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Real Income (real + income)
Selected AbstractsAgricultural productivity and rural incomes in England and the Yangtze Delta, c.1620,c.18201ECONOMIC HISTORY REVIEW, Issue 3 2009ROBERT C. ALLEN The productivity of agriculture in England and the Yangtze Delta are compared c.1620 and c.1820 in order to gauge the performance of the most advanced part of China vis-ŕ-vis its counterpart in Europe. The value of real output is compared using purchasing power parity exchange rates. Output per hectare was nine times greater in the Yangtze Delta than in England. More surprisingly, output per day worked was about 90 per cent of the English performance. This put Yangtze farmers slightly behind English and Dutch farmers c.1820, but ahead of most other farmers in Europe,an impressive achievement. There was little change in Yangtze agricultural productivity between 1620 and 1820. In 1820, the real income of a Yangtze peasant family was also about the same as that of an English agricultural labourer. All was not rosy in the Yangtze, however, for incomes there were on a downward trajectory. Agriculture income per family declined between 1620 and 1820, even though income per day worked changed little since population growth led to smaller farms and fewer days worked per year. The real earnings of women in textile production also declined, since the relative price of cotton cloth dropped,possibly also because a larger population led to greater production. The implication is that the Yangtze family, unlike the English family, had a considerably higher real income c.1620, and that period was the Delta's golden age. [source] Making profits in wartime: corporate profits, inequality, and GDP in Germany during the First World War1ECONOMIC HISTORY REVIEW, Issue 1 2005JOERG BATEN Making profits in wartime: corporate profits, inequality, and GDP in Germany during the First World War. This article reconsiders, and rejects, Kocka's (1973) hypothesis that a strong income redistribution from workers to capital owners occurred in Germany during the First World War. A small number of firms profited from the war, but the majority experienced a decline in real income, similar to the decline in workers' real wages. This finding also has important implications for the political history of the Weimar Republic. The authors also use their figures to improve German GDP estimates for the war period, since their sample makes it possible to estimate private service sector development. Economic indicators were worse for the war year of 1917 than previously believed. [source] UK Household Debt: A Threat to Growth or Stability?ECONOMIC OUTLOOK, Issue 1 2005Article first published online: 2 FEB 200 The liberalisation of credit constraints in the 1970s for UK consumers has had important implications for the housing market and consumer spending. This paper by John Muellbauer1 examines the factors that have driven soaring consumer debt and house price levels; in particular those observed since the mid-1990s. By relying on recent econometric evidence and trends in credit availability, real income per head, nominal and real after tax mortgage rates, measures of perceived risk and broad demographic trends, it also analyses the prospects for house prices, mortgage debt and unsecured debt over the coming years. The outlook is for a ,soft landing' in the housing market and associated declines in the rate of growth of consumer debt, which, although probably not smooth, does suggest the underlying situation is more benign and less crisis-prone than it was in 1988,89. [source] Trade and Diversity: Is There a Case for ,Cultural Protectionism?'GERMAN ECONOMIC REVIEW, Issue 4 2006Carsten Eckel Intra-industry trade; diversity; welfare; endogenous sunk costs; cultural protectionism Abstract. In contrast to the predictions of standard models of international trade, globalization critics are claiming that trade destroys diversity. We demonstrate that with endogenous sunk costs, trade integration in horizontally differentiated industries can indeed lead to a fall in diversity. Consumers are faced with a tradeoff between gains in real income and a loss in diversity, so that the impact on welfare is ambiguous. However, it is possible through fiscal policies to replicate pre-trade choices and still realize gains in real income. Thus, calls for a ,cultural protectionism' are not justified. [source] Do Higher Real Minimum Wages Lead to More High School Dropouts?AMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 2 2009Evidence from Maryland Across Races We explore whether higher levels of the real minimum wage have differing effects on high school dropout rates across students of various races and ethnicities (whites, African Americans, Hispanics, and Asians). Using a panel of data across Maryland counties and annual observations in 1993,2004, we found higher real