bluuebunny/crossref_metadata_2025_split huggingface dataset:
CATTLE‐MEAT AND ECONOMIC WELFARE*
Authors: Mishra S. N. 
Published: May 2007

SUMMARYThe object of this paper is two‐fold. First, an attempt has been made to show that under certain specific circumstances a livestock production system can be raised to a higher level of output by slaughtering some of the animals. Second, it has been then shown that given a free say to exchange and clearly defined preference scales of the consuming coalitions, this policy is strongly Pareto‐wise optimal. Finally the attention is drawn to the relevance of the policy to the problem of scarcity of food in India. It is suggested that India could do well by slaughtering of its animal population.
ECONOMIC PROBLEMS AFFECTING AGRICULTURE IN EUROPE AND POLICIES CALLED FOR*
Authors: Simantov A. 
Published: May 2007

SUMMARYSince the early 1950's most of the European economies have been growing at an unprecedented high rate associated with a situation of full employment. These two phenomena are at the root of the profound changes which are occurring in European agriculture and which have led on the one hand to a production capacity greater than the potential increase in effective demand for food and on the other hand to rapidly growing income aspirations by farmers.Policies applied so far have been applied uniformly to the entire agricultural sector and have thus been unable to provide satisfactory solutions to these problems. It is necessary to develop more selective policies which should be adapted to the particular problems of each broad group of farmers: (a) policies for those whose economic future in agriculture is doubtful and who should be assisted to transfer to other occupations or to retire; (b) policies for those whose economic future in agriculture might be secured if their size of business was increased and their management improved; and (c) policies for the ‘commercial’ sector of agriculture. The answer to agriculture's problems could be found in the combination of a structural and of a price policy.
MORE ON THE FACTOR‐PRICE EQUALISATION THEOREM*
Authors: Ford J. L. 
Published: May 2007

SUMMARYThis paper was concerned with giving a fuller discussion of the factor‐price equalisation theorem in a three‐commodity two‐factor model and with giving a different ‘proof of it. The Appendix considered a more tentative issue: the factor‐price equalisation theorem in a three‐factor two‐commodity model. It was suggested that in certain conditions it would be seen that factor‐price equalisation was possible.
ORDNUNGSIDEE UND ORDNUNGSPOLITIK ‐KRITIK EINER WIRTSCHAFTSPOLITISCHEN KONZEPTION: Edgar Salin zum 10. Februar 1972
Authors: Riese Hajo 
Published: May 2007

SUMMARYThe Economic Theory of German neoliberalism comprises a certain conglomerate of an absolutely free choice of selecting an economic system on the one hand and a definite determination of the economic policy that results of this choice on the other; this conglomerate prevented the theory of neoliberalism to become a valid theory of economic policy. The former German neoliberalism reduces the categories of aims and means to the choice of the economic system, an unhistorical approach, because such a choice never happened at all. But such an approach enabled the neoliberal authors to reduce any economic policy to only conservate the market system. Even the modern approach of separating qualitative and quantitative policies pursues the same intentions: although indefensible positions vanished under the impression of Keynesian theories, nevertheless the definition of a genuine qualitative policy implicates that the latter has the function of conservating the market system. This distinction of qualitative and quantitative policy has another meaning than in the system of Tinbergen. Since the criteria of separation are ambiguous, even the modern approaches of German neoliberal economic policies remain inadequate compared with the modern theory of economic policy a la Tinbergen.
STEADY STATE, IMBALANCE, AND STABILITY OF TWO‐COUNTRY GROWTH*
Authors: Brems Hans 
Published: May 2007

SUMMARYDefining steady‐state growth as stationary proportionate rates of growth, defining balanced growth as stationary mutual proportions between physical output of all goods, defining equilibrium as zero excess demand, and defining stability as a tendency for equilibrium to restore itself if disturbed, the paper tests a neoclassical two‐country growth model for steady state, balance, and stability. The model uses prices and the exchange rate as equilibrating variables and admits consumer preferences, disparity of rates of technological progress, and disparity of rates of growth of labor forces. Growth is found to be steady‐state, unbalanced, and stable.
THE FULL EMPLOYMENT MODEL: A CRITIQUE
Authors: Weintraub E. Roy , Weintraub Sidney 
Published: May 2007

