Tariffs,Offshoring and Unemployment in A Two‐Country Model

This paper develops a two‐country model that incorporates offshoring opportunities, and analyses the effects of tariffs under economic stagnation in a liquidity trap that causes unemployment. We find that a rise in tariffs on imports of outsourced goods contributes to an increase in employment by inducing a shift in production, but also leads to an appreciation of the real exchange rate that tends to reduce employment. The effect of real exchange rate appreciation dominates the effect of the production shift, and accordingly employment and consumption fall. The effects of tariff adjustments are reversed, however, when there is no liquidity trap and hence no unemployment.     

Sima Qian and Adam Smith

In the ( Pacific Economic Review 1, 137–45), Leslie Young argued that Sima Qian anticipated Adam Smith's famous concept of the "invisible hand." While this point is beyond dispute, Young makes the additional claim that Smith's conception of the natural order was probably "imported from China." This paper demonstrates that Smith's vision of the natural order was not imported from China.     

Gender segregation in Scottish chartered accountancy: the deployment of male concerns about the admission of women, 1900-25

During the first two decades of the twentieth century the chartered accountants (CAs) of Scotland were confronted by challenges to the exclusively male composition of their profession. The paper traces in depth the male-dominated discourses on the subject of the admission of women. It is shown that socio-economic, constitutional and legal arguments were deployed to resist the admission of women. The apparent public consensus among the Scottish chartered societies on this issue hid the divergent opinions which were uttered in private. Proposals for the organization of the profession in a gender-segregated manner were eventually subsumed by the passing of the Sex Discrimination (Removal) Act, 1919. This statute precluded disqualification from membership on the grounds of sex. While the Act formally removed one set of barriers to the admission of women, more enduring social and cultural obstacles remained within chartered accountant firms and most practising offices remained unaffected by the reforming legislation.     

Evidence of psychological barriers in the conditional moments of major world stock indices

This study investigates the existence of psychological barriers in the Dow Jones Industrial Average, the S&;P 500, and six foreign stock indices. It is believed by many in the investment community that index levels that are multiples of 100 serve as barriers, and that markets may resist crossing these barriers. Although return dynamics in the neighborhood of barrier points are not identical for all series studied, we find aberrations in the conditional means and variances consistent with psychological barriers. In five of the eight indices studied, conditional mean returns are significantly higher after crossing a barrier as part of an upward move, while only two series exhibit significant mean effects after crossing a barrier as part of a downward move. In seven of the eight series studied, we find significant conditional variance effects coincident with a barrier crossing. In addition, most series exhibit evidence of autoregressive conditional heteroskedastic (ARCH), generalized ARCH (GARCH), and leverage effects.     

Where is the ethical knowledge in the knowledge economy?: Power and potential in the emergence of ethical knowledge as a component of intellectual capital

There is a growing discussion of intellectual capital and the knowledge economy more generally within the accounting literature. This literature, however, has focused narrowly on the considerable discrepancy between book and market values and the inability of traditional accounting concepts and methods to deal with the intangible nature of key sources of corporate competitive advantage. This essay contributes to this literature by providing a broadly poststructuralist reading of the emergence of ethical knowledge as a component of intellectual capital, a category of asset that has almost been completely overlooked within the extant accountant literature on the knowledge economy. The paper does three things. Firstly, it draws on a broad review of the accounting literature to explore how intellectual capital is being defined and constructed within that literature. Secondly, it provides a poststructural analysis of the way ethical knowledge emerged within the intellectual capital statements of an early innovator in Intellectual Capital reporting. Finally, the paper tentatively hints towards the moral and civic potential of alternative conceptualisations of ethical knowledge networks at the margins of the knowledge economy and considers some areas for further research in this regard.     

Using Contingent Ranking to Estimate the Loss of Amenity Value for Inland Waterways from Public Utility Service Structures

A contingent ranking exercise was used to estimate the amenity loss for recreational users associated with pylons, overhead cables and pipelines along canals. Over 80% of canal users were willing to pay higher utility bills to reduce the number of service structures found along canals. Aggregated across all canal users, mean annual willingness to pay for a 1% decrease in service structures was estimated to be nearly £750,000. The implications of these findings could be significant in any future negotiations between British Waterways and those companies responsible for siting pipelines and cables along canals.     

The changing spatial economy of cities: An exploratory analysis of Cape Town

The spatial economy of South African cities is generally believed to be experiencing selective deconcentration, which may exacerbate social inequality because of the physical disconnection between jobs and population. This paper assesses whether the locational pattern of economic activity across Cape Town is following this trajectory, using data from the Regional Service Council levies between 2001 and 2005. One of the main findings is that the city centre and areas close to the centre have maintained their economic dominance, therefore Cape Town remains a monocentric city. Yet the pattern of recent growth is more dispersed than the prior distribution because suburban nodes have gained a disproportionate share of new activity. In addition, the pattern of recent growth is skewed towards the high-income suburbs and away from the Cape Flats where most of the city's poor live. This uneven growth trajectory may be a source of concern for economic, social and environmental reasons.     

Salary Vs. marginal revenue product under monopsony and competition: The case of professional basketball

Summary and Conclusions A large percentage of sports fans and the general public consider professional athletes to be overpaid. Of course, given their unique skills and abilities, athletes' salaries are high compared to other vocations. The relevant concept of overpayment, however, is in relation to a player's worth to his team. The fan or observer who recognizes that high salaries may in fact reflect players' abilities and contributions to team success, both on the playing surface and at the bank, is probably in the minority. In this paper, it has been argued that the exploitation of athletes depends on the structure of the labor market in professional sports. Despite their high salaries, professional athletes have not always (and some still do not) enjoyed a privilege available to both fans and owners — the privilege of selling their skills to the highest bidder. Previous studies have concluded that restrictions on baseball players' mobility depressed their salaries belowMRP's, and that removal of these restrictions resulted in salaries reflecting a player's value to his team. In this paper, it has been found that the same phenomenon has occurred in basketball, with salaries rising to the level ofMRP when players were given virtually unlimited freedom to negotiate. In addition, no significant evidence of racial discrimination was found in the NBA. The labor market in professional basketball might thus serve as a role model for baseball and football.     

Economic policy uncertainty spillovers in small open economies: The case of Hong Kong

This paper studies the extent to which economic policy uncertainty shocks in major economies affect real economic activity in small open economies. We use Hong Kong as a case study. Following Baker, Bloom and Davis (2016), we construct a newspaper‐based economic policy uncertainty index for Hong Kong for the period 1998 to 2016. We estimate international spillovers of uncertainty and find large spillovers of uncertainty from major economies to Hong Kong. Furthermore, using a structural vector autoregressive approach, we show that a rise in domestic economic policy uncertainty leads to tight financial conditions, and lower investment and vacancy posting, dampening domestic output growth.