An engaging, important text calling for the reform of economics and pushing for the discipline to become an honest and effective tool for democracy.

The 2008 financial crisis, the rise of Trumpism, and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks remain frozen in time, continuing to uphold traditional policies as though nothing has happened. Foundations of Real-World Economics demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in mainstream models. Bringing together the work of key scholars like Kahneman, Minsky, and Schumpeter, this textbook takes into consideration the inefficiencies that arise when the perfectly competitive model is applied to the real world dominated by multinational oligopolies. The third edition has been updated throughout, bringing in new material on the financial crises, the rise of populism, racism, inequality, climate change, and the Covid-19 pandemic. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching as John Komlos focuses on the paradigm of humanistic economics.

Economics should schematically explain the key elements and main strands of this core part of social life: the actual workings of our economies. This book argues that orthodox, modern neoclassical economics does not fulfil this core task. Standard economic models do not address the real functioning of our market economies, but rather an imagined economy. While a number of books have presented a critique of traditional economic models, this book also seeks to develop an alternative model of economics inferred from observational empirical evidence. The book will be of interest to economics students and researchers; to economists; and particularly to universities and business schools teaching and researching non-traditional and ‘post-crash’ economics.

The past fifty years have witnessed the triumph of an industrial development that has engendered great social and environmental costs. Conventional economics has too often either ignored these costs or failed to analyse them appropriately. This book constructs a framework within which the wider impacts of economic activity can be both understood and ameliorated. The framework places its emphasis on an in-depth understanding of real-life processes rather than on mathematical formalism, sressing the independence of the economy with the social, ecological and ethical dimensions of human life.

Over the last three decades the world economy has grown strongly on the back of 'globalization' supported by the policies of free-trade, open markets and privatisation. Support has also grown for the concept of 'sustainability', meeting the needs of the present without compromising the ability of future generations to meet their own needs. But as the Earth's systems come under increasing strain, the inherent conflict between sustainability and globalization has been exposed. Green Outcomes in a Real World examines the shift in thinking required to reconcile these two important areas of policy. In this ground breaking book, Peter McManners has coined the term 'Proximization' to define a new policy framework. The principles of Proximization are: 'sustainability', 'subsidiarity', 'primacy of the state' and 'market economics' and the application of these familiar concepts towards a sustainable globalised world is novel and different. The author argues that adherence to the principles of proximization will return world society to a stable natural order, and will mean changes. Global commodity flows will reduce and barriers to migration will increase. National governments will demand more control over their finances leading to restrictions on capital flows. Indeed, Peter believes that an element of 'selfish determination' is needed. The new world order will be sustainable by design. Global organisations such as the UN, national governments and global corporations will have to understand and apply a different paradigm. The arguments in this book do not reflect the idealism or even naivety of some of the green movement. This book is about hard-edged reality presented by an author with huge experience and a deep understanding of the business perspective. It will appeal to a wide range of professionals involved in setting policy and future direction for businesses, governments, and non-governmental bodies, as well as to those with an academic interest in business, economics, social and environmental issues, and public policy.

Although the expression “responsibility to future generations” is firmly established in public and political vocabulary, its operational meaning and practice are inadequately understood and yet to be systematically evaluated. Moreover, the term has not been successfully translated into viable ethical and theoretical concepts that can guide public policies and actions. How can the modes of governance and established policy priorities become compatible with the well-being of future generations? The primary objective of this book is to identify the conditions of and obstacles to governance for a sustainable future, or future-regarding governance. Governance concerns steering a society over extended periods of time, not responding to particular policy issues. The ideas and strategies proposed by contributors in this book to establish future-regarding governance are based on the theoretical and empirical analyses of the major long-term problems facing advanced democracies in general, and Japan in particular. Japan is an interesting case indeed. Relatively poor climate policy, rapidly decreasing birth rate, aging population, extensive public debt, prolonged economic recession, healthcare and pension systems that urgently require redesigning, hollowing-out of industries and subsequent loss of jobs, deteriorating infrastructures, increasing nuclear waste, and intensifying social polarization have caused a decline in people’s trust in the government and democratic processes. Currently, Japanese citizens are widely circulating their doubts about the social system’s sustainability. This book comprises two parts. In Part I, authors from various disciplinary backgrounds examine the idea of governance for a sustainable future from theoretical perspectives. This part discusses issues associated with future-regarding governance that are wicked in nature, such as the philosophical/ethical foundation on which to base the idea of governance for a sustainable future, major impediments to the development of future-regarding governance, and the modes of thinking and action required by leaders and citizens to realize such governance. Chapters in Part II largely focus on the state of long-term governance in Japan. This part uses empirical and in-depth analyses with cross-sectoral and cross-national policy perspectives to identify the state of future-regarding governance in various policy fields and major sectors or organizations mainly in Japan, while also examining strategies and measures to improve their performance. From this perspective, Western democracies and weak democratic regimes elsewhere will be provided with valuable lessons to avoid fatal policy mistakes, thereby improving future-oriented governance worldwide. By combining theoretical discussions on far-reaching issues and empirical analyses of Japanese cases, the book will shed a new light on governance for a sustainable future.

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Introductory Economics deals with the national economy as a whole—macroeconomics, in terms of inflation and unemployment. The book also discusses individual economic decision-makers—microeconomics, in view of the problems of scarcity and choice. Macroeconomics uses the market model of demand and supply as a tool to analyze the causes of, and present some cures for modern economic ailments. The text examines the economics of government fiscal policies with the framework of an aggregate demand and supply model. The book compares monetary policy and fiscal policy, explains the monetarist model of economic activity, and also investigates the roles of money, credit, interest rates. These economic activities have international consequences such as in trade, exchange rates, and on prevailing and future national economic policies. In microeconomics, the book focuses on the economics of exchange, the market mechanisms that increase the gains from trade, and the problems of choice facing consumers and producers in a competitive market. The text also tackles the problems found in resource markets (labor, natural resources, energy), in market failure, as well as analyzes the role of government. Economists, sociologists, students of economics or business, general readers interested in real-world economics, and policy makers involved in national economic development will find the book valuable.

Ebook: International Economics

Introductory Microeconomics explains the basic principles of microeconomics, producer and consumer choices, resource markets, and government policies. The book describes the economics of exchange, such as the role of economic growth, factors that determine the amount and types of exchange, the supply and demand model of market operations, price setting, price changes, and the impact of one market on other markets. The text also explains market failures in terms of free market choice, externalities of failures, monopolies, as well as scarcity and choices leading to poverty. When economic policies are considered by the state, there are trade-offs that are necessary in the exchange. Before the government should make decisions, it always has to consider two opportunity costs, namely, 1) budget constraints, and 2) the opportunity cost of the funds spent in the private sector. For example (no. 1), if more money is spent on transfer payments, less will be left for education, national defense, infrastructure. Another example (no. 2) is when the government collects taxes, a direct loss in real income and utility among consumers will result. The book also presents real world economics in terms of the social security tax in the United States. The book can prove valuable for students of economics or business, sociologists, general readers interested in real-world economics, and policy makers involved in national economic development.