Reviews (2)

a must-have for your private library
Currently I'm using this book for my class called Trade and Economic Growth I II. The nuances of microeconomic foundations found in chapters 1 to 5 are used to explain and develop the concepts studied in open economy macroeconomics and international finance; so it is recommended that you understand fully the first three chapters of this book at least to understand the rest. The authors try to explain the concepts as clear as possible; however, you have to derive for yourself the equations that appear in the text, which is a challenge for most first year graduate students who are not yet proficient in using the tools of static/dynamic optimization, etc. A reference on mathematical economics such as Chiang's "Fundamental methods of math. econ.," and "Elements of dynamic optimization," or Simon Blume's "Mathematics for economists" should be kept near at hand. Nevertheless, there are many real-world examples that help clarify matters and make the this book more readable and interesting.

Coherent synthesis of modern open economy macro literature
The authors recognized the problems with the way that the subject of open economy macroeconomics has been taught in graduate programs in the past. In particular, there was little agreement and no definitive text that tied together any unified theme. Eclectic reading lists, mainly from the 1960's and the 1970's, were provided on each subject area with major changes in analysis required to shift from one area to another. The counter argument from others in the field was that the modern literature lacked policy relevance. The authors' retort by claiming that the "classic approach" lacks internal consistency and the micro foundations required. Moreover, the older approach has been criticized for failing to deal with dynamics clearly and does not address many of the policy issues that are relevant today. With the exception of two chapters on money the text builds up from a single analytical framework to display several of the key results in international macroeconomics and growth. A rigorous approach based on the micro foundations of macroeconomics is used throughout the text. While this approach may be criticized for putting forward only a Neoclassical method, the authors have made an effort to include models of imperfections and some material based on Keynesian underpinnings. The text gives a current appreciation of the state of the literature in the field and as such is an excellent reference tool. The authors' vigilance in updating the material in the text via the web site is particularly appealing as it keeps it contemporary. For the targeted consumer: the graduate student (like myself) and certainly the academic, the level of sophistication is not prohibitive. ... Read more

Amazon.com

This handy-dandy little book aims to prove that not only are greatworkplace leaders made, not born--they can be made in 72 visually snazzy pagesor less! In a quick-reference thumbnail format, it shows you how to learn fromothers and develop the personal strengths that will make you into a good leader,form and lead effective teams, exercise authority and delegate tasks,communicate clearly and set clear goals, and, finally, to inspire excellence inothers through motivation, establishing a shared vision, managing "openly,"boosting achievement, and being adventurous. A seminar's worth of boxed tips,checklists, and flow charts bring it all to life for you, from getting the mostout of meetings to assessing your own leadership skills. Granted, if you'relooking for very specific or in-depth guidance, you may find this book toocursory and general in its approach. But if you're looking for a thumbnail guideto the basics, it'll do you just fine.

It's worth mentioning that the book isalso part of reference publisher Dorling Kindersley's Essential Managersseries--20 itty-bitty li'l books on business and career topics ranging fromcommunication, leadership, and decision making to the management of time,budgets, change, meetings, people, projects, and teams. Combining the ForDummies book series's talent for breaking down a lot of information intobite-size bits and sidebars with Dorling Kindersley's signature design style ofcrisp, classy graphics on a gleaming white backdrop, they don't represent thecutting edge of business thinking and they don't necessarily reflect any unique individual perspective. Instead, it's as though someone collated the bestgeneral thinking on these 20 topics and rolled them out into 72 brightlydesigned and easy-to-read pages, studded along the way with boxed tips, colorshots of a multiracial cast of "coworkers" animatedly hashing through theworkplace issues of the day, and a self-test of one's skills in the topic athand on the last few pages of each volume. Again, they're not for anyone lookingfor more in-depth or focused help on any of the subjects they cover, but they'reperfect as a quickie general-interest reference... and let's face it, they're socute and look so smart in a neat little stack or row that you'll probably wantto buy a whole bunch to give to your entire staff or department. --TimothyMurphy ... Read more

Reviews (2)

Lead, follow or get out of the way....;>
Well, that is what someone in my life always says.

Leading is not always easy. Being aware of problem solving and how to support the endeavors of others is very important.

In this tiny book you will find practical techniques that will show you how to use your initiative to inspire excellence. The clear text and illustrations cover most aspects of supporting, empowering and motivating staff.

Robert Heller has written many books and is the leading authority on management consultancy. He was the founding editor of Management t Today magazine and has supervised the launch of a number of successful business journals.

He seeks to make you a dynamic and inspirational leader. Power tips show you how to handle real-life situations and develop first-class leadership skills. Yellow numbered boxes include phrases such as:

"Take into account the feelings of staff when promoting internally."

"Actively seek the views of your team members."

Fun Do and Don't lists are also included.

Do: Do try to create a positive atmosphere, free from rigidity.
Don't: Don't ask people to do things that you wouldn't do yourself.

Chapters Include:

Learning to Lead: Focusing on quality, learning from others, gaining experience, mastering roles, developing strengths, assessing your leadership potential.

Leading Others: Preparing to lead, forming a team, exercising authority, delegating tasks, communicating clearly, dynamizing groups, collegiate leadership.

Improving Your Effectiveness: Making decisions, setting goals, developing a team, leading discussions, using meetings, analyzing problems, giving support, assessing your leadership skills.

Inspiring Excellence: Motivating others, establishing a vision, generating ideas, managing openly, boosting achievement, being adventurous.

A handy index "leads" you to topics of interest. A few case studies make the topics seem more down-to-earth and helpful. The "Giving Support" chapter was something you could use in any situation. People will bring their personal difficulties to a good leader and they may not even be work related. It is important to show sympathy.

"Trust can be difficult to build, but it is easy to lose."

The aspect of a promise made is a promise kept is very important. Being loyal to your people, praising success and only criticizing in private will show others you are someone they can trust and that you have their best interests at heart.

