This timely analysis of today's economic realities relates the headlines to the long term causes from which they spring. Why did we have a worldwide financial crisis in 2008? Is stimulus the answer and what are its risks and potential returns? Why are our investments so unprofitable? Why are our citizens struggling to find work? Why do we repeatedly confuse effort with results? The author finds the answers to these questions in the dysfunctions of the welfare state. Economics is the science of the creation and exchange of value but Gross Domestic Product (GDP) confuses value with the creation and exchange of goods and services. Along the way GDP has become a measure not of value created but of effort expended and of costs incurred. This confusion has become the cornerstone of policy manipulation of the economy because it is very easy to incur costs though not so easy to create value. Policymakers are not eager to correct this discrepancy because it is easier to manufacture costs through brute force than to produce results that have real value. This book pins down the major contributors to these distortions in a number of specific areas including education science and engineering hospitals and other medical facilities the public utility transmission grids and in the trade deficit. It also pursues the distortions caused by short-sighted public policy in the capital markets. The book concludes with a discussion of market efficiency and inefficiency leading to the conclusion that policy intervention into the capital markets reduces their capacity to allocate capital productively. The author addresses this broad topic from the unique perspective of someone who has contributed both to the theoretical analysis and to the actual practice of markets.
This timely analysis of today's economic realities relates the headlines to the long term causes from which they spring. Why did we have a worldwide financial crisis in 2008? Is stimulus the answer and what are its risks and potential returns? Why are our investments so unprofitable? Why are our citizens struggling to find work? Why do we repeatedly confuse effort with results? The author finds the answers to these questions in the dysfunctions of the welfare state. Economics is the science of the creation and exchange of value but Gross Domestic Product (GDP) confuses value with the creation and exchange of goods and services. Along the way GDP has become a measure not of value created but of effort expended and of costs incurred. This confusion has become the cornerstone of policy manipulation of the economy because it is very easy to incur costs though not so easy to create value. Policymakers are not eager to correct this discrepancy because it is easier to manufacture costs through brute force than to produce results that have real value. This book pins down the major contributors to these distortions in a number of specific areas including education science and engineering hospitals and other medical facilities the public utility transmission grids and in the trade deficit. It also pursues the distortions caused by short-sighted public policy in the capital markets. The book concludes with a discussion of market efficiency and inefficiency leading to the conclusion that policy intervention into the capital markets reduces their capacity to allocate capital productively. The author addresses this broad topic from the unique perspective of someone who has contributed both to the theoretical analysis and to the actual practice of markets.
Sellers offer a range of delivery options, so you can choose the one that’s most convenient for you. Many sellers offer free delivery. You can always find the postage cost and estimated delivery date in a seller’s listing. You'll then be able to see a full list of delivery options during checkout. These can include: Express delivery, Standard delivery, Economy delivery, Click & Collect, Free local collection from seller.
Your options for returning an item vary depending on what you want to return, why you want to return it, and the seller's return policy. If the item is damaged or doesn't match the listing description, you can return it even if the seller's returns policy says they don't accept returns. If you've changed your mind and no longer want an item, you can still request a return, but the seller doesn't have to accept it. If the buyer changes their mind about a purchase and wants to return an item, they may need to pay return postage costs, depending on the seller's return policy. Sellers can provide a return postage address and additional return postage information for the buyer. Sellers pay for return postage if there's a problem with the item. For example, if the item doesn't match the listing description, is damaged or defective or is counterfeit. By law, customers in the European Union also have the right to cancel the purchase of an item within 14 days beginning from the day you receive, or a third party indicated by you (other than the carrier) receives, the last good ordered by you (if delivered separately). This applies to all products except for digital items (e.g. Digital Music) that are provided immediately to you with your acknowledgement, and other items such as video, DVD, audio, video games, Sex and Sensuality products and software products where the item has been unsealed.
Sellers have to offer a refund for certain items only if they are faulty, such as: Personalised items and custom-made items, Perishable items, Newspapers and magazines, Unwrapped CDs DVDs and computer software. If you used your PayPal balance or bank account to fund the original payment, the refunded money will go back to your PayPal account balance. If you used a credit or debit card to fund the original payment, the refunded money will go back to your card. The seller will effect the refund within three working days but it may take up to 30 days for Paypal to process the transfer. For payments funded partially by a card and partially by your balance/bank, the money taken from your card will go back to your card and the remainder will return to your PayPal balance.