General purpose technologies in theory,application and controversy: a review

Distinguishing characteristics of General Purpose Technologies (GPTs) are identified and definitions discussed. Our definition includes multipurpose and single-purpose technologies, defining them according to their micro-technological characteristics, not their macro-economic effects. Identifying technologies as GPTs requires recognizing their evolutionary nature, and accepting possible uncertainties concerning marginal cases. Many of the existing ‘tests’ of whether particular technologies are GPTs are based on misunderstandings either of what GPT theory predicts or what such tests can establish. The development of formal GPT theories is outlined, showing that only the early theories predicted the inevitability of GPT-induced showdown and surges. More recent GPT theories, designed to model the characteristics of GPTs, do not imply the necessity of specific macro effects. We show that GPTs can rejuvenate the growth process without causing slowdowns or surges. We conclude that existing criticisms of GPT theory can be resolved and that the concept remains useful for economic theory.     

Polygynous family system,neighbourhood contexts and under-five mortality in sub-Saharan Africa

ABSTRACT

Based on the competing theories regarding the relationship between family structure and child health outcomes, this article examined the effects of polygynous family system (PFS) on under-five mortality (U5M) across different socio-economic and neighbourhood contexts in selected sub-Saharan African countries. Cox proportional regression analysis was performed on pooled data of children (n?=?54 842) born in the five years before the Demographic and Health Surveys of selected countries. Results indicated differential effects of PFS on U5M across varying contexts, because risks of U5M were significantly higher for children of polygynous mothers in poor communities (hazard ratio: 2.98, 95% confidence interval: 2.23 to 3.95, p?<?0.001) and children of monogamists in poor communities (hazard ratio: 2.24, 95% confidence interval: 1.69 to 2.98, p?<?0.001) compared with the children of monogamists in rich communities. Given the worsening effects of polygyny on childhood survival across different contexts, this study stressed the need for marriage reforms and enforcement of a monogamous family system if significant U5M reduction would be achieved in sub-Saharan African countries during the post-2015 development era.     

Is Pragmatism Good for Anything? Towards a Theory of Impractical Economics

This article discusses the relationship between classical pragmatism, political economy and economic policy. Classical pragmatism is contrasted with vulgar meanings and uses of the term pragmatism. Classical pragmatism aims at a deep, substantive theoretical understanding of real-world economic systems and supports application of well-warranted claims to knowledge to improve the human condition. The article reviews the contributions of the founder of pragmatism, Charles Sanders Peirce, to the areas of ontology and epistemology as well as their further development by contemporary classical pragmatist philosopher Susan Haack. Hilary Putnam’s argument that we can have ethics without ontology and objectivity without objects is then critiqued. We need ethics based on an ontology that is rooted in actual human experience; this provides better guidance for evaluating policy proposals. The paper concludes by discussing the affinity of classical pragmatism with different approaches to political economy and policy.

The State,Public Policy and Heterodox Economics: An Introduction

While most heterodox economists endorse some amount of policy activism, there is no unified conception of the state and public policy in heterodox economics. To help clarify the similarities and differences within heterodoxy – and between heterodox and mainstream economics – a panel addressing this subject was convened in 2007 at the Annual Meeting of the Association for Institutional Thought. This article introduces the essays prepared for that symposium. They include an examination of the position of Marx and Engels, a clarification of the institutionalist views of Veblen and Commons, an outline of the perspective of Post Keynesian Institutionalism, and an account of some essential contributions of Classical Pragmatism (a major school of thought within the philosophy of science). The collection advances what Robert Heilbroner called “the worldly philosophy” by seeking to understand the role of the state in a world where institutions, defined broadly as social habits, adjust to other institutions.

Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression

We document that ownership by officers and directors of publicly traded firms is on average higher today than earlier in the century. Managerial ownership has risen from 13 percent for the universe of exchange-listed corporations in 1935, the earliest year for which such data exist, to 21 percent in 1995. We examine in detail the robustness of the increase and explore hypotheses to explain it. Higher managerial ownership has not substituted for alternative corporate governance mechanisms. Lower volatility and greater hedging opportunities associated with the development of financial markets appear to be important factors explaining the increase in managerial ownership.     

Tax Incentives to Hedge

For corporations facing tax-function convexity, hedging lowers expected tax liabilities, thereby providing an incentive to hedge. We use simulation methods to investigate convexity induced by tax-code provisions. On average, the tax function is convex (although in approximately 25 percent of cases it is concave). Carrybacks and carryforwards increase the range of income with incentives to hedge; other tax-code provisions have minor impacts. Among firms facing convex tax functions, average tax savings from a five percent reduction in the volatility of taxable income are about 5.4 percent of expected tax liabilities; in extreme cases, these savings exceed 40 percent.     

Recollections of An Itinerant Career

Of the many foreign social scientists who have carried out fieldwork in Indonesia since the second world war, few have gone on to reach the eminence of Professor Clifford Geertz. His books, written largely on the basis of his work in Java and Bali in the 1950s, have become classics. They have inspired a vast amount of debate and subsequent research on issues as diverse as the anthropology of religion and the economics of agricultural development, both in Indonesia and in other parts of the developing world. In 1986 Professor Geertz spent six months revisiting his original fieldwork site in Pare, East Java. During a visit to Canberra in late 1987, he gave the following interview to Anne Booth and Jamie Mackie. The interview began with a question on how the original decision came to be made for a group of Harvard graduate students to mount a team study of Pare in 1952.