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In the pages of this intriguing volume, a cure to stagflation seems to be at hand. Martin L. Weitzman, one of America's leading economic theorists, has hit upon a central feature of our economic life as the cause of this chronic malady: the standard practice of paying workers a fixed wage, regardless of whether a company is doing well or poorly. Weitzman shows in a clear straightforward way that an alternative labor payment system, in which a significant number of firms share profits or revenues with their employees (like the Japanese bonus system), provides immunity against stagflation;...

This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models.

This work also emphasizes the connection between optimal control theory and the classical themes of capital theory. It offers a fresh approach to fundamental questions such...

If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain future--why not our planet?

In Climate Shock, Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a...

If you had a 10 percent chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10 percent chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10 percent chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain future--why not our planet?

In Climate Shock, Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a...