Optimal Decisions In Markets And Planned Economies
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Optimal Decisions In Markets And Planned Economies by Richard Quandt,Dusan Triska Pdf
Much research into the economics of socialist planned economies has emphasized macroeconomic issues central to setting and meeting macroeconomic goals, and research on the theory of the firm in capitalist economies is not generally relevant to socialist economies. In this volume, leading economists from both East and West fill the gap in the literature by examining in critical detail many different aspects of the microeconomics of the firm in socialist economies.
Optimal Decisions Under Uncertainty by J.K. Sengupta Pdf
Understanding the stochastic enviornment is as much important to the manager as to the economist. From production and marketing to financial management, a manager has to assess various costs imposed by uncertainty. The economist analyzes the role of incomplete and too often imperfect information structures on the optimal decisions made by a firm. The need for understanding the role of uncertainty in quantitative decision models, both in economics and management science provide the basic motivation of this monograph. The stochastic environment is analyzed here in terms of the following specific models of optimization: linear and quadratic models, linear programming, control theory and dynamic programming. Uncertainty is introduced here through the para meters, the constraints, and the objective function and its impact evaluated. Specifically recent developments in applied research are emphasized, so that they can help the decision-maker arrive at a solution which has some desirable charac teristics like robustness, stability and cautiousness. Mathematical treatment is kept at a fairly elementary level and applied as pects are emphasized much more than theory. Moreover, an attempt is made to in corporate the economic theory of uncertainty into the stochastic theory of opera tions research. Methods of optimal decision rules illustrated he re are applicable in three broad areas: (a) applied economic models in resource allocation and economic planning, (b) operations research models involving portfolio analysis and stochastic linear programming and (c) systems science models in stochastic control and adaptive behavior.
The People's Republic of Walmart by Leigh Phillips,Michal Rozworski Pdf
Since the demise of the USSR, the mantle of the largest planned economies in the world has been taken up by the likes of Walmart, Amazon and other multinational corporations For the left and the right, major multinational companies are held up as the ultimate expressions of free-market capitalism. Their remarkable success appears to vindicate the old idea that modern society is too complex to be subjected to a plan. And yet, as Leigh Phillips and Michal Rozworski argue, much of the economy of the West is centrally planned at present. Not only is planning on vast scales possible, we already have it and it works. The real question is whether planning can be democratic. Can it be transformed to work for us? An engaging, polemical romp through economic theory, computational complexity, and the history of planning, The People’s Republic of Walmart revives the conversation about how society can extend democratic decision-making to all economic matters. With the advances in information technology in recent decades and the emergence of globe-straddling collective enterprises, democratic planning in the interest of all humanity is more important and closer to attainment than ever before.
Generalized Microeconomics by Jiří Hlaváček,Michal Hlaváček Pdf
The generalization of microeconomics enables model descriptions of economic rationality, even in fields that standard microeconomics more or less avoids, like nonprofit sectors of market economies, altruism, or externalities. Here, the authors broaden the scope of microeconomics while treating standard profit maximization as a special case. They argue, ultimately, that the generalizing criterion is a Darwinian maximization of the probability of survival.
To understand the dramatic collapse of the socialist order and the current turmoil in the formerly communist world, this comprehensive work examines the most important common properties of all socialist societies. JNBnos Kornai brings a life-long study of the problems of the socialist system to his explanation of why inherent attributes of socialism inevitably produced in-efficiency. In his past work he has focused on the economic sphere, maintaining consistently that the weak economic performance of socialist countries resulted from the system itself, not from the personalities of top leaders or mistakes made by leading organizations and planners. This book synthesizes themes from his earlier investigations, while broadening the discussion to include the role of the political power structure and of communist ideology. Kornai distinguishes between two types, or historical phases, of socialism. The "classical socialism" of Stalin, Mao, and their followers is totalitarian and brutally repressive, but its components fit together and make up a coherent edifice. Associated with names like Tito, KNBdar, Deng-Xiaoping, and Gorbachev, "reform socialism" relaxes repression, but brings about a sharpening of inner contradictions and the eventual dissolution of the system. Kornai examines the classical system in the first half of the book, and moves on to explore the complex process of reform in the second half. The Socialist System is addressed to economists in the first place, but also to political scientists, sociologists, and historians. In addition, it will appeal to policymakers, business analysts, and government officials who need to understand either formerly or presently communist countries.
International Bibliography of the Social Sciences by British Library of Political and Economic Science Pdf
The IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehenisve knowledge of the social sciences.
Power and Responsibility by Martin A. Leroch,Florian Rupp Pdf
Written by leading scholars from various disciplines, this book presents current research on topics such as public choice, game theory, and political economy. It features contributions on fundamental, methodological, and empirical issues around the concepts of power and responsibility that strive to bridge the gap between different disciplinary approaches. The contributions fall into roughly four sub-disciplines: voting and voting power, public economics and politics, economics and philosophy, as well as labor economics. On the occasion of his 75th birthday, this book is written in honor of Manfred J. Holler, an economist by training and profession whose work as a guiding light has helped advance our understanding of the interdisciplinary connections of concepts of power and responsibility. He has written many articles and books on game theory, and worked extensively on questions of labor economics, politics, and philosophy.
