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1.
Constitutional economics proposes and pursues a solution to public-policy problems, one that supplies rules designed to narrow
the opportunity set of rational politicians. This work proposes and pursues “rational policy” as a complementary strategy
to solve public-policy problems, where rational policy is public-policy that actualizes Adam Smith’s simple system of natural
liberty. When individuals pursue their objectives by means of exchange in Smith’s simple system of natural liberty, they foster
the growth of per-capita income. By contrast, all limitations on liberty limit the growth of per-capita income. The paper
concludes by presenting two implications that follow from these conclusions.
JEL classification: B31, H1 相似文献
2.
Pietro F. Peretto 《Environmental and Resource Economics》2008,39(2):113-138
This paper studies the effects of effluent taxes on firms’ allocation of resources to cost-reducing and emission-reducing
R&D, and on entrepreneurs’ decisions to develop new goods and enter the market. A tax set at an exogenous rate that does not
depend on the state of technology reduces growth, the level of consumption of each good, and raises the number of firms. The
induced increase in the variety of goods is a benefit not considered in previous analyses. In terms of environmental benefits,
the tax induces a positive rate of pollution abatement that offsets the “dirty” side of economic growth. A tax set at an endogenous
rate that holds constant the tax burden per unit of output, in contrast, has ambiguous effects on growth, the scale of activity
of each firm and the number of firms. Besides being novel, the potential positive growth effect of this type of effluent tax
is precisely what makes this instrument effective for welfare-maximizing purposes. The socially optimal policy, in fact, requires
the tax burden per unit of output to equal the marginal rate of substitution between the growth rate of consumption and abatement.
Moreover, a tax/subsidy on entry is needed, depending on whether the contribution of product variety to pollution dominates
consumers’ love of variety.
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3.
The variability of long-run capacity utilisation has to be consideredas an expression of the determining role played by aggregatedemand in the process of growth. This paper discusses the modelproposed by Serrano in which such a determining role is apparentlyreconciled with the condition of normal utilisation of existingcapacity in the long run. It is shown that Serrano's conclusionslie on the hypothesis of the constancy of the growth rate ofautonomous demand, an assumption which seems to originate froman erroneous interpretation of the property of relativepersistence of normal magnitudes. The paperargues that if that assumption is abandoned, the autonomy ofaggregate demand necessarily shows itself through the variabilityof capacity utilisation in the long run as well as in the shortrun. 相似文献
4.
Fabio Freitas 《Review of Political Economy》2013,25(3):258-281
AbstractThe paper presents a simple but complete formal version of the Sraffian supermultiplier model in which (i) growth is led by the autonomous components of demand that do not create capacity; (ii) private productive investment is an induced expenditure; and (iii) income distribution is exogenous. We show that the main results of the long-period and fully adjusted versions of the model in terms of growth rate and level effects are quite similar and therefore that such results in no way require the full adjustment of capacity to demand. We then analyze a simple set of sufficient dynamic local stability conditions that allow the long-period positions to gravitate towards the fully adjusted position in which capacity is adjusted to demand and that also provide the upper limit to demand-led growth paths. Finally, we show how some critics of the model have misinterpreted it as being supply-led and how this has led to a further confusion between the analysis of the tendency towards a constant value of the capacity-saving-determined warranted rate of growth and the proper stability analysis of the opposite process of adjusting capacity to demand (which tends to adjust the warranted rate endogenously to the growth rate of autonomous demand). 相似文献
5.
This paper argues that growth theory needs a more general notion of “regularity” than that of exponential growth. We suggest
that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention.
This opens up for considering a richer set of parameter combinations than in standard growth models. Moreover, it avoids the
usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different
growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model) serves as illustration
that a continuum of “regular” growth processes fill the whole range between exponential growth and complete stagnation. 相似文献
6.
We provide a new data set on per capita book production as a proxy for advanced literacy skills, and assess this relative
to other measures. While literacy proxies very basic skills, book production per capita is an indicator for more advanced
capabilities. Growth theory suggests that human capital formation plays a significant role in creating the ‘wealth of nations.’
This study tests whether human capital formation has an impact on early-modern growth disparities. In contrast to some previous
studies which denied the role of human capital as a crucial determinant of long-term growth, we confirm its importance.
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7.
We set up a simple dynamic macroeconomic model with (i) polluting consumption and a preference for a clean environment, (ii)
increasing returns in abatement giving rise to an EKC and (iii) sustained growth resulting from a linear final-output technology.
There are two sorts of market failures caused by external effects associated with consumption and environmental effort. The
model is employed to investigate the determinants of the turning point and the cost effectiveness of different public policies
aimed at a reduction of the environmental burden. Moreover, the model offers a potential explanation of an N-shaped pollution–income
relation. It is shown that the model is compatible with most empirical regularities on economic growth and the environment.
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8.
