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By Ben S. Bernanke. 2022
21st Century Monetary Policy takes readers inside the Federal Reserve, explaining what it does and why. In response to the…COVID-19 pandemic, the Federal Reserve deployed an extraordinary range of policy tools that helped prevent the collapse of the financial system and the U.S. economy. Chair Jerome Powell and his colleagues lent directly to U.S. businesses, purchased trillions of dollars of government securities, pumped dollars into the international financial system, and crafted a new framework for monetary policy that emphasized job creation. These strategies would have astonished Powell’s late-20th-century predecessors, from William McChesney Martin to Alan Greenspan, and the advent of these tools raises new questions about the future landscape of economic policy. In 21st Century Monetary Policy, Ben S. Bernanke—former chair of the Federal Reserve and one of the world’s leading economists—explains the Fed’s evolution and speculates on its future. Taking a fresh look at the bank’s policymaking over the past seventy years, including his own time as chair, Bernanke shows how changes in the economy have driven the Fed’s innovations. He also lays out new challenges confronting the Fed, including the return of inflation, cryptocurrencies, increased risks of financial instability, and threats to its independence. Beyond explaining the central bank’s new policymaking tools, Bernanke also captures the drama of moments when so much hung on the Fed’s decisions, as well as the personalities and philosophies of those who led the institution.
By Nia Alexandrov, Raul Ramirez Velarde, Vassil Alexandrov. 2013
Exploring the latest developments in the technology and pedagogy of higher education, Technological Advances in Interactive Collaborative Learning presents information…technology-oriented educational programs for the next generation of scientists and researchers. It highlights the importance of technology, pedagogy, and management in the higher edu
By Jeffery L. Condon. 1995
This expert, one-of-a-kind handbook shows you how to ensure that your inheritance instructions will be carried out the way you…want them to be; protect your children's inheritance from creditors, ex-spouses, addictions, tax troubles, mismanagement, squandering, and other risks of loss; prevent family conflict that can arise when parents die and children divide the "family money"; leave more money to your children and grandchildren, and less to the IRS; avoid creating inheritance problems in your family with "cautionary tales" of inheritance planning gone bad; understand why you still have to deal with estate tax issues even if your net worth falls below the new death-tax-exemption.
You are being surveilled right now. This sweeping exposé reveals how the U.S. government allied with data brokers, tech companies,…and advertisers to monitor us through the phones we carry and the devices in our home.&“A revealing . . . startling . . . timely . . . fascinating, sometimes terrifying examination of the decline of privacy in the digital age.&”—Kirkus Reviews&“That evening, I was given a glimpse inside a hidden world. . . . An entirely new kind of surveillance program—one designed to track everyone.&”For the past five years—ever since a chance encounter at a dinner party—journalist Byron Tau has been piecing together a secret story: how the whole of the internet and every digital device in the world became a mechanism of intelligence, surveillance, and monitoring.Of course, our modern world is awash in surveillance. Most of us are dimly aware of this: Ever get the sense that an ad is &“following&” you around the internet? But the true potential of our phones, computers, homes, credit cards, and even the tires underneath our cars to reveal our habits and behavior would astonish most citizens. All of this surveillance has produced an extraordinary amount of valuable data about every one of us. That data is for sale—and the biggest customer is the U.S. government.In the years after 9/11, the U.S. government, working with scores of anonymous companies, many scattered across bland Northern Virginia suburbs, built a foreign and domestic surveillance apparatus of breathtaking scope—one that can peer into the lives of nearly everyone on the planet. This cottage industry of data brokers and government bureaucrats has one directive—&“get everything you can&”—and the result is a surreal world in which defense contractors have marketing subsidiaries and marketing companies have defense contractor subsidiaries. And the public knows virtually nothing about it.Sobering and revelatory, Means of Control is the defining story of our dangerous grand bargain—ubiquitous cheap technology, but at what price?