SUMMARYFull employment models proliferate in economic journals while excessive unemployment (U. S. and Canada, 1969‐71) troubles some major (and many under‐developed) economies. As in Keynes’ time, the analytic work is often at odds with reality. Patinkin, for example, decleares that ‘the labor market… does not interest us’ and that ‘its sole function is to provide the benchmark of full employment’. For Patinkin, and others, full employment exists apparently only by assumption. The implicit mechanism assumes that labor market bargains are made in real terms and, in describing the ‘equilibrium’ tatonnement, a fictional change in money wages is imposed while product prices are assumed to remain constant.Keynes rejected this ‘analysis’ on the grounds that higher (lower) money wages must lead to higher (lower) prices with, at best, limited employment effects ultimately analogous to monetary manipulations. Yet Keynes’ remarks on this vital matter are commonly ignored, even in ‘Keynesian’ models.This matter is reopened inasmuch as the analysis has profound policy implications. On the theoretical level it is also demonstrated that on plausible behavioral grounds Lange's representation of a perfectly elastic labor supply function (over some range) is defensible. Patinkin's supply points ‘off’ the supply function really entails a misspecification of the appropriate function.
ENVIRONMENTAL POLLUTION, THE TERMS OF TRADE AND BALANCE OF PAYMENTS OF THE UNITED STATES
Authors: Magee Stephen P. , Ford William Freithaler 
Published: May 2007

SUMMARYThis paper uses some partial equilibrium models to assess the possible theoretical effects of pollution abatement on the terms of trade and the trade balance of the United States. The results depend on the sectoral location of the pollution (export or import‐competing) and on the type of pollution (production or consumption). The U. S. will experience a deterioration in its trade balance in combatting production pollution and probably an increase in the abatement of consumption pollution. For import‐consumption pollution and export‐production pollution, abatement results in an increase in the U. S. terms of trade and welfare while the opposite occurs for import‐production and export‐consumption pollution. It is possible that the less developed countries have been bearing part of the burden for unabated pollution in the United States.
ELABORATION OF THE TWO‐SECTOR VARIANT: AN EXPANSION OF PROFESSOR ROTHSCHILD'S ARTICLE
Authors: Ferguson C. E. 
Published: May 2007

SUMMARYThe article presents a two‐sector, fixed‐proportions neoclassical model with endogenous demand. The object of the model is to demonstrate two important points: (a) neoclassical theory, distribution theory or capital theory, is not dependent upon smoothly continuous and well‐defined marginal productivity functions; and (b) any theory of distribution that is not merely based upon accounting identities must contain a supply side as well as a demand side. The model does not contain an ‘unobtrusive postulate’, and it demonstrates that neoclassical theory does not depend upon aggregating capital and defining the rate of interest as the marginal productivity of ‘it’.
ÜBERNAGHFRAGE UND LOHNENTWICKLUNG IN DER SCHWEIZ‐ EINE NEUE HYPOTHESE*
Authors: Rossi A. A. , Schiltknecht K. 
Published: May 2007

SUMMARYThe purpose of this paper is to present a new hypothesis to explain the excess demand for labour in an economy with large foreign labour immigration. Home and foreign labour force are not homogeneous. Starting from this preliminary observation, the authors were finally led to propose a new indicator for the excess demand for labour, consisting of the relationship between the foreign labour force and the home labour force of the preceding period. Empirical testing of this hypothesis for the case of the Swiss economy has given satisfactory results.
ON THE RELATIVE EFFICIENCY OF THE NATIONAL HEALTH SERVICE*
Authors: Culyer A. J. 
Published: May 2007

