{"title":"Economics \u0026 Finance: General","description":"","products":[{"product_id":"the-us-defense-economy","title":"The US Defense Economy","description":"\u003cp\u003eThe United States defence economy is remarkable for a number of reasons - including sheer size. It receives a significant (albeit decreasing) share of GDP and has a significant international footprint. Its purpose is to provide the resources for national defence - against a set of complex and capable adversaries. The main players in the defence economy are households, and the Federal Government. The associated interactions determine the resources provided for national defence and their allocation among various defence needs. This Element focuses primarily on interactions between government and industrial suppliers within the institutional peculiarities of the defence marketplace. This includes the developments that have determined the course of defence industry consolidation post-Cold War. The authors also highlight the persistent gap between resources available for defence and the means to execute the National Security Strategy. Finally, they offer some tentative thoughts regarding developments likely to shape the defence economy's future.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56667176501634,"sku":"9781009010566","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009010566i.jpg?v=1779465791"},{"product_id":"the-political-economy-of-public-pensions","title":"The Political Economy of Public Pensions","description":"\u003cp\u003ePublic pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56667177124226,"sku":"9781009011624","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009011624i.jpg?v=1779465857"},{"product_id":"on-the-road-to-economic-prosperity","title":"On the Road to Economic Prosperity","description":"\u003cp\u003eThis Element investigates how the Ghanaian household wealth index is impacted by travel time reduction, which is a direct effect of infrastructural investments from 2000 to 2016. The wealth index is constructed based on the possession of selected assets and reflects the well-being of residents in Ghana. The Element employs two datasets, the Demographic and Health Survey (DHS) and the DHS Covariates. The two-stage least square estimation is implemented to establish the causal relationship. The Element finds that a ten percent reduction in travel time from 2000 to 2015 would result in a 1.2 percent increase in the wealth index from 2003 to 2016. This finding is robust to various settings, including the addition of more control variables, the use of different instrumental variables, and the study of both short-term and long-term effects. The analysis lends support to the Ghanaian government's current economic and infrastructure development plans.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56667180171650,"sku":"9781009014397","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009014397i.jpg?v=1779466109"},{"product_id":"can-brics-de-dollarize-the-global-financial-system","title":"Can BRICS De-dollarize the Global Financial System?","description":"\u003cp\u003eExisting scholarship has not systematically examined BRICS (Brazil-Russia-India-China-South Africa) as a rising power de-dollarization coalition, despite the group developing multiple de-dollarization initiatives to reduce currency risk and bypass US sanctions. To fill this gap, this study develops a 'Pathways to De-dollarization' framework and applies it to analyze the institutional and market mechanisms that BRICS countries have created at the BRICS, sub-BRICS, and BRICS Plus levels. This framework identifies the leaders and followers of the BRICS de-dollarization coalition, assesses its robustness, and discerns how BRICS mobilizes other stakeholders. The authors employ process tracing, content analysis, semi-structured interviews, archival research, and statistical analysis of quantitative market data to analyze BRICS activities during 2009-2021. They find that BRICS' coalitional de-dollarization initiatives have established critical infrastructure for a prospective alternative nondollar global financial system. This title is also available as Open Access on Cambridge Core.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56667180302722,"sku":"9781009014625","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009014625i.jpg?v=1779466136"},{"product_id":"understanding-ludwig-lachmanns-economics","title":"Understanding Ludwig Lachmann's Economics","description":"\u003cp\u003eLudwig Lachmann is a central but underappreciated figure within the Austrian school of economics. Although his understanding of institutions, his appreciation of the heterogeneity of capital, his emphasis on subjectivity, and his focus on the dynamism and uncertainty of the real world have become dominant positions amongst Austrian economists, he is still viewed as something of an outsider. As such, the contributions of Lachmann's economics are arguably misunderstood. This Element attempts to tease out and discuss the critical contributions of Lachmann's economics. Arguably, one way in which to understand Lachmann's economics is by seeing it as unified in considering, in various ways, a single conceptual 'problem' – the apparent tension between the dynamic nature of social reality and the intelligible nature of the social world. Approaching Lachmann with this theme in mind allows us to put things together more coherently than other exegetical strategies.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668225143170,"sku":"9781009087667","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009087667i.jpg?v=1779551058"},{"product_id":"the-emerging-economies-under-the-dome-of-the-fourth-industrial-revolution","title":"The Emerging Economies under the Dome of the Fourth Industrial Revolution","description":"\u003cp\u003eThe Fourth Industrial Revolution (4IR) is reshaping the globe at a rate far quicker than earlier revolutions. It is also having a greater influence on society and industry. We are currently witnessing extraordinary technology such as self-driving cars and 3D printing, as well as robots that can follow exact instructions. And hitherto unconnected sectors are combining to achieve unfathomable effects. It is critical to comprehend this new era of technology since it will significantly alter life during the next several years in this age of technological advancement. In particular, one of the most significant findings is that 4IR technologies must be used responsibly and to benefit people, companies and countries as a whole; as a result, the development of artificial intelligence, the Internet of Things, blockchain, and robotics systems will be advanced most effectively by grouping a multidisciplinary team from areas such as computer science, education and social sciences.