Kenneth J. Arrow's pathbreaking "impossibility theorem" was a watershed innovation in the history of welfare economics, voting theory, and collective choice, demonstrating that there is no voting rule that satisfies the four desirable axioms of decisiveness, consensus, nondictatorship, and independence.In this book Eric Maskin and Amartya Sen explore the implications of Arrow's theorem. Sen considers its ongoing utility, exploring the theorem's value and limitations in relation to ...

Property rights are a tool humans use in regulating their use of natural resources. Understanding how rights to resources are assigned and how they are controlled is critical to designing and implementing effective strategies for environmental management and conservation.Rights to Nature is a nontechnical, interdisciplinary introduction to the systems of rights, rules, and responsibilities that guide and control human use of the environment. Following a brief overview of t...

It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.Thus, to understand how countries grow and develop, it is essential to know...

This book proceeds from a meeting at the Santa Fe Institute where economists and physical and biological scientists came together to discuss a conceptual framework incorporating a more appropriate mathematics with a greatly strengthened capacity to deal simultaneously with multiple variables, nonlinearity, incomplete information and dynamical processes.

As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheink...

What are the ends of economic activity? According to neoclassical theory, efficient interaction of the profit-maximizing "ideal producer" and the utility-maximizing "ideal consumer" will eventually lead to some sort of social optimum. But is that social optimum the same as human well-being? Human Well-Being and Economic Goals addresses that issue, considering such questions as:Does the maximization of individual welfare really lead to social welfare?How can...

A forceful argument against America's vicious circle of growing inequality by the Nobel Prize–winning economist.The top 1 percent of Americans control 40 percent of the nation’s wealth. And, as Joseph E. Stiglitz explains, while those at the top enjoy the best health care, education, and benefits of wealth, they fail to realize that “their fate is bound up with how the other 99 percent live.”Stiglitz draws on his deep understanding of economics to show that growing inequali...

The world is a better place than it used to be. People are wealthier and healthier, and live longer lives. Yet the escapes from destitution by so many have left gaping inequalities between people and between nations. In The Great Escape, Angus Deaton--one of the foremost experts on economic development and on poverty--tells the remarkable story of how, starting 250 years ago, some parts of the world began to experience sustained progress, opening up gaps and setting the stage for ...

A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman.The Great Recession is more than four years old—and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain."How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how...

NEW YORK TIMES AND WALL STREET JOURNAL BESTSELLER • From two winners of the 2024 Nobel Prize in Economic Sciences, “who have demonstrated the importance of societal institutions for a country’s prosperity”“A wildly ambitious work that hopscotches through history and around the world to answer the very big question of why some countries get rich and others don’t.”—The New York TimesFINALIST: Financial T...

Religious people have been known to push their beliefs onto others; in fact several religions require it. This book utilizes reason, logic, some psychology, and the experiences of someone who has been in several hundred religious debates with believers, mainly those of the Judeo-Christian faiths. Throughout this book, you will be presented with several of the most common arguments that believers utilize in order to attempt to convert people to followers; then you will be given a response t...

Conservatives today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailin...