bluuebunny/crossref_metadata_2025 huggingface dataset:
The Substantive Law: the Principle of Administrative Liability
Authors: Brown L Neville , Bell John S , Galabert Jean-Michel
Published: October 2023

This corpus iuris bears, to continental eyes, the unusual feature of consisting predominantly of case-law, at least as regards the general principles of administrative law. These principles have to be extracted by a process of induction from la jurisprudence of the Conseil d’Etat. In a sense, it is no more than a statement of the judicial practice for the time being of that court-for the time being, because, as we shall see, the Conseil d’Etat accepts no doctrine of rigid precedent. Of course, much of the substantive law regulating the administration is contained in legislation, often consolidated into ‘codes’ such as le code d’urbanisme, le code des marches publics, and so on. But such codes are very different in character from the systematic, comprehensive and principled codes which form the basis for French civil and criminal law.
Concave Programming
Authors: Dixit Avinash K
Published: October 2023

In the last chapter I defined convex sets and quasi-concave and concave functions, and developed a geometric approach to constrained optimization based on the separation of two convex sets. This had the conceptual merit of suggesting a decentralized im-plementation of society’s economic optimization problem. But it was of limited value in solving actual examples. In this chapter I combine the idea of convexity with a more conventional calculus approach. The result is that the Lagrange or Kuhn-Tucker conditions, in conjunction with convexity properties of the objective and constraint functions, are sufficient for optimality.
Time: The Maximum Principle
Authors: Dixit Avinash K
Published: October 2023

As in the case of uncertainty, the study of optimization over time requires no new general principles. The variables to be chosen will pertain to different dates, but we can always stack them together in one large vector x, and the general problem remains one of maximizing the value of a function F(x) subject to a vector inequality constraint G(x) ::; c. At the time when the decision is taken, the knowledge of future tastes and technology may be very imperfect. But this simply requires us to capture the uncertainties and attitudes to risk in the functions F and G. As time unfolds, there may be opportunities to rethink the current decision and revise the plan. But this merely requires us to recognize such future revisions in our current decision. Such a consideration may lead us to take more flexible decisions now so as to allow later choices in the light of better knowledge. But it may also mean making commitments now to foreclose certain future avenues that tomorrow’s preferences would tempt us into, when today’s preferences dictate otherwise; here today’s decision involves playing a game of strategy against one’s own future self. Once all such considerations are incorporated in the objective function and the constraints, the formal theory of the previous chapters continues to apply.
Analysis of Port Pricing of Halibut: Theoretical Considerations and Empirical Results
Authors: Crutchfield J , Zellner A
Published: October 2023

Since halibut fishing takes place over a short part of the year, many dealers find it profitable to build up inventories of halibut in order to supply consumers when fishing is prohibited. Thus one type of demand for halibut at the port is to fill inventories. A second type is the demand for fresh fish; this element of demand is present at some ports but not at all of them. A rough quantitative estimate of the relative importance of these two types of demand may be obtained by noting that the seasonal inventory build-up is about 40 million pounds, whereas total annual production is about 60 million pounds. The difference, 20 million pounds, represents sales of frozen fish from inventories and of fresh fish. Unfortunately, no figures are available to permit separate estimates of these two latter items. It is clear, however, that inventory demand is extremely important.
Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories
Authors: Miron Jeffrey A , Zeldes Stephen P
Published: October 2023

Abstract. A great deal of research on the empirical behavior of inventories examines some variant of the production smoothing model of finished goods inventories. The overall assessment of this model that exists in the literature is quite negative: there is little evidence that manufacturers hold inventories of finished goods in order to smooth production patterns. This paper examines whether this negative assessment of the model is due to one or both of two features: cost shocks and seasonal fluctuations. The reason for considering cost shocks is that, if firms are buffeted more by cost shocks than demand shocks, production should optimally be more variable than sales. The reasons for considering seasonal fluctuations are that seasonal fluctuations account for a major portion of the variance in production and sales, that seasonal fluctuations are precisely the kinds of fluctuations that producers should most easily smooth, and that seasonally adjusted data are likely to produce spurious rejections of the production smoothing model even when it is correct.
Introduction
Authors: Hylleberg S
Published: October 2023

The applications of very complex seasonal adjustment procedures like the X-11 which are based on more or less ad hoc methods have left many statisticians working with time series uneasy for several reasons. First, the complex nature of the procedures makes it virtually impossible to evaluate the procedures except by looking at the output and input series. Secondly, the extensive use of moving average filters causes endpoint problems which in turn imply often large revisions of the seasonally adjusted data. Thirdly, the black-box nature of the procedure prevents a deeper understanding of the nature and the interdependencies of the seasonal and cyclical components.

