How Biased are Current Measures of Asian Output Growth and Price Change?

“Rational economic agents” making optimal choices, such as shifting to less expensive products, is a fundamental paradigm for theoretical and applied economics. This requires accurate and unbiased economic information on prices. Since the mid-1990s, several nations have switched to estimation methods for price indices that improve the accounting for the shifting basket of new goods and services produced in the economy. This change required the adoption of “ideal” measures of growth and price change. Nevertheless, many Asian nations continue to prepare non-ideal measures of growth and price change. This paper assesses the bias in current Asian measures of growth and price change and explores how such bias can lead to poor investor and policymaker decisions.     

A Note on Trading Stamp Strategy

A Special class of promotions where the consumer is invited to play a game, receive trading stamps or accept gifts has continually elicited reactions from economists, congressional investigators and certain consumer groups. Furthermore, many of these promotions are condemned by their originators, yet they persist! I submit that our ability to effectively treat the problem has been limited by a lack of theoretical understanding of the fundamental causes and features that underlie such promotions. This paper is an attempt to provide a general theory of these cases which I have titled the oligopolistic ‘lock-in’.

Government intervention may often be necessary for the dissolution of the ‘lock-in’, but while firms may wish to free themselves from its grip, unfavorable publicity from such intervention has historically forced them to defend the status quo. In such cases, an ounce of prevention is worth a pound of cure: if managers in industries where the ‘lock-in’ can exist understand the phenomenon, they can (hopefully) avoid its dilemma. Likewise, economists concerned with the public policy aspects can treat the causes rather than the symptoms.     

Linkages between creativity and intention to quit: An occupational study of chefs

Human resource issues persist as a vexation for tourism managers. Foodservice is a core component of many tourism destinations and attractions yet the foodservice labour market is historically volatile. This article reports on the findings of a job satisfaction survey of chefs working in Australia's tourism and hospitality industry. This study's aim is to determine empirically whether there is a positive relationship between creativity and job and occupational satisfaction. A customised instrument is designed to mitigate the shortcomings of generalising scale items and findings of generic job satisfaction surveys to a single occupation. This paper focuses on identifying a range of dimensions of job satisfaction and occupational attributes connected to creativity and its associated dimensions. Reliability and data reduction analyses were conducted to validate the construction of composite ‘creativity’ variables for the basis of further comparisons. The findings indicate that the sample ranks creativity more highly than working conditions and that there is a clear relationship between creativity and both organisational and occupational satisfaction. Results vary as a function of gender. In conclusion, theoretical and practical implications for occupational and tourism management are discussed.     

Supporter Influence on Club Governance in a Sports League; a “Utility Maximization” Model

The article formalizes a seminal suggestion of Sloane ( 1971 ), studying a sports league in which club objectives are multi‐argument utility functions defined over profits, win percentages and fan (=supporter) welfare, thus combining the three objectives that have been addressed separately in previous models. Particular focus is on the consequences of increasing the utility weight on fan welfare, to capture the recent increasing supporter involvement in club governance in UK football. Positive consequences are unambiguously higher attendances, with more nuanced affects on ticket prices and player expenditure. A normative consequence is that positive profits for club owners indicate social sub‐optimality.     

Electricity pool prices: a case study in nonlinear time-series modelling

This paper considers modelling the behaviour of prices in the English and Welsh wholesale electricity Pool since the creation of this spot market in 1990. The process turns out to be nonlinear and a logistic smooth transition autoregressive model is fitted and shown to be superior to a linear alternative. The behaviour of the estimated model is discussed, and it is seen that nonlinearity is needed to describe the institutional characteristics and historical path of pool prices.     

Hazardous Occupations Within the Job Hierarchy

Firms using hazardous technologies face strong incentives to reduce job skill and training requirements so as to minimize the level of compensating wage differentials they must pay. This note examines the outcome of this process in terms of the location of hazardous occupations within the overall structure of jobs. Using four independent sources of data for the period 1974 to 1982, hazardous Occupations are found to offer significantly less worker autonomy, less on-the-job training, poorer promotion possibilities, greater risk of temporary and permanent layoff, and lower wage levels than safe occupations.     

