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1.
We develop a model for economic growth applicable to a group of countries, constituting around half of the gross global production,
that have been consistently “catching up” to the US since 1960 or so. This group can be termed “the convergence club.” The
model has a theoretical basis developed in other publications (cited), but the present work is essentially empirical. It demonstrates
that there is a very strong correlation between “catchup” growth, with respect to the US, and an energy proxy (EP). The energy
proxy that works best is a linear combination of domestic electric power consumption petroleum (oil) consumption, per capita,
compared to the US levels. The results presented here do not constitute a theory of growth, but they are consistent with theory
presented elsewhere. On a practical level, we argue that consistent “catchup” trends over the past 40 years can safely be
extrapolated for a few more decades for scenario construction purposes. We also believe that the observed catchup trends can
be regarded as “potential” mid-term or long-term growth trajectories for transition economies and others that have recently
been adversely affected by conflict or mismanagement. 相似文献
2.
Commitment,first-mover-, and second-mover advantage 总被引:1,自引:0,他引:1
We identify circumstances under which a firm with a first-mover advantage may get leapfrogged by a follower. At the market
stage we assume a Stackelberg structure, i.e. the leader commits to a quantity and the follower reacts to it. We allow the
owners of both firms to select the internal organization and the production technology before quantities are set. That is,
leader and follower can additionally use two commitment strategies alternatively or in combination: investing in R&D and delegating
quantity decisions to managers. Despite the symmetry of options for the two firms, we find that there is a unique equilibrium
in which both firms invest in process R&D, only the follower delegates, and the follower can overcome the first-mover advantage
of the quantity leader and obtain a higher profit than the leader. Our analysis reveals that there are some important differences
between the two commitment devices “cost-reducing R&Dt” and “delegation to managers”.
相似文献
3.
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.
相似文献
4.
The most fundamental proposition about growth and competition is that there is a tradeoff between static welfare and long-term
growth. This paper reconsiders this basic proposition in an expanding variety endogenous growth model with competitive markets
for “old” innovative products and for a traditional good. We shed light on some implications of monopolistic distortions which
tend to be ignored by standard models. First, no growth may be better than some growth, since modest positive growth potentially
requires sizeable static welfare losses. Second, the economy may converge to a steady state with zero growth, even though
a locally saddle-point stable steady state with positive growth exists if the initial share of “cheap” competitive markets
is sufficiently high, as this implies a relatively low demand for “expensive” innovative goods. Third, such a “no-growth trap”
may happen in a world economy made up of several countries engaged in free trade with each other. The policy implications
are that growth-enhancing policies may be misguided and that quick deregulation as well as quick trade liberalization can
lead to stagnation in the long term.
相似文献
5.
A resource-based view of Schumpeterian economic dynamics 总被引:6,自引:0,他引:6
John A. Mathews 《Journal of Evolutionary Economics》2002,12(1-2):29-54
This paper seeks to offer a theoretical platform where the modern “resource-based view” of the firm might meet with evolutionary
economics and the study of entrepreneurship, and with the economics of industrial organization. It does so by proposing the
concept of the “resource economy” within which productive resources are produced and exchanged between firms. This is presented
as the dual of the mainstream goods and services economy – where the “resource economy” captures the dynamic capital structure
of the economy. The paper is concerned to bring out the distinctive principles governing resource dynamics in the resource
economy, capturing competitive dynamics in such categories as resource creation, replication, propagation, exchange and leverage;
evolutionary dynamics in terms of resource variation, selection and retention; entrepreneurial dynamics in terms of resource
recombination and resource imitation, transfer and substitution; and industrial organizational dynamics in terms of resource
configuration, resource complementarities and resource trajectories. 相似文献
6.
This paper focuses on financing the welfare state expenditures in the UK. It offers a comprehensive analysis of social expenditures
and taxes paid by the working population families, and an estimation of the net benefits received by them. While the subsequent
analysis of the welfare state and its development primarily concentrates on the British experience, it has a broader application
to other OECD countries. The UK as the most egalitarian “liberal market economy,” offers an interesting case for the study
of the interaction between the welfare state expansion and economic growth. In terms of her capitalist economic structure,
(interaction between market and economy) she is relatively closer to the USA and other Angelo-Saxon (liberal market) economies.