By Michelle Wilde Anderson. 2022
A sweeping and eye-opening study of wealth inequality and the dismantling of local government in four working-class US cities that…passionately argues for reinvestment in people-centered leadership and offers &“a welcome reminder of what government can accomplish if given the chance&” (San Francisco Chronicle).Decades of cuts to local government amidst rising concentrations of poverty have wreaked havoc on communities left behind by the modern economy. Some of these discarded places are rural. Others are big cities, small cities, or historic suburbs. Some vote blue, others red. Some are the most diverse communities in America, while others are nearly all white, all Latino, or all Black. All are routinely trashed by outsiders for their poverty and their politics. Mostly, their governments are just broke. Forty years after the anti-tax revolution began protecting wealthy taxpayers and their cities, our high-poverty cities and counties have run out of services to cut, properties to sell, bills to defer, and risky loans to take.In this &“astute and powerful vision for improving America&” (Publishers Weekly), urban law expert and author Michelle Wilde Anderson offers unsparing, humanistic portraits of the hardships left behind in four such places. But this book is not a eulogy or a lament. Instead, Anderson travels to four blue-collar communities that are poor, broke, and progressing. Networks of leaders and residents in these places are facing down some of the hardest challenges in American poverty today. In Stockton, California, locals are finding ways, beyond the police department, to reduce gun violence and treat the trauma it leaves behind. In Josephine County, Oregon, community leaders have enacted new taxes to support basic services in a rural area with fiercely anti-government politics. In Lawrence, Massachusetts, leaders are figuring out how to improve job security and wages in an era of backbreaking poverty for the working class. And a social movement in Detroit, Michigan, is pioneering ways to stabilize low-income housing after a wave of foreclosures and housing loss.Our smallest governments shape people&’s safety, comfort, and life chances. For decades, these governments have no longer just reflected inequality—they have helped drive it. But it doesn&’t have to be that way. Anderson shows that &“if we learn to save our towns, we will also be learning to save ourselves&” (The New York Times Book Review).
By Jeffrey Roy. 2007
Boundaries between business and government are increasingly fluid and often transcended. Yet it remains important to acknowledge and make appropriate…use of the fundamental differences between these sectors. Five areas that offer the most critical challenges to business and government in Canada today are corporate governance, lobbying and influence, security and privacy, public-private partnerships, and geography and development. This book is an exploration of the systemic dynamics of the inter-sectoral governance that shape the collective performance of Canada's national jurisdiction. Three perspectives of the relational dynamics between business and government, drawn from leading Canadian scholars, are adopted in order to frame the examination of independence, influence, and interdependence. This book makes a case for the advancement of “virtuous hybrids,” while pointing out the challenges that remain in terms of the formation and successful performance of such hybrids in Canada, a challenge that calls for political leadership as well as social learning. An informed and engaged public, wearing multiple hats (i.e. as voter, shareholder, employee, activist etc.) would be the ultimate arbiter of sectoral and collective performance.
By Kyle Edward Williams. 2024
The untold story of how efforts to hold big business accountable changed American capitalism. Recent controversies around environmental, social, and…governance (ESG) investing and “woke capital” evoke an old idea: the Progressive Era vision of a socially responsible corporation. By midcentury, the notion that big business should benefit society was a consensus view. But as Kyle Edward Williams’s brilliant history, Taming the Octopus, shows, the tools forged by New Deal liberals to hold business leaders accountable, such as the Securities and Exchange Commission, narrowly focused on the financial interests of shareholders. This inadvertently laid the groundwork for a set of fringe views to become dominant: that market forces should rule every facet of society. Along the way, American capitalism itself was reshaped, stripping businesses to their profit-making core. In this vivid and surprising history, we meet activists, investors, executives, and workers who fought over a simple question: Is the role of the corporation to deliver profits to shareholders, or something more? On one side were “business statesmen” who believed corporate largess could solve social problems. On the other were libertarian intellectuals such as Milton Friedman and his oft-forgotten contemporary, Henry Manne, whose theories justified the ruthless tactics of a growing class of corporate raiders. But Williams reveals that before the “activist investor” emerged as a capitalist archetype, Civil Rights groups used a similar playbook for different ends, buying shares to change a company from within. As a rising tide of activists pushed corporations to account for societal harms from napalm to environmental pollution to inequitable hiring, a new idea emerged: that managers could maximize value for society while still turning a maximal profit. This elusive ideal, “stakeholder capitalism,” still dominates our headlines today. Williams’s necessary history equips us to reconsider democracy’s tangled relationship with capitalism.
