How Useful Is the Genuine Savings Rate as a Sustainability Indicator for Regions within Countries? Australia and Queensland Compared

This article shows how macroeconomic indicators of sustainable development can be applied to the Queensland economy. While recognising the complex and contentious theoretical and practical issues in deriving the Genuine Savings Rate (GSR) to serve as such an indicator, we use the World Bank's methodology, which includes only mineral depletion, deforestation and carbon dioxide emissions as environmental terms, to estimate GSRs for Queensland for the period 1989 to 1999, and compare these to World Bank estimates of Australia's GSR for the same period. We find that Queensland has a higher rate of natural resource depletion and a lower GSR than the whole of Australia. We also examine how well the World Bank GSR performs as a ‘headline’ measure of overall sustainability, review criticisms of the GSR, and compare its implicit policy implications with those of net state savings, and of the GSR plus a suite of other indicators.     

Academic Economic Opinion in East Asia

Surveys of economists' opinions have been reported from around the world over the past two decades, but never (as far as we are aware) from a non-Western country. This article presents the results of our survey of academic economists drawn from ten East Asian nations. Respondents gave their views on a number of economic propositions ranging across issues of deregulation, government business enterprises, micro-economic and labour market reform, income distribution, and attitudes to the market. Finally, the article reports the results of multidimensional scaling techniques which were used to compare the attitudes of East Asian academic economists toward the market with those of their international colleagues. Overall, we found that while our colleagues in Asia make some allowances for circumstances unique to fast-growing developing economies, their predilection toward market solutions to economic problems reflects that of their (predominantly) Western training. Economists in the ‘Tiger’ nations (Hong Kong, Singapore, Taiwan and South Korea) more closely reflect the views of colleagues in the market-friendly West (especially North America, Australia and Germany) than do economists in the newly emerging (‘non-Tiger’) nations such as Malaysia, Thailand, Indonesia and the Philippines.     

Value and exchange: Two windows for economic theorizing

This essay introduces a symposium on value and exchange as alternative organizing concepts for the pursuit of economic theorizing. These concepts pertain to two distinct conceptual windows through which economic phenomena can be examined. The immediate inspiration for this symposium was the articulation of Kohn (2004) of the distinction, a distinction that, in turn, was central to the articulation of Buchanan (1964). Furthermore, this distinction is central to the divergent orientations toward economic theorizing that were set forth in the early 1870s by Carl Menger (1971) and Léon Walras (1874).     

Accident Compensation Reform

The aim of the article is to provide a survey of the major issues involved in the reform of accident Compensation schemes. The article outlines the economic and social pressures for reform of existing accident compensation schemes, discusses the major reform issues and raises the major challenges facing the reform process. The article focuses on the experience of the Victorian Government in developing and implementing its reform of workers compensation (Workcare) and on its proposed reform of the existing compulsory third party motor accidents scheme to illustrate the key issues.     

Measurement of English farming technological change, 1523–1900

I have argued that for the period from 1661 to 1850, patent data in England were consistent in that no official changes in methods and standards of issuance occurred. Book data on titles published on farming production methods were similarly consistent from 1523 to the mid-19th century because the market for books developed gradually and the technology of printing was not substantially changed until the mid-19th century.My main point is that data on output of titles of books on farming productive techniques in England are useful measures of technological change. Books did have information on good production methods and could express productive ideas where a patent may not be issued. Further, the literacy rate of farmers was high so that books were likely an important source of ideas on farming production methods. Finally, the fluctuations in the book data were highly related to the fluctuations in the patent data, suggesting that a common set of factors caused those fluctuations. The high correlations between the detrended book and patent data indicate that if we accept patenting as a useful measure of technology we may also accept book title output of a technical nature as a good measure of technical change.I used the data for a simple analysis of the trend growth rate of agricultural technology in England from 1551 to 1850. While there is limited evidence to show that the subperiod 1651–1750 saw a slowing in the trend of development of farming technology, I argue that a division of the entire period into subperiods is too simplistic. A more fruitful approach would be an analysis of the underlying forces that determined the trend of development of the technology of English agriculture.The next step is an analysis of the forces that influenced technological development of English farming. From an economic point of view, market forces play an important role in influencing technology. Because such an analysis deserves careful consideration, I leave that to another paper (see Sullivan and Simon, 1983).     

Assessing introduction factors for a new industrial product

The present research involves determinant component analysis [3]. Specifically, the study assesses which components—price, product or environmental—are most important in the design of new entry strategy. Under conditions of abundance, industrial firms primarily analyzed price and product characteristics when making new product decisions. In choosing one supplier over another the stalwart buying motives have been quality, service and price [4]. However, these decision components were conceptualized in a period of abundance. Under conditions of scarcity, are price and product characteristics still important? Are environmental dimensions perhaps more important under shortage conditions when making new product decisions? Besides describing the key components that may be considered in new product programming, the article also outlines an approach that may be used to find determinant decision components.