II. RECENT BOOKS - LIVRES RÉCENTS - NEUERSCHEINUNGEN: PUBLIC ECONOMICS THÉORIE DE L'ÉCONOMIE PUBLIQUE ÖFFENTLICHE WIRTSCHAFT

Olivier T abatoni et Pierre A. M ichel , L'évaluation de l'entreprise , Presses Universitaires de France, Paris, 1979, 180 pages.
III. CURRENT PERIODICALS - ARTICLES DE REVUES - ZEITSCHRIFTENARTIKEL: LIST OF THE USED SHORTENINGS PUBLICATIONS MENTIONNÉES PAR UNE ABRÉVIATION LISTE DER ABGEKÜRZTEN ZEITSCHRIFTENTITEL     

TRENDS IN POVERTY IN THE UNITED STATES, 1967–84

The sensitivity of movements in poverty to the method used in measuring poverty is examined. The use of various poverty indices, and of various ways of setting the poverty lines, does not affect the conclusion that poverty followed a U-shaped pattern from 1967 to 1984. A model for a family's income/needs ratio is estimated and used to explore the factors that might lie behind this pattern. The results suggest that changes over time in the location of the income distribution are most relevant to the corresponding changes in poverty. Changes in the structure of families, and in labor supply within families, have also been relevant to recent movements in poverty.     

TRENDS IN HOUSEHOLD WEALTH IN THE UNITED STATES, 1962–83 AND 1983–89

Using the 1983 and 1989 Surveys of Consumer Finances, I find evidence of sharply increasing house-hold wealth inequality over this period. Whereas mean wealth increased by 23 percent in real terms, median wealth grew by only 8 percent. The share of the top one-half percentile rose by five percentage points, while the wealth of the bottom two quintiles showed an absolute decline. The Gini coefficient increased from 0.80 to 0.84. Almost all the growth in real wealth accrued to the top 20 percent of wealthholders. In contrast, the degree of wealth inequality was almost identical in 1983 as in 1962, and real wealth growth was more evenly distributed across the wealth distribution. There is also evidence that the sharp increase in wealth inequality from 1983 to 1989 was due to a correspondingly sharp rise in income inequality, the increase of stock prices relative to housing prices, and relatively slow inflation.     

SCIENCE-BASED R&D IN SCHUMPETERIAN GROWTH

Firm success is often associated with the development of better products. Private firms undertake applied R&D seeking market advantage, by capitalizing on the freely accessible results of basic research. But unpatentable basic research often fails to address applied R&D open problems. What is the role of the incentives in improving the innovative performance of an economy by matching partially motivated public researchers to their mission? Sometimes government-funded research projects are mission-directed, and yet in many cases the public sector academics indulge in carrier-driven research. An innovation system where, as in the United States, basic research is also driven by patents implicitly sets an ex-post incentive to the researchers guided by invisible hand. For a public innovation system – like the European one – designing an incentive scheme to motivate public researchers is of key importance for fostering the performance of the economic system. This paper extends the Schumpeterian multisector growth model with vertical innovation by highlighting a link between the degree of 'targetness' of public research and aggregate innovation. A positive effect of social capital is also proved.     

GENDER INEQUALITY IN EDUCATION IN CHINA: A META‐REGRESSION ANALYSIS

Although there is evidence that there was gender inequality in China's education system in the 1980s, the literature in China has mixed evidence on improvements in gender inequality in educational attainment over the past three decades. Some suggest gender inequality is still severe; others report progress. We seek to understand the progress China has made (if any) in reducing gender inequality in education since the 1980s. To meet this goal, we use a meta‐analysis approach which provides a new quantitative review of a relatively large volume of empirical literature on gender educational differentials. This article analyzes differences across both time and space, and also across different grade levels and ethnicities. Our results indicate that gender inequality in educational attainment still exists, but it has been narrowing over time. Moreover, it varies by area (rural versus urban) and grade level. There is nearly no significant gender inequality in the case of girls in urban areas or in the case of the 9 years of compulsory education (primary school and junior high school). Girls, however, still face inequality in rural areas (although inequality is falling over time) and when they reach high school or beyond. (JEL I24)     

TRENDS IN AGGREGATE HOUSEHOLD WEALTH IN THE US., 1900–83

New estimates of aggregate household wealth for the U S. covering selected years in the period from 1900 to 1983 are presented. I find that marketable wealth per capita grew at 1.46 percent per year in real terms over the 1900–83 period, while real wealth per household grew at 0.81 percent per year. However, the growth rate was not uniform over the period, with the rates high during the 1900–29 and the 1949–69 periods, and slow during the other years. Moreover, real per capita wealth actually increased more slowly than real per capita disposable income and real per capita GNP over the century. I also find dramatic changes in the composition of household wealth over the century. In particular, both tangibles and fixed claim assets increased relative to total assets over the period from 1900 to 1983, while equities fell from about half to a quarter. Owner-occupied housing increased only moderately as a proportion of assets, from 17 percent in 1900 to 20 percent in 1983. Unincorporated business equity fell from over a third of total assets to 12 percent. Among financial assets, the biggest relative growth occurred in deposits in financial institutions, which grew from 8 percent in 1900 to 22 percent in 1983. Corporate stock had the most volatile behavior in the household portfolio, growing from 13 percent of total assets in 1900 to 27 percent in 1929, falling to 10 percent in 1949, rising to 22 percent in 1965, and then falling to 11 percent by 1983. Debt as a proportion of total assets rose from 5 percent in 1900 to 16 percent in 1983. Finally, both pension reserves and social security wealth increased relative to marketable assets from virtually zero in 1900 to 12 and 48 percent, respectively.     

POSITIVE SELF‐IMAGE IN TOURNAMENTS*

This article analyzes the implications of worker overestimation of productivity for firms in which incentives take the form of tournaments. Each worker overestimates his productivity but is aware of the bias in his opponent's self‐assessment. The manager of the firm, on the other hand, correctly assesses workers' productivities and self‐beliefs when setting tournament prizes. The article shows that, under a variety of circumstances, firms can benefit from worker positive self‐image. The article also shows that worker positive self‐image can improve welfare in tournaments. In contrast, workers' utility declines due to their own misguided choices.