Book Description

This classic book offers a broad sweep of economic history from prehistoric times to the present and explores the disparity of wealth among nations. Now in its fourth edition, A Concise Economic History of the World has been updated to reflect the stunning changes in the world economy since 1989. Truly a definitive history of globalization, the new edition has been expanded to include coverage of the most recent developments in the European Union, East Asia, and, in general, transition economies. Comprehensive and global in scope, this concise text features ample illustrations and a fully updated annotated bibliography that guides readers to the relevant scholarly literature. Now available in eleven languages, including Spanish (second edition), French, German (two volumes), Polish, and Chinese, this unique work remains an invaluable, lively, and accessible text for both undergraduate and graduate students of European economic history, the history of globalization, and world development. ... Read more

Reviews (4)

Not Bad
The title of this book should read "An Economic History of Europe," because 90% of the material focuses on the economic development of Europe. This is understandable considering that the industrial revolution first occured in Europe, and pulsated outwards. However, the amount of time given towards explaining the economies of the middle east, Asia, Oceania, Australasia, Africa, Latin America, and even the USA are so minute that the title is decieving and for all intensive purposes incorrect.

Nevertheless, the book is quite interesting, as it progresses from the dawn of human civilization with very concise and brief summaries well in to the twentieth century becoming more desciptive and detailed. If you are interested in how the world economy arrived to its current level, then I would suggest that this book is a good read and worth your while. Since this edition was published in 1997, it is excusable for the author to omit the economic consequences of the Euro, the rise of China and the rest of Asia, and the economic implications of Septemer 11. The author also refuses to offer his speculative view on the future of the world economies, thereby leaving the reader to do his or her on guess work. Although the introduction of the book, on the current inequality of world economies, is quite interesting, it is not elaborated upon towards the end of the book, and causes a lack of continuity. If you wish to understand better the world economy, you would be better off reading the encyclopedia, Lonely Planet travel guides, or perhaps even better, (what I have done) which is to travel and see these countries for yourself with your own eyes.

The total economic history of the world in laymans words
Rondo Cameron certainly explains the hold economic history of the world. Rondo takes you from the ages before Christ to the twenthieth century. Why did the Roman Empire went down?, Why Spain was not able to achieve higher levels of economical well-being despite their big colonies overseas?: Questions like these are answered in Rondo's excellent book. If a man wants to forsee the future, he has to go back and learn where he comes from. Economics and History were successfully married in the book, so historians, economists and financiers will find it helpfull.

Eurocentric, but focused
Don't expect "A concise economic history of the world" from Cameron's work. Do expect, however, an excellent account of Europe's economic history. If you want a more global, less "economic" account of the pre-modern world, try Janet Abu-Lughod. As for the modern world, a synthesis of Cameron and Asian experts would provide the comprehensive picture Cameron's title implies.

Concise, informative and extremely well written
This is one of the best books on economic history that I have read. This book is an excellent start for a person interested in economic history: it is well written, it is well structured, and overall fun to read. This book is an excellent overview and a very good guide. One thing for sure: it's an excellent way to spend your time. It enriched my knowledge of economics and history and became a good companion. ... Read more

Reviews (6)

Dated and fatally flawed, but sweeping
I wanted to read this book because I wanted to pursue the idea of "creative destruction" to its source. However, Schumpeter's Capitalism, Socialism, and Democracy (CS&D) was not what I expected. Though Schumpeter is frequently associated with the Austrian School of Economics, he left early on to pursue a different agenda.

CS&D is an extended defense of Marx's conclusion that capitalism would collapse on itself and be replaced with socialism, but without propagating Marx's errors. CS&D is written by someone with neoclassical economic training, including the marginalist revolution that refuted Ricardo's "Iron Law of Wages" which formed the basis of Marx's own system. Schumpeter states early on that the interesting part is not his conclusion, but rather the observations and arguments that support that conclusion.

In order to make his argument, Schumpeter introduces several ideas that will be at odds with common understanding. For example, many victims of one or two semesters of college economics will have noted that the atomistic theory of competition almost never holds true, so the seductive criticism that capitalism tends toward monopoly is easily accepted. Fortunately, Schumpeter makes a valiant early attempt at showing that this is not the easy argument that Marxists hoped it would be. Likewise, most of us have noted that democracy - except in Classical Greece and small towns in New England - is hardly ever practiced the way we were taught, where citizens guide public policy and politicians carry it out. Instead, Schumpeter reminds (or teaches) that democracy is commonly practiced as a competition among leaders for votes, and voters select the politician whose program most closely matches their idea of the "correct" mix of policies. Through arguments such as these, he both resists the worst errors of Marxism while assuring the doubtful that socialist central planning can be practiced without contradiction in a democratic society.

Unfortunately for Schumpeter, the events of history have overtaken this work (published in 1942). One of Schumpeter's main points for the end of capitalism is the decline of need for the entrepreneur. Apparently, there were no more innovations to be made in 1942. Given that, all that remained was deciding on the most rational method for organizing each industry without all the waste of competition, marketing, and of course profit. I always thought that Ayn Rand's claim that central planning advocates had made this assertion was a straw man, but here is a respected economist making the claim.

If you are looking for an introduction to Austrian School economics, this is not it. The Road To Serfdom by Hayek (1944), unlike CS&D, has been vindicated by history, and I would recommend it either in place of or in addition to CS&D. I would recommend CS&D only for people interested in a rational critique of Marx by a classically trained economist who arrived at the same conclusions without making the same mistakes, but I would caution them to read it critically. TS Ashton's critical essay in the collection "Capitalism and the Historians", ed. By Hayek, is also a good companion to this.

1940s economist has a new day in the sun in 2001
This classic book by economist Joseph Schumpeter originally came out in three editions in 1942, 1945, and 1950. The current 1984 edition begins with a helpful introduction by Tom Bottomore. The entire book is well worth reading if you have the time for some substantial thinking about economics, politics, and history on a grand scale. However, Schumpeter's half-century old tome has recently come back into vogue as everyone is picking up his term "creative destruction". Schumpeter, coming from the Austrian school of economics, focused on processes rather than states, making his thinking different from that of other economists of his time and for decades after. His notion of creative destruction perfectly fits as a description of what is happening in the new economy, as new technologies and business models and architectures are simultaneously destroying old sources of value while creating new opportunities for profit.

