Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices, which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance. The book introduces the concept of "production commitments": the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most basic form of finance. Unless they are purely redistributive, money and monetary financial assets are valuable to the production process as long as they represent outstanding production commitments. It is also demonstrated that this new way of looking at finance is better grasped with an input-output framework than with the traditional probabilistic two-factor general equilibrium approach. By combining the Sraffa-Pasinetti approach to "expectation" with G.L.S. Shackle’s "potential surprise function", the book posits an alternative to the standard modern portfolio theory view of finance. Understanding production commitments through the Sraffa-Pasinetti framework also allows for an assessment of the compatibility between outstanding financial assets and a given or expected structure of production. This book will be of great interest to readers of post-Keynesian economics and other alternative approaches to economic theory, production, and financial economics.

Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices, which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance. The book introduces the concept of "production commitments": the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most basic form of finance. Unless they are purely redistributive, money and monetary financial assets are valuable to the production process as long as they represent outstanding production commitments. It is also demonstrated that this new way of looking at finance is better grasped with an input-output framework than with the traditional probabilistic two-factor general equilibrium approach. By combining the Sraffa-Pasinetti approach to ‘expectation’ with G.L.S. Shackle’s "potential surprise function", the book posits an alternative to the standard modern portfolio theory view of finance. Understanding production commitments through the Sraffa-Pasinetti framework also allows for an assessment of the compatibility between outstanding financial assets and a given or expected structure of production. This book will be of great interest to readers of post-Keynesian economics and other alternative approaches to economic theory, production, and financial economics.

The authors present an historical perspective on the development of empirical research into entrepreneurship.

This important new book introduces, analyzes and takes forward a post-Keynesian theory of the firm. It makes a vital contribution to the conceptualisation of uncertainty that is consistent with the methodological presuppositions of Post Keynesian economics. The author attempts to make a positive contribution to the development of Post Keynesian economics by refuting allegations of incoherence, detailing some of the salient implications of a transmutable conception of economic processes and then starting to explore what this means for how Post Keynesians conceptualise uncertainty. The book argues that the Post Keynesian distinctive view of time, understood as a non-deterministic open systems process, is a core and defining characteristic which is linked to its theoretical discussion of money and the principle of effective demand. Covering areas such as the coherence of Post Keynesianism, the future of Post Keynesian economics and Keynesian methodological debates, this book is useful reading for all Post Keynesian scholars with a strong interest in economic methodology and the philosophical underpinnings of economics.

Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance. The book introduces the concept of 'production commitments' the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most basic form of finance. Unless they are purely re-distributive, money and monetary financial assets are valuable to the production process as long as they represent outstanding production commitments. It is also demonstrated that this new way of looking at finance is better grasped with an input-output framework than with the traditional probabilistic two factors general equilibrium approach. By combining the Sraffa-Pasinetti approach to 'expectation' with G.L.S. Shackle's 'potential surprise function' the book posits an alternative to the standard Modern Portfolio Theory view of finance. Understanding production commitments through the Sraffa-Pasinetti framework also allows for an assessment of the compatibility between outstanding financial assets and a given or expected structure of production. This book will be of great interest to readers of post-Keynesian economics and other alternative approaches to economic theory, production and financial economics.

This Global Edition has been developed specifically to meet the needs of international finance students. It continues to offer substantial coverage of the recession and liquidity crisis that engulfed the global economies in the last few years and pays special attention to the banking sector and the critical need for funding that most businesses face. The emphasis on analytical approaches to international financial problems is intended to make the content more relevant and improve learning outcomes for the international student. Corporate Finance Foundations' thorough treatment of concepts and application combines with a complete digital solution to help your students achieve higher outcomes in the course.

Most economies in developing East Asia and Pacific (EAP) are growing faster than the rest of the world but slower than before the pandemic. Slowing global growth, still tight financial conditions, and an increase in trade protection and industrial support in large and rich countries are key aspects of the external environment shaping the region's economic performance. Amplified public and private debt, constrained macroeconomic policy, and increased policy uncertainty are the major domestic issues. EAP's current macroeconomic challenges risk obscuring the microeconomic foundations of longer-term growth. Over the last decade, EAP's growth has been driven by investment and capital deepening rather than by increased productivity of firms. Now private investment is weak and productivity declining†“further inhibiting the incentive to invest. Firms are the protagonists of productivity growth. Some of the weaker firms in EAP countries are beginning to catch up with stronger firms. But the stronger firms in the region are failing to take full advantage of new technologies: regional leaders risk becoming global laggards. Bold policy action to unleash competition, improve infrastructure and reform education with measured state support could revitalize the region's economy.

As a result of the liberalization of the 1980s, the financial system has acquired a prominent role in developing economies. It is now conventional wisdom that `financial liberalization' is the means to stimulate economic development. Investment Finance in Economic Development challenges this assumption and offers an alternative view. The book presents a post-Keynesian approach to the role of banks, financial markets and savings in economic development. It departs from the conventional belief that financial institutions are mere intermediaries between savers and investors, to show that banks have a key, active role in the process of investment finance and growth. Further, financial markets, as the loci of allocation of financial savings, are shown to have an important role in supporting financial stability during the process of growth.

Electricity is the lifeblood of modern society, and for the vast majority of people that electricity is obtained from large, interconnected power grids. However, the grid that was developed in the 20th century, and the incremental improvements made since then, including its underlying analytic foundations, is no longer adequate to completely meet the needs of the 21st century. The next-generation electric grid must be more flexible and resilient. While fossil fuels will have their place for decades to come, the grid of the future will need to accommodate a wider mix of more intermittent generating sources such as wind and distributed solar photovoltaics. Achieving this grid of the future will require effort on several fronts. There is a need for continued shorter-term engineering research and development, building on the existing analytic foundations for the grid. But there is also a need for more fundamental research to expand these analytic foundations. Analytic Research Foundations for the Next-Generation Electric Grid provide guidance on the longer-term critical areas for research in mathematical and computational sciences that is needed for the next-generation grid. It offers recommendations that are designed to help direct future research as the grid evolves and to give the nation's research and development infrastructure the tools it needs to effectively develop, test, and use this research.