让小人物进入董事会

为什么公司真正的主人--股东--不能有提名董事会成员的权力呢?当董事会的管理能力与公司业绩受到广泛的质疑时,投资人有权提名新的董事候选人。     

A micro-econometric analysis of vacation behaviour

We present a micro-econometric limited dependent variable model, which simultaneously explains the decision whether to go on vacation or not, the choice of destination and the decision on the level of the vacation expenditures. The model has been estimated on the basis of a cross-section of Dutch households; we find a striking difference in income elasticity between domestic vacations and vacations abroad, and a large impact of owning certain durables (such as a boat) on the choice of destination. To illustrate the potential of the model, some simulations are performed.     

The New Palrave: For Readers Who Want to Know What Economists Think Port I: Description

The appearance of a new Palgrave *, nearly a century after the original Dictionary, is an outstanding event in economic publishing. In Part I of his review, Arthur Seldon describes the 4-volume 'New Palgrave'Dictionary of Economics and will assess it in Part II in the next issue.     

Economic Development and Income Distribution: A Cross-National Analysis

Abstract . The relationship between level of economic development and income distribution is analyzed using both a relative measure of income distribution and, for the first time, an absolute measure of income distribution which corrects for purchasing power differences between nations. Cross sectional regression analysis findings indicate support for non-linear relationships both in the total sample of 68 nations, and also in sub-samples of 54 developing nations and 14 industrial democracies. Our findings suggest that the poorest 40 percent of the population lose income both relatively and absolutely in the early stages of economic development. Thereafter there are gains in income although with diminishing marginal returns at the highest levels of development.     

Turnover and the occupational career

Using data from a recent survey of job changes among computer specialists, Michael Arthur investigates the impact of occupational career circumstances upon employee turnover. The results confirm the importance of the occupational career in explaining employee mobility. In contrast, pay levels play a minimal role.     

“Constitutionalizing” the corporation

To become effective instruments in the attainment of a sustainable society, corporations should have their constitutional status settled. Thus far, mainly by Supreme Court decisions, corporations have an uncertain status. They are “persons” under the Constitution and have certain rights; but unlike natural persons, they do not have concomitant constitutional duties. Corporations should be viewed as “private” governments exercising substantial power in society. They are, however, considered to be associations of individuals rather than divisions of society. The need is to legitimate their governing power by “constitutionalizing” them. That can be done by corporations accepting, or having imposed upon them, two principal constitutional duties. First, means should be developed whereby corporate officers routinely take the general good into account. That duty could be implemented by making “social impact statements,” analogous to but broader than the familiar environmental impact statements, before making important corporate decisions. Secondly, as “sociological communities,” corporate officers wield considerable power over members of those communities. A bill of rights similar to the Constitution's Bill of Rights is recommended so as to make corporate power that is necessary for achievement of societal goals as tolerable and decent as possible. Acceptance of those duties would make corporations parts of, not separate from, the greater corporation called society. They would be private, profit-making entities with a definite public function. Preferably, the duties should be voluntarily accepted. Congress, however, has undoubted constitutional power to impose both, should it so desire.     

Investment allocation and urbanization in socialist economic development: The case of Czechoslovakia of

This paper tests two hypotheses about economic ;fficiency of development strategies of socialist countries. The first is that they overinvest in industry and that increased investment in agriculture would increase the output growth rate. The second is that efforts to limit urbanization have enabled these countries to grow more rapidly by minimizing the need for urban-infrastructure investments. The hypotheses are tested by means of counterfactual simulations performed with an econometric model of Czechoslovakia. We find that growth would have been faster only in the long run, had more investment been directed to agriculture. Urbanization policies appeared only to control inflationary pressures.