minimum wages to be associated with higher dropout rates for Hispanic students, but not for other races and ethnicities. We used a variety of model specifications and explanatory variables, including real income, the unemployment rate, teen pregnancy rates, and educational attainment among adults. Several of our findings are broadly consistent with commonly reported sociological observations regarding how behavioral choices may be affected by different levels across races and ethnicities of cultural integration of recent immigrants, family cohesiveness, the value placed on education, small business ownership, and hourly (vs. salaried) employment. [source] Testing Export-Led Growth in India, Pakistan and Sri Lanka Using a Multivariate FrameworkTHE MANCHESTER SCHOOL, Issue 4 2004Jim Love Most time-series studies in the area of export-led growth adopt a bivariate framework and neglect the role of terms of trade. Because the terms of trade have an important bearing on export earnings and income, the underlying models of these studies may have been misspecified. This study is the first to adopt a multivariate framework for South Asia as a region; and by including the terms of trade as an additional variable it tries to correct the misspecification bias of earlier studies. The evidence suggests bidirectional causality between real exports and real income in India, export-led growth in Pakistan and a no-causality result for Sri Lanka. [source] The effect of wealth and real income on wildlife consumption among native Amazonians in Bolivia: estimates of annual trends with longitudinal household data (2002,2006)ANIMAL CONSERVATION, Issue 3 2010R. Godoy Abstract Over the last decades, native Amazonians have put increasing pressure on animal wildlife owing to growth in demand. Across societies, household monetary income and wealth shape food consumption; hence, so it is natural to ask what effect might these variables have on the demand for wildlife consumption among native Amazonians, particularly as they gain a stronger foothold in the market economy and increasing de jure stewardship over their territories. Prior estimates of the effects of household monetary income and household wealth on wildlife consumption among native Amazonians have relied on cross-sectional data and produced unclear results. The goal of this research was to improve the precision of previous estimates by drawing on a larger sample and on longitudinal data. The analysis draws on a dataset composed of five consecutive annual surveys (2002,2006, inclusive) from 324 households in a native Amazonian society of foragers and farmers in Bolivia (Tsimane'). Multiple regression analysis is used to estimate the association between wildlife consumption and monetary income and wealth. Wildlife consumption bore a positive association with the level of household wealth and no significant association with household monetary income. Among Tsimane', the main internal threat to wildlife conservation in the short run will likely arise from increases in wealth, probably from the enhanced capacity that selected physical assets (e.g. guns) have in the capture of animal wildlife. [source] Determinants of Female Fertility in Taiwan, 1966,2001: Empirical Evidence from Cointegration and Variance Decomposition Analysis,ASIAN ECONOMIC JOURNAL, Issue 4 2006Paresh Kumar Narayan J13; C22; C52 This study investigates the determinants of the fertility rate in Taiwan over the period 1966,2001. Consistent with theory, the key explanatory variables in Taiwan's fertility model are real income, infant mortality rate, female education and female labor force participation rate. The test for cointegration is based on the recently developed bounds testing procedure while the long-run and short-run elasticities are based on the autoregressive distributed lag model. Among our key results, female education and female labor force participation rate are found to be the key determinants of fertility in Taiwan in the long run. The variance decom-position analysis indicates that in the long run approximately 45percent of the variation in fertility is explained by the combined impact of female labor force participation, mortality and income, implying that socioeconomic development played an important role in the fertility transition in Taiwan. This result is consistent with the traditional structural hypothesis. [source] THE AGRICULTURAL TERMS OF TRADE IN BANGLADESH: AN ECONOMETRIC ANALYSIS OF TRENDS AND MOVEMENTS, 1952,2006AUSTRALIAN ECONOMIC PAPERS, Issue 1 2008AKHAND AKHTAR HOSSAINArticle first published online: 21 APR 200 This paper investigates the trends and movements of agricultural prices, industrial prices and the agricultural terms of trade in Bangladesh with annual data for the period 1952,2006. The ADF and KPSS tests results suggest that both agricultural and industrial prices have a unit root while the agricultural terms of trade is trend-stationary. These results remain unchanged if allowance is made in the unit root test for the possibility of a structural break during 1971,1975 (when Bangladesh gained independence from Pakistan and experienced economic shocks) by applying the two-step procedure of Perron (1989). A simple Nerlovian agricultural price determination model is specified within the framework of aggregate demand and aggregate supply. The Johansen cointegration test results for the periods 1953,2006 and 1973,2006 suggest that there exists a cointegral relationship between agricultural prices, industrial prices, per-capita real income and the real exchange rate between the Bangladeshi taka and the US dollar under the restriction that per-capita real income and the real exchange rate are ,long-run forcing variables' in the sense of Pesaran and Shin (1995), and Pesaran, Shin and Smith (1996). The paper estimates a four-variable vector error-correction (VEC) model and conducts an impulse response analysis for the post-independence period, 1973,2006. [source] MODELLING DEMAND FOR BROAD MONEY IN AUSTRALIA,AUSTRALIAN ECONOMIC PAPERS, Issue 1 2005ABBAS VALADKHANIArticle first published online: 21 FEB 200 The existence of a valid long-run money demand function is still important for the conduct of monetary policy. It is argued that previous work on the demand for money in Australia has not been very satisfactory in a number of ways. This paper examines the long- and short-run determinants of the demand for broad money employing the Johansen cointegration technique. Using quarterly data for the period 1976:3,2002:2, this paper finds, inter alia, that the demand for broad money is cointegrated with real income, the rate of return on 10-year Treasury bonds, the cash rate and inflation. It appears that a disequilibrium in the demand for money can affect the efficacy of interest rate policy in the long run via its impact on future output growth and output gap. [source] US,Mexico fresh vegetable trade: the effects of trade liberalization and economic growthAGRICULTURAL ECONOMICS, Issue 1 2001Jaime E. Málaga NAFTA; Vegetables; Trade liberalization; Mexico Abstract Studies of US-Mexico vegetable trade have generally emphasized the importance of US tariffs in determining the competitive advantage of US producers. Even so, research has identified at least four factors related primarily to the different levels of economic development in the US and Mexico that also have important effects on US-Mexico agricultural trade in general and fresh vegetable trade in particular. These include the differential growth rates of US and Mexican real wages, production technology (yields), and per capita income as well as cyclical movements in the real Mexican Peso/US Dollar exchange rate. This study examines the relative contribution of NAFTA and the development-related factors to likely future changes in US fresh vegetable imports from Mexico. The analysis employs an econometric simulation model of US and Mexican markets for five fresh vegetables (tomatoes, cucumbers, squash, bell peppers, and onions) accounting for 80% of US fresh vegetable imports. The results suggest that the 1994,1995 Peso devaluation rather than NAFTA was primarily responsible for the sharp increase in US imports of Mexican vegetables observed in the first years following the implementation of NAFTA. Over time, however, the results suggest that differences in the growth rates of US and Mexican production yields and, to a lesser extent, of US and Mexican real incomes and/or real wage rates could plausibly contribute more to the future growth of US tomato, squash, and onion imports from Mexico than the trade liberalizing effects of NAFTA. [source] How would global trade liberalization affect rural and regional incomes in Australia?AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2010Kym Anderson Agricultural protection in rich countries, which had depressed Australian farm incomes via its impact on Australia's terms of trade, has diminished over the past two decades. So too has agricultural export taxation in poor countries, which has had the opposite impact on those terms of trade. Meanwhile, however, import protection for developing country farmers has been steadily growing. To what extent are Australian farmers and rural regions still adversely affected by farm and non-farm price- and trade-distortive policies abroad? This paper draws on new estimates of the current extent of those domestic and foreign distortions: first, to model their net impact on Australia's terms of trade (using the World Bank's Linkage model of the global economy); and second, to model the effects of that terms of trade impact on output and real incomes in rural versus urban and other regions and households within Australia as of 2004 (using Monash's multi-regional TERM model of the Australian economy). [source] | |||||||||||||||||||||||||