We do little more than state the obvious when, trying to come to terms with the politico-institutional earthquakes traversing our times, we say that language is the key to politics. --from Capital and Affects Communication as work: we have recently experienced a profound transformation in the...

Innovation in information and communication technology (ICT) fuels the growth of the global economy. How ICT markets evolve depends on politics and policy, and since the 1950s periodic overhauls of ICT policy have transformed competition and innovation. For example, in the 1980s and the 1990s a...

Over the past decade, Sanford Grossman's contributions to the economics of information have significantly altered the way economists think about rational expectations. Here his articles are collected in one place, providing a uniform framework for understanding how prices convey information in...

Reasoning about knowledge—particularly the knowledge of agents who reason about the world and each other's knowledge—was once the exclusive province of philosophers and puzzle solvers. More recently, this type of reasoning has been shown to play a key role in a surprising number of contexts,...

The economics of knowledge is a rapidly emerging subdiscipline of economics that has never before been given the comprehensive and cohesive treatment found in this book. Dominique Foray analyzes the deep conceptual and structural transformation of our economic activities that has led to a...

In making decisions, when should we go with our gut and when should we try to analyze every option? When should we use our intuition and when should we rely on logic and statistics? Most of us would probably agree that for important decisions, we should follow certain guidelines—gather as much...

The Earth is getting warmer. Yet, as Hans-Werner Sinn points out in this provocative book, the dominant policy approach--which aims to curb consumption of fossil energy--has been ineffective. Despite policy makers’ efforts to promote alternative energy, impose emission controls on cars, and...

The study of investment under uncertainty was stagnant for several decades, until recent developments in real options provided the tools to revitalize the field. The techniques and insights derived from option pricing can now be used to quantify the elusive elements of managerial operating...

The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the...

The United States is bankrupt, flat broke. Thanks to accounting that would make Enron blush, America’s insolvency goes far beyond what our leaders are disclosing. The United States is a fiscal basket case, in worse shape than the notoriously bailed-out countries of Greece, Ireland, and others....