bluuebunny/crossref_metadata_2025 huggingface dataset:
Intergenerational Equity and Resource Use
Authors: Walton A. L.
Published: July 2006

Abstract. Is it “fair” for one generation to use up, wholly or to a degree, resources which cannot be replaced? By evaluating projects involving non‐replaceable resources with discount rates are future benefits undervalued?Discounted net present value is found to be a poor allocator of scarce resources. Another choice rule, Page and Ferejohn's Dominance Rule, also contains flaws. A “partitioned” approach, dividing the time horizon into sections, is an improvement and has advantages. While this third approach has basic uncertainties, it may be used to meet nondeferrable decisions while problems of equity and preference are being studied.
The Influence of Auguste Walras on Léon Walras
Authors: Cirillo Renato
Published: July 2006

Abstract. Auguste Walras' interest in and contribution to economic theory were prompted mainly by his quest for a valid theory of property. After a critical analysis of the current theories of value, he singled out scarcity as the only significant cause of value. He concluded that land was scarce in a very special sense and, hence, should belong not to single individuals but to society as a whole. This is not, however, incompatible with private ownership of non‐land capital. His famous son. Léon Walras, not only adopted this theory but also proved the feasibility of a laissez‐faire type of economy in which land is nationalized. His debt to his father is also evident in his analysis of general economic equilibrium in which he makes use of valuable economic ideas and tools devised or inspired by Auguste Walras.
Annals of a Crusade: Wright Patman and the Federal Reserve System
Authors: Harrison William B.
Published: July 2006

Abstract. As a Congressman from Texas from 1929 to 1976, Wright Patman supported Populist‐type legislation which aided farmers, small businessmen and consumers. His perennial target in the postwar era was the Federal Reserve System. He resented the central bank's political independence and believed that “high”interest rates brought about by monetary policy actions benefited banks and harmed ordinary citizens. Rather than attacking the Fed's control of monetary policy directly, Patman tried to improve Fed accountability to Congress by subjecting the Fed's budgetary process and expenditures to government audit and/or the Congressional appropriations process. Despite numerous investigations, reports, and pieces of legislation, Patman's crusade failed to achieve its objectives. Nevertheless, his persistent criticism over 25 years undoubtedly created an atmosphere for change. Eschewing the indirect approach, Patman's political heirs in Congress demanded and received more accountability (and less secrecy) from the Fed regarding monetary policy objectives. Ironically Patman's abortive crusade may have paved the way for their later success.
Decentralization and the Decline of the Central City: A Case Study of Demographic and Economic Change in Bridgeport, Conn.
Authors: Schlichting Kurt
Published: July 2006

Abstract. The fiscal crisis of particular central cities has been primarily caused by social and economic decentralization within metropolitan regions. This hypothesis is examined through a case study of the Bridgeport, Connecticut metropolitan region. Middle and upper income groups have moved from the central city of Bridgeport to its suburbs while the poor remain. Business and industry have also decentralized. These factors weaken the capacity of the central city to generate sufficient revenue from its declining share of the region's taxable resources. The central city must fund a wide range of services and faces, as all local governments do, increased costs. Because of these fundamental social and economic changes, the central city cannot meet its service commitments. Unless the existing system of public finance is altered, continued decline is inevitable.
The ‘New Class’: Analysis of the Concept, the Hypothesis and the Idea as a Research Tool
Authors: Pryor Frederic L.
Published: July 2006

Abstract. The concept of the ‘New Class’ often is invoked to explain not only why the capitalist countries of the West are drifting leftwards into socialism but also why socialist nations of East Europe have totalitarian governments, tolerate gross economic inefficiencies, and exploit their workers. Certain critical issues underlying such an approach that are relevant to political economists, especially those interested in the changing boundary between the public and private sectors of the economy, are examined. The concept is found to rely on hypotheses which are not (easily) testable and the argument for its existence to be based on premises that are dubious. Special attention is given to hypotheses in public finance employing the concept in an attempt to explain increasing public expenditures; these are found wanting.
Instrumentalism, the Principle of Continuity and the Life Process
Authors: Junker Louis J.
Published: July 2006

