Cost‐ and Income‐based Measures of Human Capital

Human capital is increasingly believed to play an important role in the growth process, however, adequately measuring its stock remains controversial. In this paper three general approaches to measurement are identified; cost‐based, income‐based and educational stock‐based. This survey focuses on the first two approaches and provides a critical review of the theories and their applications to data from a range of countries. Particular emphasis is placed upon the work of Jorgenson and Fraumeni (1989, 1992) and some new results for New Zealand based upon their approach are also presented.     

GM crops on trial: Technological development as a real-world experiment

Through the European controversy over agricultural biotechnology, genetically modified (GM) crops have been evaluated for an increasingly wide range of potential effects. As the experimental phase has been extended into commercial practices, the terms for product approval have become more negotiable and contentious. To analyse the regulatory conflicts, this paper links three theoretical perspectives: issue-framing, agri-environmental discourses, and technological development as a real-world experiment.Agri-biotechnological risks have been framed by contending discourses, which attribute moral meanings to the agricultural environment. Agri-biotech proponents have emphasised eco-efficiency benefits, which can remedy past environmental damage, while critics have framed ‘uncontrollable risks’ in successively broader ways through ominous metaphors of environmental catastrophe. Regulatory authorities have translated those metaphors into measurable biophysical effects. They anticipate and design commercial use as a ‘real-world experiment’, by assigning greater moral-legal responsibility to agro-industrial operators who handle GM products.Expert-regulatory debate reflexively considers the social discipline necessary to prevent harm, now more broadly defined than before. Official procedures undergo tensions between predicting, testing and prescribing operator behaviour. In effect, GM crops have been kept continuously ‘on trial’.     

A Comparative static analysis of the optimum town

A simplified form of the standard model of a factory town is used to obtain some results in the comparative static analysis of the optimum town. The opportunity cost of land, the time taken for a worker to travel unit distance, and the (constant) population density in the residential zone are used as shift parameters. It is found that in only a few cases can the sign of the induced changes in the structure of the town be determined unambiguously. These results contrast sharply with those obtained by [3.]] using an equilibrium model.     

Toddlers,teenagers, and terminal heights: the importance of puberty for male adult stature,Flanders, 1800–76

Does adult stature capture conditions at birth or at some other stage in the growth cycle? Anthropometrics is lauded as a method for capturing net nutritional status over all the growing years. However, it is frequently assumed that conditions at birth were most influential. Was this true for historical populations? This article examines the heights of Flemish men born between 1800 and 1876 to tease apart which moments of growth were most sensitive to disruption and reflected in final heights. It exploits two proximate crises in 1846–9 and 1853–6 as shocks that permit age effects to be revealed. These are affirmed through a study of food prices and death rates. Both approaches suggest a shift of the critical moment away from the first few years of life and towards the adolescent growth spurt as the most influential on terminal stature. Furthermore, just as height is accumulated over the growing years, conditions influencing growth need to be understood cumulatively. Economic conditions at the time of birth were not explanatory, but their collective effects from ages 11 to 18 years were strongly influential. At these ages, both health and nutrition mattered, to varying degrees. Teenagers, rather than toddlers, should be our guides to the past.     

Determinants of Small Pacific Island Tourism: A Vanuatu Study

The research reported in this paper sought to identify the key determinants of small island tourism in the Pacific region. In order to investigate this research problem, 185 Australian tourists were surveyed as they returned from holidaying in Vanuatu. The sample included those who had visited outer islands such as Espiritu Santo as well as those who had not ventured beyond the main island. Findings indicated that the most important influences on the decision to visit the outer islands were the climate and the reputation as a holiday destination. When rating Vanuatu as a holiday, both those who went to an outer island and those who did not rated the three main reasons as friendliness, range of restaurants and quality of accommodation, whereas the principal reasons given for not visiting an outer island were: that the outer islands were too expensive to access; most tourists wanted a “stay put” holiday; and they did not have enough time on their holiday. From the findings of this research on the determinants of small Pacific island tourism, it is suggested that further research into the applicability of these determinants be conducted in other small island environments in other regions of the world.     

ECONOMETRIC ISSUES IN MACROECONOMIC MODELS WITH GENERATED REGRESSORS

Abstract. The paper critically reviews the literature on the econometric issues raised by the use of generated regressors (GR) in empirical models. The economic rationale for the use of GR is considered, with examples being drawn from several macroeconomic examples, including New Classical Macroeconomic (NCM) models which postulate monetary ncutrality. Various estimation methods are discussed for models which include 'surprise' or 'unexpected' terms and the strengths and weaknesses of each approach are investigated. Drawing upon the work of McAleer and McKenzie (1991b), situations where the typically inefficient two-step estimation (2SE) method will be efficient are highlighted. Problems of model misspecification and measurement errors are also investigated. An empirical section highlights some of the dangers of using uncorrected 2SE estimation results through a careful consideration of many recent attempts to test the NCM monetary neutrality hypothesis.