Oxford University Press's
Academic Insights for the Thinking World
By Richard Roberts
The mounting diplomatic crisis in the last week of July 1914 triggered a major financial crisis in London, the world’s foremost international centre, and around the world. In fact, it was the City’s gravest-ever financial crisis featuring a comprehensive breakdown of its financial markets. But it is virtually unknown.
By Eric W. Orts
“Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.” Keynes’ warning applies to debates about skyrocketing levels of executive compensation in the United States and elsewhere.
By Donald Palmer
Wrongdoing in and by organizations is a common occurrence. Ronald Clement tracked firms listed among the Fortune 100 in 1999 and found that 40% had engaged in misconduct significant enough to be reported in the national media between 2000 and 2005.
By Aaron Chalfin
Since 1980, the share of the US population that is foreign born has doubled, rising from just over 6% in 1980 to over 12% in 2010. Compounding this demographic shift, the share of the foreign born population of Mexican origin also doubled, leading to a quadrupling of the fraction of US residents who are immigrants from Mexico
By Paul Dragos Aligica
The issue of institutional diversity, a key theme in the work of the 2009 Nobel Prize in Economics co-recipient, Elinor Ostrom, is one of the major challenges confronting national states and global governance in our time.
By Tomas Sedlacek
Descartes’s scientific approach to perceiving the world unquestionably represented a huge breakthrough, and this is doubly true for economists. We have seen that the notion of the invisible hand of the market existed long before Smith.
By Subhayu Bandyopadhyay, Todd Sandler, and Javed Younas
In recent years, developing nations have been major venues of terrorism. One significant problem caused by terrorism in developing nations is the reduction of foreign direct investment (FDI) into these nations as potential investors seek safer locations.
By Ashok Bardhan
Five years after the onset of the global financial crisis and the recession that followed, jobless growth seems to be the buzz-phrase for describing the economic landscape today; and even that ambiguously happy phrase refers to those economies that are growing.
By Richard S. Grossman
In the early 1600s, the King of Sweden declared that copper, along with silver, would serve as money. He did this because he owned lots of copper mines and thought that this policy would increase the public’s demand for copper—and also its price, making him much wealthier.
There are many mechanisms for raising capital — debt, derivatives, equity, high yield products, securitization, and repackaging – which fund and drive fund the economy. But as international financial markets move and shift as the world changes, regulations and legal frameworks must also adapt rapidly.
Eric Orts on business theory
Business is one of the most powerful and influential institutions in our world today, but there has been relatively little theoretical work from scholars…We sat down with Eric Orts, author of Business Persons, to discuss thinking critically about business institutions in a theoretical manner.
By Daniel B. Klein
I support a classical liberal worldview. I call to social democrats and conservatives alike: Be fair. Let us treat one another like fellow Smithians and come together in Adam Smith.
The debate over immigration policy is characterized by explosive rhetoric on both sides. Paul Collier, author of Exodus: How Migration is Changing Our World, discusses why liberals and conservatives both need to reassess their positions, and how we must find a middle ground based on sound data and research.
As you begin your university course in economics, you’re probably wondering just how your studies will intersect with the world outside the classroom. In the following adapted excerpt from Foundations of Economics, author Andrew Gillespie highlights the importance of studying economics.
What is the future of warfare? Counterinsurgency expert David Kilcullen’s fieldwork in supporting aid agencies, non-government organizations, and local communities in conflict and disaster-affected regions, has taken him from the mountains of Afghanistan to the cities of Syria. His experience in the last few years has led to new ways of thinking about the face of global conflict.
By Keith A. Bender and Ioannis Theodossiou
The 18th Century political economist, Adam Smith, wrote: ‘Workmen… when they are liberally paid by the piece, are very apt to overwork themselves and to ruin their health and constitution in a few years’