LABOUR SUPPLY ESTIMATION AND PUBLIC POLICY

Abstract. Economists devote considerable energies towards refining their econometric techniques to overcome difficulties connected with conducting empirical research. Despite advances in technique. it is not clear whether further refinement in this direction is worthwhile for policy purposes. It may be that no further amount of statistical adjustment of inadequate data will increase understanding, and that better data is simply necessary to add to our knowledge. But rarely is sufficient credit paid to new forms of data. In short, econometric technique is emphasized to the neglect of data innovation, as if new data were merely lying about waiting for an ingenious suggestion for use. This paper surveys advances of the last twenty five years in estimating labour supply for policy purposes with a view towards appreciating the relative contribution of both improvements in econometric technique as well as developments of new data.
After briefly detailing the key parameters which economists have sought to estimate, we describe the early 'first generation' research (circa 1970), which is plagued by problems of unobservable variables, measurement errors, truncation and selectivity bias, and non linear budget constraints. 'Second generation' research constitute attempts to resolve one or more of these difficulties, and the respective contribution of econometric technique and new data is acknowledged and assessed, including the contribution of data generated by large scale social experiments in which participants are randomly assigned to different guaranteed income plans and their labour supply behaviour measured.     

HOW TO CLEAR UP THE PENSIONS MESS

All three pillars of the British pensions system are crumbling. The basic state pension is unsustainable in its present form. Defined benefit occupational pension schemes are fast disappearing, and with them the retirement hopes of millions of workers. A further 3 million low-income earners are not saving enough for their retirement. And uncertainty about pensions choices is widespread. In each case the primary cause of the problem is governmental or regulatory failure. The paper makes eight general and four specific proposals for restoring the system.     

Strategic Planning and Community Involvement as Contributors to Sustainable Tourism Development

This paper is concerned with the role of stakeholder driven strategic planning as a contributor to the ultimate sustainability of tourism development. An initial literature review describes the evolution of theory related to three specific issues in the study of tourism – sustainability of tourism development as a desirable goal, stakeholder participation as a contributor to sustainability, and strategic planning as an appropriate framework within which stakeholder driven development activity can occur. The review concludes that these concepts are well supported in the literature, with little empirical evidence available on which to base any meaningful level of support. It is therefore argued that the value of these propositions may exist more strongly in theory than in practice. After discussing a number of factors which may negatively impact upon the practical implementation of these theoretical constructs, the paper proposes a quantitative instrument by which a specific tourism development planning process can be assessed for its conformity with desirable principles of sustainability in tourism development. Closing paragraphs indicate an intention to test this instrument across a variety of regional settings.     

A Conceptual Model of Strategic Considerations for International Retail Expansion

Expansion into global markets is a dominant issue influencing most retailers' plans for strategic growth. However,internationalisation is not a viable alternative for every retailer. This paper discusses four independent elements that areconsidered as preconditions that should take precedence in the global expansion decision-making process. These elementscomprise the PLIN Model.     

A simultaneous model of workplace and residential location incorporating job search

The paper develops a model of spatial job search to provide a theory of workplace location with respect to a predetermined place of residence which, the paper argues, is needed to complement the theory of residential location from a predetermined workplace. By concentrating on the role of the skill level of the job seeker, the model distinguishes predictions of the workplace location based on search from those based on commuting considerations. Household survey data from Greater London is analyzed to support the propositions of the search model in the determination of the relationship between the workplace and the household location.