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Info-metrics is a framework for modeling, reasoning, and drawing inferences under conditions of noisy and insufficient information. It is an interdisciplinary framework situated at the intersection of information theory, statistical inference, and decision-making under uncertainty. In a recent book on the Foundations of Info-Metrics, Golan (OUP, 2018) provides the theoretical underpinning of info-metrics and the necessary tools and building blocks for using that framework. This volume complements Golan’s book and expands on the series of studies on the classical maximum entropy and Bayesian methods published in the different proceedings started with the seminal collection of Levine and Tribus (1979) and continuing annually. The objective of this volume is to expand the study of info-metrics, and information processing, across the sciences and to further explore the basis of information-theoretic inference and its mathematical and philosophical foundations. This volume is inherently interdisciplinary and applications oriented. It contains some of the recent developments in the field, as well as many new cross-disciplinary case studies and examples. The emphasis here is on the interrelationship between information and inference where we view the word ‘inference’ in its most general meaning – capturing all types of problem solving. That includes model building, theory creation, estimation, prediction, and decision making. The volume contains nineteen chapters in seven parts. Although chapters in each part are related, each chapter is self-contained; it provides the necessary tools for using the info-metrics framework for solving the problem confronted in that chapter. This volume is designed to be accessible for researchers, graduate students, and practitioners across the disciplines, requiring only some basic quantitative skills. The multidisciplinary nature and applications provide a hands-on experience for the reader.

This book provides an integrative framework for the anthropological demography of health, a field of interdisciplinary population research grounded in ethnography and in critical examination of the social, political, and economic histories that have shaped relations between peoples. The field has grown from the 1990s, extending to a remarkable range of key human and policy issues, including: genetic disorders; nutrition; mental health; infant, child and maternal morbidity; malaria; HIV/AIDS; disability and chronic diseases; new reproductive technologies; and population ageing. Collaboration with social, medical, and demographic historians enables these issues to be situated in the evolution of institutional structures and inequalities that shape health and care access. Understanding fertility levels and trends has widened beyond parity and contraception to the many life course risks and alternative healing systems that shape reproductive health. By going beyond conventional demographic and epidemiological methods, and idealised macro/micro-level units, the anthropological demography of health places people’s health-seeking behaviour in a compositional demography based on ethnographic observation of group formation and change over time, and of variance between what people say and do. It tracks family and community networks; class, linguistic, and religious groups; sectoral labour and market distributions; health and healing specialisms; and relations between these bodies and with groups controlling local and national governments. The approach enables examination of how local cultures and experience are translated formally into measures on which survey and clinical programmes rely, thus testing the empirical adequacy of such translations, and leading to revision of concepts of risk and governance.

This book is motivated by a belief that theories of economic development can move beyond the generally known factors and mechanisms of such development. It establishes a behavioural theory of economic development illustrating that differences in human behaviour across cities and regions are a significant deep-rooted cause of uneven development. Fusing a range of concepts relating to culture, psychology, human agency, institutions, and power, it proposes that the uneven economic development and evolution of cities and regions within and across nations are strongly connected with the underlying forms of behaviour enacted by humans both individually and collectively. Integrating theoretical and empirical analysis, the book builds upon entrepreneurial and innovation theories of economic evolution to make sense of the cultural, psychological, and agentic components and elements of city and regional economic ecosystems that lead to long-term differentials in development. For social scientists with an interest in understanding the nature of uneven economic development, the book provides a novel theory of the role of human behaviour, psychocultural context, and institutions in the evolution and uneven development of cities and regions. This human behaviour is framed in the form of the ‘behavioural profile’ of cities and regions encompassing citizens in terms of their personalities, cultural histories, aspirations, and perceived opportunities, as well as their broader propensities to act in certain ways.

One of the most important manuscripts surviving from thirteenth-century England, the corpus of documents known as the Hundred Rolls for Cambridge have been incomplete until the recent discovery of an additional roll. This invaluable volume replaces the previous inaccurate transcription by the record commission of 1818 and provides new translations and additional appendices. Shedding new light on important facets of business activity in thirteenth-century Cambridge, this volume makes a significant contribution to our knowledge of the early phases of capitalism. This unique text will be of interest to anyone working in the fields of economic and business history, entrepreneurship, philanthropy and medieval studies. A research monograph based on recently discovered historical documents, Compassionate Capitalism: Business and Community in Medieval England, by Casson et al, is also now available from Bristol University Press.

