THE CONSUMERS' COUNCIL BILLS 1929–1939

Three attempts were made in Parliament to create a Consumers' Council between 1929 and 1939. The proposed Council was to have powers to investigate and recommend price fixing, and although all three bills were unsuccessful, some of the issues discussed are still of contemporary interest.     

The birth of the housing consumer in the United States, 1918–1960

Between 1918 and 1960, those Americans who were able to buy a home learned to think and act as housing consumers. By 1960, the typical couple purchased a finished dwelling from a speculative builder instead of hiring the services of a contractor. Builders now produced for an anonymous market. They learned how to sell, and buyers learned to expect, a comprehensive and standardized package of services that included long‐term financing. Such financing required, and buttressed, a Fordist regime of mass production and consumption, and was promoted after 1934 by a new federal agency. It stabilized the economy by pushing families to make long‐range spending plans, while shaping their pattern of monthly expenditures. Increasingly, Americans came to think of homes as commodities, as investments and as means of self‐expression. They enacted these assumptions by browsing through model homes, by making elaborate financial calculations, by borrowing and by taking on home repair and improvement projects. These changes were promoted by the real estate industry and the state, and were soon accepted for the comfort and convenience they offered.     

THE NATIONALIZED INDUSTRIES AND THE RETAIL PRICE INDEX 1962–1978

This paper explores the impact of nationalized industries upon the Retail Price Index. It shows that the prices of nationalized industries have increased at a faster rate than those for all retail prices and examines reasons for these differences. It also discusses why the prices of nationalized industries appear to play a role in determining consumer welfare larger than their statistical significance in household budgets.     

Malaysia – Trade Policy Review 2006

The Trade Policy Review (TPR) is an important document for small open economies like Malaysia. It provides an outsider perspective of its trade policies and implementation. In this paper we provide an update of the Malaysian economy emphasising the degree of competitiveness vis‐à‐vis other Asian counterparts. We also discuss the issue of regional and bilateral trading agreements involving Malaysia with a focus on the services sector. Finally, we briefly consider the issue of tariff protection – an issue raised by many commentators of the TPR.     

The ‘Real’ Impact of GATT/WTO – a Generalised Approach

Rose’s result in 2004 that GATT/WTO has no significant impact on bilateral trade triggered off a series of empirical studies. Each of those studies augments Rose’s paper in one specific methodological aspect with the general finding that GATT/WTO significantly fosters members’ trade, although the estimated impact varies between 2 per cent and 195 per cent of trade creation. We combine the methodological contributions of previous studies to overcome these isolated approaches, to account for possible interactions and to develop a more general view on the impact of GATT/WTO. In particular, we find that GATT/WTO promotes members’ trade by around 86 per cent.     

GENERALIZATION OF THE DYBVIG–INGERSOLL–ROSS THEOREM AND ASYMPTOTIC MINIMALITY

The long‐term limit of zero‐coupon rates with respect to the maturity does not always exist. In this case we use the limit superior and prove corresponding versions of the Dybvig–Ingersoll–Ross theorem, which says that long‐term spot and forward rates can never fall in an arbitrage‐free model. Extensions of popular interest rate models needing this generalization are presented. In addition, we discuss several definitions of arbitrage, prove asymptotic minimality of the limit superior of the spot rates, and illustrate our results by several continuous‐time short‐rate models.     

2004 Trade Policy Review – The United States

Many of the findings of the seventh Trade Policy Review of the United States are similar to those reached in earlier reviews: the US is unanimously acknowledged as having an open and transparent system; the US economy has remained amongst the world's most competitive, and has continued to support global growth by keeping its import market largely open. This review finds, however, that the US has developed a disturbing pattern of non‐compliance with WTO rules. During the period of review the United States enacted policies, most notably the infamous Byrd Amendment and the 2001–02 steel safeguard action, that were found to be clear violations of its WTO obligations. Despite these and other such findings, the United States has obstinately refused to bring its domestic statutes in line with WTO rules. In addition, in recent years the United States’ aggressive pursuit of regional and bilateral initiatives has led many Members to question whether the United States is committed to the multilateral approach espoused by the WTO. Overall, despite the US's many virtues, Member countries expressed concern that the US's stated leadership of and commitment to the WTO is not matched by its actions.     

CLOTHING,AMBIENT TEMPERATURE AND COMFORT – II

Application of quantification theory shows that, at a given ambient temperature, students in Japan wear more clothing than students in England, whether these are British or from overseas. A direct relationship has been found to exist between skin fold thickness and the amount of clothing worn at a given temperature.     

Educating young consumers – a food choice model

It has been acknowledged that it is only by obtaining a more detailed understanding of food choice that people’s diets can be improved. In Northern Ireland, research into food choice has been limited yet the Province has the second highest rate of heart disease in the world, indicating the need for change. This study investigated the food choices of 9‐ to 17‐year‐olds in Northern Ireland and the influential factors. A range of research techniques were employed incorporating both qualitative and quantitative methods, namely observations, focus groups, picture associations, dietary case studies and questionnaires. The research indicated that the dietary patterns adopted by this group are characterized by a high consumption of fat, yet the reduction of fat tends to dominate the overall strategy for the prevention of obesity and lowering the risk of coronary heart disease. In addition, a high consumption of sugar products was evidenced along with a distinct dislike for healthier alternatives such as fruit and vegetables. The ‘skipping’ of meals, especially breakfast and a high prevalence of snacking was also apparent. However, these eating habits were found to be affected by various factors such as age and gender, emphasizing the complex nature of food choice. The findings from this research enabled the development of a model relating to the food choices of 9‐ to 17‐year‐olds in Northern Ireland, highlighting the influential factors and subsequent health implications.