Unemployment Invariance

Abstract. This paper provides a critique of the ‘unemployment invariance hypothesis’, according to which the behavior of the labor market, by itself, ensures that the long‐run unemployment rate is independent of the size of the capital stock, productivity and the labor force. In the context of an endogenous growth model, we show that the labor market alone need not contain all the equilibrating mechanisms to ensure unemployment invariance; in particular, other markets may perform part of the equilibrating process as well. By implication, policies that raise the growth path of capital or increase the effective working‐age population may influence the long‐run unemployment rate.     

Stabilität und Fortschritt: Das Problem der reicheren Länder

Ohne ZusammenfassungAus dem Englischen übersetzt von Vally Rothschild, Wien     

Schools as Self-Seeking Syndicates

Per capita school funding is a high-risk strategy. It would entrench the power of the schools as producers. Dr Dennis O'Keeffe of the Polytechnic of North London argues that schools must be responsive to the market.     

Sociocultural dimensions of tourism history

This paper explores some of the sociocultural issues that surround tourism history. It is contended that tourist activity is socially differentiated, but that this is by no means solely a product of prevailing class and related structural constraints. Instead, importance must be attached to the cultural setting within which activity is located and to the role of the consumer in creating new opportunities. Two case studies — plotland development and holiday camps — are used to demonstrate the thesis. Conclusions are drawn in respect of the study of tourism history, arguing for interdisciplinarity, for comparative research, and for further work on the inter-relationships between societal constraints and individual opportunities.     

A qualitative response model of student performance on a standardized test

Summary A national sample of high school students who took the Test of Economic Literacy was analyzed by the use of probit analysis and OLS to determine what factors influence high levels of performance on an achievement test. The statistically significant factors were combined SAT scores, the teacher's course work in the subject matter, whether the teacher has a high degree of enthusiasm toward the teaching of the subject, and, for students who scored over 30 on the TEL, whether the student does more than two hours of homework a night.