Frédéric Lordon 《Journal of Evolutionary Economics》1997,7(1):1-21
The slow and endogenous twist of economic macro-structure makes up an important evolutionary feature of capitalist economies,
and may be at the root of structural crisis. In this line, a Goodwinian growth model with increasing returns and profit-sharing
that tries to picture a simple scenario of the seventies crisis is considered. It is shown that the exhaustion of the Kaldor-Verdoorn
“productivity law” can entail, in a nonlinear framework, a “catastrophic” bifurcation from a “high” to a “low” growth path.
Slow/fast dynamical systems then allow one to formalize a multiple time-scales dynamics where the growth path is shaped by
the structural framework in which it takes place, but has also a long -un feedback. Structural change and crisis appear as
long term and endogenous outcomes. 相似文献
9.
Public Policy for Growth and Poverty Reduction 总被引:1,自引:0,他引:1
In this paper, I would like to outline an approach to publicpolicy that focused on fighting poverty and is based on an understandingof growth and development. Such a public policy requires answeringtwo key questions. First, what are key determinants of a developmentthat benefits poor people or what has been labelled"pro-poor growth"? And second, we need to answer the policyquestion: how can public action influence the key determinantswe identify? In putting the questions this way, we are settingourselves the task of building a dynamic public economics a public economics of development. Given that development isthe objective, this task will require a better understandingof how to measure it. And we must also achieve a better graspof changes of behaviour in the process of development, sincechanging perspectives and behaviour are usually an integralpart of the development story. In laying our task of advancinga dynamic public economics, however, let me emphasise that shouldbe building on not overturning pasttheory. In much of the work I will describe, the empirics seemto be ahead of theory. Thus one of my purposes is to highlightsome elements of an agenda for theoretical research. (JEL E6) 相似文献
10.
The Economics of Non-Convex Ecosystems: Introduction 总被引:5,自引:2,他引:5
The word “convexity” is ubiquitous in economics, but absent fromeconomics. In this paper we explain why, and show what differenceit
makes to economic analysis if ecosystem non-convexities aretaken seriously. A simple proof is provided of the connectionbetween
“self-similarity” and “power laws”. We also provide anintroduction to each of the papers in the Symposium and draw outthe
way in which they form a linked set of contributions. 相似文献
11.
This paper presents a method to make measurable what was not: the discourses of politicians regarding decentralization. For
this purpose, we develop a “matrix of arguments” and a set of indexes, and apply them to provide a snapshot of the politicians’
views on the “General Law of Budgetary Stability”, a landmark for the process of decentralization in Spain. 相似文献
12.
Reliving the 1950s: the big push, poverty traps, and takeoffs in economic development 总被引:1,自引:0,他引:1
William Easterly 《Journal of Economic Growth》2006,11(4):289-318
The classic narrative of economic development—poor countries are caught in poverty traps, out of which they need a Big Push involving increased investment, leading to a takeoff in per capita income—has been very influential in foreign aid debates since the 1950s. This was the original justification for foreign aid. The narrative lost credibility for a while but has made a big comeback in the new millennium. Once again it is invoked as a rationale for large foreign aid programs. This paper applies very simple tests to the various elements of the narrative. Evidence to support the narrative is scarce. Poverty traps in the sense of zero growth for low-income countries are rejected by the data in the whole period 1950–2001 and for most sub-periods. The poorest quintile also does not have significant negative growth of the relative income ratio to the world’s richest country over 1950–2001, nor is relative growth for the lowest quintile significantly different than other quintiles. The claim that “well-governed poor nations” are caught in poverty traps is rejected by simple regressions that control for both initial income and quality of government (instrumenting for the latter). The idea of the takeoff also does not garner much support in the data. Takeoffs are rare in the data, most plausibly limited to the Asian success stories. Even then, the takeoffs are not associated with aid, investment, or education spending as the standard narrative would imply. 相似文献
13.
Maria-Soledad Castaño 《International Advances in Economic Research》2007,13(2):139-145
The main goal of this paper is to analyse the relationship between social capital and economic growth taking into account
the role of fiscal policy from theoretical and empirical points of view. To achieve this goal, “Human Capital and Public Capital
Effects on Economic Growth” is focused on the effects of two traditional factors: human capital and public capital effects
on economic growth. “Social Capital Effects on Economic Growth” considers qualitative variables introducing some socioeconomic
effects on economic growth process analysis. In this case, social capital the main variable will be considered. “Empirical
Analysis,” an empirical analysis is developed considering the case of European countries prior to the EU enlargement. Finally,
in Conclusions,” the main conclusions will be resumed.
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14.
Chang-Yang Lee 《Journal of Evolutionary Economics》2012,22(1):109-132
This paper presents a simple R&D-based growth model of the “technological divide,” in which learning-by-doing (investing)
in R&D and a threshold level of technological knowledge jointly determine the pattern of economic growth. Specifically, the
model generates differences in the growth pattern primarily by modifying the underlying parameters that govern the evolution
of economy-wide technological competence or dynamic R&D productivity. The technological divide arises at the threshold level
of technological knowledge, which is largely affected by the quality of socio-technological infrastructure. Government policies
aimed at enhancing the quality of socio-technological infrastructure can help countries escape from the “technology divide”
trap by lowering the knowledge threshold. While the model preserves the spirit of the R&D-based endogenous growth model in
the sense of its policy effects and the endogenous evolution of technological competence, the model does not need to reach
the scale effect directly, where an increase in the size of an economy generates more rapid growth. 相似文献
15.
