Industrial replacement

The problem of industrial replacement has been attacked on an essentially empirical basis by various writers, more especially and quite lately by E. B. Kurtz ¹ E. B. Kurtz, Life Expectancy of Physical Property, Ronald Press 1930; R. Winfrey and E. B. Kurtz, Life Characteristics of Physical Property, Bulletin 103 of the Iowa Engineering Experiment Station, Iowa State College, 1931. But its mathematical analysis, which is quite within the range of modern technique, has not in prior publications ² A special case has been discussed by H. Bateman, Messenger of Mathematics 1920 Vol. 49, p. 134. A more general discussion has been given by R. Frisch, Statsekonomisk Tidskrift, 1927, pp. 117-152. See also B. Meidell, Skandinavisk Aktuarietidskrift 1926 p. 172; J1. Washington Acad. Sci. 1928 p. 437. been advanced to the point at which it becomes applicable to Kurtz's data. The requisite analysis is, as a matter of fact, readily conducted by methods very similar to those applicable to certain problems of population growth and structure, which indeed closely resemble the problem of industrial replacement. ³ F. R. Sharpe and A. J. Lotka, A Problem in Age Distribution, Phil. Mag. April 1911 p. 435; A. J. Lotka, The Progeny of a Population Element, American Journal of Hygiene, 1928, vol. 8, p. 875; idem The Spread of Generations, Human Biology, 1929, vol. 1, p. 305.      

Über den Einfluss einer Änderung der Sterblichkeit auf die Prämienreserve

Abstract

In einer Note über die Theorie des Deekungskapitales habe ieh für das reduzierte Kapital der gemisehten Versicherung auf die Beträge At den Ausdruck gebraueht (1) wobei als Deckungsintensität bezeichnet wurde.     

Performance Reporting – The IASB's Proposed Formats of Financial Statements in the Exposure Draft of IAS 1

This paper is a response to the exposure draft of proposed amendments to IAS 1 Presentation of Financial Statements published by the International Accounting Standards Board (IASB) in March 2006. The objective is to bring to the standard setter's attention research that is relevant to the issues raised in the exposure draft. We review analytic, empirical and experimental research that addresses the presentation of income and the format of the income statement. Overall, there is some support for a single statement of (total) recognised income and expense. However, net income is on average more relevant than comprehensive income, which may favour a two-statement approach. While this result is in line with the IASB's option of the two formats, it does not support the IASB's preference for a single statement.     

Human capital formation and public debt: growth and welfare effects of three different deficit policies

We analyze an endogenous growth model public educational spending. We show that the balanced budget policy and the policy with a slight deficit yield higher growth than a debt policy where public debt grows at the same rate as GDP, unless the government is a creditor. As concerns welfare, it can be demonstrated that a strong deficit policy yields lower welfare than a balanced budget and a slight deficit policy, unless initial debt ratios are low and the intertemporal elasticity of substitution is high. Finally, there may exist an inverted U-shaped relation between welfare and deficit-financed educational spending.     

How ongoing structural change creates a double dividend: outdating of technologies and green growth

Portuguese Economic Journal - In this paper we study how the ongoing transition to newer technologies, what we refer to as dynamic structural change, in a doubly-differentiated R&D-based...     

The Mundellian Trilemma and Optimal Monetary Policy in a World of High Capital Mobility

Open Economies Review - This paper proposes that the Mundellian Trilemma remains valid despite the emergence of a world financial cycle. A clear distinction must be made between monetary policy...     

The Economics of the Greenium: How Much is the World Willing to Pay to Save the Earth?

Environmental and Resource Economics - Sadly, not much. This paper provides a theoretical and empirical analysis of the greenium, the price premium the investor pays for green bonds over...     

Who will guard over the guardians?

Human rights have been weaponized and transformed into geopolitical tools to target certain states and not others. The rhetoric of human rights has been distorted by politicians, media, think tanks and the emerging “human rights industry” that serves hegemonic powers and not humanity. This constitutes an affront against human dignity.