Broadcast Advertising and U.S. Demand for Alcoholic Beverages

Quarterly data for 1977-1994 on alcohol consumption and advertising are used to estimate a differential demand system, including explanatory variables for broadcast advertising and print advertising. The model explains the growth rate of per capita consumption dependent on explanatory variables for prices, real income, demographic changes, and real advertising by media and beverage. Empirical results also are reported for total consumption of pure alcohol. The results for the three beverages and total alcohol indicate that advertising has little or no effect on demand. The empirical evidence thus supports the notion that regardless of media, advertising affects mainly brand shares.     

Developing a Learning Community Approach to Business Ethics Education

In this paper we discuss a project, still in progress, that moves away from a traditional lecture based educational pedagogy. We present a team taught approach to ethics teaching that embraces a progressive philosophy of education and is focused on the development of a discussion based learning community. We describe our primary pedagogical tools of case discussion and the development of student expert role assignments as a locus, and how they relate to the learning community, course content and course objectives. Finally, we provide our preliminary review of outcomes and emerging issues.     

Bias Reduction in Dynamic Panel Data Models by Common Recursive Mean Adjustment*

The within‐group estimator (same as the least squares dummy variable estimator) of the dominant root in dynamic panel regression is known to be biased downwards. This article studies recursive mean adjustment (RMA) as a strategy to reduce this bias for AR(p) processes that may exhibit cross‐sectional dependence. Asymptotic properties for N,T→∞ jointly are developed. When ( log ²T)(N/T)→ζ, where ζ is a non‐zero constant, the estimator exhibits nearly negligible inconsistency. Simulation experiments demonstrate that the RMA estimator performs well in terms of reducing bias, variance and mean square error both when error terms are cross‐sectionally independent and when they are not. RMA dominates comparable estimators when T is small and/or when the underlying process is persistent.     

Ownership changes, accounting practice and the redefinition of the corporation

This paper examines the role of accounting in facilitating and legitimating the conglomerate movement in American business during the 1960s. We argue that the profileration of conglomerate mergers contributed to a reconceptualization of the corporation that emphasized its financial rather than its productive capacities. This conception of the firm has now been institutionalized; its logic motivates the takeovers and restructuring that characterize contemporary business. Our case illustrates the rhetorical power of accounting as a symbolic system for legitimating new corporate forms and practices.     

The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's “Who was Milton Friedman?”

Paul Krugman's essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman's economics and his legacy. In this paper, we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern monetary economics and on today's central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.     

Flexible Product Development: Building Agility for Changing Markets by Preston G. Smith

Books reviewed in this issue:

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  Flexible Product Development: Building Agility for Changing Markets
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  The Leader's Guide to Lateral Thinking Skills: Unlocking the Creativity and Innovation in You and Your Team
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  Service Is Front Stage: Positioning Services for Value Advantage
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  Involving Customers in New Service Development
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  Project Sponsorship: Achieving Management Commitment for Project Success

Please note that the editor in chief of the Journal of Product Innovation Management (JPIM) , Anthony Di Benedetto, was solely responsible for all editorial work on the first book review, since this is an assessment of the newest book by JPIM 's book review editor, Preston Smith. To assure objectivity in the review process, Di Benedetto identified the reviewer, solicited and edited the review, and submitted the accepted review directly to the publisher. Smith did not see the review until it was completed and accepted for publication.     

The evolution of tourist arts

Tourist arts with ethnic content are at the nexus of changing tourism, ethnicity and art in the modern world. This paper explores the range of varieties of tourist arts, the dynamics of change between various types of artifacts, and the interaction between tourist arts and notions of ethnic self-perception. The analogy between language and art is pursued to illuminate the nature of the various communication codes embodied in tourist and ethnic arts. The paper concludes by stressing that tourist arts are not an end-point, but one possibility within the fluid relationships between material symbols, outsiders' demand, and the defense and reformulation of ethnicity. It also concludes that the evolution of ethnic awareness, combined with increased education and travel opportunities, is bringing a uniformity of attitudes towards tourism, material heritage, and museums among the middle classes of all nations. Thus minority ethnic symbols have become the manipulated “totems” of touristic identity.     

A Structuralist Inflation Curve

This paper presents a structuralist model of inflation and applies it to the US economy. The model uses a mark‐up rule to specify inflation as a function of income distribution and capacity utilization, as usual in structuralist macroeconomics, but it also includes inflation expectations, the government's inflation target and cost pressures from non‐labor inputs as explaining variables. The model shows how inflation and income distribution, measured by the wage share of income, are connected through an inflation curve in the long run.