A Policy for the National Health Service, Part I

How is the NHS to be reformed? Professor Patrick Minford of Liverpool University, in the first of two articles, proposes a scheme for the reform of the National Health Service.     

ON THE U.S. BUDGET DEFICIT

By the end of 1985 the USA will bo the most heavily indebted nation on the planet. Professor G. K. Shaw of the University of Buckingham and Geoffrey Wood of the City University Business School differ on Reagan's budgetary policy.     

Wages Councils Destroy Jobs

Failure to understand the price mechanism has produced tragic social policies: rent restriction has deprived students and others of furnished rooms; the 'free' NHS has depressed expenditure on medical care. And sociologist Professor Marsland argues that minimum wages make the poor poorer.     

The U.S. deficit: Whose Fault?

The US budget deficit, and the higher interest rates it is said to cause, is blamed for depressing the economies of Europe. A former Assistant Secretary to the Treasury, now Professor of Economics at Georgetown University, challenges the view that it is the result of President Reagan's tax cuts and defence build-up. In a broadly 'supply-side' analysis, he criticises Paul Volcker, Chairman of the Federal Reserve Bank, David Stockman, Director of the Office of Management and Budget, and Professor Martin Feldstein, Chairman (until June) of Council of Economic Advisors.     

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.     

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.     

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.     

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.     

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.     

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.     

A Conversation with Roger Koenker

Roger William Koenker was born February 21, 1947. He graduated from Grinnell College in 1969 and obtained his PhD in Economics from University of Michigan in 1974 under the direction of Saul Hymans. He was Assistant Professor of Economics at the University of Illinois at Urbana‐Champaign (UIUC) from 1974 to 1976, and a member of Technical Staff at Bell Telephone Laboratories from 1976 to 1983 and returned to UIUC as Professor in 1983. He is currently a William B. McKinley Professor of Economics and Professor of Statistics at UIUC. He is best known for his seminal work on quantile regression, which has emerged as a powerful regression analysis tool across many disciplines. He is a Fellow of the American Statistical Association, Fellow of the Institute of Mathematical Statistics, Fellow of Econometric Society, and recipient of the 2010 Emanuel and Carol Parzen Prize for Statistical Innovation. The conversation covers part of Roger Koenker's career as an econometrician and statistician, starting from his college years.     

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.     

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.     

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.     

Interpreting the Great Crash of 1987

Professor Norman Barry of the University of Buckingham presents a view of the Crash from the perspective of Austrian economics.     

The Costs of the CAP

What are the effects of the CAP? Professor Thompson of Aberdeen University analyses the costs of the Common Agricultural Policy.     

Public Sector Debt Repayment, the Gilts Market, and the Economy

What is the significance of the budget surplus? Professor Geoffrey Wood, of the City University Business School, claims the Public Sector Debt Repayment and the repayment of the National Debt have advantages for the economy.     

How to Overcome Resistance to Reform in Eastern Europe? Buy out the Apparatchiks

How to overcome resistance to reform in Eastern Europe? Professor Jan Winiecki of Warsaw University argues that the Apparatchiks should be bought out.     

The Case for International Competition Among Economic Policy Makers

How can governments and civil servants be controlled? Professor Roland Vaubel, of the University of Mannheim, explains how competition between nations improves economic policy.