Fact and Fiction in Economics: Models, Realism and Social Construction

Book Description

Bringing together some of the leading figures in the field of economic methodology and philosophy, this collection provides a thoughtful and balanced overview of the current state of debate about the status of economic knowledge. Representing the most current thinking on a topic of enduring interest to economists and philosophers and other social scientists, the book is notable for the extent to which authors from opposing schools of thought engage seriously with their opponents.

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Customer Reviews:

Keynes's mathematical model is in chapters 10,20,and 21.......2004-12-25

U Maki,the editor of this volume of collected essays,has included far too many essays which are long on fiction and very short on the facts.Two of the essays essentially provide fictional accounts of what John Maynard Keynes accomplished in the General Theory(GT).These essays are essay number 3,written by P. Dasgupta and essay number 8,written by M.Morgan.On pp.74-76,the reader is informed that Keynes had no mathematical model that analyzed the role played by involuntary unemployment in his theory of effective demand.On pp.187-195,which covers section 3,titled"Modeling Keynes's General Theory",the reader is told that Keynes had no model of his general theory in the GT.Morgan starts out as if she intends to cover Meade's 1937 model which is in fact very similar to the model presented by Keynes in chapters 10,20 and 21 of the GT,the major differences being (1)that Keynes did not include a variable to represent interest rates and (2)that Keynes incorporates expectational effects by shifting curves while Meade incorporates expectational effects by changing the elasticity(shapes) of the curves themselves.Meade's paper derives results which are very close to the results derived by Keynes,i.e.,an unemployment equilibrium representing the amount of involuntary unemployment qualitatively in a formal mathematical model.Keynes's comment on Meade's paper was that there was nothing with which he disagreed.Morgan NEVER attempts to analyze either Meade's model or Meade's results.Instead,she starts talking about the basic assumptions of Meade's model,which are the standard assumptions of the perfect/pure competition model.Meade left out the word "pure" and wrote "perfect" only.However,this is of no major consequence as far as the mathematical modeling of either Keynes or Meade was concerned.The results of Morgan's paper are incoherent.There is a very simple way ,for either P.Dasgupta or M.Morgan ,to obtain the original mathematical model of the general theory presented by Keynes in the GT.The reader of the GT needs to be able to integrate(take the antiderivative of) the derivatives that Keynes presented in his formal analysis on pp.55-56,ft.2,pp.280-286,pp.304-306 and pp.271-278.These last mentioned pages refer to Keynes 's explicit discussion of the mathematical differences that existed between his model and the mathematical model of A.C. Pigou,presented in chapters 8-10 of PartII of The Theory of Unemployment(1933).To understand this comparison-contrast,the reader would have had to have already covered these chapters from Pigou's book.The following results can be easily duplicated by any reader or economist who understands differentiation and integration.Keynes's model consists of three functions.The expected aggregate demand function is D =D1+D2=f(N)=pO,where p is an expected price level and O,real output, is a function of N.The expected aggregate supply function is Z= Z1+Z2=g(N)=P+wN,where P is the expected profit,w is the money wage and N represents aggregate employment.The actual or current aggregate demand function is Y =Y(N)=C+I=PO,where C=bY (or C= a+bY)and P denotes the actual price level.(See p.209 of the GT).Solving this system of equations on the assumption that Say's Law holds yields the following solution:w/p= MPL/(MPC +MPI),where MPL equals the marginal product of labor,MPC equals tne marginal propensity to spend on consumption goods,C,and MPI equals the marginal propensity to spend on investment goods,I.The special classical and neoclassical theories(monetarism,supply side,rational expectations,real business cycle,etc.)all require that MPC+MPI=1.This gives the special result that w/p=MPL,where w/p equals the real wage.This condition,which represents the optimality condition for labor market clearing(NO INVOLUNTARY UNEMPLOYMENT)in all classical and neoclassical theories, is identical to the statement thar the macroeconomy is operating on the boundaries of BOTH the dynamic and the static production possibilities frontiers(PPF's).The reader should note that Keynes's general theory of employment is easily generalized to include a government sector,import sector,and export sector.Letting MPG,MPE,and MPM represent the marginal propensities for government spending(public goods),exports,and imports,we obtain w/p=MPL/(MPC+MPI+MPG+MPE-MPM).