Abstract. Instrumentalism and the instrumental logic, as developed and reconstructed by John Dewey, Clarence Ayres, and Jacob Bronowski, is a mode of philosophy exceedingly critical of dualistic, teleological, tautological, and atomistic individualistic biases in philosophy and in economic theory. Instead, it has emphasized processual, contextual, and evolutionary systems of analysis, accentuating conceptual linkages, topological connectivity and joint relationships as a basis of rejecting conceptions of scientific neutrality and intellectual “instruments” forged in an insulating and compartmentalizing style. The principle of continuity becomes the key to the truth process and its directly associated theory of instrumental value. Applying this instrumental philosophy to the critical analysis of the utility theory of value underpinning orthodox economic theory not only exposes the theoretical and philosophical failures of the utility approach but also highlights the strengths of the instrumental logic as a reconstructive tool. The “life process of mankind” is most enhanced by distinguishing truth from falsity and by applying warranted knowledge to the examination of social and economic problems and the power institutions which give them an exacerbated life.
Markup Pricing and the Auto Industry: A Partial Explanation of Stagflation in an Oligopolistic Economy
Authors: Mcfarland Floyd B.
Published: July 2006

Abstract. Price leadership firms and especially wage leadership unions frequently are not operating at points of maximization in the neoclassical sense, because contrived high level demand has brought low price consciousness or elasticity of demand for their commodities or services. Accordingly, they can get higher profits or wages anytime they choose to raise their price except during severe recession. If output falls as a consequence, goveniment and the central hank have stood ready to expand total spending. The contrived high demand has interacted with oligopolistic practices to obviate the distinction between elasticity for the firm and that of its industry, with empirical studies showing demand elasticity commonly not much above unity. The automobile industry is the focus of attention in this study. It appears that stable and high employment market capitalism no longer is possible, because at a minimum t requires generalized maximization behavior, which involves operation against constraining supply and demand parameters.
The Myth of Absolute Abundance: Economic Development as a Shift in Relative Scarcities
Authors: Zinam Oleg
Published: July 2006

Abstract. Scarcity lies at the heart of economic science. Scarcity and abundance are dialectical terms Rowing into each other by imperceptible degrees. They are always relative. While absolute abundance in terms of both internal and external factors is an unattainable dream, life would be extinguished long before absolute scarcity is reached. At any point in time, people can be placed between these two extremes. Such a position of relative scarcity can be either close to the subsistence level or to relative plenty at a high standard of living. Economists of a pessimistic breed fear that pressure of population on subsistence will lead to equilibrium at a subsistence level or even to eventual extinction unless the rate of population growth and resource use are checked. Optimists believe that technological advance will continue to provide an offset to diminishing returns and that human institutions will respond to pressures of scarcities in constructive ways. Some implications of these attitudes for economic development are analyzed within a framework of the theory of discontent.
Local and National Impacts from Landing North Sea Gas in Western Norway
Authors: Shaffer Ron E. , Fischer David W.
Published: July 2006

Abstract. A simple framework is presented for the analysis of the local employment, income, sales, and local government impacts of landing North Sea gas at either of two Norwegian kommunes (municipalities). These impacts indicate the different forms of economic change arising from a major economic development event. The average annual net change in these economic measures is estimated for the operational phase of a gas terminal. The analysis indicated substantial differences in local and regional net gains. Both sites yielded positive neteconomic gains, which means noneconomic and national considerations become key decision determinates. These national issues provide the setting to judge the local/regional net gains. The unresolved questions include the national benefits and costs of the landing decision given the small scale of the Norwegian economy, potential future gas finds, and a fully employed economy.
Work and Welfare in Economics:
Authors: Alexander Kenneth O.
Published: July 2006

Abstract. Today's conventional economics typically ignores the impact of alternative forms of work organization upon the welfare of the worker. In effect, its methodology is concerned with the welfare of the individual as a consumer, but not with the welfare of the individual as a worker. Hence, welfare conclusions of economics are subject to challenge on grounds of being incomplete. Whether the worker is alienated or achieves self‐fulfillment, etc., stands in no necessary relationship to either the formal lines of enterprise ownership, political ideology or form of economic system. Questions of authority and power in work organizations and the workplace conditions affecting the worker on the job transcend them.
Obstacles to Successful Highlander Colonization of the Amazon and Orinoco Basins
Authors: Clawson David L.
Published: July 2006

Abstract. Highlander settlement of the Amazon and Orinoco lowlands east of the Andes has increased to the point where every nation from Venezuela to Bolivia presently has active colonization programs and policies. Colonization alleviates social and economic stresses in the highlands and western coastal cities and contributes to a fuller utilization of national sources. Spontaneous colonization has proven more successful than government‐directed efforts. Shortages of adequate roads and public services and difficulties in obtaining clear land titles and sufficient credit seriously hinder the pioneers. To succeed, individual colonists must also learn new lowland farming techniques and products, develop an ability to cooperate with fellow settlers, and overcome discouragement brought on by isolation and loneliness. In spite of these obstacles, the colonization effort serves both the personal and nationalistic interests of those involved and can be expected to continue.
Current Quality of Life Indicators:
Authors: Bayless Mark , Bayless Susan
Published: July 2006