Compact and essential!

esay to recognize
it's very easy to recognize about leadership. i read more books about leadership more than 20 books. you know what? this books has importants keys of leadership on techinical side. ... Read more

Book Description

Covering the broad sweep of modern economics and strategy research, this comprehensive book broke new ground in its original edition by applying modern economic principles to study the firm's strategic position. Completely updated and revised, this new edition integrates recent insights from the theory of the firm, industrial organization, and strategy research, while building upon a strong theoretical and empirical foundation familiar to academics working in economics and strategy.
New co-author Scott Schaefer adds his expertise on organizational economics
New chapters on performance evaluation and strategic fit
Hundreds of examples ground theory in the everyday activities of the firm and show how the economic principles of strategy actually work
A unique, modern treatment of topics ... Read more

Reviews (15)

Strategy is more than blah, blah, blah
This book offers a very modern approach on strategy, including economics foundations and numeric solving of the different strategic concepts analyzed. The book is not for everyone, you need to have basic knowledge on business management, economics and math. As an MBA manager and academic, the book gave me new vision and a strong base on the strategy concepts. I recommend this book for every MBA student and manager.

Very comprehensive overview
This is the best overview of the economics behind firm strategy you can find. The coverage of the book is impressive. All economic principles are discussed in an accessible way, although you should have some understanding of basic microeconomics. Compared to a standard textbook in industrial organization the advantage of this text is a focus on real world issues and a vast amount of case studies. If you're in strategy and you like the views of Porter, Ghemawat and Nalebuff, this is the book for you.

A book that reasons the strategies
Many business books provide models of competition, innovation, etc. without adequately reasoning how the models were reached. Whereas they provide solutions to a problem - they do not provide the understanding of how the solution is reached.
However, this book provides a sound reasoning for every model on the basis of microeconomics. Even apparently abstract concepts like organization structure are explained on the basis of economics. I personally feel that the concepts covered in this book have been ingrained in my mind.

Clearing the fog in tackling corporate strategy
For those who have become disenchanted with the faddish rhetoric of corporate strategy, and seek more rigorous analytical grounding than offered in most "inspirational" business books, this text by three faculty members of Northwestern University and of Purdue University is refreshing.

The text recapitulates the key tools of micreconomic theory in a masterful introductory chapter which covers cost theory and game theory. The rest of the book is structured around the four classes of issues which the authors see as the essence of strategic analysis: firm boundaries, market and competitive analysis, position and dynamics, and internal organization.

The text is full of excellent examples and mini case studies from a wide range of industries.

I have not found it easy to find many other texts which achieve this balance of analytical rigor and practical business-oriented empirical focus.

Great treatment of strategy
This book treats strategy from a strong grounding in micro economics. Forces strategic thinking to be grounding in fundamentals unlike a lot of hand waving you see in other books. Highly recommended ... Read more

Book Description

Adopted at more than 400 colleges and universities worldwide, Economics of Development remains the standard of excellence in its market. That tradition continues with this Fifth Edition in which the all-star team of authors, including newcomer Steven Radelet, introduce a number of important improvements to the book's scope and coverage. Like previous editions, this one benefits from the wide-ranging expertise of its authors, both as researchers and field practitioners, and its approach remains steadfastly pragmatic and authoritative. Now more than ever before, Economics of Development is the book to count on in your development course. ... Read more

Reviews (2)

Excellent book
This is one of the best books in economic development ever published. Written in plain english, so it's easy to understand, even for non-economics students. Highly recommended for graduate students, professors, and professionals interested in economic issues of developing countries.

Excellent ... But ... !!!
This is an excellent academic book ,but it needs updating in light of the recent global developments. Basically it is missing a detailed analysis of The spread and effects of Globalization. Maybe there is a new edition in print now ??? ... Read more

Reviews (14)

not a "textbook" on macro...
This is basically a handbook of mathematical methods necessary to study dynamic economic modells. As such it does a very good job, since as the authors note, just presenting the applications without developing the necessary mathematics would require the reader to keep quite a few math books alongside to keep going at an acceptable pace. It should be clear that the applications developed in this book are idiosyncratic (Carnegie-Mellon/Chicago/Minnesota school).
The book certainly doesn't work too well in a first year graduate Macro course, for that it is simply too terse. That a lot of material is left to the exercises certainly has to do with the fact that the book is already quite thick. In general this is going to be a textbook for a course and won't be used for self-study. Therefore i don't think that missing solutions to exercises are too much of a problem.
I think the book is useful for someone with an "ok" math backround, who has not yet had the chance to study dynamic programming, measure theory and lesbesque integration etc. and who wants to go beyond the typical first year macro stuff. If you have a strong math backround this book is rather unnecessary, save maybe the chapters on applications. I give the book 5 stars as a mathematical compendium, as a macro textbook (which the authors to not claim to have produced) it should get less.

You better read something else
This is among the worst books I've seen in economics. I suggest you read something else in maths such as dynamic programming, stochastic dynamic programming, measure theory to get the neccessary tools instead of reading this book. By studying these serious books in maths, you get the foundations. The arguments do not flow. To much exercises are left for the readers. The explanations are bad and too terse. The references are really bad and creat a lot of diffculties for you to keep track. This book teachs you many thing you can find in Sargent's three books: Dynamic macroeconomics, recursive macroeocnomics and macro theory. But I found those books are much,much more entertaining and systematic. Forget about this book. I first studied this just to get pass with my course requirement however, after that I switched to more serious mathematic books and read Sargent's in complement. That helps.

