The missing equation: The wedge model alternative

This article develops an alternative method for solving the problem of the “missing equation” by including the market-nonmarket decision for factors and capital-labor mix decision for producers. The result is a wedge or supply-side model of the economy. This general equilibrium macro model describes the interaction between the product and factor markets, describes both the income and substitution effects of government actions, and provides new insights into the full impact of the government sector.     

The demand for financial assets: Time series evidence for The Netherlands: 1963:II 1975:IV

This paper provides a systems approach to a set of four demand-for-liquid-assets equations in The Netherlands, using quarterly data over the period 1963 1975. The main findings are firstly: the estimated cross-elasticity of time and savings deposits reveals complementarity, and secondly: cyclical shifts in the demand equations are particularly evident in time and savings deposits. This indicates that the velocity of circulation for these assets varies with the level of economic activity, while it does not vary for the two other assets considered ‘money’ and ‘other near moneys’.     

The Fable of the Allegory: The Wizard of Oz in Economics: Comment

Although recent research strongly suggests that L. Frank Baum did not write The Wonderful Wizard of Oz as a monetary or political allegory, the Populist-parable interpretation of his book remains a tremendous teaching tool in economics classes. The author offers some background on the rise and fall of the Populist interpretation, in recognition of students' natural curiosity about Baum's intentions. He also offers a classroom-ready version of the parable that synthesizes several different versions of that interpretation.     

“左翼”：“界线”问题与“场域”分析－安德森“犯规”事件再思考

本文围绕安德森"犯规"事件,从"界线"与"场域'这两个角度入手,深入考察在‘‘左翼'符号背后的理论问题与实践问题,从而在理论上揭示出"左、右翼"界线"不可贯穿'之说的虚妄性及其所造成的相关后果,并在知识分子实践层面上揭示出"左翼"已经在场域斗争中蜕变成‘‘教条'与‘‘幻象".在方法论上,本文主要采取逻辑分析、话语分析和社会学分析,因此文中的批判性分析同作者本人的规范主张无涉.     

The “Dorfman-Steiner” rule: The intertemporal case

Conclusion Ireland was right in pointing out the weaknesses of the equation of motion (1.1) in the original paper. However if one turns to a more specific formulation of this equation such as (1.3), it can be shown that the equality between and still holds true for the continuous case as for the discontinuous one.This reply has greatly benefited from comments by M. Beuthe and A. Bultez. The author remains solely responsible for any error.     

Telecommuting: The employee's perspective

Available telecommunication technology enables the substitution of commuting by “telecommuting”, or working at home, for a wide range of white collar occupations. Research on the potential of this phenomenon along with some ongoing experiments point at an array of social and personal benefits that may be realized by this working arrangement. An assessment of the possible implications of work-at-home on the individual employee indicate that the burden on him or her may be greater than the benefits accrued and, therefore, the journey to work may be a more desirable act than traditionally perceived by transportation planners. This paper focuses on two aspects of the work-at-home arrangement. Previous research on the sociology of work as well as preliminary empirical results indicate that 1) social interaction at work and 2) the need to separate home and work roles are important elements for the individual worker. The fact that work-at-home will affect these attributes, is likely to discourage wide-scale transition to this arrangement, despite the availability of the technology. Most research published to date on the subject is qualitative in nature, as only little empirical evidence is available. The objective of this paper is to stress, based on a wide literature review, the need for a thorough behavioral evaluation of the available technology to provide a sound basis for decision making on implementation of the technology.     

Agriculture: The next decade

So long as a very large section of rural producers continues to operate miniscule holdings, crop raising activity by itself is not going to resolve the poverty problem. It is maintained that in a country like India where the production base of the large majority of the cultivators is very narrow, even a 4% per annum growth in crop production will leave at least 30% of the rural households below the poverty line in year 2000. The basic problem is to bring this section of the producers in the mainstream of economic growth. Several alternative strategies are examined in this paper. The development of high-value, labor intensive, supplementary occupations emerges as the only feasible alternative. The success of this strategy depends on creating infrastructure facilities in the countryside and organizing homogeneous groups of small producers. The latter is necessary to impart the requisite strength to the disadvantaged sections to enable them to interact with the delivery system on equal footing.     

The Borrower's Curse: Comment

This paper explores the implications of entrepreneurs holding biased perceptions about the probability of project success and/or the size of payoff if successful. When entrepreneurs are optimistic only about the probability of success credit is not rationed. Credit rationing can occur where optimists over-estimate payoffs.     

公共预算原则:挑战与重构

传统的公共预算原则是如何产生的？为什么从20世纪后半期开始各国的预算实践越来越偏离传统的公共瞀原则？如何评价这种偏离？传统的公共预算原则是否已经过时？本文对上述问题进行探讨，并呼吁重新思考和设计预算原则。作者指出：重新思考传统的预算原则，并针对目前预算制定与实施过程中存在的问题形成新的预算原则，重新设计预算过程，无论是对预算理论的发展还是对我国现阶段的预算原则，重新设计预算过程，无论是对预算理论的发展还是对我国现阶段的预算改革来说，都显得非常紧迫。     

Analysing The Evolution Of Industry: The Relevance Of The Telecommunications Industry

This paper analyses the fundamental forces involved in the evolution of the telecommunications industry. It is suggested that there are five major forces that together drive the evolution of this industry: specialisation, competition, financial markets. endogenous consumer demand and permeable industry boundaries. An important research task is to further elaborate on the boundaries of not only the industry but of the industrial system taken as a whole.     

The minority game unpacked:

We conduct an experiment on a minority-of-three game in which each player is a team composed of three subjects. Each team can freely discuss its strategies in the game and decisions must be made via majority rule. Team discussions are recorded and their content analyzed to detect evidence of strategy co-evolution among teams playing together. Our main results show no evidence supporting the mixed strategy Nash equilibrium solution, and provide evidence more consistent with reinforcement learning models than with belief-based models. Exhibiting level-2 rationality (i.e., reasoning about others’ beliefs) is positively and significantly correlated with higher than average earnings in the game. In addition, teams that are more successful tend to become more self-centered over time, paying more attention to their own past successes than to the behavior of other teams. Finally, we find evidence of mutual adaptation over time, as teams that are more strategic induce competing teams to be more self-centered instead. Our results contribute to the understanding of coordination dynamics resting on heterogeneity and co-evolution of decision rules. In addition, they provide support at the decision process level to the validity of modeling behavior using reinforcement learning models.