In the now classical Box-Jenkins framework (see Box and Jenkins (1970)) the modelling of time series with seasonal components takes place by applying seasonal differences such as 1 - B4, 1 - B12, etc. where B is the lag operator, in addition to the first differences, 1 - B, in the stationarity producing phase of the procedure. In the next step autoregressive and moving average factors with lags at the seasonal frequencies are added.
Testing for Unit Roots in Seasonal Time Series
Authors: Dickey D A , Hasza, D P , Fuller* W A
Published: October 2023

Abstract. Regression estimators of coefficients in seasonal autoregressive models are described. The percentiles of the distributions for time series that have unit roots at the seasonal lag are computed by Monte Carlo integration for finite samples and by analytic techniques and Monte Carlo integration for the limit case. The tabled distributions may be used to test the hypothesis that a time series has a seasonal unit root. Key words: Time series; seasonal; nonstationary; unit root.
Long-Memory Models
Authors: Granger Clive W J , Teräsvirta Timo
Published: October 2023

Most of the models considered so far have been assumed to be stationary, or at least stable. In most cases these models are short-memory, in that a shock to the variable today will not have an effect on the value of the variable in the distant future. However, it seems that some economic variables are long-memory, containing ‘permanent’ components, and different models then need to be considered. If Xi, y1 are both long-memory there may be some simple function of them in short-memory which produces a generalization of the concept of cointegration, which has proved to be a useful one in linear models.
Applications
Authors: Granger Clive W J , Teräsvirta Timo
Published: October 2023

In this chapter, some applications of smooth transition regression models are presented to illustrate uses of the techniques discussed above. The models are potentially useful because they produce economically interpretable results. The first examples, both univariate and bivariate, use international volume of industrial production data and summarize more extensive results found in Teräsvirta and Anderson (1992) and Anderson and Teräsvirta (1992). The second example considers a possible nonlinear relationship between US GNP and an index of leading indicators, and is taken from Granger, Terasvirta, and Anderson (1993).
A review of methods of estimating cointegrating relationships
Authors: Hargreaves Colin
Published: October 2023

Six estimators of cointegrating relations are compared - OLS, Augmented OLS, Fully-Modified, Three-Step, Johansen MLE and Box-Tiao. Monte Carlo simulations were run using a four-dimensional system to assess the effects of a very wide range of problems. The results found that the Johansen estimator was best as long as the sample was reasonable large (about I 00) and the model was accurately specified but not otherwise. Given we are rarely sure of our specifications, the results implied using the Johansen method to try and determine the number of cointegrating vectors and if there is one, then to start with OLS, assess the model, move up to FM and assess any changes in the results. If the researcher erroneously underestimated the cointegrating rank, the Johansen estimator faired worse than the single-equation estimators. Accuracy of estimating three-dimensional cointegrating spaces within four space is described separately in Hargreaves (1992) where the multidimensional OLS described here and augmented OLS fair very well.
Exogeneity
Authors: Engle Robert F , Hendry David F , Richard jean-FranÇois
Published: October 2023

Definitions are proposed for weak and strong exogeneity in terms of the distribution of observable variables. The objectives of the paper are to clarify the concepts involved, isolate the essential requirements for a variable to be exogenous, and relate them to notions of predeterminedness, strict exogeneity and causality in order to facilitate econometric modelling. Worlds of parameter change are considered and exogeneity is related to structural invariance leading to a definition of super exogeneity. Throughout the paper, illustrative models are used to exposit the analysis.
The Encompassing Implications of Feedback versus Feed forward Mechanisms in Econometrics
Authors: Hendry David F
Published: October 2023

This paper develops procedures for discriminating between feedback and feedforward models, highlighting the role of changes in the marginal models for the expectations processes. For sufficient change in the marginal processes, the combination of encompassing and super exogeneity allows discrimination between feedback and feedforward models. Thus, prior to advocating expectations processes, it is important to test the constancy of the proposed marginal models; and recursive estimation and testing seem useful tools for doing so. Empirically, an expectations interpretation of a constant conditional model for U.K. Ml demand is rejected.
Confidence Intervals for Linear Combinations of Forecasts from Dynamic Econometric Models
Authors: Campos Julia
Published: October 2023

This paper derives the approximate distribution of a vector of forecast errors from a dynamic simultaneous equations econometric model. The system may include exogenous variables with known and/or unknown future values. For the latter set of exogenous variables, a stationary and invertible ARMAX process is assumed. Confidence regions are derived for vectors of linear combinations of forecasts. These confidence regions are particularly useful for designing tests of super exogeneity via tests of predictive failure. To illustrate the use of confidence intervals, forecasts are generated for an oil price and for a Venezuelan consumer price index.
Portfolio Choice
Authors: Eichberger Jürgen , Harper Ian R
Published: October 2023