Abstract. Several recent attempts to measure the quality of life directly are examined. The indicators developed for this purpose seem incapable of correctly ranking locations or time periods. Variable aggregation schemes have not summarized data in a way which is useful to policy makers. Failures arise partly because researchers do not agree on the set of variables to be measured. More importantly, the methodology used has been inconsistent with proposed theoretical models and has resulted in indicators which violate accepted laws of economics. For example, neither diminishing returns not substitutability between quality of life “inputs” is recognized. Priority, it is believed, should be given solution of existing problems.
The Scope of the Grants Economy and Income Distribution: An Examination of Intergenerational Transfers of Income
Authors: Lillydahl Jane H. , Singell Larry D.
Published: July 2006

Abstract. Private transfers of income between family members have had significant equalizing effects on the distribution of income in the United States but only recently have they become a subject of research and an element of analysis. Some of the major theoretical developments in the area of income distribution and intergenerational mobility in the rich literature of the grants economy are reviewed. Among the effects of family transfers on income distribution, the most critical considerations in intra‐family transfers, tentative results indicate, are those that relate, directly or indirectly, to investments in children during their formative years. Estimates of the size of family transfers include one that in a single year their total was of the magnitude of 30.7 percent of gross national product and another that in 1980 they were 70 percent of total transfers, amounting at least to 1 trillion. Trends in their level and structure are projected.
The Ceremonial‐Instrumental Dichotomy in Institutional Analysis: The Nature, Scope and Radical Implications of the Conflicting Systems
Authors: Junker Louis
Published: July 2006

Abstract. An intellectual crisis in institutionalist thought centers around the way the ceremonial‐instrumental dichotomy is perceived and used as a tool of socioeconomic analysis, and more pointedly the way the meaning and role of technological functioning in a ceremonial, power‐controlled context is assessed. Genuine technological‐instrumental forces serve to identify, examine and subject to critical scrutiny outmoded systems and perspectives. They set the tone for conceptualization, reconstruction and destruction of ceremonial institutional forms. The ceremonial power system is concerned with controlling the use, direction and consequences of that reconstruction while serving as the vehicle for defining the limits of technological development by dominating the legal, property and information systems. At home as abroad, the colonizer develops a system for exploiting the colonized and for legitimizing and rationalizing his hegemony.
Land Speculation in Southern California: The Roles of Railroads, Trolley Lines and Autos
Authors: Sheehan Michael F.
Published: July 2006

Abstract. Southern California's transporation system was subjected to speculative manipulation from the time of the railroads, through the period of the electric interurban trolleys and the rise of the automobile up until the energy crisis of the 1970s. The dominant underlying force in each period is shown to have been combinations of developer‐speculators and local politicians. These groups, motivated by a desire for rapid development for speculative reasons, were able to exercise effective control over the provision of major infrastructural improimnents The argument is made that such control, and the developmental pattern resulting from it, can never be in the public interest.
World‐wide Interest in Worker Participation in Management
Authors: Kolaja Jiri
Published: July 2006

Abstract. Participation in Management has been developing in industry in various parts of the world. Problems have arisen due to the lack of education of workers and unfavorable attitudes of management.Sociologists from various countries discussed them in Tokyo, November 6‐8 1980. Increasing rationalization of production has reduced to some extent the potential for decision making; this hinders this development.
Two Twists in Economic Methodology: Positivism and Subjectivism
Authors: Dugger William M.
Published: July 2006

Abstract. AS the contradictory evidence gathered by other social scientists has continued to accumulate, two new twists have been added to the methodology of neoclassical economics. From Milton Friedman's positivism came the twist that “unrealistic” assumptions can be ignored, prediction is all that really matters. From the Austrian School's subjectivism came the twist that since economic theory is the a priori logic of subjective individual choice, the theory cannot be tested in the scientific sense at all. Neither qualitative historical evidence nor quantitative prediction can yield a scientific test of theory. At least Friedman's positivism allows for predictive testing, even though decisive tests are seldom found in social science. But Austrian subjectivism insulates economic theory completely from scientific testing. Neither methodology is conducive to scientific progress.
Dialectics, Functionalism, and Structuralism, in Economic Thought
Authors: Karsten Siegfried G.
Published: July 2006

Abstract. “Structuralism” and “functionalism” facilitate an analysis of the evolution oi economic thought as a series of cultural, institutional, and socioeconomic challenges and responses. The methodologies of “structuralism” and “functionalism,” like Hegelian dialectics, 1 to which they are closely related, do not consider thought systems or socioeconomic systems in terms of fixed and stable relationships but in the light of dynamic processes of change. They emphasize communication, feedback, and continuity. The aim of these methodologies is to facilitate the analyses of changes in interrelationships which constitute the processes of evolution. The economist is concerned with the theoretical analysis of socioeconomic processes. His task can be facilitated by describing and analyzing structural‐functional relationships of the economy and its parts. However, the methodologies of structuralism and functionalism cannot be used to predict theoretical developments. At best they can be utilized to select from some set of possible alternatives.
Property Tax Circuit‐breakers: Good Causes but Bad Economics
Authors: Harris William T.
Published: July 2006

