Dispelling fiscal illusions: how much progress have governments made in getting assets and liabilities on balance sheet?

When rights and obligations are not recognized as assets and liabilities on a government's balance sheet, the government's deficit can be reduced by selling unrecognized assets or incurring unrecognized liabilities. This paper examines how much has been done in 28 advanced economies since 2003 to recognize assets and liabilities and thus dispel the fiscal illusions that such transactions create. Good progress has been made in the recognition of some assets and liabilities, such as shares owned and accounts payable, but much less in others, such as pensions for civil servants.     

An Exploratory Study in Community Perspectives of Sustainability Leadership in the Murray Darling Basin

This article explores the emergence of leadership during implementation of a water saving initiative in the rural community surrounding Barren Box Swamp in the Murray Darling Basin, Australia. Qualitative data analysis indicated that the system elements affecting the type of leadership to emerge included the extent to which the groups were engaged in the process, the level of access to resources, and the level of investment in the outcomes of the project. Although these results reinforced key aspects of complex problem-solving through collaboration, they demonstrated varying degrees and types of both engagement and leadership within the case community. Given the current finding that these varying elements can coincide within one system, this case suggests that each community’s characteristics, resources and context will determine the optimal combination of leadership style and level of collaboration needed to facilitate sustainable community development.     

The Performance of Agricultural Market Advisory Services in Corn and Soybeans

The purpose of this article is to evaluate the performance of market advisory services for the 1995–2003 corn and soybean crops. A new database from the Agricultural Market Advisory Services (AgMAS) Project is used in the evaluation. This database should not be subject to survivorship and hindsight biases. Overall, the results provide little evidence that advisory services as a group outperform market benchmarks, particularly after considering risk. The evidence is more positive versus the farmer benchmarks, even after taking risk into account. Results also suggest that it is difficult to predict the pricing performance of advisory services across crop-years.     

THE 1997 STERN STEWART PERFORMANCE 1000

The top performers in Stern Stewart's annual ranking have beenc remarkably consistent, with Coca Cola and General Electric still number one and two at the end of 1996. Nevertheless, Microsoft and Intel had moved up to numbers three and four–and Intel had produced the largest EVA numbers for both 1995 and 1996. But, if the identity of the top 10 companies shifted only slightly, there are a number of new EVA case studies in this year's set of company profiles, in-cluding Harnischfeger Industries, Manitowoc Company, International Multifoods, and the German industrial giant Siemens.     

THE THIRD NOEL BUTLIN LECTURE: AUSTRALIAN EXCEPTIONALISM REVISITED

In the late-nineteenth century, Australia had one of the highest levels of income per capita in the world. Over the twentieth century, Australia's exceptional position declined as its high labour force participation rate and male-skewed gender ratio gradually aligned with other countries. A similar reversion occurred in the other important components underlying Australia's high productivity, such as work hours. As the structure of the economy shifted away from a reliance on agricultural and towards manufacturing, Australia's protective attitude and restrictive business practices may have exacerbated its loss in productivity. Considerable research remains to be carried out to confirm these views.     

The Role of Ethnic Nepotism vs. Economic Pragmatism in Inter-group Conflict: Data on the Yugoslavian Civil War*

Neo-Darwinian concepts such as van den Berghe's ethnic nepotism infer that the origin of inter-group conflict resides primarily in ethnocentrism, defined as the extension of inclusive fitness to extra-familial interactions. Silverman, however, has proposed an alternative view, based on the presumption that natural selection favors pragmatism and plasticity in the formation of group alliances. Silverman's theory holds that the motives for inter-group oppression and warfare, including so-called ethnic cleansing movements, are economic, whereby out-group prejudices represent rationalizations rather than root causes. The present paper reviews Silverman's and Silverman and Case's evidence for this theory and provides further supporting data in terms of relationships between changes in economic conditions and ethnocentric attitudes during the years immediately preceding the recent Yugoslavian hostilities. This revised version was published online in August 2006 with corrections to the Cover Date.