Undistributed profits and the Pasinetti and Dual theorems

Neo-Keynesian distribution theory is considered under the assumption that corporations retain part of their earnings in order to finance investment. Results concerning the rate of profit and the reciprocal of the capital-output ratio are derived. These are then compared with the original Pasinetti and the Meade and Samuelson-Modigliani Dual theorems.     

‘What’s the Story in Balamory?’: The Impacts of a Children’s TV Programme on Small Tourism Enterprises on the Isle of Mull,Scotland

Film- and television-induced tourism effects have been witnessed in a number of locations world-wide, creating a range of positive and negative impacts for host communities and environments. The children’s television programme Balamory, filmed on the Isle of Mull, Scotland, has created a new tourism phenomenon for the island, leading to concern that Mull’s reputation as a green destination for the discerning might be displaced by a less desirable form of tourism. Through a questionnaire survey of tourism businesses on Mull, this paper explores the perceptions of television-induced tourism and the effect of Balamory on business activity during the 2003 season, exploring customer numbers, spending, turnover and profitability, along with attitudes to the new visitors. The research also explores the implications for sustainable tourism development, particularly recognising the limited life-span of film- and television-induced tourism and issues relating to displacement of traditional markets, with an emphasis on sustaining tourism as a means of generating revenue to support a rural island community.     

Educating for Sustainable Fashion: Using Clothing Acquisition Abstinence to Explore Sustainable Consumption and Life Beyond Growth

This paper reports outcomes from a research study whereby fashion-oriented students experienced life where the ability to acquire new clothing was removed. Students volunteered to participate in this experiential learning challenge, titled the Fashion Detox: to abstain from clothing acquisition for 10 weeks and reflect about the experience. This learning experience was characterized by barriers to sustainable consumption, chief among them a range of temptations prompted by inescapable merchandising and marketing strategies, compulsive tendencies, and envy of those who could consume with impunity. Students also indicated many benefits to abstaining from acquisition, such as creativity and self-regulation. This teaching and learning experiment has important implications for the challenges faced by educators who must engage fashion-oriented students in sustainability topics and how these may be navigated.     

Black capitalism

Summary and Conclusion What then has the government’s promotional effort and the increasing economic efforts of black entrepreneurs wrought? Three years is too short a span to really expect the establishment of long term trends. The most we could expect is fissures and cracks in a system that has kept Blacks out of the mainstream of American economic development.     

The dynamic macroeconomic effects of tax policy in an overlapping generations model

The paper studies the dynamic allocation effects of tax policywithin the context of an overlapping-generations model of theBlanchard-Yaari type. The model is extended to allow for endogenouslabour supply and three tax instruments, viz. a capital tax,labour income tax, and consumption tax. Both analytical expressionsand simple diagrams are used to analyze the impact, transition,and long-run effects of tax policy changes. It is shown thata part of the long-run incidence of capital and consumptiontaxes falls on capital when households' horizons are finitewhereas labour would fully bear the burden of these taxes inan infinite-horizon model.     

Health care and philanthropy: where are we headed?

Peering into health-care's future means examining social, economic and political issues. Knowing what's coming will help development professionals deal with this new world.     

The dynamics of the free-rider problem in takeovers

We explore the dynamics of a takeover bid. In contrast to precedingmodels, if the initial takeover bid is unsuccessful a raideris allowed to make a new tender offer in order to try and securethe remaining shares. Numerical analysis shows that the raider'stender offer rises over time as be accumulates more shares.The anticipation of a higher tender offer in the future makesshareholders more inclined to hold their shares and forces theraider to offer a higher premium than is predicted by statictheories. As the time between tender offers goes to zero, weshow analytically that the expected profit from engaging ina takeover goes to zero.     

Jardine Matheson & Company: The Role of External Organization in a Nineteenth-Century Trading Firm

Jardine Matheson & Company, a Hong Kong conglomerate foundedin 1832, has survived political upheaval and global and regionaleconomic crises, transforming itself several times. From theirbeginnings in the commission business, William Jardine and JamesMatheson developed a reputation for sound financial managementthat furthered their trading relationships and supported theirfirm's expansion from agency house to managing agent to investmenthouse between 1832 and 1885. Fundamental to Jardine Matheson'ssuccess was the strategic decision to eschew speculation andto concentrate on building a pattern of relationships withinand outside the business that would foster the flow of information,the knowledge with which to interpret it, the ability to influenceothers, and a reputation for probity that would attract andretain trading partners.     

Trade dynamics in Cape Town township informal foodservice – a qualitative and supply chain study

The township cash economy of fast food, takeaways, and prepared meals is collectively termed ‘informal foodservice’. An analysis of a five-township ～3800 microenterprise census, and qualitative supply chain investigation of 50 informal foodservice retailers and 75 consumers revealed a well-established although deeply informal trade predominated by women preparing takeaway foods and conducting street braai (BBQ). The business demonstrates high dependence on the immediate place of operations which includes local input suppliers and selling to a narrow pool of trade from immediate (walking scale) neighbourhoods. Supply chains are short, linked to formal agriculture and wholesale sectors. Informal foodservice is heavily utilised by local residents on a regular basis who spend up to R218 per week on products (potentially 30% of income) from these outlets. These enterprises make a substantial contribution towards satisfying local food demand whilst serving an important social protection and neighbourhood relationship function.