Analysing the Agricultural Costs and Non‐market Benefits of Implementing the Water Framework Directive

Implementation of the Water Framework Directive (WFD) represents a fundamental change in the management of water in Europe with a requirement that member states ensure ‘good ecological status’ for all water bodies by 2015. Agriculture is expected to bear a major share of WFD implementation costs as it is compelled to reduce the emission of diffuse water pollutants. The research outlined here comprises interdisciplinary modelling of agricultural land use, hydrology and consequent water quality effects to consider both agricultural costs and the non‐market recreational use (and potentially non‐use) values that implementation of the Directive may generate. A theme throughout the research is the spatial distribution of the costs and benefits of WFD implementation, which is addressed through the use of GIS techniques in the modelling of agricultural land use, the integration of land use and hydrological models, and the estimation, aggregation and transfer of the economic value of the benefits.     

The extent and magnitude of formalin adulteration in fish sold in domestic markets of Bangladesh: a literature review

Bangladesh has been suffering from rampant food adulteration for the last few decades. Dishonest businessmen use formalin illegally as preservative to prevent spoilage and increase shelf‐life of fish. Prolonged consumption of formalin adulterated fish may cause serious health hazards (i.e. cancers) which lead to increased morbidity and mortality. The aim of the review was to examine the extent and magnitude of illegal formalin treatment in fish sold in domestic markets of Bangladesh. A systematic review was conducted using conventional databases and non‐conventional approaches to identify the relevant studies. Out of nine studies, eight confirmed the presence of formalin in fish collected from the markets of four main cities. Large and imported fishes were found to be mainly affected. Formalin adulterated fish was reported in seven studies. The fish were tested using a locally developed kit, and the amount of formalin treated fish ranged between 0.5 and 50%. Two other studies used the spectrophotometric method and reported specific formalin levels. The study conducted in Dhaka found mean levels of formalin to be 402.35 mg/kg in imported fishes and 118.60 mg/kg in local fishes which were much higher than the WHO recommended levels. In another study conducted in Mymensingh, formalin levels ranged between 1.4 and 7.3 mg/kg in both marketed and freshly caught pond fishes. The use of accurate, simple, specific and sensitive techniques is therefore highly recommended. The government and other agencies should address the issue as a priority basis by formulating effective policies and programs to safeguard the health of the public.     

Contigent Price Contracts and the Efficiency of Housing Markets

Frequently, the response of housing markets to a large negative demand shock is a period during which the liquidity of housing declines, but the price at which transactions take place changes little. In this paper we show that a decline in liquidity can result from the inabilities of sellers and buyers to insure against post-shock price uncertainty. We conclude, that the introduction of a risk-sharing contingent price contract may increase the post-shock liquidity of housing by providing insurance against post-shock price uncertainty. Finally, we show that a mutually agreeable contingent price contract will always exist, even when sellers are excessively optimistic.     

Still Popular, Warts and All

A recent book, Socialism Explained by Arthur Seldon and Brian Crozier, ¹ contesting the claims of socialism is assessed by two writers of divergent approaches. Alan Day, an active member of the Labour party, is a former Editor of Socialist Affairs; and Alexander Shand, Senior Lecturer in Economics at Manchester Polytechnic, is author of Suhjectivist Economics and The Capitalist Alternative.     

Keynesian Chaos

This paper shows how nonperiodic fluctuations can emerge in the standard fix price macroeconomic model when induced investment is strong enough. Specific functional forms are used to illustrate the phenomenon and to compute numerical evidence that nonperiodic fluctuations need not be rare.     

The perils of high-growth markets

The conventional wisdom that businesses should invest in growth markets is based upon the assumptions that, in the early phase of a growth market, share gains are easier and worth more, the experience curve will lead to advantage, price pressure will be low, needed access to the technology will result and future entries will be deterred. These assumptions are examined and six major types of growth market risks are discussed. Finally, conditions which should be present if an early entry into a growth market is attempted are identified.