Commerce is the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any country. Thus, commerce is a system or an environment that affects the business prospects of an economy or a nation-state. We can also define it as a second component of business which includes all activities, functions and institutions involved in transferring goods from producers to consumer....
This Chapter of the Handbook will present a discussion of models, parcicularly models used in econometrics. models play a major role in all econometric studies, whether theoretical or applied. Indeed, defining econometrics as the branch of economics...
Preface to the New Edition The ﬁrst edition of this book appeared in 1946. Eight translations were made of it, and there were numerous paperback editions. In a paperback of 1961, a new chapter was added on rent control, which had not been speciﬁcally considered in the ﬁrst edition apart from government price-ﬁxing in general. A few statistics and illustrative references were brought up to date. Otherwise no changes were made until now. The chief reason was that they were not thought necessary.
“There never lived at the same time,” wrote Ludwig von Mises, “more than
a score of men whose work contributed anything essential to economics.”1
One of those men was Carl Menger (1840–1921), professor of political
economy at the University of Vienna and founder of the Austrian School of
The relationship between political democracy and economic growth has been a center of debate in the past fifty years. A corpus of cross-country research has shown that the theoretical divide on the impact of democratic versus authoritarian regimes on growth is matched by ambiguous empirical results, resulting in a consensus of an inconclusive relationship. Through this paper we challenge this consensus.
ABSTRACT. Scholars have long suspected that political processes such as democracy and corruption are important factors in determining economic growth. Studies show, however, that democracy has only indirect effects on growth, while corruption is generally accepted by scholars as having a direct and negative impact on economic perfor-mance.
Despite a sizeable theoretical and empirical literature, no firm conclusions have been drawn
regarding the impact of political democracy on economic growth. This paper challenges the
consensus of an inconclusive relationship with a meta-analytic review and a quantitative
assessment of the democracy-growth literature.
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)".
Does democracy hurt or help economic performance? There are few questions in political economy that have attracted more attention over the years. Thinking on this subject, in one form or another, goes all the way back to Plato—who favored aristocracy to democracy, and has preoccupied many of the most fertile minds in political philosophy. More recently, with the
advent of cross-national data sources and statistical techniques, there have been numerous econometric studies investigating the relationship between political liberties and economic growth......
Political economy or economics is a study of mankind in the ordinary business of life; it examines that part of
individual and social action which is most closely connected with the attainment and with the use of the material requisites
Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man. For
man's character has been moulded by his every-day work, and the material resources which he thereby procures, more than
by any other influence unless it be that of his religious ideals; and the two great forming...
This handbook on global economic policy is one in a set of six global policy
handbooks. The other five deal with technology, social, political, international,
and legal policy.
Public policy studies in the past have tended to emphasize domestic policy,
rather than cross-national policy. This is especially true of American policy studies
which tend to be especially nation-bound. This is also true to some extent of
policy studies in France, Russia, China, Brazil, and elsewhere.
I am grateful for the support of Dr Brian Hindley and Dr Razeen Sally, of the
London School of Economics, whose guidance, encouragement and wisdom
were always available to me.
I wish to thank the intellectual property directors of pharmaceutical companies
and associations and the various government officials who openly and candidly
provided me with information regarding the realities of intellectual property
Our literature is rich enough in works on the principles of Political Economy. So far as the translator is informed, however, it possesses none in which the science is treated in accordance with the historical method. We may therefore venture to express the hope that this translation will fill a place hitherto unoccupied in the literatures of England and America, and fill it all the more efficiently and acceptably, as Professor ROSCHER is the founder and still the leader of the historical school of Political Economy....
This is not to say that economics has a monopoly when it comes to fac-tors that affect science or in providing a lens for examining science. Other
disciplines— and their foci— contribute considerably to the study of science.
Sociology, for example, contributes a great deal to the understanding of how
science is or ga nized and the reward structure of science. It is also not to say
that science is the only factor that contributes to economic growth. Politics
and values, for example, clearly play important roles....
The ongoing transitions in the Arab world are among the most
dramatic events since t he collapse of communism in Eastern
Europe. But months after the events in Tunisia that began the
Arab Spring in December 2010, it seemed that the bulk of world's
attention remained focused on t he usual mix of global security,
regional politics, and Middle East peace implications of what was
transpiring in the Arab world. Underlying economic problems, by
cont rast, received scant consideration.
Solid waste management generates big challenges for society due to its large variability in production and composition, and because of its sanitary and environmental impacts. To contribute in facing this situation, this book includes a worldwide overview of experiences and conceptual and technical developments attained through research and development projects. In addition to minimizing generation, considered as the most desirable practice, it includes alternatives of valuation for potentially recoverable waste and strategies to reduce final conditioning and disposition risks.
This paper considers the main elements of the standard pattern of ﬁ nancial liberalization that
has become widely prevalent in developing countries. The theoretical arguments in favour of
such liberalization are considered and critiqued, and the political economy of such measures
is discussed. The problems for developing countries, with respect to ﬁ nancial fragility and the
greater propensity to crisis, as well as the negative deﬂ ationary and developmental effects, are
This year's Latin American Economic Outlook focuses on those in the middle of the income distribution in Latin America. If these middle sectors have stable employment and reasonably robust incomes, then, arguably, they provide a solid foundation for economic progress. Moreover, following the political role often attributed to the middle classes by historians and sociologists, they might also support moderate but progressive political platforms in Latin America's democracies.
David Romer’s Advanced Macroeconomics, 4e, continues its tradition as the standard text and the starting point for graduate macroeconomic courses and helps lay the groundwork for students to begin doing research in macroeconomics and monetary economics. Formal models are used to present and analyze key ideas and issues. The theoretical analysis is supplemented by examples of relevant empirical work, illustrating the ways that theories can be applied and tested. This well-respected and well-known text is unique in the marketplace....