The London Business School with Gower Publishing

The world economy is just starting to emerge from the second trough of a "W-shaped" recession. Compared with the experience after the first oil shock, when industrial production fell by 12 per cent, bringing inflation quickly down from 14 per cent into single figures. the 1980 world recession was mild. Between the first and third quarters industrial output fell 5 per cent; it recovered in the fourth quarter and inflation stopped falling. As a result governments - and this is especially true of the United States - look "another bite at the cherry": monetary policy was tightened and interest rates rose. The effect over the last six months has been to produce a second dip in output. The renewed attack on inflation has, however, been successful and inflation is now well in single figures and falling. Consequently a general easing of policy is evident and a recovery of output in the second half of 1982 and into 1983 remains our forecast.     

Unionized oligopoly,labor-management cooperation,and international competitiveness

In a model of a duopolistic product market with a unionized labor force, this paper explores the interaction between firms' duopolistic behavior and union-firm bargaining. In a two-union/two-firm setting, we show that adopting efficient bargaining can improve a firm's competitiveness as well as efficiency, and it arises in equilibrium; while in a one-union/two-firm set-up, we find that an industry union prefers wage bargaining. However, when foreign competition in the product market intensifies, even the industry union prefers efficient bargaining. As an application, the analysis may explain differences in international competitiveness and the recent trend toward labor-management cooperation in the labor market.     

Accounting for Stability

There is no consensus about the causes of the reduction in businesscycle volatility seen in many major economies over the lastdecade. Using stylised models of the economies of the US, Euroarea, UK and Japan, we argue that economic stability has beenfostered by improved monetary policy and by associated changesin the behaviour of inflation, which has itself led to a reductionin the volatility of economic shocks. Our projections suggestthat a number of major economies could continue to enjoy anunusual degree of stability, granted average luck and currentinstitutions. (JEL E3, E52, F01)     

10大最具影响力人物

他们都被视为技术和商业领袖,伟大的思想照亮了整个电子工业. 很多有才气、有创造力、雄心勃勃和理想主义的人造就了我们如今看到的电子工业.美国著名的杂志在这些人中选取了10大最具影响力人物,他们在过去30年间给电子工业带来了广泛和深远的影响.     

Interpretation and Sustainable Tourism: The Potential and the Pitfalls

From the outset, proponents of sustainable tourism have, consciously or not, set great store by interpretation, and gradually the linkages between sustainable tourism and interpretation have begun to be developed. This discussion examines the potential benefits of linking interpretation and sustainable tourism and assesses a number of the pitfalls or difficulties which are involved. The potential benefits include improved visitor management, local economic and environmental gains and fuller community involvement. Among the several pitfalls of linking interpretation and sustainable tourism which are considered are the dangers of over-interpretation, intrusion, creating ‘quaint’ tourist landscapes, and those of elitism.