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Electroreception has become one of the most revealing areas in the study of the neural basis of behavior, and neurobiologists recognize it as a model sensory system for experimental study. Through studies of electroreception, researchers have gained extensive knowledge about a complete sensory system, from molecular biology to computation, communication, and behavior. The book Electroreception will examine the behavior, structure, and function of the electrosensory systems of fish and other vertebrates. As a comprehensive volume on the subject, the book will serve as both an introduction to the study of electroreception and a reference and review volume for researchers in related fields.

Sonic and electric fish: At the crossroads of neuroethology and behavioral neuroendocrinology [An article from: Hormones and Behavior]

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Sonic and electric fish: At the crossroads of neuroethology and behavioral neuroendocrinology [An article from: Hormones and Behavior]
A.H. Bass , and H.H. Zakon
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RR78WY

Book Description

This digital document is a journal article from Hormones and Behavior, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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Field and laboratory studies of weakly electric and sound-producing teleost fishes demonstrate how steroidal and non-steroidal hormones mediate the translation of neural events into behavior. The development of this research program has depended upon an interdisciplinary neuroethological approach that has characterized the neurophysiological properties of the motor and sensory pathways that lead to the production and detection of easily quantified highly stereotyped behaviors, namely, electric organ discharges (EODs) and vocalizations. Neuroethological studies of these teleosts have now integrated a behavioral neuroendocrinology approach that has provided several examples of how hormone-sensitive neurobiological traits contribute to adaptive behavioral plasticity in natural habitats. As such, these studies provide guideposts for comparable studies in other groups of teleosts and vertebrates in general.

Electroreception and Communication in Fishes (Progress in Zoology)

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Electroreception and Communication in Fishes (Progress in Zoology)
Bernd J. Kramer
Manufacturer: G.Fischer Verlag
ProductGroup: Book
Binding: Paperback

Experimental evidence of geomagnetic orientation in elasmobranch fishes

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Experimental evidence of geomagnetic orientation in elasmobranch fishes
Adrianus J Kalmijn
Manufacturer: Woods Hole Oceanographic Institution
ProductGroup: Book
Binding: Unknown Binding
ASIN: B00072MTVE

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Must read for anyone who deals with people - that means YOU!

How Do You Spell Customer Service?: Ca$H
Mike E. McGraw
Manufacturer: Rhodes and Easton
ProductGroup: Book
Binding: Hardcover

General | Business & Investing | Subjects | Books
Customer Service | Industries & Professions | Business & Investing | Subjects | Books
ASIN: 1890394319

Customer Reviews:

Must read for anyone who deals with people - that means YOU!.......2000-05-19

Whether you are the recipient of customer service or the person who is trying to deliver superior customer service, this book is for you. The book takes you through a fun journey of both good and bad real life examples of people delivering the best and the worst of themselves and the companies they represent. It is fun and easy to read not to mention, packed with several little gems of wisdom on superior customer service.

Book Description

This is the first study focusing on the opportunties for integrating sustainability into businesses in emerging markets. It presents new evidence, based on 240 case studies across 60 countries, on the business case for sustainability: sound economic, environmental, and social performance creating financial value for the firm.

The report highlights that companies worldwide have undertaken actions which contribute to social development or environmental improvements. As a result, many have reduced costs, increased revenues, found new markets, improved access to capital, addressed risks, or achieved other business benefits. The business case is a key tool to help achieve sustainability globally.

While past studies have examined the business case in developed economies, this study breaks new ground with its focus on emerging markets. It is the result of a unique collaboration between the International Finance Corporation (IFC), the private sector arm of the World Bank Group; the strategy consultancy SustainAbility; and the Ethos Institute in Brazil.

Focusing on sustainability efforts in firms from Latin America, Africa, Asia, Central and Eastern Europe, this report highlights the major benefits to businesses that followed as a result of their action on sustainability, how firms achieved those benefits, and the challenges they faced.

A "must-read" for: business owners and managers trying to assess the risks and bottom-line implications of sustainability strategies; for investors wanting to incorporate sustainability criteria in investment decisions; for civil society organizations working with the private sector to promote sustainability; for governments seeking to identify how to support voluntary business action; and for the international community striving to understand the emerging markets context for sustainability.

Book Description

Venture Capital. A Euro-System Approach covers a wide spectrum of topics: it investigates the way venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of different fields (venture capitalists, financial analysts, regulators, stock exchange executives).

Venture Capital in Europe (Quantitative Finance)

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Venture Capital in Europe (Quantitative Finance)
Greg N. Gregoriou , Maher Kooli , and Roman Kraeussl
Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

General | International | Business & Investing | Subjects | Books

General | Investing | Business & Investing | Subjects | Books

All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
ASIN: 0750682590

Book Description

Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena.