Abstract. Since 1965, 30 states and the District of Columbia have enacted programs designed to reduce the effective rate of property taxation for some low income households and for the elderly. Most often this relief is provided by so‐called “circuit‐breakers.” It is contended that the economic arguments favoring circuit‐breakers are empirically unproven and theoretically suspect. The tax may be progressive, not regressive, and the device may transfer income from low to high income households. Any short run redistribution of income to favor the poor or the elderly would, in the long run, merely shift the timing of their tax payments. Circuit‐breakers encourage over‐consumption of housing and misallocation of housing resources. Reducing the tax base, they produce higher rates and so increase the tax burden.
The Progress and Poverty Centenary: Advocates and Opponents Will Enjoy and Learn from the Papers Given at One Celebration
Authors: Samuels Warren J.
Published: July 2006

Abstract. The Committee on Taxation. Resources and Economic Development, a group of American fiscal economists, commemorated the centenary of the publication of Henry George's classic, Progress and Poverty, with a conference reported in the book. Land Value Taxation. It raises, typically from a variety of perspectives, the major issues engendered by George's analysis and policy recommendations. Economists who are at least open‐minded on George recognize him as a true progressive, a believer in the distribution of income in accordance with productive contribution and a convincing advocate of the social appropriation of economic rent on scientific and moral grounds. George was fundamentally correct in the idea that some form of land value taxation is an especially suitable mode of financing government, though the notion that this could be the single tax is and was unrealistic. The case for this as a cure for poverty is substantially exaggerated but it would remove one source of economic inequality. George, like Edward Bellamy, in promoting equality of opportunity rallied public support for the long‐developing movement for pluralist economic democracy.
Foreign Investment in U. S. Agricultural Land: An Overview of the National Issue and a Case Study of Vermont
Authors: Laping Mark B. , Lecko Margaret
Published: July 2006

Abstract. A number of issues surround the ownership of farmland by absentee owners and foreign nationals. The response to these concerns in the United States has been the promulgation of the Agriculture Foreign Investment Disclosure Act (AFIDA) which provides for a land purchase reporting system. The present investigation seeks to describe the nature of the foreign land ownership picture in the United States, the status of existing state laws which deal with the matter and. through the example of a case study on the State of Vermont, attempts to describe impacts and implications of such ownerships.
Right‐to‐Work Laws and Geographic Differences in Living Costs: An Analysis of Effects of the ‘Union Shop’ Ban for the Years 1974, 1976, and 1978
Authors: Cebula Richard J.
Published: July 2006

Abstract. The existence in a geographic area of right‐to‐work laws prohibiting the union shop tends to generate a labor‐market environment with less union power and thus less labor‐market pressure to elevate labor costs. To the extent that right‐to‐work legislation leads to lower labor costs and hence to lower unit production costs, there is a tendency for the overall cost of living in the area to be lower. Using ordinary least squares, this paper examines this hypothesis for the years 1974, 1976, and 1978 for some ]8 metropolitan areas in the United States. In a variety of different empirical models, this study generates very strong factual support for this right‐to‐work law/living‐cost relationship.
Billboards, Aesthetics and the Police Power: Legislative Developments Have Largely Negated Judicial Gains by Scenic Beauty Proponents
Authors: Floysd Charles F.
Published: July 2006

Abstract. Judicial attitudes towards aesthetics have shifted rather dramatically during this century from one of outright hostility to general recognition of aesthetics as a sole justification for use of the police power. The acceptable limits of these regulations are still being explored, the issue of possible conflicts with the right of commercial free speech being the most recent legal battleground. The recent decision of the Supreme Court of the United States in the case of Metromedia, Inc. v. City of San Diego, striking down the local ordinance as restrictive of non‐commercial speech, confused the picture presented by the latest holdings. However, legislative developments have largely negated judicial gains for scenic beauty proponents. The outlook is for more and larger billboards spread along more and more of both our urban and rural roadsides.
Basic Needs and Technology Transfer Issues in the ‘New International Economic Order’
Authors: Hope Kempe R.
Published: July 2006

