摘要:

The median‐voter model suggests the causal sequence: distribution → spending → bureaucracy, whereas the bureaucratic model proposes the chain: bureaucracy → spending → distribution. In the presence of labor‐market distortions and underemployment labor contracts, we argue that an initial link must be added to each causal chain; namely, the excess supply of labor in the private sector. Empirical estimates of both the median‐voter and bureaucratic models indicate that inter‐country differences in per‐capita public spinding are an increasing function of differen

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00676.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

Conventional microeconomics contains no explanation of why capital hires labor (and not the reverse). In view of some surprisingly positive results in the theoretical analysis of worker‐run enterprise systems, recent contributions to the theory of the firm have attempted to explain the dominance of capitalist production relations in efficiency terms. The present paper critically reviews works in this area by Alchian and Demsetz (1972), Williamson (1975, 1980), and Jensen and Meckling (1979), and contends that a convincing efficiency argument for the general superiority of capital owners' over workers' control of enterprises still is lackin

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00677.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

The consumer credit transaction is analyzed as a contract which provides insurance as well as present consumption for the borrower. Creditors' remedies such as “arm‐breaking” are shown to facilitate provision of insurance (forgiveness of debts) when lenders cannot monitor outcomes. Alternatively, if outcomes are observable but lenders do not ex ante know the risk associated with each borrower, the market may generate an excessive amount of arm‐breaking and agreements to forgo discharge following bankruptcy as low risk borrowers signal their characteristics, suggesting that government limitations on such provisions might be efficient. The secured credit transaction is shown to be a complex contract which attempts to provide efficient repayment, seller incentives for performance and mitigation following default, and insurance for the borrower. Garnishment and discharge of debts following bankruptcy are also con

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00678.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00679.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00680.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00681.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00682.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

The relative advantages of simple, exact tests over sophisticated but conservative tests are stressed and a simple diagnostic test to detect regression parameter instability is proposed. The test is exact (in the statistical sense), easy to perform using any regression package, and simple enough to present in a first year course. Thus, this test has the potential for widespread use. Monte Carolo simulation results are presented which indicate that the power of the test is comparable to that of more sophisticated alternatives—e.g., the VPR test of Garbade (1977). As an illustration, the test is applied to a bivariate forecasting model for Texas personal income constructed using time series analysis technique

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00683.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

摘要:

This paper analyzes the effect of chronological aging, experience, job search, change of job and/or employer, and formal training on the wage growth of a sample of young men. Following the human capital literature, wage growth directly corresponds to human capital and the analysis allows for the assessment of the durability or rate of depreciation of human capital if further investments are not made. The findings suggest that human capital is not very durable, contrary to some previous estimates given in the literature.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00684.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1984.tb00685.x

出版商:Blackwell Publishing Ltd    

年代:1984

数据来源: WILEY