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9 Some Implications of Capital Heterogeneity Benjamin Powell*
Macintosh HD:Users:Raydens:Public:RAYDENS IMAC JOBS:12345- EE - BOETTKE (EE1):BOETTKE TEXT (M2294) Macintosh HD:Users:Raydens:Public:RAYDENS IMAC JOBS:12345- EE - BOETTKE (EE1):BOETTKE TEXT (M2294) 9 Some implications of capital heterogeneity Benjamin Powell* 9.1 Introduction A tractor is not a hammer. Both are capital goods but they usually serve different purposes. Yet both can be used to accomplish more than one goal. A tractor can be used to plow a field, pull a trailer, or any number of other tasks. A hammer could be used by a carpenter to build a house or by an automobile mechanic to fix a car. The fact that a tractor and hammer serve different purposes but yet each is capable of serving more than one single purpose should seem obvious. Yet the consistent applica- tion of this observation to economic theory is one of the unique aspects of the Austrian school and it has led the Austrian school to come to unique conclusions in areas ranging from socialist calculation, to business cycles and to economic development among others. Capital goods are those goods that are valued because of their ability to produce other goods that are the ultimate object for consumption. Because these capital goods are heterogeneous and yet have multi- specific uses we must coordinate economic activity to best align the structure of capital goods to most efficiently produce consumer goods without leaving any higher valued consumption wants left unsatisfied. The coordina- tion of consumption plans with the billions of ways the capital structure could be combined to satisfy those consumption plans is one of the major tasks any economy must accomplish. -
Transfers in Cash and in Kind: Theory Meets the Data
NBER WORKING PAPER SERIES TRANSFERS IN CASH AND IN KIND: THEORY MEETS THE DATA Janet Currie Firouz Gahvari Working Paper 13557 http://www.nber.org/papers/w13557 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2007 We would like to thank Roger Gordon and three anonymous referees for helpful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Janet Currie and Firouz Gahvari. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Transfers in Cash and In Kind: Theory Meets the Data Janet Currie and Firouz Gahvari NBER Working Paper No. 13557 October 2007, Revised November 2007 JEL No. H4,H5 ABSTRACT We review theoretical explanations for in-kind transfers in light of the limited empirical evidence. After reviewing the traditional paternalistic arguments, we consider explanations based on imperfect information and self-targeting. We then discuss the large literature on in-kind programs as a way of improving the efficiency of the tax system and a range of other possible explanations including the "Samaritan's Dilemma", pecuniary effects, credit constraints, asymmetric information amongst agents, and political economy considerations. Our reading of the evidence suggests that paternalism and interdependent preferences are leading overall explanations for the existence of in-kind transfer programs, but that some of the other arguments may apply to specific cases. Political economy considerations must also be part of the story. -
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. -
Calendar No. 192
Calendar No. 192 111TH CONGRESS REPORT " ! 1st Session SENATE 111–93 THE TRIBAL LAW AND ORDER ACT OF 2009 OCTOBER 29, 2009.—Ordered to be printed Mr. DORGAN, from the Committee on Indian Affairs, submitted the following R E P O R T [To accompany S. 797] [Including cost estimate of the Congressional Budget Office] The Committee on Indian Affairs, to which was referred the bill (S. 797), to amend the Indian Law Enforcement Reform Act, the In- dian Tribal Justice Act, the Indian Tribal Justice Technical and Legal Assistance Act of 2000, and the Omnibus Crime Control and Safe Streets Act of 1968 to improve the prosecution of, and re- sponse to, crimes in Indian country, and for other purposes, having considered the same, reports favorably thereon with an amendment in the nature of a substitute and recommends that the bill (as amended) do pass. I. PURPOSE The criminal justice system on Indian lands consists of a complex and often overlapping matrix of federal, tribal, and