Abstract. Developing countries have called for the establishment of a new International Economic Order. New perceptions of development are examined as they relate to haste needs and the transfer of technology within such a framework. The approach seeks to reduce and eventually to eliminate dependence on developed country enterprises, thus allowing developing countries to control their natural resources. It seeks to accelerate self‐reliance and to introduce some measure of global management of resources. Technology transferred must be appropriate technology, adapted to local conditions and aimed at meeting specific local needs.
Value‐relevant Sociology: The Analysis of Subjects of Social Consequence, Including Implications for Human Well‐being
Authors: Gray David J.
Published: July 2006

Abstract. The need for sociology to become socially relevant is now being articulated by professional sociologists. While the doctrine that the discipline should be value‐free allows sociologists to serve and promote the social values of others, a vital sociological endeavor requires more. Classic sociology was value‐relevant. To be socially relevant, it is essential that the discipline become consciously value‐relevant, not value‐free. For sociology to distinguish important from unimportant social problems and actions requires judgments of relative social value. What social theory, what social policies, and why? Significant sociology analyzes the consequences of social structure, forces and change. This cannot be done in a value‐free context, especially so for sociologists who are interested in matters of social policy.
The Pursuance of Better Quality of life: In the Long Run, Better Quality of Social Life Is the Most Important Factor in Migration
Authors: Hsieh Chang‐tseh , Liu Ben‐chieh
Published: July 2006

Abstract. A model is developed to explore the relationships between interregional migration and regional variations of quality of life. The model incorporates the impact of the interregional variations of the various aspects of quality of life including economic, political, environmental, social, health and education. The long‐run and short‐run migration data for 65 major U.S. standard metropolitan statistical areas are used to test the model. The results suggest that unlike the conventional conclusions, economic factors are not so important in motivating interregional migration. Rather, it is shown that in the long‐run the pursuance of better quality ot social life turns out to be the most important factor. In the short‐run, the results suggest that the pursuance of better environmental quality is the dominant factor in explaining the interregional migration.
Social Efficiency and the Provision of Collective Services
Authors: Tuckman Howard P
Published: July 2006

Abstract. Government inefficiency arises from failure of preference, production, and delivery The first occurs when government produces a different mix of collective services than is socially desirable; the second when government produces services less efficiently than it could at given cost levels; the third when the targeted beneficiaries fail to receive the intended level of services. A taxonomy of causes of each type of failure is developed and the conclusion drawn that some inefficiency is inevitable when collective services are provided. At issue is how much inefficiency should be tolerated when the gains to society from the provision of collective services outweigh the costs and how existing inefficiencies can be reduced to lower levels.
Some Theoretical coordinates of radical Liberalism
Authors: Lictenstein Peter M.
Published: July 2006

Abstract. The term radical liberalism is frequently used to describe a particular branch of liberal social theory. However, a great deal of ambiguity normally surrounds the use of this term. A working definition of radical liberalism can be constructed by first isolating the key principles of liberalism These are individualism, private property, and political democracy. The initial impulse of radical liberalism comes from its critique of these principles. In particular, radical liberals see a contradiction between political democracy, which extends human rights, and private property, which abridges human rights. Finally, radical liberalism can best be defined to represent six theoretical propositions: pluralism, developmental (as opposed to possessive) individualism, solidarity, egalitarianism, participatory democracy, and social transformation.
The Political Economy of Revolution and Democracy
Authors: Chaffee Wilber A.
Published: July 2006

Abstract. Electoral democracy and revolutionary violence are both forms of political competition involving leaders vying for public office. Political leaders seek benefit from public position. By redefining those benefits into concepts of profit and costs, a rational choice framework can give an ordering of those types of political competition which are of the greatest value to officeholders, assuming that they are profit‐maximizers. The ordering that result conforms to the definition of prisoner's dilemma and creates a game theoretic matrix based on leader's choices of either electoral or violent competition. The result is an explanation of various modes of political competition. The analysis draws on experimental work on prisoner's dilemma and on empirical material drawn from Latin American politics. Revolution, democracy, and dictatorship are shown to be varieties of a basic cost‐benefit analysis of political leaders.
Can the Public's Desire for Future Benefits Be Deduced form Their Private Decisions?
Authors: Miller Edward M.
Published: July 2006

Abstract. How should benefits and costs occurring at different times be evaluated to decide whether to undertake tax financed public projects? What interest rate should be used? If public decisions were based on people's willingness to pay for future private income, they still could not be based on market interest rates. The benefits of public projects (except in the cases of private land values or affected fixed private capital investments) are not marketable. However, among other things, market interest rates do represent the opportunity costs of public investments. Still, many citizens are concerned about the welfare of future generations; they may have a lower time preference rate. Human capital investments are directly analogous to public investment to produce non marketable public goods. Both are illiquid; both yield returns higher than market rates. This indicates the private rates of time preference for most citizens are high.
Corporate Governance: A Problem of Hierarchies and Self Interest
Authors: Williams Edward E. , Findlay M. Chapman
Published: July 2006

