Book Reviews

Phoenix Economics: From Crisis to Renascence

"The author of this recently published book is an Italian academic, who earned his PhD in Economic history. Phoenix Economics, his fourth book, is addressed to academics, researchers and those in need of food for thought to debate on economic current issues such as debt, financial crisis or fiscal and monetary policies." READ MORE... - Marie-Aimée Tourres, Associate Fellow, Foundation for Int’l Development Study and Research (FERDI), France

For more information about this book, please click here.

Productive Forces of Design: The Basis of Post-Industrial Development

"In the presented monograph, the author develops the main provisions of the classical school of economics, such as: the wealth of a nation (products of labor) creates material production, the source of wealth is labor, labor creates value of a product, development is caused by the development of productive forces, etc." READ MORE...Professor Grigory Semenovich Khulap, Doctor of Technical Sciences, Academician of the Russian Academy of Natural Sciences

"In the first paragraph of the abstract, the author writes that the monograph presents a new economy, in which the company's economic activity and a set of relations are considered not only at the stages of production, distribution, exchange and consumption, but also at the design stage, which determines the post-industrial development. Consider the content of the concept of the new economy." READ MORE... - Evgeny V. Kalinkin, Doctor of Economic Sciences, Professor of Department of Finance and Prices, Plekhanov Russian University of Economics

The author has convincingly shown that the goal of post-industrial development is the design and production of complex high-tech varieties (modified versions within the type) of product types that meet the country's strategic needs. Varieties differ either in the number of consumer functions (functionally) or the parameters of consumer functions (parametrically), or program control (without human participation) in satisfying needs." READ MORE... - Professor Oleg Pavlovich Chernyaev, Doctor of Technical Sciences

For more information about this book, please click here.

Dynamic Consumer Theory: A Premier Treatise with Stochastic Dynamic Slutsky Equations

"As a researcher I found this book as a pioneering and fundamental work of dynamic consumer theory. There is no other work which goes as deeply into this field than this book. It is not only an excellent reference of the field, but Dr Yeung, as the leading researcher of this field, introduced many new developments and results, some of which were not published before." READ MORE... - Ferenc Szidarovszky, Professor, University of Pecs, Applied Mathematics Department, Hungary.

For more information about this book, please click here.

Current Issues in International Trade: Methodologies and Development Implications for the World Economy

"Current issues in international trade..." explores the complexities of classical and emerging international trade issues, and the challenges arising from globalization. The collection of essays provides rigorous and insightful analysis that will be of interest for academics and practitioners." - Amelia U. Santos-Paulino, UNCTAD

"The book delves into diverse issues on the evolving role of trade in the global economy of the twenty-first century. Spanning over current scenarios, analytical frameworks and methodologies, the book offers a fine balance between cutting -age theory and contemporary policy questions. Professor Das, in this present volume, provides a wholesome
food for thought to the readers." - Partha Ray, Professor of Economics, Indian Institute of Management, Calcutta

"The chapters in the book offer theoretical as well as applied perspectives on many facets of trade and globalisation. The book covers a cornucopia of material and gives deep insights into many of the current problems of international economics. The editor has done a superb job and I strongly recommend this volume to those interested in this area." - Krishnendu Gosh Dastidar, Jawaharlal Nehru University, New Delhi, India

For more information about this book, please click here.

Advances in Economics and Optimization: Collected Scientific Studies Dedicated to the Memory of L. V. Kantorovich

"The book is devoted to the outstanding Soviet scientist Leonid Kantorovich (1912-1986) - well known Russian mathematician and economist. Nowadays he is known mainly by his works in application of mathematics to economics, started in 1939 and marked in 1975 by memorial Nobel prize in economics (together with American economist Tjalling Koopmans)." READ MORE... - Vladimir Mazalov

For more information about this book, please click here.

Management and Economic Policy for Development

"Management and Economic Policy for Development, published by Nova in New York, has an important massage: not just economics is interdisciplinary, but the management as well. To be successful in the managing of a state, a private company or an NGO, one has to look into the interconnections with other disciplines to “avoid losing sight of what matters.”" READ MORE... - NAGY, Sándor Gyula,PhD, associate professor, Corvinus University of Budapest Department of World Economics and STUKOVSZKY, Tamás, PhD-candidate and lecturer, Corvinus University of Budapest Department of World Economics

For more information about this book, please click here.