This book examines the evolution of compassionate capitalism in medieval England, using a unique and comprehensive source of information, the Cambridge Hundred Rolls. It demonstrates how compassionate capitalism developed through the bequest of rental income on property to charitable and religious institutions, such as hospitals, abbeys and friaries. This rental income was generated by the dramatic growth of an urban property market, through which wealthy merchants invested the profits of trade in property development. Compassionate capitalism was a driving force in the medieval economy from the mid-1200s to the Black Death of 1348. The Cambridge Hundred Rolls record a comprehensive survey of the town in 1279, profiling property location, ownership and use, the gifting of rents and the transmission of property between generations. It identifies over 30 leading family dynasties and the factors behind their rise and decline. By synthesising this information it is possible to reconstruct the economic topography of the town and to compare the occupational structure of different parishes. This leads to a fundamental revaluation of the topography of medieval Cambridge and the role of property markets in urban development. It also reveals the influence of religious teaching on the management of economic assets by family dynasties.

This book uses concepts from optimization theory to develop an integrated analytic framework for treating consumer, producer, and market equilibrium analyses as special cases of a generic optimization problem. The same framework applies to both stochastic and non-stochastic decision settings, so that the latter is recognized as an (important) special case of the former. The analytic techniques are borrowed from convex analysis and variational analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. The book shows how virtually identical conjugate analyses form the basis for modeling economic behavior in each of the areas studied. The basic analytic concepts are borrowed from convex analysis. Special emphasis is given to generalized notions of differentiability, conjugacy theory, and Fenchel's Duality Theorem. It is demonstrated how virtually identical conjugate analyses form the basis for modelling economic behaviour in each of the areas studied.

This book details the new forms of workers' protest and opposition that have developed as Japan's economy has transformed over the past three decades and highlights their impact upon the country's policymaking process. Drawing on a new dataset charting protest events from the 1980s to the present, the book produces the first systematic study of Japan's new precarious labor movement. It details the movement's rise during Japan's post-bubble economic transformation and highlights the different and innovative forms of dissent that mark the end of the country's famously non-confrontational industrial relations. In doing so, moreover, the book shows how this new pattern of industrial and social tension is reflected within the country's macroeconomic policymaking, resulting in a new policy dissensus that has consistently failed to offer policy reforms that would produce a return to economic growth. As a result, the book argues that the Japanese model of capitalism has therefore become increasingly disorganized.

This book deals with practical or real life aspects of public finance. It focuses on the growth in the activities of governments, in a world that expects more than in the past from governments. The book focuses on the growing complexity in both the work of the private market and that of the public sector. It stresses that part of the growing complexity is due to the more ambitious role that governments tried to play today, while part is due to choices made by governments, so that complexity may be partly avoidable. This was important in the different pursuit of social welfare by different countries. Complexity has increased opportunities for abuses, for rent seeking, and for mistakes in policies. It may also have increased the attraction of populist policies that claim to offer magical or easy solutions to problems. A major conclusion of the book is that the objective of simplicity in laws and in policies should be given more importance by both economists and governments.

The Green Revolution resulted in spectacular advancements in Indian agriculture. Having achieved food security for its citizens, the country has now become a net exporter of different agricultural commodities. But sadly, this does not reflect the real state of the Indian agricultural sector. In truth, our farmers are plagued by crop failures, poor income, and indebtedness. Such is their misery that they are of late driven to commit suicide. In this book, the author identifies poor returns from crop cultivation as the root cause of farmers’ problems. Using vast temporal and spatial data, the author explores further and attempts to address some very pertinent questions facing Indian agriculture today: What is the current trend in farm income? Are the returns from irrigated crops better than un-irrigated crops? Does increased productivity guarantee increased income? Has the agricultural price policy benefitted farmers? To what extent does rural infrastructure development help in increasing farm income? Has the rural employment guarantee scheme affected farm profitability? The answers will help us determine if we can double farm income by 2022–3, a target set by the present union government.

