In this paper the authors review the Rebuilding Macroeconomic Theory Project, in which they asked a number of leading macroeconomists to describe how the benchmark New Keynesian model might be rebuilt, in the wake of the 2008 crisis. The need to change macroeconomic theory is similar to the situation in the 1930s, at the time of the Great Depression, and in the 1970s, when inflationary pressures were unsustainable. Four main changes to the core model are recommended: to emphasize financial frictions, to place a limit on the operation of rational expectations, to include heterogeneous agents, and to devise more appropriate microfoundations. Achieving these objectives requires changes to all of the behavioural equations in the model governing consumption, investment, and price setting, and also the insertion of a wedge between the interest rate set by policy-makers and that facing consumers and investors. In the author's view, the result will not be a paradigm shift, but an evolution towards a more pluralist discipline.

As with his previous bestsellers, WHO RUNS BRITAIN? and HOW DO WE FIX THIS MESS?, in Robert Peston's new book WTF he draws on his years of experience as a political, economics and business journalist to show us what has gone bad and gives us a manifesto to put at least some of it right.

This book captures Desai's lucid exploration of the ideas of finance as seen through the unusual prism of the humanities. Through this novel, creative approach, Desai shows that outsiders can access the underlying ideas easily and insiders can reacquaint themselves with the core humanity of their profession.

This volume of essays builds upon renewed interest in the long-run global development of wealth and inequality stimulated by the publication in 2014 of Thomas Piketty s Capital in the Twenty-First Century. It brings together an international team of leading economic historians and economists to provide a comprehensive overview of global developments in the theory, practice and policy of inequality, and its place in the modern world order.

We live in strange times. A machine plays the strategy game Go better than any human; upstarts like Apple and Google destroy industry stalwarts such as Nokia; ideas from the crowd are repeatedly more innovative than corporate research labs.

MIT’s Andrew McAfee and Erik Brynjolfsson know what it takes to master this digital-powered shift: we must rethink the integration of minds and machines, of products and platforms, and of the core and the crowd. In all three cases, the balance now favors the second element of the pair, with massive implications for how we run our companies and live our lives.

National decline is typically blamed on special interests from the demand side of politics corrupting a country's institutions. The usual demand-side suspects include crony capitalists, consumer activists, economic elites, and labor unions. Less attention is given to government insiders on the supply side of politics - rulers, elected officials, bureaucrats, and public employees. In autocracies and democracies, government insiders have the motive, means, and opportunity to co-opt political power for their benefit and at the expense of national well-being. Many storied empires have succumbed to such inside jobs. Today, they imperil countries as different as China and the United States. Democracy - government by the people - does not ensure government for the people. Understanding how government insiders use their power to subvert the public interest - and how these negative consequences can be mitigated - is the topic of this book by Mark A Zupan.

Shoppers with Internet access and a bargain-hunting impulse can find a universe of products at their fingertips. In this thought-provoking expose, Ariel Ezrachi and Maurice Stucke invite us to take a harder look at today's app-assisted paradise of digital shopping.

Covering the colonial Empire (including West Indies, India, Singapore, West Africa and East Africa), this book is a detailed revisionist history of the British imperial manipulations of colonial currency systems to facilitate the rise of sterling to world supremacy via the gold standard, and to slow its eventual decline after World War I. This book provides a new perspective on theories of imperialism, colonial money and colonial underdevelopment, with possible geostrategic historical lessons for the US dollar and emerging global currencies such as Chinese renminbi and the Euro.

Gary Saul Morson and Morton Schapiro trace the connection between Adam Smith's great classic, The Wealth of Nations, and his less celebrated book on The Theory of Moral Sentiments, and contend that a few decades later Jane Austen invented her groundbreaking method of novelistic narration in order to give life to the empathy that Smith believed essential to humanity. Cents and Sensibility demonstrates the benefits of a freewheeling dialogue between economics and the humanities by addressing a wide range of problems drawn from the economics of higher education, the economics of the family, and the development of poor nations.

With Trump in the White House, big business has direct power in government. Trump has stacked his cabinet with former employees of investment banks, big oil and international corporations. Now that big business has its representatives in the cabinet, it no longer needs to indulge in expensive lobbying. Under Trump, corporations control US policy. How and why did this happen and what does it mean for the bulk of the population?

The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses them in this book.

In June 2016, the United Kingdom shocked the world by voting to leave the European Union. As this book reveals, the historic vote for Brexit marked the culmination of trends in domestic politics and in the UK's relationship with the EU that have been building over many years. Drawing on a wealth of survey evidence collected over more than ten years, this book explains why most people decided to ignore much of the national and international community and vote for Brexit. Drawing on past research on voting in major referendums in Europe and elsewhere, a team of leading academic experts analyse changes in the UK's party system that were catalysts for the referendum vote, including the rise of the UK Independence Party (UKIP), the dynamics of public opinion during an unforgettable and divisive referendum campaign, the factors that influenced how people voted and the likely economic and political impact of this historic decision.

Where has capitalism gone wrong? Why are advanced capitalist economies so sick and why do conventional policy solutions, such as reduced taxes and increased money supply, produce only wider income disparity and inequality? We now live in a new world in which we enjoy the highest living standard in history, acquiring ever more goods and services as necessary luxuries. Yet current policies only serve to expand public debt and exacerbate socio-economic inequality. In Too much stuff, Yamamura upends conventional capitalist wisdom to provide a new approach.