The subject of this chapter is the problem of portfolio choice. The chapter begins by establishing the equivalence of the problem of choosing assets to hold in portfolio and the problem of choosing state-contingent wealth. The equivalence of these two problems reveals limits on the relationship between the payoffs and the prices of as sets in equilibrium. If trade in asset markets is not to produce unbounded wealth, asset pay-offs and prices must be such that riskless arbitrage is not possible. The conditions under which this is true are developed in Section 2.1.1. Section 2.1.2 goes on to investigate general equilibrium in portfolio space.
Firms and Financial Markets
Authors: Eichberger Jürgen , Harper Ian R
Published: October 2023

Models of contingent consumption, such as those discussed in Chapter 3, skirt around problems that arise with production in such a framework. In this chapter, we introduce the notion of a firm. In an economy with financial markets where shares of ownership in a firm can be traded, a firm ‘s decision about its production plan is at one and the same time a decision about the pay-offs to an asset, viz. the firm ‘s equity or stock. The first part of this chapter investigates issues arising from the dual role of a firm ‘s production decision, i.e. creating return streams for its owners (profits, dividends) in different states of the world and altering the set of available securities in the economy. With firms whose stock can be traded, we introduce assets with ‘endogenous ‘ returns.
Related Methods of Estimation
Authors: Hall Alastair R
Published: October 2023

In this chapter, we brieﬂy review two other methods for exploiting moment conditions in estimation. Section 10.1 describes simulation based estimators known as Simulated Method of Moments, Indirect Inference and Efficient Method of Moments. Section 10.2 describes the method of Empirical Likelihood. The purpose of this discussion is to provide the intuition behind the methods in question and to explain their connections to GMM. References are provided for those readers interested in a rigourous analysis of the statistical properties of these estimators.
The Asymptotic Distribution of the Test for Cointegrating Rank
Authors: Hansen Peter Reinhard , Johansen Søren
Published: October 2023

The main result here is Theorem 11.1 which gives various forms for the limit distribution for the likelihood ratio test for cointegrating rank. The simplest result is that the test statistic of H2(r) in H2(p), where B is a standard Brownian motion in p - r dimensions.
Stochastic Processes
Authors: Nielsen Lars Tyce
Published: October 2023

Stochastic processes are a fundamental concept in finance theory. They describe random phenomena that evolve over time, such as securities prices, interest rates, trading strategies, the value of an investor’s portfolio, etc. Most processes used in finance belong to a particularly important class called Itô processes, which are the subject of the following chapter. In this chapter, we introduce some more elementary notions which are needed before we can understand Itô processes.
When are Interests Interesting? The Problem of Political Representation of Women
Authors: Sapiro Virginia
Published: October 2023

In the beginning there was no problem of political representation of women. The reason was not that everyone agreed that women should not be represented; rather, the argument was that women were represented. The justification for this argument is best exemplified by the often-quoted common law view found in Blackstone’s Commentaries: By marriage, the husband and wife are one person in law: that is, the very being or legal existence of the women is suspended during the marriage, or at least is incorporated and consolidated into that of the husband: under whose wing, protection, and cover, she performs everything (Okin 1979: 249).
From Redistribution to Recognition? Dilemmas of Justice in a ‘Post-Socialist’ Age
Authors: Fraser Nancy
Published: October 2023

The ‘struggle for recognition’ is fast becoming the paradigmatic form of political conflict in the late twentieth century. Demands for ‘recognition of difference’ fuel struggles of groups mobilized under the banners of nationality, ethnicity, ‘race’, gender, and sexuality. In these ‘post-socialist’ conflicts, group identity supplants class interest as the chief medium of political mobilization. Cultural domination supplants exploitation as the fundamental injustice. And cultural recognition displaces socioeconomic redistribution as the remedy for injustice and the goal of political struggle.
Introduction
Authors: Bhavnani Kum-Kum
Published: October 2023

A volume such as this invariably omits too much, and can therefore appear incomplete to those who are familiar with the debates and discussions. That is the anxiety with which all editors and teachers live-have I said it all? What was not intended yet could be read into the omissions? The usual response to such questions is that it is rarely possible to say it all-because there is too much to be said. While such a response is reasonable, it still begs the question of why, then, have I decided to include a particular piece or argument rather than another.
Black Women in White America
Authors: Lerner Gerda
Published: October 2023

Until the very recent past, black people in America have been denied their history. The discovery of Black history, and its legitimization and acceptance into the body of American history, is progressing at this very time and has already immensely enriched our knowledge of our national past. Black history is beginning to serve whites as an antidote to centuries of racist indoctrination by providing essential knowledge without which a more truly democratic, non-racist society cannot be built. Black history is serving Blacks in a somewhat different sense by arousing pride in a legitimate past, enhancing self-respect and providing heroes and leaders with whom black people can identify.
Women and the Politics of Fundamentalism in Iran
Authors: Afshar Haleh
Published: October 2023