Free trade is always under attack, more than ever in recent years. The imposition of numerous U.S. tariffs in 2018, and the retaliation those tariffs have drawn, has thrust trade issues to the top of the policy agenda. Critics contend that free trade brings economic pain, including plant closings and worker layoffs, and that trade agreements serve corporate interests, undercut domestic environmental regulations, and erode national sovereignty. Why are global trade and agreements such as the Trans-Pacific Partnership so controversial? Does free trade deserve its bad reputation? This book aside the misconceptions that run rampant in the debate over trade and gives readers a clear understanding of the issues involved. In its fifth edition, the book has been updated to address the sweeping new policy developments under the Trump administration and the latest research on the impact of trade.

From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating interaction between economic activity and financial markets. Itexamines what causes long-run economic growth and shorter-term business-cycle fluctuations and analyses their impact on stock markets. From Main Street to Wall Street also discusses how investors can use knowledge of economic activity and financial markets to formulate expectations to future stock returns. The book relies on data, and figures and tables illustrate arguments and theories in intuitive ways.In the end, From Main Street to Wall Street helps academic scholars and practitioners navigate financial markets by understanding the economy.

The modern world was created through the combination and complex interactions of five grand transitions. First, the demographic transition changed the total numbers, dynamics, structure, and residential pattern of populations. The agricultural and dietary transition led to the emergence of highly productive cropping and animal husbandry (subsidized by fossil energies and electricity), a change that eliminated famines, reduced malnutrition, and improved the health of populations but also resulted in enormous food waste and had many environmental consequences. The energy transition brought the world from traditional biomass fuels and human and animal labor to fossil fuel, ever more efficient electricity, lights, and motors, all of which transformed both agricultural and industrial production and enabled mass-scale mobility and instant communication. Economic transition has been marked by relatively high growth rates of total national and global product, by fundamental structural transformation (from farming to industries to services), and by an increasing share of humanity living in affluent societies, enjoying unprecedented quality of life. These transitions have made many intensifying demands on the environment, resulting in ecosystemic degradation, loss of biodiversity, pollution, and eventually change on the planetary level, with global warming being the most worrisome development. This book traces the genesis of these transitions, their interactions and complicated progress as well as their outcomes and impacts, explaining how the modern world was made—and then offers a forward-thinking examination of some key unfolding transitions and appraising their challenges and possible results.

The central theme of this book is to appraise the role of planning to maximize the rate of economic growth, and improve the standards of living and quality of life of the people in India since Independence. The book addresses four core areas. First, it delves into the circumstances which led to the adoption of planning and presents a comprehensive analysis of the economic scenario that unfolded in the six decades between 1951 and 2011, documenting shifts in growth and development strategy. Second, it explores the rate and pattern of economic growth, and traces reasons behind the shortfall in growth rate from the target. Third, the book contextualizes the backdrop against which economic reform measures were introduced to understand how different areas and sectors of the economy were integrated with the reform process. Fourth, it analyses the transition from growth measures pursued until the 1970s, to a mix of growth and redistribution from the 1980s, and then to inclusive growth in the 2000s, and finds out how income, especially of the poor and marginalized sections of the population increased. It makes an assessment of the level and change in poverty over time, and the impact of economic growth on poverty reduction. These four thematic areas of the book are essential to understand the process of economic growth and its impact on the lives of the people in India's rapidly changing socio-economic environment. Finally, it assesses the economic scenario in the 2010s, when planning was abandoned, and pinpoints the reasons behind dipping growth rate, and suggests measures for its revival.

There are considerable variations in the extent to which growth has improved the position of the poor. In all cases except one the incomes of the poorest have improved over the periods for which data on distribution are available. However, in all cases there is some evidence that inequality has tended to increase. The relative importance of mineral production appears to be associated with higher levels of inequality. An important question for mineral-exporting countries is how to ensure that national mineral wealth is used to support pro-poor investment. In view of the observed tendency for decreases in the relative importance of agriculture to exacerbate income differentials, some pro-poor policy interventions are required to redress the balance.

