Report of the NOAA Panel on Contingent Valuation
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TECHNOLOGY and GROWTH: an OVERVIEW Jeffrey C
Y Proceedings GY Conference Series No. 40 Jeffrey C. Fuhrer Jane Sneddon Little Editors CONTENTS TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little KEYNOTE ADDRESS: THE NETWORKED BANK 33 Robert M. Howe TECHNOLOGY IN GROWTH THEORY Dale W. Jorgenson Discussion 78 Susanto Basu Gene M. Grossman UNCERTAINTY AND TECHNOLOGICAL CHANGE 91 Nathan Rosenberg Discussion 111 Joel Mokyr Luc L.G. Soete CROSS-COUNTRY VARIATIONS IN NATIONAL ECONOMIC GROWTH RATES," THE ROLE OF aTECHNOLOGYtr 127 J. Bradford De Long~ Discussion 151 Jeffrey A. Frankel Adam B. Jaffe ADDRESS: JOB ~NSECURITY AND TECHNOLOGY173 Alan Greenspan MICROECONOMIC POLICY AND TECHNOLOGICAL CHANGE 183 Edwin Mansfield Discnssion 201 Samuel S. Kortum Joshua Lerner TECHNOLOGY DIFFUSION IN U.S. MANUFACTURING: THE GEOGRAPHIC DIMENSION 215 Jane Sneddon Little and Robert K. Triest Discussion 260 John C. Haltiwanger George N. Hatsopoulos PANEL DISCUSSION 269 Trends in Productivity Growth 269 Martin Neil Baily Inherent Conflict in International Trade 279 Ralph E. Gomory Implications of Growth Theory for Macro-Policy: What Have We Learned? 286 Abel M. Mateus The Role of Macroeconomic Policy 298 Robert M. Solow About the Authors Conference Participants 309 TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little* During the 1990s, the Federal Reserve has pursued its twin goals of price stability and steady employment growth with considerable success. But despite--or perhaps because of--this success, concerns about the pace of economic and productivity growth have attracted renewed attention. Many observers ruefully note that the average pace of GDP growth has remained below rates achieved in the 1960s and that a period of rapid investment in computers and other capital equipment has had disappointingly little impact on the productivity numbers. -
Of Charles D. Ferguson, on Behalf Of
FEDERATION OF AMERICAN SCIENTISTS T: 202/546-3300 1725 DeSales Street, NW 6th Floor Washington, DC 20036 www.fas.org F: 202/675-1010 [email protected] PRM-70-9 DOCKETED Board of Sponsors (75FR80730) USNRC (PartialList) March 4, 2011 March 7, 2011 (10:30 am) •Pacr Agre * SidnheyAman * Philip W. Anderson *Kenneth J. Arrow To: Secretary, U.S. Nuclear Regulatory Commission OFFICE OF SECRETARY * David Baltimore RULEMAKINGS AND * Bamj Be.....ea Washington, DC 20555-0001 SPaulBerg ADJUDICATIONS STAFF * J. Michael Bishop AT-TN: Rulemakings and Adjudications Staff * Guther Blobel * Nicolaas Bloensbergen * Paul Boyce Ann Pitts Carter Subject: Comment on Docket ID NRC-2010-0372, "Petition for Rulemaking, * Stanley Cohen * Leon N. Cooper Francis Slakey on Behalf of the American Physical Society" * E. J. Corey 'James Cronin * Johann Deismehofer ArmDruyan *RenatoDulbeomo As Board Members of the Federation of American Scientists, an independent, Paul L Ehrlich George Field nonpartisan think tank, we strongly support the petition submitted by the Vat L. Fitch * JeromeI. Friedman American Physical Society that requests proliferation risk assessments become a * Riccardo Giacoani * Walter Gilbert required part of the NRC licensing process. * Alfed G. Gilman " Donald Glaser * Sheldon L. Glashow Marvin L. Goidhergr * Joseph L. Goldstein Emerging nuclear fuel technologies such as laser enrichment of uranium can pose Roger C. L. Gaillemin * L[land H. Hartwell significant proliferation risks due to difficulties in detecting facilities using these * Herbert A. Hauptman " Dudley RKHIaechach technologies. If such technologies are developed without a clear, objective, and * Roald Hoff-aan John P. Hoidren detailed assessment, they can dangerously undermine U.S. nuclear * -l Robert Horvitz * David H. -
Gary Becker's Early Work on Human Capital: Collaborations and Distinctiveness
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Teixeira, Pedro Article Gary Becker's early work on human capital: Collaborations and distinctiveness IZA Journal of Labor Economics Provided in Cooperation with: IZA – Institute of Labor Economics Suggested Citation: Teixeira, Pedro (2014) : Gary Becker's early work on human capital: Collaborations and distinctiveness, IZA Journal of Labor Economics, ISSN 2193-8997, Springer, Heidelberg, Vol. 3, pp. 1-20, http://dx.doi.org/10.1186/s40172-014-0012-2 This Version is available at: http://hdl.handle.net/10419/152338 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 -
Equilmrium and DYNAMICS David Gale, 1991 Equilibrium and Dynamics
EQUILmRIUM AND DYNAMICS David Gale, 1991 Equilibrium and Dynamics Essays in Honour of David Gale Edited by Mukul Majumdar H. T. Warshow and Robert Irving Warshow Professor ofEconomics Cornell University Palgrave Macmillan ISBN 978-1-349-11698-0 ISBN 978-1-349-11696-6 (eBook) DOI 10.1007/978-1-349-11696-6 © Mukul Majumdar 1992 Softcover reprint of the hardcover 1st edition 1992 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of America in 1992 ISBN 978-0-312-06810-3 Library of Congress Cataloging-in-Publication Data Equilibrium and dynamics: essays in honour of David Gale I edited by Mukul Majumdar. p. em. Includes bibliographical references (p. ). ISBN 978-0-312-06810-3 1. Equilibrium (Economics) 2. Statics and dynamics (Social sciences) I. Gale, David. II. Majumdar, Mukul, 1944- . HB145.E675 1992 339.5-dc20 91-25354 CIP Contents Preface vii Notes on the Contributors ix 1 Equilibrium in a Matching Market with General Preferences Ahmet Alkan 1 2 General Equilibrium with Infinitely Many Goods: The Case of Separable Utilities Aloisio Araujo and Paulo Klinger Monteiro 17 3 Regular Demand with Several, General Budget Constraints Yves Balasko and David Cass 29 4 Arbitrage Opportunities in Financial Markets are not Inconsistent with Competitive Equilibrium Lawrence M. Benveniste and Juan Ketterer 45 5 Fiscal and Monetary Policy in a General Equilibrium Model Truman Bewley 55 6 Equilibrium in Preemption Games with Complete Information Kenneth Hendricks and Charles Wilson 123 7 Allocation of Aggregate and Individual Risks through Financial Markets Michael J. -
Kenneth J. Arrow [Ideological Profiles of the Economics Laureates] Daniel B
Kenneth J. Arrow [Ideological Profiles of the Economics Laureates] Daniel B. Klein Econ Journal Watch 10(3), September 2013: 268-281 Abstract Kenneth J. Arrow is among the 71 individuals who were awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2012. This ideological profile is part of the project called “The Ideological Migration of the Economics Laureates,” which fills the September 2013 issue of Econ Journal Watch. Keywords Classical liberalism, economists, Nobel Prize in economics, ideology, ideological migration, intellectual biography. JEL classification A11, A13, B2, B3 Link to this document http://econjwatch.org/file_download/715/ArrowIPEL.pdf ECON JOURNAL WATCH Kenneth J. Arrow by Daniel B. Klein Ross Starr begins his article on Kenneth Arrow (1921–) in The New Palgrave Dictionary of Economics by saying that he “is a legendary figure, with an enormous range of contributions to 20th-century economics…. His impact is suggested by the number of major ideas that bear his name: Arrow’s Theorem, the Arrow- Debreu model, the Arrow-Pratt index of risk aversion, and Arrow securities” (Starr 2008). Besides the four areas alluded to in the quotation from Starr, Arrow has been a leader in the economics of information. In 1972, at the age of 51 (still the youngest ever), Arrow shared the Nobel Prize in economics with John Hicks for their contributions to general economic equilibrium theory and welfare theory. But if the Nobel economics prize were given for specific accomplishments, and an individual could win repeatedly, Arrow would surely have several. It has been shown that Arrow is the economics laureate who has been most cited within the Nobel award lectures of the economics laureates (Skarbek 2009). -
The Death of Welfare Economics: History of a Controversy
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Igersheim, Herrade Working Paper The death of welfare economics: History of a controversy CHOPE Working Paper, No. 2017-03 Provided in Cooperation with: Center for the History of Political Economy at Duke University Suggested Citation: Igersheim, Herrade (2017) : The death of welfare economics: History of a controversy, CHOPE Working Paper, No. 2017-03, Duke University, Center for the History of Political Economy (CHOPE), Durham, NC This Version is available at: http://hdl.handle.net/10419/155466 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 The death of welfare economics: History of a controversy by Herrade Igersheim CHOPE Working Paper No. 2017-03 January 2017 Electronic copy available at: https://ssrn.com/abstract=2901574 The death of welfare economics: history of a controversy Herrade Igersheim December 15, 2016 Abstract. -
Chapter 11 Eric S. Maskin
Chapter 11 Eric S. Maskin BIOGRAPHY ERIC S. MASKIN, USA ECONOMICS, 2007 When seeking a solution to a problem it is possible, particularly in a non-specific field such as economics, to come up with several plausible answers. One may stand out as the most likely candi- date, but it may also be worth pursuing other options – indeed, this is a central strand of John Nash’s game theory, romantically illustrated in the film A Beautiful Mind. R. M. Solow et al. (eds.), Economics for the Curious © Foundation Lindau Nobelprizewinners Meeting at Lake Constance 2014 160 ERIC S. MASKIN Eric Maskin, along with Leonid Hurwicz and Roger Myerson, was awarded the 2007 Nobel Prize in Economics for their related work on mechanism design theory, a mathematical system for analyzing the best way to align incentives between parties. This not only helps when designing contracts between individuals but also when planning effective government regulation. Maskin’s contribution was the development of implementa- tion theory for achieving particular social or economic goals by encouraging conditions under which all equilibria are opti- mal. Maskin came up with his theory early in his career, after his PhD advisor, Nobel Laureate Kenneth Arrow, introduced him to Leonid Hurwicz. Maskin explains: ‘I got caught up in a problem inspired by the work of Leo Hurwicz: under what cir- cumstance is it possible to design a mechanism (that is, a pro- cedure or game) that implements a given social goal, or social choice rule? I finally realized that monotonicity (now sometimes called ‘Maskin monotonicity’) was the key: if a social choice rule doesn't satisfy monotonicity, then it is not implementable; and if it does satisfy this property it is implementable provided no veto power, a weak requirement, also holds. -
Putting Innovation Incentives Back in the Patent-Antitrust Interface, 11 Nw
Northwestern Journal of Technology and Intellectual Property Volume 11 | Issue 5 Article 5 2013 Putting Innovation Incentives Back in the Patent- Antitrust Interface Thomas Cheng University of Hong Kong Recommended Citation Thomas Cheng, Putting Innovation Incentives Back in the Patent-Antitrust Interface, 11 Nw. J. Tech. & Intell. Prop. 385 (2013). https://scholarlycommons.law.northwestern.edu/njtip/vol11/iss5/5 This Article is brought to you for free and open access by Northwestern Pritzker School of Law Scholarly Commons. It has been accepted for inclusion in Northwestern Journal of Technology and Intellectual Property by an authorized editor of Northwestern Pritzker School of Law Scholarly Commons. NORTHWESTERN J O U R N A L OF TECHNOLOGY AND INTELLECTUAL PROPERTY Putting Innovation Incentives Back in the Patent-Antitrust Interface Thomas Cheng April 2013 VOL. 11, NO. 5 © 2013 by Northwestern University School of Law Northwestern Journal of Technology and Intellectual Property Copyright 2013 by Northwestern University School of Law Volume 11, Number 5 (April 2013) Northwestern Journal of Technology and Intellectual Property Putting Innovation Incentives Back in the Patent-Antitrust Interface By Thomas Cheng* This Article proposes a new approach, the constrained maximization approach, to the patent-antitrust interface. It advocates a return to the utilitarian premise of the patent system, which posits that innovation incentives are preserved so long as the costs of innovation are recovered. While this premise is widely accepted, it is seldom applied by the courts in patent-antitrust cases. The result is that courts and commentators have been overly deferential to dynamic efficiency arguments in defense of patent exploitation practices, and have failed to scrutinize the extent to which patentee reward is genuinely essential to generating innovation incentives. -
Macroeconomic Dynamics at the Cowles Commission from the 1930S to the 1950S
Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale Cowles Foundation Discussion Papers Cowles Foundation 9-1-2019 Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s Robert W. Dimand Follow this and additional works at: https://elischolar.library.yale.edu/cowles-discussion-paper-series Part of the Economics Commons Recommended Citation Dimand, Robert W., "Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s" (2019). Cowles Foundation Discussion Papers. 56. https://elischolar.library.yale.edu/cowles-discussion-paper-series/56 This Discussion Paper is brought to you for free and open access by the Cowles Foundation at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in Cowles Foundation Discussion Papers by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact [email protected]. MACROECONOMIC DYNAMICS AT THE COWLES COMMISSION FROM THE 1930S TO THE 1950S By Robert W. Dimand May 2019 COWLES FOUNDATION DISCUSSION PAPER NO. 2195 COWLES FOUNDATION FOR RESEARCH IN ECONOMICS YALE UNIVERSITY Box 208281 New Haven, Connecticut 06520-8281 http://cowles.yale.edu/ Macroeconomic Dynamics at the Cowles Commission from the 1930s to the 1950s Robert W. Dimand Department of Economics Brock University 1812 Sir Isaac Brock Way St. Catharines, Ontario L2S 3A1 Canada Telephone: 1-905-688-5550 x. 3125 Fax: 1-905-688-6388 E-mail: [email protected] Keywords: macroeconomic dynamics, Cowles Commission, business cycles, Lawrence R. Klein, Tjalling C. Koopmans Abstract: This paper explores the development of dynamic modelling of macroeconomic fluctuations at the Cowles Commission from Roos, Dynamic Economics (Cowles Monograph No. -
MIT Briefing Book 2007
MIT Briefing Book Massachusetts Institute 2007 of Technology MIT Briefing Book © Massachusetts Institute of Technology, January, 2007 Researched and written by a variety of MIT faculty and staff, in particular members of the Provost’s Office/ Institutional Research, Office of the President, Office of Sponsored Research, and Student Financial Services; and the MIT Washington Office. Special thanks to Carla Lane who researched and prepared many of the research summaries. Executive Editors: Claude Canizares, Vice President for Research ([email protected]); William B. Bonvillian, Director, MIT Washington Office ([email protected]) Editors: David Lewis ([email protected]) and Lydia Snover ([email protected]) to whom all questions of content should be directed. ii 2007 MIT Briefing Book • More information: MIT Washington Office, 202-789-1828 Contents Students 1-3 1 Alumni and Alumnae 1-3 Faculty, Staff and Trustees 1-4 MIT Facts and History Fields of Study 1-5 Major Research Laboratories, Centers and Programs 1-6 Academic and Research Affiliations 1-7 Advances in Education 1-10 MIT Research Firsts 1-12 2 Campus Research 2-2 Campus Research Sponsors 2-3 Federal Research Support Department of Defense 2-4 Department of Health and Human Services 2-6 Department of Energy 2-8 National Science Foundation 2-10 NASA 2-12 Other Federal Agencies 2-14 MIT Lincoln Laboratory at Hanscom Air Force Base 2-16 3 Trends in Federal Research Funding 3-2 Improving National Competiveness and Innovation 3-4 Managing Export Controls 3-7 Current Federal Issues Welcoming International -
Genetic Diversity and Interdependent Crop Choices in Agriculture
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Geoffrey Heal, Brian Walker, Simon Levin, Kenneth Arrow, Partha Dasgupta, Gretchen Daily, Paul Ehrlich, Karl-Goran Maler, Nils Kautsky, Jane Lubchenco, Steve Schneider and David Starrett Working Paper Genetic diversity and interdependent crop choices in agriculture Nota di Lavoro, No. 100.2002 Provided in Cooperation with: Fondazione Eni Enrico Mattei (FEEM) Suggested Citation: Geoffrey Heal, Brian Walker, Simon Levin, Kenneth Arrow, Partha Dasgupta, Gretchen Daily, Paul Ehrlich, Karl-Goran Maler, Nils Kautsky, Jane Lubchenco, Steve Schneider and David Starrett (2002) : Genetic diversity and interdependent crop choices in agriculture, Nota di Lavoro, No. 100.2002, Fondazione Eni Enrico Mattei (FEEM), Milano This Version is available at: http://hdl.handle.net/10419/119708 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. -
The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory”
Munich Personal RePEc Archive The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory” Amavilah, Voxi Heinrich REEPS, REEPS GCC 17 September 2011 Online at https://mpra.ub.uni-muenchen.de/33483/ MPRA Paper No. 33483, posted 18 Sep 2011 12:27 UTC (((((REEPS))))) Resource & Engineering Economics Publications Services The Knowledge Peddlers ______________________________________________________________________________ The Full Value of the Nobel Prize - Part 1: Mining “Data Without Theory” Voxi Heinrich Amavilah REEPS PO Box 38061 Phoenix, AZ 85069-8061 USA +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Abstract: This paper comes in two parts, this being the first. Part 1 is not a research paper in the sense of the Scientific Method; it is rather unsophisticated data mining - a cheap data mining exercise for that matter, because it does not follow any received economic, or other, theory. In the sense of Ed E. Leamer, it is “data without theory,” and data without theory does not speak for itself, despite the common cliché of “letting the data speak for itself.” The objective here is to adjust the money value of the Nobel Prize to include the values of the Nobel Prize medal and diploma. It is an arithmetic exercise that reveals that Alfred Nobel’s monetary contribution to humanity is huge. More importantly, the calculations generate data that make it possible to focus on the economic implications of Nobel’s bequest for human capital accumulation, technological progress, and long-run economic growth, which are subjects of a separate effort in Part 2. In this “paper” I indicate some basic relationships among and between key variables in Section 4, and remark in the last section that the Nobel Prize is a massive contribution, even without taking into account the time value of money.