This chapter is concerned with understanding what Islamic fundamentalism means to women who choose to adopt it and how, if at all, it could be used as a means for political struggles. The intention is to move away from the usual condemnatory approach to Islamic fundamentalism and consider it in the light of the views and activities of its adherents. Specific examples will be given with reference to Iran and the women’s organizations and their activities in that country.
Crosscurrents, Crosstalk: Race, ‘Post-coloniality’ and the Politics of Location
Authors: Frankenberg Ruth , Mani lata
Published: October 2023

This chapter had its immediate point of origin in the invitation to contribute to a lecture series on ‘Post-coloniality and California’ in the spring of 1991. Commonplace as the term ‘post-coloniality’ has rapidly become in literature, anthropology and Cultural Studies in recent times, the title begged a number of questions, about the notion of ‘post-coloniality’ and its efficacy, either in relation to California in particular, or to the United States in general.
Finding a Voice: Vittoria Archilei and the Florentine ‘New Music’
Authors: Carter Tim
Published: October 2023

In Florence towards the end of the sixteenth century there arose a new school of singing and new styles of solo song that had a profound influence on the course of music in the Baroque era. The so-called ‘new music’ embraced both opera and chamber song (monody); it emerged in response to a Humanist-inspired interest in the music of Classical Antiquity, to a dissatisfaction with the affective limitations of contemporary compositional techniques (in particular, multi-voice polyphony) and to a sense that music could and should achieve new dramatic, rhetorical, and emotional power in the service of its text.’
A Little Hungarian Pornography
Authors: Esterhazy Péter
Published: October 2023

Life in a dictatorship is not the same as life in a democracy. You live in a different way. And you write in a different way, too. You also read in a different way. And though literary considerations everywhere are equally ‘lasting as steel’, literature is nevertheless affected by the just mentioned difference. Some books are irrevocably the prisoners of the time in which they were written. The author hopes (not that he’s got a choice) that his book is perhaps an exception, that time has not done too much damage. Of course, all sorts of shackles and loose bindings fiapping this way and that are in evidence throughout its pages, which, to say the least, have their own special logic.
Financial Conditions Indices
Authors: Goodhart Charles , Hofmann Boris
Published: October 2023

A Monetary Conditions Index (MCI), a weighted average of the short-term interest rate and the exchange rate, has commonly been used, at least for open economies, as a composite measure of the stance of monetary policy. The MCI concept is based on empirical findings that inflationary pressures are determined by excess aggregate demand and that monetary policy mainly affects aggregate demand via its leverage over short-term interest rates and the real exchange rate. Changes in the stance of monetary policy affect short-term money market interest rates, which in turn influence the investment and saving decisions of households and firms and thus domes- tic demand conditions. A change in short-term interest rates changes, ceteris paribus, the interest rate differential vis-à-vis the rest of the world and may thus lead to a change in the real exchange rate, which in turn affects the competitiveness of domestic firms vis-à-vis foreign firms and thus external demand conditions.
House Prices and Bank Credit
Authors: Goodhart Charles , Hofmann Boris
Published: October 2023

Over the last two decades most industrial countries have experienced episodes of boom and bust in credit markets. These credit cycles have often coincided with cycles in economic activity and property markets. The coincidence of these cycles has already been widely documented in the policy-oriented literature (e.g. IMF 2000; BIS 2001a), but there are only a few studies assessing the relationship between credit aggregates, economic activity and property prices in a formal way. In particular, the role of property prices has not been explored to a large extent. This chapter aims to fill this gap. We analyse the determinants of domestic bank credit to the private non-financial sector from an international perspective. For a sample of 16 industrialized countries we model bank credit1 as a function of economic activity, interest rates and property prices using quarterly data since 1980.
What Role for House Prices in the Measurement of Inflation?
Authors: Goodhart Charles , Hofmann Boris
Published: October 2023

Our dictionary (Longmans) defines inflation as a fall in the value of money, not as a rise in the consumer price index. If we spend our money now on obtaining a claim on future housing services by buying a house, or on future dividends by buying an equity, and the price of that claim on housing services or on dividends goes up, why is that not just as much inflation as when the price of current goods and services rises? We spend much of our money on such purchases; the value of gross purchases of houses, in those cases where a mortgage was taken out, was 18.5% of post-tax income of the household sector in 1999. In the same year the net value of other financial savings of the household sector was 5.5% of post-tax income.
A Second Central Bank Instrument?
Authors: Goodhart Charles , Hofmann Boris
Published: October 2023

There has been a welcome and continuing trend of improvement in economic outcomes over recent decades, from the turbulent years of the 1970s, through the cycles of the 1980s (and in the early 1990s), to the recent decade of stable, low inflation and much milder cycles of real output. Some (large?) part of this improvement has been due to beneficial structural changes in the monetary pol- icy framework, with the successful achievement of EMU, and the practical adoption of inflation targeting (IT) as a means of achieving price stability, being key milestones in this successful process.
House Price Fluctuations and Public Policy
Authors: Goodhart Charles , Hofmann Boris
Published: October 2023