SUMMARYThis paper utilises standard welfare economics to explore a number of assertions that are frequently encountered in connection with the economic rationale of the National Health Service (NHS). It is shown that the NHS‐type of delivery system is likely to produce neither a socially nor medically optimal amount of care, that it is unlikely to achieve consumption equality (even if private practice were to be abolished), that private practice does not enable an optimum to be reached (though some are enabled to make Pareto‐preferred moves) and that non‐price discrimination may systematically discriminate against the poor. A case is also made for the general validity of the choice‐theoretic approach to health care on the grounds that neither demand nor supply is as uniquely determined by technical considerations as is commonly supposed.
FISCAL ILLUSION, POLITICAL INSTITUTIONS, AND LOCAL PUBLIC SPENDING
Authors: Pommerehne Werner W. , Schneider* Friedrich 
Published: May 2007

SUMMARYThis paper deals with the occurrence of fiscal illusion and its effect on public expenditures. Fiscal illusion is here taken to be a systematic misperception by individuals of both the public revenue burden borne by them and the amount of benefit they derive from public expenditures. Taking the revenue structure and public outlays of the 110 largest Swiss cities as an example, it is shown that there is in fact empirical evidence for the existence of fiscal illusion (presently defined for the most part in the literature as a systematic underestimation of fiscal burden) and, as a result, for higher public expenditures when it occurs than when it is absent. By dividing the Swiss cities according to the degree of citizen participation in the making of public decisions, we were able to formulate hypotheses predicting to what degree fiscal burden illusion (understood as systematic underestimation) will occur under each system. These hypotheses have been empirically confirmed. Further analysis of the results has indicated that in cities in which the citizens can only indirectly participate in public decision‐making, the government and public bureaucracy have more freedom to act independent of the wishes of the voters with respect to expenditures, though these are taken more and more into consideration as elections approach. This expenditure behavior and particularly the concrete manner in which expenditures are adjusted to approaching general elections leads us to the conclusion that illusion with respect to the benefit derived from public expenditures also exists.
THE STRUCTURE OF THE MILITARY‐INDUSTRIAL COMPLEX IN THE UNITED STATES AND ITS IMPACT ON INDUSTRIAL CONCENTRATION
Authors: Marfels* Christian 
Published: May 2007

SUMMARYIt comes perhaps as no surprise that approximately 70% of all outlays for military procurement in the United States were accounted for by the 100 largest military contractors in each year during 1965–1974. This clear dominance can be primarily explained by the non‐market character of the defense market where the bulk of contracts is negotiated rather than competitive in terms of sealed bids. Long‐term procurement contracts as a steady and secure source of income may also serve as an incentive for conglomerates to acquire defense contractors in order to enter the defense market via toehold acquisitions. The penetration of the so‐called ‘new conglomerates’ during the 1960s into the defense market is a case in point. It can be safely assumed that the procurement incentive was the prime motivation in the merger decision among these pure‐conglomerate mergers. Furthermore, the majority of mergers benefited greatly from a generous implicit grant for mergers, viz. the provision of a tax‐free reorganization according to Sec. 368 IRC.
INVESTMENT STABILITY AND INDUSTRIAL STRUCTURE IN U.K. MANUFACTURING
Authors: Sarantis* Nicholas C. 
Published: May 2007

SUMMARYThe objective of this paper is to present the empirical results of an investigation into the links between investment stability and industrial structure in U.K. manufacturing industry. First, the alternative theoretical propositions concerning the influence of industrial structure on the stability of capital investment over the business cycle are discussed. This is followed by a description of the data and the specification of the variables used. Subsequently, the empirical results obtained from multivariate regression equations are analysed. The influence of industrial structure and diversification on the adjustment of capital stock and on the convergence of dynamic systems to equilibrium is then examined. Finally, the main conclusions drawn from the analysis are discussed.
ANSPRUCHSNIVEAU UND PERMANENTE FRUSTRATION IM VERBRAUCHSVERHALTEN*
Authors: Pöll Günther 
Published: May 2007

