The microeconomics of wellbeing and sustainability: recasting the economic process
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
London ; San Diego, CA; Cambridge, MA ; Oxford
Elsevier, Academic Press
[2020]
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| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031580038&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Item Description: | Literaturangaben |
| Physical Description: | xviii, 462 Seiten Illustrationen, Diagramme |
| ISBN: | 9780128160275 |
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Record in the Search Index
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| adam_text | Contents Attributions Preface 1. xiii xv Economics: what it studies, with what methods, and how it evolved 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 What is a science? 1.1.1 Economics is asocialscience The investigative method of economic science What is an economic model? The ethical responsibility of the economist From dismal science to hopeful science? Attention to interdependencies: opportunity cost The two phases of economic analysis: positive and normative The theory of rational choices in the presence of constraints Microeconomics and macroeconomics Integration with other disciplines A three-dimensional approach Comparing Ptolemaics and Copernicans The schools of economic thought Colonial expansion and mercantilism France and physiocracy: François Quesnay The common elements of classical economic thought 1.16.1 Economists...But not just economists The Scottish school: Adam Smith 1.17.1 The invisible hand The Neapolitan school: the civil economy of Genovesi and Filangieri The Milan school: Verri, Beccaria, and civil competition A century of Smithean economics 1.20.1 Ricardo stheory ofland rent 1.20.2 Malthus and population theory 1.20.3 Marx and his criticism of the classical economic system Neoclassical economics 1.21.1 The British school 1 1 2 2 4 5 7 9 11 15 16 17 19 20 21 22 24 25 26 33 33 35 38 38 40 41 42 43
1.21.2 1.21.3 1.21.4 1.21.5 The Austrian school The Lausanne school Pantaleoni and Pareto 20th century economics Further reading 2. 4^ The market 2.1 2.2 23 2.4 2.5 2.6 Market: an abused term Stylized characteristics of the market Movements along the curves and movements of the 51 52 curves Market equilibrium Problems relative to administratively defined non-equilibrium prices Dynamic adjustment toward equilibrium 56 2.6.1 2.6.2 2.7 2.б The stability of an equilibrium What can we observe about the behavior of markets over time? 57 58 64 64 66 Benefits and limitations of the market 68 2.7.1 2.7.2 69 71 The benefits Limitations Does the market evolve spontaneously, or should targeted institutional interventionsguide it? 2.8.1 The emergence of solidarity products overcomes one of the limits of the market Appendix Further analysis of supply and demand curves: the slope and elasticity of the demandcurve Further reading 3. 45 45 47 74 75 78 78 81 The theory of consumption 3.1 3.2 3.3 3.4 The The The The income circuit income circuit as a hypertext theory of consumption problem of maximizing consumer utility 3.4.1 3.4.2 3.5 3.6 3.7 Cardinality and ordinality of the utility function Indifference curves 3.4.3 The marginal rate of substitution 3.4.4 Choosing the optimal combination of goods Do consumer rationality and constrained maximization perhaps imply that consumers look only at price when choosing products? How we derive individual demand curves 3.6.1 Price-consumption curves 3.6.2 83 85 86 87 Income consumption curves and Engel s law Slutsky s equation 89 91 93 94 98 100 Ю0
102 ·,
3.8 Further thoughts 3.8.1 3.8.2 3.8.3 Prices and information Consumer theory and anthropological models Intertemporal consumption Further reading 4. 107 108 109 113 The theory of production decisions 4.1 4.2 4.3 The economic problem of production 115 4.1.1 4.1.2 4.1.3 115 116 11 7 4.4 11 7 4.2.1 4.2.2 117 121 124 124 125 126 128 129 The distinctive traits of entrepreneurship Types of companies The production function The short-run production function The law of diminishing returns The variability of two inputs The long-run production function:returns to scale Diseconomies of scale Production costs 129 4.4.1 4.4.2 4.4.3 129 131 4.4.4 4.5 4.6 What it means to produce in economics Short run and long run Production technology and Paretoefficiency The entrepreneur 4.3.1 4.3.2 4.3.3 4.3.4 4.3.5 5. 107 Types of production costs Short-run cost curves Two variable inputs: choosing the optimal combination of factors Long-run cost curves Economies of scale External costs and opportunity costs Further reading 132 134 136 137 138 Perfectly competitive markets 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 The problem of supply 139 5.1.1 5.1.2 139 140 The benefits of production Perfect competition The revenue function Profit maximization in the short run and the supply curve of a single company The perfectly competitive company inthe long run The supply of a good in a competitiveindustry Market equilibrium in perfect competition Social well-being in a single market Market competition is not a competitive sport Further reading 142 143 144 145 148 150 152 155