Qualitative and Quantitative Economics (Q2E): Making Economics into a Science

"Woodrow (Woody) Clark II, PhD and I have known and worked together for over two decades, from the late 1990s on the UN Intergovernmental Panel on Climate Change, which went on to share the 2007 Nobel Peace Prize. Woody gave lectures in my courses at Berkeley; and got involved when I launched the Renewable and Appropriate Energy Laboratory at UC Berkeley.
We have stayed in touch since then; and will continue to do so. Woody’s work to develop “Qualitative Economics” reflects an important conversation in the evolution of disciplines." - Daniel Kammen, PhD, Professor and Chair, Energy and Resources Group, Professor in the Goldman School of Public Policy, Professor of Nuclear Engineering, Founding Director, Renewable and Appropriate Energy Laboratory, University of California, Berkeley, CA, USA

"Whether one agrees or not with the thesis this is a book well worth reading. It provides a new perspective on the traditional view that dominates the field of economics. For anyone willing to be challenged, I highly recommend this book." - James Barth, PhD., Lowder Eminent Scholar in Finance, Harbert College of Business, Auburn University, Auburn, AL, USA, and Senior Finance Fellow, Milken Institute, Fellow of the Wharton Financial Institutions Center, Co-Editor of Journal of Financial Economic Policy

"I have known Woody for more than two decades, when he was first teaching in the business school at what is now Cal State East Bay. Woody has a long and admirable history in bringing social, environmental and economic issues to light across a range of media and topics. He has been a pioneer in energy and environmental issues, including serving as the first Manager of Technology Transfer at the Lawrence Livermore National Laboratory, before moving to Denmark (after being a Fulbright Fellow in the early 1990s) to be a fulltime Professor in Business Economics at Aalborg University. When Woody was asked by California Governor Gray Davis to return to California to be one of his five energy advisors, he predicted the statewide energy crisis months before it happened. Now, he has turned to another critical issue — the Circular Economy — which he helped establish in the EU and China. He brings intellect, vision and passion to everything he does, always in service of the greater good." - Joel Makower, Chairman and Executive Editor, GreenBiz Group Inc., Oakland, California, USA

"Dr. Woodrow “Woody” Clark and I have worked together for more than two decades on solutions to global sustainability and climate change challenges. Above all, Woody understands the economics, costs, financing and ROI (both economically and environmentally) that are needed to turn vision into reality

His work in creating qualitative economics has done a lot to change economics from a “field of study” into a science, especially as it relates to our energy needs and uses. What does “clean” energy mean, for example? He demonstrates that there is no “clean coal” and that natural gas is not truly clean either. These words, terms and numbers must be defined, examined and used to reverse the destruction of the earth, water and air.

That is what this book is about and what Woody has brought into the mainstream conversation with his work on Circular Economics. This book provides cases and ways to make our planet, and its economy, green and sustainable for the long term. Our lives and our children’s lives depend upon learning new ways to see the world and taking action based on this knowledge NOW." - Terry Tamminen, Leonardo DiCaprio Foundation, Executive Director of the Foundation, Beverly Hills, CA, USA

For more information about this book, please click here.

Some Quantitative Methods and Models in Economic Theory

"In this important and timely book, Alexander V. Prasolov illustrates how dynamically rich Lotka-Volterra equations offer diverse and economically useful dynamic behavior for a wide range of economic problems. Splitting the theory into linear and non-linear parts, the importance and viability of nonlinear dynamics is illustrated convincingly. Using time-delays with Lotka-Volterra equations, dynamic macroeconomic models, sources of fluctuations in economic activity, capital and manufacturing decision models, models of international trade, models of management and advertising problems as well as the forecasting models are examined with exceptionally outstanding detail and insight. Additionally, the author brings forward unique list of references from Russian academic literature not commonly known in the western academic circles. I highly recommend this book to the scholars and students of economic dynamics and finance to delve into the rich world of the nonlinear apparatus being put forward in this exquisitely crafted scientific jewel." - Ramo Gençay, Department of Economics, Simon Fraser University, Vancouver, Canada

For more information about this book, please click here.

International Financial Institutions, Climate Change and the Urgency to Facilitate Clean Energy Investment in Developing and Emerging Market Economies

"Developing and emerging economies are rapidly approaching the technological frontier through various structural changes, and huge increases in their energy requirements are foreseeable. In his new book, Professor Hilmarsson is concerned with ways to minimize the likely environmental damage and offers sensible ideas about ways to encourage a large-scale transition to clean energy sources, in particular how best to stimulate investments in geothermal and hydropower projects. He makes a well-informed and convincing case that international financial institutions, including the World Bank Group, in partnership with the private sector, should scale up their efforts and co-ordinate investment in clean energy infrastructures. In spite of alarming reports, the practical response of international financial institutions to the environmental crisis is lukewarm. Hilmarsson makes a valuable contribution by mapping the way ahead."
- Professor Thráinn Eggertsson, Institute of Economic Studies, University of Iceland and Hertie School of Governance
Berlin, Germany