Equilibrium, Markets and Dynamics by Cars H. Hommes,Roald Ramer,Cees A. Withagen Pdf
This book contains essays in honour of Claus Weddepohl who, after 22 years, is retiring as professor of mathematical economics at the Department of Quantitative Economics of the University of Amsterdam. Claus Weddepohl may be viewed as th~ first Dutch mathematical economist in the general equi librium tradition of Arrow, Debreu and Hahn. The essays in this book are centered around the themes Equilibrium, Markets and Dynamics, that have been at the heart of Weddepohl's work on mathematical economics for more than three decades. The essays have been classified according to these three themes. Admittedly such a classification always is somewhat arbitrary, and most essays would in fact fit into two or even all three themes. The essays have been written by international as well as Dutch friends and colleagues including Weddepohl's former Ph. D. students. The book starts with a review of Claus Weddepohl's work by Roald Ramer, who has been working with him in Amsterdam for all those years. The review describes how Weddepohl became fascinated by general equilibrium theory in the early stages of his career, how he has been working on the theory of markets throughout his career, and how he turned to applications of nonlinear dynamics to price adjustment processes in a later stage of his career. The first part of the book, Equilibrium, collects essays with general equilib rium theory as the main theme.
The Economics of the Good, the Bad and the Ugly by Manfred J. Holler Pdf
The highly praised Western, The Good, the Bad, and the Ugly, has been used in many game-theory courses over the years and has also found its way into leading journals of this field. Using the rich material offered by this movie, alongside other elements from popular culture, literature and history, this book furthers this exploration into a fascinating area of economics. In his series of Schumpeter lectures, Manfred J. Holler uses his analysis of Sergio Leone’s movie as a starting point to argue that combinations of desires, secrets and second-mover advantages trigger conflicts but also allow for conflict resolution. Many people and organizations have a desire for secrecy, and this is often motivated by a desire to create a second-mover advantage, and by undercutting the second-mover advantage of others. This book demonstrates that the interaction of these three ingredients account for a large share of social problems and failures in politics and business but, somewhat paradoxically, can also help to overcome some of the problems that result by applying one or two of them in isolation. This book has been written for curious readers who want to see the world from a different perspective and who like simple mathematics alongside story telling. Its accessible approach means that it will be of use to students and academics alike, especially all those interested in decision making, game theory, and market entry.
Global Business by Nader H. Asgary,Dina Frutos?Bencze,Massood V. Samii,Hossein Varamini Pdf
The arrival of the COVID-19 pandemic throughout the globe at the end of 2019 turned global business upside down. It forced the closure of many businesses, disrupted global supply chains, reduced travel across borders, and created fear about face-to-face interactions. As the lockdowns in many countries created uncertainty about the future business activities, global business leaders were scrambling to find new strategies to safely re-establish their business relationships with their stakeholders. The existing historical economic, social, and racial injustice in the American society toward Black, Indigenous, and People of Color was compounded by the COVID-19. This led the movements of the Black Lives Matter to reenergize and become a global phenomenon. The horrific and sad death of George Floyd and many others triggered huge global movements to demand respect for human rights and dignity for all. Additionally, climate change and environmental degradation have caused unprecedented forests fires, more frequent and damaging hurricanes, and migration demand a revived global business book. This third edition of Global Business: An Economic, Social, and Environmental Perspective incorporates global business issues related to COVID-19, the economic and social injustice of BIPOC, and environmental degradation where it is appropriate. The reader will understand the impact of these critical global business issues discussed in the book through examples, case studies and thought-provoking discussions. These challenges require businesses, governments, and the active engagement of citizens to succeed. The aim of this book is to bring these issues for discussion and action by these stakeholders. Each chapter includes supplementary PowerPoint slides, Test-Bank, and Teaching notes that are available for instructors only.
Taking the Liberal Challenge Seriously by Sirkku Hellsten,Marjaana Kopperi,Olli Loukola Pdf
First published in 1997, this collection offers a critical view of modern liberal theory and attempts to present some signposts that could show a way towards a new form of liberal individualism. The first part takes a look at the theoretical aspects of contemporary liberalism. It analyses certain classics whose ideas have once again become central to the new formulation of liberal theory. The second part brings the discussion from theory to practice and to actual policies adopted in liberal Western welfare states. Its main interest is in the economic doctrines which have formed an essential part of classical liberal thought. The third part moves yet another step further in its analysis of contemporary liberal challenges. It concentrates on the problems of the liberal requirement of freedom, neutrality and tolerance.
Capitalism is first and foremost an economic system that prizes free and competitive markets, private ownership, and a comparatively small role for government intervention and regulation. Yet capitalism also has many political undertones and has become associated with notions of freedom, individualism, self-determination, and anti-unionism. As a political and economic philosophy, it was a major player in the Cold War, squaring off against communism and seemingly triumphing. The colorful history of this economic system that doubles as a political philosophy is recounted here, from Medieval-era experiments in agrarian capitalism and mercantilism to the 21st century digital economy and bitcoins. This is a fascinating and provocative read and an immersive journey through the political and economic history of the modern world.
Restructuring Networks in Post-socialism by Gernot Grabher,David Stark Pdf
This book is about change in Central and Eastern Europe, and about how we think about social and economic change more generally. In contrast to the dominant 'transition framework' that examines organizational forms in Eastern Europe according to the degree to which they conform to, or depart from, the blueprints of already existing capitalist systems, this book examines the innovative character, born of necessity, in which actors in the post-socialist setting are restructuring organizations and institutions by redefining and recombining resources. Instead of thinking of these recombinations as accidental aberrations, the book explores their evolutionary potentials. The starting premise of Restructuring Networks in Post-Socialist Societies is that the actual unit of entrepreneurship is not the isolated individual personality but the social network that links firms and the actors within them. Drawing insight from evolutionary economics and from the new methods of network analysis, leading sociologists, economists, and political scientists report on changes in organizational forms in Hungary, Poland, Eastern Germany, Russia, and the Czech Republic.