Teacher Effectiveness and Student Performance

This paper evaluates the effects of using graduate student instructors rather than regular faculty in a macro course. Experienced faculty presumably have a positive effect on student performance, yet graduate instructors appear to be as effective in teaching macro principles. What may be involved are different sets of skills: experienced faculty may have a greater depth of understanding of the material, more self-confidence, and a more critical approach. Graduate instructorS, on the other hand, may be able to grasp what students don't understand, and may make up in enthusiasm and approachability what they lack in understanding.

The author urges using more than one measure of effectiveness in studies of this type because of many things not captured: excitement with the subject, caution in accepting unsupported arguments, a perspective on the economic system, and the like.     

Usury ceilings and bank lending behavior: Evidence from nineteenth century New York

Few pieces of economic regulation are ubiquitous as usury limits. Similarly, few economic principles are as widely accepted as the belief that interference with freely contracted prices leads to market distortions, and many studies of financial markets find that usury limits negatively affect credit availability. This study shows that when no regulatory authority monitors and stands ready to punish violators of the usury limit when intermediaries and borrowers form long-term relationships, banks and borrowers regularly contract for interest rates in excess of the usury ceiling. Time-series analysis reveals limited effects on credit availability when market rates exceed the usury ceiling. Cross-sectional analysis of individual loan contracts also shows that the positive effect of a long-term relationship offsets the negative effect of the usury limit on credit availability.     

Monopoly Power and Stagflation

Post Keynesian economists have followed Joan Robinson's criticism of general equilibrium theory as abolishing history by allowing all contracts to be executed today for all future contingencies. This was the justification for the support of financial innovation to provide for the completeness of futures markets. The recent crisis has shown that force of history. Instead, many evolutionary and Keynesian economists have suggested the approach of cumulative causation as an approach that includes history and eschews equilibrium. This approach may provide a way to take history seriously in economic analysis.     

The Tourist As a Source of Local Government Finance

This paper examines a tourism tax as a potential source of finance for local government in the UK. Although such a tax does not yet exist in this country it has received some support especially in the debate about how local government should be financed. It is suggested that such a tax may prove to be a useful secondary source of finance but significant problems of equity and administration exist.     

A hard sell? The prospects for apprenticeship in British retailing

We consider the prospects for apprenticeship in British retailing in terms of the contribution of apprenticeship to intermediate skills and the contribution of large employers to the Advanced Apprenticeship (AA) programme. Evidence is taken from interviews with training and HR managers from 17 large employers. We find that AA is for the most part unpopular with large retailers, who prefer to acquire intermediate skills through the upgrade training of existing employees through bespoke, in‐house training programmes and, to a lesser degree, via the recruitment of skilled workers. The one exception to this rule is to be found in the convenience stores sub‐sector of retailing, where the breadth of skills supplied by AA fits in well with employers' requirements. Even here, however, the scale of Apprenticeship is limited both in terms of the numbers of Apprentices being trained and also in terms of employers' own investment in the training of their Apprentices.     

The impact of diversification strategy on risk-return performance

This study examines the impact of diversification strategy on risk and return in diversified firms. Following an assessment of previous research on strategic risk, relationships between risk, return, and diversification strategy are hypothesized. Regression analysis shows that differences in risk-return performance among diversified firms are more closely associated with structural factors associated with markets and businesses than with the particular diversification strategy chosen. Returns also influence the choice of diversification strategles which, in turn, do not get rewarded with higher profits. A curvilinear risk-return relationship is also observed which is consistent with previous theoretical suggestions. Implications for the strategic management of risk are then drawn.     

THE ROLE OF COMPETITIVE GROUPS IN STRATEGY FORMULATION: A DYNAMIC INTEGRATION OF TWO COMPETING MODELS*

Alternative conceptualizations of competitive groups have been developed in the strategic management literature, namely, the ‘strategic group’and the ‘cognitive group’. These two views each have their own paradigm base and are often seen as incompatible explanations of intra-industry structure. This article analyses these two views and presents a model for each. It then goes on to develop an integrated model which uses both concepts as tools in framing strategy research. Propositions about the new model are also presented.