Health, Wealth, Fertility, Education, and Inequality

The authors use a new cross-country dataset to estimate the strength of the links between different dimensions of social and economic development, including indicators of health, fertility, and education, as well as material wellbeing. This differs from previous studies in employing data for different income groups in each country in order to provide direct evidence on factors driving inequality, and in using a unique measure of material wellbeing that does not rely on PPP comparisons.     

Vicarelli,Keynes, and the unstable nexus between investment,liquidity, and finance

The goal of this article is to reconstruct Keynes’s vision of the unstable nexus between investment, liquidity and finance, as set out by the Italian economist Fausto Vicarelli (1936–1986). As argued in the article, one of Vicarelli’s main contributions consists of explaining the inherent instability of financially sophisticated capitalist economies in terms of the interaction (and double dissociation) between investment, saving, and stock-holding decisions, within a Keynesian framework characterized by the presence of fundamental uncertainty. While Vicarelli’s interpretation of Keynes is best understood in the context of the post-Keynesian literature, its relevance goes beyond that, as its sheds light on current issues related to the post-2008 financial crisis and its policy implications.     

Inflation,money, interest rate,exchange rate,and casuality: the case of Egypt,Morocco, and Tunisia

This study provides further evidence of the inflationary efects of the rates of growth of money supply, gross domestic product, efective exchange rate, and imported inflation for Egypt, Morocco, and Tunisia using quarterly data from 1964 to 1990. In addition, it examines the Granger causality between inflation and money supply as well as between inflation and the real exchange rate in the countries under consideration. Most of the results are consistent with extant theory and empirical evidence.     

Consumption,Income, and Wealth: Evidence from Age,Cohort, and Period Elasticities

This paper examines the relationship between non‐durable consumption, income, and wealth (housing and financial) allowing explicitly for generational heterogeneity. A framework is proposed to disentangle cohort, age, and period effects and the empirical analysis is based on the U.S. Consumer Expenditure Survey data. We find that there are significant generational differences and the results highlight the range of elasticities implicit in results presented, thus far, by age groups. Moreover, we find supporting evidence of humped shaped age profiles for the elasticity of consumption with respect to income and the importance of financial wealth for those aged 60+. The framework also allows us to generate cohort profiles which draw attention to the negative role of housing wealth for generation X, and period profiles which reinforce the role of financial wealth for the baby‐boom generation.     

Ageing,government budgets,retirement, and growth

We analyze the short and long-run effects of demographic ageing – increased longevity and reduced fertility – on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through changes of taxes, government spending components and the retirement age in politico-economic equilibrium. Growth is driven by capital accumulation and productivity increases fueled by public investment. The closed-form solutions of the model predict taxation and the retirement age in OECD economies to increase in response to demographic ageing and per-capita growth to accelerate. If the retirement age was held constant, the growth rate in politico-economic equilibrium would essentially remain unchanged, due to a surge of social-security transfers and crowding out of public investment.     

Dynamic Structure, Exogeneity, Phase Portraits, Growth Paths, and Scale and Substitution Elasticities

The paper studies autonomous dynamic systems that allow for the existence of economic growth per capita without dynamically generating explosive solutions. The implications of any degree of homogeneity, including increasing returns to scale in production, must be carefully examined in two and higher dimensions. The necessity of introducing some exogenous state variables is demonstrated within homogeneous dynamic systems. The authors solve and demonstrate the dynamic implications of scale and the substitution elasticities in various basic (two‐factor) and augmented (multifactor) aggregate growth models.     

Self-employment,financial development,and well-being: Evidence from China,Russia, and Ukraine

This study investigates the association between financial development and entrepreneurs’ well-being in China, Ukraine, and Russia. We find that Chinese and Russian entrepreneurs have a higher level of well-being, while Ukrainian self-employed individuals have more dissatisfaction. The link between financial development and the utility of entrepreneurs varies as well. The utility differences between the self-employed and paid workers in Russia reduce with financial development and the effect is stronger for job satisfaction. However, financial development barely correlates with Ukrainian entrepreneurs’ happiness while having no correlation with life satisfaction of Chinese self-employed. Further investigation suggests that the financial development – entrepreneurial utility association works through both monetary and non-monetary channels.     

IPR,Trade, FDI,and Technology Transfer

In this survey, we discuss how intellectual property rights （IPR） protection in the South affects trade flows, foreign direct investment （FDI） flows, and technology transfers from the North to the South. We also discuss optimal IPR policies and their effect on innovation. Our discussion covers both theoretical studies and empirical evidence. This survey is both comprehensive and critical. It aims to give readers the current state of IPR and globalization literature. Some issues have been studied more thoroughly, whereas for others the surface has only been scratched upon. This survey gives readers a clearer picture of the literature and may help them find future research topics.     

Trade,Remittances, Institutions,and Economic Growth

This paper empirically investigates the role of trade, remittances, and institutions in economic development in a large sample of developing countries using recently developed instruments for all these variables. Both cross-country (over 30 years) and dynamic panel data (over 5-year periods) regressions of growth rates on instrumented trade, remittances, and institutions provide evidence of a significant impact of trade, institutions, and remittances on growth. While institutions foster growth, remittances hamper it. The effect of trade on growth is positive in cross-sectional regressions but ambiguous in dynamic panel data regressions. These results are indicative of a more important role for trade in explaining growth in the very long run compared with over shorter horizons.     

Money,government debt,q, and investment

The aim of this study is to analyze empirically the linkages among changes in money and federal debt, Tobin's q variable, and investment expenditures in the United States. The vector autoregressive modeling technique proposed by Hsiao and extended by Caines, Keng, and Sethi is employed. The patterns of Granger-causality from the estimated vector autoregression are consistent with the transmission mechanism outlined by Tobin. Both money and debt Granger-cause q; q in turn causes investment and money and debt's effects upon investment operate primarily through their effects on q. However, neither money nor debt are exogenous.     

原型、场所、体验

：景观原型代表着人类对自然最原始的情感，下意识地 反映在人们的景观营建活动中，创造出各种景观类型。景观原 型具有强大的审美感召力。认识场地的本质特征并以新的线索 将其具体化，补充、调整要素，加强景观结构和自然特征，将 其与受到广泛认同的景观原型和景观类型相关联，能够创造具 有场所精神的景观空间。精心设计的观景点和游览路径，可以 强化人们对景观的体验和感知，加深人与景观的共鸣。最后， 以南宁园博园采石场花园为例说明基于原型、场所和体验的景 观设计方法。     

Bargains,Barter, and Money

We examine a search money model in which there is a symmetric coincidence of wants in all barter matches. However, when bargaining outcomes are asymmetric across matches, the barter economy is inefficient. Then a robust monetary equilibrium exists provided that money holders enjoy adequate bargaining terms. Fiat money may be welfare improving. In contrast to the literature, it is the asymmetry in bargains across matches rather than asymmetry in demands that generates these results. Journal of Economic Literature Classification Numbers: C78, E40.     

Demography, growth, and inequality

We extend the single-sector endogenous growth model to allow for a general demographic structure. The model shows that due to the “generational turnover term,” the equilibrium growth rate is less than that of a representative agent model. We find the local dynamics about the balanced growth path (bgp) to be unstable, implying that the bgp is the only viable equilibrium. Using numerical simulations, we analyze how economic consequences of a change in the population growth rate differ, depending on the source of the demographic change. In addition, we analyze the relationship between changes in the demographic structure and what we call the “natural rate of wealth inequality”. Finally, we use our model to study how the demographic transition experienced by the United States has affected the economic growth rate and the degree of wealth inequality.     

Health, Wealth, and Fairness

How much health should we have and how should it be distributed? This paper studies how to define social objectives for the allocation of health and income in a setting where individuals may differ in their preferences about health and consumption, earning ability, and health disposition. It is shown, on the basis of three simple ethical principles, that a reasonable social objective is to apply the maximin criterion to “full‐health equivalent” incomes. An application to the choice of the optimal health policy illustrates how this social objective may be used.     

Truth,self, and feminism

Humanistic economics is founded on the reality of human needs. One of those needs is for truth. According to the correspondence theory, that truth is a relation between statement and objective reality. This reality serves as a constraint on the (ego) self. Therefore, it can also be shown that self-interest is an independent principle from the commitment to truth, and that these two principles can clash. These two principles of the self, or the “higher” and “lower” self, constitute what we call the dual self. In a critique of humanistic economics from a feminist direction, Julie Nelson has claimed that such dualisms form a hierarchy that is sympathetic of patriarchal hierarchies. In a previous response to that criticism we showed that Nelson’s own work involved similar hierarchies. Here we attempt to show how Nelson's conception of value hierarchies involving the feminine and masculine and our conception can be resolved into one coherent framework.     

Collectives,communes, and incentives

A model of individual-worker incentives in alternative economic organizations—collective, communal, capitalist—is developed. It is demonstrated that, ceteris paribus, incentives are much higher in collectives than in communes, and are likely higher in collectives than in comparable capitalist organizations. The effect on incentives of changes in prices, rent, and organization size is examined, and it is shown that individual incentives in a collective increase with the scale of the organization. The impact of various parameters on hours worked is examined in the framework of utility maximization. The results are compared to those of Domar, Ward, and Vanek.     

Information,capital, and organization

Summary This paper examines on of the roles that information plays in the production process by looking at the information that firms collect about their workers. This information, concerning the worker's abilities, is used to improve the quality of job matches within the firm and reduce future production costs. This paper models this information as a capital good and shows how the existence of this capital good can be used to explain some of the residual firm value observed in equity markets as well as the rigidities observed when firms expand their scale.I would like to acknowledge the assistance of Edward Prescott, Hugo Hopenhayn, Herbert Mohring and Jim Schmitz who provided many insights and comments concerning this work. This paper has benefited from the comments and suggestions of seminar participants at Minnesota, Western Ontario and Caltech. This research was supported in part by grants from the Alfred P. Sloan Foundation and a National Science Foundation Graduate Fellowship.     

偏好、技术与工业化

Krugman(1 991b)的两地区模型解释了报酬递增的制造业企业为实现规模经济和降低运输成本而定位于需求较大的市场区域。本文通过引入部门间人口流动成本和地区间技术差异 ,认为新兴制造业可以在外围地区形成 ,并缩小地区间差异。     

Attending, questioning, and quality

Health care is just now feeling the effects of many years of neglect of serious attention to quality outcomes. We have many tools available now to change our thinking and to provide techniques to attain excellence in quality, such as Six Sigma and principals from Toyota. However, these techniques will only get us to a minimal level of quality. We need to change our questions, think the impossible, and break out of our old modes of thinking about quality. Zero defects are possible. We only have to take that quantum leap and think in new ways. We are posed on the edge of a quantum leap into new ways of thinking about quality. We will hear much more about nurse-sensitive indicators in the near future. Nurse leaders should change their questions now to attend to new models that will get us closer to the ultimate "impossible thinking" goal of zero defects in nurse-sensitive indicators of quality.     

Holdup, search, and inefficiency

This paper investigates the holdup problem in the search market environment where players search for their trading partners and specific investments are made after matching but before trade decisions are taken. We show that markets with small frictions make the holdup problem more serious than those with large frictions because in any equilibrium, whether stationary or nonstationary, investment must reach the minimum level and trade must be delayed with positive probability for infinitely many time periods. We then show that the gap between equilibrium welfare and the first best welfare becomes larger as search frictions become smaller.