ZUSAMMENFASSUNGIn diesem Aufsatz zeigt der Autor am Beispiel der inversen (hyperbolischen)Engelkurve, dass modernere psychologische und soziologische Konzepte wie Frustration und Anspruchsniveau gut in die «alte» Theorie passen und diese auch verhaltenstheoretisch anreichern. Am Beispiel der Verbrauchsausgaben städtischer Arbeitnehmer für privaten Verkehr von 1962 bis 1974 werden diese Hypothesen illustriert, wobei die geschätzten Parameter der Engelkurve als interessante (auch für Soziologen) schichtspezifische Masszahlen fur Frustration und An‐spruchsniveau im Kontext demonstrativen Konsums (T. Veblen) städtischer Arbeitnehmer interpretiert werden.
LABOUR MARKET IMBALANCES AND STRUCTURAL UNEMPLOYMENT
Authors: Driehuis* W. 
Published: May 2007

SUMMARYThe rise in unemployment after 1970 has reinforced the issue of structural versus cyclical unemployment. Structural unemployment can be distinguished into Demand, Cost and Search Structuralism. The importance of the last‐mentioned type, which involves structural changes in search behaviour of individuals and changes in the structure of the labour market, is investigated for Germany, France, the United Kingdom, the Netherlands and Belgium. After a view oflabour market data 1955–1975 and their characteristics, an analytical framework is introduced which underlies the analysis of the labour market in terms of unemployment and vacancy rates. Cyclical and structural shifts of the relationship between these rates are studied separately. For all the countries a structural shift, pointing to Search Structuralism, is observed after 1967. In combination with frictional unemployment, it seems to amount to about 56–60% of total unemployment in 1975. The results suggest that macroeconomic policies aiming at the stimulation of demand and/or the reduction of costs, are considerably constrained in their potential effects on unemployment with the present functioning of the labour market.
THE IMF: AN EMERGING CENTRAL BANK?
Authors: Scaperlanda* Anthony 
Published: May 2007

SUMMARYThis article argues that in the post‐Bretton Woods era, the International Monetary Fund is rapidly acquiring the characteristics of a central bank for national central banks. Support for this argument is found in the fact that since 1974 the IMF has significantly broadened both its financial intermediation and lending activities. The extent and quality ofconditions which the Fund attached to the January 1977 stand‐by arrangement with the United Kingdom is also cited as resembling central‐bank‐type control. The IMF's influence over the large banks which dominate the commercial interbank market, the new (June 1974) system for valuing Special Drawing Rights (SDRs), the actual and potential new uses of SDRs, and the broad recasting of the Fund's Articles of Agreement which is accomplished by the Second Amendment are also reviewed and cited as supporting the basic argument.
Law, Economics and Risk‐Taking
Authors: Clem Tisdell  
Published: May 2007

SUMMARYThe law shifts the risks borne by individuals in society and thereby influences the allocation of resources in society, the distribution of income and economic growth. Consequences for economic efficiency of the legal sanctioning of risk spillovers or externalities are analysed using the Kaldor‐Hicks criterion. Examples are given in which the law encourages excessive risk‐taking from a social point of view along with a few cases in which it leads to an excessive reduction in risk‐taking. It is observed that the legal practice of compensating for actual damages sustained, rather than for the risk or possibility of damage, is least costly to parties creating the risk. Product liability is discussed. It is argued that the distribution of income rather than gains in economic efficiency provides the main rationale for strict product liability.
The Impact of Democracy on Economic Growth: Some Evidence from Cross‐National Analysis
Authors: Erich Weede  
Published: May 2007

SUMMARYIt has often been maintained that political democracy has a negative impact on economic growth, particularly in less developed countries. Here, cross‐national regressions of two different growth variables on political democracy and on control variables, based on about 90 nations, are reported for the 1960 to 1979 period. Control variables include GNP per capita, gross domestic investment, school enrollment ratios, and sometimes the military participation ratio. While first results seem to support the notion of a negative growth effect of democracy, closer scrutiny reveals that this effect is no longer significant once the analysis is restricted to (more than 70) LDCs only. While a fairly strong and negative impact of democracy on growth can be demonstrated for nations where government revenue exceeds 20|X% of GDP, elsewhere there is no effect at all. It is not democracy itself that hurts the growth prospects of nations, but the combination of democracy and strong state interference with the economy.
An Analysis of the Growth and Profitability of the World's Largest Firms 1972 to 1977
Authors: Buckley Peter J. , Dunning John H. , Fearce Robert D. 
Published: May 2007