6. Non-competitive markets and elements of game theory 6.1 Markets in which companies have power over prices 6.2 6.1.1 How non-competitive markets come into existence 6.1.2 Technical progress 6.1.3 Changes in the composition of consumption Market forms and branches of economic activity 6.3 6.4 6.5 6.6 6.7 6.8 7. Monopoly 6.3.1 Equilibrium in a monopoly 6.3.2 Monopoly and social well-being 6.3.3 Price discrimination Monopolistic competition 6.4.1 Equilibrium of an imperfectly competitivecompany 6.4.2 Comparing monopolistic competition with perfect competition and monopoly An oligopolistic market 6.5.1 Its distinctive characteristics 6.5.2 The Cournot model 6.5.3 Bertrand s model Incentives for collusion and cartels 6.6.1 Oligopolistic collusion 6.6.2 The instability of cartels Contestable markets and market structure endogeneity Innovations and dynamic competition: Schumpeter s approach 6.8.1 Creative destruction 6.8.2 Dynamic competition and the nature ofprofit Appendix A: an introduction to game theory (by Alessandra Smerlili) Introductory concepts Normal form games Nash equilibrium Extended form games Appendix B: trust in game theory The trust game and the paradox of trust The Genovesi version of the trust game Further reading 157 157 158 159 1 59 162 164 165 166 166 167 168 168 169 171 1 72 172 174 175 178 178 1 79 1 80 180 183 185 187 190 190 1 93 198 New theories of the firm 7.1 7.2 7.3 7.4 New lines of research in the study of the firm andmarkets Complete contracts and competitive markets Asymmetric information and opportunistic behavior 7.3.1 Adverse selection 7.3.2
Moral hazard Managerial theories of the firm 1 99 200 202 202 2Q4 206
7.4.1 7.4.2 7.4.3 7.5 7.6 Optimization and satisficing in the enterprise: behavioral theory The neo-institutionalist theory of the firm 7.6.1 7.6.2 7.6.3 7.7 7.8 Baumoľs model Capital markets and the role of takeovers Costs to predators and perverse effects of takeovers Coase s view of the firm The nexus between authority and property rights Grossman, Hart, and Moore s theory of property rights 210 212 212 213 216 The organizational dimension of the firm 218 7.7.1 7.7.2 218 220 Forms of companies and governance structures The holding company Alternate conceptions of the firm 221 7.8.1 7.8.2 7.8.3 221 223 225 226 The company as a commodity and shareholder value The problem of organizational planning Connective capital and company development Further reading 8. 206 208 209 The utilitarian view of welfare economics 8.1 8.2 What is welfare economics? 227 8.1.1 8.1.2 8.1.3 227 229 230 232 232 233 The two fundamental theorems of welfare economics 8.2.1 8.2.2 8.2.3 8.2.4 8.3 8.4 8.5 8.6 8.7 8.8 Utilitarian ethics The old welfare economics The Pareto criterion and the new welfare economics Walrasian general equilibrium The Edgeworth box The first welfare theorem: a competitive equilibrium is Pareto optimal The second welfare theorem: Pareto optimality and income distribution 235 236 Utility-possibility frontiers and the invisiblehand The social welfare function and arrow s impossibility theorem Market failures 240 243 8.5.1 8.5.2 8.5.3 8.5.4 243 245 247 250 Externalities Taxes, subsidies, and the Coase theorem Public goods Merit goods The market and distributive justice Forms of
public intervention and government failure From the welfare state to the welfare society Appendix Economic science and commons The We-rationality The role of civil society Conclusion Further reading 238 251 253 255 258 258 265 266 268 268
9. The theory of Homo reciprocaos 9.1 Labor supply in traditional theory 9 11 9.2 9.3 9.4 9.5 9.6 Of pyramids and hourglasses: the labor question today 278 279 9.6.1 9.6.2 288 The principle of reciprocity Other approaches to reciprocity 282 284 288 289 292 Not just for profit: civil enterprises and values-based organizations 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 11. ձ/4 How to select workers with a vocation Getting more by paying less When intrinsic motivations come into conflict with monetary incentives What is a work vocation ? Homo reciprocans Further reading 10. 271 The non-capitalist company Beyond the third sector and non-profits Social firms and civil firms The nature of the capitalist enterprise The Paradox of the capitalist enterprise From the market to the company, from the company to the market For-profit and for-project firms Values-based organizations (VBOs) The difficult innovations of a civil enterprise In praise of diversity Further reading 295 297 299 303 307 309 311 315 317 319 320 Corporate social responsibility 11.1 11.2 11.3 11.4 The reductionism of the traditional approach to viewing the firm The definition of CSR The debate among economists on corporatesocial responsibility Can socially responsible companies overcome the challenge of economic sustainability and survival in the market? 11.4.1 Consumers voting with their wallets 32 -Į 324 327 Յշց 330 11.4.2 Product quality signaling 11.4.3 Minimizing stakeholder transaction costs 33֊! 333 11.4.4 11.4.5 Environmental innovation Increased worker productivity 333 334