"In this book Professor Hilmarsson, a World Bank Group insider for 12 years, offers an interesting and well-informed analysis of international financial institutions (IFIs) and how they can help solve one of the world’s greatest problems – the transition to clean energy. Too often IFIs’ efforts are hampered by bureaucratic procedures that make them less effective and their clean energy portfolio in developing and emerging countries still remains small. In addition to funding and risk mitigation instruments, IFIs are particularly well placed to provide policy advice and technical assistance to governments implementing energy sector reform. This book is an important and timely contribution to the debate on clean energy and climate change." - Professor Dr. Erika Sumilo, Head of the Department of International Economics and Business, University of Latvia

"The utilization of clean energy resources in developing and emerging countries is among key challenges humankind is currently facing. Professor Hilmarsson offers a well-informed analysis on how international financial institutions can contribute more effectively to the transition to clean energy — a critical component for success in the battle against climate change. This book is insightful and the analysis is sound as Professor Hilmarsson draws on his experience from the World Bank for 12 years in three different continents." - Professor Ligita Šimanskienė, Klaipėda University, Lithuania

"Clean energy investments, including geothermal and hydropower projects, tend to be large, with long repayment periods and often require cooperation between public, private and donor partners in emerging countries. Professor Hilmarsson shows how the funding and risk mitigation products of international financial institutions can be instrumental in mobilizing funds to make clean energy investments both possible and feasible. This is an important topic as vast clean energy sources still remain underutilized in emerging countries during a time of growing energy demand. Professor Hilmarsson also discusses Iceland’s transition to clean energy from which other countries may draw some valuable lessons. This is an important contribution that deserves attention and debate." - Professor Anatoliy G. Goncharuk, Head of the Department of Business Administration and Corporate Security, International Humanitarian University, Ukraine

"As Professor Hilmarsson highlights in this book, no institution supports cross border investments in a similar way that the World Trade Organization does for cross border trade. This failure traces its roots all the way back to the Bretton Woods conference and is an impediment for clean energy investments, especially in developing and emerging countries, during a time of great need for a transition to clean energy sources. In this book Professor Hilmarsson shows how international financial institutions can more effectively support clean energy investments in a world challenged by climate change. A timely contribution and an enjoyable read." - Dr. Sujit Kumar, Research Scholar, Jawaharlal Nehru University, New Delhi, and Assistant Professor, Sri Venkateswara College, University of Delhi, India

"In the context of increasing concerns on climate problems, clean energy has been suggested to be safe, environmental-friendly, and energy-efficient. Investment in energy infrastructure will be enormous in the future, especially in emerging market economies including in East Asia. While it is crucial that energy infrastructure be climate friendly and that environmental issues should be well considered, financing such infrastructure remains a challenge. Nonetheless, this new book of Professor Hilmarsson has identified and discussed potential solutions to help support and promote clean energy investment and increase the use of clean energy sources that are available on earth." - Trung Quang Dinh M.Sc. in International Business and Pd.D. Candidate at Witten/Herdecke University

For more information about this book, please click here.

Economic Crises: Risk Factors, Management Practices and Social Impacts

“The book consists of eight chapters in which both theoretical and practical studies, which introduce countries as case studies, come into place. In the first part the author, Christina Calvo Porral, deals with a very interesting issue. She analyses the practical effect of crises on marketing strategy. She examines whether crises influence applied marketing methods to any extent at all. The starting point for research is the change of consumer behaviour experienced during the crisis. The author identifies those factors to which consumers respond sensitively (prices, discounts, and brands) through an economic fall-back. The answer to the main question of whether marketing strategies have to be changed is obviously yes.

In the second chapter the author, Eva Kiss, analyses the impact of crises on corporations. The writer of the study emphasizes intervening changes in the Hungarian industrial environment, in the structure of companies and in their economic activity on the one hand, while on the other hand, she analyses crisis management techniques adopted by companies, finally she introduces their aggregate effect on these branches of industry. The basic assumption is that in the Hungarian economy and within the industry, economic decline did not shape a classical V-letter, but it was W-shaped, which is becoming more common in a new age. Therefore deterioration which was experienced by companies was bigger compared to previous fall-backs. The author concludes that those companies which are exposed to the changes of the world economy in a  bigger scale (which are closer to the global economy) were felt almost immediately. She draws attention to the fact that diversification of the Hungarian industry must be strengthened, while the dependency should be weakened, in order to be not so sensitive to similar crises in the future.