An Expanded Intellectual Infrastructure
Many summers ago while I was taking supplementary graduate courses in comparative literature, a classmate suggested that I read this book. I had not previously heard of it. It was somewhat tough going, in part because I lacked understanding of an appropriate frame-of-reference within which to absorb and digest Schumpeter's ideas. Recently, I re-read it. To paraphrase Mark Twain, it is amazing how much Schumpeter has learned over the years. I strongly recommend that Tom Bottemore's excellent Introduction be read and then re-read at least once more before anyone proceeds into the Schumpeter text. It certainly would have been very helpful to my first reading. The 28 chapters are organized as follows:

Part I: The Marxian Doctrine

Part II: Can Capitalism Survive?

Part III: Can Socialism Work

Part IV: Socialism and Democracy

Part V: A Historical Sketch of Socialist Parties

Obviously, the world which Schumpeter surveyed more than 50 years ago has undergone significant changes. (This book was first published in the US in 1942; a revised second edition appeared in 1957; and an expanded third edition appeared in 1950, the year in which he died.) Nonetheless, after a recent re-reading of the book, I am amazed at how stable its intellectual infrastructure remains. Bottomore explains the book's continuing appeal to readers "by the fact that it undertakes a serious and thorough examination of the great social transition of the present age, from capitalism to socialism, (and prefaces this with an illuminating critical appraisal of Marx's theory, as the only social analysis of the transition that merits attention) rather than by the kind of judgement that it makes about the consequences of this process of social transformation." Bottomore then quite correctly notes that, in this book, Schumpeter also examines "carefully and dispassionately" the difficulties and dangers presented by certain forms of socialism "which socialist thinkers themselves,,, after so many deceptions, can now more readily appreciate." Granted, at least some of Bottomore's discussion of Schumpeter is itself dated. Nonetheless, Schumpeter's ideas are carefully developed; moreover, he explores all manner of connections between and among those with other ideas, including those he rejects.

a prelude to the lexus and the olive tree
it would be wise that you read this book before reading the lexus and the olive tree (thomas friedman). you will find both books very enjoyable, while providing a clear understanding of how people connect to governments, governments connect to countries and countries connect to countries... it is all about connexity!

Capitalism viewed in its social and political context
This is one of the most important books on Capitalism ever written. Unlike most economists, Schumpeter's knowledge and understanding of the sociological & political sides of the capitalist process was just as profound as was his knowledge and understanding of the economic side. Consequently, he presents a more well-rounded view of Capitalism than we usually get from the typical one-dimensional type of economist.

Most economists commit the fatal error of regarding capitalism as a mere economic phenomenon, explicable by economic laws alone. But this view is palpably erroneous. Capitalism both influences and is influenced by political and sociological factors. Any account of the Capitalist system which ignores these non-economic factors must be regarded as short-sighted and incomplete.

This book is probably most famous (or most infamous, depending on your point of view) for its prediction (circa. 1942) that capitalism would eventually be replaced by some form of socialism. With the collapse of communism in Eastern Europe and the revival of market economics in East Asia and South America, it might appear that Schumpeter's prediction has been refuted. But this conclusion would be premature and superficial. Keep in mind Schumpeter's broad vision of capitalism. For Schumpeter, capitalism is much more than a free market acting under the guidance of supply and demand and consumer sovereignty. In Schumpeter's vision, capitalism is entire order of civilization, embracing the old-fashioned "bourgeois" code of ethics (see Thomas Mann's "Buddenbrooks" for a concrete illustration of bourgeois civilization) and entrepreneurial innovation (or "creative destruction," as Schumpeter calls it in his famous theory of the business cycle). When Schumpeter predicted that socialism would ultimately triumph over capitalism, he did not mean that a perfectly controlled economy would replace a perfectly free market, but that a "socialist" civilization would replace the capitalist civilization of the 19th century. His prediction, although not correct in all respects, is nevertheless prescient in a number of important ways. The social order prominent in the first world today is capitalist more in form than in substance. The corporation, which is regarded as a public institution by the law, is the dominant economic unit. Privately owned businesses have less and less power in the market. Regulation and state involvement in business are more and more common. Schumpeter once said that when socialism came to America, it would not be called socialism. This remark comes uncomfortably close to hitting the nail on the head. ... Read more

Book Description

Smart, Megginson, and Gitman have created a technologically sophisticated, yet easy to use, book on Corporate Finance.Corporate Finance, 1e, has video interviews with leading scholars such as Myron Scholes, Jay Ritter, Ken French, and many other financial luminaries, along with video clips with business executives from high profile companies such as Intel, Goldman Sachs, and Ford.Practitioners explain how they apply financial theory to solve real business problems.Real-world examples from more than a dozen countries reinforce an applied, global perspective.Understand the nuances of financial theory and how theory is currently evolving using the different videos, integrated flash animated concept tutorials and problem solutions.For example, flash animations allow review of complex topics from portfolio theory to hedging to option pricing.Smart, Megginson, and Gitman created the animations and the videos and integrated them with the flow of the textbook rather than simply creating the clips as an optional add-on.The result: Solid finance coverage within a highly engaging, interactive book that helps one grasp the important elements of financial theory and how that theory is applied in business.You need to see how this book delivers solid coverage coupled with exciting new technology! ... Read more

Book Description

By emphasizing the five key principles, this book teaches readers how to think like economists by showing them how to use economic concepts in their everyday lives and careers. The authors make the material both accessible and motivating by using key concepts repeatedly, illustrating them with compelling real-world examples, and giving readers lots of practice at “Active Learning;” doing their own economic analysis.The focus on the five key principles of economics throughout the book includes: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), and 5) The Reality Principle (distinguishing real from nominal magnitudes). Returning to these principles repeatedly explains the logic of economic reasoning and demystifies the tools of economics.For anyone who wants to see the relevance of economics in their life, career, and future. ... Read more

Reviews (3)

Manageable and informative!
The second edition of Economics: Principles and Tools by O'Sullivan/Sheffrin provides a good introduction to both macro and microeconomics. This was especially true for me since my math skills aren't up to par. It was manageable and understandable for those who don't do well with numbers. The CD was helpful in understanding the graphs that were involved in textbook. In addition to providing an introduction to economics, it does a good job of helping you understand how you can use economics in your everyday life. Especially in chapter two where they introduce five economic principles you will reuse throughout your economic course and in your daily life: (1) principle of opportunity cost, (2) marginal principle, (3) principle of diminishing returns, (4) spillover principle, (5) reality principle. Economics: Principles and Tools is an excellent resource and textbook for anyone who has a limited knowledge of economics and is willing to learn these five economic principles.

A Review of O'Sullivan/Sheffrin
Lacking is ease of use.Chapter 8 (critical chapter) especially dense.Did not like.

Not to bad
This book was very easy to read, it can be classified as an intro to Econ.It is used in the 201 class at UTK.It is however not that great when it comes to examples. ... Read more

Book Description

The definitive text in its field since 1975, the Seventh Edition continues the timely examination of different economic systems—both in theory and in practice. Gregory and Stuart have revamped the text to mirror major changes within the global economy of the 21st century. In addition to a new title, the book now features more emphasis on transition, the acceleration of globalization, present trading agreements, and recent exchange rate regimes.

Parts I–III lay the groundwork for later comparisons by outlining traditional systems (plan and market) as well as a broad spectrum of system variants. Also, these parts cover the impact of globalization and the emergence of important regional clusters. Parts IV–VI primarily address the era of transition dating from the late 1980s through the 21st century.

• New! An increased emphasis on transition reflects fundamental changes around the world.
• New! The authors have incorporated the latest ideas on privatization, the changing role of the state, and developments in corporate governance.
• New! The discussion of key regional clusters covers Asia, as well as Western and Eastern Europe—giving students a wide variety of case studies for comparison.
• New! The HM ClassPrep with HM Testing 6.0 CD-ROM offers instructors a comprehensive list of support tools, such as PowerPoint slides, lecture outlines, and a customizable test bank.

Reviews (1)

Economics Student, Rutgers University
This is what every economics textbook should aspire to be: detailed, clear and compelling to read. Perhaps the greatest resource is the notes and extensive suggested readings after each chapter (grouped by topic).
There is however one downside. Since this is such an extraordinary text you may not find too many used editions to purchase. This one's a keeper! ... Read more

Book Description

Now readers can approach the new millennium by incorporating Burkett's tried and true advice into their business world with this updated edition of the best-selling classic containing some of the actual study material used in Burkett's worldwide seminars. ... Read more

Reviews (7)

Every Self Employed Person Should Read This Book!!
Although it is written from a Biblical perspective, EVERY self employed person needs to read this book. It is packed with common sense business principles which, in this world-gone-mad with secular humanism, most of us have lost sight of. It doesn't matter what your faith is... even an athiest would greatly benefit from the business principles taught in this book. It turned my little mom-and-pop business, and my life, around to the direction it should have taken in the first place.

Tested over Time
I read an earlier version 10 years ago and tried many of the concepts. They were straight forward and easy to understand. I just read the latest version and it stands the test of time.

I give away 12 a month
This book is so good that I give away 10-20 of them a month. I set people up in business and I send it to all my new dealers. Read it and you will know how GOD wants you to run HIS business.

Incorporating Godly Principles into "YOUR" business
I would recommend this book to business owners who seek to run their business by God's principles. There are several chapters covering, hiring, firing, suing, and probably most importantly tithing.

Not being a business owner however, I must admit it wasn't what I was looking for. If you're looking for a book on balancing your work and life while keeping God's will first- this isn't it. Nonetheless, it was a well written book; I'm interested in reading other books by this author.

Great for causing you to think!
As someone who is considering starting a business, it is great to consider contrary ways to what is shown as the "everybody does it" ways of stretching out vendors, and focusing on Integrity. I HIGHLY recommend this for anyone considering starting a business. ... Read more

Book Description

A classic text in the field, this new edition features a new co-author and provides a well-balanced and comprehensive study of current econometric theory and practice for undergraduate or graduate study.Traditional topics are carefully blended with newer techniques and trends. While the authors of this text assume students have taken a basic course in statistics, they provide a complete appendix on basic statistical theory for those who may need a refresher. In addition, the authors include in an appendix a review of all relevant topics in matrix algebra.Includes data disk. ... Read more

Reviews (8)

excellent text!
Given my relatively weak background in econometrics and statistics, I was afraid I wouldn't be able to understand my graduate econometrics class. However, ever since I started reading from this book, I have managed to follow what my teacher is saying. The steps on how the equations are derived are explained, but without making it too easy for the reader. This textbook is a great help. No wonder this has been around for some time. Nevertheless, I was hoping that there's an answer key for the problems.

The best econometrics book for first year graduate level
After trying many books as a PhD student at Harvard, this
is one of the books I have finally settled on as the best for
understanding the first year graduate-level fundamentals
in econometrics. Just at the right level - keeps econometrics
understandable without trivializing it or filling up needless
pages.

Incredibly Lucid
A classic text , everything is derived using elementary calculus and the subject is practically developed from scratch . A greater emphasis on matrix notation and the inclusion of topics like survival analysis would be a plus though

It is still good.
This is a classical textbook in Econometrics.

Other reviewers have talked about its content, so I will express my opinion only.

Its audience is primarily for undergraduate students taking the first course in Econometrics. For this audience, it is difficult to find a competitor, because the book has everything you need to run a regression in a very straighforward way. That's why sometimes the book gets dry. However, it's fair to say that it is perfectly feasible to learn from it.

Yes, the matrix notation make the things difficult, but there is no other way if you want to learn well Econometrics.

The sequence of tests are presented very well.

Although overall the 4th. edition is better than the 3rd., I think the authors should have left the chapter on matrix in the body of the book and not in the appendix.

I'd say that this book is even better than Greene, and the next book to be read is Ruud.

classical and new methods in econometrics
The bread and butter of econometrics are the statistical tools of regression and time series analysis. This is the fourth edition of a highly respected and widely used text on econometric methods.

The authors cover regression, correlation and least squares in Chapter 1, starting with the simplest linear regression involving a single regressor variable. This allows for an easy introduction to the basic concepts that provide the foundation for what is to come. Chapter 2 introduces the idea of using time as regressor variable. This is a natural lead-in to the more sophisticated time series models of later chapters. It presents important econometric concepts such as elasticity. It also provides some probability theory and time series theory.

Multiple linear regression is then introduced in Chapter 3 along with the important concepts of partial correlation, the Gauss-Markov theorem and variable selection criteria. Also, parameter restrictions are considered in Chapter 3. Chapter 4 includes diagnostic checking of models and the trick of introducing dummy variables into the model to handle dichotomous and categorical variables.

