The Status of Econometrics in the Economics Major: A Survey

In this article, the authors describe the place of econometrics in undergraduate economics curricula in all American colleges and universities that offer economics majors as listed in the U.S. News & World Report “Best Colleges 2010” guide (U.S. News & World Report 2009). Data come from online catalogs, departmental Web sites, and online course syllabi. About one-third of the schools require econometrics of all students majoring in economics, about half require it of none, and a sixth require it of some, but not all, economics majors. Among universities with economics PhD programs and liberal arts colleges, almost all those ranked in the top 10 require it. Below the top 10, there is little correlation between ranking and econometrics requirements. Liberal arts econometrics classes are much more likely to require research projects than their counterparts in universities.     

A Framework for Developing and Testing Financial Capability Education Programs Targeted to Elementary Schools

Concerns about consumers’ ability to manage their finances have triggered a range of proposals, including interventions aimed at elementary school students. The goal of these approaches is to improve lifelong economic decision making, but the evidence supporting their efficacy is thin. In this article, the authors discuss the trend toward elementary financial education and propose a framework for developing evidence-based programs. They emphasize the need for understanding the underlying mechanisms that facilitate the translation of student knowledge into the ability to make sound economic decisions over the life course. The framework illustrates the importance of articulating the intended mechanisms and effects of education programs. This focus on mechanisms will not only facilitate the evaluation of individual programs, but also the synthesis of evidence across interventions.     

The Logic of Membership of Sectoral Business Associations

This paper assesses the logic of membership of sectoral business associations in Britain using evidence from a proportionate stratified random sample of associations. The British system gives no statuatory status to business associations. As a result the size and fragmentation of associations is similar to the US, membership of associations is interpreted in terms of the logic of specific business service demand and the logic of collective activities. Expectations from models of collective action, associability and involvement are used to interpret association membership. The paper argues that the normal distinction between associations as trade, professional or "peak" bodies is too simplistic in not properly differentiating the types of member. The paper employs instead a set of six categories dependent on the type of members: companies, owner-managers, the self-employed, and individuals, as well as bodies with mixed membership, and federations (which are associations of associations). Survey evidence demonstrates that member motives for joining, lapsing and constraining service development differ significantly between association types and tend most strongly to emphasise the logic of individual services as complements to the logic collective activity. Analysis of the rates of joining and lapsing membership show evidence of reluctance to join and high rates of lapsing.     

Personalist Economics: Moral Convictions,Economic Realities,And Social Action

We examine the relationship between the administrative enforcement of environmental regulation, ethnic heterogeneity, and other community characteristics in New Jersey and New York. We find that the percentage of non-white population in a community is positively related with administrative penalties imposed on violators. However, penalties are lower in more ethnically diverse communities. This result may be due to the fact that these communities are less likely to coordinate to create solidarity across ethnic groups and demand stronger enforcement.     

The healthy development of economies: A strategic framework for competitiveness in the health industry

Applying a strategic decision-making perspective on the economics of business, we suggest that a competitive locality in the health industry is one that, relative to other localities, is effective in: (1) providing the healthcare that enables everyone to participate fully in the democratic development of the locality; (2) providing the healthcare that is democratically identified as a direct objective of this development; (3) contributing through the health industry to any other democratically determined objectives of the locality's development. The paper hypothesizes that strategic decision-making in organizations is an especially significant determinant of the impacts of the health industry. We conclude that: (i) a locality that suffers concentration in the power to determine the objectives of its health industry could not be strictly competitive in that industry; (ii) the first best way to achieve competitiveness in the health industry would be to democratize its strategic decision-making. What this would entail in practice is discussed in some detail.     

The Capabilities Conception of the Individual 1

This paper advances a capabilities conception of the individual, and considers some of the problems involved in developing such a conception. It also makes claims about the nature of the capability space as a whole, frames personal development in terms of the idea of moving though the capability space, and argues that people are alike in being increasingly heterogeneous. A key problem for a capabilities conception of the individual is that some capabilities, such as belonging to social groups and having social identities, can undermine individuality. The paper discusses an example in which people can have social identities but can nonetheless be relatively independent when seen as self-organizing. Brief comments on one goal of social economic policy as being identity-promoting conclude the paper.     

Overcoming environmental scarcity,inequality and structural imbalance in the world economy

The world economy faces two major threats: increasing environmental degradation and a growing gap between rich and poor. The root cause is that natural resources—or natural capital—is underpriced, and hence overly exploited, whereas human capital—the skills embodied in the workforce—is insufficient to meet demand. This outcome has three important consequences. First, all sectors of an economy will use too much natural resources relative to skilled labor. Second, the skilled workers throughout the economy will have higher real incomes and thus will be better off. Third, wealth inequality will increase, as the income gap between skilled and unskilled workers widens. Addressing this structural imbalance requires correcting the two underlying distortions, which are the chronic under-pricing of natural capital and the under-investment in human capital. This must be accompanied by a new suite of policies to provide improved incentives for more balanced wealth creation.