In terms of her level of social expenditures, she is much closer to the European “social market economies” than the USA and
other more egalitarian “liberal market economies.” 相似文献
7.
Günther Rehme 《Journal of Economics》2007,91(1):1-40
Many models show that redistribution is bad for growth. This paper argues that in a non-cooperative world optimizing, redistributing
(“left-wing”) governments mimic non-redistributing (“right-wing”) policies for fear of capital loss if capital markets become
highly integrated and the countries are technologically similar. “Left-right” competition leads to more redistribution and
lower GDP growth than “left-left” competition. Efficiency differences allow for higher GDP growth and more redistribution than one's opponent. Irrespective of efficiency differences, however, “left-wing” governments have higher
GDP growth when competing with other “left-wing” governments. The results may explain why one observes a positive correlation
between redistribution and growth across countries, and why capital inflows and current account deficits may be good for relatively
high growth. 相似文献
8.
J. Suedekum 《Journal of Economics》2007,92(3):209-228
The home market effect (HME) is a distinguishing feature of the “new” trade theory. It is customarily defined as disproportionate
positive causation from expenditure to production. Recently it has been argued that this dynamic definition of the HME is problematic in a multi-country framework, because it neglects third country effects. In this paper,
we show that more than one exogenous parameter change is needed to overturn the dynamic HME. An isolated increase in the size
of the home country will unambiguously lead to an over-proportional domestic industry expansion. We then illustrate with some
specific scenario what type of third country effects can “swamp” the HME.
相似文献
9.
The main difficulty in treatment effect analysis with matching is accounting for unobserved differences (i.e., selection problem)
between the treatment and control groups, because matching assumes no such differences. The traditional way to tackle the
difficulty has been “control function” approaches with selection correction terms. This paper examines relatively new approaches:
sensitivity analyses—sensitivity to unobservables—in Rosenbaum (Biometrika 74:13–26, 1987), Gastwirth et al. (Biometrika 85:907–920,
1998) and Lee (J Appl Econ 19:323–337, 2004). These sensitivity analyses are applied to the data used in Lee and Lee (J Appl
Econ 20:549–562, 2005) to see how the assumption of no unobserved difference in matching affects the findings in Lee and Lee,
to compare how the different sensitivity analyses perform, and to relate the “sensitivity parameters” in the different sensitivity
analyses to one another. We find (i) the conclusions in Lee and Lee are weakened in the sense that only the “strong” ones
survive, (ii) the sensitivity analysis in Rosenbaum (Biometrika 74:13–26, 1987) is too conservative (and inferior to Gastwirth
et al.’s), and (iii) Gastwirth et al.’s and Lee’s approaches agree on some findings to be insensitive, but the two approaches
also disagree on some other findings.
The authors are grateful to the Editor and anonymous reviewers for their constructive and helpful comments. 相似文献
10.
"生育效应"或"支持效应"?——子女数量与父母健康 总被引:2,自引:0,他引:2
Using the Chinese Longitudinal Healthy Longevity Survey, we try to identify the effect that quantity of children has on the
health statuses of elderly parents. After dealing with a potential endogeneity problem using instrumental variable estimation,
we find no significant long-arm “fertility effect,” but do find a positive “supporting effect” of the quantity of children
on parental health. That is, giving birth to more children has no significant effect, but the availability of additional children
in old age has a beneficial effect on health during that time. Further investigation yields a more significant effect on mothers
than on fathers, and a more pronounced effect on cognitive health than on physical health, as measured by occurrences of hypertension. 相似文献
11.
Schumpeter and the revival of evolutionary economics: an appraisal of the literature 总被引:5,自引:1,他引:4
Jan Fagerberg 《Journal of Evolutionary Economics》2003,13(2):125-159
During the last two decades we have seen a revival of interest in the works of Joseph Schumpeter and “evolutionary” ideas
in economics more generally. A professional society honouring Schumpeter's name has been founded, and linked to it we have
had for more than fifteen years now a professional journal devoted to this stream of thought. However, it has been argued
that, despite these developments, the link between Schumpeter's own work and the more recent contributions to evolutionary
economics is in fact rather weak. This paper considers this claim. Based on an analysis of Schumpeter's contribution to economics
the paper presents an overview and assessment of the more recent literature in this area. It is argued that although there
are important differences between Schumpeter's work and some of the more recent contributions, there nevertheless remains
a strong common core that clearly distinguishes the evolutionary stream from other approaches (such as, for instance, so-called
“new growth theory”).