Good as research reference, but not in mastering the field
As a research economist or graduate student, especially if working in economic theory or dynamic macroeconomics, it is difficult to overstate the value of this book as a handy guide for a set of essential facts (re: theorems) regarding the existence of solutions to dynamic programming problems or markov decision processes, as well as characterizing the properties of the set of solutions.
That being said, this is not the book a budding theorist wants to learn techniques from (For the mathematical prerequisites: measure theory, topology, probability, stochastic processes, hilbert spaces, there are better treatments in the math literature. For dynamic programming in discrete time itself: Bertsekas and Shreve's 1978 text is far superior). Though I am not an expert in macroeconomics, I believe Sargent's sequence of books is a better source for learning the how-to-do, while keeping the economic questions crystal clear: neither of these is a strong point of this book.

Classic Textbook on Mathematics for Economists
Let's get three things straight. This book is (1) a textbook, (2) in mathematical techniques, and (3) aimed at economists. As a textbook, it contains a large number of exercises with which students can test their understanding. As it is written for economists, it is not as rigorous as a mathematics text, but is pitched at a level of rigor appropriate for an economics graduate program at a school like Chicago. As it is a mathematics text, it does not emphasize the economics underlying the problems.

Given this, I think the book does a wonderful job. It is beautifully intuitive, illustrated with lots of examples, and is just rigorous enough to provide the grounding necessary to go on to more advanced mathematics texts.

And for those who want a solutions manual, one is on the way ... Harvard University Press expects to release one some time in 2002. Early drafts are available from the authors: Irigoyen, Rossi-Hansberg and Wright, who are all graduate students at Chicago....

A book in need of a study guide.
First, let me say that this is an IMPORTANT book; about as important a book on macro that has come out in the last 30 years. That said, it is a horrible book to learn by. It should not bill itself as anything other than a reference book. It doesn't have any examples; just a lot of exercises. By trying to be general, it leaves the beginning student without a clue as to how to apply this in a more concrete context. In short, if ever there was a book in need of a study guide with examples worked out, this is it. ... Read more

Book Description

Amstat News asked three review editors to rate their top five favorite books in the September 2003 issue. The first edition of Applied Econometric Time Series was among those chosen.

This new edition reflects recent advances in time-series econometrics, such as out-of-sample forecasting techniques, non-linear time-series models, Monte Carlo analysis, and bootstrapping. Numerous examples from fields ranging from agricultural economics to transnational terrorism illustrate various techniques. ... Read more

Reviews (8)

An Elementary Book
The book is an introduction to time series and covers ARMA, VAR Unit roots and Basic Cointegration, is a good book for people that want learn time series quickly, the book has some elementary theory of time series and many examples and exercises, the computacional problems needs some of RATS ...the book describes time series without advanced mathematics.

An understandable and fun introduction to time series
I bought Walter Enders book several years ago, when I was an undergraduate student. It's a nice manual. Perhaps you won't see the statistical demonstration of the unit-root (Dickey-Fuller) test, but you will understand why it doesn't follow a standard probability distribution and you'll know how to use it. It's the same idea with Perron's unit-root with structural change test. The author introduces the reader to the main topics of interest in the time series field; ARIMA, VAR, ARCH, unit roots, cointegration, and distinction between deterministic trends and stochastic trends. This work is done through an understandable and fun text. You will enjoy reading the book. Besides that, the author illustrates each topic with an economic example perfectly presented and, in general, very interesting (business cycles, PPP, foreign exchange Market efficiency, Unit roots in GNP for example). I particularly enjoyed the unit root and the perron's test chapters. I used them a lot in my final work in college. Here, you will have the simplest explanation of ARCH processes. As someone else said, this is only an introductory book (for applied econometricians it should be seen as an excellent and very intuitive cookbook); if you are interested in time series, you can begin here, but you should then reading more advanced books, such as Hamilton's Time Series Analysis. A great combination of introductory manuals can be achieved if you have Johnston and Dinardo "Econometric models".

a good place to start
This is the best place to start to learn time series econometrics for anyone who has in his background only basic econometrics, calculus and matrix algebra. The reason is that Enders makes very complicated subject to look rather simple. This book shows how and why time-series is different from standard econometrics. It covers a lot of models employed in time series: ARMA, VAR, Unit Roots, Cointegration and Error-Correction. It proposes simple strategies that applied researchers can follow making their treatment of time-series more or less adequate. However, you would underestimate complexity of time series after reading this book. I would recommend to combine it at least with Hamilton's book.

The Chiang of the time series
As the other reviewers pointed out, the greatest quality of the Enders's book is its readability. It is, most certainly, a very good introduction to the topic. It is getting old, though. The developments in the time series literature have been pretty fast and a new edition would certainly be a good idea.

A Practical Book
Starting with the Difference Equations (Ch 1), Enders will walk you through practical methods involved in time series.

This is a good introductory book in time series. But, it has some practical aspects. For example, in Chapter 3, the yen/dollar exchange rate model is cited, indicating non-random walk behavior in this exchange market so that an efficient market hypothesis may not apply here. Then the business cycles are discussed. As the cycles in exchange markets are what some technical traders look for, an approach like this is valuable to working analysts. ... Read more

Book Description

Since its inception, the market for credit derivatives has shown impressive growth and is expected to hit a volume of more than $4.8 trillion by 2004. Credit derivatives have begun to transform modern banking; they have become a standard instrument for the management of default risk; they are being used for risk management and hedging as well as for speculation, balance-sheet management and regulatory capital purposes.

Despite their great usefulness, even established professionals often feel insecure when it comes to the quantitative analysis of the prices and risks of credit derivatives. Confronted with a bewildering variety of fundamentally different pricing approaches, it can be very challenging to understand their relative advantages and disadvantages and to choose the "correct" one for the problem at hand.

In this book, the author carefully explains the different pricing models for credit derivatives in a very application-oriented way. Based on his wide experience in professional training for credit derivatives analysis, the models are developed with a view to their application to real pricing problems rather than just presenting the theory.

