A macroeconomic approach to the income-tax work-effort relationship

In this paper, we analyse the dynamic relationship between hours worked per employee (per self-employed) and marginal income tax-rate shocks in terms of both a comparative-dynamics model and a stochastic general equilibrium econometric model. The econometric model is estimated for Germany, UK and USA over the post-1960 period using the GMM estimation technique. Estimates in both models show that increases in the marginal income-tax rate exert negative effects on hours worked by both employees and the self-employed, but the response of the employees who are subject to tax withholding is stronger than the response of the self-employed.     

On the uncertain future of death

Current scientific knowledge has enabled humankind to embark on a quest to abolish death. In this essay, the author reflects on our unsatisfactory thoughts on death and examines the potential of science to prolong life forever. He goes on to discuss some social and psychological implications of the quest for eternal life.     

Understanding the Determinants of RiskMetrics/ISS Ratings of the Quality of UK Companies' Corporate Governance Practice

We examine the determinants of RiskMetrics/ISS Ratings of the quality of UK companies' corporate governance practice and investigate whether corporate governance mechanisms and firm specific characteristics affect these ratings. We also investigate the association between firms' financial distress and these ratings. Using data for nonfinancial Financial Times Stock Exchange (FTSE) 250 firms over the 2003 to 2009 period, we find that board independence, managerial ownership, institutional ownership, firm size, and profitability are associated with firms' corporate governance ratings. In addition, we find that more independent directors on the board, more institutional ownership, and larger size lead to a high level of board‐related ratings. Finally, we find no association between corporate governance ratings and financial distress. Copyright © 2012 ASAC. Published by John Wiley & Sons, Ltd.     

The mismanagement of evil

This article stretches the boundaries of Futures' coverage. It may be taken as a satire on either world order thinking or on the responses of those who oppose such Utopian visions, or both. The ‘scientific management of evil’ considered here may be the best definition of 20th century totalitarian systems yet devised—although some may consider it inapposite to worry about what evil may be possible in a steady-state peaceful world which still seems so distant at present.     

The interpenetration of politics and planning

This paper argues that judgement on the wider claims of systems planning should be suspended until a fuller evaluation has been completed. As part of this evaluation, it is argued that the relation between the activities of politics and of planning will remain ambivalent so long as the two concepts retain their elastic definitions. In this context this paper examines the British literature on systems planning and concludes that conflicts generated in the formulation of goals cannot be imploded, from the political arena into planning and resolved there through the application of deductive logic. It is argued that goal formulation needs to be reconceived as an activity where the deductive logic of systems planning and the interactive logic of politics interpenetrate and permeate each other. It is argued that neither is it desirable that deductive logic should dominate political activity, nor is it feasible that the interactive logic of politics should dominate the activity of planning.Interpenetration may be seen in the activity of representation, where although the represented are capable of acting, their representatives act for them (not instead of them) in other arenas. It is argued that ultimately, though politics is a logically prior activity and though planning is instrumental, they need to be conceived as interdependent but semi-autonomous activities, linked by the process of formulating desirable goals which are also feasible.     

Church, Economy and State

Through their pulpits in churches and broadcasting British clerics have misused their spiritual influence to support or advocate economic policies they are not equipped to judge. A clergyman who does not share the clerical consensus outlines a dissenting view.