RID="*"
ID="*" Many people have contributed to this paper in various ways. Jon Hekland at the Norwegian Research Council started it
all by asking me to make an overview of the contribution from “evolutionary economics” to our understanding of contemporary
economies. Several people helped me on the way by supplying written material, comments and suggestions, and I am indebted
to all of them. Brian Arthur, Stan Metcalfe, Keith Pavitt, Erik Reinert, Paolo Saviotti and Bart Verspagen may be particularly
mentioned. A preliminary version was presented at the conference “Industrial R&D and Innovation Policy Learning – Evolutionary
Perspectives and New Methods for Impact Assessment” organised by the Norwegian Research Council (“SAKI”) at Leangkollen, Asker,
April 18–19.2002. I wish to thank the discussant, Tor Jakob Klette, and the participants at the conference for useful feedback.
Moreover I have benefited from comments and suggestions from the editors and referees of this journal. The final responsibility
is mine, however. Economic support from the Norwegian Research Council (“SAKI”) is gratefully acknowledged. 相似文献
12.
Pollution Abatement and Productivity Growth: Evidence from Germany,Japan, the Netherlands,and the United States 总被引:2,自引:1,他引:1
Deborah Vaughn Aiken Rolf Färe Shawna Grosskopf Carl A. PasurkaJr. 《Environmental and Resource Economics》2009,44(1):11-28
The passage of environmental legislation was accompanied by concerns about its potential detrimental effect on productivity.
We assume inputs can be assigned to either abatement activities or good output production. This allows us to specify regulated
and unregulated production frontiers to determine the association between pollution abatement and productivity growth. We
then employ our “assigned input” model to determine the association between productivity and abatement activities for manufacturing
industries in Germany, Japan, the Netherlands and the United States. 相似文献
13.
Ferdinando Meacci 《The Review of Austrian Economics》2009,22(4):333-348
The Austrian notion of stages of production and the related principle of the greater productivity of roundabout methods, plus
the neo-Austrian notions of vertical integration and vertical division of labour, are utilized in this paper in an attempt
to reconstruct Smith’s convoluted arguments on the different employment of capitals in chapter 5, book 2, of the Wealth of Nations. Smith’s arguments are first clarified in the light of the two concepts of capital (money capital and productive capital),
of the two aspects of productive labour (living labour and dead labour) and of the two viewpoints (of an individual and of
society) on which Smith’s theory is based. The results of this clarification are then used to prove that, independently of
Smith’s own words but in consistency with his theory, the notions of “quantity” and “productivity” of productive labour have
a “vertical”, as well as a “horizontal”, dimension so that they fit both the input–output scheme and the Austrian framework
of time-consuming methods of production. 相似文献
14.
Friedel Bolle 《Journal of Economics》2011,104(3):219-238
In a two-stage oligopoly, with investment in the first stage and quantity or price competition in the second stage, there
is a “Common Wisdom” Theorem which states that we find over-investment if the goods are substitutes and competition is in
strategic substitutes, or if goods are complements and competition is in strategic complements, and that we find under-investment
if we have complements and strategic substitutes or substitutes and strategic complements. The existing literature, however,
lacks a proof of this theorem and, in particular, it lacks a systematic comparison of the different benchmarks for over- and
under-investment. A “naive” benchmark is the cost efficient investment with respect to the subgame perfect (closed loop) equilibrium
quantities. Alternative benchmarks (which are more often proposed) are the open loop equilibrium investment or the welfare
maximizing investment. The chosen benchmark is critical because the Common Wisdom Theorem applies (under certain conventional
conditions) only for the naive benchmark. The other two benchmarks give rise to subcases. 相似文献
15.