Persistent inflation is a monetary phenomenon. When monetary policy is subject to proper discipline and becomes well anchored, there should be no persistence in inflation. In the last 15 or so years, that has been the experience of most developed countries. During these years the target for inflation has not been zero, but a low rate of about 2 to 2 1/2% The preference for a low, but positive, inflation rate (over a target for zero inflation) is due partly to concerns over whether the statistical indices may exaggerate inflation slightly (see the Boskin Report 1996), partly to a belief that workers would be unwilling to negotiate, or to accept, nominal wage cuts, so that grinding inflation down from 2% to zero might be very costly in forgone output (Akerlof and Yellen 1985, 1990), and, even more, to a fear that, given the zero nominal floor to short-term interest rates, it could be hard for (conventional) monetary policy measures to counteract a deflationary shock when the economy already has price stability.
Why the Poor Stay Poor
Authors: Bliss Christopher
Published: October 2023

Consider an economic unit, large or small. Examples would include an individual, a family, a region, or a nation. Suppose that at some moment in time the unit is poor. In this context poverty will mean relative poverty; being poor in comparison with comparable units; although we leave open the possibility that absolute poverty may play a role in determining subsequent developments. Allow a suitable period of time to elapse. We expect that a poor unit is likely to remain poor. Beggars may win lotteries, or poor regions discover oil. Yet typically poverty gives rise to poverty. Even so, if the inheritability of poverty is less than perfect, the poor unit may tend to be closer to average wealth or income than was the case with the initial observation.
Mobile Factors and Urbanization
Authors: Bliss Christopher
Published: October 2023

In Chapter 5 we saw how the Heckscher-Ohlin-Samuelson trade model (HOS for short) can be used to support the counter-intuitive conclusion that factor mobility is largely without consequence, at least where factor prices are concerned. With two countries within the same cone of diversification, they will share common factor prices and common techniques of production. Suppose in that case that there is a small change in the factor supplies of one or both these countries, caused possibly by the migration of one of the factors from one country to the other. Then there will be a similarly small alteration in activity levels, to accommodate the new factor supplies, and no change in factor prices.
Unequal Trade and Trade between the Unequal
Authors: Bliss Christopher
Published: October 2023

Winston Churchill said of democracy: ‘the only argument for it is that everything else is much worse’. Exactly the same might be said of trade liberalization, and the structural reforms that accompany it when programmes promoted by the IMF, the World Bank, and many economists, are under consideration. The heading of this section is borrowed from a prominent book by the Nobel-Prize-winner Joseph Stiglitz, Stiglitz (2002). This chapter chooses to concentrate on the analytical content of this contribution to the literature, leaving aside the author’s intemperate attack on IMF staff. Stiglitz argues that everything else is most certainly not worse than the rigid formulaic adjustment programmes applied by his bete noire, the IMF. His case is broad and far-reaching, and a full evaluation of it does not belong here. See Bliss (2003b) and Wolf (2004) for a more detailed discussion of some of the issues.
Comparison of the Copyright
System and the Author’s Rights (Droit D’auteur) System
Authors: Lewinski Silke von
Published: October 2023

Today, two major systems of protection govern most national copyright laws of the world: the Anglo-Saxon or Anglo-American ‘copyright system’ and the Continental European ‘author’s rights’ or ‘ droit d’auteur ’ system. They are rooted in different philosophies, as reflected in distinctive features of laws under each system. The differences of these systems have proved to be a major source of problems for initiating and adopting international agreements or even regional harmonization, especially from the mid-1980s when the increased economic importance of copyright resulted in more competition and countries’ more aggressive pursuit of protection for the benefit of their domestic industries through international trade law. In addition, not least since its accession to the Berne Convention in 1989, the USA has exercised increased influence on international copyright law and strongly pushed for recognition of elements of the copyright system, thereby accentuating the ‘competition’ between the systems. Strategies of minimizing the differences in order to ‘bridge the gap’ were mostly discerned as tools to introduce elements of the copyright system into the international framework.
Additional Issues Discussed in WIPO After 1996
Authors: Lewinski Silke von
Published: October 2023

When in early 1996 the EC adopted its Database Directive, which included sui generis protection, and submitted to WIPO its proposal for a treaty on sui generis protection of databases, reactions by other delegations were sufficiently positive so that the Chair of the Committee was mandated with the preparation of a Basic Proposal for a database treaty. Yet, during the short period between the submission of the proposal and the Diplomatic Conference in December 1996, support by those other delegations largely faded away due to users’ concerns; in addition, no time was left at the Conference for negotiation on the Basic Proposal. As a result, the Diplomatic Conference simply adopted a Recommendation to convoke an extraordinary session of the WIPO Governing Bodies during the first quarter of 1997; the session was to decide on a schedule of further preparatory work for such a treaty.
Dynamics in aggregate demand and supply
Authors: Heijdra Ben J
Published: October 2023