The world’s people and their leaders face a complex and multifaceted set of ‘eco-social questions’. As the productivity of humanity…increases, the negative external environmental effects of production and consumption patterns become increasingly problematic and threaten the human welfare. As the regulating power of national and international governments is limited, this challenge has generated a strong interest in the corporate social responsibility (CSR) of companies. Firms find it increasingly important to meet the expectations of stakeholders with respect to the company’s contribution to profit, planet, and people. The primary aim of this book is to introduce the reader to the impacts and drivers of CSR, with a special focus on small and medium-sized enterprises (SMEs). Research into the social and environmental impacts of CSR is rare. This is a serious gap because if CSR were to fail to have favourable social and environmental impacts on society, the whole concept may become redundant. If societal impacts of CSR are substantial, it is important to know the drivers of CSR. This book considers (1) factors internal to the company, (2) the competitive environment of the company, (3) institutions external to the company, and (4) how the impacts of institutions are mediated or moderated by company internal factors.This book will fill this gap by estimating various types of models that integrate external and internal factors driving CSR and its impacts on environment, innovation, and reputation, making it a valuable resource for researchers, academics, and students in the fields of business management and CSR.
By Jay Liebowitz, Michael S. Frank. 2011
The rapidly growing demand for online courses and supporting technology has resulted in a plethora of structural and functional changes…and challenges for universities and colleges. These changes have led many distance education providers to recognize the value of understanding the fundamental concepts of both e-learning and knowledge management (K
By Fred A. Kuglin. 2016
Error-proofing in the production process of pharmaceuticals isn‘t just a matter of good business, it has life-and-death implications for consumers.…To that end, the 2013 Drug Quality and Security Act in large part requires new mandates on tracking and tracing chain of custody in the supply chain. Pharmaceutical Supply Chain: Drug Quality and Securi
By Jay Liebowitz. 2012
Recent research shows that collaboration and social networking foster knowledge sharing and innovation by sparking new connections, ideas, and practices.…Yet these informal networks are often misunderstood and poorly managed. Building on the groundbreaking, bestselling first edition, Knowledge Management Handbook: Collaboration and Social Networkin
By James Speight. 2015
In an increasingly technological world, the education of scientists and engineers has become an activity of growing importance. Educating Scientists…and Engineers for Academic and Non-Academic Career Success focuses on the structure of the current educational system and describes the transformations needed to ensure the adequate education of future
By Carl J. Franklin. 1999
Written in a simple, straightforward manner, this book will help today's criminal justice student better understand con law issues as…well as the complicated development of constitutional rights and law. In its simple, easy to understand format, this book is a must for both current criminal justice professionals and students studying to enter the p
By The Journal of Law and Economics. 2023
This is volume 66 issue 4 of The Journal of Law and Economics. Established in 1958, the Journal of Law…and Economics publishes research on a broad range of topics, including the economic analysis of law, the economic analysis of regulation and the behavior of regulated firms, industrial organization and antitrust policy, the political economy of legislation and legislative processes, law and finance, and corporate finance and governance. The JLE has published some of the most influential and widely cited articles in these areas. It is an invaluable resource for academics and those interested in cutting-edge analysis of current public policy issues.
By Jeff Madrick. 2010
Political conservatives have long believed that the best government is a small government. But if this were true, noted economist…Jeff Madrick argues, the nation would not be experiencing stagnant wages, rising health care costs, increasing unemployment, and concentrations of wealth for a narrow elite. In this perceptive and eye-opening book, Madrick proves that an engaged government--a big government of high taxes and wise regulations--is necessary for the social and economic answers that Americans desperately need in changing times. He shows that the big governments of past eras fostered greatness and prosperity, while weak, laissez-faire governments marked periods of corruption and exploitation. The Case for Big Government considers whether the government can adjust its current policies and set the country right. Madrick explains why politics and economics should go hand in hand; why America benefits when the government actively nourishes economic growth; and why America must reject free market orthodoxy and adopt ambitious government-centered programs. He looks critically at today's politicians--at Republicans seeking to revive nineteenth-century principles, and at Democrats who are abandoning the pioneering efforts of the Great Society. Madrick paints a devastating portrait of the nation's declining social opportunities and how the economy has failed its workers. He looks critically at today's politicians and demonstrates that the government must correct itself to address these serious issues. A practical call to arms, The Case for Big Government asks for innovation, experimentation, and a willingness to fail. The book sets aside ideology and proposes bold steps to ensure the nation's vitality.
