The Price of Inequality: How Today's Divided Society Endangers Our Future. Joseph E. Stiglitz, 414 pages, New York: W. W. Norton & Company, 2012.I LOVE THESE GUYS''(Joseph Stiglitz) is an insanely great economist,'' so writes Paul R. Krugman, who should know. These two like to write books for the populace at large on the topic of macroeconomics. Krugman also likes to spout offon Sunday news shows like ''Meet the Press,'' and on all the cable news programs. You can see Krugman arguing with Bill O'Reilly on Meet the Press. From YouTube: ''Don't call me a liar, pal, that's what you do all the time,'' says O'Reilly; ''This is not your show, so you can't cut offmy mic,'' says Krugman. Judging by their expressions, I was glad Tim Russert (6- 3-) was there in the studio at the time to protect Krugman (5- 7-) (O'Reilly stands 6- 4-). Conservative pundits dislike both economists, but pretty much leave Stiglitz alone.Krugman makes it a point to stay out of government affairs. Stiglitz does just the opposite, and he sometimes gets burned. Stiglitz was part of Bill Clinton's Council of Economic Advisers and was Chief Economist for the World Bank. After much criticism of the way the International Monetary Fund (IMF) conducted lending to developing countries, he was pretty much fired from the World Bank. Comparing the two, you would have to say that Stiglitz is more the bleeding heart, while Krugman says that what he dislikes most is the dishonesty he sees in political-economic discourse. Both are champions of the common man.Since Stiglitz can make the very valid claim for being ''an insanely great economist,'' most everything he says in his books should be taken seriously. There are some real gems in this book. I especially like the perspective he lends to some of the more peculiar things that happened before, during, and after the financial crisis. People hear about these things in the news from some announcer who makes them sound like just more news-bites, but they are, after all, unprecedented (and largely absurd). Take ''robo-signing'' for instance (page 198).WHAT GOES FOR NEWSRobo-signing was part of what happened during the foreclosure process after the massive numbers of defaults of subprime mortgages. Big banks intentionally did not follow mandated law. Apart from ignoring debtors' rights, an ensuing mess followed. Robo-signing was nothing less than a blatant attempt at rewriting property law, and resulted in lying to the courts about the state of each property's title, literally hundreds of times. No bank officer was charged with a crime. By contrast, the savings and loan crisis of the 1980s led to 829 individual convictions and 650 prison sentences. Nowadays the big banks just pay fines as part of settlements where they admit no guilt, and it's just part of doing business.Take algorithmic or ''flash'' trading in the stock exchanges (page 164). These are buys and sales made in nanoseconds on the basis of extracting information from the patterns of prices and trades. Nothing like real information gathered through market research on an industry, or on a firm in a certain industry, backs up these trades. But traders swear that ''price discovery'' is happening this way, and that all this backs up the efficient markets model. So on May 6, 2010 stock prices plummeted to a point where the Dow Jones temporarily lost 10% of its value. There are reasons to believe that these trades ''make markets not just more volatile but also less 'informative' '' (page 166). Still, the talk on the street is all about efficient markets (echoing Alan Greenspan's failures at the Federal Reserve).Take failed privatizations. When electric power in California was liberalized and Enron manipulated prices and public power to its advantage, this was a story about the company's accounting practices, not about privatizing something that had no business being privatized. …

The Price of Inequality: How Today's Divided Society Endangers Our Future

The theory of the growth of the firm

Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large. * Editors are recognized as leaders and can attract an international list of contributors* Regional and urban studies interest economists in many subdisciplines, such as labor, development, and public economics* Table of contents combines theoretical and applied subjects, ensuring broad appeal to readers

Handbook of regional and urban economics

Critical evaluation of off-site construction research: a scientometric analysis

Off-site construction has gained more attention from both academia and industry during the last few years. Modular construction is one of the most efficient off-site construction methods. In this method, different parts (components) of a building are designed and fabricated off the construction site in factories as one or more modules, and then they are assembled on site to form the final product. Studies have shown that the modular building technique is applicable to different types of buildings, including residential, commercial, educational, and medical. Environmental performance is one of the most significant dimensions leading to sustainability. Since buildings account for a substantial portion of environmental burdens, the main focus of this study is on the environmental performance of modular facilities over their life cycle. This article also presents a comprehensive critical literature review on the benefits and challenges of the modular construction method, compared to its conventional counterpart. It is concluded that, on average, modular buildings have been shown to provide a better life cycle performance, for example a building׳s energy performance, among others. Further life cycle research, considering all the dimensions of sustainable construction, is recommended in order to develop a robust picture of the sustainability of modular construction.

Life cycle performance of modular buildings: A critical review

Key attributes underpinning different markup decision between public and private projects: A China study

Economic globalization has created an interdependent market that allows companies to transcend traditional national boundaries to conduct business overseas. In the international construction market, companies often adopt diversification as a strategy for growth, for risk management or for both. However, the diversification patterns of international construction companies (ICCs) as a group are barely clear. The primary aim of this research is to cover this knowledge void by mapping ICCs’ diversification patterns in both business sectors and geographical dispersal. It starts from a literature review of diversification theories. Based on the review, a series of hypotheses relating to ICCs’ diversification are proposed. Data are gleaned from Engineering News-Record, i.e. Bloomberg and Capital IQ, ranging from 2001 to 2015. By testing the hypotheses, it is found that larger ICCs prefer to diversify than their smaller counterparts. Most of the ICCs tend to diversify to geographical markets with similar ...

/pdf/diversification-in-the-international-construction-business-4jrvj8oaf1.pdf

Diversification in the international construction business

Utilizing the linkage between domestic demand and the ability to export to achieve sustainable growth of construction industry in developing countries

Collusive bidding is regarded as one of the most socially harmful, anticompetitive, and illegal practices in the construction sector. The process of collusion is hidden from public sight, m...

Embodied Cost of Collusive Bidding: Evidence from China’s Construction Industry

In economic terminology, ‘competition intensity’ can be used to mirror to a certain degree the status of industrial competition in a specific market, while in the construction market, it particularly involves the part of project competition intensity (PCI). Based on a road project in China, two forms of PCI, overt and covert, are identified in this study. To lower project construction cost thus enabling better project tendering performance, clients can facilitate higher levels of overt PCI by tailoring their tendering procedures, whereas, through covert PCI project competitors can adopt anti‐competitive behaviours to attain the expected works. The difference between overt PCI and covert PCI indicates various practitioners' perspectives and impact on the levels of competition intensity in construction. The findings suggest a way to promote PCI studies in the future, and offer new insights into other parts of competition intensity in construction.

Kunhui Ye

Papers

Key attributes underpinning different markup decision between public and private projects: A China study

Diversification in the international construction business

Utilizing the linkage between domestic demand and the ability to export to achieve sustainable growth of construction industry in developing countries

Embodied Cost of Collusive Bidding: Evidence from China’s Construction Industry

Project competition intensity (PCI) in the construction market: a case study in China