Government and the Economy: an Encyclopedia Is Not About Solving Those Age-Old Questions
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Journal of Economics and Behavioral Studies (ISSN: 2220-6140) Vol. 12, No. 1, Pp. 55-65, February 2020 Economic Growth and Unemp
Journal of Economics and Behavioral Studies (ISSN: 2220-6140) Vol. 12, No. 1, pp. 55-65, February 2020 Economic Growth and Unemployment Nexus: Okun’s Two-Version Case for Nigeria, South Africa and United States of America ONAKOYA, Adegbemi Babatunde1, SEYINGBO, Adedotun Victor2 1Department of Economics, Babcock University Ilishan-Remo, Nigeria 2Department of Economics, Tai Solarin University of Education, Ijagun, Nigeria [email protected], [email protected] Abstract: Okun’s law in its original form was predicated on the experience in the United States of America. Some methodological refinements have been added based on studies conducted in other climes with varied results. This research investigated the applicability of this law in Nigeria, South Africa and the United States of America. The study conducted a comparative analysis of three of the versions of the law. The research employed Ordinary Least Squares method having validated it’s appropriateness with Dickey-Fuller and Philips-Perron tests. The result also showed that the dynamic version of the law was applicable in the three nations while the difference version was applicable only in Nigeria. This study also found that the dynamic version was superior to the difference version. Deployment of employment creative employment schemes, labour market reform and economic restructuring are recommended in the Nigerian case. The policy makers on South Africa and USA are enjoined to pursue both labour and growth-inducing policies. Keywords: Okun's Law, GDP growth, Unemployment rate, Difference version, Dynamic version. 1. Introduction The postulation of Arthur Melvin Okun (1939-1980) is part of the supply-side economics school of macroeconomic thought which contends that economic growth can be effectively engendered by lowering of production barriers. -
Decomposing the Misery Index: a Dynamic Approach
Cohen, Ivan K., Ferretti, Fabrizio, McIntosh, Bryan and Elliott, Caroline (2014) Decomposing the misery index: A dynamic approach. Cogent Economics & Finance, 2 (1). Downloaded from: http://ray.yorksj.ac.uk/id/eprint/4335/ The version presented here may differ from the published version or version of record. If you intend to cite from the work you are advised to consult the publisher's version: http://dx.doi.org/10.1080/23322039.2014.991089 Research at York St John (RaY) is an institutional repository. It supports the principles of open access by making the research outputs of the University available in digital form. Copyright of the items stored in RaY reside with the authors and/or other copyright owners. Users may access full text items free of charge, and may download a copy for private study or non-commercial research. For further reuse terms, see licence terms governing individual outputs. Institutional Repository Policy Statement RaY Research at the University of York St John For more information please contact RaY at [email protected] Cohen et al., Cogent Economics & Finance (2014), 2: 991089 http://dx.doi.org/10.1080/23322039.2014.991089 GENERAL & APPLIED ECONOMICS | LETTER Decomposing the misery index: A dynamic approach Ivan K. Cohen1, Fabrizio Ferretti2,3* and Bryan McIntosh4 Received: 17 October 2014 Abstract: The misery index (the unweighted sum of unemployment and inflation Accepted: 19 November 2014 rates) was probably the first attempt to develop a single statistic to measure the level Published: 13 December 2014 of a population’s economic malaise. In this letter, we develop a dynamic approach to *Corresponding author, Fabrizio Ferretti, Department of Communication and decompose the misery index using two basic relations of modern macroeconomics: Economics, University of Modena and the expectations-augmented Phillips curve and Okun’s law. -
Principles of Finance © Wikibooks
Principles of Finance © Wikibooks This work is licensed under a Creative Commons-ShareAlike 4.0 International License Original source: Principles of Finance, Wikibooks http://en.wikibooks.org/wiki/Principles_of_Finance Contents Chapter 1 Introduction ..................................................................................................1 1.1 What is Finance? ................................................................................................................1 1.2 History .................................................................................................................................1 1.2.1 Introduction to Finance ..........................................................................................1 1.2.1.1 Return on Investments ...............................................................................2 