The economics of discrimination in the granting of credit

Conclusion As a result of credit supply imperfections and inelastic demand, creditworthy consumers may not fully benefit from accurate credit assessments as is implied by the concept of qualified demand. Yet, despite the existence of house rates and prepackaged credit offers, consumers are still able to shop around for the best terms from creditors who are all competing to make profitable credit extensions. If creditors become less accurate in their credit risk assessment due to ECOL, as the cited empirical studies predict, their opportunity to make profitable credit extensions has diminished. In a competitive credit market, credit availability would decline as creditors would be compelled either to raise rates to compensate for greater default losses and other costs associated with less accurate credit evaluation or to cut those costs by applying more stringent credit standards. Otherwise, credit institutions would be unable to earn a return on invested capital sufficient for the risk involved and the supply of consumer credit funds would diminish. With the existing credit market, creditors may not be as compelled by competition to raise house rates (or able, if such rates are at ceiling levels) or raise credit standards, as is implied by a highly competitive market. However, creditors would still have the same economic incentive to repond to increased costs of doing business in ways which would reduce credit availability to qualified demanders. Furthermore, as credit extensions become less profitable, the economic penalty accorded invidious discrimination is diminished and credit grantors, who are so inclined, are more likely to engage in such practices. Alternatively, if legislators focused upon increasing competition in the consumer credit market, increased credit availability would result. And as this would increase the economic penalty for invidious discrimination, such practices would decline.     

关于“容貌歧视”的政治经济学

"容貌歧视",这是一个由"悦目情结"所引出的理论--实践问题. (一) 笔者之所以撰写这样一个易于引起遐想的题目,是由<上海经济报>上的一条新闻话题所引发的.这则话题讲:张静是天津市一位25岁的未婚姑娘,父亲多年前患脑溢血、脑中风,母亲患有尿毒症,张静是家中唯一劳动力.但是因为容貌有点欠缺,张静去用人单位面试千次竟无一成功.她最近向社会呼吁"给个生存的机会".张静的遭遇,可以说是"悦目情结"和"容貌歧视"问题在社会生活中的一个极致表现范例.有过这种遭遇的并不止她一个人.英文里有一个词叫look lsm,意思是"容貌歧视",我们这个社会如何看待look lsm?     

Refined racial discrimination: A case study of public employment in a southeastern city

Summary and Conclusion Though the preceding findings are not conclusive, 9 they are strongly supportive of the refined discrimination hypothesis and closely parallel Long’s conclusions in his study of job discrimination in the federal government.     

Supply-side economics: The rise to prominence

Conclusions At this point, I would like to summarize the main arguments presented in this article. I will then briefly comment on what I feel are the main implications of these arguments.     

A labor force competition model of racial discrimination in the labor market

Conclusion This paper has developed a model of discrimination based on the standard maximization hypotheses. This model assumes an imperfectly competitive labor market. In particular, net differences in the benefits of jobs are not competed away, and labor market coalitions of workers exist. As we have indicated, the model is able to explain the major phenomena associated with labor market discrimination.     

The contribution of agricultural economics to development

Agricultural economics is an applied discipline with a broadly based application to development theory. The importance of agriculture in economic development has led to pressing demands on the role which agricultural economists are required to play. At all stages, a major part of the planning and implementation input is contributed by agricultural economists. The development of agricultural economics was therefore dynamic as well as problem related. Within the Southern African development context, the agricultural economist has had a long standing involvement. For example, Professor F R Tomlinson chaired the important Tomlinson Commission in the 1950s, while Dr Simon Brand is the Chief Executive of the Development Bank of Southern Africa. Both are agricultural economists. In general, agricultural economics has contributed to the fields of research and training, smallholder and rural development, project planning and management, and the formulation, planning and analysis of macro‐policy.     

The new local economics: A reply to John Benington

Attempts are being made to construct a “new local economics” and important claims are being made on its behalf. In present circumstances, its contribution, though with some valuable achievements as John Benington has shown, must nevertheless be marginal. The task is to gain the maximum leverage from minimal resources, and this article suggests that the key priorities should be to use local authorities' influence as purchasers, employers and investors.     

The New Growth Theory and Coasean economics: Institutions to capture externalities

The New Growth Theory and Coasean Economics: Institutions to Capture Externalities. — This paper presents the main theoretical arguments which lead many adherents of the New Growth Theory to the conclusion that externalities in research and development are important for economic growth and warrant government subsidies. In contrast, the authors point to private institutions like associations, company structures and industry clusters which can capture such externalities. An international comparison of private R&;D investment and special features of institutions in Switzerland and Japan are in line with this hypothesis. Thus, the argument for R&;D subsidies made by the New Growth Theory is considerably reduced.