Labor Market Effects from Involuntary Job Losses in Layoffs, Plant Closings: The Role of Human Capital in Facilitating Reemployment and Reduced Wage Losses

Abstract . Wage loss and reemployment following involuntary Job loss are examined, using a nationally representative sample of young men and women in their late twenties. Workers with increased human capital are less likely to suffer wage loss and unemployment after job termination. Workers characterized as having little commitment to the labor market—low skill levels, clerical and sales workers, females, and low contributors to family income—are more likely to suffer unemployment and wage loss after job loss. This suggests that human capital characteristics serve as a signal of desirable, or undesirable, worker traits to a new firm.     

Henry George and the Classical Scientific Research Program: The Economics of Republican Millennialism

Abstract . Henry George's classicism was evident in his acceptance of “hard core” assumptions inherent in classical economic analysis, notably that rational self-interested behavior exercise in competitive markets maximized economic welfare. However, George's “stage theory,” the “Law of Human Progress,” led him to reject the classical nexus between social and economic welfare. The emergence of an exchange economy improved efficiency and economic welfare, but institutional changes lagged behind, particularly the redefinition of property rights. Consequently, economic growth based on land as a private rather than public good widened the gap between economic efficiency and social welfare. Hence George's paradox of poverty amidst progress. George resolved the equity efficiency conflict by treating land as a public good. Then, the sale of monopoly rights to land through the “single tax” on land rents captured the difference between the private and social costs of land use.     

Value Freedom' and the Scope of Economic Inquiry: 1. Positivism's Standard View and the Political Economists

Abstract . According to what might well be regarded as the standard view among economic methodologists, the economist qua economist makes no value judgments concerning policy ends and their means of attainment. However, in restricting the proper aims of economic inquiry to epistemic goals only, the proponent of the standard view has neglected to ask why we seek to realize such goals; who needs economic knowledge?; for what?; what are people's fundamental needs, problems? In opposition to the standard view I argue that there is no good reason to exclude the promotion of human welfare, enhancement of the quality of human life, etc., sociologically, psychologically and philosophically defined, as well as analyzed from the viewpoint of economics, as legitimate goals of the economist in his professional capacity.     

J. Shield Nicholson's Project of Empire: The Edinburgh Economist Evolved from a Free Trader into a Premier Apologist for Imperialism

Abstract . In the world economy at the turn of the century, great empires competed for position—those of Great Britain, the newly imperialistic United States, Germany, France and others. Britain, champion of free trade, finding its world status weakened by rising colonial nationalism, became racked with debate over imperial union or federation, empire free trade, preferential tariffs or protectionism, a common defense or independent strategy. A key figure in the controversies was J. Shield Nicholson, who evolved from a free trader into an imperialist apologist. Nicholson foresaw some of the problems the neglect of which explain in part the eventual dissolution of the empire: the colonies as sources of raw materials and foodstuffs or of manufactures, the allocation of the costs of defense and the protection of the mother country's economy. The debates, and especially the evolution of Nicholson's positions, illustrate how economic ideologies developed during the period.     

Some Determinants of Property Crime: Economic Factors Influence Criminal Behavior But Cannot Completely Explain the Syndrome

Abstract . An empirical analysis of the property crimes, robbery, burglary and larceny, is presented for all 120 counties in Kentucky. While this analysis is based on an economic model of crime, certain sociological and legal variables are included as well in the system of equations. Overall, the empirical results support prior studies’findings with the exception that a quadratic relationship is found to exist between urbanization and each of the property crimes. Furthermore, neither the economic nor the non economic influences measured appear more important for affecting crime rates. Specifically, results indicate that the level of poverty, the degree of tourism, the presence of police, the unemployment rate and the apprehension rate all affect property crimes. In contrast, the length of sentence, the degree of industrialization, the level of public assistance payments and the proportion of youth in the county have no affect on property crime rates in these areas.     

Emergence of Political Unionism in Economies of British Colonial Origin: The Cases of Jamaica and Trinidad

Abstract . What were the circumstances under which political unionism has emerged in economies of British colonial origin, such as Jamaica and Trinidad? The hypothesis tested is that the political activities of trade unions in such economies played a role in the process of economic development, helping to achieve political independence and then economic growth. But at that stage political unionism is found to be incompatible with needed acceleration of growth rates. A significant deterioration in economic and social conditions produced a crisis and the unions traded support for the parties for some control over economic and social policy. This gave the political leaders the power they needed to negotiate for independence but, in Jamaica, it changed the focus and character of the labor movement.     

