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Health care arguably is the single most regulated industry in industrial countries, and possibly in newly industrialized and developing countries as well. But what exactly is being regulated, what are the instruments used, and what are the effects and side-effects of such regulation? Regulation of Health: Case Studies of Sweden and Switzerland seeks to resolve problems in answering these key questions regarding the health care sector in two countries - Sweden and Switzerland. The volume contains a series of studies that compare the regulation of health and health care in these two apparently very similar countries, in considerable detail. The contributing teams acquired a great deal of knowledge about health regulation in both countries; they also derived comparative predictions when regulation differs, using actual observations to check whether these predictions are borne out. These comparisons are based on the conditions prevailing in the mid-nineties

This book provides an introduction to the methods employed in forecasting the future state of the economy. It provides a comprehensive coverage of methods and applications in this fast-growing area and is intended for use in postgraduate and upper-level undergraduate courses. Part I outlines the available techniques, particularly those used in business forecasting and econometric forecasting. The state of the art in time series modelling is reviewed and includes a discussion of Box-Jenkins models, the vector autogressive approach and cointegration. Ways of combining forecasts are also examined in detail. Part II considers the most important applications of forecasting. Applications in microeconomics include demand and sales forecasting, the use of anticipations data, leading indicators and scenario analysis. In macroeconomics the emphasis is on why errors occur in forecasting asset market prices, including implications of the efficient markets hypothesis for foreign markets, stock market prices and commodity market prices. The book ends with a discussion of the appropriateness of various techniques, recent developments in forecasting, and the links between economic forecasting and government policy

Book reviewed in this articleTransition Banking‐Financial Development of Central and Eastern Europe. By Ronald W. Anderson and Chantal Kegels, Oxford: Oxford University Press, 1998.Paying the Price. The Wage Crisis in Central and Eastern Europe. By Daniel Vaughan Whitehead, (ed.) Basingostoke: Macmillan Press, 1998.Restructuring Eastern Europe: The Microeconomics of the Transition Process. By Soumitra Sharma, (ed.) Aldershot: Edward Elgar, 1997.Kremlin Capitalism. Privatizing the Russian Economy. By Joseph R. Blasi, Maya Kroumove and Douglas Kruse Cornell Univeristy Press, 1997.Privatization, Politics, and Economic Performance in Hungary. By Zoltan Antal‐Mokos, Cambridge University Press, 1998.Macroeconomic Instability in Post‐Communist Countries. By Jacek Rostowski, Oxford: Clarendon Press, 1998.Recreating Europe: The European Union's Poticy towards Central and Eastern Europe. By Alan MayhewEnlarging the EU Eastwards. By Heather Grabbe and Kirsty HughesThe Economics of German Unification: An Introduction. By Thomas Lange and Geoffrey PughPostsocialist Path ways: Transformiitg Politics and Property in East Central Europe. By David Stark and László BrusztTax Modelling for Economies in Transition. By Paul Bernd Spahn and Mark Pearson (eds)

This volume serves as an introduction to the field of positive political economy and the economic and political processes with which it is concerned. This new research tradition is distinct from both normative and historical approaches to political economy. Grounded in the rational-actor methodology of microeconomics, positive political economy is the study of rational decisions in a context of political and economic institutions. More analytical than traditional approaches, it is concerned with the derivation of principles and propositions against which real-world experience may be compared. Its focus is on empirical regularities, and its goal is theoretical explanation. The field has focused on three main areas of research: models of collective action, constraints on competitive market processes, and the analysis of transaction costs. Developments in all of these areas are covered in the book. The first part of the volume surveys the field, while the second part displays positive political economy at work, examining a variety of subjects. The final part contains essays by leading political economists on the theoretical foundations of the field

The central idea of this book is the concept of a currency order. Monetary theory is developed as a theory of currency orders. The book expands the neoclassical theory of currency orders. This new way of looking at the problems permits a general view of the subject matter of monetary theory and policy which so far does not exist. The concept of transaction costs is used throughout. The book deals not only with the theories of the demand for and the supply of money, the banking firm, and the purchasing power of money. It also presents a theoretically based discussion of the great topics of monetary policy of our time: fixed vs. flexible exchange rates, gold vs. paper, rules vs. authority for the central banks, governmental currency monopoly vs. competition of private currencies, regulation vs. deregulation of commercial banks. The book is suitable as a text for students with a knowledge of money and banking and intermediate microeconomics. It offers a consistent and well-written presentation of the subject matter, as well as an extensive list of further readings

1. Agents -- 2. Resources -- 3. Fields of Forces -- 4. Relations between Agents. Activity -- 5. Degrees of Freedom for Agents. Alienation and Free Will -- 6. Choice Criteria. Utility. Resource Allocation -- Section 1. General -- Section 2. Agents' Choices -- 7. Dimensional Approach -- 8. Money and Prices -- Section 1. Nature and Functions of Money -- Section 2. Money and Choices of Agents -- Section 3. Theory of Prices and of Equilibria -- Section 4. Money, Credit and Inflation -- Conclusions -- 9. Elementary Exchange -- 10. Transfers -- Section 1. General Theory of Transfers -- Section 2. Different Kinds of PITs and PNITs -- 11. Production and Value Added -- 12. Space and Time in Human Activity -- Section 1. Space -- Section 2. Time -- 13. Relations between Agents -- Section 1. The VA Distribution -- Section 2. The Public Agents -- Section 3. Private Individual Consumer Agents -- Section 4. Saving and Investment in Microeconomics -- Section 5. Financial and Monetary Economy -- Section 6. Other Types of Relations between Agents -- 14. Economic Processes -- Section 1. Definitions and Notations of the Model -- Section 2. Presentation of the Model -- Section 3. Aggregation -- Section 4. Dynamic Interpretation and Discussion of the Model -- Summary and Conclusions.

How much additional income does a family with four children need to attain the same welfare level as a family with two children? And how much does a single person need compared to a childless couple? These questions are important in applied micro‐economics and underlie public policy on, for example, social benefits and child allowances. In microeconomics, this is known as the problem of measuring equivalence scales. We estimate these scales using two types of subjective survey information. First, we use answers to survey questions on the income required to attain a given utility level. We compare the results for the usual linear model with semiparametric estimates, in which the functional form of the relationship between required income and family size and actual income is left unspecified. Second, we use answers to the question: how satisfied are you with actual household income? We present parametric and semiparametric estimates for ordered response models explaining this discrete variable. We find that according to the second type of information, costs of children are much larger than according to the first.

Abstract. Harvey leibenstein's theory of X‐efficiency holds that behavioral considerations, such as motivation of workers or the quality of managerial decisions, are the major restraints on the productivity of modern organizations. It envisions economic behaviors which are not fully rational; that is, behaviors which fall far short of the maximization postulate so central to neo‐classical microeconomics. The theory is significant for it, contrary to the prevailing view, seeks to explain suboptimality primarily as a function of factors internal to the Jirm rather than those that are objectively external, such as the market structure in which the firm finds itself. The X‐efficiency framework is enhanced by the application of several salient concepts in the economic thought of Max Weber. He, in contrast to most of his contemporaries, engaged in economic analysis, but he never accepted the maximization postulate. He considered such formal economic rationality to be a very rare, almost an exceptional case of economic behavior the norm was something substantially less rational. Weber therefore categorized economic activity by its degree of rationality and linked such activity to types of authority exercised in its pursuit.

Modern transportation systems have pervasive and far-reaching effects on society and the environment. Mobility and other benefits of modern transportation arrive with many, serious undesired consequences:deaths and injuries in transport accidents, pollution of air,water and groundwater,noise congestion, greenhouse gas emissions etc. Governments and markets both play critical roles in providing infrastructure and operating and policing transportation systems. As world transport systems expand and become increasingly motorized, the transportation community is searching for transportation systems that are both efficient and sustainable.In this book leading international researchers explore the issues and concepts and define the state of knowledge concerning transportation's full costs and benefits

South Africa's peaceful transition to democracy has gained it world recognition. This book gives a frank report on contemporary South African society and the challenges which the new nation faces. Sixteen social scientists, experts in fields as wide-ranging as economics, politics, and development planning, have compiled a social report on South Africa two years into democracy. The volume covers critical concerns which impact on the well-being of the average South African. The dozen chapters in the book present facts and figures as well as in-depth commentary on social issues which South Africa must address. The authors discuss the legacies of the past, including poverty and social inequality; problems of transition ranging from trauma to crime; and the hopes for the future which lie in economic growth and development, a deeper understanding of democracy, and a healthy dose of optimism. The book draws on information from a wide variety of sources including government statistics, independent social surveys, community research, and opinion polls. This rich data weaves a tapestry of the quality of life in South Africa for Africa watchers and the general public

PART 1: MICROECONOMICS Introduction -- Theory of Consumer Demand Value and Capital, Chapter 2; J.R. Hicks -- Theory of the Firm and Supply The Nature of the Firm; R.H. Coase -- The Concept of Monopoly and the Measurement of Monopoly Power; A. Lerner -- Monopoly and Resource Allocation; A. Harberger -- Strategic Competition Among the Few. Some Recent Developments in the Economics of Industry; J. Vickers -- General Equilibrium and Welfare The Anatomy of Market Failure; F. Bator -- Diagrammatic Exposition of A Theory of Public Expenditure; P.A. Samuelson -- Economics of Mecahnism; G. Akerlof -- PART 2: MACROECONOMICS Inflation and Unemployment How Important Is It To Defeat Inflation? The Evidence; R. Bootle -- The Role of Monetary Policy; M.Friedman -- Inflation and Unemployment; J. Tobin -- The Nature of Unemployment Unemployment Policy; R.E. Lucas Jr -- On Theories of Unemployment; R.M. Solow -- Efficiency Wage Models of Unemployment; J. Yellen -- The Business Cycle The General Theory of Employment, Interest and Money; J.M. Keynes -- Understanding Business Cycles; R.E. Lucas Jr -- Real Business Cycles: A Keynesian Perspective; N.G. Mankiw -- Control of Macroeconomic Fluctuations A Monetary and Fiscal Framework for Economic Stability; M. Friedman -- Rational Expectations and the Theory of Economic Policy; T.J. Sargent & N. Wallace -- The Monetarist Controversy....; F. Modigliani.

The great challenge for neoclassical paradigms is whether its methodological individualism is capable of coming to grips with the collective or social nature of information. Arrow's subtle observation regarding the increasing returns to communication is one of those peculiarities which contradicts the concept of scarcity of information. Bounded rationality is another example. While remaining faithful to methodological individualism of standard economic theory, Arrow describes information as a specific non-ordinary commodity, revealing the limits of imperfections of market and entering into the general category of externalities. He sets forth some fundamental principles of the economics of information and the new microeconomics by focusing on issues such as information gathering, communication efficiency, and transmission costs in deciding among forms of economic organization. In our critical review of Arrow's theory of information, we endeavor to show that despite its great achievements, this theory does not capture the tacit, institutionalized, unexpected, and non-rational dimensions of knowledge. The organizational or corporate culture cannot be derived from market failure. It is the direct outcome of internal organization of the firm and other social networks, and thus closely related to learned and transmitted knowledge in a group context.