Nicholas Ziros 《Journal of Economics》2011,102(2):171-179
This paper presents a hybrid equilibrium notion that blends together the ‘cooperative’ and the ‘noncooperative’ theories of
competition. In particular, the Mas-Colell bargaining set has been modified in order to accommodate the features of strategic
market games. In other words, allocations, objections and counter objections of the standard bargaining set theory are described
for an economy, where trades among groups of individuals are conducted via the Shapley–Shubik mechanism. In the main part
of the paper, it is proved that in atomless economies the allocations resulting from this equilibrium notion are competitive. 相似文献
16.
Jiankang Zhang 《Economic Theory》2002,20(1):159-181
Summary. Using the Savage set up, this paper provides a simple axiomatization of the Choquet Expected Utility model where the capacity
is an inner measure. Two attractive features of the model are its specificity and the transparency of its axioms. The key
axiom states that the decision-maker uses unambiguous acts to approximate ambiguous ones. In addition, the notion of ‘ambiguity’
is subjective and derived from preferences.
Received: March 23, 2000; revised version: April 24, 2001 相似文献
17.
The countries of Central and Eastern Europe are a unique group of countries. In the process of transformation to market economies,
some of them adopted the “shock therapy” while others the “gradualism” mode. Foreign Direct Investment (FDI) plays an important
role in economic growth through the addition of physical capital, technological know-how, management skill and marketing network.
This paper empirically demonstrates that the mode of transformation definitely affects the effectiveness of FDI in promoting
growth. (JEL: P3, P33) 相似文献
18.
David Ellerman 《Forum for Social Economics》2000,29(2):33-48
I argue that math, like love, can cover a multitude of sins, and I use the neoclassical object of adoration, the Arrow-Debreu
model, as the case in point. It is commonplace that the Arrow-Debreu (AD) model of general equilibrium does not describe the
real world, but it is equally commonplace to accept it as representing the pure logic of the competitive capitalist economy
in an idealized world free of transactions costs. I show that the AD model fails even as an idealized model; it actually mistakes
the logic of pure capitalism. Unlike McKenzie’s model of idealized general equilibrium under constant returns to scale, Arrow
and Debreu claim to have shown the existence of competitive equilibrium under decreasing returns to scale and positive pure
profits. The AD model (again unlike the McKinzie model) needs to assign the profits to individuals and this is done using
the notion of “ownership of the production set.” But this notion suffers from a fatal ambiguity. If Arrow and Debreu interpret
it to mean “ownership of a corporation” then a simple argument in the form “labor can hire capital or capital can hire labor”
defeats the alleged necessity of assigning residual claimancy to the corporation. A given corporation may or may not end up
exploiting a set of production opportunities (represented by a production set) depending on whether it hires in labor and
undertakes production or hires out its capital to others (all by assumption at the parametrically given prices). In the latter
case, residual claimancy is elsewhere. There is no such property right as “ownership of a production set” in a private property
market economy. The legal party which purchases or already owns all the inputs used up in production has the defensible legal
claim on the outputs: there is no need to also “purchase the production set.” At any set of prices that allow positive pure
profits, anyone in the idealized AD model could bid up the price of the inputs and thus try to reap a smaller but still positive
profit. Therefore,pace Arrow and Debreu, there could be no equilibrium with positive pure profits. In the Appendix, the property rights fallacy
that afflicts the AD model is shown to also afflict orthodox capital theory and corporate finance theory.
World Bank
The findings, interpretations and conclusions expressed in this paper are entirely those of the author and should not be attributed
in any manner to the World Bank, to its affiliated organizations or to the members of its Board of Directors or the countries
they represent. 相似文献
19.
Carmen Marchiori Susan Stratton Sayre Leo K. Simon 《Environmental and Resource Economics》2012,51(3):453-470
Increasingly, central governments approach contentious natural resource allocation problems by devolving partial decision-making
responsibility to local stakeholders. This paper conceptualizes devolution as a three-stage process and uses a simulation
model calibrated to real-world conditions to analyze devolution in Spain’s Upper Guadiana Basin. The Spanish national government
has proposed spending over a billion euros to reverse a 30 year decline in groundwater levels. We investigate how the government
can most effectively allocate this money to improve water levels by utilizing its power to set the structure of a local negotiation
process. Using a numerical Nash model of local bargaining, we find that if the national government creates appropriate incentives,
local bargaining can produce water stabilization. The actual water levels that will emerge are highly dependent on the central
government’s decisions about the budget available to local stakeholders and the default policy, which will be influenced by
the relative value the government places on various financial and environmental outcomes. Our paper concludes by determining
the relationship between these relative valuations and the government’s preferences over water levels. 相似文献