Assessing a Policy Grab Bag: Federal Water Policy Reform

This article examines the economic impacts of policy alternatives for addressing allocative inefficiencies among agricultural, urban, and environmental uses of federal water. The Central Valley Project Improvement Act, composed of multiple incentive–based and command–and–control policies, forms the context for this analysis. Estimated multi–output agricultural revenue functions and urban water demand functions are incorporated into a nonlinear programming model designed to predict changes in water use, returns to agriculture, and urban consumer surplus. Results suggest that analysis that does not explicitly model policy instruments implemented at sub–optimal levels and, as part of a package of reforms, could over– or underestimate the costs, benefits, and effectiveness of each policy instrument.     

International perspectives on the profile of highly talented international business professionals

There is a global demand for talented managers and leaders. To meet this demand, higher education institutions are developing talent programs. However, international perception of talent is diffuse. In this study, our profile of highly talented international business professionals was internationally validated by 172 participants, representing East Asia and Western Europe. Results indicate consensus on three domains: communicating, achieving results, and seeing patterns and interrelationships in a global context. Strikingly, diverse country-specific interpretations of the accompanying behaviors were observed. The findings contribute to the talent literature and offer insights for educational practitioners when developing competence frameworks for talent or professionalization programs.     

THE PUBLIC SECTOR IN A MODEL OF GROWTH AND DISTRIBUTION À LA PASINETTI: EXISTENCE OF ONE‐ OR TWO‐CLASS ECONOMIES

This paper explores the implications of different regimes of taxation and fiscal policies on the existence of a one‐ or two‐class economy in the Kaldor–Pasinetti approach of growth and income distribution. A simple model and its diagrammatical representation provide a complete taxonomy of the possible steady state equilibria and synthesize some early and recent contributions. It shows that the distribution among factors and the personal distribution among socio‐economic classes depend on the fiscal policy of the government, the behavioural parameters of actors and technology; but, provided that some conditions are fulfilled, the Cambridge Theorem and its distributional implications hold.