Philipp Schönbucher is one of the most talented researchers of his generation. He has taken the Credit Derivatives world by storm. In this book he carefully explains the concepts and the mathematics behind all of the most important and popular credit risk models. Professor Schönbucher has filled an important gap on the quantitative finance bookshelf. –Paul Wilmott

The reader is presented with a clear, concise and readable treatment of credit pricing models that will appeal to practitioners and academics. It provides a useful roadmap to the many daily challenges that face practitioners. It will become a standard reference.
–Stuart M. Turnbull, Senior Vice President, Fixed Income Research, Lehman Brothers, NY

"This is the most comprehensive, and also the clearest, book on the details of constructing credit risk models that I have read. Throughout, it is directly useful for general value-at-risk credit modelling as well as its stated focus of credit derivatives. Readability is greatly enhanced by its step-by-step organization across what has grown to be a large topic area and the focus of its single author, as opposed to a collection of disjointed papers. Alternative modelling frameworks are written in a common notation and the reader is given all the details needed for direct implementation. The author, Philipp Schönbucher, is clearly one of the top researchers in this area, even before the writing of this book." –Greg M Gupton, DefaultRisk.com

"Philipp addresses a wide range of modelling issues in the fast growing market of credit derivatives. He covers a broad spectrum of topics starting with the simple everyday trading tools while gradually building up to the more complex mathematical models. It successfully bridges the gap between academia and practice in an elegant and easy style, making it a valuable book for a wide audience"  –Ebbe Rogge, Product Development Group, Financial Markets, ABN AMRO
... Read more

Reviews (6)

Amongst the best of a bad lot
The state of theory is in such tremendous flux at present with a majority of research unpublished and a growing consensus that the state of the art is entirely inadequate. No book could possibly please industry researchers at this point, but Philipp contributes some ideas and clarification here and there and some leads which are valuable. He is perhaps a little dismissive and pessimistic when the theory wanders into hard mathematical problems, and to to a large extent his book ends where the fun stuff begins. Nontheless I would recommend, especially to those entering the field.

Academic's Imperfect Idea of the Market
This book on credit derivatives models is written by an academic without a feel for how the market trades in practice. Schonbucher presents the mathematical equations without expanding on the meaning of the models or their application.

There are some errors of fact when he discusses how certain products work, such as first-to-default baskets, a serious error in and of itself, but unfortunately there are additional similar errors which show the author has an imperfect understanding of the market he writes about. All in all this book was an unsatisfying treatment of the topic.

Models in theory
Nice equations, but hasn't kept up with Ph.D.'s who work on Wall Street and know the theory, thoroughly understand the products, and can apply practical but theoretically sound compromises to accommodate reality. Ph.D.'s at work in finance - including myself (physics) - are probably too busy to write the definitive modelling book. This book fails to address key ingredients such as daycounts, settlement conventions, documentation asymmetry, and more.

Informative, Rigorous, Excellent
The book covers the basics of credit risk modeling and derivative pricing (both structural and intensity type of models), explained in a clear style with enough detail to enable implementation (a rarity in financial literature!). Basics of the theory of stochastic processes and risk-neutral pricing are also covered. Calibration methods for the models are clearly explained. Due to the limited scope, some topics are given only cursory coverage (Copula function methods, role of interest-rates models etc.), but even then, enough references are provided. A very useful, concisely written tome!

Good Model Overview
This is a fine overview of credit derivatives modeling. The model explanations are good, but the book may have benefited from more disclosure about data limitations and the current sources of data. Value dislocations due to documentation language are not captured by the models, especially in the light of ISDA's 2003 language changes. More detail on applications and the need to deal with risks introduced by specific structures would also have been helpful.

Curiously, there are a few conventions inconsistent with market practice used in this book. For instance, the author defines credit risk as default risk, ignoring the standard definition of credit risk which includes general credit spread widening, and credit downgrades. It also seems the author is unfamiliar with how first-to-default baskets are traded, and seems to think that premiums of the survivors are paid after a first-to-default event (They cease.). These observations aside, this is a long-awaited reference for credit derivatives professionals.

For the above risks, I recommend two other sources. Applications and documentation risks are clearly explained in Tavakoli's "Credit Derivatives" (2nd Edition). For professionals who want to know how to apply derivatives in structured finance, I highly recommend Tavakoli's just released book: "Collateralized Debt Obligations and Structured Finance". ... Read more

Book Description

This book seeks to train learners to think analytically in a business context.Specifically, it uses over 300 real-world, managerially-oriented applications to show readers how managers apply theories and techniques to solve real-world business problems.The book includes extensive coverage of the latest analytical tools in managerial economics: game-theoretic tactics, best-practices mechanism design, information economics, and organizational architecture, as well as a thorough integration of international issues. ... Read more

Book Description

Health Economics and Policy is a basic introduction to the microeconomics of health, health care, and health policy. This edition demonstrates how economic principles apply to health-related issues. It explains the social, political, and economic contexts of health care delivery and explores the changing nature of health care. Students learn to analyze public policy from an economic perspective. While the text was written for non-economics majors, it includes enough economic content to challenge majors. ... Read more

Book Description

Reviews (321)

Both...Not Either/Or
Friedman is a distinguished journalist. (He has won two Pulitzer Prizes for his reporting for The New York Times.) Over time, he has earned prominence as an interpreter of world affairs. His earlier book, From Bierut to Jerusalem, won the National Book Award in 1988. Curiously, what most reviewers of The Lexus and the Olive Tree have (as yet) failed to point out is that Friedman is also a moralist with passionate concerns about the negative impact of globalization. He really cares about individuals, families, villages and towns...indeed entire cultures...which, over time, forsake or have taken from them a unique identity. He accepts the inevitability of globalization; he does not accept the inevitability of homogenization. With all due respect to the superior quality of the Lexus automobile, Friedman affirms the need for preserving the olive tree amidst the "inexorable integration" of virtually everything within the world they share.