11.5 Is CSR sustainable? The evidence of the facts 11.5.1 11.5.2 11.6 11.7 11.8 11.9 12. What is the relationship between CSR and financial results? What effect does choosing social responsibility have on the stock market performance of publicly traded companies? 335 337 338 The problem of asymmetric information in CSR: social responsibility is not an experience good Next generation social firms: a particular type of socially responsible company 341 11.7.1 11.7.2 11.7.3 342 344 345 Microfinance Ethical banks Solidarity and fair trade The effects of the entrance of social market firms: CSR becomes a competitive factor How competition changes in a global economy: the role of CSR Further reading 340 350 355 358 Happiness, relational goods, and social progress 12.1 12.2 12.3 12.4 The empirical verification of the a priori assumptions of homo oeconomicus : the economics of happiness Are the data on happiness trustworthy, and what do they really measure? Does happiness really coincide with utility? Kahneman s approach The stylized facts 12.4.1 12.4.2 12.4.3 12.4.4 12.4.5 12.4.6 12.4.7 12.4.8 12.4.9 12.4.10 12.4.11 12.4.12 Happiness and income The Easterlin paradox The problem of causality in the relationship be tween income and happiness Happiness and relational life Empirical results on the relationship between happiness and relational goods Happiness, income, and relationship:Baumol s disease and trust games The relationship between happiness and affec tionate relationships Is religion a relational good? Happiness and work Happiness, inflation, and unemployment Happiness,
health, and age Are we really able to explain the Easterlin paradox? Some possible explanations 361 362 365 366 366 367 375 377 378 385 387 388 388 390 393 395
12 5 Happiness studies results and Heisenbergs uncertainty . . , principle 12.6 Remarks on happiness and economic policies Further reading 396 ЗУ/ ^00 Growth and the environment in the era of globalization 13.1 13.2 13.3 The importance of the topic of growth Several stylized facts on growth and poverty Modeling growth 401 407 410 13.3.1 13.3.2 410 13.3.3 13.3.4 13.3.5 13.4 13.5 13.6 13.7 13.8 13.9 13.10 13.11 13.12 13.13 Traditional growth models Other determinants of growth and conditional convergence: institutions and cultural and religious foundations Regional integration as an effective means of improving the quality of institutions Scientific knowledge and technological innovation are important: the new context created by the information revolution and communication technology and by the digital divide The role of geography, social capital, and natural resources Methodological weaknesses The role of globalization in development Squaring growth and the environment The matrix of environmental goods Revisiting the income circuit with the creation and destruction of environmental resources The emissions problem and its possible solutions: classical and bottom-up approaches The economic growth-environment dilemma The Kuznets environmental curve Toward overcoming the dilemma? Some microeconomic examples Further reading logue: from homo oeconomicus to civil animal lex 413 41 5 416 419 420 420 424 425 427 431 434 437 44О 44I 443 445 451
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| spellingShingle | Becchetti, Leonardo 1965- Bruni, Luigino 1966- Zamagni, Stefano 1943- The microeconomics of wellbeing and sustainability recasting the economic process Mikroökonomie (DE-588)4039225-9 gnd Nachhaltigkeit (DE-588)4326464-5 gnd |
| subject_GND | (DE-588)4039225-9 (DE-588)4326464-5 (DE-588)4123623-3 |
| title | The microeconomics of wellbeing and sustainability recasting the economic process |
| title_auth | The microeconomics of wellbeing and sustainability recasting the economic process |
| title_exact_search | The microeconomics of wellbeing and sustainability recasting the economic process |
| title_full | The microeconomics of wellbeing and sustainability recasting the economic process Leonardo Becchetti, Luigino Bruni, Stefano Zamagni |
| title_fullStr | The microeconomics of wellbeing and sustainability recasting the economic process Leonardo Becchetti, Luigino Bruni, Stefano Zamagni |
| title_full_unstemmed | The microeconomics of wellbeing and sustainability recasting the economic process Leonardo Becchetti, Luigino Bruni, Stefano Zamagni |
| title_short | The microeconomics of wellbeing and sustainability |
| title_sort | the microeconomics of wellbeing and sustainability recasting the economic process |
| title_sub | recasting the economic process |
| topic | Mikroökonomie (DE-588)4039225-9 gnd Nachhaltigkeit (DE-588)4326464-5 gnd |
| topic_facet | Mikroökonomie Nachhaltigkeit Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031580038&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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