The material becomes more difficult and there is an increase in the mathematical sophistication in Chapter 5. More realistic econometric models enter the discussion and the techniques of maximum likelihood, generalized least squares and Lagrange Multipliers are needed. Instrumental variables are introduced to handle such problems as the error in variables model. The technique of two stage least squares is also introduced here. Basic time series ideas and theory were introduced in Chapter 2 but first really get exploited in Chapter 6 where the concepts of heteroscadasticity and autocorrelation are introduced. Formal univariate time domain analysis of time series including the ARIMA models and trending methods are covered in Chapter 7. More complications and advanced theory are in Chapter 8.

In Chapter 9, the subject of simultaneous equations is introduced. Generalized Method of Moment methods are presented in Chapter 10 as a reasonable and simple estimation approach that is valid in large samples.

Freedman, Navidi, Peters among others have pointed out that the estimators of standard error for parameters in many of the standard econometric methods depend on asymptotic theory and often are very poor for practical problem sizes. They have shown that bootstrap methods can provide much better estimates. It is therefore nice to see that these authors recognize the importance of these resampling methods They devote a full chapter to them. Chapter 11 "A Smorgasbord of Computationally Intensive Methods" covers such resampling techniques as permutation tests, the bootstrap ("nonparametric")and the parametric bootstrap and other computer-intensive methods such as nonparametric density estimation and regression.

Other problems that are unique to econometrics are covered in Chapters 12 and 13. Also included are appendices on matrix algebra and basic statistics along with useful statistical tables. The book also includes a diskette with data examples in ASCII files. ... Read more

Book Description

Contents include the information technology revolution, the new economy, the network enterprise, the transformation of work and employment, the culture of real virtuality, the space of flows, and more. Reprint. Previous edition: c1999. Softcover. DLC: Information technology--Economic aspects. ... Read more

Reviews (12)

What a great book this could have been...
The Rise of the Network Society was on my reading list for school -- and I was looking forward to reading it, not only in the context of my class, but because the subject is an important one, especially regarding the distribution of information and knowledge in our society. Unfortunately, I was soon disappointed to find that Castells, with all his remarkable insight into the arts of communication, has not been able to go beyond the oh-so cumbersome turns of phrase typical of academic writing. I find myself turned off by the lingo, where I am truly interested in the subject; I resent having to plow my way through his phraseology, while I certainly do appreciate the research and energy he has invested in his work. There seems to be an ideal to academic writing that somewhat opposes the general trend of having knowledge and information made accessible to everyone. Or is it that Castells really means to restrict his writing (and being read) to the groves of Academe? If proving himself versed in the field is more important than getting the information out there, what does he have to teach us about the implications of a network society? That we should better cling to our own in-group, to only those who speak our language, whatever that is? If that is so, what change can we expect from being related through networks? If Castells intends to put into practice his belief that *observing, analyzing, and theorizing is a way of helping to build a different, better world* (p. 4), then he might as well start with generously offering his insights to the world he wants to see changed.

A Polymath Desperately in Need of Focus
Given Castells' huge range of understanding and the sheer ambition of his work, it seems a bit unfair to really criticize this book. Few writers would try to tackle the huge ideas that Castells covers here - vast theories about the state and direction of humanity in relation to the rising information society. On the other hand, theory-of-everything books like this, as frequently attempted by polymaths such as Fritjof Capra, have their own unavoidable problems which deserve to be criticized. When a theorist tries to combine knowledge of everything into a huge integrated and unified theory, the writing becomes monstrously diffuse and unfocused. That is the exact problem with this book.

Castells obviously has an understanding of all the disparate theoretical areas that would be encompassed by such a huge endeavor. As the book progresses, Castells is not afraid to move from areas like astrophysics to rural sociology to corporate architecture to programming language to everything else you could think of, often in successive paragraphs. But when describing everything, Castells eventually reaches conclusions on nothing. Bringing together disparate realms of knowledge is one thing, but reaching insights that make sense is much more difficult.

That all makes this book extremely tiresome for the reader. In that exasperating theory-of-everything fashion, Castells can't stop piling on new terminology like real virtuality, technopoles, or milieux of information (terms created by himself or others) that merely illustrate the smashing together of ideas, rather than synthesis. And whenever it's time for an awe-inspiring insight, Castells can only come up with supposedly deep (usually in italics for significance) pontifications like "space is crystallized time" or "a place is a locale whose form...[is] self-contained within the boundaries of physical contiguity." These are indications of Castells' writing style - never-ending collections of disconnected pieces of data, topped off by windy pronouncements. After so many intensive build-ups, Castells can come up with little for the reader to really chew on.

And get this man an editor, please. Extremely long paragraphs, some more than two entire pages long, illustrate a real lack of control in the writing department. Castells also has the habit of endlessly qualifying his ideas by explaining what he's NOT going to talk about and why he decided to cover what he IS talking about, to the extent that he almost forgets to make his points at all (see the early portions of chapter 4 for a good example of this). And to think that this 500+ page monster is merely the first book in a trilogy on this subject. Castells deserves credit as a polymath with huge interests and ideas. But he is sorely lacking in focus, and effective writing skills. [~doomsdayer520~]