The third chapter leads us from economic impact to social consequence of crises. The authors (Katja Rasic, Matjaz Mulej and Vesna Cancer) examine four main questions – the effect of technological research, innovation and knowledge on economic growth and the relationship between economic growth and quality of life. After the normalization of variables, they establish the relation among them with Pearson-correlation analysis, and then, in order to determine the concrete effect, they did regression-analysis. The authors came to the conclusion that technological research, innovation and knowledge influence significantly economic growth and growth has a positive impact on quality of life, at least in the Slovakian case. In point of fact, in order to determine the quality of life, the gross domestic products as an indicator has to be expanded with other variables like environmental components, human factor and health condition which were created by authors.

In Chapter 4, the authors (Melissa Morone, Gabriele Giorgi and Javier Fiz Pérez) approach the effect of crisis from a social side. They examine its consequences and the crisis related attitudes of employers and employees. Writers investigate stress situations caused by economic crisis, and the answers, reactions given to them and their relations to each other. From the side of employees, special emphasis is placed on fear as a negative emotional factor which causes the loss of confidence, frustration, and unquietness and increases the possibility of developing mental problems (authors regard it as hot reaction). Approaching this topic from the other side, however crisis improves the quality of work because employees do not want to lose their workplaces, therefore they attempt to do better quality and more efficient work which is a positive change from the aspect of employers (this is referred to as cold reaction). After the analyzation of 2008’s crisis they determined that hot reactions dominated and the health conditions of employees deteriorated unequivocally which was related to stress.

The fifth chapter approaches the social problems caused by crises from the aspect of psychology. Authors (Marco Innamorati, Maurizio Pompili, David Lester and Bijou Yang) analyse the relationship between suicide and economic crises with the assumption that there is no clear connection between the changes of economic processes and the number of suicides. Although, more studies refer to the dangerous consequences of both economic decline and economic growth.

A similar topic is unfolded on the Spanish example in the sixth chapter. Authors, A. I. Masedo Gutiérrez and B. Moreno-Küstner, examine the effect of economic crises on mental health. Spain struggles with serious economic and social problems because of the crisis which evolved in 2008. Unemployment and decreasing incomes of households put huge pressure on population. In the European Union, examination of poverty is not confined to minimum level of subsistence and to proportion of people who live below the poverty line but the organization determine the number of indulgent with deprivation survey. Based on this, authors established that the ratio of population who is threatened by both deprivation and serious deprivation is increased and the same time the ratio of those people who live under poverty line and minimum level of subsistence as well. The regeneration is almost insignificant. Consequently the mental health of society is continuously deteriorating and the number of antidepressant users is increasing, similarly to the number of drug users. In spite that this statement is regarded as a fact in Spain only few study was written about suggestions in order to eliminate or at least handle the problem. Therefore, authors make proposal about solution in the final part of the chapter.

The authors, Oznur Ozdamar and Eleftherious Giovanis, in the seventh chapter examine two main research questions. On the one part they study the impact of law on Austrian Health Fund, on the other part writhers examine the impact of the 2008’s crisis on the economy of vulnerable countries (like Hungary, Italy, France, Spain and Portugal) and they compare them with such countries which have similar characteristics but were less effected by crisis like the Polish or Czech one. The focus of investigation is on health, living conditions and quality of life. The base of the research is a European questionary which analysed the health conditions, aging and pension situation in European countries between 2004 and 2012. With Differences-in-Differences model they analyse the effect of crisis on mental health and living conditions. Related to the first research question, which examined the law about the Austrian Health Fund, they determined that the Fund provides protection in the maintenance of living conditions and quality of life, furthermore it helps to keep up mental health and improvement on affected areas can be clearly detectable after the law was issued. While in the case of other countries in the course of the analysis of both quality of life and living conditions deterioration could be obviously seen because of the crisis. Through the authors’ research, it has been established that the possibility of better living conditions, healthier life and better quality of life decreased among well-educated people.

In the 8th and last chapter we leave the European framework and we get an insight to Madagascar’s economic process and we get to know with the effect of the crisis on society. Author, Michel Garenne, goes back to 1960s with long-term analyses and investigate the connection among social, demographical, health situation and political, economic crisis. She establishes that before the revolution of 1973 the country was above the African average based on economic indicators but after it was an obvious deterioration. Political crisis resulted decreasing social and demographical indicators. At the same time, the population increased during the analysed period.

The diversity of chapters provides insight into those regions and economic peripheries which does not fit into mainstream literature. The book approaches the effect of crisis on society from a new aspect. I recommend this book to those who are interested in economic crises and their impact on society and would like to get information about the consequences of economic decline in different geographical regions.” - Nedelka Erzsébet – tanársegéd, Soproni Egyetem Lámfalussy Sándor Közgazdaságtudományi Kar

For more information about this book, please click here.