Abstract. Any realistic theory of the firm must take into account the governing structure of the enterprise. Unfortunately, neoclassical economic theory ignores most of the problems associated with firm goal structures and the issue of corporate governance. We argue that shareholder wealth maximization under less than perfectly competitive conditions has serious normative deficiencies. From a positive point of view, it appears that shareholders have such a weak position with respect to governance that they have little influence upon goal structures as well. It is observed that directors rarely function in the idealized trusteeship capacity. Efforts by government to make corporations more “responsible” may involve nothing more than attempts to strengthen the public sector at the expense of the corporate and, hence, may not be in the interest of shareholders at all.

With corporations subject to increased regulation and government controls, two questions emerge: First, who should control corporate diction making (The corporate governance question.) Second, what is the appropriate role of corporations in our society. (The corporate responsibility question.) Corporate governance refers to shareholders. Corporate responsibility refers to alleged responsibility of the corporation to something called the social needs of the community1
A. R. Prest's Investigation of the Case for Site Value Taxation
Authors: Llssner Will
Published: July 2006

Abstract. Urban site value taxation—an application to one of the several types of land and natural resources of Henry George's proposals for recapturing for the public's benefit the value its presence and activities accord to land—has been investigated by a leading British fiscal economist, A. R. Prest. He finds that the taxation of urban land is badly in need of reform. Considering the options available, he declares: “With site value rating (land value taxation) there surely is a very strong case for further experimentation.” Professor Prest surveys the whole literature of the question in a strictly objective fashion.
The Promise and Perils of Worker Participation in Management
Authors: Alexander Kenneth O.
Published: July 2006

Abstract. Movement from authoritarian to participatory work organization promises gains in both worker satisfaction and productivity. In spite of the potential gain in social welfare, change in the United States has been relatively slow. Part of the explanation lies in problems of implementation, in the practical problems of transition Part also lies in management fears concerning the ability to circumscribe the scope of worker participation in order to preserve historic prerogatives. To limit participation may be to compromise participation. There is the additional possibility that change may be transitory, waxing and waning with changes in business conditions.
Strategic Ownership Positions in U.S. Industry and Banking
Authors: Dye Thomas R.
Published: July 2006

Abstract. Strategic ownership position in corporation do not necessarily imply “control” but rather participation in corporate decision making. Strategic positions in the nation's 500 largest industrial corporations and 153 largest financial institutions are described and classified. Types of owners include banks and employee stock plans, financial bolding firms, insurance companies, families and individuals, pension funds, and foreign owners. Results indicate that families continue to hold significant strategic positions in industry (28.5%) and banking (20.4%). These results have certain implications for the theory of “managerialism.”
Alternative Approaches to Correcting Public Sector Inefficiency
Authors: Tuckman Howard P.
Published: July 2006

Abstract. Numerous proposals have been made for improving the provision of collective services. The major ones are explored including reduction of public sector size, introduction of greater competition into the provision of collective services, greater use of incentives to foster sector private sector production, direct substitution of private for public production, and redefinition of the outputs expected from collectively provided services. The advantages and disadvantages of each are considered in light of the multiple sources of public sector inefficiency. No one proposal to eliminate inefficiency in the provision of collective services is likely to succeed. What is needed is careful consideration of the alternatives for each type of public sector service.
Henry George and Economic Intervention
Authors: Andelson Robert V.
Published: July 2006

Abstract. Henry George, the 19th century American economist and social philosopher, was recognized as an individualist. His Single Tax on the value of land and all natural resources would socialize the rent while preserving private ownership and use. His positions on industrial monoplies were not so clear. He urged the abolition of all special privileges but did not see clearly that this would end many such monopolies. He understated the effects of the single land value tax and the abolition of special privileges; they would go a long way toward ending all industrial monopolies.
Mathis and Zech's ‘Empirical Test’ of Land Value Taxation
Authors: Liu Ben‐Chieh
Published: July 2006

Abstract. The Land Value Tax, which proposes that governments raise their revenues largely from taxes on the annualized economic rent of land, has been projected into current debate by recent studies and by political debate in at least half a dozen Pennsylvania cities. An effort to measure its effects o n building construction and renovation was made by two Pennsylvania economists, E. f. Mathis and C. E. Zech. Under criticism, they granted that their conclusion that there was no evidence that urban development was stimulated was tentative and debatable. The effort was valuable in that it highlighted some of the pitfalls of this kind of research. In this area, researchers must try to avoid mis‐specification of variables, wrong choice of flow or stock data, employment of oversimplified economic hypotheses. Public decision makers should be informed about inappropriate model specification and structure, input data deficiencies, and inadequate econometric analysis for urban policy determination.
The Courts and College Football: New Playing Rules Off the Field?
Authors: Pacey Patricia L.
Published: July 2006