The Rise of Network Society
The Rise of Network Society brings up many important issues regarding globalization and what Manuel Castells calls the network society. He argues that the technological revolution that began in the late 70s in Silicon Valley has had a profound impact on all aspects of society. The changes, he argues are most apparent in the new relationships between the economy, state and society that have been formed. He suggests that an increase in the flexibility of management, a decentralization of production and an increased reliance on networking has caused many of the immediate changes taking place. Castells suggests that it is through the decline in the labor movement and the devaluing of the laborers that capital has become an increasingly powerful network. This, he suggests has caused networks such as labor, criminal or mafia groups, and financial markets to be realized on a global rather than local scale. By looking at how new relationships and identities are being conceived of in what he calls the informational age, Castells is able to theorize about the ways in which technology and information have will continue to transform society.
Castells suggests that as distances between places become shorter, time will also be changed. Technologies such as the internet, television and computers have decreased the space between different parts of the world to such an extent that we now have the capabilities to process information in real time. The fragmentation of the local community has led to an increasing reliance on global community organizations or the "net". People can now keep in touch with friends, date and divorce over the internet. This has caused for the increased attention on identity issues, since as Castells suggests, identity has and will continue to be an, or the fundamental aspect of meaning. Identity has been transformed from something you do to what you believe you are. Ideas about the self have become reliant upon global media and technological networks, rather than family and community. The increased reliance on social networks for identity purposes has caused identity to be vulnerable to network shutdowns. With the growing level networks and nodes for transmitting information and imaginations, people are beginning to claim increasingly specific identities that are difficult to share with others, which is sometimes related to the resurgence of xenophobia.
According to Castells, the current social changes that are taking place are due to the technological and informational transformations. Although he plainly negates technological determinism, it seems he infers something similar. He suggests that the information technology revolution that began in the late 20th century is what reshaped capitalism into what he calls "informational capitalism". Informationalism is what he believes has caused the new technological and material basis of the economy and thusly society. He distinguishes between capitalist restructuring and the rise of informationalism, but insures that they are inseparably related.
Castells' network society is based on the assumption that "development" is determined by productivity and productivity is determined by the number of consumable goods that are created with labor and matter. Since technology is what allows for matter and labor to produce consumable goods and add to the growth and development of a region, technology becomes the determining factor of a regions ability to "progress". The more technology a region is able to produce, the increased quantity and quality of products they will be able to manufacture, and the more surplus they will inherit.
Through the globalization of the production and consumption of goods, the energies going into the process have become decentralized and fragmented. This is what Castells suggests is a major factor in the uneven development of differing regions. Since productivity and development depend on symbolic communication, information processing and a technological skill, information and technology become the crucial factors in a developed society. From this, he is able to suggest that the new mode of development is informational. Rather than conforming post-industrialism as a way to describe the current period, Castells argues for what he calls informationalism. He suggests rather than being concerned with economic growth or marketing output as the industrialism was, the informationalism era is primarily concerned with technological development. Increased technological development is clearly expected to take place via increased knowledge.
Castells argues that the government or state is one of the primary motivators of technological progress. He uses Russia as an example of how stasis can cause a lack of technological development and therefore a lack of overall development. He suggests that during the 1980s, capitalism went through a restructuring that produced what he calls, "informational capitalism". He shows how the new capitalism has moved beyond the boundaries and space and time to incorporate a global economy based on technology and knowledge. Castells shows how The Rise of Network Society is based technological innovations and knowledge.

Is information technology the culprit?
Many of the observations Prof. Catells made are valid, however the connection between information technology and the social problems are not very strong. The network states, global criminal society, wealth disparity, etc. are more or less the byproduct of globalization.

Yes, information technology accelerates the rate of globalization. But would those social problems exist without information technology? Mostly likely yes. These phenomena are not new, they predate the advent of the Information Age (the World Wide Web and mass adoption of internet is a post-1990 phenomenon). Multinatioal organizations (or globalization) have been around for many decades, same goes for the North-South polical economic paradigm. So, attributing all these social problems to the Information Age (at least that is the impression I got out of it) is a jump and may not be an accurate representation. Information capitalism is just another term for globalization.

Nonetheless, his trilogy does demonstrate the acute problem of a global digital divide, and he suggested some possible solutions in some of his other books.

Network society: Informationalization and globalization
This is the first volume of Manuel Castells¡¯ ¡®Informational Age¡¯. The trilogy of ¡®Informational Age¡¯ is the de facto classic in the sociology of information. This volume focuses mainly on the economic feature of the network society: informationalization and globalization; the transformation of the enterprise; the flexibility in labor market; interactive media; transformation of space (or, in Giddens¡¯ term, time-space distanciation).
You might ask ¡®what¡¯s the relevance to sociology?¡¯ Naturally, it¡¯s related to question, ¡®what¡¯s the substance of sociology of information?¡¯ Our day to day life can¡¯t clearly be distinguished from the economic affairs. Almost all the resources, whether they are material or human, appear as commodity or service which are tradable. Even the culture is organized on the market. Our identity and daily time table are deeply molded by our spot in the labor market. And that, the overall dynamics of social change comes from the economy. The epochal trends, such as globalization, informationalization, have been driven mainly by the economic needs. So the network society can¡¯t be grasped without the economics. But you should not conclude that the economics is the whole story. The market alone can¡¯t sustained even itself, not to say the whole society. The economy is embedded in the society. The economy and the society are intertwined with each other, but not determined by one another. So their relation could be called as the ¡®interaction¡¯. But when it comes to IT, the things are more complicated. IT can¡¯t act by in itself. IT is the resource to be mobilized by bodily actor. IT represents the epochal change in the environment. IT is not the variable in itself. Therefore we could say that the sociology of information is about the interaction between IT, economy and society. The argument of the field is like this: our activities are increasingly organized around networks. Networks have existed throughout the human history. But IT offers unprecedently elevated material basis. It allows the network pervasively to expand throughout the entire society and the globe. Over decades, we have observed sea change related to IT in economy, politics, and society. Those shifts are the object of the sociology of information.
Castells¡¯ trilogy is about that sea change. As I said above, the first volume focuses on economic features. But Castells¡¯ work has some peculiar cast. Castells¡¯ characterizing informational society as network society makes the globalization be coalesced with informationalization. For this reason, some commentators classify Castells as a theorist of globalization. In fact, this and the second volume of the trilogy could be read as great illustration of globalization. It seems that Castells assumes that informationalization could be distinguished from globalization only on the analytical rationale. So he characterizes informational age as the network society. The term could be applied to both trends.
Before closing the review, I should warn you that if you expect the firm theoretical founding, you should read first Castells¡¯ ¡®Information City¡¯, as I mentioned in the review of the author¡¯s another book, ¡®The Internet Galaxy¡¯. For example, Castells coined the term of ¡®the mode of development¡¯ to periodize the informational age. It¡¯s not a new mode of production like the capitalism, but a new mode of development which is different from industrialism or Fordism. But anywhere is the trilogy, you can¡¯t find such a theorizing. Without that kind of founding, the trilogy can¡¯t avoid being read as interesting but bulky sketching out the current affairs. ... Read more

Book Description

America"s black market is much larger than we realize, and it affects us all deeply, whether or not we smoke pot, rent a risqué video, or pay our kids" nannies in cash. In Reefer Madness the best-selling author of Fast Food Nation turns his exacting eye on the underbelly of the American marketplace and its far-reaching influence on our society. Exposing three American mainstays — pot, porn, and illegal immigrants — Eric Schlosser shows how the black market has burgeoned over the past several decades. He also draws compelling parallels between underground and overground: how tycoons and gangsters rise and fall, how new techonology shapes a market, how government intervention can reinvigorate black markets as well as mainstream ones, and how big business learns — and profits — from the underground. Reefer Madness is a powerful investigation that illuminates the shadow economy and the culture that casts that shadow. ... Read more

Reviews (70)

A Mild Disapointment Compared To Author's Previous Book
Eric Schlosser's latest book Reefer Madness is a bit of a disappointment after his very good and very popular Fast Food Nation. Schlosser's investigative acumen is on display in this book, but what he ends up producing are three long essays that could stand alone as books in and of themselves. I think that the choice of Reefer Madness for a title was a bad decision. The notoriety Schlosser gained from Fast Food Nation could have sold the book without the rip off title. I think the long "An Empire Of The Obscene" essay about Reuben Sturman's porn empire, which totals 100 pages, would have made for a better title and focus for the book. The porn business is an interesting study in and of itself and Schlosser should have gotten his publisher to make it into a separate book. Those reservations aside, I think the book is a worth a look for somebody looking for good investigative journalism to read.

