Behavioural public policy has thus far been dominated by approaches that are based on the premise that it is entirely legitimate for policymakers to design policies that nudge or influence people to avoid desires that may not be in their own self- interest. This book argues, instead, for a...

Financial models are an inescapable feature of modern financial markets. Yet it was over reliance on these models and the failure to test them properly that is now widely recognized as one of the main causes of the financial crisis of 2007-2011. Since this crisis, there has been an increase in...

A carefully curated selection of new and classic essays by Scottish Enlightenment expert Christopher J. BerryThis collection of essays by Christopher J. Berry spans several decades and multiple shifts across Scottish Enlightenment, Hume and Smith studies. It brings together classic essays –...

Economic sociology is a rapidly expanding field, applying sociology's core insight--that individuals behave according to scripts that are tied to social roles--to economic behavior. It places homo economicus (that tried-and-true fictive actor who is completely rational, acts only out of...

Frontmatter -- Contents -- Preface to the Fourth Edition -- Introduction and Overview -- Part I: Macroeconomic Accounts, Market Structure, and Behavioral Functions -- Chapter 1. Economic Structure and Aggregate Accounts -- Chapter 2. Behavioral Functions -- Part II: Financial Policies -- Chapter...

Frontmatter -- CONTENTS -- Preface -- Acknowledgments -- Introduction. The Political Economy of Currency Choice -- CHAPTER 1. A Theory of Currency Policy Preferences -- CHAPTER 2. The United States: From Greenbacks to Gold, 1862-79 -- CHAPTER 3. The United States: Silver Threats among the Gold,...

Complexity science-made possible by modern analytical and computational advances-is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While...

Finding Equilibrium explores the post-World War II transformation of economics by constructing a history of the proof of its central dogma-that a competitive market economy may possess a set of equilibrium prices. The model economy for which the theorem could be proved was mapped out in 1954 by...

Frontmatter -- Contents -- Preface -- 1. A Behavioral Macroeconomic Model -- 2. The Transmission of Shocks -- 3. Trade-offs between Output and Inflation Variability -- 4. Flexibility, Animal Spirits, and Stabilization -- 5. Animal Spirits and the Nature of Macroeconomic Shocks -- 6. Stock Prices...