Features a foreword by Josh Lerner.

*The only book in which academics from around the world present the latest research on venture capital in Europe
*Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc.
*Comprehensive, authoritative coverage

Building European Ventures: Proceedings of the Second Annual Efer Forum Held at Insead, France 14-15 December, 1989

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Building European Ventures: Proceedings of the Second Annual Efer Forum Held at Insead, France 14-15 December, 1989

Manufacturer: Elsevier Science Ltd
ProductGroup: Book
Binding: Hardcover

Theory | Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

Production & Operations | Management & Leadership | Business & Investing | Subjects | Books
ASIN: 0444887466

The Evolution of Legal Business Forms in Europe and the United States: Venture Capital, Joint Venture and Partnership Structures

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The Evolution of Legal Business Forms in Europe and the United States: Venture Capital, Joint Venture and Partnership Structures
Erik Vermeulen
Manufacturer: Kluwer Publications
ProductGroup: Book
Binding: Hardcover

Business Law | Reference | Business & Investing | Subjects | Books

Corporate Law | Business | Law | Subjects | Books

Franchising | Business | Law | Subjects | Books

General | Law | Subjects | Books

Science & Technology | Perspectives on Law | Law | Subjects | Books

General | International Law | Law | Subjects | Books

Business | English Law | Law | Subjects | Books

International Law | Law | Professional & Technical | Subjects | Books

All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
ASIN: 9041120572

Executive Reports: A Vision for Venture Capital in Switzerland...and Europe--The Over-Arching Issues You Need to Know (Executive Reports)

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Executive Reports: A Vision for Venture Capital in Switzerland...and Europe--The Over-Arching Issues You Need to Know (Executive Reports)
Alfred, Ph.d. Scheidegger
Manufacturer: Aspatore Books
ProductGroup: Book
Binding: Spiral-bound

General | Popular Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

Entrepreneurship | Small Business & Entrepreneurship | Business & Investing | Subjects | Books
ASIN: 1596224576

Book Description

This 11-page research report written for entrepreneurs and venture investors, focused on venture capital in Switzerland, examines the intricacies of the ever-evolving business landscape of the country. From mastering the local hurdles from abroad to getting along with the cultural and social particularities of the country; from recognizing an opportunity to evaluating potential return, this report takes readers across the venture capital landscape in Switzerland, covering the important, while highlighting the essentials.

Some areas explored include:

• current state of venture capital in Switzerland
• key challenges
• the importance of resolving operational issues
• what the exit strategy must be about from the beginning.

This report outlines the important strategies and best mindset for approaching venture capital in Switzerland, and how to do it effectively.

This report is written by:

Alfred Scheidegger, Ph.D, CEO, Nextech Venture.

About Executive Reports:

Book Description

This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.

It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss issues not widely covered in the existing literature on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.

Book Description

Private Equity Examining the New Conglomerates of European Business 'This is the authoritative work on private equity, giving the business manager a genuine insight into how this relatively new form of ownership works.' Frank Neale, Phildrew Ventures 'A truly revealing insight into the world of private equity, MBOs and MBIs. A really enjoyable read.' Barrie Pearson, Livingstone Guarantee 'An excellent insight into the changing world of venture capital and private equity.' Charles Richardson, Director of Corporate Affairs, 3i How should entrepreneurs and company managers seeking capital go about the task, and what can they expect if they are successful? What do private equity investors look for in the companies they back? What are the lessons from the successes and (equally important) the failures of the past? And should politicians and financial regulators be concerned about the huge investment funds now being assembled to invest in private equity in Europe? The answers to all of these question can be found in this book.

Customer Reviews:

A good book for MBAs - not for experienced professionals.......2002-11-03

I found this book to be a good summary of everything I knew after a couple of years in Private Equity. I would strongly recommend it for MBA students who are trying to enter the world of Private Equity.

Raising Venture Capital Finance in Europe: A Practical Guide for Business Owners, Entrepreneurs and Investors

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Review from a marketers perspective ...

Raising Venture Capital Finance in Europe: A Practical Guide for Business Owners, Entrepreneurs and Investors
Keith Arundale
Manufacturer: Kogan Page
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
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ASIN: 0749448490

Book Description

European private equity investment reached 47 billion Euros in 2005, up 27% from 2004. Funds raised for private equity were 72 billion Euros, up 250% on the previous year, both figures being all time highs. Raising Venture Capital Finance in Europe provides business owners, entrepreneurs, and investors alike with a step-by-step approach to exploiting this market and funding new projects effectively. Written by Keith Arundale, an advisor and commentator on the European and US VC and private equity industry for over 20 years, the guide blends business experience with practical approaches to enable the reader to maximize the opportunities available. The book includes a series of eighteen real-life case studies from venture capitalists and entrepreneurs from around Europe, each filled with practical tips for successful venture capital finance raising.