Reefer Madness is a business book that focuses on three separate sectors of the black market economy: Marijuana consumption, migrant labor in the strawberry fields of California and porn. "Reefer Madness" deals with the persecution of the users of by far and away the most popular drug in the U.S.: Marijuana. Originally smoked by poor blacks and Mexicans in the early 20th century, marijuana has become the most popular drug in the country. Schlosser traces the interesting case of Indiana biker Mark Young, who was originally sentenced to life in prison without possibility for parole for his involvement in a marijuana delivery. It was Young's first marijuana offense. He's wasn't even the grower or major dealer in the transaction he was involved in, but he refused to play the role of a snitch for the prosecution in his case and received the ultimate punishment for his "crime." Young's sentence was later reduced. Young remains an unrepentant pot smoker to this day.

"In The Strawberry Fields" Schlosser deals with the misfortune of the nation's poorest workforce: The migrant laborers in California's strawberry's fields. Schlosser focuses on the heart of the Strawberry business in Watsonville and the failed mid-90's campaign by the AFL-CIO to organize the fields in the area. The market in migrant labor is a very important study because of the profound effect it has on bringing wages down in the overall economy, thus helping fuel the black market, as people fed up with declining wages look to find ways to make money off the books. The '70s was a time when it appeared that the United Farm Workers were going to finally organize most of the migrant work force. However, like with the rest of organized labor, whatever hopes the UFW had of organizing the fields has been dashed by the aggressive union busting of growers.

Schlosser notes that while tax payer cash is lavished onto the largest corporations on a daily basis, the one sector of the economy where the "free market" has been most ruthlessly applied has been with labor. Observing the burgeoning shanty towns that have sprouted up throughout much of California to house this exploited labor force Schlosser writes, "The market will drive wages down like water, until they reach the lowest possible level. Today that level is being set not in Washington or New York or Sacramento but in the fields of Baja California and the mountain villages of Oaxaca. That level is about five dollars a day. No deity that men have ever worshipped is more ruthless and more hollow than the free market unchecked; there is no reason why shantytowns should not appear on the outskirts of every American city. All those who now consider themselves devotees of the market should take a good look at what is happening in California. Left to its own devices, the free market always seeks a work force that is hungry, desperate, and cheap - a work force that is anything but free."

"An Empire Of The Obscene" traces the rise and fall of the real "King of Porn." It wasn't porn start John Holmes, but an obscure, rarely photographed, Cleveland based businessman named Rueben Sturman. Sturman was able to fend off all federal charges of peddling in "obscenity," but in the end he was brought down, like Al Capone before him, by tax evasion charges. I hadn't even heard of Sturman before reading Schlosser's book. Porn, like with marijuana, is one of those products which Americans publicly abhor, privately adore and consume in astonishingly high amounts. Schlosser points out that the porn business has been at the cutting edge of exploiting technology to increase its size. From the VHS video tape to cable to the Internet, technology has brought porn from red light district store fronts and theaters into the homes of millions of eager porn consumers. Today, heavy handed prosecutions of the porn business are less likely, and less likely to have much of an effect on the business, than ever now the that ranks of the largest distributors of porn include major cable providers, not anti-government counter culture types like Sturman.

Schlosser reviews the economics of the economic underground. Nobody knows just how large it really is, but it could be ten percent or more of the overall U.S. economy. The reasons for the sharp rise of the black market starting in the '60s and '70s are manifold. Declining wages, regressive taxation and government regulation are all factors in this. The hippie counter culture of the '60s and the anti-tax movements of the '70s have all played a role in shaping the anti-government attitudes that have fueled the black market boom. What it all reveals is the huge chasm between what the government tells us is "bad" for us and should be banned and what we actually do consume in private. As Schlosser said in his May 19 Working Assets Radio interview, "Maybe some of these things aren't so bad afterall."

three essays that should be invidual books, but worth readin
After reading the fantastic book Fast Food Nation, I'm willing to read anything that Eric Schlosser publishes. When I heard what the subject matter was for his new book (pot, porn, and illegal labor) I wasn't that interested but I wanted to find out what Schlosser had to say. In the introduction, Schlosser writes that the book is made up of three essays that are mostly unrelated, but these essays were tied together with the idea of the American Underground Economy which pervades the book. Reefer Madness is Schlosser's attempt to show how large the underground economy (meaning, non-taxed and illegal money) is in America. Schlosser discusses the laws and the social conditions that have allowed these things to occur.

The first essay is on Marijuana. Apparently, marijuana is America's number one cash crop, but it is illegal to buy, sell, grow, or possess any amount of marijuana in America. Schlosser gives the history of marijuana legislation and reveals the severity of the punishments regarding marijuana violations (even compared to murder). This essay looks at the applications of marijuana laws throughout United States history. It highlights some of the absurdly harsh penalties given for first time convictions of even trace amounts of pot; this essay also shows the disparity in verdicts for the children of politicians compared to the poor. There are comparisons with the drug laws of other nations and a discussion on the health risks and health concerns regarding marijuana. Very interesting essay.

The second essay deals with illegal labor in California. Specifically, the essay is on the illegal labor in the strawberry industry. This is the shortest essay of the three, but it does a good job in explaining the rise of migrant labor since the 1970's and why farm companies would use this labor. Surprisingly, most of America's strawberries are grown in California and at least half of the labor provided is illegal. The conditions that these workers (from Mexico) live in is horrible and the labor itself is one of the most physically demanding work that one can do on a farm. Illegal labor is becoming a larger and larger sector of some industries as these men (mostly) will work for significantly lower wages just so that they can have work. This essay had more of a human story to it and was more emotionally involving than the Marijuana essay. However, this essay didn't seem to have the societal import that the discussion on marijuana law did.

