Published in 1998. In spite of spectacular improvements in market flexibility, the characteristics of the past twenty years are slow growth and high unemployment. Economics Through the Looking-Glass exposes the theoretical fallacy at the heart of the New Economic Orthodoxy. The fallacy lies in treating the economy as a "single-gear" machine guaranteed to operate at its full employment potential as long as it benefits from the lubricant of perfectly flexible markets (in a Walrasian...

Following a spate of high-profile financial scandals (including Enron, WorldCom, and Parmalat), the quality of financial information has come under increasing scrutiny. Many of the accounting standards being imposed on the profession by regulators and standard-setting bodies are now attracting criticism from the business community and the accountancy profession itself.In this book, Anthony Rayman traces a fundamental flaw in the conventional academic wisdom back to the nineteenth c...

Where Does Money Come From? reveals how, contrary to public perception, the bulk of today's money supply is created and allocated by commercial banks in their role as providers of credit. The authors argue that this system is inherently unstable, with little effective regulation of how much credit is provided, or whether it is used for productive or speculative purposes. Based on detailed research and consultation with experts, including from the Bank of England, Where Does Mo...

The follies of finance have threatened the stability of the global economy, and the world of finance has become increasingly complex and sophisticated, but also greedy, cynical and self-interested. The Long and the Short of It provides a guide to the complexities of modern finance and explains how to put your finances in the only hands you can confidently trust - your own.In this new, wholly updated edition of The Long and the Short of It, you will learn everything...

If you read the 'business pages' of a newspaper or if you listen to the financial news on the television or radio, you will often hear terms such as 'liability', 'balance sheet' or 'earnings'. These terms turn up in non-financial contexts as well: 'he was more of a liability than an asset'. If you invest in shares, have a building society account, or sit on a committee of the property company which owns your apartment block, you will receive financial statements every year. If you are a ma...

This book provides a guide to the complexities of modern finance. It describes the basics of investment and the sophisticated innovations of the modern financial system. It explains how the follies of finance have threatened the stability of the world economy, and describes an environment that is complex and sophisticated, but greedy, cynical and self-interested. This book explains how to put your finances in the only hands you can confidently trust - your own.Readers will learn ev...

Should Malaysia build a new steel mill, or New York City an urban motorway? Should higher education expand, or water supplies be improved? These are typical questions to which cost-benefit analysis, the key economic tool for analyzing problems of social choice can contribute to, as well as providing a useful vehicle for understanding the practical value of welfare economics. This invaluable text covers the main problems that arise in a typical cost-benefit exercise.Cost-benefit ana...

Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by an internationally recognized expert, this book, on a controversial and intensely debated topic, is the only definitive reference source available on the topics of fair value and financial reporting.Drawing chapters from a diverse range of contributors on different aspects of the subject together into one volume, it:examines the use of fair value in internati...

This textbook brings together three important aspects of property investment - strategies for investment, markets and appraisal - and explains many difficult concepts in a readable and understandable way. The authors outline the developments in investment and finance theory that have had such an impact on the property investment sector. Concepts are explained with great clarity and worked examples are used to elucidate key principles where possible.This book is ideal for modules ta...

Many corporate tax systems lack structure. Focusing on structural defects and how they are addressed in practice, this comprehensive and comparative analysis of corporate tax systems uses a conceptual framework to illustrate and analyse the many difficult issues corporations pose. This framework is enhanced by the examination of a large body of legal rules and practical considerations which demonstrate how corporate tax systems work in practice. While adopting a broad comparative approach,...

Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing h...

Goodwill, sometimes purchased but often more significantly internally generated, is the major constituent of the value of many listed companies. Accounting aims to provide users of financial statements with useful information, and more than fifty current International Financial Reporting Standards prescribe accounting disclosure requirements in minute detail. However, these Standards dismiss internally generated goodwill with a single brief provision that it is not to be brought to account...