The Performance of the Foreign‐Owned Sector of UK Manufacturing: Some Evidence and Implications for UK Inward Investment Policy

This paper analyses the reported performance of foreign‐owned manufacturing subsidiaries in the UK between 1994 and 1998. The paper is set in the context of uncertainty about the performance of some foreign‐owned sectors of UK manufacturing and the implications of this performance for the beneficial spillover effects sought by policy‐makers from foreign‐owned capital. Japanese‐owned subsidiaries are the focus of particular attention, with reported profits and tax liabilities significantly below those of subsidiaries from other national sources. The wider ramifications of this finding are analysed for the UK case, particularly in terms of the need to take into account the wider exchequer effects of inward investment in the general evaluation of the financial assistance provided to foreign firms.     

Office automation: Assessing energy implications

The authors estimate the net-energy intensity of manual and automated offices. Subjective probability distributions have been used to characterize the considerable uncertainty about the value of a number of the coefficients that are required in such calculations. The current generation of automated offices appears to be more energy-intensive than conventional offices. The energy savings made possible by substituting electronic mail for conventional mail is small compared with this difference. The net impact of substitution for travel will, over the next decade, probably represent less than a few percent of the total energy used in all commuting and other business-related travel and could be either positive or negative.     

A tax discrepancy coefficient resulting from tax evasion or tax expenditures

Tax evasion and tax expenditures introduce discrepancies between taxpayers. In this paper, a tax discrepancy coefficient has been worked out in order to establish, given a constant tax yield, what bigger or smaller amounts taxpayers would have to pay if tax evasion or tax expenditures were completely eliminated. After the definition of the coefficients these are calculated for individual income tax returns in Belgium. Similar coefficients can be established for other types of taxation, such as inheritance tax, corporate income tax or even sales tax (e.g. V.A.T.).     

Enjoying Catch and Fishing Effort: The Effort Effect in Recreational Fisheries

Recreational fishermen derive utility from catch and fishing effort. Building our analysis on the Gordon-Clark model for renewable resources, we show that a lower importance of catch may result in higher catches. While this effect also holds under first-best management, it may destabilize open-access recreational fisheries to the point of stock collapse. Technical progress in recreational fisheries may mask such dynamics as it enables unaltered angler behavior and constant catches during stock declines.     

Managing publicly owned land in Canberra: Rural to urban change of use

All land in the Australian Capital Territory (ACT) is government owned. Prior to 1989, when the ACT became self-governing, the government developed land for urban use and auctioned leases for parcels of land for specified uses. Since then, leases for raw land have been auctioned for private development, to be completed within a specified time. A case study of a development where the ACT Government aimed to increase urban densities shows that the result was a reduction in quality. In addition, the financial returns to the ACT Government were much lower than if it had undertaken the development itself.     

水产生态养殖技术的应用分析

本文是MaxTroell等发表于Aquaculture2009年第297期第1—9页“Ecologicalengineeringinaquaculture—Potentialforintegratedmulti—trophicaquaculture（IMTA）inmarineoffshoresystems”一文的译文。原作者分析指出：随着海水养殖业的迅速扩张,离岸水产养殖装备被广泛关注,同时,陆基和沿岸水产生态养殖技术（IMTA）也日益受到关注。该系统将吃食性鱼类、浮游和底栖动物、海藻等物种适当混养,可以把高营养级物种养殖中废弃的营养物质转化成具有经济价值的低营养级作物产品,这将会显著提高水产养殖的可持续性,具有潜在的生态、社会和环境效益。离岸IMTA养殖面临一些在沿岸系统中存在的问题,此外,海洋暴露的自然环境增加了技术和经济上的挑战。虽然已经开发了多种技术以应对离岸不利的环境条件,但在养殖场地设计上仍然面临许多挑战,需要将藻类和贝类等吸收物种整合到水产养殖系统,并能抵抗海洋强大的拖拽力。近海IMTA的发展需要明确该系统与相似规模的高营养级鱼类单养相比所具有的环境和经济风险及效益。近海IMTA中吸收物种的生物修复功能对海水鱼类单养的经济、社会和环境成本的内化也要检测分析。本次调研结果将有助于判断采用IMTA方法作为离岸水产养殖发展策略的实际价值。本文深入探讨了水产生态养殖技术在离岸水产养殖中的应用现状及存在问题。     

COMPARING PARTIAL AND GENERAL EQUILIBRIUM ESTIMATES OF THE WELFARE COST OF INFLATION

Reserve banks worldwide have been moving towards zero inflation policies. Confusion clouds the welfare cost of maintaining such inflation policies despite the best attempts at clarification. Monetary theory research has shifted from partial to general equilibrium economies. This shift has left the partial equilibrium estimates of the welfare cost of inflation below most of the general equilibrium estimates. Put on a comparable basis, partial equilibrium estimates compare more closely with the general equilibrium estimates. Furthermore, evidence suggests that integration under the money demand function appears applicable in general equilibrium economies. Finally, the estimates depend on the elasticities of money demand and the underlying structural parameters.