in certain cir- cumstances, state jurisdiction. The complexity of this system has contributed to a crisis of violent crime on many Indian reserva- tions 1 that has persisted for decades. Federal reports have consist- ently found that the divided system of justice in place on Indian reservations lacks coordination, accountability, and adequate and consistent funding. These shortfalls, the reports find, serve to fos- 1 The terms ‘‘Indian reservations’’, ‘‘Indian country’’, ‘‘Indian communities’’, and ‘‘tribal commu- nities’’ are used interchangeably throughout this Report to refer to the lands on which federally recognized Indian tribes reside. -
2015 Year in Review
Ar#st Album Record Label !!! As If Warp 11th Dream Day Beet Atlan5c The 4onthefloor All In Self-Released 7 Seconds New Wind BYO A Place To Bury StranGers Transfixia5on Dead Oceans A.F.I. A Fire Inside EP Adeline A.F.I. A.F.I. Nitro A.F.I. Sing The Sorrow Dreamworks The Acid Liminal Infec5ous Music ACTN My Flesh is Weakness/So God Damn Cold Self-Released Tarmac Adam In Place Onesize Records Ryan Adams 1989 Pax AM Adler & Hearne Second Nature SprinG Hollow Aesop Rock & Homeboy Sandman Lice Stones Throw AL 35510 Presence In Absence BC Alabama Shakes Sound & Colour ATO Alberta Cross Alberta Cross Dine Alone Alex G Beach Music Domino Recording Jim Alfredson's Dirty FinGers A Tribute to Big John Pa^on Big O Algiers Algiers Matador Alison Wonderland Run Astralwerks All Them Witches DyinG Surfer Meets His Maker New West All We Are Self Titled Domino Jackie Allen My Favorite Color Hans Strum Music AM & Shawn Lee Celes5al Electric ESL Music The AmazinG Picture You Par5san American Scarecrows Yesteryear Self Released American Wrestlers American Wrestlers Fat Possum Ancient River Keeper of the Dawn Self-Released Edward David Anderson The Loxley Sessions The Roayl Potato Family Animal Hours Do Over Self-Released Animal Magne5sm Black River Rainbow Self Released Aphex Twin Computer Controlled Acous5c Instruments Part 2 Warp The Aquadolls Stoked On You BurGer Aqueduct Wild KniGhts Wichita RecordinGs Aquilo CallinG Me B3SCI Arca Mutant Mute Architecture In Helsinki Now And 4EVA Casual Workout The Arcs Yours, Dreamily Nonesuch Arise Roots Love & War Self-Released Astrobeard S/T Self-Relesed Atlas Genius Inanimate Objects Warner Bros. -
Market Failure Guide
Market failure guide A guide to categorising market failures for government policy development and evaluation industry.nsw.gov.au Published by NSW Department of Industry PUB17/509 Market failure guide—A guide to categorising market failures for government policy development and evaluation An external academic review of this guide was undertaken by prominent economists in November 2016 This guide is consistent with ‘NSW Treasury (2017) NSW Government Guide to Cost-Benefit Analysis, TPP 17-03, Policy and Guidelines Paper’ First published December 2017 More information Program Evaluation Unit [email protected] www.industry.nsw.gov.au © State of New South Wales through Department of Industry, 2017. This publication is copyright. You may download, display, print and reproduce this material provided that the wording is reproduced exactly, the source is acknowledged, and the copyright, update address and disclaimer notice are retained. To copy, adapt, publish, distribute or commercialise any of this publication you will need to seek permission from the Department of Industry. Disclaimer: The information contained in this publication is based on knowledge and understanding at the time of writing July 2017. However, because of advances in knowledge, users are reminded of the need to ensure that the information upon which they rely is up to date and to check the currency of the information with the appropriate officer of the Department of Industry or the user’s independent advisor. Market failure guide Contents Executive summary -
Delays in Public Goods
