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In terms of economics, the twenty-first century promises to be one of experiments and mixed economies that display features of both a private enterprise market and an intrusive government sector. To fully understand this coming trend, William Hixson presents this study of the U.S. economy since World War I and its experiments with mixed economics. Hixson describes how the largely laissez-faire economy prior to 1929 was so structured to make a crisis of illiquidity and overindebtedness inevitable, and how the mixed economy that has prevailed since World War II is structured to result in a similar crisis. His work challenges the generally accepted views of both U.S. and Marxist economists. Following a brief introduction that outlines Hixson's approach and theoretical framework, the book begins with a seven-chapter study of the basic operating principles and procedures of a laissez faire economy. The next three chapters examine the Great Crash of 1929 and how it was a predictable outcome of the U.S. economy's operation in a laissez-faire mode. A set of four chapters then analyze the emergence of the government sector as an increasingly significant factor, and the evolution and institutionalization of mixed economy. The last set of chapters considers the past four decades of a mixed economy and why it lacks long-term viability, while the concluding two chapters suggest changes in operating principles and financial practices to make the mixed economy a viable one. This work will be a valuable resource for professionals involved in all types of financial and investing fields, as well as for students and scholars of economics and national economies.
<b>A lavish two-volume collector's edition of the history of the America's Cup</b> <ul> <li>The ultimate history of sailing's most enigmatic and greatest prize <li>Beautifully presented in two large volumes in a slipcase <li>Illustrated with paintings and plans from the early years and dramatic photography from the modern era </ul> <p> This stunning book forms the definitive history of the longest continuously competed international sporting event. Each of these majestic tomes leads the reader on a unique journey through the excitement, intrigue, innovation and excess that have been the hallmarks of the America's Cup. <p> The first volume chronicles the Cup from the start of the competition in 1851 through to 1967. Bob Fisher has left no stone unturned in producing an objective and authoritative account of each event. The evolution of the America's Cup is carefully tracked, with the characters, the designs and the races themselves all sharing centre stage. Just as boat speed must be combined with tactical skill to succeed on the water, so scholarship and carefully crafted prose are united in this exceptional work. <p> The second volume follows the extraordinary events between 1970 and 2003. There's the inside story on the court cases and personality clashes as well as the cutting edge designs and thrilling battles between the world's greatest sailors. The tale is told up to the 32rd America's Cup which marked the end of an era and the returning of the cup to Europe for the first time in 152 years. <p> <i>An Absorbing Interest</i> is fully illustrated and includes paintings and artwork that recorded the action of the first cups as well as some of the finest photography from subsequent years. It all combines to create an achievement that is breathtaking in both its breadth and detail. The two volumes, each of more than 260 pages, are presented in an elegant cloth-bound slip case, making this a work that will be treasured for generations to come.
"Interest Rate Derivatives" describes: Pricing methods; Application, structuring and valuation of interest rate and Cross currency Swap and interest Options; Methods of managing interest rate exposure; and, Trading and hedging strategies and their application in portfolio management. Basic interest rate mathematics are explored and built upon to delve into a more complex development of interest rate derivatives in general. This work is accompanied by a CD and gives you a unique stand-alone product which serves as a major reference guide on interest rate derivatives. The book itself is developed around a user-friendly excel based pricing system helping you to better understand the content by applying the theory to real life pricing. This allows you to use the book as an initial reference or learning tool to see how the maths work and leaves you with a practical calculation tool. Recommended for all financial and corporate treasury staff, MBA students, graduates and anyone looking for a mathematical guide to the practical pricing and modelling of interest rate derivatives.
This book is the inspirational story of one project that shows you how you can become involved in building and running your neighbourhood. The author, co-founder of Lilac (Low Impact Living Affordable Community), along with other members of the community and the project team, explains how a group of people got together to build one of the most pioneering ecological, affordable cohousing neighbourhoods in the world. The book is a story of perseverance, vision and passion, demonstrating how ordinary people can build their own affordable, ecological community.
The book starts with the clear values that motivated and guided the project's members: sustainability, co-operativism, equality, social justice and self-management. It outlines how they were driven by challenges and concerns over the need to respond to climate change and energy scarcity, the limits of the 'business as usual' model of pro-growth economics, and the need to develop resources so that communities can determine and manage their own land and resources. The author's story is interspersed with vignettes on topics such as decision making, landscaping, finance and design.
The book summarises academic debates on the key issues that informed the project, and gives technical data on energy and land issues as well as practical 'how-to' guides on a range of issues such as designing meetings, budget planning and community agreements.Low Impact Living provides clear and easy to follow advice for community groups, practitioners, government, business and the development sector and is heavily illustrated with drawings and photographs from the architectural team.
An important recent advancement in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In "Money, Interest, and Policy, " Jean-Pascal Benassy argues that moving from the standard DSGE models--which he calls "Ricardian" because they have the famous "Ricardian equivalence" property--to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification--the assumption that new agents are born over time (which makes the model non-Ricardian)--can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other. After comparing Ricardian and non-Ricardian models, Benassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and births of new agents. He applies this model to a number of issues in monetary policy, namely liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules.
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