SUMMARYThe paper analyses the growth and profitability of the world's largest firms by reference to their size, degree of multinationality, main industry of operation, nationality of ownership and research intensity. The influence of size of firm on growth is stable but weak, its influence on profitability is negligible. Industry of operation has generally strongly influenced growth but the effect on profitability is not consistent amongst different time periods and samples. Division by research intensities of firms is significant in analysing growth, less in the analysis of profitability. Degree of multinationality does not contribute consistently to the explanatory power of the full equation for either dependent variable but nationality of ownership is a consistently powerful explanatory factor.
The Government's Money Monopoly: Externalities or Natural Monopoly?
Authors: Vaubel Roland 
Published: May 2007

SUMMARYDoes externality theory provide a basis for the government's monopoly in the production of base money? Money, as has been shown, is not a public good because it does not satisfy the non‐rivalness criterion (nor the non‐excludability criterion). Like any public decision, political agreement on a common money or unit of account (i. e., exchange rate fixity) passes the non‐rivalness test. However, whether the imposition of a common money or monetary unit is a public good or a public bad depends on whether money is a natural‐monopoly good or not. Hence, there is no independent public‐good justification for the government's money monopoly. The public good argument is redundant. Whether money is a natural monopoly good cannot be determined a priori, but only on the basis of experience. If governments are natural money monopolists, they should have gained their monopoly position by prevailing in the market. Historically, this is not the case. The only valid test of the natural monopoly argument is to abolish all barriers to entry and to admit free currency competition from private issuers on equal terms. An international cross‐section estimate of money demand functions reveals only weak evidence of social economies of scale in the use of money. By contrast, choice among currencies is shown to be strongly affected by restrictions of convertibility.
The Political Economy of Voluntary Export Restraint Agreements
Authors: Jones Kent 
Published: May 2007

SUMMARYVoluntary export restraint agreements (VERs) have emerged as a popular alternative to traditional protectionist devices, whose use is severely limited by trade agreements. Aimed at ‘disruptive’ suppliers, VERs tend to shift the source of imports away from the most efficient producers. Yet such negotiated agreements are attractive to exporters because they are preferable to the alternative of unilateral import barriers, especially since they allow exporters to control the trade restriction and thereby raise the export price. In fact all effective participants gain from the VER agreement, while consumers and others hurt by it are excluded from the negotiating process. Among the inherent problems of VERs, however, is their tendency to divert exports towards third markets, spreading protectionism worldwide and destabilizing trade relations. Continuing protectionist pressure in such an environment encourages the development of more sophisticated and comprehensive methods of induced export restraint.
Discontinuity and the Theory of International Migration
Authors: Stark Oded 
Published: May 2007

SUMMARYIn this exploratory paper, the notion of (strong) discontinuity is introduced into the theory of international labour migration. It is suggested that inter‐country wage differentials alone may fail to induce international migration at the level of the decision making entity. However, three factors ‐ risk aversion, relative deprivation and asymmetric information ‐ in conjunction with these wage differentials, may account for international migration.
A Positive Analysis of the Theory of Market Failure
Authors: Toumanoff Peter G. 
Published: May 2007

SUMMARYImplications of inefficiency in theories of market failure reveal a flawed methodology. Behavior which is apparently inefficient is actually the symptom of an inappropriate analytical model. The standard examples of market failure, monopoly power and external effects, are forthcoming only from models which omit transactions costs as explanatory variables. The unfortunate consequence of this conclusion is that complete and appropriate economic models, which incorporate all relevant variables, will always certify any behavior as efficient. This poses the ‘Panglossian dilemma’, that whatever is, is optimal. This dilemma is resolved by an analytical approach which compares behavior under alternative economic institutions. This analysis depends on two propositions: that transactions costs are affected by alternative institutional environments; and that institutions are themselves responses to the existence of transactions costs. These propositions are used to predict behavior under alternative institutions, and to explain the long run evolution of the institutions.