{"title":"Munich Lectures In Economics","description":null,"products":[{"product_id":"happiness-book-bruno-s-frey-9780262062770","title":"Happiness","description":"\u003cp\u003e\u003cb\u003eA leading economist discusses the potential of happiness research (the quantification of well-being) to answer important questions that standard economics methods are unable to analyze.\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003eRevolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially in the future. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in three respects: the measurement of experienced utility using psychologists' tools for measuring subjective well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. In \u003ci\u003eHappiness\u003c\/i\u003e, emphasizing empirical evidence rather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims for happiness research. 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Turning to policy implications, Frey describes how government can provide the conditions for people to achieve well-being, arguing that a crucial role is played by adequate political institutions and decentralized decision making. \u003ci\u003eHappiness\u003c\/i\u003e demonstrates the achievements of the economic happiness revolution and points the way to future research.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49530073907473,"sku":"GOR008751314","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0262062771.jpg?v=1751005391"},{"product_id":"making-of-economic-policy-book-avinash-k-dixit-9780262540988","title":"The Making of Economic Policy","description":"\u003ci\u003eThe Making of Economic Policy\u003c\/i\u003e begins by observing that most countries' trade policies are so blatantly contrary to all the prescriptions of the economist that there is no way to understand this discrepancy except by delving into the politics. The same is true for many other dimensions of economic policy.\u003cp\u003eAvinash Dixit looks for an improved understanding of the politics of economic policy-making from a transaction cost perspective. Such costs of planning, implementing, and monitoring an exchange have proved critical to explaining many phenomena in industrial organization. Dixit discusses the variety of similar transaction costs encountered in the political process of making economic policy and how these costs affect the operation of different institutions and policies.\u003c\/p\u003e\u003cp\u003eDixit organizes a burgeoning body of research in political economy in this framework. He uses U.S. fiscal policy and the General Agreement on Tariffs and Trade (GAT) as two examples that illustrate the framework, and show how policy often deviates from the economist's ideal of efficiency. The approach reveals, however, that some seemingly inefficient practices are quite creditable attempts to cope with transaction costs such as opportunism and asymmetric information.\u003c\/p\u003e\u003cp\u003eCopublished with the \u003cb\u003eCenter for Economic Studies and the Ifo Institute\u003c\/b\u003e\u003c\/p\u003e","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49576055603473,"sku":"GOR010210307","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ GOOD \/ SBYB","offer_id":50346439147793,"sku":"CIN0262540983G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":51328496697617,"sku":"CIN0262540983VG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52584200438033,"sku":"NLS9780262540988","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0262540983.jpg?v=1750909312"},{"product_id":"economic-consequences-of-rolling-back-the-welfare-state-book-anthony-b-atkinson-9780262011716","title":"The Economic Consequences of Rolling Back the Welfare State","description":null,"brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49613720617233,"sku":"GOR004313795","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ GOOD \/ INTERNAL","offer_id":49616512581905,"sku":"GOR009725561","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0262011719.jpg?v=1751195333"},{"product_id":"happiness-book-bruno-s-frey-9780262514958","title":"Happiness","description":"\u003cp\u003e\u003cb\u003eA leading economist discusses the potential of happiness research (the quantification of well-being) to answer important questions that standard economics methods are unable to analyze.\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003eRevolutionary developments in economics are rare. The conservative bias of the field and its enshrined knowledge make it difficult to introduce new ideas not in line with received theory. Happiness research, however, has the potential to change economics substantially in the future. Its findings, which are gradually being taken into account in standard economics, can be considered revolutionary in three respects: the measurement of experienced utility using psychologists' tools for measuring subjective well-being; new insights into how human beings value goods and services and social conditions that include consideration of such non-material values as autonomy and social relations; and policy consequences of these new insights that suggest different ways for government to affect individual well-being. In \u003ci\u003eHappiness\u003c\/i\u003e, emphasizing empirical evidence rather than theoretical conjectures, Bruno Frey substantiates these three revolutionary claims for happiness research. After tracing the major developments of happiness research in economics and demonstrating that we have gained important new insights into how income, unemployment, inflation, and income demonstration affect well-being, Frey examines such wide-ranging topics as democracy and federalism, self-employment and volunteer work, marriage, terrorism, and watching television from the new perspective of happiness research. 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Taking recent theoretical work as a point of departure, they ask which theoretical findings are supported and which are contradicted by the facts. The results are based on comparisons of political institutions across countries or time, in a large sample of contemporary democracies. They find that presidential\/parliamentary and majoritarian\/proportional dichotomies influence several economic variables: presidential regimes induce smaller public sectors, and proportional elections lead to greater and less targeted government spending and larger budget deficits. Moreover, the details of the electoral system (such as district magnitude and ballot structure) influence corruption and structural policies toward economic growth.Persson and Tabellini's goal is to draw conclusions about the causal effects of constitutions on policy outcomes. But since constitutions are not randomly assigned to countries, how the constitutional system was selected in the first place must be taken into account. 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