摘要:

This paper reexamines the Great Depression of 1929–1933 within an analytical framework based on the terms of employment for labor. It shows that in areas such as the U.S. farm and Japanese industrial sectors where labor was employed organically—that is, as partners in common enterprise—costs proved flexible, prices fell, and output and employment held up in line with the predictions of Say's Law. Where labor was not employed organically—that is, labor was hired—output collapsed, unemployment mounted, and Say's Law failed. The apparent reason is that any hired input, capital or labor, demands downwardly rigid rates of pay. When demand softens, cost rigidity constrains price cuts, and firms must instead lay off labor. The paper also shows that given organic labor, even oligopolistic rivalry is sufficient to assure that prices will fall enough to sustain output and e

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00738.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Various arguments extol public encouragement of profit sharing and Employee Stock Ownership Plans (ESOPs). Generally, advocates of public intervention cite externalities (market failure), provision of merit goods, or social transformation as bases for their arguments. To the extent that profit sharing and ESOPs increase productivity or reduce employer costs, no case exists for public intervention, since such advantages are internalized. Although Congress views retirement saving as a merit good, deferred profit sharing and ESOPs are no more deserving of public subsidy on that basis than are other forms of saving, such as pensions. Finally, the notion that ESOPs promote a social transformation by redistributing equity is untenable. One can make a case for government efforts to spread data and information about these plans. The potential macro stabilizing effects of profit sharing—but not ESOPs—provide a rationale for a tax subsidy to the for

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00739.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper describes Total Quality Management (TQM) and its benefits. It then outlines a three‐point proposal for a national quality policy: (i) implementing TQM throughout the U.S. government, (ii) creating a set of nationally recognized certifications for employees' quality skills, (Hi) creating a set of nationally recognized supplier quality certification

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00740.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Empirical evidence suggests that profit sharing, gainsharing, employee ownership, worker participation, and Total Quality Management (TQM) may increase productivity and firm performance. Nevertheless, one needs to ground the case for government intervention in support of each of these programs on arguments concerning externalities or merit goods. This paper argues that no one yet has offered a convincing case of this nature. It also discusses the U.S. government's support for ESOPs and suggests reasons for its disappointing results in the hope that future policy experiments will not repeat these mistakes.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00741.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

The Association of Southeast Asian Nations (ASEAN) and the impressive economic performance of most of its members have increased the weight of the region's views in world fora. However, ASEAN has been unsuccessful in fostering a regional integration arrangement (RIA) leading to an increase in intraregional trade and foreign direct investment. In January 1992, ASEAN launched the Asean Free Trade Area (AFTA) seeking to establish a free trade area (FTA) by 2008.Market integration increases economic interdependence and thereby raises the need for policy integration and discipline. This paper argues that a number of difficulties that ASEAN faced in promoting intraregional trade are likely to continue to affect AFTA (e.g., low economic complementarity and macroeconomic imbalances requiring large changes in equilibrium real exchange rates). The experience of other RIAs suggests other potential problems.AFTA's prospects of evolving into deeper forms of sustainable integration are remote. Some cooperation in areas of common interest seems likely.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00742.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This article identifies four U.S. credit crunches—periods of sharply increased non‐price credit rationing—between 1960 and 1992. Extreme intimidation of banks by the Federal Reserve and U.S. federal government through jawboning and credible threats of increased regulatory oversight caused the crunches of 1966 and 1969. Thus, this article overturns the conventional wisdom that Regulation Q produced the 1960s credit crunches. The 1980 crunch was the unintended effect of direct regulatory limits on credit extensions. More recently, a market‐induced crunch occurred from early 1990 through 1992 when a collapse of commercial real estate values made pricing risk on real estate‐collateralized loans extremely

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00743.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Seventy percent of the world's urban population breathes unsafe air. From 300,000 to 700,000 people die each year as a result, many in developing countries. Expenditures to improve air quality compete with demands for other social needs, such as housing, education, medical care, nutrition, sanitation, and safe drinking water. Programs to provide these needs are viewed as producing goods while air quality policies are seen as ameliorating a bad. However, it is more appropriate to think about air quality as another good that must be produced as a joint product of other processes. From this perspective, policies to improve air quality have a broader scope than do either traditional regulations and standards or incentive based programs. This paper places air quality policy choices in the context of healthier air as a product, explicitly recognizing its public good characteristics and the lack of close private substitutes.SummaryImproved air quality can result from complex regulatory programs, comprehensive national policies, and technology‐based standards. In the United States, gains have been real but costly in terms of direct expenditures for controls and agency costs. In other cases, where long‐term commitment to the objective may be unsure, relying primarily on installation of state‐of‐the‐art technology makes less sense because a flow of funds to maintain and operate the control devices is not guaranteed and the institutional costs may be large.In such circumstances, one cannot carry out the economic analysis necessary to justify pollution reduction on traditional grounds (MB=MC or TB>TC), or the analysis is likely to indicate that the investment is not worthwhile. Conversely, an analysis that leads policymakers to direct capital to newly installed control equipment may be based on the faulty assumption that the equipment will operate effectively. In the absence of a long‐term institutional capacity to support use of technology in place, traditional assessment tools may lead to wrong and wasteful conclusions.Commitment to air quality improvements is necessary to justify paying for control equipment or modifying other policies. Commitment and success are complements. Policymakers would be more likely to commit if they had a clearer conception of the role that air quality plays in the economy and that the economy plays in air quality.Policies that economists traditionally do not view as environmental programs can produce large gains. Specifically, changing energy pricing policies will lead directly to cleaner air, at large savings to national governments. Investment in energy efficiency, including transit, will produce better air quality as a by‐product. Implementing such straight‐forward policies does not require extensive knowledge about pollution levels or sources or significant enforcement expenditures. Many regions eventually will need more direct regulation, either via economic incentives or control requirements, in order to achieve really healthy air. In the interim, worthwhile gains can be had inexpensively while long‐term priorities and policies are developed.The analysis here advocates viewing air quality in a new way as a good or a service to be produced. Air quality is one of many basic needs. It increases productivity as well as directly enhancing human welfare through better health and an imp

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00744.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Intermittent operation of a steel mill in a mountain valley in central Utah provides a unique opportunity to measure the external health costs of air pollution. A nearby valley provides a control. This paper analyzes data on hospital admissions and daily deaths for the two valleys, using negative binomial regression models of daily hospital admissions and deaths. Hospital admissions for respiratory diseases increase significantly when the mill is in operation. Mortality also increases during mill operation. Estimated excess hospitalization costs are about 2 million dollars per year, and the increased cost of mortality exceeds 40 million dollars per year.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00745.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Are photovoltaic (PV) systems appropriate for use in developing countries now? This paper presents an empirical review of the comparative costs of gasoline portable generators and PV systems and concludes that cost reduction is necessary before PV systems will be broadly competitive. Both private sector research and university research have important roles to play.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00746.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Research supports the efficacy of prospect theory over utility maximization for consumer investment in electricity saving equipment. The findings have implications for designing electric utility programs to promote electricity conservation. Prospect theory describes, explains and organizes consumer behavior that is contrary to consumers maximizing a stable utility function. The results are similar across three ethnic groups.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00747.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY