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Germany: happiness levels 63, 117
currency crashes 55 Harsanyi, John 32
unemployment rate 87 Hayek, Friedrich von 78
globalization 118 HDI (Human Development
goods and services 50, 54 Index) 18, 19, 127, 129,
allocation of 82“3 134, 136
dated 51 health care 20, 53, 147, 160
demand for 87“8 Hirschmann, Albert 68
determinants 143, 144, historical narratives 11“12,
146 33
distribution of 148 Holdren, John 119
durable 51, 90 home sales 8
externalities 53 households 100“13
Economics




¬rms 113 common property resources
ideal markets 72“3 50
merit 144“5, 147 conformity and 59“60
open access 49“50, 52 dysfunctional 147
outcomes 151 external enforcement 38
ownership of 47“50 externalities 53
private 51“2, 53, 95“9 ¬rms and 80
Goody, Jack 95 food allocation 101
governance 24, 45, 139, 141 gender inequality 102“3
government 140“2 ideal markets 73“6, 77“8,
allocation of resources 83 80“1
corruption 19, 27“8, 86 incomes 1“7, 50, 53, 56, 77,
emergency aid 106 113, 118
functions of 146“7, 150 money 53“5
macroeconomic stabilization mutual affection 33“4
87, 89 mutual enforcement 39
social cost-bene¬t analysis transactions 104“13
146 wealth distribution 148“9
trade expansion 121 human capital 19“20, 22, 25,
government bonds 123 50, 80, 127, 132, 133
Great Depression (1930s) 87 human rights 145

166
science and technology as
I 90“9, see also
communities;
ideal markets 72“82
government; households;
ideas 20“1, 22
markets
immigration 21
insurance 1, 4, 30, 51, 67, 69,
incentives 67, 93, 97“8, 114
70, 79“80, 104“7, 113
inclusive investment 132,
interest rates 108“9, 123, 126
133“7
intergenerational issues 109,
inclusive wealth 131“2, 143,
124, 126, 146
146
international trade 82
income 1, 6, 16“17, 28, 46
investment 50, 69, 108“9,
and GDP 15
114“15, 126, 138
goods and services 88
involuntary unemployment 88
happiness levels 63
IPCC (International Panel on
households 1“7, 50, 53, 56,
Climate Change) 122
77, 113, 118
lifetime ¬‚ow of 107
J
India 17
CPRs 49 Japan 17, 87




Index
female-male ratio 102, joint stock companies 114“16
103
population census 7“8,
K
102
Kalecki, Michal 89
sustainable development
Keynes, John Maynard 9,
134“5, 136“7
89
women™s health 118
kinship 4, 69, 70, 101, 103“4
individual well-being 146
knowledge 6, 24, 25, 49, 79,
industrial revolution 10
90“9, 127, 130, 135, 143
in¬‚ation 15
information 7, 8, 61, 67“9, 76,
L
78“80, 143, 147, 149, 151,
157 labour force 23
infrastructure 85“6, 114, 129, land 26, 39, 44, 48, 50, 104
139 Landes, David 25
institutions 4, 16, 24, 25“9, 32 Lange, Oscar 78
as productive base 127 Latin America 39
enforcement 35“46 Law of Large Numbers 107
failure 147 legal contracts 37“8, 47,
regulation of CPRs 48“9 149

167
Leibnitz, Gottfried Wilhelm Marshall, Alfred 76, 79
von 94 Marshall, T. H. 140, 143,
lending 50 148
Lerner, Abba 78 Maskin, Eric 41
life expectancy at birth 18, 19, mathematical models 9“11
20 Matson, Pamela 119
limited liability companies Meade, James 89
114“16, see also ¬rms Medawar, Peter 93
Lindahl, Erik 50“1 media 38, 61
Lipset, Seymour Martin 140 Melanesia 17
literacy 18, 19, 53, 103 merit goods 144“5, 147
living standards 1“13, 10“11, migration 69
18“19, 86, 118, 127, Mirrlees, James 149
158“60 models 9“11, 32“3, 123,
logging industry 121, 133 124“6
long-term relationships 40“6, money 53“6, 54
58, 64“71, 149 monopoly 83“6, 96, 97
Lubchenco, Jane 119 Mooney, Harold 119
Economics




moral good 68, 83
moral hazard 70, 86, 88, 92,
M 93, 107, 114
mortgages 1, 108
McNally, Justice Nicholas 159
Musgrave, Richard 144
macroeconomics 14“29, 46,
mutual affection 33“5
86“7, 99, 147
Maddison, Angus 16
manufactured capital 18, 22,
N
23, 50, 127, 132, 133
marginal cost of production 75, Nash equilibrium 32“3, 40,
77, 78 43“4
market(s) 47, 56 national defence 52
communities and 149“50 natural capital 119“20, 132,
failure 72, 82“9, 146“7 133“8
insurance 106“7 natural resources 25, 44, 49,
interdependent 79“81 133
natural resources 128 local commons 6, 48, 106,
prices 8, 15, 48, 127, 133 113
single 72“9 scarcity 127“8
socialism 78 sustainability 117
wealth inequalities 147“8 trade expansion and 121

168
value of 119“20, see also population census 7“8, 102
water population growth 19, 21, 23,
Nepal 134“5, 136 113, 117, 132, 134“7
networks 67“71, 85“6 poverty 16, 23, 86, 102, 119,
neutrality principle 154“7 128, 158, 159
Newton, Sir Isaac 94 pre-social disposition 34“5
Nigeria 39 predictions 7, 9“10
non-cooperation 32, 43, 44“6, prices 16, 28, 31, 35, 73“4, 76,
56 78, 79“81
North America 17 market 8, 15, 48, 127, 133
North, Douglass 25 resource scarcity 127“8
shadow 15, 131, 133, 138, 146
spot 86
O private goods 51“2, 53,
Ohlin, Bertil 89
95“9
oligopoly 83, 85
privatization 39, 50
open access commodities
productive base 129“30,
49“50, 52
132“7, 142
opportunity cost 36, 123
property rights 47“50, 83,




Index
103“4, 128
P public goods 52“3, 147
free-rider problem 83
Pakistan 134“6
knowledge 90“1
Pareto-ef¬ciency 82, 83
state preferences 144
partnerships 30, 36, 42, 54,
public health 53, 102, 118,
64“7
145
patents 96“7
public sphere 151
patron-client relationship 64
peer review 67, 92
pensions 1, 37, 108
R
performance bonuses 92
Ramsey, Frank 111“12
personal relationships 67“8
rank-order rule 154“5, 156, 157
piece rates 92“3
rational beliefs 56“7, 81, 88
Pigou, A. C. 53
Raven, Peter 119
plurality runoff 152“3
reciprocity 30, 34, 39, 105, 150
policy evaluation 146
regulation 27, 48, 77“8, 85
policy prescriptions 7
religious faith 57, 58
political instability 44
research and development
pollutants 8, 49, 53, 120,
(R & D) 84, 91“9
122“6, 128, 133

169
government and 141
revealed preferences 144
mutual enforcement 38“40,
rich/poor nations 18“19
risk 104“5, 114, 116, 137 42, 45, 46
social productivity 130“1
Rubinstein, Ariel 41
social well-being 130“1, 143,
rule of law 28, 35, 81, 83, 139,
148, 151
141, 142, 147, 150, 151
individual well-being
rule of priority 93“4, 96
146
rural population 19
merit goods 144“5
revealed and stated
S preferences 144
socially in¬‚uential behaviour
Samuelson, Paul 54, 89
59“63
savings 1, 46, 50, 58, 104, 108,
Solow, Robert 12, 23
110“12
South East Asia 17
Schelling, Thomas 32
specialization 56
Schultz, Theodore and Becker,
spot prices 86
Gary 20
state(s):
science 20, 118
Economics




enforcement 36“7
Science (publicly funded R &
ideal role of the 32
D) 91“5, 97“8
legal tender 54
Selten, Reinhard 32
Minimal 151, see also
shadow prices 15, 131, 133, 138,
government
146
stated preferences 144, 145
shares 1, 114“15
stock market 51, 114“15
simple majority rule 153,
stock options 92
155“7
sub-Saharan Africa 22, 24, 45,
Singapore 141
62
skills 23, 24, 26, 55, 64, 67, 68,
female-male ratio 102
95
fosterage 103“4
slumps 86“7, 89
living standards 2“6
Smith, Adam 56
sustainable development
social capital 28
134“5, 136
social contracts 30“1, 37, 38
subsidies 121, 147, 159
social cost-bene¬t analysis
subsistence farming 39
146
supply curves 74“6, 79,
social equilibria 55
87“8
social norms 35, 49, 56, 81, 97,
sustainable development 117,
102, 147, 150
126“7, 129“38, 142, 146
gender inequality 102

170
personal relationships 68
T property rights 47“50
taxation 1, 53, 146, 147
technological progress 20,
U
23“4, 28, 46, 91, 118, 132,
134“7 UNDP (United Nations
Technology (privately-funded Development
R & D) 95“7, 98 Programme) 18
terrorism 141 unemployment 87, 88
tertiary education 1, 20, 94 United Kingdom:
TFR (total fertility rate) 21“2, sustainable development
59“61, 62, 103 134“5, 137
thrift 58 total factor productivity
tipping points 45 24
Tobin, James 89 unemployment rate 87
total factor productivity 23“4, United States:
28, 46, 132, 134“5, 136, average incomes 17
137 bankruptcy rates 113
transactions 37, 39, 47, 48, Congressional voting




Index
79 outcomes 156
cheques 55 legal profession 37
goods and services 30, 31 living standards 1“2
household 104“13 sustainable development
merit goods 147 134“5, 137
money 54“6 unemployment rate 87
veri¬able 37, 40, 69, 74, 79, universities 1, 20, 94
86, 92, see also markets
V
transivity principle 155“7
transport networks 85“6
variables 11, 58
trust:
Venezuela 17
culture and 56“63
Villacorta, Wilfredo 159
external enforcement
virtuous/vicious cycles 23
36“8
Visaria, Pravin 102
long-term relationships
voting rules 151“7
71
markets 50“6
W
money 53“6
mutual affection 33“5 wages 30, 86, 88, 145, see also
mutual enforcement 46 income

171

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