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668226027906,"sku":"9781009095105","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009095105i.jpg?v=1779551109"},{"product_id":"banking-stability-and-financial-conglomerates-in-european-emerging-countries","title":"Banking Stability and Financial Conglomerates in European Emerging Countries","description":"\u003cp\u003eThis Element focuses on the specific role of financial conglomerates in managing banking and financial stability. 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This Element outlines the characteristics of CEE digital markets, along with an additional contextual layer investigating online consumer behaviors. In-depth analysis of the similarities and differences in the region will allow the pace of ongoing digitization to be traced. The authors' objective in delivering this Element is to analyze the opportunities presented by the digital economy in CEE and to provide an actionable outlook for the e-commerce potential within the region's markets. Observations are based on in-depth analysis of dependencies between globalization of consumer behaviors and ongoing barriers to digital adoption caused by both economic and geo-political limitations.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668228682114,"sku":"9781009108447","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009108447i.jpg?v=1779551323"},{"product_id":"covid-19-and-islamic-finance","title":"COVID-19 and Islamic Finance","description":"\u003cp\u003eThe objective of this Element is to provide an overview of Islamic finance by highlighting the impact of the pandemic on it in a comprehensive manner by looking at two branches of Islamic finance: Islamic commercial finance; and Islamic social finance. The approach that is adopted in this Element is to first provide an overview of Islamic finance to the readers in a simple and easy manner followed by the impact of pandemic discussed separately for both types of Islamic finance. Last, but not least, the Element also recommends ways in which Islamic finance could be further improved in the light of the lessons learnt from the pandemic. It is anticipated that the recommendations made in this regard would assist policymakers, practitioners, researchers and other stakeholders of Islamic finance to understand the way to unlock the full potential of Islamic finance to reduce the wealth gap and achieve financial inclusion.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668236644738,"sku":"9781009189477","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009189477i.jpg?v=1779552077"},{"product_id":"the-paradox-of-gender-equality-and-economic-outcomes-in-sub-saharan-africa","title":"The Paradox of Gender Equality and Economic Outcomes in Sub-Saharan Africa","description":"\u003cp\u003eThis Element provides an in-depth analysis of the role of women's ownership of and access to land in sub-Saharan Africa (SSA) in determining gender equality and women's economic and social outcomes and gives suggestions to inform effective gender-sensitive land policies. Using cross-sectional regression analysis, we find that ownership of land by women positively contributes to women's absolute employment. Conversely, results from pairwise correlation show that a lack of ownership of land by women is highly correlated with increased women's unemployment. Despite these findings, the proportion of women who own land in SSA is lower than that of men. Moreover, women usually acquire land through either purchase from the market system or marriage, and even then their rights of ownership are usually very limited and precarious compared to the rights of men.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668796354946,"sku":"9781009371889","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009371889i.jpg?v=1779632232"},{"product_id":"explaining-technology","title":"Explaining Technology","description":"\u003cp\u003eA long tradition explains technological change as recombination. Within this tradition, this Element develops an innovative combinatorial model of technological change and tests it with 2,000 years of global GDP data and with data from US patents filed between 1835 and 2010. The model explains 1) the pace of technological change for a least the past two millennia, 2) patent citations and 3) the increasing complexity of tools over time. It shows that combining and modifying pre-existing goods to produce new goods generates the observed historical pattern of technological change. A long period of stasis was followed by sudden super-exponential growth in the number of goods. In this model, the sudden explosion of about 250 years ago is a combinatorial explosion that was a long time in coming, but inevitable once the process began at least two thousand years ago. 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The benefit is that if E occurs there is less to argue about; the cost is that the additional reference point provided by the outcome in E can hinder (re)negotiation in states outside E. We show that if parties agree about a reasonable division of surplus, an incomplete contract is strictly superior to a contingent contract. If parties have different views about the division of surplus, an incomplete contract can be superior if including a contingency would lead to divergent reference points.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668803760514,"sku":"9781009396073","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009396073i.jpg?v=1779632701"},{"product_id":"public-private-dialogs-to-spur-export-led-growth","title":"Public-Private Dialogs to Spur Export-led Growth","description":"\u003cp\u003eThis case study examines the implementation of Namibia's first Productivity Task Force focused on the high-value fruit sector from 2021 to 2024. Productivity task forces, modeled after Peru's Mesas Ejecutivas, facilitate public-private dialogues to resolve sector-specific productivity issues. The Namibian Investment Promotion and Development Board, the Ministry of Agriculture, Water and Land Reform, and the Ministry of Finance led the Namibian task force. The study highlights critical stages, including the task force's management and organization, political authorization, and the identification and resolution of productivity problems. While some challenges remain unsolved, the PTF has laid the groundwork for long-term improvements in government capacity, better public-public coordination, public-private collaboration, and a more business-friendly environment. The study offers valuable insights for implementing similar public-private initiatives in other developing countries. 