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Abstract

This chapter is excerpted from 'Striding With Economic Giants'. During the last century, policy makers and the public acquired a heightened awareness in economics. As a result, this elevated attention has enhanced the well-being of society. In 1969, the Nobel Foundation initiated a new prize category of economic sciences and started awarding the prize annually. At the forefront of their field, prize winners have introduced innovative ideas beneficial to society. Moreover, the study of their ideas reveals valuable nuggets of wisdom to enrich the lives of noneconomists. Drawing on publications written by these laureates, Striding With Economic Giants presents the essence of their thoughts in easy-to-understand concepts for nontechnical academic, business, and general readers. This book is perfect for economics students, business executives, and public policy makers. It begins by describing logic and experimental frameworks in mathematics, econometrics, behavior modeling, and game theory. Next, Striding presents microeconomic contributions, including production theory, theory of institutions, fundamental ideas of markets, and consumerism. Then, it reviews financial theory in capital markets, portfolio choice, and asset pricing. The book moves on to spotlight contributions to the rule of law, public administration, and political science. It highlights a growing understanding of human capital by tracing demographic trends and describing health, education, minority, and labor economics. Enhancements to macroeconomic theory are featured in economic mechanisms and cycles, managing the economy, and policy making. Striding explores the economic modernization process by outlining the economics of agriculture, growth theories of economic development, and problems with growth. It illustrates contributions to international economics in trade, finance, and global public policy. Finally, the book showcases social justice contributions to social equality, income redistribution, and climate change.

About

Abstract

This chapter is excerpted from 'Striding With Economic Giants'. During the last century, policy makers and the public acquired a heightened awareness in economics. As a result, this elevated attention has enhanced the well-being of society. In 1969, the Nobel Foundation initiated a new prize category of economic sciences and started awarding the prize annually. At the forefront of their field, prize winners have introduced innovative ideas beneficial to society. Moreover, the study of their ideas reveals valuable nuggets of wisdom to enrich the lives of noneconomists. Drawing on publications written by these laureates, Striding With Economic Giants presents the essence of their thoughts in easy-to-understand concepts for nontechnical academic, business, and general readers. This book is perfect for economics students, business executives, and public policy makers. It begins by describing logic and experimental frameworks in mathematics, econometrics, behavior modeling, and game theory. Next, Striding presents microeconomic contributions, including production theory, theory of institutions, fundamental ideas of markets, and consumerism. Then, it reviews financial theory in capital markets, portfolio choice, and asset pricing. The book moves on to spotlight contributions to the rule of law, public administration, and political science. It highlights a growing understanding of human capital by tracing demographic trends and describing health, education, minority, and labor economics. Enhancements to macroeconomic theory are featured in economic mechanisms and cycles, managing the economy, and policy making. Striding explores the economic modernization process by outlining the economics of agriculture, growth theories of economic development, and problems with growth. It illustrates contributions to international economics in trade, finance, and global public policy. Finally, the book showcases social justice contributions to social equality, income redistribution, and climate change.

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