1.2.1.2 Debt Finance and Equity Finance - The Two Pillars of Modern Finance ....................................................................................................................................3 1.2.1.2.1 Debt Financing .................................................................................3 1.2.1.2.2 Equity Financing ...............................................................................3 1.2.1.3 Ratio Analysis ...............................................................................................4 1.2.1.3.1 Liquidity Ratios .................................................................................4 Chapter 2 The Basics ......................................................................................................6 -
UC Berkeley UC Berkeley Electronic Theses and Dissertations
UC Berkeley UC Berkeley Electronic Theses and Dissertations Title The Ware Course: Architecture as a Useful, Liberal, and Fine Art Permalink https://escholarship.org/uc/item/5sh8m1pk Author Block, Kevin Publication Date 2019 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California The Ware Course: Architecture as a Useful, Liberal, and Fine Art By Kevin P. Block A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Rhetoric in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Pheng Cheah, Co-Chair Professor Andrew Shanken, Co-Chair Professor David Henkin Associate Professor Winnie Wong Fall 2019 Copyright Page Abstract The Ware Course: Architecture as a Useful, Liberal, and Fine Art by Kevin P. Block Doctor of Philosophy in Rhetoric University of California, Berkeley Professor Pheng Cheah, Co-Chair Professor Andrew Shanken, Co-Chair This dissertation examines the academic career of William Robert Ware (1832-1915), an American architect who became the leading architectural educator in the late nineteenth century. Previous accounts of Ware have focused either on his work as a practicing architect or his role as a department builder at the Massachusetts Institute of Technology and Columbia University, where he imported the Beaux-Arts system of design instruction to the United States. This dissertation, in contrast, interprets archival documents and nineteenth-century architectural theory to situate Ware in relation to a number of core questions and concepts in the broader history of architectural expertise, including the construction of professional authority, the meaning of culture, the use of judgment, and the tension between creative expression and information processing. -
The Neglect of the French Liberal School in Anglo-American Economics: a Critique of Received Explanations
The Neglect of the French Liberal School in Anglo-American Economics: A Critique of Received Explanations Joseph T. Salerno or roughly the first three quarters of the nineteenth century, the "liberal school" thoroughly dominated economic thinking and teaching in F France.1 Adherents of the school were also to be found in the United States and Italy, and liberal doctrines exercised a profound influence on prominent German and British economists. Although its numbers and au- thority began to dwindle after the 1870s, the school remained active and influential in France well into the 1920s. Even after World War II, there were a few noteworthy French economists who could be considered intellectual descendants of the liberal tradition. Despite its great longevity and wide-ranging influence, the scientific con- tributions of the liberal school and their impact on the development of Eu- ropean and U.S. economic thought—particularly on those economists who are today recognized as the forerunners, founders, and early exponents of marginalist economics—have been belittled or simply ignored by most twen- tieth-century Anglo-American economists and historians of thought. A number of doctrinal scholars, including Joseph Schumpeter, have noted and attempted to explain the curious neglect of the school in the En- glish-language literature. In citing the school's "analytical sterility" or "indif- ference to pure theory" as a main cause of its neglect, however, their expla- nations have overlooked a salient fact: that many prominent contributors to economic analysis throughout the nineteenth and early twentieth centuries expressed strong appreciation of or weighty intellectual debts to the purely theoretical contributions of the liberal school. -
2. Trade, Jobs and Politics