The third essay focuses on pornography. Schlosser does not touch on the morality side of the pornography issue, but instead deals with the economics of porn. Like the other two essays, this one details the history of pornography in America and happens to be the longest of the three essays. Pornography is big business and the U.S. government has been cracking down on the industry on an off for years. For many years, the leading figure in the industry was one man, Reuben Sturman. The legality of porn is constantly in question and at the base are the very hazy obscenity laws. Much of this essay is about Sturman, his rise to lead the industry and the attempt to convict Sturman.

Any one of these essays could easily become a full length book and would be very interesting individually. Taken together, the tie that binds them is not very strong and the transition between the essays feels a little jumpy. This is an extremely interesting book and one that I am very glad that I read. Individually, these are excellent essays, but when taken together, they lose some of the narrative force that Schlosser excels at. This is worth reading, without question.

more, please
I now know more about drug and obscenity laws than I ever imagined I'd need the brain cell storage to accommodate ... and that's a peculiarly good thing. I came out of this book with a new set of unlikely personal heroes - men and women who first challenged the absurdly restrictive obscenity laws in order to make health and birth control information legal to ship through the US mail ... and even folks like the irrepressibly obnoxious Larry Flynt, who is in some respects our nation's last defense against enforced, legislated morality. Read about the bizarre, inconsistent and patently ridiculous drug laws that keep marijuana users under a heavier legal boot than convicted child rapists. Find out why I will never again, so long as I live, spend money at a Taco Bell. If this seems like a broad spread to cover in one book, that's because part of the beauty of Schlosser is his ability to ferret out the very real connections between legitimate business and the black markets that we (as the blindly consuming public) may never suspect.

In our present culture of conspicuous censorship and our lamely moral-high-ground-napping political climate, this is a highly instructive read. GO AND GET IT. Consider it your civic duty to educate yourself on what your government and its corporate cohorts are really up to while you're not watching.

Changed my perspective!
Eric has done it again. I read his last book Fast Food Nation, and was impressed with his depth and skill at writing. This book was even better.

Eric sets up the book with a discussion on the U.S. Drug war on Marijuana. He unpacks several cases where the government has spent millions of dollars to stop something that has never proven to be lethal or dangerous to ones health. Then, he steps into the world of the migrant worker, especially those in the strawberry fields of California. Eric raises the question: Why does the government do so little for these people who are being used and abused for their cheap labor? Schlosser ends with a discussion on the pornography industry. He again refers to how the government spends billions of dollars attempting to limit something that is a freedom this country was fought to defend.

I am an evangelical pastor with a conservative, republican upbringing. This book raises major questions for some of the verbal stances I take against things such as Marijuana and pornography - which I believe are both wrong - and do and say nothing about the plight of the migrant workers and the injustice they receive every day. I don't see the justification of spending so much money trying to eliminate products of capitalism and a free nation. Even though I think that getting high and the obscene are horrible for ones life...so are cigarettes, eating too much fast food, being lazy - but those are choices that individuals have to make, not be forced upon by a large government. Especially when women and children cannot eat because the same government will not protect the rights of these workers.

As you can see this book grabbed me. It will grab and challenge you to!

An Informative Potpouri of Topics
Having read the author's previous book, and holding the same reservations that anyone would have about follow-ups (that it won't be nearly as good as the first outing), I picked up this book and set it aside for a quiet time. When I finally got around to reading Reefer Madness, I found I could not put it down. Time literally stopped, and some passages merited second and third readings. On his second try, Schlosser delivered big-time, and while more of an academic essay and an ad populum appeal to values than hard-hitting investigative journalism, it still manages to uphold the tradition of excellence in muckraking journalism.

The book consists of three extended essays on such diverse but inter-linked topics as pornography, marijuana and migrant, specifically illegal agricultural, labor. The subjects are inter-linked because first they are part of a vibrant, free-wheeling and dynamic underground economy in America, and second there have been some rather unusual linkages between the two. One colorful example of such linkages is the fact that many enterprising drug producers have on occasion used illegal migrant labor to tend to marijuana crops in out of the way places. Another very colorful (or disturbing, depending on your point of view) example is the prolific use of marijuana and other illegal drugs as inducements to get participants to perform certain acts in the pornography industry or as a means of obtaining such drugs (which for some reason, the author fails to mention, even though numerous anecdotal affirmations of this are available).

Nonetheless, each activity represents Big Business in America. One of the three, pornography, has made the transition from the fringe to mainstream business, and because of this, does not really count as a true underground activity, at least in my mind. The problem of illegal migrant labor has been knowingly overlooked as a result of a gentlemen's agreement between corporations (which would not be nearly as profitable without it) and the government (which would prefer to use as little of its resources as possible policing this problem). On the other hand, the marijuana trade has been and is patently illegal, and the author suspects that this state of affairs will change, moving towards that of pornography, or that of illegal migrant labor. The situation for each of these industries, beginning with their history, the extent of activity currently in each sphere, and the impact each has had, particularly on those who participate in each sphere, is covered in a fair amount of detail.

The book exposes how We The People really get what we want, and reveals an undisclosed truth as to how our economic and social order really maintains itself. For example, food has become cheaper over time in no small part because of our government's stance on migrant labor. Of course, there are the occasional crackdowns and sensational raids, but that merely goes through the motions and panders to the Press and flag-waving conservatives. As such, more than a few adherents of the Back to the Land Movement and Ecological Farming ideologies should take note.

It also reveals the gross double standard we apply to those who are governed and those who do the governing. American Express, I believe, once advertised its credit with the phrase 'Membership has its Priviledges'. Something similar can be said about our ruling elite, who overturn drug (and other) convictions on their relatives and cronies, but throw the book at the average wage earning schmuck.

Granted, the second chapter, In the Strawberry Fields, covers not only illegal farm labor but also the California agricultural industry. However, the industry as a whole is totally dependent on either illegal migrant labor or laborers who receive neither a living wage nor health benefits. The third chapter, An Empire of the Obscene, intertwines the growth of pornography with the exploits of perhaps the most famous elder statesman of smut, Reuben Sturman. Mr. Sturman was the most successful entrepreneur of porn, whose marketing skills and innovative insights literally formed the modern day adult industry. He also proved himself to be a very interesting character study, being an unusual blend of savvy salesman, entrepreneur, flag-waving patriot and conservative family-man. Mr. Sturman also took on the formidable federal government by becoming a most unlikely champion of first amendent rights, and won while simultaneously dodging his taxes and thumbing his nose at the IRS. This colorful character alone would make for very interesting reading in a separate book.