Abstract. Oklahoma and Georgia, two outstanding college football contenders, challenged the National Collegiate Athletic Association's (NCAA) long standing control over television sales of game broadcasts. The case, Board of Regents of the University of Oklahoma and the University of Georgia Athletic Association vs. National Collegiate Athletic Association, alleged violations of the Sherman Antitrust Act.1 It captured the attention of those involved in sports and of the legal profession but its significance is wider. It involved basic economic issues. Plaintiffs held that television was not a threat to ticket revenues, the NCAA structure gave control to colleges with little or no interest in football. and the arrangement did not achieve competitive balance. The NCAA's behavior is found to be that of a classic cartel and ending its control widened consumer choice and upgraded product quality.
Are Racial Factors Important for the Allocation of Mortgage Money?
Authors: Leahy Peter J.
Published: July 2006

Abstract. A quasi‐experimental design is used to assess whether racial factors, net of important socioeconomic influences, are significantly related to the number of loans and amount of mortgage money loaned in Black and White neighborhoods in a midwestern city. Thirteen primarily Black census tracts are matched on socioeconomic characteristics with 13 White tracts using factor analysis and a method of matching known as “ecological similarity.” The latter uses an extension of Euclidian Distance to measure “closeness” between any pair of census tracts or factor scores derived from the factor solution. Results suggest that race is significantly related to both number of mortgage loans and amount of money loaned. Black tracts receive significantly less of each.
Monopoly Pricing as a Consumer Exaction in the Public Utility Sector
Authors: Bruggink Thomas H.
Published: July 2006

Abstract. The many studies on the measurement of deadweight welfare loss due to monopoly pricing have largely ignored the public utility sector of the economy. For the residential customer class in the municipally‐owned water industry, the useable formula for the welfare loss triangle depends on the divergence between price and long run marginal cos and the price elasticity of demand Only price is directly observable. Statistical methodology developed here and elsewhere provides unique estimates of marginal cost and elasticity for each utility. The welfare loss, as a percentage of the residential customer class's annual water bill, is 9 to 10 per cent for locally regulated water utilities and 5 to 6 per cent for state regulated utilities–a level above those reported in most of the studies on manufacturing industries. Regulation, however, can make a difference.
Monopoly, Monopsony, and Union Strength and Local Market Wage Differentials
Authors: Stratton Richard W.
Published: July 2006

Abstract. The study of the influence of product market monopoly, local labor market monopsony, and union strength on market wage differentials is the purpose of this paper. Accordingly, the related theoretical propositions are examined, synthesized and extended to explain more fully observed variations in local labor market wages. In contrast to previous investigations, this study considers several varied occupations at once, encompasses nineteen different two digit SIC industries, and computes market wage data using observations on individuals from the 1970 census. The results indicate that the extent of unionism and employer monopsony contribute significantly to the explanation of market wage differentials, while the product market concentration, and its interaction with unionism does not.
Mineral‐based Growth and Development‐generated Socioeconomic Problems in Botswana
Authors: Curry Robert L.
Published: July 2006

Abstract. Botswana's record of economic growth and political stability stands in sharp contrast to the economic stagnation and political turmoil endemic to Africa. Its progress was based on its fortuitous endowment of mineral wealth, and sound macroeconomic management. In effect, diamond, copper, nickel and coal mining has transformed Botswana from a least‐developed, rural, agriculture‐based economy into one of Africa's fastest growing, non fuel mineral exporting countries The Government has forged fiscal linkages between the companies operating in the mining sector and its public revenue collections. However, no such strong linkages have been established to the agricultural sector—particularly, to remote, rural, traditional farming areas where most of the country's people live. The growth strategy has produced underdevelopment and economic stagnation in rural agriculture, as well as increasing economic dependency on the Republic of South Africa.
A Reply to Liu's Critique
Authors: Mathis Edward J. , Zech Charles E.
Published: July 2006

Abstract. In his comment on our paper. “The Economic Effects of Land Value Taxation: An Empirical Test,” Professor Ben‐chieh Liu criticizes the structure and specification of our model and indicates the existence of data deficiencies and testing problems. Professor Liu raises some interesting questions, but he does not offer any concrete evidence to refute our original conclusion that the land value tax (LVT) is not superior to the real property tax in terms of stimulating urban development. Since the LVT represents a radical departure from current tax policy, which would lead to significant changes in the distribution of income, the burden of empirical evidence rests on those who believe that it is superior.
Are We Really Measuring the Quality of Life?Well‐being Has Subjective Dimensions, As Well As Objective Ones
Authors: Wish Naomi Bailin
Published: July 2006

