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On Abba Lerner Haim Ben-Shahar Xiii Abba P ECONOMIC POLICY IN THEORY AND PRACTICE Also by Assaf Razin A THEORY OF INTERNATIONAL TRADE UNDER UNCERTAINTY (with Elhanan Helpman) Also by Assaf Razin and Efraim Sadka HOUSEHOLD AND ECONOMY: Welfare Economics of Endogenous Fertility (with Marc Nerlove) Economic Policy in Theory and Practice Edited by Assaf Razin Professor of Economics Tel Aviv University and Efraim Sadka Professor of Economics Tel Aviv University Palgrave Macmillan ISBN 978-1-349-18586-3 ISBN 978-1-349-18584-9 (eBook) DOI 10.1007/978-1-349-18584-9 © Assaf Razin and Efraim Sadka, 1987 Softcover reprint of the hardcover 1st edition 1987 978-0-333-39259-1 All rights reserved. For information, write: Scholarly & Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, NY 10010 First published in the United States of America in 1987 ISBN 978-0-312-23453-9 Library of Congress Cataloging-in-Publication Data Main entry under title: Economic policy in theory and. practice. Proceedings of a conference sponsored by Pinhas Sapir Center for Development, Tel Aviv University, May 1984. Bibliography: p. 1. Economic policy-Congresses. I. Razin, Assaf. II. Sadka, Efraim. III. Merkaz le-fituah, 'al-shem P. Sapir. HD73.E26 1987 339.5 85-22294 ISBN 978-0-312-23453-9 Dedicated to the memory of ABBA P. LERNER Contents Preface lX List of the Participants Xl On Abba Lerner Haim Ben-Shahar xiii Abba P. Lerner (1903-82): Biographical Sketch and Publications xvii Introduction xxix Part One The Economics of Public Debt 2 The Economics of Public Deficits 3 Franco Modigliani Comments by Michael Bruno and Alex Cukierman 45 2 The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy 51 Jacob A. Frenkel and Assaf Razin Comments by Franco Modigliani 97 3 Fiscal Policy in Open, Interdependent Economies 101 Willem Ruiter Part Two The Government Budget and Inflation 4 On Optimal Currency Substitution Policy and Public Finance 147 Zvi Hercowitz and Efraim Sadka Comments by Jacob Frenkel 165 5 Inflation and the Government Budget Constraint 170 Thomas Sargent and Neil Wallace Comments by Zvi Eckstein and Stanley Fischer 201 Part Three The World Debt Problem 6 International Capital Flows and the World Debt Problem 211 Rudiger Dornbusch and Stanley Fischer vii viii Contents 7 Aspects of Capital Flows Between Developing and Developed Countries 255 Anne O. Krueger Comments by Zvi Eckstein 283 Part Four Political Economy 8 The Political Economy of Leviathan 289 Ronald Findlay and John D. Wilson Comments by M. June Flanders 305 Part Five Resource Allocation and Taxation 9 Notes on the Effect of Capital Gain Taxation on Non- Austrian Assets 309 Daniel J. Kovenock and Michael Rothschild Comments by Dagobert L. Brito and Eytan Sheshinski 340 10 Right of Way and Congestion Toll 343 Eitan Berglas, David Fresko and David Pines Comments by Alan Auerbach and Charles Wilson 370 11 Corporate Taxation in the US 375 Alan J. Auerbach Comments by Rafael Eldor 431 Part Six Market Organisation 12 The Effect of Labour Unions on Investment in Training: a Dynamic Model 435 Yoram Weiss Comments by Charles Wilson and Abba Schwartz 468 13 Corporate Governance and Market Structure 481 Robert D. Willig Comments by Avishay Braverman and Oliver Hart 495 14 Vertical Integration and the Distribution of Property Rights 504 Sanford J. Grossman and Oliver Hart Comments by Yair Tauman 547 Author Index 549 Preface Economic policy has been and will be a focus of interest for econo­ mists, in academia, in government, and in the private sector. In May 1984, the Pinhas Sapir Center for Development at Tel Aviv University sponsored a conference on economic policy in theory and practice in memory of Abba P. Lerner (1903-82). Abba Lerner had been deeply concerned with the development of economic theory and the formula­ tion of economic policy in light of the theory. This volume contains the proceedings of this conference. This conference is the third in a series of international conferences of the Pinhas Sapir Center for Development. 1 The centre is concerned with all aspects of development. Pinhas Sapir, Israel's seventh Minis­ ter of Trade and Industry (1955--63) and third Minister of Finance (1963-74), had been deeply concerned about development in Israel and contributed greatly to it. The book puts together fourteen papers presented at the Pinhas Sapir Conference in memory of Abba Lerner, held at Tel Aviv University in May 1984. The papers cover a wide range of issues related to economic policy: public debt, budget deficits and inflation, world debt problems, resource allocation and taxation, efficiency of various forms of market organisation, and a positive theory of the state. The contributors of the papers are: Alan Auerbach, Eitan Berglas, Willem Buiter, Rudiger Dornbusch, Ronald