Friedman asserts that either human beings manage the system or it will manage them. The choice is theirs. Are there strategies and guidelines for such management? Yes. Are the separate cultures of the Lexus and olive tree necessarily mutually exclusive? No. Friedman concludes his brilliant analysis as follows: "A healthy global society is one which can balance the Lexus and the olive tree all the time., and there is no better model for this on earth today than America. And that's why I believe so strongly that for globalization to be sustainable America must be at its best -- today, tomorrow, all the time. It not only can be, it must be, a beacon for the whole world. Let us not squander this precious legacy." In remarks such as these, Friedman clearly reveals the passion of his convictions.

A Compendium of Analogies for the Economics/ IR Student
As the title indicates, Tom Friedman ably places many of the complex issues in international relations and economics into easy to understand examples and analogies. His story telling comes alive based upon his extensive experience as a foreign correspondent and journalist, and he ably describes the post Cold War international environment. His book is a major contribution to defining how technology and globalization are shaping a new world order. He also does an adequate job of portraying how U.S. cultural and economic influence (some would say imperialism) is impacting many cultures across the globe.

My one criticism of the book is the author's overkill of the use of analogies. He continues to drive his point home in many chapters by offering several more examples to support his opinion. Although entertaining, I became bored reading several more analogies after getting his initial point. Otherwise, the book definitely made me think about many of the issues, which I experienced when living overseas for over three years, from a different perspective.

Anyone who is interested in economics, international relations, political science, or national security issues should read this book. It provides many examples and analogies of the effects of globalization. Well worth the read.

Sort of rambles, has some great anecdotes and analogies.
The Lexus and the Olive Tree is an important book, but in many ways Thomas Friedman renders his own creation irrelevant. He is almost schizophrenic in his writing style, arguing with himself as if he has yet to make up his mind about the things he is writing. In some ways, it seems like he just prefers to share anecdotes (which are vivid and usually humorous) from his travels around the world, rather than the typical kinds of fact-based research one finds in these sort of books. The result is that the reader can understand some of the concepts, but they can also get a little tedious, and it is hard to translate the anecdotes into something that I assimilate into my worldview.

Furthermore, Friedman seems to love to quote people at length, but one wonders if indeed he is quoting word-for-word, or if he is just sort of crafting something to fit his book out of a vaguely similar comment the person may have made. But, then one thinks again, because the book is almost a little choppy in places because Friedman quotes random characters from all around the world for pages upon pages. One would prefer that he just paraphrase or use shorter quotes.

Because it was written 5 years ago, some of the reading is tedious (he explains what a DVD player is, for example), and in some areas he seems to be caught up in the "irrational" dot-com whirlwind. In his revised version of the book, it sort of just drones on, pontificating for about 20-30 pages too much. Thomas Friedman is a very personable guy, and he has a lot of interesting things to say about the world, but honestly, one doesn't care for his own political/religious philosophy being injected, mostly toward the end of the book. It was just awkward to read through the final chapter or two; the book has multiple personality disorder in some regards.

One almost feel like the book is written for an audience of Dick Gephardts. He wants to win the protectionist wing of the Democratic Party over with the book. He seems to be speaking to them. Maybe he is speaking to Republicans as well, but if so, he lectures a little too sanctimoniously on the environment and the notion of a social safety net (he calls Republicans "mean-spirited voices... uninterested in any compromise" and tries to argue that Africa, with its near-anarchy in places, would be a Republican's dream) to win conservatives over entirely. He sort of just randomly breaks into prostheletyzing, arguing, for example, "That the NRA should feel guilty about the Colombine massacres went without saying." Why even go into that? That's just tacky.

Finally, a reader gets sort of annoyed reading his own made-up terms (Golden Straightjacket, Electronic Herd, etc.), over and over, particularly since none of them caught on whatsoever in the past half-decade since the book came out.

Some of it is dead on, though, particularly when he writes as an observer of the world rather than an activist, and this book is a good way to conceptualize globalization for those who are having a hard time adapting their political ideology in the post-Cold War era. In general, I'd say The Lexus and the Olive Tree starts off strong, ends weak, and that's a shame. It was on track to get 5 stars from me, even with the early tributes to Al Gore and other political cheap shots, but the final part of the book was just THAT lacking, that it falls to 3 stars.

Basic, almost insulting.
In the book friedman describes several interesting points ranging from the trade offs of culture and capitalism, to the basic efficiencies of different economies, though the way he describes things is almost insulting. The metaphors and anologies used seem to indicate a journalist writing for the elderly or those who have no idea what a digital medium is. Being a young student this quickly wore on my attention span.

I tried to read the book twice and failed becuase I get so fed up with his style. For example, he has a tendency to end paragraphs with exclamations that are as corny as the saying "click on that!" This drove me to the point where I would read the entire paragraph except the last sentence, obviously not the best way to read a book.

The good news is that the liberal bias seen in From Beirut to Jeuraslim(sp) is nowhere to be seen, replaced by ideas that only the free-est of the free markets would survive, a complete contradiction to his pro-arab Beruit book.

I would recommend milton friedman over thomas friedman, anyday, if you want an accurate portrayal of the power of the free market.

Excellent primer for the novice and interested alike
Friedman's book "The Lexus and the Olive Tree" is an excellent illustration of basic globalization principles and strategies, told in simple and easy language for the layman's point of view. The heavy use of anecdotal evidence also lends a comfortable "storytelling" perspective that generally keeps the reader's attention focused.

One of the things that interested me about this book was Friedman's attempted placement of his work alongside other authors on similar subjects. In the introduction, he plainly states that his purpose in writing this book is not only to fully explain the concept, analysis, and anecdotal evidence of globalization, but also to add to the body of knowledge that is shaping and defining the post-Cold War era in history. Citing other seminal works that have been described as groundbreaking descriptions of this time in history, he lists 3 other books that he hopes to complement on that very subject: "The End of History and the Last Man" by Francis Fukuyama, "The Clash of Civilizations" by Samuel Huntington, and the collected works (books and articles) of Robert Kaplan. In truth, I have recently read all 3 of these selections and can honestly agree that Friedman has successfully accomplished his goal.