In all cases the notion of stability will play a fundamental role. A stable system may be defined as one in which the unique equilibrium (also called stationary state) is eventually restored following a shock to one or more of the exogenous variables. Obviously, to operationalize this definition we must in each case indicate exactly what we mean by an equilibrium, and which variables we classify as exogenous. When the system has multiple equilibria (or stationary points), there may be stable and unstable equilibria. If there is a unique stable equilibrium, we shall choose that equilibrium as the relevant one and can still speak of a stable system.
Search in the labour market
Authors: Heijdra Ben J
Published: October 2023

The labour market in many countries is characterized by huge gross flows of workers leaving a job and entering unemployment and vice versa. For example, for the US the flow of workers entering or leaving a job amounts to 7 million per month (Blanchard and Diamond, 1989, p. 1)! It would be tempting to argue that these enormous flows, due to the simultaneous occurrence of job creation and job destruction, are bound to cause problems. There are a lot of workers looking for jobs, and vice versa. At a macroeconomic level, however, it appears that (at least in the US) the labour market is relatively efficient at matching jobs and workers. As we saw in Chapter 6, US unemployment seems to be relatively low and stable.
Macroeconomic policy, credibility, and politics
Authors: Heijdra Ben J
Published: October 2023

As anyone with more than a fleeting interest in literature knows, Ulysses had a hard time getting back to his island of Ithaca after helping the Greeks win the war against the Trojans. Apparently the Greeks had forgotten to suitably thank the gods upon winning the war, and this had irritated them to such an extent that they decided to make the Greeks suffer. To cut a long story short, it took Ulysses ten years plus a lot of trouble to get home. During this journey he and his men have to pass the island of the Sirens. These Sirens were twin sisters and excellent singers but had a dangerous streak to them.
The Dawn of Reason 1960–1969
Authors: Lindley-French Julian
Published: October 2023

The Dawn of Reason 1960–1969: In November 1960, John F Kennedy is elected president of the United States. Some six months earlier Colonel Gary Powers had been shot down by a Soviet ground-to-air missile as his U2 spy plane searches for evidence of the missile gap that has so gripped the American strategic psyche. In such an environment and faced with such a situation Kennedy challenges his fellow Americans: ask not what America can do for you, but what you can do for America. Implicitly he poses the same question to Europeans as, during the ides of August 1961, an ominous wall advances across Berlin as the Third Berlin Crisis reaches it climax and the Cold War enters it most dangerous phase. However, whilst the 1960s see the Cold War strike the hard bottom of nuclear confrontation it is the very realization of what failure and misunderstanding can mean for humanity that finally leads to the dawn of reason. Indeed, it is the unpleasantly novel experience for Europeans of being totally reliant upon others for their collective destiny that slowly and painfully leads to the re-emergence of Europeans as a political force as they begin to impose on both Moscow and Washington in a way that would have been unthinkable ten years prior.
Powers to Stop, Search, Enter, and Seize
Authors: Corrin Lucy , Gask Alex
Published: October 2023

For many, encounters with the police are entirely positive; a friendly constable offering assistance, or giving a sympathetic and committed response to a report of a crime. But when the encounter involves a police officer exercising his or her power over you, the experience may be far less pleasant. An obvious point of tension is police use of powers to search both individuals and premises. Powers to stop and search without making an arrest have long been a source of controversy, particularly their disproportionate use against members of minority ethnic groups. The adage that an Englishman’s home is his castle is illustrative of a cultural objection to intrusions into our homes and private premises.
Beyond conventional measures of income: including indirect benefits and taxes
Authors: Harding Ann , Warren Neil , Lloyd Rachel
Published: October 2023

The size of the income gap between rich and poor, how the gap is changing, and how government programmes redistribute income are all topics of major concern to policy-makers, researchers, and the public. Huge progress has been made in developing comparable and accessible household micro data through initiatives such as the Luxembourg Income Study. These developments have facilitated many cross-national studies of the distribution of income.
Shadows and Fog: Impressionist London
Authors: Freeman Nicholas
Published: October 2023

Max Beerbohm’s caricature, ‘London in November, and Mr Henry James in London’ ( c.1907) shows the venerable novelist in what amounts almost to silhouette. A tangram swathed in dark grey fog, James has been reduced to his external trappings: a drooping top hat, a black overcoat, a furled umbrella. He might be a businessman, a commuter trying in vain to conjure a hansom from the monochrome wastes about him.
Bank of Greece: Latecomer, Uphill Adjustment
Authors: Pagoulatos George
Published: October 2023