Max Weber's Authority Models and the Theory of X-Inefficiency: The Economic Sociologist's Analysis Adds More Structure to Leibenstein's Critique of Rationality

Abstract . Harvey leibenstein's theory of X-efficiency holds that behavioral considerations, such as motivation of workers or the quality of managerial decisions, are the major restraints on the productivity of modern organizations. It envisions economic behaviors which are not fully rational; that is, behaviors which fall far short of the maximization postulate so central to neo-classical microeconomics. The theory is significant for it, contrary to the prevailing view, seeks to explain suboptimality primarily as a function of factors internal to the Jirm rather than those that are objectively external, such as the market structure in which the firm finds itself. The X-efficiency framework is enhanced by the application of several salient concepts in the economic thought of Max Weber. He, in contrast to most of his contemporaries, engaged in economic analysis, but he never accepted the maximization postulate. He considered such formal economic rationality to be a very rare, almost an exceptional case of economic behavior the norm was something substantially less rational. Weber therefore categorized economic activity by its degree of rationality and linked such activity to types of authority exercised in its pursuit.     

The Male-Female Comparable Worth Debate: Alternative Economics Perspectives on an Issue That Cuts Across the Social Sciences

Abstract . Writers and speakers on the “comparable worth” or “pay equity” issue refer to “the economic view” but there is no such consensus. Three major paradigms exist in labor economics, the neoclassical, the “radical” or Marxian or Neomarxian, and the institutional Each differs in philosophical orientation, employs different analytical methods, and leads to different policy implications. On the issue of pay equity for women their views are contrasted; differences center on how successfully the market extends full options of choice. The analysis indicates that incremental advances in the direction of pay equity are to be expected, given present incentives in the private sector and less economic constraints in the public sector, provided women continue economic, legal, and political pressure. Surveying The Literature on the comparable worth or pay equity debate, one often encounters reference to the economic view. In reality however, three major paradigms exist in labor economics today; the prevailing neoclassical paradigm, the radical or Marxian view, and the institutional approach. While the three can be viewed as sharing common objectives (to describe, to predict, and to prescribe) they approach issues from different philosophical frameworks, employ different analytical tools, and lead to very different policy implications. Examining the pay equity issue from the perspectives of the three paradigms suggests different insights into the issue than that usually labelled the economic view.     

China's Approach to Social Market Economics: The Chinese variant of Market Socialism Seeks to Escape from the Difficulties of Central Command Planning

Abstract . The paradigm of a social market economy provides a rational basis for resolving structural socioeconomic changes, as presently evidenced in the People's Republic of China. China's approach to socioeconomic change, labeled as “Socialism with Chinese Characteristics,” resembles a modified version of Eucken's paradigm of a social market economy.¹ The Chinese paradigm, leaning on that of Walter Eucken, provides for a “limited”free market, which not only accommodates economic growth and change, but which also makes allowance for some degree of human, especially economic freedom, and dignity. Eucken's model is based on a sound institutional and legal framework which he considered to be essential for a viable modern market economy. China's new socioeconomic program is moving the country in this direction. It takes into account people's desire for a useful and Just socioeconomic order (however defined), characterized by stable socioeconomic and political policies and by a flexible price mechanism, to enable them to live a life in dignity, free of economic deprivation.     

An Economic Analysis of Teenage Fertility

Abstract . The relationship between the probability of a teenage birth and various independent variables representing fecundity, attitudes, resources, and the economic opportunities for a sample of teenage females drawn from the 1980 census is examined. A theoretical framework, based on Becker's model, is employed to describe the birth-decision process and tested using a logit technique. The findings suggest that receipt of public assistance income and perceived economic opportunities are more important in explaining fertility probabilities among older (18–19 years old) teenagers. Among younger teens, accessibility to family planning and abortion services, and religious attitudes toward family planning ate more important predictors of fertility.     

Nondiscrimination Policies and Sexual Identity Disclosure: Do They Make a Difference in Employee Outcomes?

Legal discrimination on the basis of sexual orientation still persists in most parts of the United States. One avenue of localized protection has been corporate policies against discrimination on the basis of sexual orientation. In a sample of N = 65 gay men, this paper examines whether differences exist on perceived workplace hostility, turnover intentions, perceived promotion opportunity, job and supervisor satisfaction and supervisor–subordinate relationship quality between the reports of men in organizations that have non-discrimination policies and those employed where they do not. Additionally, this paper examines if disclosure of sexual orientation to a supervisor affects the same variables. Findings suggest that the presence of a non-discrimination policy influences affective variables whereas disclosure influences career variables. Limitations of the study and directions for future research are discussed.     

John A. Hobson: Economic Heretic

Abstract . John A. Hobson was a self-styled economic heretic who developed and original and remarkably comprehensive system of economic and social thought. This system is based on certain distinctively Hobsonian concepts and theories. Hobson's economic heresies were based on his theory of distribution in which he rejected orthodox marginal productivity theory and developed a theory of economic surplus the distribution of which is determined by economic power. This underlay his theory of under-consumption which in turn was used to explain and analyze economic and social issues such as unemployment, the business cycle, the labor movement, imperialism and taxation. Hobson was also critical of the whole methodology of economic science on the grounds that it abstracted from human welfare in its widest sense. He argued that proper values should be introduced into the study of economic activity so that it could assist in the attainment of the best conditions of human life, both social and individual.     

