Discussion Papers in Economics
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Paul H. Douglas Interviewer: John Newhouse Date of Interview: June 6, 1964 Place of Interview: Washington, D.C
Paul H. Douglas, Oral History Interview – 6/6/1964 Administrative Information Creator: Paul H. Douglas Interviewer: John Newhouse Date of Interview: June 6, 1964 Place of Interview: Washington, D.C. Length: 33 pages, 2 addenda Biographical Note Douglas, a U.S. Senator from Illinois from 1949 to 1967, discusses his memories of John F. Kennedy as a Senator and as President, including his work on labor and civil rights legislation, among other issues. Access Open. Usage Restrictions According to the letter of agreement signed February 2, 1972, copyright of these materials has been assigned to the United States Government. Users of these materials are advised to determine the copyright status of any document from which they wish to publish. Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of “fair use,” that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law. The copyright law extends its protection to unpublished works from the moment of creation in a tangible form. -
Decentralization, Deregulation and Economic Transition in China
Decentralization, Deregulation and Economic Transition in China Justin Yifu Lin China Center for Economic Research, Peking University Ran Tao China Center of Agriculture Policy, China Academy of Sciences Mingxing Liu China Center for Economic Research, Peking University 1 Decentralization, Deregulation and Economic Transition in China Abstract In this paper, based on an account of recent economic history of in China, we explore the institutional background and inter-government relationship both in the pre-reform and post- reform period. We demonstrate the centralization-decentralization cycle in the traditional planned system is an inevitable outcome of the regulatory structure endogenous to the overtaking development strategy inconsistent with China’s endowment structure. We also argue that the marketization reform since late 1970s can be viewed as a process of deregulation, and the decentralization at that time is only a means of deregulation. We make a critical review of the “Chinese style fiscal federalism” by arguing that the evolution of fiscal arrangements after the marketization reform is, to a large extent, endogenous to China’s transitional path and de-regulation sequencing. We propose a framework to explain China’s growth in transition and point out that rule-based decentralization in China is yet to be achieved. We argue that the administrative/fiscal decentralization may not promote economic development of China without further reducing government intervention. The existing problems in the current inter-government fiscal arrangement are analyzed from the perspective of development strategy and government regulation. 2 I. Introduction China’s economic transition has been remarkable in the past two decades. In the two decades, China has transformed itself from a centrally planned economy to an emerging market economy and at the same time has achieved a more than 9 percent average growth rate. -
National Academy of Arbitrators HISTORY COMMITTEE INTERVIEW Arthur Stark NAA President, 1977 Interviewed by Dennis Nolan May
National Academy of Arbitrators HISTORY COMMITTEE INTERVIEW Arthur Stark NAA President, 1977 Interviewed by Dennis Nolan May 29,1980 1 ARTHUR STARK PRESIDENT OF THE NATIONAL ACADEMY OF ARBITRATORS 1977 TO 1978 INTERVIEWED BY DENNIS NOLAN AT THE CHICAGO HILTON AND TOWERS, CHICAGO, ILLINIOS MAY, 29, 1989 Dennis Nolan: This is Monday, May 29, in Chicago, Illinois, on the first day of the Annual Meeting of The National Academy of Arbitrators. I am Dennis Nolan and I am interviewing today Arthur Stark, who was president of The National Academy in 1977. Arthur, perhaps you could start us off with some information on your background. Could you tell me, first of all, where you were born, raised, educated. Arthur Stark: Well, I was born three score and ten years ago in New York City. I was raised in Manhattan, on the upper west side. I went to elementary and high school at something called the Ethical Cultures School in New York. We lived across the street from Columbia University on Broadway and 115th Street and I played on the Columbia tennis couirts. I went, are you interested 2 in college, at this point? Yes, you might as well, go on. Since Columbia was so close, I decided to go to College at the University of Chicago. The reason, principley, was that I was interested in labor relations even at that tender age. Looking around the country, there were two Universities that appealed to somebody like me. One was the University of Wisconsin, one was the University of Chicago and I chose Chicago. -
Catherine Mann CV
