亚洲通胀的真正威胁在于资本的大规模流入

【美国《市场观察》5月16日】在未来几年之中，通胀问题以及应对之策都将是亚洲面临的中心政策议题。今后几个季度，外需对亚洲经济增长的推动作用将逐渐减弱。在这种情况下，迅速攀升的通胀率势必会加剧政治压力，并影响亚洲向内需导向型经济增长的平稳转变。进入2008年之时，注重经济增长的亚洲决策者曾希望通过降息来刺激内需，以便弥补外需的损失。而今，他们非但不能降息，而且还可能要被迫加息。     

The London Business School with Gower Publishing

Collapsing oil prices and a falling dollar set the background to a Budget in which the Chancellor, hamstrung by lower oil revenues, was seen as having little room for manoeuvre. In fact the sharp fall in the sterling price of oil has provided him with the perfect excuse for not making significant cuts in personal income tax that were largely irrelevant to the needs of the economy. Instead of a boost to household demand we have had, thanks to OPEC, a transfer to companies in the form of a reduction in costs. This should enable them to expand output against a background of falling inflation. Our post-Budget assessment of macroeconomic prospects (Section I), made on the Treasury's assumption of a $15 oil price, shows output growing by 2 1/2 per cent this year and inflation falling below 3 per cent in 1987. We are thus less optimistic than the Treasury about output but more optimistic about inflation. How was the Chancellor able, within the confines of the Medium-Term Financial Strategy, to give anything away having lost so much oil revenue? A detailed analysis of the PSBR forecast (Section II) reveals good reasons why non-oil tax revenues should be some £3 1/2n higher than forecast this time last year. But, because we still expect public spending to be above the official figures, our PSBR forecast is £1bn higher than the Treasury's. Although the macroeconomic impact of the Budget was small (especially in relation to that of the fall in oil prices which preceded it), it continued the process of tax reform. We focus, in Section III, on the new proposals to deal with the problem of the pension fund surpluses to which we drew attention in the November issue of Financial Outlook. We conclude that the proposed measures could have a larger effect on tax revenues in the longer term than is indicated by the Treasury's Budget estimates.     

A moral basis for corporate philanthropy

The authors argue that corporate philanthropy is far too important as a social instrument for good to depend on ethical egoism for its support. They claim that rule utilitarianism provides a more compelling, though not exclusive, moral foundation. The authors cite empirical and legal evidence as additional support for their claim.Bill Shaw is the Woodson Centennial Professor in Business Administration at The University of Texas at Austin. He teaches courses in business ethics and in legal environment of business. Professor Shaw's articles have appeared in law and ethics journals, and he is co-author, with Art Wolfe, ofStructure of the Legal Environment (1991).Frederick R. Post is Assistant Professor of Business Law and Management at the College of Business Administration, University of Toledo, Toledo, Ohio. Professor Post teaches business law and labor policy courses. His research interests include business ethics and labor management relations. His publications have appeared inThe Journal of Business Ethics, The Mid-American Journal of Business andThe Journal of Legal Studies Education.     

On Licensing Under Bertrand Competition

This paper considers licensing by an innovating firm to its competitor in a differentiated duopoly with Bertrand competition. A principal finding is that royalty licensing may be superior to fee licensing for the innovating firm both when the innovation is drastic and when the innovation is non-drastic.     

The Internet's Impact on Agricultural Input Distribution Channels

Agricultural input distribution channels incorporate a number of complexities that make communication of prices and availability murky, and create inefficiencies in input markets. The Internet provides the potential for realizing significant efficiency gains in the agricultural inputs industry through the continued consolidation and vertical integration made possible by improving communications networks. Innovative firms have the opportunity to profit from the changes wrought and encouraged by the Internet.     

Tourism environments and management

The Congress of the World Leisure and Recreation Association, held in Sydney, Australia 16–19 July 1991, had as its focus the theme of ‘Leisure and tourism: social and environmental change’. Among over 140 papers on varied management, research and education issues a number examined the frameworks used to understand tourism environments and their management. Bill Bramwell, of the Centre for Tourism at Sheffield City Polytechnic, assesses the new insights offered by these papers.     

海归派撑起中国IC业

中国籍工程师David Hu(胡祥)和JohnYu(于晓光)在美国接受了高中和大学教育,现在他们用所学到的知识在祖国创业。苹果公司的创始人Steve Jobs和Steve Wozniak毕业于美国加州硅谷的Homestead高中。整整一代过去了,现在,这所学校又为我们贡献了