Innovation and Its Discontents: How Our Broken Patent System is Endangering Innovation and Progress, and What to Do About It
By Adam B. Jaffe, Josh Lerner. 2004
The United States patent system has become sand rather than lubricant in the wheels of American progress. Such is the…premise behind this provocative and timely book by two of the nation's leading experts on patents and economic innovation. Innovation and Its Discontents tells the story of how recent changes in patenting--an institutional process that was created to nurture innovation--have wreaked havoc on innovators, businesses, and economic productivity. Jaffe and Lerner, who have spent the past two decades studying the patent system, show how legal changes initiated in the 1980s converted the system from a stimulator of innovation to a creator of litigation and uncertainty that threatens the innovation process itself. In one telling vignette, Jaffe and Lerner cite a patent litigation campaign brought by a a semi-conductor chip designer that claims control of an entire category of computer memory chips. The firm's claims are based on a modest 15-year old invention, whose scope and influenced were broadened by secretly manipulating an industry-wide cooperative standard-setting body. Such cases are largely the result of two changes in the patent climate, Jaffe and Lerner contend. First, new laws have made it easier for businesses and inventors to secure patents on products of all kinds, and second, the laws have tilted the table to favor patent holders, no matter how tenuous their claims. After analyzing the economic incentives created by the current policies, Jaffe and Lerner suggest a three-pronged solution for restoring the patent system: create incentives to motivate parties who have information about the novelty of a patent; provide multiple levels of patent review; and replace juries with judges and special masters to preside over certain aspects of infringement cases. Well-argued and engagingly written, Innovation and Its Discontents offers a fresh approach for enhancing both the nation's creativity and its economic growth.
By Ben S. Bernanke. 2013
Ben Bernanke's history of the Federal Reserve and its response to the 2008 financial crisisIn 2012, Ben Bernanke, chairman of…the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges.Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed.Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.
By John D. Donahue, Richard J. Zeckhauser. 2012
How government can forge dynamic public-private partnershipsAll too often government lacks the skill, the will, and the wallet to meet…its missions. Schools fall short of the mark while roads and bridges fall into disrepair. Health care costs too much and delivers too little. Budgets bleed red ink as the cost of services citizens want outstrips the taxes they are willing to pay. Collaborative Governance is the first book to offer solutions by demonstrating how government at every level can engage the private sector to overcome seemingly insurmountable problems and achieve public goals more effectively.John Donahue and Richard Zeckhauser show how the public sector can harness private expertise to bolster productivity, capture information, and augment resources. The authors explain how private engagement in public missions—rightly structured and skillfully managed—is not so much an alternative to government as the way smart government ought to operate. The key is to carefully and strategically grant discretion to private entities, whether for-profit or nonprofit, in ways that simultaneously motivate and empower them to create public value. Drawing on a host of real-world examples-including charter schools, job training, and the resurrection of New York's Central Park—they show how, when, and why collaboration works, and also under what circumstances it doesn't.Collaborative Governance reveals how the collaborative approach can be used to tap the resourcefulness and entrepreneurship of the private sector, and improvise fresh, flexible solutions to today's most pressing public challenges.
By Narayana R. Kocherlakota. 2010
Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people…from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
By Robert J. Shiller. 2013
Nobel Prize-winning economist explains why we need to reclaim finance for the common goodThe reputation of the financial industry could…hardly be worse than it is today in the painful aftermath of the 2008 financial crisis. New York Times best-selling economist Robert Shiller is no apologist for the sins of finance—he is probably the only person to have predicted both the stock market bubble of 2000 and the real estate bubble that led up to the subprime mortgage meltdown. But in this important and timely book, Shiller argues that, rather than condemning finance, we need to reclaim it for the common good. He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation—not less—and finance should play a larger role in helping society achieve its goals.Challenging the public and its leaders to rethink finance and its role in society, Shiller argues that finance should be defined not merely as the manipulation of money or the management of risk but as the stewardship of society's assets. He explains how people in financial careers—from CEO, investment manager, and banker to insurer, lawyer, and regulator—can and do manage, protect, and increase these assets. He describes how finance has historically contributed to the good of society through inventions such as insurance, mortgages, savings accounts, and pensions, and argues that we need to envision new ways to rechannel financial creativity to benefit society as a whole.Ultimately, Shiller shows how society can once again harness the power of finance for the greater good.