bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Jeopardy Thesis
Authors: Femia Joseph V. 
Published: October 2003

AbstractAccording to the jeopardy thesis, democracy will endanger or even destroy values that we hold dear: cultural excellence, freedom, and economic prosperity. The proponents of the jeopardy thesis are many and various, ranging from proto‐fascists (Nietzsche, Maurras) and conservatives (T.S. Eliot, Ortega y Gasset) through to progressive liberals (J.S. Mill) and laissez‐faire liberals (Hayek). It is concluded that they were unduly alarmist and underestimated democracy's ability to adapt to other values.
Conclusion
Authors: Femia Joseph V. 
Published: October 2003

AbstractSummarizes the various arguments of the book and further explores the idea of unanticipated consequences and its significance for democratic and anti‐democratic thought. Anti‐democratic thinkers assume that their opponents ignore the unpredictable nature of reality but so do they. Most of their dire forecasts have not come to pass. Yet these ‘reactionaries’ have alerted us to the limitations of democratic thought: its indifference to the problems posed by cultural relativity and growing social complexity.
The Macroeconomics of Keynes
Authors: Phelps Edmund S. 
Published: October 2003

AbstractThis chapter gives a review of Keynesian macroeconomics. The particular school discussed sees John Maynard Keynes as the founder of its central theme: that the process of individual learning and market adjustment in response to altered opinion about the uncertain future is capable of going awry in the environment of uncoordinated and imperfectly informed decision‐making provided by market capitalism. This school is thus differentiated, at least in emphasis, from the neo‐Keynesian, post‐Keynesian, and New Keynesian schools.
Supply‐Side Macroeconomics
Authors: Phelps Edmund S. 
Published: October 2003

Abstract
This chapter gives a review of the development and theory of supply‐side macroeconomics, which made its first appearance with a provocative pamphlet on the fiscal–monetary policy mix in the USA written by Robert A. Mundell in 1971. Supply‐side doctrine holds that the prosperity of a country, as measured by current real income or aggregate employment, depends to an important degree on the mix of fiscal and monetary policies followed by the national government. The policy conclusions it reaches (or glimpses) stand in contrast to the policy recommendations that are traditional in the monetarist and Keynesian camps.
Neoclassical and Neo‐Neoclassical Real Business Cycle Theory
Authors: Phelps Edmund S. 
Published: October 2003

Abstract
This chapter and the next review two schools of thought on the role of non‐monetary forces acting through non‐monetary channels in the generation of macroeconomic fluctuations. The subject in this chapter is the theory that its developers call ‘real business cycle theory’, and sometimes ‘the real business cycle theory’ as if all good non‐monetary theory had to be like theirs. The distinguishing feature of these models is their classical style, but the classical approach is not another manifestation of New Classical thinking. What was ‘new’ in that thinking was the incorporation of local, or non‐global, information into a general micro–macro model with rational expectations––but the ‘real business cycle’ models dispense with that feature altogether. Typically, they are, at least from a formal standpoint, essentially classical models of a single‐agent economy, and the classical single agent––Robinson Crusoe in the usual treatment of him––does not have the New Classical (and Keynesian) problem of inferring the data in unobserved parts of the economy.
Non‐Monetary Theories of Unemployment Fluctuation: The Structuralist School
Authors: Phelps Edmund S. 
Published: October 2003

AbstractThis chapter and the previous one review two schools of thought on the role of non‐monetary forces acting through non‐monetary channels in the generation of macroeconomic fluctuations. The subject in this chapter is the ‘structuralist school’, which views changes in unemployment as the outcome of shifts in the structural characteristics of the economy. The structuralists offer a theory of a sort of real wage ‘rigidity’ in which a downward shock to labour demand forces a decrease in employment, thus an increase in unemployment. The structuralist school also points to a rich variety of operating assets used in production, such as customers and employees as well as plant and equipment, with the result that there no longer exists an aggregate production function to which the demand for labour is tightly connected.
Game Theory and Economic Modelling
Authors: Kreps David M. 
Published: October 2003

AbstractBeginning in the early to the mid‐1970s, non‐cooperative game theory became an important tool of economics. This book is based on a series of lectures given at Oxford, and comments on this use of non‐cooperative game theory. After providing a non‐technical introduction to the basic ideas of non‐cooperative game theory, the book discusses: (1) how and why game theory has been a success—because it permits economists to model and analyse situations of dynamic competition and where private information plays an important role; (2) how and why the theory has failed—to provide an understanding of when it (and equilibrium analysis) applies, when not, and what to do when not; and (3) how its weaknesses might be addressed—by considering individuals who are imperfectly rational and learn adaptively.
The Problems of Game Theory
Authors: Kreps David M. 
Published: October 2003