Why should the Bank of Greece warrant particular attention? In the early 1990s, Greece posted the worst record among all EU member states in terms of deficits and inflation. The story of Greece’s EMU accession is the uphill adjustment course of the most laggard of EU-15 economies, steered successfully by the country’s central bank, the Bank of Greece. Thus, Greece was a latecomer in the Euro Area. It was the only state that wanted but could not enter in 1999 and remained in the antechamber for two more years before finally managing to accede alone in 2001, into stage three of EMU. This late accession was not a function of weak will but of acutely problematic initial macroeconomic conditions, testifying to the intensity of the adjustment enterprise and the scale of the final achievement.
How Empty Is An Atom?
Authors: Close Frank
Published: October 2023

Electrical phenomena have been known for thousands of years, but the mysteries of the magnetic compass needle, the sparks of lightning, and the nature of electricity remained well into the nineteenth century. The situation towards the end of that century was summarized in a book that I bought as a child in a jumble sale for one penny. Entitled Questions and Answers in Science it had been published in 1898 and in answer to the question ‘What is electricity?’ it opined with Victorian melodrama that ‘Electricity is an imponderable fluid whose like is a mystery to man.’ What a difference a hundred years makes. Modern electronic communications and whole industries are the result of Thomson’s discovery of the electron in 1897, answering the above question a full year before that book was published; news travels faster these days.
Economic Law and the Laws of Economics
Authors: Lowenfeld Andreas F
Published: October 2023

If international economic law is not necessarily congruent with the laws of international economics, it is nevertheless true that economics— knowledge, faith, skepticism included—has had a strong influence on the shape and evolution of the international law of international trade, investment, and financial transactions. Indeed, the General Agreement on Tariffs and Trade, which forms much of the foundation for the subjects addressed in this volume, is clearly based on the perception that international trade is beneficial, that the gains to society from trade outweigh the losses to those who are hurt by competition from abroad, and that value is created through specialization and exchange in open markets.
Money, Exchange Rates, and the Balance of Payments
Authors: Lowenfeld Andreas F
Published: October 2023

Louis XIV and his advisers, Mazarin and Colbert, believed that a nation‘s wealth (and not incidentally its power) depended on its store of gold and silver. The way to increase that store would be to maximize exports paid for in hard currency, and to limit imports. The heritage of that belief, generally referred to as mercantilism, has survived, even when the theory has failed to withstand analysis. Nations still seek to promote exports and restrain imports by a variety of means, and when they lower barriers to imports, for instance by reducing tariffs, they think of such action as concessions. A brief introduction to the role of international exchange and payments is presented here, as a complement to the discussion of the theory of international trade introduced in Chapter 1. The legal rules of the international monetary system are discussed in Part VII.
Dumping and Anti-Dumping
Authors: Lowenfeld Andreas F
Published: October 2023

Dumping as a technical term in the law of international trade is quite different from the lay person ‘s understanding of the term. The popular definition of dumping embraces any sales by a producer or merchant at low prices to dispose of surplus—if possible after costs of production of the entire line have been recovered. In the language and law of international trade, the de5nition of dumping is more limited and technical. Article VI of the GATT, modelled roughly but not precisely on the United States Anti Dumping Act of 1921, defines dumping as an export of a product by a producer or seller in Patria to importers in Xandia‘at less than its normal value ‘, i.e. at less than the price at which the product in question is sold when destined for consumption in Patria. If there are no such sales, that is if a comparable domestic price in Patria cannot be established, normal value is to be determined by reference to the highest price in sales to a third country, or by reference to cost of production in Patria plus a reason able addition for selling cost and profit.
The International Monetary System and Regional Crises
Authors: Lowenfeld Andreas F
Published: October 2023

In the early 1980s, Mexico, then Brazil, and then a number of other states, principally in Latin America, became unable to pay their external debts— and even interest on their debts—as they came due. In the early 1990s, as the states of Eastern Europe and the former Soviet Union turned away from communism, they found themselves without the resources needed to join the international economy and the international monetary system that had grown up largely without their participation. In the late 1990s, a series of countries in South-east Asia, each with a rather different economic and political situation, found themselves in financial distress, brought on at least in part by the perception of the outside world—investors and creditors— that there were parallels among the countries.
The Foundations of Strategy
Authors: Mayson Stephen
Published: October 2023

I examined in Part I the broader shifts in the emerging landscape for legal services, and the fundamental underpinnings of a modern law firm. Part II now explores the strategic context which shapes any given firm’s response to those influences.