GREA1918 • FOREIGN POLICYT ASSOCIATION DECISIONS EDITION 2017 2. Trade, jobs and politics Acronyms and abbreviations Graham-Schumer bill: A 2005–06 bill, proposed by BLS—Bureau of Labor Statistics Senator Charles Schumer (D-NY) and Senator Lindsey EPI—Economic Policy Institute O. Graham (R-SC). It called for the imposition of tariffs GDP—Gross domestic product on Chinese products as a response to Chinese currency IMF—International Monetary Fund manipulation. The bill was abandoned before it could NAFTA—North American Free Trade Agreement be put to a vote, following pressure from then-President PNTR—Permanent Normal Trade Relations George W. Bush. PPP—Purchasing power parity TAA—Trade Adjustment Assistance Program Gross Domestic Product: The monetary value of all TPP—Trans-Pacific Partnership goods and services produced in a country in a certain WTO—World Trade Organization period of time. International Monetary Fund (IMF): An institution in Glossary the United Nations system. The IMF was established in Balance of trade: The difference between a country’s 1945 in the wake of the Great Depression and the Sec- imports and its exports. ond World War, and tasked with ensuring the stability of the international monetary system. Today, this includes Brexit: A term for the UK’s referendum on EU mem- regulating the system of exchange rates and internation- bership, held on June 23, 2016. The British public voted al payments, as well as relevant macroeconomic and 52% to 48% to leave the union. The UK will remain in financial sector issues. the union until it invokes Article 50 of the EU’s Lisbon Treaty, after which point the terms of Britain’s exit must Joseph Stiglitz: The recipient of the Nobel Prize in be agreed upon within a period of two years. -
Measuring Welfare an Alternative to GDP
STOCKHOLM SCHOOL OF ECONOMICS Department of Economics 5350 Thesis in Economics Supervisor: Kelly Ragan Measuring Welfare An Alternative to GDP Birgit Altmann* May 15, 2013 Abstract: GDP per capita is generally used to compare welfare across countries and time. However, it faces significant limitations in serving as an appropriate welfare measure. Amongst others, GDP does not account for the distribution of wealth and omits important well-being determinants such as quantity and quality of life. In previous literature a consumption-equivalent model has been developed as an alternative welfare measure containing the factors life expectancy, consumption, leisure and inequality. The model is enhanced in this paper by incorporating the additional factors health and corruption. With this approach, living standards are compared across a broad set of countries both in levels and across time. The results show that for a significant proportion of countries this alternative welfare measurement differs substantially from the traditional GDP evaluation. For instance, life expectancy raises well-being in certain regions such as Western Europe, but considerably reduces welfare in Eastern Europe and Sub-Saharan Africa. In Latin America, inequality within countries is a crucial factor, whereas corruption is most detrimental in Africa. Welfare growth tends to be higher than income growth in the sample due to improvements in longevity, corruption and leisure time. Keywords: Welfare, well-being, living standards, alternative welfare measurement, GDP, comparative country studies JEL classification: D60, D63, I31, 057 Date of presentation: May 24, 2013 Examiner: Juanna Joensen Discussant: Carl Johan von Seth *[email protected] Acknowledgements I would like to thank my supervisor Kelly Ragan for her valuable advice and support throughout the entire course of writing this thesis. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
Output and Unemployment Dynamics∗
Output and Unemployment Dynamics Mary C. Daly John G. Fernald Òscar Jordà Fernanda Nechio Federal Reserve Bank of San Francisco March 30, 2015 Abstract The strong and systematic comovement of unemployment and output is a defining feature of business cycles. We derive and implement a new growth-accounting decomposition of this "Okun relationship" that quantifies key margins of adjustment used by households and firms. The rela- tionship has been surprisingly stable over time and over the business cycle– despite considerable changes in underlying economic relationships. When we condition on different shocks, we can explain the patterns we find. Specifically, though the time path of output and unemployment varies considerably depending on the shock, the eventual implications for unconditional comove- ment turns out to be fairly similar. Regardless of the shock, hours worked typically falls about two percent when the unemployment rate rises by a percentage point– more than typically allowed by the structure of recent macro models. A technology shock leads to a larger decline in hours than a demand shock, but the output-unemployment relationship is nevertheless stable because technology shocks induce positive and offsetting comovement of labor productivity and unemploy- ment. Finally, the shift from procyclical to countercyclical labor productivity reflects two factors during the Great Moderation period: first, technology shocks appear relatively more important; second, factor utilization is less closely associated with unemployment fluctuations,consistent with increasing flexibility of the economy. JEL classification codes: E23, E24, E32, J20 Keywords: growth accounting, output and employment fluctuations, cyclical productivity, Okun’sLaw We thank Valerie Ramey and participants at the SED 2013, 2013 NBER Summer Institute, the 2014 European Economic Association meetings, and several academic institutions for helpful comments on this paper. -
Glass–Steagall Act
Glass–Steagall Act The Glass–Steagall Act is a term often applied to the entire Banking Act of 1933, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama.[1] The term Glass–Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms.[2] This article deals with that limited meaning of the Glass–Steagall Act. A separate article describes the entire Banking Act of 1933. Starting in the early 1960s federal banking regulators interpreted provisions of the Glass– Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities.[3] By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the Gramm–Leach–Bliley Act of 1999 (GLBA), many commentators argued Glass–Steagall was already “dead.”[4] Most notably, Citibank’s 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board’s then existing interpretation of the Glass–Steagall Act.[5] President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate."[6] Many commentators have stated that the GLBA’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[7][8][9] Some critics of that repeal argue it permitted -
Manufacturing Technology of Ready-To-Eat Cereals
This chapter is taken from the book Breakfast Cereals and How They Are Made, Second Edition which is available in print and online from AACC International PRESS. Chapter 2 Manufacturing Technology ofReady-to-Eat Cereals ROBERT B. FAST Ready-to-eat (RTE) breakfast cereals are processed grain formula tions suitable for human consumption without further cooking in the home. They are relatively shelf-stable, lightweight, and convenient to ship and store. They are made primarily from corn, wheat, oats, or rice, in about that order of the quantities produced, usually with added flavor and fortifying ingredients. Hot breakfast cereals, on the other hand, are made primarily from oats or wheat; those made from corn or rice are of minor importance, being produced in relatively small quantities. The original hot cereals required cooking in the home before they were ready for consumption, but now some varieties are preprocessed so that they are ready for consumption with the addition of either hot water or milk to the cereal in the bowl. RTE cereals originated in the United States in the latter part of the nineteenth century. At first developed and used as healthful vegetar ian foods in a clinical context, they soon caught on with the general population, and an entire industry was thereby spawned (Fast, 1999). Their processing typically involves first cooking the grain with flavor materials and sweeteners. Sometimes the more heat-stable nutri tional fortifying agents are added before cooking. Two general cooking methods are employed in the industry-direct steam injection into the grain mass in rotating batch vessels and continuous extrusion cook ing. -
Massachusetts Institute of Technology Department of Economics Working Paper Series
Massachusetts Institute of Technology Department of Economics Working Paper Series The Rise and Fall of Economic History at MIT Peter Temin Working Paper 13-11 June 5, 2013 Rev: December 9, 2013 Room E52-251 50 Memorial Drive Cambridge, MA 02142 This paper can be downloaded without charge from the Social Science Research Network Paper Collection at http://ssrn.com/abstract=2274908 The Rise and Fall of Economic History at MIT Peter Temin MIT Abstract This paper recalls the unity of economics and history at MIT before the Second World War, and their divergence thereafter. Economic history at MIT reached its peak in the 1970s with three teachers of the subject to graduates and undergraduates alike. It declined until economic history vanished both from the faculty and the graduate program around 2010. The cost of this decline to current education and scholarship is suggested at the end of the narrative. Key words: economic history, MIT economics, Kindleberger, Domar, Costa, Acemoglu JEL codes: B250, N12 Author contact: [email protected] 1 The Rise and Fall of Economic History at MIT Peter Temin This paper tells the story of economic history at MIT during the twentieth century, even though roughly half the century precedes the formation of the MIT Economics Department. Economic history was central in the development of economics at the start of the century, but it lost its primary position rapidly after the Second World War, disappearing entirely a decade after the end of the twentieth century. I taught economic history to MIT graduate students in economics for 45 years during this long decline, and my account consequently contains an autobiographical bias.