摘要:

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 instituti

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00757.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

SUMMARYThe paper studies the impact on international capital movements of the accelerated tax depreciation scheme introduced in the U. S. A. under the REAGAN administration. It is argued on theoretical grounds that, contrary to most other potential tax reforms, this depreciation scheme calls for a substantial restructuring in the world‐wide capital stock in favor of the U. S. Moreover, it is demonstrated that the scheme may induce severe sectoral changes within national economies. Countries that do not take countervailing actions against the U. S. policy are likely to experience a rise in their labour intensive industries at the expense of losing their capital intensive industries. A tentative estimate based on stylized economic facts indicates the necessity of a capital import into the U. S. of at least 7% of the OECD capital stock, which means that even with a doubling of the 1983 U. S. current account deficit of $40 billion more than a decade would have to pass in order for the required structural changes to be accomplishe

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00758.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

SUMMARYIn this paper we evaluate the welfare effects of changes in a country's terms of trade and in its import tariff. Imports are treated as intermediate goods, and the welfare measures which we use are based on production theory and on duality theory with special attention devoted to the setting of international trade theory. Empirical estimates are reported for the United States, Canada, Australia, and Switzerland.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00759.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

SUMMARYEmpirical evidence does not agree with the investment‐model of the demand for education: out of pocket costs have another impact than earnings foregone. This difference can be explained by consumption motives. The demand for education is then greater, the full price of education exceeds discounted future incremental earnings, net discounted wealth is not maximum and the rate of return to marginal investments in education is smaller than the interest rat

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00760.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

SUMMARYThe growing leniency and generosity of public income support systems has been hypothesized to negatively affect work effort. The magnitude of this effect is estimated for the U. S. and the Netherlands in the 1970s, using a three‐stage Probit‐OLS model employed on micro data sets. Individuals are viewed as choosing the number of hours worked on the basis of expected labor income, expected transfer income, labor market and demographic characteristics and health. The elasticity of annual hours worked with respect to expected transfer income was estimated to be ‐0.22 for U. S. and ‐0.82 (1980) for the Netherlands. Combining these elasticities with the annual percentage increases in transfer generosity yields a yearly reduction in the number of hours worked of 0.65% for the U. S. and 2.7% for the Netherlands during the 1970s. These results suggest that growing transfers have had a substantial and negative impact on desired work effort and thus on production and economic performance, especially in the Neth

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00761.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

SUMMARYThe objective of this study is to present some preliminary estimates of regional long run benefits and costs due to the CO2greenhouse effect within an economic framework that permits an appraisal of CO2policy control costs. We utilize a mathematical programming framework to solve for growth paths for North and South America both for CO2constrained (by an optimal emissions tax rate) and unconstrained scenarios. The possible losses to North America and gains to South America suggest international cooperation on CO2control policy may be very difficult. Cooperative adjustments to increased CO2may prove more feasible.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00762.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

BADE, KLAUS J. (Hrsg.):Auswanderer ‐ Wanderarbeiter ‐ Gastarbeiter.CARLSTEIN, TOMMY:Time Resources, Society and Economy.CAVES, RICHARD E.:Multinational Enterprise and Economic Analysis.CIMPA, FRANZ:Arbeitslehre für Entwicklungshilfeprojekte.ECKSTEIN, OTTO:The DRI Model of the U. S. EconomyELIASSON, GUNNAR; SHAREFKIN, MARK and YSANDER, BENGT‐CHRISTER (eds.):Policy Making in a Disorderly World EconomyFRIEDMAN, JAMES:Oligopoly TheoryGARNAUT, ROSS and CLUNIES‐ROSS, ANTHONY:Taxation of Mineral RentsHICKS, JOHN:Money, Interest and Wages.KALECKI, MICHA:Theorie des Wachstums und der Planung in der sozialistischen VolkswirtschaftKILLINGSWORTH, MARK R.:Labor SupplyKLEIN, LAWRENCE R.:Lectures in EconometricsLAVERGNE, RÉAL P.:The Political Economy of U. S. Tariffs: An Empirical AnalysisLEISINGER, KLAUS M.:Health Policy for Least Developed CountriesMCKENZIE, GEORGE W.:Measuring Economic Welfare: New MethodsMELMAN, SEYMOUR:Profits without ProductionMOHR, JENS‐UWE:Soziologische Aspekte der Anpassung an die Industria‐lisierung in einem Entwicklungsland, dargestellt am Beispiel von NigeriaPREMCHAND, A.:Government Budgeting and Expenditure Controls.QUADRIO‐CURZIO, ALBERTO (ed.):The Gold Problem: Economic Perspectives.REICH, UTZ‐PETER und STAHMER, CARSTEN (Hrsg.):Gesamtwirtschaftliche Wohlfahrtsmessung und Umweltqualität.REITER, KLAUS:Regionale wirtschaftliche Zusammenarbeit von Staaten der Dritten WeltRIEBEL, VOLKER:Die Schwarzarbeit als Problem der ZeitallokationRIKER, WILLIAM H.:Liberalism Against Populism.SCHARPF, FRITZ W. und BROCKMANN, MARLENE (Hrsg.):Institutionelle Bedingungen der Arbeitsmarkt ‐ und Beschäftigungspolitik.SCHMIDBERGER, WOLF‐DIETER:Fiskalpolitik in kleinen offenen Volkswirtschaften.SPRAOS, JOHN:Inequalising Trade?STIGUM, BERNT P. and WENSTØP, FRED (eds.):Foundations of Utility and Risk Theory with ApplicationsSTREETEN, PAUL:First Things First.STRØM, STEINAR (ed.):Measurement in Public ChoiceWELLS, LOUIS T. Jr.:Third World Multinationals.WILLIAMSON, JOHN (ed.):IMF ConditionalityWORSWICK, DAVID and TREVITHICK, JAMES(eds.):K

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00763.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00764.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1984.tb00765.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY