摘要:

Energy is the most abundant resource in the universe. While energy supplies are unbounded, useful energy is not. To convert naturally occurring energy resources into useful work, mankind must invest capital and labor–resources that normally are scarce. To produce or use primary energy, both producers and consumers must invest in specialized and often inflexible equipment. In calculating the perceived value of present and future oil supplies, the Organization of Petroleum Exporting Countries and almost everyone else mistook for economic rent the windfall profits associated with short‐term rigidities in energy use. Attention focused on the cost of manufacturing a synthetic crude oil, rather than on the incremental cost of changing consumption patterns in end‐use markets. Mis judgments on the future value of oil were compounded by ill‐conceived government policies and inaccurate forecasts. Substitution of oil for other energy commodities can occur at nearly every point along the chain downstream from the production of primary resources, but it occurs most abundantly and importantly at the point of final consumption. Liquid petroleum remains the cheapest fuel to transport, chiefly because a vast infrastructure already exists to handle it. The steady advance of technology explains the long‐term decline in the real prices of most products, including retail energy prices. Often, the increasing unit costs of harvesting or extracting a finite scarce natural resource have been more than offset by improvements in manufacturing or end‐use technology. The mix of commodities bought and sold in the next generation may be unrecognizable to today's consumer. Thus, the cost of any one primary resource or intermediate product may be

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00261.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper examines a number of issues that affect the U.S. government's role in responding to future energy crises. The paper argues that we do not adequately understand why oil prices behaved as they did during the two price shocks of the 1970s, and that the market has evolved in ways that will alter future price behavior compared with that of the past. Consequently, it is unwise to formulate energy policies on the basis of specific forecasts of market conditions, or to plan to fight repetitions of past oil market crises. To be effective, energy security policy must be designed to motivate the private sector and other governments to respond in ways consistent with policy objectives.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00262.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

The past few decades have seen dramatic advancements in the technology of copying and the diffusion of copying technology to the general public. This paper surveys some of the recent academic literature dealing with this issue. We focus on (i) the effect of varying the extent of property rights enforcement by the government, and (ii) possible responses by producers of originals to consumers' ability to produce copies. The traditional view is that as the government increases property rights enforcement, there is a decrease in the social welfare loss due to underproduction and an increase in the social welfare loss due to under‐utilization. In the first half of the paper, we show how the analyses contained in a number of recent studies throw doubt on this traditional viewpoint. In particular, varying the extent of property rights enforcement has effects that the traditional analysis ignores. As a result, the social welfare losses mentioned above can move in ways not recognized previously. The conclusion is that, contrary to what is sometimes suggested, choosing an optimal level of property rights enforcement by the government should not be viewed as a simple trade‐off between these two social welfare losses. In the second half of the paper, we discuss possible market responses to consumers' ability to produce copies. Among other responses, we consider the role of price discrimination and complementary products when copying is possi

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00263.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

Creators of intellectual properties frequently seem to prefer “rental,” or sale with restricted rights, over outright sale of the intellectual properties. Surprisingly, these individuals also seem to prefer legislative provisions forcing them to restrict purchasers' rights rather than allowing this result to be achieved through voluntary negotiations. In this paper, I examine two examples of this behavior: the sale of syndication rights for television programs and the separation of broadcast rights from synchronization rights for music in television broadcasts. The desire to restrict purchasers' rights is explained in two ways. First, I appeal to recent developments in utility theory, namely, regret theory. Second, I show that sales of intangible goods such as intellectual properties are less closely related to use than are sales of tangible goods, and that restricting rights is an attempt to enhance such a linkage. I give several explanations for using legislative solutions, although I acknowledge that further research is needed on both questions before definitive answers can be gi

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00264.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

Determining the appropriate degree of protection to provide intellectual property in the United States and abroad is an important public policy issue. This paper addresses the role of intellectual property protection in the firm's decision on the level of investment in research and development. It also focuses on the stimulus that such protection provides for economic growth in both developed and developing countries. The main conclusion is that the benefits of designing and enforcing a mechanism for strong protection of intellectual property generally exceed the costs.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00265.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

The Baker Plan, announced in October 1985, represents a new approach by the U.S. administration to managing the international debt crisis. This paper assesses the present administration's new approach, first by examining whether it addresses the factors that led to the failure of past administrations' policies, and then by evaluating the Baker Plan with reference to the obstacles that hinder a lasting resolution of the debt crisis.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00266.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

A number of writers have argued in recent years that massive international currency substitution has been a major cause of exchange rate volatility and monetary instability in the United States and other major countries. Such analysis is frequently coupled with recommendations for a return to pegged exchange rates. This paper critically examines the evidence presented for this currency substitution view. It argues that the weight of latest research suggests that direct international currency substitution has not been of major quantitative importance for the U.S. However, empirical evidence supports traditional views that international capital mobility can generate substantial short‐run monetary interdependence even under flexible exchange rates. Thus, even though international currency substitution is of little importance to U.S. monetary conditions, a broader range of international considerations may be of considerable importance for the U.S. econom

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1987.tb00267.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY