By William D. Ferguson
In Collective motion and alternate: A Game-Theoretic method of modern Political Economy, William D. Ferguson offers a complete political economic climate textual content aimed toward complex undergraduates in economics and graduate scholars within the social sciences. The textual content makes use of collective motion as a unifying inspiration, arguing that collective-action difficulties lie on the starting place of marketplace good fortune, industry failure, fiscal improvement, and the motivations for policy.
Ferguson attracts on details economics, social choice thought, cognition idea, institutional economics, in addition to political and coverage idea to improve this process. The textual content makes use of classical, evolutionary, and epistemic online game thought, in addition to easy social community research, as modeling frameworks. those versions successfully bind the guidelines offered, producing a coherent theoretic method of political financial system that stresses occasionally missed implications.
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Additional resources for Collective Action and Exchange: A Game-Theoretic Approach to Contemporary Political Economy
The chapter proceeds to argue that sustained growth requires resolving CAPs related to establishing and maintaining institutional systems—in a manner that generates credible restraints on the ability of powerful parties to seize the benefits of growth. Such processes, moreover, inextricably link growth to distribution, yielding macro-level political economy. Chapter 13 applies these arguments to both democracies and dictatorships. It closes with reflections on various relationships among the location of production, power, and institutional development, along with CAPs that pertain to the equity and the sustainability of economic growth and democratic institutions.
In particular, it complements relatively formal games with descriptions of problems, discussion of context, examples, intuitive arguments, relevant principles, general theory, and broad conceptual frameworks. The formality and tone of presentation vary accordingly. 3. plan of the book Part II of this text establishes foundations for analyzing exchange and collective-action problems by modeling strategic interactions among multiple agents. Chapter 2 explains the basic economics of CAPs and stresses their significance for economics, political economy, and policy analysis.
Chapter 11 introduces the basic concepts of social network analysis and proceeds to argue that network models can represent virtually any series of social, political, or economic exchanges among multiple agents. This chapter then develops simple network models to make three assertions about CAPs and institutional systems: (i) networks offer collective-action problems and innovative theory 19 sources of power and influence; (ii) networks are searchable conduits of information; and (iii) network connections may occasionally generate the contagious imitation processes, called information cascades, that characterize such social phenomena as fads, financial crises, and revolutions.
Collective Action and Exchange: A Game-Theoretic Approach to Contemporary Political Economy by William D. Ferguson