AbstractThe weaknesses of game theory for purposes of economic modelling are discussed: the theory requires that protocols for interaction are precise (whereas in the real world they are often ambiguous). The theory often provides many equilibria and no way to choose among them. Despite work on so‐called refinements of equilibrium, the theory fails to help us understand how individuals react to counter‐theoreticals in dynamic interactions. Equilibria are often very delicate, depending on states of nature that have very small probability a priori. The theory fails to explain how the rules of a particular game got to be what they are.
Bounded Rationality and Retrospection
Authors: Kreps David M. 
Published: October 2003

AbstractArgues that many of the weaknesses of game theory arise from weaknesses in how economists model individual (dynamic) behaviour: with hyper‐rational and forward‐looking, farsighted individuals. Progress is likely to be made by re‐examining our models of behaviour, incorporating bounds to individual rationality and modelling individuals who are more retrospective, learning adaptively from the past.
Poverty and Famines
Authors: Sen Amartya 
Published: October 2003

AbstractThe main focus of this book is on the causation of starvation in general and of famines in particular. The traditional analysis of famines concentrates on food supply. This is shown to be fundamentally defective—it is theoretically unsound, empirically inept, and dangerously misleading for policy. The author develops an alternative method of analysis—the ’entitlement approach’, which concentrates on ownership and exchange. Aside from developing the underlying theory, the approach is used in a number of case studies of recent famines, including the Great Bengal Famine of 1943, the Ethiopian famines of 1973 and 1974, the Bangladesh famine of 1974, and the famines in the countries of the African Sahel in the 1970s. The book also provides a general analysis of the characterization and measurement of poverty. Various approaches used in economics, sociology, and political theory are critically examined. The predominance of distributional issues, including distribution between different occupational groups, links up the problem of conceptualizing poverty with that of analysing starvation. The book contains some technical economic analysis, but the text of the book has been kept as informal as possible, so that the text is accessible to the non‐technical reader, and the main lines of reasoning and their applications to the case studies are easily followed. Technicalities and mathematical reasoning are confined to the four appendices, which (1) present a formal analysis of the notion of exchange entitlement, (2) provide illustrative models of exchange entitlement, (3) examine the problem of poverty measurement, and (4) analyse the pattern of famine mortality based on the Bengal famine of 1943.
Poverty and Entitlements
Authors: Sen Amartya 
Published: October 2003

AbstractIntroduces the basic approach used by the author to analyse the causes of starvation in general and famine in particular. The approach involves a study of entitlement systems, based on the author's thesis that starvation statements are about the relationship of persons to the commodity of food, rather than about the food supply per se. Starvation statements translate readily into statements about ownership of food, and ownership relations are one kind of entitlement relations.
Concepts of Poverty
Authors: Sen Amartya 
Published: October 2003

AbstractProblems in the conceptualization and measurement of poverty are discussed. Two requirements are identified as (1) a method of identifying a group of people as poor (identification), and (2) a method of aggregating the characteristics of the set of poor people into an overall image of poverty (aggregation). As a foundation for these exercises, a study is made of the kinds of approaches that can be used. These include the biological (minimum nutritional requirement) and inequality approaches to poverty, the concept of relative deprivation, value judgement, policy definition, common standards for comparisons between communities, and the relative scaling of deprivation as a means of aggregation.
Poverty: Identification and Aggregation
Authors: Sen Amartya 
Published: October 2003

AbstractIt was argued in the previous chapter that the measurement of poverty can be split into two distinct operations—identification and aggregation. Within this general perspective, this chapter takes up some more detailed and more technical issues concerned with identification and aggregation. Issues addressed are the definition of poverty in terms of the characteristics of food commodities, identifying the poor directly or according to income, the definition of family size in terms of equivalent adults, and poverty gaps, and relative deprivation. The last part of the chapter gives a critique of standard poverty measurements.
The Entitlement Approach
Authors: Sen Amartya 
Published: October 2003

AbstractAn analysis is made of the entitlement approach to starvation and famines. This concentrates on the ability of people to command food through the use of the legal means available in society, including the use of production possibilities, trade opportunities, entitlements vis à vis the state, and other methods of acquiring food. Aspects discussed are exchange entitlement mapping (or E‐mapping), starvation and entitlement failures, the limitations of the entitlement approach, and direct and trade entitlement failures.
The Great Bengal Famine
Authors: Sen Amartya 
Published: October 2003

AbstractA case study of the Great Bengal Famine of 1943, which had a reported death toll of about 1.5 million. An explanation for the famine is analysed in terms of the most common approach used—food availability decline (FAD), and this is rejected for various reasons. Analyses are next made in terms of exchange entitlements and the causes of the sharp movements of these, and of the class basis of the destitution. The last part of the chapter discusses the role of theory in the failure of the official policy for tackling the famine.
The Ethiopian Famine
Authors: Sen Amartya 
Published: October 2003