For the most part, I already understood globalization (and how it ties in with the greater subject of economics and capitalism) so I thought I might get bored with his tedious simplification and excessive detail... but surprisingly, I found this not to be the case. Overall, I found Friedman to definitely be an expert on the subject, which is often rare for newspaper journalists - and especially the NY Times foreign affairs correspondent who covers the entire planet. This subject is less about "foreign affairs" than economics... but then again, Friedman was the Wall Street correspondent at the Times before he took the foreign affairs desk.

One caveat, though.... this book was published before 9/11 - the first edition was 1999 and the 2nd was in early 2001. So one or two of his predictions didn't pan out, but as to globalization I don't think he'd change much in a 3rd edition. I can only think of one subject in the book where Friedman was dead wrong - his idea that stronger US relations with eastern Europe (specifically the Baltic states) was a bad idea because it might antagonize Russia. Turns out NATO expansion into Europe has gone relatively well... and Russia has practically eliminated their early protestations since 9/11, and in fact are already looking to stronger ties directly with NATO.

Having read those other 3 works, I can honestly say that Friedman has penned a true masterpiece on the post-Cold War body of knowledge. And Friedman is mostly pro-globalization too (unlike the anarchist WTO and G-8 protestors that get all the press), even when he objectively presents both sides of the argument. His overall thesis is basically this: globalization is here to stay, there really isn't anything people can do to stop it (much like the sunrise), so it's best to get used to it, understand it, and realize how you can find yourself moving with it instead of against it. In the end, Friedman uses his considerable journalistic (if not storytelling) talents to offer a subject where readers at all levels of economic expertise can find something to enjoy. ... Read more

Book Description

This best-selling introductory survey text provides comprehensive coverage ofall functional areas within the field including management, marketing, accounting, economics, finance, law, and computer information systems. The Seventh Edition integrates an appealing design, innovative features, and extensive revisions to remain both accessible and relevant. Topical issues such as entrepreneurship, gender and diversity, change, social responsibility, and the growth of technology are included throughout to prepare students for today's business environment.

The pedagogical framework continually reinforces the material, and places abstract concepts into a practical context. The combination of chapter-opening cases involving well-known companies, end-of-chapter discussions which reference these cases, Spotlights that provide a visual "snapshot" of factual data, and actual advertisements allows students to understand the material's real-world application. To maintain the length of past editions, sections addressing Risk Management and Insurance have been moved to the appendix, while the appendices on law and government have been merged together. The inexpensive, flexible looseleaf format allows students to organize the material according to their individual needs and class schedule.

• New! E-business issues appear in various discussions, features, and examples throughout including Chapter 4, Navigating the World of E-Business.
• New! Each chapter contains a Using the Internet box, highlighting web sites that address pertinent concepts, companies, or topics.
• New! End-of-part cases feature a video segment, encouraging students to apply learned knowledge in reality-based activities.
• New! A US News and World Report Career Guide accompanies each text, and compiles career-related information and appropriate articles from the magazine including "Charting Your Own Course" and "Flip-of-the-coin Jobs."
• New! The extensive technology package includes several study aids such as a set of 4 Audio CD-ROMs and the Real Deal CD-ROM.

Reviews (3)

nah don't buy it
Please do yourself another favour this year by not buying this textbook. The writter had a difficult time explain the meaning of money and frequency confuse what he was wrtiing in chappeters.

Well written survey
Having taken only a few basic econ courses in college I was looking for a book that would explain the workings of the fed in detail. My main interest is in trading. I found this book to be perfect. It was neither too simple nor too complex. Everything was cogently written and accessible to a layman. I found answers to all my questions and it's organized in a manner that chapters can be read independently of one another. It will serve as an excellent reference manual.

Money, the Financail System, and the Economy
As a resource for undergraduate work, I found this text invaluable. If I had known of this work earlier in my academic career, it would have appeared in more of my research as a source. A must have for almost any general or specific economic study. ... Read more

Book Description

"I cannot pretend that the present version is the finished treatise that I had in mind (or in youthful dreams) in the earlier years of teaching the course. But it is a much expanded and, I hope, improved version. I have filled in four of the six gaps that I enumerated in the preface to the initial version. The two I have not filled in are industrial organization for reasons given at the end of chapter 6 and the theory of general equilibrium, because there are such good extant expositions of the classical Walrasian general equilibrium approach and I am not competent to present a succinct yet faithful exposition of the more recent general equilibrium developments, particularly in the field of growth models. In addition, I rather suspect that these developments are as yet in a preliminary and unsatisfactory state." – Milton Friedman, from the preface to the revised edition ... Read more

Reviews (3)

One of the Best Economics Books Ever Written
I was lucky enough to take Dr. Friedman's two-quarter graduate sequence in price theory (called "microeconomics" elsewhere) in the early 70s at the University of Chicago. This book was the textbook. I have never revised my original opinion that Friedman's 301 and 302 were simply outstanding, maybe the best courses I ever had in economics.

You can put that in perspective when I tell you I spent ten years at Chicago, earning both my bachelor's and PhD -- by this I mean I took a lot of economics courses. If you know anything about the Chicago School of Economics you are aware that price theory occupies a special place in their scheme of things.

The good Doctor retired from Chicago around 1973 or 1974, if I am not mistaken (he moved to the Hoover Institution. You can't take "Milton" on price theory today -- but you can read his book. And it what a fine book it is. I recommend reading George Stigler's "The Theory of Price" before attemption this book. Master them both and you will have a very solid foothold on price theory.

