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1.
Gerald Steele 《Economic Affairs》1992,12(4):26-29
The dispersal of information in the economy is the key to Hayek's analysis of economic planning, the trade cycle and entrepreneurship. Gerald Steele, a lecturer at Lancaster University, explores Hayek's analysis. The function of the market is to coordinate this dispersed information. 相似文献
2.
G R Steele 《Economic Affairs》2020,40(2):198-208
Where classical economics integrates the quantity theory of money with the concept of Ricardian equivalence, the tendency of recent macroeconomic presentations is to focus either upon money and inflation or upon taxation and debt. That neglect of classical monetary–fiscal integration is surprising, given an initiative by the International Monetary Fund that set credit, money, and fiscal policy within a single structure. This article places those ‘credit counterparts of broad money’ in the context of the Great Depression and the recent global financial crisis. The upshot is a set of conclusions: that, to counter the prospect of deflation, quantitative easing is a weak policy response; that fiscal deficits are better; and that cuts in taxation are preferable to increased government spending. 相似文献
3.
James O. Meredith Amy L. Grove Paul Walley Fraser Young Mairi B. Macintyre 《Operations Management Research》2011,4(3-4):89-98
Hospital operating theatres are a critical but costly resource in healthcare processes. Their efficiency and utilisation impact upon hospital finances, clinical effectiveness and patient outcomes. Operations management techniques have now been applied widely to optimise flow. An important challenge is to balance the needs of process flexibility, efficiency and work standardisation with clinical requirements. This paper applies operations management methods to analyse elective orthopaedic surgery at five international hospitals to describe the issues that affect operating theatre productivity. It utilises an innovative method of video analysis to observe patient changeovers over 29 days of surgery and data is analysed to understand the causes of variability and waste. The findings suggest that processes which are standardised via operations management methodologies can improve productivity in a process that exhibits wide variation in practice. There are apparent trade-offs associated with efficiency and clinical concerns such infection control, that lead to different standard process archetypes being utilised. Recommendations for standardising patient changeovers are provided. 相似文献
4.
Jennifer L. Steele 《Journal of development economics》2010,93(1):1-6
When aid organizations contract with local agents aid funds have the potential to be diverted to purposes other than the intended project. A multi-stage game is presented where the benefit from the project is cumulative, with the application of funds in each stage increasing both the agent's and the organization's benefit from the project. As the agent's utility of diversion increases, the allocation in each stage decreases and the project takes more stages to complete. When contracting with agents with high utilities of diversion the optimal contract involves bloated projects and a side payment to the agent upon completion. If the organization's commitment to the contract is not credible both the agent's and the organization's benefit is reduced. 相似文献
5.
This study uses recent developments in the theoretical modelling of the links between unrecorded accounting goodwill, accounting profitability and the cost of equity, together with Capital Asset Pricing Model (CAPM) betas, to estimate the ex-ante equity risk premium in the UK. The results suggest that, over our sample period from 1968 to 1995, the premium has been in the region of 5%. Our estimate lends support to the view that the ex-ante equity risk premium is substantially less than the historical average of the excess of equity returns over the risk-free rate, and is similar to the rates applied recently by UK competition regulators. 相似文献
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8.
G. R. Steele 《Quarterly Journal of Austrian Economics》2008,11(2):119-122
Keynes’s presentation of own rates of interest on wheat and housing is set within Austrian business cycle theory, to show
that soaring wheat prices and subprime mortgage writedowns are expected, when a monetary authority holds interest rates too
low for too long. From that basis, further interest rate cuts are an unlikely remedy for a recession whose roots lie in a
proliferation of credit. 相似文献
9.
We review three alternative approaches to modelling survey non‐contact and refusal: multinomial, sequential, and sample selection (bivariate probit) models. We then propose a multilevel extension of the sample selection model to allow for both interviewer effects and dependency between non‐contact and refusal rates at the household and interviewer level. All methods are applied and compared in an analysis of household non‐response in the United Kingdom, using a data set with unusually rich information on both respondents and non‐respondents from six major surveys. After controlling for household characteristics, there is little evidence of residual correlation between the unobserved characteristics affecting non‐contact and refusal propensities at either the household or the interviewer level. We also find that the estimated coefficients of the multinomial and sequential models are surprisingly similar, which further investigation via a simulation study suggests is due to non‐contact and refusal having largely different predictors. 相似文献
10.
Perhaps the most controversial change introduced in the 1988 Employment Act was the statutory right given to union members not to be disciplined by their unions for continuing to work during lawful industrial action approved by a majority in a secret ballot. Here the authors examine the legal contexts, implications for trade unions and the wider industrial relations and political significance of this important new right. 相似文献