André Varella Mollick 《Empirical Economics》2011,41(3):769-785
We estimate the world elasticity of substitution between labor types on a very well-known data set. Using enrollment ratios
and government expenditures on education as instruments, the plausible elasticities varying from 2.00 to 3.21 for the “college-completed”
definition suggests imperfect substitution between skilled and unskilled labor. Considerably higher values are found for the
“secondary” and “primary-completed” definitions. Overall, the higher the threshold for defining skilled labor, the lower the
elasticity and less likely is the switch between types of labor. These findings complement micro-evidence and support stronger
links between productivity and output for the “college educated” labor definition. 相似文献
16.
This paper develops a model of the relationship between public sector employment, total output and aggregate real demand
in market prices, where public employment has a positive productivity effect on private output. Public employment crowds out
private employment and output because its increase induces higher wages and taxes. The valuation of government output is also
taken into account. While public employment affects total output and aggregate real demand in an a priori ambiguous way, numerical
simulations suggest that the relationship may be nonlinear; positive, when public sector is “small” and negative, when it
is “large”. Using the annual data from 22 OECD countries over the period 1960–1996 and estimating and testing for threshold
models and more commonly used specifications with multiplicative interaction terms give support to this nonlinearity hypothesis
between public employment and private sector output.
First version received: October 1996/Final version received: April 2000 相似文献
17.
The service industry in China is underdeveloped, in comparison with not only the past experience of developed countries at
the similar level of GDP per capita, but also other similar developing countries at present. We define this deviation of China’s
service industry from the development trend in other countries as the “development deviation puzzle,” and propose a conceptual
framework based on the “manufacturing cost disease” hypothesis to understand the reasons behind this puzzle. We test our hypothesis
using the data from the urban cluster in Yangtze River Delta. The results indicate that labor productivity growth in service
industry is driven by capital investment and the “development deviation puzzle” is indeed rooted in the “manufacturing cost
disease.” Our analysis suggests that, to correct the underdevelopment of service industry, the strategy of investment-driven
industrialization and urbanization must be changed. Expansion of producer services is important in increasing the intensities
of human capital and foreign investment. 相似文献
18.
We study the effects of an economic policy in an endogenous growth general equilibrium framework where production of consumption
goods requires two resource inputs: a polluting non-renewable resource and a non-polluting labour resource. The use of the
former contributes to the accumulation of pollution in the atmosphere, which affects welfare. There is a specific research
sector associated with each of those resources. We provide a full welfare analysis, and we describe the equilibrium paths
in a decentralized economy. We go on to study the effects of three associated economic policy tools: a tax on the polluting
resource, and two research subsidies. We show that the optimal environmental policy has two main effects; it delays the extraction
of the resource and with it the level of polluting emissions and it reallocates research efforts, decreasing the amount put
into “grey” research to the benefit of “green” research. We also show that the environmental policy is grey-biased in the
short-term, and green-biased in the long-term. Finally, we compute the optimal values for these tools.
相似文献
19.
Emerging from the Hobbesian jungle: Might takes and makes rights 总被引:1,自引:0,他引:1
Bruce L. Benson 《Constitutional Political Economy》1994,5(2):129-158
The conflict over scarce resources in the Hobbesian jungle may be avoided if rules of obligation delineating property rights
develop along with institutions of governance. One possibility is a “duress contract” as the strongest individual threatens
others who agree to enslavement. Thus, “might takes rights.” Alternatively, individuals with similar capacities for violence
may enter a “consent contract” establishing rules of obligation and then voluntarily participating in governance. They will
not agree to a rights assignment that produces less wealth than they expect through violence, however, so “might makes rights.”
A might-takes-and-makes-rights analysis is outlined to explain the continuum of legal institutions and property rights allocations
that can evolve between these two extremes of duress and consent. Increasingly finely delineated private property rights tend
to evolve under institutions produced by consent contracts, while common pool problems tend to arise near the duress contract
end of the spectrum.
This paper draws from a larger project on “The Evolution of Law” which has been supported by the Earhart Foundation. Discussions
with and comments by Randy Holcombe, Kevin Reffit, and two anonymous referees led to significant improvements in the development
and presentation of the arguments, as did discussant comments on a related paper made by Douglas Ginsburg and participants
in the Friedrich August von Hayek Symposium on “Competition Among Institutions” in Freiburg, Germany, June 1–4, 1994, sponsored
by the International Institute at George Mason University and the Walter Eucken Institute, Freiburg. 相似文献
20.
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