"While the scientific cause of global warming is well established, exploration of the economic and social causes of the climate crisis has lagged behind. Starting nearly 200 years ago, the advent of the industrial revolution and the subsequent proliferation of both technology and cheap energy...

Ever since Adam Smith, the central teaching of economics has been that free markets provide us with material well-being, as if by an invisible hand. In Phishing for Phools, Nobel Prize-winning economists George Akerlof and Robert Shiller deliver a fundamental challenge to this insight, arguing...

Frontmatter -- Contents -- Publisher's Note -- Introduction: Markets and Diversity -- PART I. The Value of Diversity -- PART II. The Division of Labor and Human Capital -- PART III. Diversity and the Distribution of Income -- Author Index -- Subject Index

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely...

As human societies grapple with the scarcity of environmental resources—clean water, biodiversity, and atmospheric quality—environmental markets will achieve an important role in the global economy. Along with markets for knowledge, they may become the most important institutions in the...

Frontmatter -- Vorwort -- Inhalt -- Abbildungsverzeichnis -- 1 Einleitung -- 2 Marktfunktionen und Marktprozesse: ein Überblick -- 3 Der Markträumungsprozess (M-Prozess) -- 4 Der Renditenormalisierungsprozess (R-Prozess) -- 5 Der Übermachterosionsprozess (Ü-Prozess) -- 6 Der...