Setting macroeconomic policy is especially difficult in fragile states. Political legitimacy concerns are heightened, raising issues such as who the policymakers are, what incentives move them, and how the process of policymaking is likely to work under limited legitimacy and high uncertainty both about the macroeconomic environment and about policy effectiveness. In addition, fragility expands the range of policy objectives in ways that may constrain the attainment of standard macroeconomic objectives. Specifically, in the context of fragility policymakers also need to focus on measures to mitigate fragility itself—namely, they need to address issues such as regional and ethnic economic disparities, youth unemployment, and food price inflation. Socio-political developments around the world have thus pushed policymakers to broaden their toolkit to improve the effectiveness of macroeconomic management in the face of these constraints. The chapters in this book address these issues, both by giving an analytical context from which policymakers can build to answer the questions they face in fragile situations as well as by providing lessons drawn from empirical analyses and case studies. The first section of the volume discusses the interactions between political economy considerations and macroeconomic policymaking. The second section covers the private sector environment in fragile states. The third section focuses on macroeconomic policy, especially fiscal policy, monetary policy, exchange rate policy, external flows, and aid effectiveness. The last section explains the role of the IMF in fragile states and concludes by presenting case studies from the Middle East and from Sub-Saharan Africa. The contributors to the volume are economists and political scientists from academia as well as policymakers from international organizations and from countries affected by fragility.

The Swedish welfare state is known for providing extensive services to its citizens. Much less well known is that a fair amount of the services are delivered by private for-profit firms. The first steps of privatization were taken in the mid-1980s for childcare services at the municipal level, and the government often found itself scrambling to introduce regulation afterwards. Other sectors were subsequently privatized, most notably through an extensive voucher scheme to provide choice in compulsory and upper-secondary education. A key question throughout this process has been how to maintain the Swedish egalitarian ethos while undergoing extensive privatization. How has the country managed to reap the benefits from market forces without endangering equitable outcomes? The Swedish system is no middle road between socialism and capitalism. Instead, it is more akin to a large-scale laboratory for institutional design with lessons that should be of broad relevance to other countries aiming to get high-quality welfare services while containing costs. Focusing on what others can learn from Sweden, the book makes accessible original research on schools, health care, and elderly care. The privatization of service production has occurred despite major political controversy between two competing visions for the welfare state. Successful experiments have spread organically to neighbouring municipalities. What was done well in this process and what were the mistakes? The book addresses the fundamental economic challenges, the trends of the future, and the implications for institutional design

Why do farm workers become more vulnerable as countries get richer? As countries get richer, the share of workers employed in agriculture falls. In richer countries, hired farm workers do ever more of the work on the fewer and larger farms that produce most farm commodities. These hired workers include local workers who lack the skills and contacts needed to get nonfarm jobs that usually offer higher wages and more opportunities as well as legal and unauthorized migrants from poorer countries who may not know or exercise their labor-related rights. Government enforcement of labor laws depends on complaints, and vulnerable workers rarely complain. The Prosperity Paradox explains why farm-worker problems often worsen as the agricultural sector shrinks and lays out options to help vulnerable workers. Analysis of farm labor markets in the US, Mexico, and other countries shows that unions and fair trade efforts to protect farm workers cover a very small share of all workers and are unlikely to expand quickly. Most labor-intensive fruits and vegetables are eaten fresh. Unsafe food that sickened consumers led to voluntary industry and later government-mandated food-safety programs to ensure that food is safe when it leaves the farm, with protocols enforced by both government inspectors and buyers who refused to buy from noncompliant farms. This food-safety model offers the most promise for a new era in protective labor policies.

Innovation is generally considered to be the antidote to economic stagnation. But while the coupling of ‘responsible' and 'innovation’ has been much discussed, that of 'responsible stagnation' has gone largely unexplored. In this book, we take this concept seriously as a means to question the political economy of science, technology and innovation, both as policy and as process, and the problems which arise from unquestioned emphasis on innovation as the means to increase GDP. The book argues that examining what 'responsible stagnation' might contribute opens new space in the growing global discussion about RI, incorporating innovation in non-market oriented processes, goods and services which have strong societal benefit but do not necessarily contribute to GDP. It examines the conundrum of diminishing productivity returns and increased environmental and social hazards associated with attempts to increase GDP, and how taking a growth-agnostic approach contributes to recalibrating innovation around responsibility as its focal point. Drawing on insights from ecological and steady state economics, Science and Technology Studies, and social innovation across the world, this interdisciplinary group of scholars questions how the growth paradigm shapes and limits the innovation space, and how decoupling innovation from growth points toward myriad possibilities for facilitating human well-being in more environmentally and socially responsible ways.

This book provides an intellectual biography of Robert Triffin. Triffin (1911–1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system that was dependent on a national currency for its international liquidity (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy adviser. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary adviser of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe’s monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam War. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economist’s clothing.