Aggregate demand shortfalls and economic freedom

Political instability is often exacerbated in periods of aggregate demand shortfall. It has been conjectured that inadequate policy responses to recessions may be inimical to free economic institutions. This paper uses the Economic Freedom of the World index as its measure of economic institutions, and finds that the change in economic freedom in the following five, ten, and fifteen years is negatively impacted by an aggregate demand shortfall as measured by negative NGDP growth.     

Project Turis—coastal tourism development in Southern Brazil

Dr Nicholls undertook field research at a number of the Brazilian Atlantic Ocean tourist destinations in December 1981–January 1982. The main focus of the research was on the development of coastal tourism within Project Turis—a major state-funded tourism development project. This article reports on the progress of the project, and was prepared for delivery at the annual meeting of the Travel and Tourism Research Association in Miami, FL, USA, 13–16 June 1982.     

Corporate Giving Behavior and Decision-Maker Social Consciousness

This paper investigates why some companies give to charity and others do not. The study uncovers a strong relationship between the personal attitudes of the charitable decision maker and the firm's giving behavior. This relationship indicates that the human element of personal attitudes may interact and play a very important role in a firm's decision to become involved with philanthropic activities. The study also shows that firms who have a history of giving to charity cite altruistic motives for their behavior. On the other hand, firms that do not give to charity tend to use business reasons to explain their non-involvement.     

Ethics as social science

The author explores overlaps between economics and ethics. A society's moral climate conditions its degree of economic development and prosperity. Policy recommendations necessarily rest on normative as well as positive judgments. Social science contributes to posing and answering questions about the nature and grounding of ethical precepts. Pursuing these questions leads to an "indirect utilitarianism" incorporating insights of David Hume, Ludwig von Mises, Henry Hazlitt, and F. A. Hayek. Criticisms of this approach are answered, including charges that it is collectivistically aggregative, is vacuous, makes a fetish of rules, and encourages immoralities illustrated by "lifeboat cases". Alternatives to it are also appraised, including the natural-rights and "contractarian" approaches that have found favor with prominent economists. Presidential Address at the Fortieth International Atlantic Economic Conference, Williamsburg, Virginia, October 8–11, 1995.