Should the Arts Support Themselves?

In an earlier article in Economic Affairs, Professor E. G. West called for arts vouchers to consumers to replace subsidies direct to producers. Professor William Grampp, of the University of Illinois, contends that there is no economic rationale behind arts subsidies in any form and calls for their abolition, Professor West responds that there may be a combination of public approval and external benefits that can justify continued subvention.     

were the green belts wasted effort?

What have been the effects of development planning? Professor Donald Denman, Emeritus Professor of Land Economy at Cambridge University, argues that they have been self-defeating, at least in the case of the Green Belts. Professor Denman's autobiography, A Half and Half Affair: Chronicles of a Hybrid Don, will shortly be published by the Churchill Press.     

Investor Protection – Why Gower is Wrong

Professor 'Jim' Gower's report, commissioned by Norman Tebbit's Department of Trade and Industry, calling for regulation of the 'investment industry', brings the Government's commitment to trade liberalisation seriously into doubt. Professor Gower has ignored a vast literature on regulation which reveals how it is 'captured' by interest groups to establish protected cartels. Furthermore, his proposals restrict competition that would benefit the consumer without outlawing restrictive practices. Norman Tebbit should reject Professor Gower's misguided advice decisively.     

Reply to Ahiakpor

A bstract .   Professor Reisman responds to Professor James C. W. Ahiakpor's criticisms pp. 715–717.     

Value for Money in Science

What should be the role of government in research? Professor Bryan Clarke, Professor of Genetics at Nottingham University, argues that the control of scientific research by the government is unlikely to be productive.     

Modernization in Mainland China: A Comment

A bstract . The conclusion of Professor Chen that foreign; capital inflows affect modernization in China is challenged on the basis of data and methodology. Professor Chen rejected the argument.     

The 'Standerd' Has Already Happened

Evidence from United States refutes allegations of the impracticability of commodity-based units of account. Nicolaus Tidemon, Professor of economies at Virginia Polytechnic Institute and State University, supports Professor Hayek's praposal with a 'real-life' example of its implementation.     

What Trade-Off between Efficiency and Equality?

David Rees, former Associate Professor at the University of Cape Town and now Consultant Economist to a firm of Johannesburg stockbrokers, amplifies Professor Kantor's proposal to suggest the widespread sale of state assets to promote the establishment of a property-owning democracy in South Africa.     

In Defence of the Unions

Professor Minford's claim that unions force a million workers out of jobs neglects several important factors, according to J. R. Shackleton, who cites various studies in support. Professor Minford replies with the rasoning behind his estimate and maintains his claim formassive reduction in union power is unaffected.     

The 'Standard': Useful but not Perfect

Financial institutions, suggests George M. von Furstenberg, Rudy Professor of Economics at Indiana University, would find the 'Standard' a helpful innovation in hedging against inflation in general or to specific commodities. But he, lide Tyler Cowen, prefers Professor Hayek's earlier suggestion of competing media of exchange.     

Cut Child Benefits to Cut Taxes

Should the well-off benefit from fiscal resources if they choose to have children? Professor Michael Beenstock of the City University Business School argues that they should not. Child Benefit, in common with other fiscal subventions, should be limited to families in most need. Dr lvy Papps in the last issue argued the case for selectivity in Child Benefit. Professor Beenstock's proposal represents a radical departure from the present arrangements under which Child Benefit is universal, regardless of family income, and he calculates the cuts in income tax that could follow. Given the size of his family (above). Professor Beenstock is obviously more interested in economic truth than personal advantage.     

Whither Classical Liberalism?

Two British academics were invited to reflect on the argument of ten leading scholars including three Nobel Loureates) on the 'unfinished' agenda of economic liberalisation. * Norman Barry, Professor of Policits of the University of Buckingham, and David Collard, Professor of Economics at Bath University, present diverse sympthetic and sceptical judgements.     

Mathematical theory for a multilateral trade clearing agency

In connection with the article by Professor Ragnar Frisch in this issue of Economics of Planning, we will here present a mathematical formulation of multilateral clearing. The formulation is to a large extent built upon a presentation given by Professor Frisch in Norwegian. But we will also utilize experiences gained from experimentation with some numerical examples.

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Mortgage Tax Relief: Subsidy or Sematics?

Tax relief on mortgage interest wsa defended (Economic Affairs, October-November 1985) by Professor John parry Lewis, Formerly at the University, of Manchester; Richard Best, Secretary of the inquiry into British Housing caaired by the Duke of Edinburgh, argues that the Inquiry recommended the obolition of relief as an integral part of a package of reforms intended to reduce housing shortages. Professor Parry Lewis stands his ground.     

The 1987 US Stock Market Crash

Will the Crash of 1987 be followed by a deep depression like the crash of 1929?Professor Anna Schwartz, who collaborated with Professor Milton Friedman in writing‘The Monetary History of the United States’, argues that the 1987 crash will only be followed by a severe recession if the Federal Reserve allows a collapse of the money supply as it did in the early 1930s.     

ON INTERNAL MARKETS IN THE N.H.S.

Professor Alain Enthoven has suggested the development of 'internal markets' in the NHS Patricia Day and Professor Rudolf Klein, of the University of Bath, argue for the encouragement of latent potential within the NHS Nick Bosanquet, of the University of York, reinforces their call for increased managerial discretion to improve efficiency Dr David Green, of the IEA, insists that commercial incentive will have a more bracing effect than continued government control     

Obituary: Henri Theil, 1924–2000

This note contains a short biography of Professor Henri Theil and a brief sketch of his contributions to econometrics and related fields. Professor Theil is known as the author of the Principles of Econometrics , one of the most cited advanced textbooks of econometrics, and in particular made a large number of contributions including two and three stage least squares, the inequality coefficient, the Rotterdam model of consumer demand and the entropy based measure for income inequality.     

FREE TRADE, 'PAUPER LABOUR' AND PROSPERITY: A REPLY TO PROFESSOR MISHAN

In an Economic Viewpoint published in the September 2005 edition of Economic Affairs, ‘Can Globalisation Depress Living Standards in the West?’, Professor E. J. Mishan argued that globalisation may reduce living standards in the West by decreasing the labour–capital ratio in developed countries as firms move production to countries where labour is cheaper and/or migrants to the West from the developing world bid down wage rates. In a reply to Professor Mishan's article, Dr John Meadowcroft argues that this view of globalisation is far too pessimistic and explains why free trade, not protection, will secure the prosperity of developed and developing economies. In a final comment, Professor Mishan responds to this critique of his analysis.     

The Fiction of Neutral Inflation

Though less frequent with the years, intermittent calls for 'reflation' to stimulate the economy can occasionally still be heard from Keynesian economists and politicians. Eli Schwartz, Professor of Economics at Leghigh University, Pennsylvania, examines the effects of inflation, anticipated and unanticipated, on participants in the economy. Professor Schwartz argues that, in spite of the short-term political benefits, the longer-term costs are so high that less myopic politicians may perceive the electoral advantages in tackling inflation.     

Capitalist Ideology or Socialist Delusion?

In their book Socialism—The Grand Delusion Brian Crozier and Arthur Seldon presented arguments for the superiority of capitalism over socialism. Alec Nove, Emeritus Professor at the University of Glasgow, takes issue with their reasoning. Professor Nove agrees that the allocative efficiency of markets cannot be gainsaid. But he warns against applying arguments drawn from theories of perfect competition to the real world of uncertainty, mistakes, imperfect information and economic misjudgement. Brian Crozier responds that the evidence for the failure of socialism is irrefutable.