摘要:

SUMMARYThe law shifts the risks borne by individuals in society and thereby influences the allocation of resources in society, the distribution of income and economic growth. Consequences for economic efficiency of the legal sanctioning of risk spillovers or externalities are analysed using the Kaldor‐Hickscriterion. Examples are given in which the law encourages excessive risk‐taking from a social point of view along with a few cases in which it leads to an excessive reduction in risk‐taking. It is observed that the legal practice of compensating for actual damages sustained, rather than for the risk or possibility of damage, is least costly to parties creating the risk. Product liability is discussed. It is argued that the distribution of income rather than gains in economic efficiency provides the main rationale for strict product liab

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02658.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

SUMMARYIt has often been maintained that political democracy has a negative impact on economic growth, particularly in less developed countries. Here, cross‐national regressions of two different growth variables on political democracy and on control variables, based on about 90 nations, are reported for the 1960 to 1979 period. Control variables include GNPper capita, gross domestic investment, school enrollment ratios, and sometimes the military participation ratio. While first results seem to support the notion of a negative growth effect of democracy, closer scrutiny reveals that this effect is no longer significant once the analysis is restricted to (more than 70) LDCs only. While a fairly strong and negative impact of democracy on growth can be demonstrated for nations where government revenue exceeds 20|X% of GDP, elsewhere there is no effect at all. It is not democracy itself that hurts the growth prospects of nations, but the combination of democracy and strong state interference with the econom

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02659.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

SUMMARYThe possibilities of deviating from the natural rate of output in an open economy are analyzed. It is shown that output can be pegged for some time above the natural rate even under perfect foresight in such an economy. But this results in continuously improving terms‐of‐trade. In an open economy these terms‐of‐trade changes ‐ rather than rational expectations per se ‐ are the main constraint on employment policies. The natural‐rate hypothesis implies a trade‐off between the level of output and the rate of change of the trade balance. This trade‐off can be avoided temporarely only by letting government expenditure crowd out pr

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02660.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

SUMMARYThis article seeks to help resolve the serious theoretical controversy about the contribution of international trade to economic development by constructing a simultaneous‐equations model that captures the most important quantitative aspects of the relationship between trade and development, and testing it by pooling data for 52 nations (representing all of the developing nations for which the required data are available) from 1961 to the present. The model is estimated by Full Information Maximum Likelihood, validated by dynamic simulation and utilized for policy and other counterfactual simulations. By the use of dummy variables and Chow tests, shifts of the structural relationships and slope coefficients over time are also tested for. The study finds strong empirical support for trade being very important for development, but to be more in the nature of a handmaiden than of an engine of growt

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02661.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

SUMMARYThe author considers the vexed question of whether it is meaningful, or logically consistent, to assume different savings propensities for profits and wages, independently of whether the savers are capitalists or workers. The author claims, however, that the analytical issues must be clarified first of all. Therefore he explores the conditions of existence of a two‐class (capitalists and workers) economy when the rate of interest i is lower than (or at most equal to) the rate of profit r, and the savings function is expressed in the general form: S = sww+ swcPw+ ScPcIt is shown that, at one extreme, when Swc= Se, the savings function reduces to the one originally used by Kaldor, and, if also i = r, no equilibrium path exists. At the other extreme, when Swc= Sww, the savings function reduces to the one originally used by Pasinettiand the range of existence of a two‐class economy is maximum. In between the two extremes, ranges of existence are defined in terms of inequalities involving the parameters of the sys

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02662.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

SUMMARYIt has become customary to dichotomize research results in functional income distribution in terms of neo‐classicalvs. neo‐Keynesian theories with appropriate footnotes referring to fringe theories and distinguished predecessors. In this note the latter set is enlarged! ErikLindahl'smasterly contribution to this subject is presented in a generalized version of a Kaldor‐Pasinettimodel. InPenning Politikens Medel(1930) Lindahlposes the question of how savings will be adjusted to equilibrium with a higher level of investment which, in turn, has been caused by a lowering of the rate of interest. The equilibrium level is attained, in a characteristically Kaldor‐Pasinettiway, by a redistribution of

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02663.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02664.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02665.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02666.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Al‐Shaikhly, Salah(ed.):Development Financing.Bombach, G.; Netzband, K.‐B.; Ramser, H.‐J. und Timmermann, M. (Hrsg.):Der Keynesianismus III.DeJong, H. W. (ed.):The Structure of European IndustryDesai, Meghnad:Testing MonetarismDiekmann, Jochen:Kontrctkttheoretische ArbeitsmarktmodelleDunning, JohnH.:International Production and the Multinational EnterpriseEliasson, Gunnarand SÖdersten, Jan(eds.):Business Taxation, Finance and Firm Behavior.Gandolfo, Giancarlo:Qualitative Analysis and Econometric Estimation of Continuous Time Dynamic ModelsGiersch, Herbert(ed.):Macroeconomic Policies for Growth and Stability.Heertje, Arnold(ed.):Schumpeter's Vision.Herder‐Dorneich, Philipp; Sieben, Gunterund Thiemeyer, Theo(Hrsg.):Beitrdge zur GesundheitsÖkonomie.Herdzina, Klaus:Wirtschaftliches Wachstum, Strukturwandel und WettbewerbHowey, RichardS.:A Bibliography of General Histories of Economics 1692‐1975Hutchison, T. W.:The Politics and Philosophy of EconomicsInternational Economic Policy Research.Judge, GeorgeG.; Hill, R. Carter; Griffiths, William; LÜtkepohl, Helmutand Lee, Tsoung‐Chao:Introduction to the Theory and Practice of EconometricsKamien, MortonI. and Schwartz, NancyL.:Market structure and innovationKornai, JÁnosand Martos, BÉla(eds.):Non‐price controlLouven, Erhard:Technologietransfer und angepasste Technologien.Malliaris, A. G. and Brock, W. A.:Stochastic Methods in Economics and FinanceOchel, Wolfgang:Die Entwicklungsländer in der Weltwirtschaft.Panchamukhi, P. R.:Inequality in EducationPatinkin, Don:Essays on and in the Chicago TraditionPrais, S. J.:Productivity and Industrial Structure.Preston, A. J. and Pagan, A. R.:The Theory of Economic Policy.RomÁn, ZoltÁn:Productivity and Economic GrowthRÜrup, Bertund KÖrner, Heiko:Finanzwissenschaft.Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Ent‐wicklung:Investieren für mehr Beschäftigung.Schenk, Karl‐Ernst:Märkte, Hierarchien und Wettbewerb.Schenk, Karl‐Ernst:≪Institutional Choice>und OrdnungstheorieSchneider, Diethard:Monetäre Konzepte der Verstetigungspolitik.Schotter, Andrew:The Economic Theory of Social InstitutionsSchultz, TheodoreW.:Investing in People.Shackleton, J. R. and Locksley, Gareth(eds.):Twelve Contemporary Economists.Shone, Ronald:Applic

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1983.tb02667.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY