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Economics
Kinds of Economics Terms modified by Economics Selected AbstractsTHE ECONOMICS OF HOMELAND SECURITY EXPENDITURES: FOUNDATIONAL EXPECTED COST-EFFECTIVENESS APPROACHESCONTEMPORARY ECONOMIC POLICY, Issue 1 2007SCOTT FARROW While most economists expect some marginal conditions to result from basic expected value models involving government expenditures and homeland security investments, such models are not readily found in the literature. The article presents six basic models that all incorporate uncertainty; they also capture various problems involving technological limits, behavioral interactions, false negatives and false positives, and decision making with uncertainty and irreversibility. Recent reviews of homeland security programs by the U.S. Government Accountability Office are used to illustrate the relevance of the models.(JEL H100) [source] TRANSACTION COST ECONOMICS: THE PRECURSORSECONOMIC AFFAIRS, Issue 3 2008Oliver E. Williamson Theories commonly progress through four stages, from informal to pre-formal to semi-formal and fully formal. This paper reports on the earliest stage of transaction cost economics that extended from the 1920s to the 1970s. That the gestation stage lasted so long is partly because transaction cost economics departed significantly from the then-prevailing economic orthodoxy. Also, and related, it is an interdisciplinary undertaking. As reported herein, transaction cost economics selectively combines economics, organisation theory and law and is the product of the contributions of some of the finest minds in those three fields. [source] THE NEW INSTITUTIONAL ECONOMICS , A DIFFERENT APPROACH TO ECONOMIC ANALYSISECONOMIC AFFAIRS, Issue 3 2008Eirik G. Furubotn The initial objective of the paper is to describe the way in which the term ,New Institutional Economics' (NIE) emerged in the literature and became the designation for a new field concerned with the study of various analytical techniques designed for the exploration of institutional phenomena. It is then shown how some of the more important of these techniques, transaction-cost economics, property-rights analysis and contract theory, have been applied in two central lines of neoinstitutional thought , the Williamsonian and the Northian. Criticisms of these two disparate theoretical positions on the NIE are considered and assessed. Next, a brief review of some of the empirical literature is undertaken so that the explanatory powers of NIE themes can be gauged. Finally, the paper offers a few general remarks on the present state of the NIE and its possible influence on the further development of economics. [source] ECONOMICS AND THE DISTINCTION BETWEEN VOLUNTARY AND COERCIVE ACTION1ECONOMIC AFFAIRS, Issue 4 2007Daniel B. KleinArticle first published online: 6 DEC 200 In economics, considerations of liberty are generally regarded as a secondary question of ,policy implications' and a matter of mere opinion. This essay rejects the relegation of liberty to such a status. It argues that the distinction between voluntary and coercive action, rooted in concepts of private ownership and consent, and forming the basis of liberty, should play a fundamental role in the way economic issues and arguments are formulated. [source] ECONOMICS, RELIGION AND THE DECLINE OF EUROPE,ECONOMIC AFFAIRS, Issue 4 2004Niall Ferguson This article asks whether there is any casual connection between the contemporaneous decline in industriousness and religiosity in Europe over the past 25 years. In the United States working hours and levels of religious faith and observance have held steady or even increased over this period. But in most European countries they have declined together. Could this be a posthumous vindication of Max Weber's thesis about the Protestant work ethic and the rise of capitalism? Though there clearly are some important links between religion and economic behaviour, the article concludes that the evidence does not perfectly fit Weber's theory, which emphasised abstinence rather than consumption as a determinant of economic development. [source] THE REVIVAL OF CULTURAL EXPLANATION IN ECONOMICSECONOMIC AFFAIRS, Issue 4 2003E. L. Jones Cultural explanations of economic change were largely dropped for a generation, as economists rejected their inconclusiveness and other social scientists labelled them as politically incorrect. Peter Bauer, however, expressed disquiet at the way deep influences like culture were being ignored in economic analysis. This paper discusses why high-profile attention has now turned back to culture. It does not find the expositions offered to be very persuasive but nevertheless agrees that Bauer's unease was understandable and describes other recent academic studies that are more promising. [source] DIGITAL MEDIA AND THE ECONOMICS OF CRIMEECONOMIC AFFAIRS, Issue 3 2002Samuel Cameron Digital crime is an area where the application of the economics of crime is complex. In a nutshell, the essential economic problem of digi-crime is the impact of technological progress making transactions costs of enforcement potentially too high, partly because of the low costs of copyright infringement due to technological advance, for there to be substantial amounts of deterrence from punishment. [source] POINT SHAVING IN COLLEGE BASKETBALL: A CAUTIONARY TALE FOR FORENSIC ECONOMICSECONOMIC INQUIRY, Issue 1 2010DAN BERNHARDT Point shaving is the practice by favored teams of attempting to win by less than the point spread to yield profits for gamblers who bet on the underdog. Consistent with point shaving, strong favorites are anomalously likely to win by less than the spread. To distinguish between innocent and criminal explanations, we (1) exploit information in line movements and (2) isolate games without betting lines to identify games where point shaving is implausible and document similar patterns. The data are better explained by strategic efforts to maximize the probability of winning. These findings highlight the importance of methodology design. (JEL L83, K42) [source] GIRLS AND ECONOMICS: AN UNLIKELY COUPLING?ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 3 2006ALEX MILLMOW While total undergraduate enrolments at Australian universities are increasing, enrolments in Economics are falling,a source of alarm for economists. By appealing to females, economics could effectively tap into the largest sector (58%) of the undergraduate student population. This study suggests that gender is contributing to the falling enrolments. Males need the prospect of money to entice them to study more economics but females require a connection between studying economics and employment opportunities. Providing visible role models may be a practical step to encouraging more females to read economics. More concentration on ,feminising economics' in the undergraduate curricula could help women to believe that they have a contribution to make to the discipline. [source] TAKING OUT THE PINS: ECONOMICS AS ALIVE AND LIVING IN THE HISTORY OF ECONOMIC THOUGHTECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2005William Coleman The paper seeks to vindicate the value of the study of the history of economic thought (HET). It argues against the complaint that the study is antiquarian. It contends that, although HET does not confer operational and objective skills, it does provide insight into economic ideas, and sharpens our acumen in responding to them. [source] SURVEYING UNIVERSITY STUDENT STANDARDS IN ECONOMICSECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2005Peter Abelson In late 2003 and early 2004 the Economic Society of Australia surveyed the Heads of Economics Departments in Australia to determine their views on three main issues: student standards; major factors affecting these standards; and policy implications. This paper describes the main results of the survey, reviews the conduct and value of this kind of survey, and discusses policy implications for economics in universities. Most respondents considered that student standards have declined and that the main causes include lower entry standards, high student/staff ratios, and a declining culture of study. However, some respondents argued that standards are multi-dimensional and that people may properly attach different weights to different attributes. Strong precautions assuring anonymity to respondents minimised strategic responses, but may not have eliminated them entirely. However, the respondents' views were based largely on experience rather than evidence and a major finding of this paper is the need for more evidence on standards and on the factors that influence them. Most respondents favoured a decentralised university-based approach to dealing with these issues, contending that centralised accreditation is inappropriate and that market forces would promote quality issues. In the writer's view, externally set and assessed exams as part of university examination procedures would lift standards and send out improved market signals. [source] THE ECONOMICS OF ACHIEVING COMPETITIVE BALANCE IN THE AUSTRALIAN FOOTBALL LEAGUE, 1897,2004ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2004Ross Booth This paper summarises some key aspects of a theoretical and empirical analysis of whether various labour market devices and revenue-sharing rules used in the Victorian Football League/Australian Football League (VFL/AFL) since its inception in 1897 have increased competitive balance by reducing the inequality in the distribution of player talent between clubs. The history of labour market intervention and revenue sharing in the VFL/AFL is discussed, with six different periods between 1897 and 2004 identified for analysis. Fort and Quirk's (1995) model of US professional team sports leagues is used to analyse the effectiveness of the various devices that have been used in the VFL/AFL, but only after adapting the model to allow for VFL/AFL clubs being win maximisers (subject to a budget constraint) rather than profit maximisers. The various devices used by the VFL/AFL are assessed in terms of their likely impact on competitive balance, with some significantly different theoretical predictions than under profit maximisation. It is found that free agency results in a less equal distribution of player talent under win maximisation, whilst both gate sharing and increases in shared league-revenue tend to equalise playing strengths (which is not the case under profit maximisation). Moreover, the invariance principle, that the effect of a player draft will be undermined by the sale (and/or trade) of player talent, is found not necessarily to hold under win maximisation and can be reduced or eliminated with a team salary cap. Whether the trade of players and draft choices can undermine a player draft is also considered. The conclusion reached is that a player draft, a team salary cap, and revenue sharing is the combination most likely to succeed in achieving higher levels of competitive balance. The evidence of competitive balance in the VFL/AFL is consistent with these predictions. [source] SOME THOUGHTS ON ECONOMICS AND REGULATIONECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2004Graeme Samuel The author discusses the role of the ACCC in promoting competition policy in Australia. The ACCC's regulatory activities in focusing on of those industries where competition is limited are examined. It is argued that the focus here is two fold: to create conditions for fair competition in industries that rely on the services of facilities with natural monopoly characteristics and the administration of price caps to minimise the impact of monopoly power. [source] CORE ISSUES IN IMMIGRATION ECONOMICS AND POLICYECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2003GLENN WITHERS First page of article [source] WHAT BUSINESS STUDENTS THINK OF ECONOMICS: RESULTS FROM A SURVEY OF SECOND YEAR STUDENTSECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2002PAUL AZZALINI First page of article [source] THE STATE WE'RE IN: UNIVERSITY ECONOMICS 1989/1999ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2000ALEX MILLMOW First page of article [source] THE RELATIVE POSITIONS OF MEN AND WOMEN IN AUSTRALIAN ACADEMIC ECONOMICSECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2000KAREN MUMFORD First page of article [source] A GOODBYE TO BRITISH ECONOMICS?ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2000ECONOMICS DOCTORATE ENROLMENTS IN BRITAIN AND AUSTRALIA First page of article [source] FREE TRADE AREAS AND RULES OF ORIGIN: ECONOMICS AND POLITICSECONOMICS & POLITICS, Issue 2 2007RUPA DUTTAGUPTA Incorporating an intermediate input into a simple small-union general-equilibrium model, this paper first develops the welfare economics of preferential trading under the rules of origin (ROO) and then demonstrates that ROOs can improve the political viability of Free Trade Agreements (FTAs). Two interesting outcomes are derived. First, a welfare-reducing FTA that was rejected in the absence of ROOs can become feasible in the presence of these rules. Second, a welfare- improving FTA that was rejected in the absence of ROOs can be endorsed in their presence, but upon endorsement it can become welfare inferior relative to the status quo. [source] THE ECONOMICS OF FISCAL DECENTRALIZATIONJOURNAL OF ECONOMIC SURVEYS, Issue 4 2010Duc Hong Vo Abstract There is no complete overview or discussion of the literature of the economics of federalism and fiscal decentralization, even though scholarly interest in the topic has been increasing significantly over recent years. This paper provides a general, brief but comprehensive overview of the main insights from the literature on fiscal federalism and decentralization. In doing so, literature on fiscal federalism and decentralization is grouped into two main approaches: ,first generation approach' and ,an emerging second generation approach'. The discussion generally covers the two notions of fiscal decentralization: ,fiscal autonomy' and ,fiscal importance' of subnational governments as the background of the most recently developed index of fiscal decentralization in Vo. The relevance of this discussion to any further development of a fiscal decentralization index is briefly noted. [source] THE ECONOMICS OF THE UNCOVERED INTEREST PARITY CONDITION FOR EMERGING MARKETSJOURNAL OF ECONOMIC SURVEYS, Issue 1 2009C. Emre Alper Abstract Financial account liberalizations since the second half of the 1980s paved the way for the burgeoning literature that investigates foreign exchange market efficiency in emerging markets (EMs) via testing for the uncovered interest parity (UIP) condition. This paper is the first to provide a broad and critical survey on this recent literature. Specifically, we attempt to answer the following questions. First, are the EMs different from the developed economies in the context of the UIP condition? Second, to what extent can these differences contribute to the debate on the UIP literature? Third, what are the empirical challenges specific to the EMs in testing for the UIP condition? [source] VARIETY OF METHODOLOGICAL APPROACH IN ECONOMICSJOURNAL OF ECONOMIC SURVEYS, Issue 3 2007Sheila C. Dow Abstract It has been argued by some that the distinction between orthodox economics and heterodox economics does not fit the growing variety in economic theory, unified by a common methodological approach. On the other hand, it remains a central characteristic of heterodox economics that it does not share this methodological approach, but rather represents a range of alternative methodological approaches. The paper explores the evidence, and arguments, for variety in economics at different levels, and a range of issues which arise. This requires in turn a discussion of the meaning of variety in economics at the different levels of reality, methodology, method and theory. It is concluded that there is scope for more, rather than less, variety in economic methodologies, as well as within methodologies. Further, if variety is not to take the form of ,anything goes', then critical discussion by economists of different approaches to economics, and of variety itself, is required. [source] THE ECONOMICS OF FISHERIES MANAGEMENT.JOURNAL OF FISH BIOLOGY, Issue 6 2005By L. G. Anderson. No abstract is available for this article. [source] STRUCTURAL, EXPERIMENTALIST, AND DESCRIPTIVE APPROACHES TO EMPIRICAL WORK IN REGIONAL ECONOMICS,JOURNAL OF REGIONAL SCIENCE, Issue 1 2010Thomas J. Holmes ABSTRACT The three general approaches to empirical work in economics are structural, experimentalist, and descriptive. This paper provides an overview of how empirical work in regional economics fits into these three categories. In particular, I examine a single issue in the field, the nature of agglomeration benefits and the productivity gains from agglomeration, and analyze the advantages and drawbacks of following each of these three empirical approaches. I also discuss potentially fruitful ways empirical work in regional economics might advance. [source] OUTSOURCING: TRANSACTION COST ECONOMICS AND SUPPLY CHAIN MANAGEMENT,JOURNAL OF SUPPLY CHAIN MANAGEMENT, Issue 2 2008OLIVER E. WILLIAMSON This article examines outsourcing from the transaction cost economics (TCE) perspective. The transaction is made the basic unit of analysis and the procurement decision, as between make and buy, is made (principally) with reference to a transaction cost economizing purpose. As sketched herein, the ease of contracting varies with the attributes of the transaction, with special emphasis on whether preserving continuity between a particular buyer,seller pair is the source of added value. The basic regularity is this: as bilateral dependency builds up, the efficient governance of contractual relations progressively moves from simple market exchange to hybrid contracting (with credibility supports) to hierarchy. This last corresponds to the "make" decision, which, as viewed from the TCE perspective, is viewed as the organization form of last resort. The article successively describes the lens of contract approach to economic organization, the operationalization of TCE, different styles of outsourcing, qualifications to the foregoing and the main lessons of TCE for the supply chain literature. [source] THE ECONOMICS OF MARINE RESERVESNATURAL RESOURCE MODELING, Issue 3 2002RÖGNVALDUR HANNESSON ABSTRACT. Marine reserves can be a useful supplement to other methods of fisheries management, but marine reserves alone are not likely to achieve a great deal in economic terms andperhaps not even in terms of conservation. The effects of marine reserves with open access elsewhere are analyzed, using a logistic model for a population with a patchy distribution. It is assumedthat a marine reserve is establishedfor the territory of one of two sub-populations which interact through migrations. The total population increases while the total catch declines for the most part. A high rate of migration would, however, dilute the conservation effect. Examining a stochastic variant of the model shows that the variability (sum of squareddeviations) of catches may decrease as a result of protecting one of the sub-populations. Even if all rents disappear by assumption, it is possible to identify this as an economic benefit, particularly when the average catch increases. The variability of the catch falls for a range of values of the population migration parameter and variability of growth, both when the stochastic disturbances are independent and when they are perfectly correlated for the two sub-populations, andalso when the growth variability parameter differs between the sub-populations. [source] HETEROGENEOUS SPACE IN REGIONAL ECONOMICS AND BEYONDPACIFIC ECONOMIC REVIEW, Issue 4 2006John G. Greenhut Such space clearly applies to a regional economy where costly distance provides opportunities for sellers to discriminate in price among customers. Similar discriminatory opportunities may be created in a spaceless world through, for example, product differentiation and the passage of time. It is in this broad perspective that a generalized theory of discriminatory spatial pricing is formulated. Simulations reveal a remarkable panoply of cost, price, and output relationships, highlighting the criticality of variations in elasticity in determining macro, micro, and regional economic behaviour. [source] ECONOMICS OF THE LIVING DEAD,THE JAPANESE ECONOMIC REVIEW, Issue 1 2006TAKEO HOSHI Zombie firms are those firms that are insolvent and have little hope of recovery but avoid failure thanks to support from their banks. This paper identifies zombie firms in Japan, and compares the characteristics of zombies to other firms. Zombie firms are found to be less profitable, more indebted, more dependent on their main banks, more likely to be found in non-manufacturing industries and more often located outside large metropolitan areas. Overall, larger size makes the firm less likely to be a zombie, but among small firms, relatively larger firms are more likely to be protected and become zombies. Controlling for profitability, the exit probability for zombie firms does not differ from that for non-zombies. Zombie firms tend to increase employment by more (but do not reduce employment by more) than non-zombies. Finally, when the proportion of zombie firms in an industry increases, job creation declines and job destruction increases, and the effects are stronger for non-zombies. [source] DID THE MARKET-CLEARING POSTULATE PRE-EXIST NEW CLASSICAL ECONOMICS?THE MANCHESTER SCHOOL, Issue 3 2007THE CASE OF MARSHALLIAN THEORY Have new classicists invented market clearing or have they just rehabilitated it? This is the question addressed in the present paper. It is generally agreed that market clearing underpins Walrasian theory, so my exploration is limited to the question of whether this is also true for Marshallian theory. I will claim that this is broadly the case: once Marshallian theory is properly reconstructed, it exhibits market clearing as a constantly present result. Still, an important difference between market clearing ā la Walras and market clearing ā la Marshall exists: in the former market clearing is equilibrium, while in the latter market clearing can coexist with disequilibrium. Next, I investigate whether my conclusion extends to the labour market. Again the conclusion reached is affirmative both for Marshall's theory and for present-day Marshallian models. As to the latter, I take Friedman's Phillips curve model as a case study. I show that this is a market-clearing model in which, strictly speaking, there is no place for the concept of unemployment,quite an ironical result for the paper that introduced the notion of the natural rate of unemployment! [source] THE ECONOMICS OF THE NON-DISTRIBUTION CONSTRAINT: A CRITICAL REAPPRAISALANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 1 2008Vladislav VALENTINOV ABSTRACT,:,This paper re-examines the non-distribution constraint as a key structural feature of non-profit organization. It argues that its traditional understanding as a trustworthiness-enhancing device is incomplete. This paper shows that the non-distribution constraint is also a reflection of the directly utility-enhancing character of involvement in non-profit firms for their key stakeholders. This alternative explanation allows one to solve the central puzzle of trustworthiness theory: why doesn't the non-distribution constraint destroy entrepreneurial motivation? Additionally, it helps one to understand the role of the non-distribution constraint in economic theories of non-profit organization that do not rely on trustworthiness theory. Finally, it enables one to logically integrate the different economic theories of non-profit organization. [source] | |||||||||||||||||||||||||||||||||||||||||||