CATHERINE L. MANN March 2021 References for the Bank of England ● Kristin J. Forbes, Lemelson Professor of Management and Global Economics, MIT Sloan School of Management; former External Member, MPC. ● Peter Praet, Former Executive Board Member and Chief Economist, European Central Bank. EDUCATION Massachusetts Institute of Technology, PhD Economics (1984). Dissertation title: "Trade and Finance Relations Between the Developed and the Developing Countries." Thesis committee: Rudiger Dornbusch and Paul Krugman. Harvard University, BA Economics, Magna cum Laude (1977). Thesis title: "Internationalizing the Yen: Toward a New World Currency?" ACADEMIC, POLICY, PRIVATE SECTOR EXPERIENCE Citibank. (2/2018-6/2021) Managing Director and Global Chief Economist. Responsible for thought leadership, research guidance of global team of economists, monthly global projections, extensive client meetings, cross-fertilization of research across macroeconomics, fixed-income, credit, and equities to integrate economic research into the core mission of the institution. Mentoring of younger economists. Internal CEO, CFO, risk briefings. Extensive external conferences, communication, and media outreach. Organization for Economic Cooperation and Development (OECD). (10/2014-11/2017) Chief Economist and Head of Economics Department, G20 Finance Deputy. Thought leadership for the institution, integrating across departments, and communicating findings so as to achieve the organization’s goal of ‘Better Policies for Better Lives”. Responsible for quarterly global projections and commentary, research guidance and management of 175 staff economists with a budget of 20 million euro. Extensive work with the G7 and G20. Brandeis University (5/2006-9/2014). Barbara ’54 and Richard M. Rosenberg Professor of Global Finance and Director of the Rosenberg Institute of Global Finance. (2010-2014) Dissertation advisor for 5 PhDs. -
The Institutionalist Reaction to Keynesian Economics
Journal of the History of Economic Thought, Volume 30, Number 1, March 2008 THE INSTITUTIONALIST REACTION TO KEYNESIAN ECONOMICS BY MALCOLM RUTHERFORD AND C. TYLER DESROCHES I. INTRODUCTION It is a common argument that one of the factors contributing to the decline of institutionalism as a movement within American economics was the arrival of Keynesian ideas and policies. In the past, this was frequently presented as a matter of Keynesian economics being ‘‘welcomed with open arms by a younger generation of American economists desperate to understand the Great Depression, an event which inherited wisdom was utterly unable to explain, and for which it was equally unable to prescribe a cure’’ (Laidler 1999, p. 211).1 As work by William Barber (1985) and David Laidler (1999) has made clear, there is something very wrong with this story. In the 1920s there was, as Laidler puts it, ‘‘a vigorous, diverse, and dis- tinctly American literature dealing with monetary economics and the business cycle,’’ a literature that had a central concern with the operation of the monetary system, gave great attention to the accelerator relationship, and contained ‘‘widespread faith in the stabilizing powers of counter-cyclical public-works expenditures’’ (Laidler 1999, pp. 211-12). Contributions by institutionalists such as Wesley C. Mitchell, J. M. Clark, and others were an important part of this literature. The experience of the Great Depression led some institutionalists to place a greater emphasis on expenditure policies. As early as 1933, Mordecai Ezekiel was estimating that about twelve million people out of the forty million previously employed in the University of Victoria and Erasmus University. -
Department of Economics Annual Report Calendar Year 2005
Department of Economics Annual Report Calendar Year 2005 PART I – EXECUTIVE SUMMARY Department Chair's Summary This year the Department of Economics continued on the steady progress path in research, scholarship, teaching, and outreach set during the last five years. This progress has been severely hampered, however, by the diminished faculty resources at this point available to us for use in meeting our extensive teaching commitments. Research/scholarship. In terms of scholarly publications this has been a very good year both in published and forthcoming papers. This year’s scholarly publications bring out both the core component as well as the interdisciplinary dimension of our research. The visibility of the department has been enhanced with some key publications in both key prestigious journals and highly visible Handbooks, as well as faculty involvement in journal editing. There was also significant success in attracting new grant money, with Deborah Mayo and Catherine Eckel receiving National Science Foundation Awards. James M. Buchanan (University Distinguished Emeritus Professor) has helped greatly to enhance the visibility and scholarship of the department. He financed the 2005 Buchanan Colloquium, entitled: “If Men Were Angels - The Role of Counterfactual Motivational Assumptions in Social Analysis,” which was attended by fourteen distinguished academics from the USA and Europe, including five Econ. faculty members. In addition, three members of the department (D. G. Mayo, A. Spanos and S. Ball) organized a Workshop on the Philosophy and Methodology of Experimental Economics, with participation from leading experimental economics and eminent philosophers of science, including Vernon Smith (Nobel Prize in Economics 2002). Graduate and Undergraduate Education. -
Adam Smith, James Buchanan, and Classical Liberalism: an Interview with James M
•y Notes and Communications•z Adam Smith, James Buchanan, and Classical Liberalism: An Interview with James M. Buchanan* James M. Buchanan Masazumi Wakatabe Yong J. Yoon is the authors' interpretation and extension of Introduction the Smithian proposition that the division of The idea of interviewing James Bu- labor is limited by the extent of the market. chanan, 1986 Nobel laureate in economic But Buchanan's involvement with Adam science, began with a casual conversation Smith does not stop at economics. Having between the two of us, Yong J. Yoon and developed a deep admiration for the tenets of Masazumi Wakatabe. Yoon, whose field is the classical liberal tradition, Buchanan economic theory, has been a close collabora- became its foremost torchbearer in the post- tor of James Buchanan, and together they World War II era. His major contributions to have produced a book and several papers, economics, public choice theory and constitu- including their coedited volume, The Return tional political economy, are regarded as to Increasing Returns (Ann Arbor, MI : Uni- representing the rehabilitation of that tradi- versity of Michigan Press, 1994). Wakatabe tion. is a historian of economic thought. The con- As that conversation drew to a close, versation took place while Wakatabe, during both Wakatabe and Yoon were sharply con- a sabbatical year, was a visiting scholar at scious of the many questions that remained the James Buchanan Center for Political regarding how the philosophy, politics, and Economy at George Mason University, where economics of Adam Smith and the classical Yoon is a senior research scholar at the liberal thinkers merge into Buchanan's Center for Study for Public Choice at George thought. -
Econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Yang, Xiaokai Working Paper Development, Structural Changes, and Urbanization Center Discussion Paper, No. 575 Provided in Cooperation with: Economic Growth Center (EGC), Yale University Suggested Citation: Yang, Xiaokai (1988) : Development, Structural Changes, and Urbanization, Center Discussion Paper, No. 575, Yale University, Economic Growth Center, New Haven, CT This Version is available at: http://hdl.handle.net/10419/160497 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 Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu ECONOMIC GROWTH CENTER YALE UNIVERSITY Box 1987, Yale Station New Haven, Connecticut 06520 CENTER DISCUSSION PAPER NO. 575 DEVELOPMENT, STRUCTURAL CHANGES, AND URBANIZATION Xiaokai Yang Monash University May 1988 Notes: Center Discussion Papers are preliminary materials circulated to stimulate discussion and critical comments. -
Paul Douglas, of the Cobb-Douglas Production/Utility Function
Paul Douglas, of the Cobb‐Douglas Production/Utility Function The Cobb‐Douglas production function was developed in the 1920s by Charles Cobb (a mathematician at Amherst College) and Paul Douglas (an economics professor at the University of Chicago). Douglas led an interesting life: an economics professor, then a war hero in World War II (enlisting as a private at the age of 50!), then 18 years as a US Senator from Illinois. You can read about him at http://en.wikipedia.org/wiki/Paul_Douglas Note especially the section on military service. The book "With the Old Breed," written by WW II enlisted man E.B. Sledge, has been called "one of the most important accounts of war that I have ever read" by one historian, and "one of the finest memoirs to emerge from any war" by another. The book is about the horrific, bloody battles for the Pacific islands of Peleliu and Okinawa. Substantial parts of Ken Burns’s series The War were based on Sledge’s book. Here's an excerpt about Paul Douglas from Sledge’s book: We hadn't noticed him before he spoke. He wore green dungarees, leggings, and a cloth‐covered helmet like ourselves and carried a .45 caliber automatic pistol like any mortar gunner, machine gunner, or one of our officers. Of course, he wore no rank insignia, being in combat. What astonished us was that he looked to be more than fifty years old and wore glasses ‐‐ a rarity (for example, only two men in Company K wore them). When he took off his helmet to mop his brow, we saw his gray hair. -