Abstract. In order to compare the quality of life (QOL) in U.S. metropolitan areas economic, sociological, political and cultural data are often gathered and equally weighted without regard for the way QOL is perceived by those who live there. Basing our comparisons of U.S. metropolitan areas solely on objective data or official statistics biases the results so that there is little relationship between one set of measures and another. These results contradict conclusions reached by survey researchers who siwdy the perceptual aspects of the quality of life. Therefore, we must rethink the methods used in future of life studies, Psychographic and demographic data must be integrated.
Fringe Benefits of Workers in Nonmanufacturing Industries
Authors: Alpert WilliamT. , Ozawa Martha N.
Published: July 2006

Abstract. Fringe benefits have increased rapidly during recent decades. While determinants of manufacturing workers' fringes have been investigated, little information is available about those of nonmanufacturing workers. In this study we investigate factors that determine the levels of fringes of office and nonoffice workers provided by private‐sector nonmanufacturing establishments. The factors are classified by characteristics of employees (such as income, marginal tax rate, union status), of firms (such as size, location and industry), and other variables. Using regression analysis we find employee income, marginal tax rate, union status and firm size consistently and positively related to fringe benefits. Other variables’coefficients in the equation usually possess the sign predicted by the model but sometimes do not attain statistical significance at conventional levels. We conclude that economic models of fringe benefits accurately represent behavior in nonmanufacturing establishments.
Henry George and Europe
Authors: Silagi Michael
Published: July 2006

Abstract. The progressive democratic social philosophy of a 19th century American economist, Henrys George, has had a far‐reaching effect on some European intellectual and political leaders. Not all adopted his practical proposal, the single land value tax as a substitute for other taxes. But the British Liberal party, a section of the British Labor party and Danish smallholders did. George's ideas were absorbed into the long standing European land reform tradition and he became the initiator and theoretical founder of the modern movement there, as Heinrich Erman, the German legal scholar, held. It is a mistake to say that the French Physiocrats anticipated George; their produit net was a tax on output, not highest potential use and was aimed to achieve stability, not development. Europeans see George and Georgism the same as Americans but in a different context, that of Natural rights.
Persistent Problems in Measuring Household Production
Authors: Quah Euston
Published: July 2006

Abstract. Three problems continue to plague household production researchers: definition of household production, method of dealing with joint‐production activities and the appropriate valuation of household production. Each of these problems is analyzed and ways of resolving it suggested. Particular attention is paid to the valuation question. It is shown here that the appropriate method of valuation is one which is consistent with economic theory. This, in turn, will depend critically on the purpose of valuation.
Knight on Religion and Ethics As Agents of Social Change: An Essay to Commemorate the Centennial of Frank H. Knight's Birth
Authors: Raines J. Patrick , Jung Clarence R.
Published: July 2006

Abstract. A paradigm is developed in this essay based upon Frank H. Knight's thought in order to provide a foundation for analyzing contemporary moral philosophers’efforts to influence public policy. In honor of Knight's 100th birthday in 1985, the role of religious doctrine and ethics in determining social policy is examined in terms of the exegesis which could have been expected of Frank Knight. Knowledge of Knight's views on religion and ethics provides a provocative means of interpreting and evaluating moralism as a force of social change in today's world.
Tax Policy for Economic Progress
Authors: Harriss C. Lowell
Published: July 2006

Abstract. Developing countries, in constructing modern tax systems, would do well to adopt policies based on proven economic principles so that fiscal instruments do not perpetuate stagnant economies and underemployment of labor and resources. To achieve growth and jobs and ever higher levels of living, they should avoid the mistakes of the United States and many other industrially developed countries in burdening business—enterprises production—with heavy and obstrusive taxes. They, and developed countries as well which are committed to progressive change based on tax reform, like the United States, should use land values where possible to finance local governments so as to avoid taxing the other factors of production. And where necessary taxes should be levied on consumption, for taxes on business income misallocate resources and hamper market discipline in promoting output and efficiency.
Mineral Taxation in Less Developed Countries: Papua New Guinea's Balanced System
Authors: O'faircheallaigh Ciaran
Published: July 2006

Abstract. In taxing their mining industries most Less Developed Countries must balance their need for mineral revenues with their requirement for continued private Investment in exploration and development. Papua New Guinea has attempted to achieve such a balance. An ideal system would use a Resource Rent Tax. Papua New Guinea accepted its underlying principle but combined it with royalties, a. flat profits tax, a dividend withholding tax and an additional profits tax. The rates and thresholds keep the tax burden bearable and avoid discouraging investment for exploration and development while ensuring that the government receives a substantial return from profitable projects.