Global and world cities: a view from off the map

Attention to global and world cities has directed the field of urban studies to the significance of international and transnational processes in shaping city economies. This article evaluates these approaches, from a position off their maps. I argue that the circulation of these approaches in academic and policy realms adversely impacts on cities which do not fall into these categories by setting up the idea of the global city as a ‘regulating fiction’, a standard towards which they aspire. It establishes a small sector of the global economy as most desirable in planning the future of cities. By contrast, mega–cities function as the dramatic ‘other’ of world and global cities, and highlight the developmentalist discourse through which most cities in poor countries are assessed as fundamentally lacking in qualities of city–ness. I argue that the long–standing categories of western/third–world cities have been translated into the apparently transnational accounts of global and world cities. Western cities continue to be the primary site of production of apparently unlocated urban theory; so–called third–world cities (and other cities off the map of the world cities cartography) are interpreted through a developmentalist lens and, where they are referred to at all, are framed in terms of ‘difference’ or irrelevance. This article draws attention to the emergence of an alternative set of theoretical approaches, which are more inclusive in their geographical reach and which are concerned with the diverse dynamics of ordinary cities. These approaches have not yet realized that they have the potential to broaden the base for theorizing about cities and, with this in mind, the article explores the potential for a more cosmopolitan urban theory. The policy stakes in this are high, and the article notes that there are important political reasons to promote the analysis of ordinary cities in the face of the persistence of ambitions in many cities to become ‘world cities‘. L’attention accordée aux villes planétaires et mondiales a orienté le champ des études urbaines vers l’importance des processus internationaux et transnationaux dans la configuration économique des villes. Partant d’un point situé hors de leur cartographie, l’article évalue ces approches. La circulation de celles–ci dans les sphères politiques et intellectuelles a une incidence néfaste sur les villes qui n’appartiennent pas à ces catégories, car elle instaure l’idée d’une ville planétaire en tant que ‘fiction régulatrice’, norme à laquelle aspirent les villes. Un secteur restreint de l’économie mondiale est ainsi établi comme le plus recherché dans la planification urbaine. Par contraste, les megacities fonctionnent comme l’impressionnant ‘autre’ des villes mondiales et planétaires, valorisant le discours développementaliste selon lequel l’évaluation des villes des pays pauvres indique le plus souvent des lacunes fondamentales dans les qualités propres à une ville. Les anciennes catégories de villes (Occident/tiers–monde) ont été converties en justifications apparemment transnationales des villes planétaires et mondiales. Les villes occidentales restent le site de production principal d’une théorie urbaine manifestement non–localisée; les villes dites du tiers monde (et autres villes ignorées de la cartographie des villes mondiales) sont interprétées à travers une optique développementaliste et, si on en parle, sont dépeintes en termes de ‘différence‘ ou d’inadéquation. Cet article souligne l’émergence d’un autre ensemble d’approches théoriques, plus inclusives dans leur géographie et soucieuses des diverses dynamiques des villes ordinaires. Sachant que ces démarches ne sont pas encore conscientes de pouvoir étendre la base théorique sur les villes, l’article explore la possibilité d’une théorie urbaine plus cosmopolite. Les enjeux stratégiques sont sérieux et il existe des raisons politiques importantes d’encourager l’analyse des villes ordinaires face aux ambitions persistantes dans de nombreuses villes de devenir les ‘villes mondiales’.     

The Impact of Employee Share Ownership Plans On Employee Participation and Industrial Democracy

This article examines employee participation in recently-formed employee share ownership plan organisations (ESOPS) in the UK. the various legal/institutional forms of ESOP are outlined prior to considering the nature and determinants of participative institutions and processes. It is suggested that there are three ‘constellations’ of ESOP in terms of employee participation:‘technical ESOPS’, ‘paternalist ESOPs’ and ‘representative ESOPs’. There are relatively few innovations in participation in the first of these, while in paternalist ESOPs, innovations centre on individualistic forms of participation and communication at the level of the workplace. In representative ESOPs employees gain more of a say in strategic decisions through such innovations as employee representation on company boards. It is argued that these differences in the nature of participation are due neither to differences in legal structure nor to variations in the extent of employee share ownership. Instead, participative systems are viewed as the outcome of the philosophies and objectives of those involved in the conversion to employee ownership.     

Employment Decisions in Self-Directed Work Teams: A Regulatory Compliance Perspective

Organizations are increasingly relying on self-directed work teams (SDWTs) to accomplish organizational tasks. The introduction of SDWTs into the workplace poses a number of managerial challenges. This paper will focus on one such challenge, the continuing need to comply with labor and equal employment regulations. We discuss several factors that potentially affect the legal compliance process. These include: (1) the impact of an increasingly diverse workforce on individual behavior and team processes, and (2) the role of procedural justice perceptions in effective HR compliance management. We conclude with some practical solutions to the challenge of managing compliance in SDWT settings.     

The benefits of non-radial vs. radial super-efficiency DEA: an application to burden-sharing amongst NATO member nations

Using radial super-efficiency data envelopment analysis (DEA) has improved the discriminating performance across efficient decision-making units (DMUs). This paper extends the super-efficiency approach to a non-radial super-efficiency DEA (NRSE-DEA) index. NRSE-DEA is shown to be invariant to units of input (output) measurement. NRSE-DEA is illustrated here via an application to NATO burden-sharing assessment in which the DMUs are the member nations of NATO. The NRSE-DEA provides additional insights into the ranking of efficient countries, suggesting which are absorbing a particularly large share of NATO responsibilities. The NRSE-DEA generates a smaller set of efficient DMUs. This, in turn, provides more discriminatory power, a more accurate measure of super-efficiency, a more meaningful ranking of the efficient burden sharing countries, and a more reliable assessment of contributions by NATO members, amongst other policy issues.