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It is held that technological feasibility and political consensus are necessary and conjointly sufficient conditions to explain the success or failure of large-scale defence projects. The success of the innovative defence projects is strongly and positively related to the level of external threat. The initial hypothesis is tested by scrutinizing three specific projects in the United States (Future Combat Systems, The B-2 Stealth Bomber and the F-35). The conclusion is that the model is sound and might be generalized to analyse the prospects of success or failure of other large-scale defence projects.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668805267842,"sku":"9781009409742","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009409742i.jpg?v=1779632917"},{"product_id":"agent-based-macroeconomics","title":"Agent-based Macroeconomics","description":"\u003cp\u003eThis Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation. 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Second, it demonstrates that today's innovators have evolved from pursuing incremental change through conventional Fin-Tech applications to AI × crypto as the fastest-growing segment. The convergence of previously siloed areas is creating an open-source infrastructure that reduces entry costs and enables more radical innovation, further amplifying change. Yet this transformation introduces legal uncertainty and risks related to liability, cybercrime, taxation, and adjudication. Through case studies across domains, the Element shows that familiar economic tradeoffs persist, suggesting opportunities for boundary-spanning regulation. 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Based on a survey of 300 people, the study finds that mobile banking facilitates access to public services, which is beneficial and effective for both rural and urban users, as technology can increase the quality of work. 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Trump's tariffs and attacks on global supply chains, restrictions on visas for skilled foreign workers, and his overall hostility toward high-tech sectors threatened the innovative firms that motor these places' economies. Trump was different in degree but not kind from previous American populists such as Jennings Bryan and Perot: they too exploited innovation inequality, but were less successful because, before the digital revolution, the industrial organization of American technological progress was not rooted in vertically disintegrated global supply chains. 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It discusses how Islamic financial institutions contribute to sustainable development through the achievement of Sustainable Development Goals , Environmental, Social, and Governance criteria, and Socially Responsible Investment  practices. Case studies from different parts of the world demonstrate practical applications of Islamic finance principles in supporting SDG. It suggests reforms that can unlock the full potential of Islamic finance, including the institutionalization of Islamic social finance, convergence with commercial finance, leveraging technology, integrating Shariah-based financial products, considering social return as a benchmark for approving products, introducing blended finance, and collaborating with humanitarian agencies. 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This allows them to establish a relation between Nash equilibria and the stability of the replicator for normal a form games applicable to oligopoly models, theory of international trade, public good models, the tragedy of commons, and War of attrition game among others. They also provide conditions to approximate the replicator dynamics on a space of measures by means of a finite-dimensional dynamical system and a sequence of measure-valued Markov processes.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56668814410114,"sku":"9781009472326","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781009472326i.jpg?v=1779634081"},{"product_id":"james-buchanan-and-peaceful-cooperation","title":"James Buchanan and Peaceful Cooperation","description":"\u003cp\u003eBuchanan believed that individuals are fundamentally willing to cooperate with others. 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This contestation occurs through the rising share of emerging market economies within global finance in recent years, especially the rise of the BRICS economies. This Element investigates whether and how the BRICS contest the contemporary GFO by conducting a systematic empirical analysis across seven countries, eleven issues areas and three dimensions. This contestation occurs across issue areas but is mostly concentrated on the domestic and transnational dimension, not the international level on which much research focuses. Rather than the entire BRICS, it is especially China, Russia and India that contest liberal finance. 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The results indicate that the two Bayesian models have greater forecasting power and that there is little evidence in favor of using the other three fundamentals models, except Purchasing Power Parity at longer forecasting horizons.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56669812064642,"sku":"9781108810135","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781108810135i.jpg?v=1779715300"},{"product_id":"defence-economics","title":"Defence Economics","description":"\u003cp\u003eThis Element introduces students, policy-makers, politicians, governments and business-people to this new discipline within economics. It presents the recent history of the subject and its range of coverage. 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This Element develops a robust econometric methodology, based on controlling for usual unobservable effects at the firm or plant level. By robust empirical results in total factor productivity (TFP), we mean estimating investment climate (IC) elasticities, or semi-elasticities, with equal signs and similar magnitudes for more than ten different competing TFP measures. The key to achieve similar empirical results for several TFP measures is to avoid having a problem omitted variables, achieved through imputation of large proportions of missing observations in relevant variables (i.e. the capital stock). Furthermore through the use of a new concept of aggregate TFP (tfpIC), that measures the associated IC effects on firm´s tfp, we are able to make meaningful cross-country firm´s level productivity comparisons, avoiding the usual problem of comparing 'apples with oranges' that would otherwise occur if we directly compare country's TFP measurements.\u003c\/p\u003e","brand":"Cambridge University Press Bookshop","offers":[{"title":"Default Title","offer_id":56669821370754,"sku":"9781108829441","price":18.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0475\/2031\/7597\/files\/9781108829441i.jpg?v=1779716127"}],"url":"https:\/\/www.cambridgebookshop.co.uk\/collections\/economics-finance-general.oembed?page=2","provider":"Cambridge University Press Bookshop","version":"1.0","type":"link"}