Veblen and the New Growth Theory: Community as the Source of Capital's Productivity

A century ago Thorstein Veblen argued that knowledge, which is produced and possessed by the community as a whole, is the foundation on which the productivity of "capital" rests. Orthodox economists chose to ignore Veblen and instead accepted John Bates Clark's definition of capital and the marginal productivity theory that goes with it. Recently, however, mainstream economists working on the "New Growth Theory" have rejected Clark's approach and have redefined capital so as to emphasize the importance of knowledge as well as its social character. Nevertheless, they still have an important lesson to learn from Veblen about growth, namely that technological development is nothing less than a process of cultural transformation.     

Overseas Work Experience, Savings and Entrepreneurship Amongst Return Migrants to LDCs

This paper contributes to a small but rapidly growing literature concerned with the potentially substantial implications of international migration for economic development in LDCs. We study the linkages between overseas employment, savings and entrepreneurial activity on return. In an econometric model of the probability of entrepreneurial activity, we find evidence supporting the hypotheses that both overseas savings, and the duration of stay overseas increase the probability of becoming an entrepreneur amongst literate returnees to Egypt. Amongst illiterate returnees, overseas savings alone increase the probability of becoming an entrepreneur. The results for literates suggest that skill acquisition overseas may matter more substantially than overcoming a savings constraint in explaining how overseas opportunities influence entrepreneurship on return. For illiterates, who usually accept menial positions overseas that offer little opportunity for learning, the opposite obtains.     

Issues of Learning and Knowledge in Technology Education

This article examines issues that arise from learning and knowledge in technology education. The issues examined are, first, the definition of technological knowledge and what the nature of that knowledge should be, where the concern is with how we define and think about that knowledge, especially in the context of how students learn and use knowledge in technology education. Second, the relationship between learning and knowledge in particular the inter-relationship between learning and knowledge, focusing on a situated view of learning. The third issue sees learning related to the context within which the learning takes place.This paper will explore these three inter-related issues in four sections. First, an outline of a view of learning that privileges context. Second, there will be a consideration of types of knowledge, namely, procedural and conceptual knowledge. These two types will be elaborated upon through research done at the Open University, particularly on problem solving and design. In discussing conceptual knowledge empirical work in mathematics and science education will be drawn on, along with work on the use of mathematics and science in technology education. Third, it will be argued that qualitative knowledge should become a part of teaching and learning in technology education because it both reflects a view of knowledge stemming from situated learning, and the tasks of technology. The article will end with a research agenda for what we have yet to understand, drawing on the earlier arguments.     

Strategy,core competence,and HR involvement as determinants of HR effectiveness and refinery performance

This study examines the impact of strategy, core competence, and involvement of HR executives in strategic decision making on the refinery managers' evaluation of the effectiveness of HR and on refinery performance among 86 U.S. petrochemical refineries. Survey results indicated that higher involvement of HR in organizational strategy was strongly related to perceptions of HR effectiveness, and that the relationship was strongest to the extent that refineries pursued a product innovation strategy and viewed skilled employees as their core competence. HR involvement was unrelated to refinery performance but was actually negatively related when refineries emphasized efficient production as their core competence. © 1998 John Wiley & Sons, Inc.     

Overseas Employment and Remittances to a Dual Economy

Overseas employment has become more commonplace, and remittances have increased in similar proportions. For poor countries, remittances often substantially influence domestic expenditures and real exchange rates. We study overseas employment, remittances and domestic underemployment in a simple general equilibrium model with a non-traded good and minimum wage. The influence of population growth, rural productivity, and family altruism are examined. If remittances per migrant exceed domestic productivity then multiple equilibria may occur exhibiting high or low overseas employment. We discuss how the equilibrium with highest overseas employment conditionally Pareto dominates the other equilibria, and analyse policy co-ordination.     

Using the Consumer Expenditure Survey to Teach Poverty Measurement

Poverty measurement is often controversial, but good public policy relies crucially on a broadly supported and understood poverty measure. In 2010, the U.S. Census Bureau announced it would begin regular reporting of a new supplemental poverty measure in October 2011. The present article provides background information for a student exercise (available, on request, from the author) on alternative poverty measurement techniques. The exercise allows students to use current data from the Consumer Expenditure Survey (available through the Bureau of Labor Statistics at http://www.bls.gov/cex/; U.S. Department of Labor 2010 U.S. Bureau of the Census. 2011. Developing a Supplemental Poverty Measure Federal Register. May 26, Vol. 75, No. 101, http://edocket.access.gpo.gov/2010/pdf/2010-12628.pdf (accessed May 15, 2011) [Google Scholar]) and other sources to calculate and compare several absolute and relative poverty thresholds. The exercise invites students to draw their own conclusions about the pros and cons of different measures, including the new supplemental measure. Data sources are easily updated as new information becomes available.     

Continuous prophylaxis with recombinant factor IX Fc fusion protein and conventional recombinant factor IX products: comparisons of efficacy and weekly factor consumption

Background: Continuous prophylaxis for patients with hemophilia B requires frequent injections that are burdensome and that may lead to suboptimal adherence and outcomes. Hence, therapies requiring less-frequent injections are needed. In the absence of head-to-head comparisons, this study compared the first extended-half-life-recombinant factor IX (rFIX) product—recombinant factor IX Fc fusion protein (rFIXFc)—with conventional rFIX products based on annualized bleed rates (ABRs) and factor consumption reported in studies of continuous prophylaxis.

Methods: This study compared ABRs and weekly factor consumption rates in clinical studies of continuous prophylaxis treatment with rFIXFc and conventional rFIX products (identified by systematic literature review) in previously-treated adolescents and adults with moderate-to-severe hemophilia B. Meta-analysis was used to pool ABRs reported for conventional rFIX products for comparison. Comparisons of weekly factor consumption were based on the mean, reported or estimated from the mean dose per injection.

Results: Five conventional rFIX studies (injections 1 to >3 times/week) met the criteria for comparison with once-weekly rFIXFc reported by the B-LONG study. The pooled mean ABR for conventional rFIX was slightly higher than but comparable to rFIXFc (difference=0.71; p?=?0.210). Weekly factor consumption was significantly lower with rFIXFc than in conventional rFIX studies (difference in means?=?42.8–74.5?IU/kg/week [93–161%], p?Conclusion: Comparisons of clinical study results suggest weekly injections with rFIXFc result in similar bleeding rates and significantly lower weekly factor consumption compared with more-frequently-injected conventional rFIX products. The real-world effectiveness of rFIXFc may be higher based on results from a model of the impact of simulated differences in adherence.     

The Impact of Market Maker Competition on Nasdaq Spreads

This study utilizes a comprehensive database containing monthly information on the number of market makers for about 5,288 Nasdaq securities over an eight-year period to investigate the impact of competition on spreads. A variety of models are estimated in order to demonstrate the robustness of the results that include four specific findings: (1) the number of market makers has a negative and highly significant impact on spreads; (2) the relation is nonlinear with a decreasing impact by the marginal market maker; (3) Nasdaq spreads have been declining over time; and (4) structural changes in Nasdaq are associated with significant changes in the relationship between spread and the number of market makers. One improvement over the literature includes allowing endogenous competition through the use of instrumental variables.