– Anything Goes
Rybczynski’s Theorem in the Heckscher-Ohlin World ∗ – Anything Goes Marcus M. Opp a, Hugo F. Sonnenschein b, and Christis G. Tombazos c a Graduate School of Business, b Corresponding Author: c Department of Economics, University of Chicago, Department of Economics, Monash University 5807 South Woodlawn Avenue, University of Chicago, Clayton, Victoria, 3800, Australia Chicago, IL 60637 1126 E. 59th Street, Chicago, IL christis.tombazos@ [email protected] 60637 buseco.monash.edu.au Phone: (773) 752-4681 [email protected] Phone: (613) 9905-5166 Fax: (773) 752-4681 Phone: (773) 834-5960 Fax: (613) 9905-5476 Fax: (773) 702-8490 Abstract: We demonstrate that Rybczynski’s classic comparative statics can be reversed in a Heckscher-Ohlin world when preferences in each country favor the exported commodity. This taste bias has empirical support. An increase in the endowment of a factor of production can lead to an absolute curtailment in the production of the commodity using that factor intensively, and an absolute expansion of the commodity using relatively little of the same factor. This outcome – which we call “Reverse Rybczynski” – implies immiserizing factor growth. We present a simple analytical example that delivers this result with unique pre- and post-growth equilibria. In this example, production occurs within the cone of diversification, such that factor price equalization holds. We also provide general conditions that determine the sign of Rybczynski’s comparative statics. Keywords: Rybczynski Theorem; Heckscher-Ohlin; Factor Endowments; Immiserizing Growth; Transfer Paradox JEL classification: F11; D51; D33 ∗ A previous version of this paper was presented in Melbourne as the first Xiaokai Yang Memorial Lecture. -
Combatting Corruption in the “Era of Xi Jinping”: a Law and Economics Perspective
Hastings International and Comparative Law Review Volume 43 Number 2 Summer 2020 Article 3 Summer 2020 Combatting Corruption in the “Era of Xi Jinping”: A Law and Economics Perspective Miron Mushkat Roda Mushkat Follow this and additional works at: https://repository.uchastings.edu/ hastings_international_comparative_law_review Part of the Comparative and Foreign Law Commons, and the International Law Commons Recommended Citation Miron Mushkat and Roda Mushkat, Combatting Corruption in the “Era of Xi Jinping”: A Law and Economics Perspective, 43 HASTINGS INT'L & COMP. L. Rev. 137 (2020). Available at: https://repository.uchastings.edu/hastings_international_comparative_law_review/vol43/ iss2/3 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings International and Comparative Law Review by an authorized editor of UC Hastings Scholarship Repository. For more information, please contact [email protected]. 2 - Mushkat_HICLR_V43-2 (Do Not Delette) 5/1/2020 4:08 PM Combatting Corruption in the “Era of Xi Jinping”: A Law and Economics Perspective MIRON MUSHKAT AND RODA MUSHKAT Abstract Pervasive graft, widely observed throughout Chinese history but deprived of proper outlets and suppressed in the years following the Communist Revolution, resurfaced on massive scale when partial marketization of the economy was embraced in 1978 and beyond. The authorities had endeavored to alleviate the problem, but in an uneven and less than determined fashion. The battle against corruption has greatly intensified after Xi Jinping ascended to power in 2012. The multiyear antigraft campaign that has unfolded has been carried out in an ironfisted and relentless fashion. -
Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence
Working Paper No. 747 Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence by Thorvald Grung Moe* Levy Economics Institute of Bard College January 2013 * Thorvald Grung Moe is a senior adviser at Norges Bank, the central bank of Norway, and a research associate at the Levy Economics Institute. The views expressed in this paper are those of the author and do not necessarily represent the position of Norges Bank. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2013 All rights reserved ISSN 1547-366X ABSTRACT The 1951 Treasury – Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury’s debt-management powers, and established an independent central bank focused on price stability and macroeconomic stability. This paper revisits the history of the Accord and elaborates on the role played by Marriner Eccles in the events that led up to its signing. As chairman of the Fed Board of Governors since 1934, Eccles was also instrumental in drafting key banking legislation that enabled the Federal Reserve System to take on a more independent role after the Accord.