摘要:

The social sciences offer two distinct approaches to understanding society. One originated with the Scottish moral philosophers and shaped the discipline of economics. The other emerged from the French enlightenment and influenced the study of sociology. The two approaches are based on radically different perceptions of man and man's relation to society. This paper explores these alternative hypotheses and examines some major implications. It concludes that the hypothesis reaching back to the Scottish philosophers provides the basis for a unified approach in the social sciences.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00747.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper argues that employers using defined‐benefit pension plans are forced by competitive conditions to lower females' earnings to account for more costly pension liabilities resulting from longer life expectancy. A newly constructed data set containing employee salary histories and pension plan descriptions from five firms is used to calculate how much more it costs to employ a female vs. a male worker, identical except for life expectancy. It is demonstrated that each dollar of increased pension liabilities results in a reduction in females' salaries by fifty‐five cents. Implications of these findings for the 1983 Supreme Court ruling involving sex‐linked pension benefits are disc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00748.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper presents estimates of the effects of the drinking age and beer taxes on youth motor vehicle mortality. A simultaneous equation model is used and the results show that the drinking age is a function of mortality rates. The results also show that for eighteen‐ to twenty‐year‐old drivers an increase in the drinking age to twenty‐one, which is approximately 8 percent, would reduce mortality by approximately 18 percent. Also a 100 percent increase in the real beer tax, which is approximately $1.50 per case, would reduce highway mortality by about 27

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00749.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This essay develops a theoretical framework which explores the historical obstacles to economic growth. These obstacles are examined in the context of the political/economic institutional framework of economies in history and consequent transaction costs that determine economic performance and growth. The essay concludes with specific suggestions for the study of economic growth.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00750.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

Corporations insure to reduce the shirking‐information problem of joint production. Insurance encourages specialization in ownership, increasing the returns to monitoring and lowering shareholders' demand for a more diversified portfolio; it enhances the credibility of specific capital as a performance bond; and it lowers the cost to shareholders of compensating other members of the team for investing in firm‐specific assets. Tax and other factors may further encourage individual corporations to ins

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00751.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

The institutional features of models of unregulated monetary systems have often been arbitrarily and implausibly assumed. This paper instead provides realistic grounding for important features by constructing a logical evolutionary account of free banking. Sophisticated and orderly arrangements are shown to emerge from competition and the pursuit of less costly methods of payment. The emergence of standardized commodity money is followed by the development, in turn, of basic money‐transfer banking, easily transferable bank liubilities, and clearinghouses. The features of an evolved free banking system differ from those assumed in recent models of competitive payments system

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00752.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper examines the sensitivity of long run capital accumulation to income redistribution to the poor. I address this question using a simulation model composed of two classes of life cycle consumers, rich and poor, whose economic lives have fifty‐five periods. The poor hue a higher marginal propensity to consume than the rich because they possess a higher rate of time preference and for because they are liquidity constrained. Considering a wide range of parameter values, I find that lump sum, intergenerational redistribution from rich to poor causes minimal reduction in long run life cycle saving

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00753.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

We analyze the welfare consequences of deficit finance in a general equilibrium model fit to the US. economy. Current spending may be financed with current and/or future distortionary taxes. The economy is open to international capital flows. The welfare costs of financing marginal current spending are substantial and are sensitive to the timing of the required taxes; postponing a tax on labor income is advantageous but postponing a tax on asset income is not. Ricardian equivalence poorly approximates the economy we consider.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00754.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

For years, economists have debated the extent to which organized medicine has benefited from medical licensing restrictions. This debate has been hampered by the lack of a viable alternative hypothesis. This paper provides an alternative hypothesis and suggests an empirical test which focuses on the relationship between licensure restrictions and the level of consumption of physician services across states. The evidence suggests that in the mid‐1960s the interests of organized medicine dominated those of consumers in influencing the medical regulatory supply proces

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00755.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY

摘要:

This paper examines the reaction of long‐ and short‐term interest rates to monetary policy surprises that influenced market expectations of the future behavior of the federal funds rate in the period after October 1979. We find that the relative reaction of long‐ and short‐term rates to policy surprises is similar to the relative reaction of these rates to money announcements. Consequently, we conclude that the large reaction of long‐term interest rates to money announcements in the period after October 1979 is consistent with the “policy anticipations hypothesis” which views this reaction as a movement in real i

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1987.tb00756.x

出版商:Blackwell Publishing Ltd    

年代:1987

数据来源: WILEY