This classic set of essays by Nobel Laureate and leading monetary theorist Milton Friedman presents a coherent view of the role of money, focusing on specific topics related to the empirical analysis of monetary phenomena and policy. The early chapters cover factors determining the real quantity of money held in a community and the welfare implications of policies that affect the quantity held. The following chapters formally restate why quantity analysis has become central to the science of economics. Friedman's presidential address to the American Economic Association, included here, provides a general summary of his views on the role of monetary policy, with an emphasis on its limitations and its possibilities. This theoretical framework is used in examining a number of empirical problems: the demand for money, the explanation of price changes in wartime periods, and the role of money in business cycles. These essays summarize some of the most important results of Friedman's extensive research over the course of his lifetime. The chapters on policy that follow survey the positions of earlier economists and deal with the importance of lags and the implications of destabilizing speculation in foreign markets. Taken as a whole, The Optimum Quantity of Money provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis. This work is essential reading for economists and graduate students in the field. The volume will be no less important for practicing business and banking personnel as well. The new statement by Michael Bordo, a student of Friedman's and an expert in the field, provides a sense of where the field now stands in the economy and academy. Milton Friedman is a senior fellow at the Hoover Institution of Stanford University. Before that, he was Distinguished Service Professor of Economics at the University of Chicago. He has also taught at Columbia University, the University of Wisconsin, the University of Minnesota, and Cambridge University. Among his many books are Essays in Positive Economics , A Program for Monetary Stability , Capitalism and Freedom , and A Monetary History of the United States . Michael D. Bordo is professor of economics at Rutgers, The State University of New Jersey, and author, with Lars Jonung, of, among other works, Demand for Money .

Pulitzer Prize-winning economics journalist Steven Pearlstein argues that our thirty year experiment in unfettered markets has undermined core values required to make capitalism and democracy work. Thirty years ago, 'greed is good' and 'maximizing shareholder value' became the new mantras woven into the fabric of our business culture, economy, and politics. Although, around the world, free market capitalism has lifted more than a billion people from poverty, in the United States most of the benefits of economic growth have been captured by the richest 10%, along with providing justification for squeezing workers, cheating customers, avoiding taxes, and leaving communities in the lurch. As a result, Americans are losing faith that a free market economy is the best system. In Can American Capitalism Survive', Pulitzer Prize-winning journalist Steven Pearlstein chronicles our descent and challenges the theories being taught in business schools and exercised in boardrooms around the country. We're missing a key tenet of Adam Smith's wealth of nations: without trust and social capital, democratic capitalism cannot survive. Further, equality of incomes and opportunity need not come at the expense of economic growth. Pearlstein lays out bold steps we can take as a country: a guaranteed minimum income paired with universal national service, tax incentives for companies to share profits with workers, ending class segregation in public education, and restoring competition to markets. He provides a path forward that will create the shared prosperity that will sustain capitalism over the long term ; Thirty years ago, 'greed is good' and 'maximizing shareholder value' became the new mantras woven into the fabric of our business culture, economy, and politics. Pearlstein argues that our thirty year experiment in unfettered markets has undermined core values required to make capitalism and democracy work. He challenges the theories being taught in business schools and in boardrooms, believing that we're missing a key tenet of Adam Smith's wealth of nations: without trust and social capital, democratic capitalism cannot survive. -- adapted from jacket

"The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fueled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist-that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation-and the Keynesian-that the depression was the product of a credit binge in the 1920's, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated".-- Provided by the publisher.

"What's wrong with the US food system? Why is half the world starving while the other half battles obesity? Who decides our food issues, and why can't we do better with labeling, safety, or school food? These are complex questions that are hard to answer in an engaging way for a broad audience. But everybody eats, and food politics affects us all. Marion Nestle, whom Michael Pollan ranked as the #2 most powerful foodie in America (after Michelle Obama) in Forbes, has always used cartoons in her public presentations to communicate how politics shaped by government, corporate marketing, economics, and geography influences food choice. Cartoons do more than entertain; the best get right to the core of complicated concepts and powerfully convey what might otherwise take pages to explain. In Eat, Drink, Vote, Nestle teams up with The Cartoonist Group syndicate to present more than 250 of her favorite cartoons on issues ranging from dietary advice to genetic engineering to childhood obesity. Using the cartoons as illustration and commentary, she engagingly summarizes some of today's most pressing issues in food politics. While encouraging readers to vote with their forks for healthier diets, this book insists that its is also necessary to vote with votes to make it easier for everyone to make healthier dietary choices"--

Why policies should be based on careful consideration of their costs and benefits rather than on intuition, popular opinion, interest groups, and anecdotes. Opinions on government policies vary widely. Some people feel passionately about the child obesity epidemic and support government regulation of sugary drinks. Others argue that people should be able to eat and drink whatever they like. Some people are alarmed about climate change and favor aggressive government intervention. Others don't feel the need for any sort of climate regulation. In The Cost-Benefit Revolution, Cass Sunstein argues our major disagreements really involve facts, not values. It follows that government policy should not be based on public opinion, intuitions, or pressure from interest groups, but on numbers--meaning careful consideration of costs and benefits. Will a policy save one life, or one thousand lives? Will it impose costs on consumers, and if so, will the costs be high or negligible? Will it hurt workers and small businesses, and, if so, precisely how much? As the Obama administration's "regulatory czar," Sunstein knows his subject in both theory and practice. Drawing on behavioral economics and his well-known emphasis on "nudging," he celebrates the cost-benefit revolution in policy making, tracing its defining moments in the Reagan, Clinton, and Obama administrations (and pondering its uncertain future in the Trump administration). He acknowledges that public officials often lack information about costs and benefits, and outlines state-of-the-art techniques for acquiring that information. Policies should make people's lives better. Quantitative cost-benefit analysis, Sunstein argues, is the best available method for making this happen--even if, in the future, new measures of human well-being, also explored in this book, may be better still.

An update of the author's financial survival guide takes into account the dramatic economic shifts that are reshaping America and provides insights and information to help survive the current economic downturn.

This globe-spanning history of sugar is "an epic story on a broad canvas that never loses sight of individual moments of human drama; a historical methodology infused with political, intellectual, cultural, and social strands; a complex sequence of cause and effect; an illuminating synthesis of primary and secondary sources; and a thoughtful marriage of words, picture, and design." (Horn Book starred review) Here is the story of how one product allows us to see the grand currents of world history in new ways. Using songs, oral histories, maps, and over 80 archival illustrations, Marc Aronson and Marina Budhos put a human face on this vast pageant. Time line, source notes, bibliography, and index included. The history of sugar runs like a bright band from religious ceremonies in India to Europe's Middle Ages, then on to Columbus, who brought the first cane cuttings to the Americas. Sugar caused the loss of countless lives, but it also planted the seeds of revolution that led to freedom in the American colonies, Haiti, and France. Cane, not cotton or tobacco, drove the bloody Atlantic slave trade and took the lives of countless Africans who toiled on vast sugar plantations under cruel overseers. And yet the very popularity of sugar gave abolitionists in England the one tool that could finally end the slave trade. Sugar moved, murdered, and freed millions; sugar changed the world.

The author of the bestselling "Words That Work" examines what Americans say they want, how their actions often contradict those claims, and what that means for businesses.

Food safety is a matter of intense public concern, and for good reason. Millions of annual cases of food "poisonings" raise alarm not only about the food served in restaurants and fast-food outlets but also about foods bought in supermarkets. The introduction of genetically modified foods—immediately dubbed "Frankenfoods"—only adds to the general sense of unease. Finally, the events of September 11, 2001, heightened fears by exposing the vulnerability of food and water supplies to attacks by bioterrorists. How concerned should we be about such problems? Who is responsible for preventing them? Who benefits from ignoring them? Who decides? Marion Nestle, author of the critically acclaimed Food Politics, argues that ensuring safe food involves more than washing hands or cooking food to higher temperatures. It involves politics. When it comes to food safety, billions of dollars are at stake, and industry, government, and consumers collide over issues of values, economics, and political power—and not always in the public interest. Although the debates may appear to be about science, Nestle maintains that they really are about control: Who decides when a food is safe? She demonstrates how powerful food industries oppose safety regulations, deny accountability, and blame consumers when something goes wrong, and how century-old laws for ensuring food safety no longer protect our food supply. Accessible, informed, and even-handed, Safe Food is for anyone who cares how food is produced and wants to know more about the real issues underlying today's headlines.

How should we feel about taxes that redistribute income? Ask how parents feel about children who forcibly "redistribute" other children's toys. How should we respond to those who complain that their neighbors are too wealthy? Ask how parents respond when children complain that their siblings got too much cake. By insisting that fairness can't mean one thing for children and another for adults, Landsburg shows that the instincts of the parent have profound consequences for economic justice.

The story of the Pentagon's secret budget--the black budget. The first detailed look into the multibillion-dollar cache used to fund every defense program, every espionage mission, every weapon, and every war that the President, the Secretary of Defense and the Director of the CIA want erased from the public ledger and shielded from public debate.

Offering a warning of a looming period marked by sizable tax hikes, loss of retirement benefits, double digit inflation, and the possible collapse of the middle class, Schiff presents a survival plan that can provide the protection readers will need in the coming years.

No one in America has done more observing of more people than Dr. Frank I. Luntz. From Bill O'Reilly to Bill Maher, America's leading pundits, prognosticators, and CEOs turn to Luntz to explain the present and to predict the future. With all the upheavals of recent events, the plans and priorities of the American people have undergone a seismic shift. Businesses everywhere are trying to market products and services during this turbulent time, but only one man really understands the needs and desires of the New America. From restaurant booths to voting booths, Luntz has watched and assessed our private habits, our public interests, and our hopes and fears. What are the five things Americans want the most? What do they really want in their daily lives? In their jobs? From their government? For their families? And how does understanding what Americans want allow businesses to thrive? Luntz disassembles the preconceived notions we have about one another and lays all the pieces of the American condition out in front of us, openly and honestly, then puts the pieces back together in a way that reflects the society in which we live. What Americans Really Want...Really is a real, if sometimes scary, discussion of Americans' secret hopes, fears, wants, and needs. The research in this book represents a decade of face-to-face interviews with twenty-five thousand people and telephone polls with one million more, as well as the exclusive, first-ever "What Americans Really Want" survey. What Luntz offers is a glimpse into the American psyche, along with analysis that will rock assumptions and right business judgment. He proves that success in virtually any profession demands that we either understand what Americans really want, or suffer the consequences. Praise for Frank Luntz: "When Frank Luntz invites you to talk to his focus group, you talk to his focus group." --President Barack Obama, spoken on June 28, 2007, to a PBS-sponsored focus group following the Democratic presidential debate at Howard University "Frank Luntz understands the American people better than anyone I know." --Newt Gingrich, former Speaker of the House "The Nostradamus of pollsters." --Sir David Frost "America's top companies listen to Frank Luntz because he understands what customers want and what employees think. He has a keen sense of the American psyche and an outstanding command of language that empowers and persuades." --Thomas J. Donohue, President & CEO, U.S. Chamber of Commerce

Contract Law and Theory conveys a grasp of theory and policy that makes all of the contract rules easier to understand. By explaining and applying contract theory to a wide range of contracts cases, Eric Posner reveals not only the "what" of doctrine but also the "why"--why one rule rather than another makes sense from a policy perspective. An understanding of what contract theory is and how it is applied will help you to understand not only Contracts, as taught in law school, but also the many areas of law in which contractual ideas operate, such as bankruptcy law, secured transactions, and corporate law. An exciting new Student Treatise from an eminent authority, Contract Law and Theory features: Complete coverage of contracts that includes the principal cases covered in most first-year contracts courses A general explication of the rules of contract that begins with the simplest ideas and gradually builds in complexity A consistent emphasis on the application of theory to doctrine, through analysis of a rich selection of cases A readable and expert treatment of the role of economics in contract law Illustrative examples that point to noteworthy cases Suitable for use alongside any casebook

Over the past two decades, the United States has seen a dramatic increase in the number and magnitude of punitive damages verdicts rendered by juries in civil trials. Probably the most extraordinary example is the July 2000 award of $144.8 billion in the Florida class action lawsuit brought against cigarette manufacturers. Or consider two recent verdicts against the auto manufacturer BMW in Alabama. In identical cases, argued in the same court before the same judge, one jury awarded $4 million in punitive damages, while the other awarded no punitive damages at all. In cases involving accidents, civil rights, and the environment, multimillion-dollar punitive awards have been a subject of intense controversy. But how do juries actually make decisions about punitive damages? To find out, the authors-experts in psychology, economics, and the law-present the results of controlled experiments with more than 600 mock juries involving the responses of more than 8,000 jury-eligible citizens. Although juries tended to agree in their moral judgments about the defendant's conduct, they rendered erratic and unpredictable dollar awards. The experiments also showed that instead of moderating juror verdicts, the process of jury deliberation produced a striking "severity shift" toward ever-higher awards. Jurors also tended to ignore instructions from the judges; were influenced by whatever amount the plaintiff happened to request; showed "hindsight bias," believing that what happened should have been foreseen; and penalized corporations that had based their decisions on careful cost-benefit analyses. While judges made many of the same errors, they performed better in some areas, suggesting that judges (or other specialists) may be better equipped than juries to decide punitive damages. Using a wealth of new experimental data, and offering a host of provocative findings, this book documents a wide range of systematic biases in jury behavior. It will be indispensable for anyone interested not only in punitive damages, but also jury behavior, psychology, and how people think about punishment.

In the twentieth century, American society has experienced a "rights revolution": a commitment by the national government to promote a healthful environment, safe products, freedom from discrimination, and other rights unknown to the founding generation. This development has profoundly affected constitutional democracy by skewing the original understanding of checks and balances, federalism, and individual rights. Cass Sunstein tells us how it is possible to interpret and reform this regulatory state regime in a way that will enhance freedom and welfare while remaining faithful to constitutional commitments. Sunstein vigorously defends government regulation against Reaganite/Thatcherite attacks based on free-market economics and pre-New Deal principles of private right. Focusing on the important interests in clean air and water, a safe workplace, access to the air waves, and protection against discrimination, he shows that regulatory initiatives have proved far superior to an approach that relies solely on private enterprise. Sunstein grants that some regulatory regimes have failed and calls for reforms that would amount to an American perestroika: a restructuring that embraces the use of government to further democratic goals but that insists on the decentralization and productive potential of private markets. Sunstein also proposes a theory of interpretation that courts and administrative agencies could use to secure constitutional goals and to improve the operation of regulatory programs. From this theory he seeks to develop a set of principles that would synthesize the modern regulatory state with the basic premises of the American constitutional system. Teachers of law, policymakers and political scientists, economists and historians, and a general audience interested in rights, regulation, and government will find this book an essential addition to their libraries.

"Extensive media and online coverage of the businesss arena, news of start-ups, mergers, and deals are familiar headlines these days. But that wasn't always the case. The early years of venture capital were a far cry from today's very public dealings. Alan Patricof, one of the pioneers of the venture arena, offers a behind-the-scenes look at the past fifty years of the industry. From buying stock in Apple when its market valuation was only $60 million to founding New York Magazine to investing in AOL, Audible, and more recently, Axios, his discerning approach to finding companies is almost peerless. All of Patricof's investments -- from Xerox to Venmo -- share certain qualities. Each company had sound product with wide appeal, the economics were solid, and the management team was talented and committed to seeing their visions come to fruition." --

Reaching beyond statistics and prevalent assumptions, Uninsured in America goes to the heart of why more than forty million Americans are falling through the cracks in the health care system, and what it means for society as a whole when so many people suffer the consequences of inadequate medical care. Based on interviews with 120 uninsured men and women and dozens of medical providers, policymakers, and advocates from around the nation, this book takes a fresh look at one of the most important social issues facing the United States today. The vivid and moving stories of those interviewed illustrate the complicated dilemmas—including full-time family caregiving, sudden illness, self-employment, layoffs, and on-the-job injuries—faced by those trying to balance medical problems with housing costs and other daily necessities. This engrossing, accessible, and timely book concludes that our current health care system is leading to fundamental structural changes in American society.

Business, Political Science, American Studies, Philosophy