William E. Simon's contribution to tax policy

This paper analyzes the role of William E. Simon in shaping tax policy during his tenure as Treasury Secretary from 1974 to 1977. Simon believed in supply-side economics. Therefore, the tax policy changes that occurred during his time as Secretary involved reductions in tax rates as well as simplification of rules. A far-reaching effect of the 1975 Tax Act was the introduction of the Earned Income Tax Credit, which retains popular support today. Although these changes did not immediately increase growth and curb inflation, Simon's attempts to reduce marginal tax rates in the 1970s resulted in two decades of legislation to reduce the influence of government on the economy, which resulted in budget surpluses in the 1990s.He was an extraordinarily effective Treasury Secretary in a time of very difficult economic and political transition.[Alan Greenspan, Tribute to William E. Simon, p. 22]     

William E. Simon's capacities' approach to liberty: An essay in economic citizenship

This paper discusses the philosophical underpinnings of William E. Simon's productive public service and his championing of liberty in economic citizenship and the furtherance of entrepreneurial capitalism in America. The discussion suggests that his understanding and advocacy of the instrumental role of liberty made him distinctive among policymakers and unique among political and social conservatives. Two central themes are highlighted: the principle of liberty and private initiatives to further the cause of liberty. Secretary Simon was a passionate advocate for individual liberty being ascribed the highest value in American political life and called for vigilance against the unnecessary intervention of the state in people's lives. He committed his intellectual and financial resources to the promotion of these ideals through significant initiatives in support of institutions including universities and colleges, foundations and community organizations, and groups that exhibited a strong belief in, and support of, the cause of liberty. This, Secretary Simon believed, would strengthen the free enterprise system and the spiritual values on which it rests.The overriding principle to be revived in American political life is that which sets individual liberty as the highest political value—that value to which all other values are subordinate and that which, at all times, is to be given the highest priority in policy discussions.William E. Simon A Time for Truth, 1978, p. 218.     

Expenditure and deficit policy: An analysis of the William E. Simon's rules

In a speech before the Mont Pelerin Society, William E. Simon recommended that the U.S. government adopt five rules to achieve stability and economic growth. Two of these rules deal with the budget posture. The rules were based upon Simon's belief that excessive government spending and recurring federal budget deficits significantly contributed to the economic instabilities of the 1970s and 1980s, namely, high inflation, high unemployment, and decreasing rates of production and private capital accumulation. This paper seeks to explore the extent to which fiscal action in these two decades had departed from Simon's recommendations and presents evidence on the link between federal budget deficits and economic growth.The proposals to limit spending and balance the budget are sometimes discussed as alternatives, but in my mind, they are not.William E. Simon. Speech before the Mont Pelerin Society. Hoover Institution, 1980, p. 30.     

The dynamics of agricultural contribution to economic growth-Comment

This note points out several analytical errors in two recent articles by Edward Nissan on the agricultural contribution to economic growth in various economies.Inter alia, Nissan inappropriately employs annual average growth rate data, end-of-period output shares, and geometric “weights” in some of his calculations. In light of these errors, Nissan’s results should, where possible, be recalculated.     

THe dynamics of agricultural contribution to economic growth

More than twenty-five years ago, Simon Kuznets formulated some procedures to measure the contribution of the agricultural sector to economic growth and development. This article provides a view of the experience of various countries at different stages of economic development to examine how they fare individually in terms of Kuznets’s suggestions. A major objective is the exploration of relationships between the levels of income and agricultural product and labor contribution to economic growth. It was found, as Kuznets perceived, that the contribution declines as the level of income rises.     

邓小平对马克思主义经济理论的主要贡献

一、邓小平提出特色社会主义经济理论的理论依据社会发展阶段问题,是确定经济社会发展路线、方针、政策的基本前提,是全局性的问题。正确地认识我国的国情有一个曲折过程。邓小平以实事求是的科学态度和无产阶级革命家的胆略,对中国社会发展阶段问题作了马克思主义的最新回答。     

Domestic grain market reform in china: the contribution of economic policy research funded by ACIAR

This paper reports an assessment of the impact of economics research into domestic grain marketing policy in China, which was partly supported by the Australian Centre for International Agricultural Research. A financial analysis was conducted to value the contribution of these projects in bringing forward the adoption of more liberalized grain marketing policy. An estimate had to be made of the potential welfare gains from market reform in China because grain marketing policy in China in recent decades has been characterized by periods of reform alternating with periods of retrenchment in the face of uncertainty about how best to ensure food security. Any attempt to attribute some share of these potential gains to a particular research project is highly subjective when there are multiple sources of policy advice. The potential benefit cost ratio from the Australian investment may be in the order of 5 to 10:1.     

More on the dynamics of agricultural contribution to economic growth-Reply

In his note on my recent two articles in this journal, Professor Addington Coppin states that the results obtained for estimating agricultural contribution to economic growth in various economies are sensitive to employing annual average growth rate data, end-of-period output shares, and geometric “weights” in some of the calculations. He suggests that the results would have been more accurate by employing (1) simple percentage changes in the level variables over the entire period of consideration; (2) beginning-of-period data on output shares; and (3) arithmetic weights. This reply addresses the logic and correctness of the approach undertaken in my research that strengthen the confidence in the results offered in my articles.     

The contribution of immigration from Ukraine to economic growth in Poland

Review of World Economics - From 2014 onwards Poland witnessed an unprecedented inflow of immigrant workers from Ukraine. Coupled with strong labour demand, this surge in labour supply provided a...     

外商直接投资对我国经济增长贡献的实证分析

<正>一、问题的提出改革开放以来,我国引进外商直接投资数量和规模不断增长20世纪90年代起,我国利用外资规模呈加速扩大趋势,无论是在发展中国家或地区,还是在全球范围内都处于突出的地位。外资的大量进入为我国经济的快速增长做出了积极的贡献。那么外商直接投资对我国经济增长贡献程度究竟有多大,     

From a labor-managed economy to a market economy: A contribution to economic transformation

Does transition of a labor-managed economy to a capitalist economy really lead to an efficient economy? Which transformation strategies can be established during the transition? Which type of capitalist economy can be predicted by such transition strategies? This paper answers these questions by using the economic models described and explained by the main principles of post-Keynesian economic theory. It is found that the transition process leads to replacing the investment function, instituting the labor market, and replacing the expectations of a personal income rate with a profit rate. To achieve these processes, privatization and institution building, or institutional restructuring, are crucial. They also remove problems that should be removed by stabilization and restructuring.     

The contribution of increased life expectancy to economic development in twentieth century Japan

This paper estimates the value of improved health in Japan over the twentieth century. By valuing the decline in the death rate and appending this to existing measures of GDP per capita it is possible to calculate health augmented GDP per capita growth and generate original results about the monetary value of improved life expectancy over the twentieth century in Japan. The findings of the paper indicate that this is a pertinent exercise because GDP per capita growth approximately doubles when it is extended to include increases in the life expectancy of the population of Japan. These results also provide a justification for the increase in health care service spending that was evident at the close of the twentieth century.