An Analysis of Causal Flow Between Social Development and Economic Growth:

This is an attempt to examine whether there is any causal relation between social development and economic growth. Social development in this context is measured by a social development index, which is a weighted composite index formed with eight social indicators of life representing various spheres of social life. Economic growth is indicated by Per Capita Real Gross Domestic Product (PCRGDP), The causality test offered by Granger has been performed for the entire sample as well as for three income groups: high, middle and low. The study also tests causality between PCRGDP and the eight social indicators of life.     

The First U.S. Food Stamp Program: An Example of Rent Seeking and Avoiding

Abstract . Rent seeking involves the wasteful expenses incurred to secure, acquire, or maintain a monopoly position. Rent avoiding involves the expenditures undertaken to avoid the imposition of rent-seeking costs. Each represents a social cost of Tullock rectangle loss in addition to the dead-weight or Harberger triangle loss that combined to form the Harberger-Tullock trapezoid social cost. The first Food Stamp Program in the United States came about through the rent-seeking and/or rent-avoiding efforts of farmers, grocers, bankers, and other economic agents and did not lead to the promotion of social welfare. The evidence of these self-interested efforts was gleaned from articles in the New York Times and government documents. The first Food Stamp Program also fits the economic theory of regulation developed by Stigler, Jordan, Peltzman and others, and it involved imposed costs on economic agents as the program evolved.     

Keynes' Investments

Abstract . It is well known that in The General Theory, Keynes is very critical of the stock exchange market, an institution, he says, that “cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism.” At the same time much of his income was derived from speculation in commodities, stocks and foreign exchange. Some questions raised by Keynes’ way of making a living are addressed. When did his market activities begin? Did he, as some detractors allege, take advantage of insider information? What principles of behavior did he follow in his buying and selling? What was his attitude toward his way of making a living? And, above all do the views expressed in The General Theory reflect the influence of Keynes’ market experience? It is suggested that there is, in fact, a close relation between Keynes’ financial experiences and some of his distinctive economic theories. His experiences, interpreted in the light of his Apostolic-Moorean beliefs, caused the deeply critical attiiude toward the whole financial system that one finds in The General Theory's chapter 12.     

Economic Development and Crime: The Two May Be Associated as an Adaptation to Industrialism in Social Revolution

Crime and economic development are discussed as part of a third major human adaptation to a new form of civilized life called industrialism. Most humans have lived the lives of hunters and gatherers while a much smaller minority has lived as members of societies based on agriculture and animal domestication. A much smaller group is now embarked on an adaptation to urbanization, technology and industrialization. Within this paradigm the process of economic development is viewed in stages, as suggested by W. W. Rostow. This allows a more extensive consideration of the social, cultural, and historicalcontexts of crime. Clusters of circumstances distinctive of specific developmental stages, or criminogenic contexts, are suggested as means of characterizing such variables. Two such contexts are briefly described. The first is a product of the unplanned drift of rural populations to urban areas in search of a better life. The second is a product of the changeover of elite groups in societies seeking to make the transition to modernization and sustained economic growth. Policy options in the interest of minimizing crime in the developmental process are briefly considered.     

THE ORANGE BOOK,THE LIBERAL DEMOCRATS AND ECONOMIC FREEDOM

Despite the Liberal Democrat's party heritage and despite the efforts of those who wrote The Orange Book, the party still has difficulty embracing economic liberalism. The state is often seen as benign or even virtuous and there is huge caution when it comes to taxation, public service reform and deregulation which results from other priorities being put before economic growth. Indeed, even some of The Orange Book authors have produced mixed results when they have had opportunities in the coalition government.     

Cultural and Family Effects on Fertility Decisions in Taiwan, R.O.C.: Traditional Values and Family Structure Are as Relevant as Income Measures

Abstract . Ever since Becker's 1960 article on fertility, the economic approach has posited that the wife's wage rate and household income play predominant roles in fertility decisions. This study attempts to relate some social and cultural factors, including traditional value concepts and complexity of the family structure to the demand for children. Empirical findings with family survey data taken from Taiwan, the Republic of China, tend to support the view that fertility is better explained by a framework with a family structure and a sector dummy than one without. For public decision makers, findings of this kind suggest that preference heterogeneity, family structure complexity as well as the rural urban development trends should be explicitly taken into account in demographic policies aimed at family planning and overall quality of life enrichment.     

Henry George and the Contemporary Debate over Industrial Protectionism

Abstract . The central question of Henry George's 1886 book. Protection or Free Trade, commemorated now after a century, was: do protectionist policies help or hinder the working man Have George's concerns in 1886 since become outdated or anachronistic? If not, what are some historic trends toward protectionism since that time? Some of the formal arguments for and against protectionism are examined. George contended that protectionism threatens labor unions and reduces workers’wages. An apparent counterexample is provided by the International Ladies’Garment Workers’Union, which now actively lobbies for protectionist legislation. Its arguments have merit when protectionism is viewed instrumentally, but one must recognize that there are substantive objections to protectionism as a comprehensive national policy. George linked protectionism to paternalism; his theory of economic value as well as his model of the rational economic man are derived from basic democratic principles which stand at sharp odds with the implicit paternalism of tariff policies.