Findlay, Stanley Fischer, Jacob Frenkel, David Fresko, Sanford Grossman, Oliver Hart, Zvi Hercowitz, Daniel Kovenock, Anne O. Krueger, Franco Modigliani, David Pines, Assaf Razin, Michael Rothschild, Efraim Sadka, Thomas Sargent, Neil Wallace, Yoram Weiss, Robert Willig and John Wilson. We would like to thank Mali Nudel and Rina Elman of the Sapir Center who ran the office and co-ordinated the conference activi­ ties. Note 1. The first conference, held in June 1979, was: 'Development in an Inflationary World'. The proceedings were published in M. June Flanders and Assaf Razin (eds), Development in an Inflationary World (Academic Press: New York, 1981). The second conference, held in ix x Preface December 1980, was: 'Social Policy Evaluation: Health, Education and Welfare'. The proceedings were published in: (1) Elhanan Helpman, Assaf Razin and Efraim Sadka (eds), Social Policy Evaluation: An Economic Perspective (Academic Press: New York, 1983). (2) Shimon Spiro and Ephraim Yuchtman-Yaar (eds), Evaluating the Welfare State: Social and Political Perspectives (Academic Press: New York, 1983). List of the Participants Alan Auerbach, Department of Economics, University of Pennsyl­ vania, USA Haim Ben-Shahar, Department of Economics, Tel Aviv University, Israel Eitan Berglas, Department of Economics, Tel Aviv University, Israel Avishay Braverman, The World Bank, Washington, DC, USA Dagobert Brito, Department of Economics, Rice University, USA Michael Bruno, Department of Economics, The Hebrew University, Israel Willem Buiter, London School of Economics and Political Science, London, UK Alex Cukierman, Department of Economics, Tel Aviv University, Israel Rudiger Dornbusch, Department of Economics, Massachusetts Insti­ tute of Technology, USA Zvi Eckstein, Department of Economics, Tel Aviv University, Israel Rafael Eldor, Department of Economics, Tel Aviv University, Israel Ronald Findlay, Department of Economics, Columbia University, New York, USA Stanley Fischer, Department of Economics, Massachusetts Institute of Technology, USA June Flanderst Department of Economics, Tel Aviv University, Israel Jacob A. Frenkel, Department of Economics, University of Chicago, USA David Fresko, Department of Economics, Tel Aviv University, Israel Sanford Grossman, Department of Economics, Princeton University, USA Oliver Hart, Department of Economics, Massachusetts Institute of Technology, USA Zvi Hercowitz, Department of Economics, Tel Aviv University, Israel xi Xll List of Participants Dan Kovenock, Department of Economics, Purdue University, USA Anne O. Krueger, The World Bank, Washington, DC, USA Franco Modigliani, Department of Economics, Massachusetts Insti­ tute of Technology, USA David Pines, Department of Economics, Tel Aviv University, Israel Assaf Razin, Department of Economics, Tel Aviv University, Israel Michael Rothschild, Department of Economics, University of Cali­ fornia at San Diego, USA Efraim Sadka, Department of Economics, Tel Aviv University, Israel Thomas Sargent, Department of Economics, University of Minne­ sota, USA Abba Schwartz, Department of Economics, Tel Aviv University, Israel Eytan Sheshinski, Department of Economics, The Hebrew University, Israel Yair Tauman, Faculty of Management, Tel Aviv University, Israel Neil Wallace, Department of Economics, University of Minnesota, USA Yoram Weiss, Department of Economics, Tel Aviv University, Israel Robert Willig, Department of Economics, Princeton University, USA Charles Wilson, Department of Economics, New York University, USA John Wilson, Department of Economics, Indiana University, USA On Abba Lerner Haim Ben-Shahar Abba Lerner ranks with the great economists of the twentieth century. His comprehensive contributions to modem economics in a variety of fields were so basic that they seem to have become a common economic knowledge which has lost the identification of their origin. It was Lerner who introduced the concept of 'functional finance', and who first raised the dilemma between high unemployment and price stability. It was Lerner who brought up the basic differentiation between demand inflation and administrative inflation and who introduced the idea that monopoly position is a relative concept that can be measured by the relative difference between price and marginal cost. It was Lerner who laid the foundations for the modem theory of capital, and in the field of international economics left us the first proof of the rules on complete equalisation of factor prices by free trade in products. And it was Lerner who first showed that import and export duties had exactly equal influence. Lerner was apparently also the first to look for the factors and conditions required for an optimum currency area. A detailed and comprehensive account of Lerner's
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