The economics of defence industry mergers and J c divestitures

High profile mergers in the 1990s have reduced major defence competitors to three in the USA and may evoke corresponding European consolidation and international mergers. The mergers may reduce capacity and help achieve economies of scale, but pose cost, quality and innovation concerns and have undermined diversification, conversion and civil/military integration. Expectations of enhanced political influence and short-term financial returns as well as new, perverse government incentives help to explain why the mergers have occurred. Greater international cooperation, specialisation and trade and better analysis of the defence industrial base are recommended as antidotes for the negative impacts of the mergers.     

Perspectives on Australian Retirement Incomes

With important developments over the past two decades in Australian retirement income policy, projected future outcomes—for the public purse, for the national economy and for the future retired—have received considerable attention. This focus on the future should not, however, cause us to lose sight of the present. While the major changes in retirement income policy outcomes will not occur for some decades, the picture for current and recent cohorts of retired people is not static. This article begins with an account of the important policy developments since the 1980s in the Australian retirement income arena—the Australian retirement income system still differs radically from that in most other countries, in relying heavily on a means‐tested income maintenance system, rather than on social insurance. The outcomes for current and recent cohorts of retired people are then examined from two perspectives. The first perspective is an examination of the incomes of the aged in the mid 1990s and of trends over the 1980s and 1990s—including consideration of changes in the level, composition and distribution of aged incomes. The second perspective is an international comparison of the incomes of the aged.     

Capital taxation in a dynamic general equilibrium setting

The familiar two-factor, two-commodity incidence model is extended to a dynamic setting in which the supply of capital is variable and the government can use money or bonds to balance its budget in addition to neutral lump sum taxation. The dynamic incidence effects of a sectoral tax on capital are qualitatively similar to the static incidence effects when the government balances its budget with neutral taxes, but are qualitatively different when the government uses money or bonds. In this case, while capital bears the burden of the tax in the short run, it is able to shift it in the long run.     

Exploring the psychological foundations of ethical positions in marketing

While demographic variables may ease the exploration of marketing ethics, psychological variables may provide more insight into individual differences in making ethical judgments. This article uses path analysis to explore relationships among cognitive style as measured by the Myers-Briggs Type Indicator, Forsyth's ethical ideologies, and perceptions of moral judgments about ethical behaviors in marketing. © 1995 John Wiley & Sons, Inc.