments in the social sciences. It provides citizens, activists, firms, charities, public authorities, policy-analysts, students, and academics with the body of knowledge necessary to understand what our institutional options are and what they entail if we are concerned about today's excessive short-termism.