Strategists do not begin with a clean sheet. They are constrained by available resources, are subject to the aspirations and attitudes of those on whom they depend for support and implementation, and are bound by context and environment. Strategy is therefore about creating a fit or a match between an organisation and its external environment. This chapter explores the building blocks for that matching operation.
Strategic Options
Authors: Mayson Stephen
Published: October 2023

I explored in chapter 3 the basis on which modern law firms exist and the fundamental preconditions that underpin them. Merely meeting those preconditions, however, will not necessarily ensure strategic or financial success. Those who are seeking to satisfy the preconditions often seek to enable, shape, direct or constrain their actions (depending on individual viewpoints!) by some notion of ‘strategy’. I therefore set out in chapter 4 the different levels of strategy and how they relate to each other. In particular, whether people in an organisation are aware of it or not, their actions will be affected by the firm’s normative environment (that is, by its purpose, culture and climate as defined and discussed in chapter 5). Beyond this, though, their more deliberate strategic actions will usually be more overtly influenced by the firm’s corporate and business strategies—that is, by choices about which industries or markets to compete in, and by decisions about how to compete.
The Implications of Valuation: The Longevity of The Firm
Authors: Mayson Stephen
Published: October 2023

Although the important factor for valuation is the perceived sustainability of a firm’s economic income, it sees to me that this must be very closely tied to perceptions of the persistence and longevity of the firm itself. I have already identified the longevity of the firm as an expected return on previous investment contributing to the perception of the sustainability of its income (see paragraph 11.3.2.4). What I wish to address in this chapter are therefore the broader contributors to the persistence of the firm itself. These contributors are varied, complex and interrelated in mutually reinforcing ways: the following discussion seeks to reflect this.
The Implications of Valuation: Capital and The Firm’s Boundaries
Authors: Mayson Stephen
Published: October 2023

I have now suggested that there are five forms of capital that are capable of contributing to a law firm’s strategy, competitive advantage, and valuation. The principal purpose of this chapter is to examine the basis on which firms decide which of those forms of capital (or the specific assets, resources and attributes that comprise it) should actually be brought within the firm. This is not an entirely theoretical question. For example, many law firms need access to specialist expertise in the course of their work, but they cannot afford to maintain that specialisation themselves. They therefore choose to instruct others outside the firm (such as barristers, foreign lawyers, actuaries, management, or recruitment consultants) rather than develop that expertise within the firm. Increasingly, firms will outsource certain support functions rather than bring or maintain them internally.
Performing Conflict: The Drama of Debate
Authors: Swift Helen J .
Published: October 2023

In the introduction to Pierre Michault’s allegorical verse debate, Le Procès d’Honneur Féminin, the wounded personification of woman’s reputation, Honneur Féminin, brings his cause against misogynists in from the battlefield to be fought out in the courtroom. The relationship between military arms and forensic discourse as instruments of combat appears quite imbricated here. Honneur Féminin describes to the poem’s narrator how a legal wrong committed without cause against him (‘un tort inferé sans cause’) was performed on his person in the form of an ambush (‘embusche’) by the misogynist Malebouche’s lackeys (‘bringans et souldoyers’): he was ‘batu et deschiré par eulx d’aucuns bastons qu’il portent nommés Faulses Langues’. This graphic depiction of how his body was beaten by the defamatory force of their tongues melds together in a striking way the discourses of warfare and legal rhetoric.
Consultants ‘ Professional Indemnity Insurance For Surveyors
Authors: Hogarth Robert
Published: October 2023

The profession, which is not subject to statutory regulation, is self-regulated by the main professional body for surveyors, the Royal Institution of Chartered Surveyors (RICS). The RICS requires all firms registered for regulation by RICS to ‘ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity insurance cover which meets the standards approved by the RICS Regulatory Board.’
Standard Form Building Contracts
Authors: Hogarth Robert
Published: October 2023

This section divides the various JCT 2005 contracts into two groups as follows: Group 1: Standard form contracts which are broadly similar in their insurance provisions to the Standard Building Contract (SBC), namely: The SBC contracts themselves (SBC/Q, SBC/AQ and SBC/XQ) Design & Build Contract (DB)Intermediate Building Contract (IC) Prime Cost Building Contract (PCC)Measured Term Contract (MTC) Group 2: Standard form contracts which are generally dissimilar from the SBC, namely: Minor Works Building Contract (MW) Major Project Construction Contract (MP) Repair & Maintenance Contract (Commercial) (RM)
The Perfectibility of Man
Authors: Folbre Nancy
Published: October 2023

Revolutions spin on the conviction that men can perfect themselves as well as their social institutions. The French expressed less confidence in the social virtues than the British. In the early eighteenth century they seemed more open to women’s rights than their British or American counterparts. Perhaps the very strength of French patriarchy encouraged sons and daughters to make a common cause. Once they had executed their symbolic father, however, the sons found republican governance more difficult than they had imagined and rejected political cooperation with their sisters.
Whose Wealth?
Authors: Folbre Nancy
Published: October 2023

Adam Smith always elicited more affection than his successors, and with good reason. In addition to his comforting confidence in the moral sentiments, he predicted that commerce would increase the wealth of nations, not merely of certain groups within them. Malthus and Ricardo were far less optimistic. Both believed that wages would never exceed subsistence in the long run, because population growth would only bring them down again. Ricardo warned that rents would likely rise and bring a halt to economic growth.