As a whole, the book takes a Progressive stance towards each of these activities, focusing on the effects each has on the people directly involved in the particular activity. While there exists some grousing about the free market and capitalism, particularly in the preface, The Underground, and the epilogue, Out of the Underground, the content, I believe, will provide positive reinforcement for many that are for social justice (and Pro-Pot and Pro-Porn) and will spark some heated debates. Reefer Madness definitely makes for good, fascinating reading, and I bet that if one were to lend his or her copy to a friend, he or she would never see the book again. ... Read more

Book Description

It's not more money, bigger offices, better benefits, or flextime. Recent surveys reveal that the number one reason employees quit their jobs is that they don't feel valued on a human level. Growing employment opportunities and the lure of Internet companies have brought this prob- lem to near crisis level. Now, Dottie Gandy, a former regional director with the Franklin Covey Company, provides a simple, principle-based solution that will work to solve the problem in any business. In this clear, straight-foward book, she gives us a step-by-step plan that managers can implement immediately and which yields compelling results, including:

Book Description

Take the mystery–and anxiety–out of maximizing IT value

It is not unusual for companies to scrupulously analyze a fifty-dollar expense report, yet blithely commit millions of dollars to Information Technology projects that statistics show fail over 500f the time. Making Technology Investments Profitable: ROI Road Map to Better Business Cases applies the authors proven VALUE-on-Demand™ methods to maximizing the business payoff from IT projects.

Jack Keen and Bonnie Digrius’s forward-thinking study provides an abundance of practical tools, tips, and techniques for elevating the role of ROI-savvy business cases to become a firm’s prime driver of improved payoff from IT investments. The book shows managers how to:

• Formulate simple, but powerful ROI business cases that help maximize the value from IT investments
• Develop easy-to-install procedures for selecting and prioritizing competing IT investments
• Implement straightforward methods for tracking IT value during implementation and operation

The authors include examples and case studies gleaned from their experiences in applying their VALUE-on-Demand™ methods to over 200 projects in North and South America, Europe, and the Asia-Pacific region.

Making Technology Investments Profitable: ROI Road Map to Better Business Cases provides a welcome, essential guide for CFOs, CIOs, IT managers, business unit managers, IT sellers, and consultants interested in applying simple, but powerful techniques for enhancing IT value.

"The value proposition of technology has always been about reducing cost or increasing revenue. In this book, Jack Keen and Bonnie Digrius show companies how to ensure that technology is really doing that. Making Technology Investments Profitable is direct and straightforward advice, highly recommended for companies and vendors alike."
–Craig A. Conway, President and Chief Executive Officer, PeopleSoft® inc.

"An extraordinary, practical, how-to-do-it book. The authors have been there, have the battle scars, and have an important message to communicate and do so with great impact. It should be on every CIO’s and project manager’s desktop."
–F. Warren McFarlan, Professor, Harvard Business School

"This book is packed full of practical techniques for measuring and powerfully communicating ROI. Every company, large or small, must justify their products or services to both their sales prospects and internal executives. Every businessperson needs this book!"
–Christine Comaford Lynch, General Partner, Novus Ventures

"Authors Keen and Digrius have created a powerful ensemble of topics that remove the stigma of traditional ROI process as well as offering a rare blend of conventional wisdom combined with practical guidelines, useful appendices, charts, checklists, and anecdotal user experiences. Comprehensive and complete, this book provides a litany of techniques for project success."
–Paul C. Tinnirello, Executive Vice President, Information Services Division, A. M. Best Company ... Read more

Reviews (12)

5 stars!
This book was sent to me from a friend in San Jose. She thought I would gain a basic idea of how to implement these TCO methods. Well this book is the beginning of my exploration into strategic TCO initiatives. I plan to have two or three of my senior managers read it!

I've Profited Already
This book was worth the price I paid for it even before I reached page 10. I've spent 15 years in the business analysis office of a major corporation funding internal projects. This book confirms what I've been doing and adds what seems to be another 15 years of experience. It organizes the process so that my job has gotten a lot easier, a lot quicker and is percieved as being fair. The book reveals successful techniques the authors have personally implemented for their cleints. These people have insight and they know what works in the real world.

Raises the bar in business case development
I have a pile of books that address the same subject and would not have picked this one up if a colleague had not persistently badgered me into reading it. Instead of yet another tome on business cases, ROI and value, I discovered what to me is the absolute best book on the following three areas:

(1) business case development - the authors shine here by showing how to craft a realistic business case that does look at the important factors and benefits. More importantly, you're shown how NOT to write a business case, and common problems with too many business cases that are presented (and all-too-often accepted). This aspect of the book alone raises the bar in business case development.

(2) properly computing ROI that is real - in many organizations ROI is a forbidden word and NPV used instead. One reason for this is it's rarely computed correctly. Before reading this book I used ROI as a quick and dirty gage, but always looked to NPV as the deciding factor when exploring the feasibility to a project or solution. The way the authors expose fallacies of improper ROI computation, and how to avoid them is invaluable, and will restore credibility to ROI as a realistic indicator.

(3) assuring value - the VALUE-on-Demand approach the authors propose is a straightforward method for evaluating, selecting and prioritizing projects. This methodology has no flaws that I can find, and will add structure, clarity and process to governance.

Regardless of your experience, there is much to learn from this book. It can serve as a company 'how-to' guide and standard as is with little-to-no tailoring, and represents the best book I own on business case development and determining ROI. It's also one of the best books on establishing a viable governance program I've read.

A must have on every IT manager desk
Have you ever been in situations where you are asked to implement some project and all that back it up are some fuzzy logics?
Discussion is going nowhere because no one is able to get beyond gut feel to show real benefits?

Well, I had. And until I encounter this book, it was a struggling process.

This book's step by step method make it all clear how to justify a project, what are the right question to ask, how to get people all aligned. Suddenly a framework appears, a road map indeed that guides all the discussions and leads to conclusion.

The best I like about it is how to get from intangible to tangible. From just premise to prove. How you can justify user request that goes "We want this system because it improve our efficient". "Yeah right, so does dozen others that want to get implemented"

Get this book.

Great Book!
After this book I feel that much more prepared to tackle my clients ROI expectations. Out with the spreadsheets and in with these new ways. ... Read more

Book Description

This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics.

In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation.

The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation. ... Read more