This is the BEST book on price theory ever written.
A serious book for serious students - no glossy pages, no color, and not a single wasted word. Friedman's book is the most authoritative and definitive textbook on Price Theory around. The material may be more difficult than some textbooks but this is, after all, economics Chicago style. Price Theory offers a rigorous and demanding treatment of the subject, exactly what a serious student should want.

A Bible of Price Theory
Price Theory is important in economics. Friedman has treated the subject very well in this book. ... Read more

Book Description

This text is the first book explicitly designed for the one-term, principles-level course covering both micro and macroeconomics, and can also be used for two-term or full-year courses where a very concise, focused treatment is desired.This is NOT a cursory "survey" text; rather, it carefully selects and fully explains all of the core topics essential to the principles course with a rigorous and analytical treatment of all introductory economic concepts.It presents economics as a unified subject in which the macroeconomics chapters build on, and flow from, the key microeconomic principles established in the first half of the book. ... Read more

Reviews (4)

Love It !!!
I baught this book for my sister. She uses it in her business class. She loves it. The professor uses examples from the same book. She is very happy with it. Even though we baught it used, the condition of the book was well kept. And delivery was on time. We only waited one week. We definitely recommend this book.

as for the content
well, i was a little surprised to see this book (as probably many others as well) being judged by the extent as to which it matches the lectures held by other professors.
i just stumbled across it today in my university's library. as i am studying in germany, i of course do not enjoy the teaching of either of the authors. but knowing that oftentimes american authors' explanations tend to suit my way of learning and - most importantly - understadning things better than those of german profs, i gave it and try and took a peek into it.
it was a pleasure to see how easy things became then. i have to admit that i already had some background on the subject from my lectures so far, but those were and are being held in a completetly different style. this book actually makes a really good read (it's fun!) and that is the best way to get a hold of things, ain't it?
i'd have to say that if one actually wants to learn something and not just read what his/her own professor talks about in class, this is an excellent (supplementary) reading.

i admit, though, that the price is a downside of this otherwise very recommendable product.

Make sure your professor actually uses the book!!!
I feel I wasted my money really. My class never uses this book. The book merely is an exact copy, if not less material than what my professor teaches. I gave it 3 stars because frankly it is a good book. It can provide a lot of information. The one thing I saw that the book is definitely lacking is graphs. I am an extremely visual person, and without graphs, the information really doesn't click.

Just make sure your professor uses this book intesively before buying it, or else you will be wasting a lot of money, and if you are a starving college student, this book can easily be the same price as 8-10 large pizzas, thats a 8-10 weeks of eating...think about it.

not bad
THis book is pretty straightforward and helpful for my class but we didn't get to use it that much. It is worth having. ... Read more

Book Description

The new edition of Volatility and Correlation has been thoroughly updated and expanded with over 80ew or reworked material, reflecting the changes and developments that have taken place in the field. The new and updated material includes: empirical and theoretical analysis of the smile dynamics; examination of the perfect-replication model in relation to exotic options; treatment of additional important models, namely, Variance Gamma, displaced diffusion, CEV, stochastic volatility for interest-rate smiles and equity/FX options; questioning of the informational efficiency of markets in commonly-used calibration and hedging practices.

The book is split into four sections. Part I deals with a deterministic-volatility Black world (no smiles), and sets out the author's 'philosophical' approach to option pricing. Part II deals with smiles in the equity and FX worlds. Beginning with a review of relevant empirical information about smiles, this part provides coverage of local-stochastic-volatility, general-stochastic-volatility, jump-diffusion and Variance-Gamma processes. Part II concludes with an important chapter that discusses if and to what extent one can dispense with an explicit specification of a process-based model, and can directly prescribe the dynamics of the smile surface. Part III focuses on interest rates, and part IV extends the setting used for the deterministic-volatility LIBOR market model in order to account for interest-rate smiles in a financially-motivated and computationally-tractable manner. In this final part the author deals, in increasing levels of complexity, with CEV processes, with diffusive stochastic volatility and with Markov-chain processes.

Covering FX, equity and interest-rate products, Volatility and Correlation is a blend of theoretical and practical material and is designed for traders, risk managers, financial professionals and students.

‘The second edition is even more comprehensive than the first, and ideally suited to quantitatively oriented traders and risk managers. Rebonato has a knack for distilling the essence from a wide range of complex option pricing models.’ Darrell Duffie, Stanford University, USA

‘The author has greatly extended the first edition of this book, whose main merit remains its courage to deal with relevant issues for practitioners. Rather than concentrating on fictional problems stemming from the need to give financial ground to one’s favourite theories, the author moves from problems posed by the market. At times a colloquial stance is privileged over mathematical rigor and formalism, allowing a larger public to benefit from this book.’ Damiano Brigo, Head of Credit Models, Banca IMI, author of Interest Rate Models: Theory and Practice.

‘This book is about equity, FX and interest-rate option pricing at its best. It combines rigorous theory with practical knowledge of markets and models. Riccardo Rebonato uses his technical mastery to make the theory clear, and his wealth of experience to give insights into applications. Whatever your level of knowledge of these markets, you will learn from him.’ Ian Cooper, Professor of Finance, London Business School

‘In this book, Riccardo Rebonato discloses his invaluable expertise, shedding light over the gloomy path of modern model selection for pricing and hedging derivatives. Both practitioners and academics will benefit from his teachings and advice.’ Fabio Mercurio, Head of Financial Models, Banca IMI, Milan, Italy ... Read more

Book Description

“I have observed several hundred salespeople who were taught to use deceptive practices like ‘bait and switch’ and encouraged to play negotiation games with customers. They were so stressed by this behavior that they suffered from a high incidence of alcohol and substance abuse, divorce, job-jumping, and low productivity. In the same industry, I have observed countless people who had been taught to sell with high integrity. Ironically, their customer satisfaction, profit margins, and salesperson retention were significantly higher.” — Ron Willingham

If you’ve tried manipulative, self-focused selling techniques that demean you and your customer, if you’ve ever wondered if selling could be more than just talking people into buying, then Integrity Selling for the 21st Century is the book for you. Its concept is simple: Only by getting to know your customers and their needs — and believing that you can meet those needs — will you enjoy relationships with customers built on trust. And only then, when you bring more value to your customers than you receive in payment, will you begin to reap the rewards of high sales.

Since the publication of Ron Willingham’s enormously successful first book, Integrity Selling, his sales program has been adopted by dozens of Fortune 500 companies, such as Johnson & Johnson and IBM, as well as the American Red Cross and the New York Times. In his new book, Integrity Selling for the 21st Century, Willingham explains how his selling system relates to today’s business climate — when the need for integrity is greater than ever before.

Integrity Selling for the 21st Century teaches a process of self-evaluation to help you become a stellar salesperson in any business climate. Once you’ve established your own goals and personality traits, you’ll be able to evaluate them in your customers and adapt your styles to create a more trusting, productive relationship.

Drawing upon Willingham’s years of experience and success stories from sales forces of the more than 2,000 companies that have adopted the Integrity Selling system, Ron Willingham has created a blueprint for achieving success in sales while staying true to your values. ... Read more

Reviews (13)

Order it NOW!
This book is one of, if not the BEST guide to selling success I've read. It exceed Mr. Willinghams previous works. The clear and concise concepts are easy to read and apply. They're simple but not simplistic. The principles in this book feel like he has combined the best from Carl Jung, Wm. James, Tom Hopkins, Stephen Covey, Tony Robbins and Donald Goldman. It reads like a roadmap for both selling and personal growth success. It's a nice mix. The chapter summaries can be used like a workbook. The best and most practical sections are on Releasing Achievement Drive and Values Congruence. If you want to 'raise your game' read and work this book.

This new volume is the best that I have discovered.
After more than three decades of searching out the top books on leadership and sales, I must say that this new volume is the best that I have discovered, especially in these times when genuine care and consideration for the customer is a prime ingredient in forming and growing a meaningful relationship. Trust is the foundation for Integrity Selling in the 21st Century ... and Ron Willingham has encapsulated the essence of doing it right and doing it well. This book belongs on every business leader's desktop and the principles belong securely planted in their hearts.

"Integrity" says it all
If you are in sales and you want a system that truly focuses on the needs and wants of the prospect, this book is for you. It'll help you feel good about what you do and, more importantly, it'll help your customers feel good about what you do.

You'll position yourself as someone who genuinely wants to do what's best for the customer, and that will make you easy to do business with and easy to refer to others.

I've worked with this system since Ron's first book came out. Sales people of all experience levels have the same response - this works and people buy because they know I am interested in them. This book is better than the first one, and in my opinion will increase your production through providing value to the customer.

Conscious Competency
We all sell everyday even though most of us have never had a sales territory. And we have been successful in selling our ideas, our strategic initiatives, our companies and ourselves.

We have been successful because we are competent in creating value for others, and we do this naturally, unconsciously. The value of "Integrity Selling" is that it gives context and consciousness to these natural competencies. The result is logic and understanding behind our approach that takes our success to even higher levels. Understanding why we succeed in selling our points-of-view and moving people to action is a powerful gift Mr. Willingham gives to us through his new book. And once understood, we become even better!

Integrity Selling for the 21st Century
I used less than one highlighter on this book which rates it 3 stars. If you've read many sales books, much of the content in this book is not new. I think, though, that it is a very nice overview for those new to sales or if you'd like a refresher on successful sales principles. The "Three Parts of You" and "Sales Congruence" models were both interesting. I didn't feel the middle chapters had much new or thought-provoking information. It almost seemed that the first and last few chapters contained the more relevant or new information and the middle chapters were put together as "filler". I agree with another review that the title "Integrity Selling" did not accurately represent, in my mind, the content of the book. I felt a little mislead in that respect. It was good enough to make it into my sales book rotation to be re-read at a later date and I'm sure I'll find more valuable information. A nice, easy read. ... Read more

Reviews (10)

Very good treatment of the role of money
The author is very good in leading the reader through how money and its avaliability play an important role in determining the economy of any country.
The banking industry and its role are covered as well - starting from a historical perspective to the present day. Our class was doing a chapter on the various reforms in the banking industry when the Enron-Anderson scandal happened. We had some very though-provoking discussions in the class based on the material in the text.
While I am not a complete stranger to economics, I took home a lot of valuable information by the time I was done with this course and this text book. I only wish the publishers had included a CD ROM of real-world exercises / problems that stimulate thought on issues to consider when determining monetary policy.

Wonderful and accessible book
Highly recommended for both dummies and people familiar with economics. The author presents an unbiased, unpartisan, clear introduction to numerous aspects of monetary policy, financial institutions, and financial markets. Along with factual material the author presents important and profound generalizations and principles.

Pretty good book for intermediate level
Design:
The book is designed well with appropriate headings and sub-headings making it smooth to read and navigate. The language used is also well understood.

Content:
This book introduces the various financial markets: bond, stock, foreign exchange and a brief discussion on derivatives. It gives a general idea and analysis behind the operating mechanisms of monetary policies, paving the way for further studies into the topics.

Its main focus is on the U.S. economy, and includes applications in the European Union and Asia as well. Small sections are devoted to real world applications, with reference to the concepts taught.

For who:
On the other hand, this book remains an introduction to monetary economies and is not for students seeking detailed analysis. Students should also have a basic background on economics in order to utilize the text to the fullest.

Excellent textbook on monetary economics
For once, there is an economist with a passion to teach and communicate well. Although it is supposed to be an introductory text in monetary economics, I return to it again and again to check my basic understanding of this subject.

Perfect Introductory Book for Money and Bank Theory
Perfect for an introductory course in Banking and Monetary Theory. Requires a preview of basic economics to really get the most benefits. Undergraduate students would surely appreciate it. ... Read more