Customer Reviews:

Review from a marketers perspective ..........2007-06-29

As board level marketers we know how positive the current environment is for sustained business growth, at least where we get things right. Start-ups and entrepreneurs abound and existing companies are taking the opportunity to move into new markets at home and abroad, launch new products and services, expanding operations and hiring new staff.

Emerging small businesses are providing the innovation that large companies need. But these small businesses need to grow quickly to follow their clients organisation internationally and to exploit their emerging business potential. More mature private companies may need to expand into new business areas, initiate major projects or plan for the departure of previous founding directors and their capital.

Growing a winning idea, even a proven idea, into a successful and fast growing enterprise requires funds. But there are so many funding options available. Should the directors re-mortgage their houses? Can we generate enough cash from income? Should we ask the bank for a major line of credit? Can we find an appropriate business angel? Would private equity companies be too big for us and would we gain enough investment from an appearance on TV's `Dragons Den'?

So many alternative sources of finance are available, but for many fast growing companies venture capital proves to be the best fit. This book clearly explains the structure of the VC industry, what it provides and the alternative financing options available. Misconceptions are directly addressed and demystified.

It becomes clear to the reader that VC companies have specialist skills in supporting technology dependant companies and this is often important as whatever business we are in we seem increasingly dependent on technology as part of our product set. Companies that I'm personally involved with have needed to develop systems to deliver their services in digital marketing, online market research, key account management and investment portfolio analytics.

The author highlights the role of marketing in building a realistic business plan that also makes the company, its products, market positioning and potential profits attractive to a potential VC investor. As marketers we're usually focused on selling our products to consumers, but it seems that many of the same skills are valuable and central to a team that will sell the company's capabilities and market opportunity to investors.

This book provides an outline for developing and presenting this strategic business plan, with tips on how to selectively approach VC's, negotiating to sell or build the business, preparing for due diligence, defining the benefits for investors and planning potential exit routes too.

Insights into what VC's are looking for will be of great value as you select and approach them. How will they value your business and its proposition? VC's need an understanding of your development stage, industry focus, geographic coverage and the investment required. They are usually looking for a company that can achieve a leading position in a growth market, with the right balance of risk and return!

In general VC's focus on proven technologies and aren't keen on taking technical risk. They know how to protect your IP and shoot for global market potential. Disruptive technologies are particularly attractive to them - an oft quoted example is the digital camera that has almost completely killed film sales.

3i (one of the largest and best known VC's) say they are always looking for:

- Exceptional leadership with entrepreneurial flair and proven technical and business expertise

- Disruptive technology and the vision to create a new market, or gain significant share in an existing market

Building an experienced and complementary management team, with sector expertise, track record and ambition is key. VC's can help you fill the gaps, with advisers or non-executive directors, tax, legal and other skills. They can even introduce you to relevant networking organisations and forums, finding new customers, new partners and new advisers.

The book includes a directory of VC's focused on technology, it also provides significant advice for university spin-outs. Practical case studies and a series of `VC tips' are interleaved throughout the book, with critical success factors for `start ups that work', consolidated top tips abound in this clear and easy to read book.

Author Keith Arundale's 20 year involvement with the European and US Venture Capital industries shows through. If you are in business, or even thinking about starting one, this book makes an essential read. It certainly isn't only for those `Raising Venture Capital Finance in Europe'.

But one final warning; recent research by City University in London suggests that, where Venture Capital becomes involved, 80% of previous CEO's are gone within 5 years and those that remain are usually moved to in-house technology or innovation leadership roles.

Bryan Foss is an independent board level advisor, business author and non-executive director, also founder of www.FossInitiatives.com

This review was published at www.themarketingleaders.com

Venture Capital In Central And Eastern Europe: A Decade Of Opportunity

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Venture Capital In Central And Eastern Europe: A Decade Of Opportunity
Piotr Wisniewski
Manufacturer: Spiramus Press
ProductGroup: Book
Binding: Hardcover

Economic Conditions | Economics | Business & Investing | Subjects | Books

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General | Business & Investing | Subjects | Books

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ASIN: 1904905072

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