ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00275.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

This paper examines the political economy of Canada, particularly the question of why Canada's economic performance has so persistently lagged behind that of the United States. It argues that this shortfall cannot be traced to values and choices arising out of a unique Canadian “political culture,” as is conventionally assumed, but instead is the consequence of poorly designed institutions. These institutions directly benefit powerful interest groups in Canada and are thus explicable in Public Choice terms. Nevertheless, they are under strain as the underlying social reality of Canada cannot be suppressed indefinitely. One symptom of this is the bilateral free trade agreement recently negotiated between Ottawa and Washington,

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00276.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

Canadian and U.S. unemployment rates moved together within a narrow margin from 1961 to the mid‐1970s. Since then, Canadian rates have exceeded U.S. rates by large margins—at times as much as 3 percentage points. Throughout this period, interest rates in the two countries have been nearly identical. Aggregate demand stimulation by government deficits has been greater in Canada than in the U.S., and the trade surplus in Canada has added to demand while the trade deficit in the U.S. has subtracted from demand. Therefore, it seems that conventional Keynesian arguments cannot explain the recent differences in unemployment rates.Differences in labor market developments, however, can do so. During a period when real wages rose 35 percent in Canada, they fell 5 percent in the U.S. Since the recession of 1981, U.S. wages have dropped while Canadian wages have remained constant. Differences in labor productivity do not account for these developments. A strong case exists for the argument that the different paths of unemployment rates are due to different paths of real wage developments.It is argued that the causes for these differences in labor market conditions are associated with substantial growth and decreases in unionization rates in Canada and the U.S., respectively. In addition, the unemployment insurance system in Canada is shown to be considerably more generous than that in the

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00277.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

The author welcomes the bishops' statement as an expression of the uniquely moral aspect of the Canadian unemployment crisis. The statement is dramatic, compassionate and deeply ethical in its concern for the Canadian economy and its people—especially for the poor, the afflicted, and the oppressed. However, the bishops' public policy recommendations are ill‐advised and incompatible with the attainment of their very worthwhile goals. By relying on a quasi‐Marxist economic analysis, the bishops misconstrue the role and effects of inflation, price controls, technological progress, welfare, and the labor union movement. To achieve economic progress, including a cure for unemployment, a move toward freer markets is needed—not more government inter

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00278.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

The pastoral letter calls for a radical restructuring of the American economy. The restructuring is to be set on a foundation of economic rights, a social mortgage on privately held property, and a deference toward the small within the political system. The restructuring also is intended to avoid statist or totalitarian outcomes. The second half of the pastoral letter, containing the policy analysis and recommendations, is not consistent with the basic system for restructuring the economy contained in the first half. The practical visions of the second half of the pastoral letter do not provide for economic rights or a social mortgage. Analyzing the logic of the basic system for restructuring the economy shows that it is inconsistent with the bishops' intended goal of a non‐statist economy. The flawed logic of the basic system explains the inconsistency between the two major parts of the pastoral lette

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00279.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

In their Pastoral Letter on Catholic Social Teaching and the U.S. Economy, the bishops stress that basic justice requires work with adequate pay for all who seek it. This essay sets forth a domestic macropolicy centered on government employment consistent with the bishops' positions on basic justice.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00280.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY

摘要:

This paper treats appointing a Federal Reserve Chairman as a portfolio investment made by the United States President. It models Ronald Reagan's 1987 choice between Paul Volcker and other candidates as a trade‐off between a potentially unfavorable short‐term market response to replacing Volcker and various long‐term political benefits from installing Reagan's own man. The paper discusses possible effects of Alan Greenspan's chairmanship on the trajectory of future monetary policy, on the Fed's preferences for financial reform, and on the Fed's corporate cu

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1988.tb00281.x

出版商:Blackwell Publishing Ltd    

年代:1988

数据来源: WILEY