AbstractA case study of the Ethiopian Famine of 1972–4, which had a reported death toll of between 50, 000 and 200, 000 in a population of about 27 million. An explanation for the famine is analysed in terms of the most common approach used—food availability decline (FAD), but this is rejected except for the situation in the province of Wollo, which is discussed in terms of possible transport or entitlement constraints. The occupational status of the destitutes (victims) in Wollo is analysed and the most susceptible groups—the nomadic pastoralists and the agriculturalists—identified. The entitlement situations of these two groups are discussed.
Drought and Famine in the Sahel
Authors: Sen Amartya 
Published: October 2003

AbstractA case study of the drought of 1968–73, and the famines of the 1970s in the in the six West African countries of Mauritania, Senegal, Mali, Upper Volta, Niger, and Chad. The famines are analysed in terms of food availability decline (FAD) vis à vis entitlements, occupational status of the destitutes, and their entitlements. The most susceptible groups were the nomadic pastoralists and the sedentary agriculturalists. The last part of the chapter addresses some policy issues relating to the freeing of the Sahelian population from vulnerability to drought and famine.
Famine in Bangladesh
Authors: Sen Amartya 
Published: October 2003

AbstractA case study of the 1974 famine in Bangladesh, which was associated with the floods of that year, and had an official mortality of 26,000. The causation of the famine is analysed in terms of food availability decline (FAD), and this approach is shown to offer very little by way of explanation of the famine, although the general food shortage resulting from low food imports and government food stocks is identified as a constraint in government relief operations. An analysis of the occupational status and the intensity of destitution show that the largest group were labourers. The exchange entitlement of the labourers is analysed in detail, and it is concluded that this approach gives a much better understanding of the famine.
Taxation of Income from Capital
Authors: Jorgenson Dale W. , Yun Kun‐Young 
Published: October 2003

AbstractFeatures of the US tax system and law are employed to illustrate the complexities that arise in practical discussions of tax policy: the tax treatment is considered of income from assets held by households, non-corporate businesses and corporations under US tax law, and for assets held in each sector an appropriate cost of capital and rate of return is defined. The chapter begins with the household sector, where the taxation of income from capital takes its simplest form. The taxation of income from non-corporate business is then considered — this is treated as fully distributed to its owners (individual income tax). Next, an analysis is made of the taxation of corporate income, which requires the integration of provisions of individual and corporate income tax laws. The last two sections of the chapter discuss tax reform and alternative approaches.
The US Tax System
Authors: Jorgenson Dale W. , Yun Kun‐Young 
Published: October 2003

AbstractA quantitative and detailed description is presented of the US tax system and law, which begins by providing estimates of the rates of capital income taxation at both corporate and individual levels for the period 1947–86; property tax rates are also presented for household, non-corporate and corporate sectors. It is noted that the adoption of these tax preferences in the USA dramatically altered the incentives to invest in different types of assets and radically changed the distribution of the tax burden. Provisions are then discussed for capital cost recovery, including capital consumption allowances and the investment tax credit; next, a description is given of features of the financial structure of corporate and non-corporate businesses and households that affect the taxation of income from capital. Finally, the impact is considered of the Tax Reform Act of 1986 on the US tax system, especially in relation to the tax (financial) structure for income from capital; alternative approaches are considered. The data presented can be used to implement either the traditional or the new view of the corporate cost of capital.
Effective Tax Rates
Authors: Jorgenson Dale W. , Yun Kun‐Young 
Published: October 2003

AbstractAlternative policy provisions are compared for capital income taxation and the social rates of return in terms of marginal effective tax rates, since, by measuring these for different assets, it is possible to quantify the sources of distortions in decisions involving the allocation of capital among different uses. Marginal effective tax rates for the USA are presented for capital income over the period 1947–86 for corporate and non-corporate businesses, and households. Differences in the effective tax rates under the 1986 Tax Reform Act (and the pre-existing 1985 Tax Law) are then considered, looking again at the same three categories, and also giving data on social wedges (differences in social rates of return) between the short- and long-lived assets. The last section of the chapter looks at alternative approaches.
Summary and Conclusion
Authors: Jorgenson Dale W. , Yun Kun‐Young 
Published: October 2003

AbstractThis final chapter provides an evaluation of the cost of capital approach to tax policy analysis. This approach has amply proved its usefulness as a guide to tax reform. While the US tax policy changes of the early 1980s introduced additional barriers to efficient allocation of capital, the Tax Reform Act of 1986 reduced these barriers substantially. Important discrepancies remain, however, between effective tax rates on income from household and business assets (both corporate and non-corporate). Further reduction in these discrepancies presents an important opportunity for increasing the efficiency of capital allocation.
Supply and Demand?
Authors: Hicks John 
Published: October 2003

Abstract
The theories about price-formation in competitive markets, that were available to economists at the time when Keynes was writing, had been the work of the so-called ‘neo-classics’ between 1870 and 1900. All accepted the distinction, that had come down from Adam Smith, between market value and ‘natural’ or normal value, natural value depending on cost of production, market value on supply and demand. Market value would ‘tend’ towards natural value by adjustment of supply. It was accordingly held, for nearly a century after Smith, that natural values were the only values that required attention. The whole of Ricardo's system, to take the most important example, runs in terms of natural values. The chief thing which happened at the ‘marginal revolution’ of Jevons and his contemporaries was a shift of attention to market values. They were determined, it was accepted, by supply and demand. This chapter addresses the question of just how market worked.
The Function of Speculation
Authors: Hicks John 
Published: October 2003

Abstract
This chapter argues that organized commodity markets need to occupy a central place in a general theory of markets because they are the most sensitive markets we know. They are the practical counterpart to the ‘perfect competition’ models of the textbooks; but they do more for the economist than those models can do, because they demonstrate that most prices are determined, not by mechanical matching of flow propensities, but by the way they are interpreted, thus by the state of mind of those who trade.
The Pricing of Manufactures
Authors: Hicks John 
Published: October 2003

Abstract
In the simplest model of a production system we should make room for two sorts of intermediaries — one between primary producers and manufacturers, the other between manufacturers and consumers, what are commonly called the distributive trades. This chapter focuses on the resemblances and differences between these two sorts of intermediaries. These distributive trades are referred to as secondary merchants, contrasting them with the primary merchants, who deal in primary products.
The Nature of Money
Authors: Hicks John 
Published: October 2003

Abstract
It will no doubt be taken for granted that in the markets that have been discussed so far, the typical transaction is an exchange of some article (good or service) for something that is recognized as being money. It may also have been taken that the money is simply handed over, as one does when one buys a newspaper in a shop. This chapter calls into question these two assumptions, asking how far they are justified.
Banks and Bank Money
Authors: Hicks John 
Published: October 2003

Abstract
This chapter analyzes the functions of banks. A firm can be considered a fully formed bank when it is doing all these things: (1) accepting deposits, (2) discounting bills, and (3) making advances to customers. A fourth function commonly attributed to a bank, that of providing a medium of payment; ways a bank can protect itself from risks, and the concept of liquidity are discussed.
Choice Among Assets
Authors: Hicks John 
Published: October 2003

Abstract
The liquidity concept, which in Keynes's Treatise, (1930) had been confined in application to the behaviour of banks, can be reinterpreted so as to give it a wider reference. Any sort of financial firm can be confronted with similar alternatives, and so could have assets of various degrees of liquidity. One could think of it being faced with a ‘spectrum’ of such assets from which to choose, a spectrum which could be wider or narrower than that on which a bank would usually work. And having gone so far, why not go further? Why not look for liquidity elements in the decisions of all sorts of firms, and even in the management of his property by the private capitalist? This chapter considers the two directions in which the concept might be generalized — to the decisions of more sorts of choosers and between more sorts of assets.
Theories of Interest: Keynes Versus Marshall
Authors: Hicks John 
Published: October 2003

Abstract
This chapter considers Marshall as the leading opponent of Keynes. It argues that when Keynes spoke of ‘classical’ theory it was Marshall's he had in mind. He had learned and then taught in the school of economics that Marshall had founded at Cambridge; it was the doctrine that he himself had been teaching that he was now deliberately casting off.
An International Economy
Authors: Hicks John 
Published: October 2003

Abstract
This chapter addresses the issue of Britain's participation (and degree of participation) in, the European Monetary System (EMS). It does not attempt any direct conclusion to that issue. Instead, it constructs a theoretical model which may have a bearing upon it — and considers similar questions which have come up in the past, and will surely continue to do so, as far ahead as one can look. Thus what it means by an international economy is one consisting of a number of national economies, each of which uses its own money. Within each nation are a number (which we take to be a large number) of separate decision-makers, persons and firms, private and public, which have commercial and financial relations between them. The parties to a transaction may have the same, or they may have different, national attachments.
The Japanese Enterprise System
Authors: Fruin W. Mark 
Published: October 2003

Abstract
Four streams of inquiry and interpretation are merged in a study of the evolution and emergence of Japan's 200 leading industrial firms during the twentieth century. First, the book is a study of how the industrial institutions of modern Japan appeared and matured. Second, it looks at the basic forms of social interaction and economic organization in Japan. Third, the book is a development study of how circumstances of rapid technical and economic change have shaped the Japanese business system. Finally, it is a study of how Japanese managers have responded to and shaped those circumstances. The fourfold synthesis offers a model of industrial development and organization under conditions of late development and private initiative that falls somewhere between the capitalist development state and free market economy models.