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This book critically reviews and evaluates a number of central theoretical concepts that have shaped economists' analysis of markets. In a rigorous discussion of the demand and supply sides of the market, Douglas Vickers questions the cogency of many of the established ideas and tools of economic analysis.The critique relies considerably on the significance of real historical time and the epistemic uniqueness of individuals in decision making. The author identifies deficiencies in the concepts of utility and its cognate- preference orderings on the demand side of the market, and in marginal productivity and the related theory of income distribution on the supply side.Setting the critique of received traditions in historical perspective, The Tyranny of the Market reviews the bequests to contemporary theory of classical and neoclassical economics. The analytical problem of the place and significance of money in economic argument is addressed and the nonneutrality and substantial endogeneity of money are clarified. The book's analysis of macromarket failure, or the failure of the market system to provide automatically for the full employment of economic resources, incorporates a monetary-flow model of the macroeconomy.Economic theorists and scholars in related disciplines will appreciate the originality of the book's critique of the neoclassical and competing systems of thought.Douglas Vickers is Professor of Economics, University of Massachusetts.
Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour.
The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.
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Half a life-time ago, there lived in one of the Westmoreland dales a single woman, of the name of Susan Dixon. She was owner of the small farm-house where she resided, and of some thirty or forty acres of land by which it was surrounded. She had also an hereditary right to a sheep-walk, extending to the wild fells that overhang Blea Tarn. In the language of the country she was a Stateswoman.
Anyone who wants to understand stock market cycles and develop a focused, thoughtful, and solidly grounded valuation approach to the stock market must read this book. Bolten explains the causes and patterns of the cycles and identifies the causes of stock price changes. He identifies the sources of risks in the stock market and in individual stocks. Also covered is how the interaction of expected return and risk creates stock market cycles. Bolten talks about the industry sectors most likely to be profitable investments in each stage of the stock market cycles, while identifying the stock market bubble and sinkhole warning signs. The role of the Federal Reserve in each stage of the stock market cycle is also discussed. All the categories of risk are identified and explained while no specific risk is left undiscussed. The underlying causes for long-term stock price trends and cycles are highlighted. The book is useful in many areas including stock analysis, portfolio management, cost of equity capital, financing strategies, business valuations and spotting profit opportunities caused by general economic and specific company changes.
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