Urgency of trade reform over trade liberalisation

The GATT system has in recent years revealed a number of dangerous weaknesses. Therefore there is reason for concern not only with the further liberalisation of trade within the accepted framework of GATT rules but with a reform of the rules as well.     

The application of a Markov Chain in educational planning

Mathematical models can assist educators in the preparation of their educational plans and their potential in this regard is being increasingly realized. As a result, models have found application at all levels at which planning is conducted.This paper examines the potential of one model—the Markov Chain—which is capable of predicting enrolments for an education system.The model is applied to the New South Wales State Government education system between 1947 and 1961 and the projected enrolments compared to the actual enrolments in those years.Some success is achieved but it appears as if the data rather than the model are responsible for this. The limitations of the Markov Chain approach are discussed and present research and directions listed.     

Learning and product entry: How diversification patterns differ over firm age and knowledge domains in U.S. generic drug industry

This study uses learning theory to show how knowledge domains affect product extension decisions and how these product decisions change as firms age. Faced with the choice of new product‐markets, a firm might decide to introduce a similar product, by leveraging existing firm knowledge, or to experiment with a less familiar product, which requires new knowledge. Using data on new drug introductions in the US generic pharmaceutical industry, the analyses showed clear support for heterogeneous product‐market entry patterns across knowledge domains as the firm ages. Across time, the form of learning shifts from exploration to exploitation. Copyright © 2013 John Wiley & Sons, Ltd.     

Practices and Practicalities In Human Resource Management1

A wide-ranging research project covering change and its implementation in 27 companies provides the opportunity for the authors of this article to reassess the meaning and significance of HRM. They suggest that ‘it is too simple to dismiss HRM as “old wine in new bottles”.’ Rather, they find important changes taking place. But the true significance of HRM, they suggest, lies not in the fact that its practice actually does resolve underlying tensions but rather in its capacity to ‘manage’ these by ‘reducing, suppressing and glossing’ them. HRM itself is an outcome of the tensions in the employment relationship and, perhaps not surprisingly therefore, it continues to express them. the article ends with suggestions for future research.