ISSN 1178-2293 (Online) University of Otago Economics Discussion Papers No. 1702 FEBRUARY 2017 Delays in Public Goods • Santanu Chatterjee, University of Georgia • Olaf Posch, Universität Hamburg and CREATES • Dennis Wesselbaum, University of Otago Address for correspondence: Dennis Wesselbaum Department of Economics University of Otago PO Box 56 Dunedin NEW ZEALAND Email: [email protected] Telephone: 64 3 479 8643 Delays in Public Goods∗ Santanu Chatterjee† Olaf Posch‡ Dennis Wesselbaum§ University of Georgia Universität Hamburg University of Otago and CREATES January 31, 2017 Abstract In this paper, we analyze the consequences of delays and cost overruns typically associated with the provision of public infrastructure in the context of a growing econ- omy. Our results indicate that uncertainty about the arrival of public capital can more than offset its positive spillovers for private-sector productivity. In a decentralized economy, unanticipated delays in the provision of public capital generate too much consumption and too little private investment relative to the first-best optimum. The characterization of the first-best optimum is also affected: facing delays in the arrival of public goods, a social planner allocates more resources to private investment and less to consumption relative to the first-best outcome in the canonical model (without delays). The presence of delays also lowers equilibrium growth, and leads to a diverging growth path relative to that implied by the canonical model. This suggests that delays in public capital provision may be a potential determinant of cross-country differences in income and economic growth. Keywords: Public goods, delays, time overrun, cost overrun, implementation lags, fiscal policy, economic growth. -
Capital Goods Imports and Long-Run Growth
NBER WORKING PAPER SERIES CAPITAL GOODS IMPORTS AND LONG-RUN GROWFH Jong-Wha Lee Working Paper No. 4725 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachuseus Avenue Cambridge, MA 02138 April 1994 The author is grateful to Robert Barro, Susan Collins and Elhanan Helpman for their helpful comments on earlier drafts of this paper. This paper is part of NBER's research programs in Growth and International Trade and Investment. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research. NBER Working Paper #4725 April1994 CAPITAL GOODS IMPORTS ANDLONG-RUN GROWIH ABSTRACT This paper presents an endogenous growth model of an open economy in which the growth rate of income is higher if foreign capital goods are used relatively more than domestic capital goods for the production of capital stock. Empirical results, using cross country data for the period 1960-85, confirm that the ratio of imported to domestically produced capital goods in the composition of investment has a significant positive effect on per capita income growth rates across countries, in particular, in developing countries. Hence, the composition of investment in addition to the volume of total capital accumulation is highlighted as an important detenninant of economic growth. Jong-Wha Lee Department of Economics Korea University Anam-Dong, Sungbuk-Ku Seoul 136-701 KOREA and NBER I. Introduction The links between international trade and economicgrowth haveinterested economists for a longtime. Caninternational trade increase the growth -
TAP Into Learning, Fall-Winter 2000. INSTITUTION Stanford Univ., CA
DOCUMENT RESUME ED 456 797 IR 020 546 AUTHOR Burns, Mary; Dimock, Vicki; Martinez, Danny TITLE TAP into Learning, Fall-Winter 2000. INSTITUTION Stanford Univ., CA. ERIC Clearinghouse on Educational Media and Technology. SPONS AGENCY Office of Educational Research and Improvement (ED), Washington, DC. PUB DATE 2000-00-00 NOTE 26p.; Winter 2000 is the final issue of "TAP into Learning CONTRACT RJ9600681 AVAILABLE FROM For full text: http://www.sedl.org/tap/newsletters/. PUB TYPE Collected Works Serials (022) JOURNAL CIT TAP into Learning; v2 n3, v3 n1-2 Fall-Win 2000 EDRS PRICE MF01/PCO2 Plus Postage. DESCRIPTORS Computer Assisted Instruction; Computer Software; *Computer Uses in Education; Constructivism (Learning); Educational Technology; Elementary Secondary Education; *Hypermedia; Interactive Video; Learning; Learning Activities; Multimedia Instruction; *Multimedia Materials; Visual Aids IDENTIFIERS Reflective Inquiry; Technology Role ABSTRACT This document consists of the final three issues of "TAP into Learning" (Technology Assistance Program) .The double fall issue focuses on knowledge construction and on using multimedia applications in the classroom. Contents include: "Knowledge Under Construction"; "Hegel and the Dialectic"; "Implications for Teaching and Learning"; "How Can Technology Help in the Developmental Process?"; "Type I and Type II Applications"; "Children's Ways of Learning and the Evolution of the Personal Computer"; "Classroom Example: Trial of Julius Caesar's Murderers and Court Case Website"; "Glossary of World Wide Web Terms"; "Hypermedia: What Do I Need To Use Thought Processing Software?"; and "What Do I Need To Make a Web Page in My Class?" The winter issue, "Learning as an Active and Reflective Process," focuses on the process of learning and on using video in the classroom. -
2020-Floss-Roadmap.Pdf
-1- -2- Why do we need a 2020 FLOSS1 Roadmap? Based in Paris, Open World Forum (openworldforum.org) is a forum dedicated to FLOSS, its players and projects. OWF offers all contributors this open space in which they can express their own vision of FLOSS. 2020 FLOSS Roadmap is the Open World Forum’s main manifesto, and is designed to support discussions taking place during the different OWF seminars and forums. This is a prospective Roadmap, and a projection of the influences that will affect FLOSS between now (2008) and 2020, with descriptions of all FLOSS-related trends as anticipated by OWF contributors over this period of time. It also highlights all sectors that will, potentially, be impacted by FLOSS, from the economy to the Information Society. It is easy to find a wealth of writings on the subject of FLOSS contributed by various analysts, but this study represents a first, not just because of its inward looking vision of the future of the FLOSS Community itself, but also because it is the result of a collaborative effort by all OWF contributors. This first version of 2020 Roadmap is open to comment, and will be re-assessed annually during the OWF. Studies have been carried out in seven key areas: Theme 1: Public policies: promoting sustainable development of shared resources Theme 2: FLOSS: the key to future innovation and competitive differentiation? Theme 3: Ensuring sustainability for FLOSS developer communities and business ecosystems Theme 4: Technological and economic breakthroughs: challenge or opportunity for FLOSS? Theme 5: IT 3.0: towards new governance for information systems? Theme 6: FLOSS: a lever for employment and careers Theme 7: FLOSS in an Open World: Innovations and best practices from Brazil In the first section, we have summarized the discussions that took place during the study period, and this is followed by a special focus on Cloud Computing. -
Open Source Software
The Medicine Behind the Image OOppeenn SSoouurcrcee SSoofftwtwaarere -- IIss iitt aa VViiaabbllee AAlltteerrnnaattiivvee foforr aa HHeeaalltthhccaarree IInnssttiittuuttiioonn?? David Clunie, MBBS, FRACR CTO - RadPharm, Inc. AAcckknnoowwleleddggeemmeenntsts • Several recent presentations by various PACS luminaries – Steve Langer (Mayo) – Brad Erickson (Mayo) – Paul Nagy (University of Maryland) – Steve Horii (University of Pennsylvania) • Most recent (RSNA 2005) talk at OpenRad – http://www.openrad.com/rsnaopensource.pdf IIss PPrroopprriieettaarryy PPAACCSS VViiaabbllee ?? • Why are PACS much more expensive than the underlying off-the-shelf PC, server and storage hardware ? • How profitable is PACS for the vendor ? • Will the vendor fail or be acquired ? • Will the installed base survive acquisition ? • Will there be long term support ? • How long will the current offering last before sites are forced to upgrade ? • Big vendors are not immune - how many PACS have the they built or acquired then orphaned ? • Is their pace of innovation sufficient ? It only needs to be “incrementally better than the competition” IIss OOppeenn SSoouurcrcee VViaiabblele ?? • Does it exist for your application ? • How much hand-holding do you need ? • Open source deployment is about taking control • With control comes responsibility • Requires that you have the necessary expertise to deploy and support - may be out-sourced WhatWhat isis OpenOpen SourceSource SoftwareSoftware ?? • Open source software (OSS) licensees are free to: – Use software for any purpose -
Follow the Student Voice on Twitter: @Uwrfvoice
SPORTS, PAGE 6 NEWS, PAGE 3 ETCETERA, PAGE 8 Women’s hockey team River Falls businesses, including Family Modest Mouse returns places third nationally Fresh and St. Croix Lanes, are now offering with fresh, sundry yet again. discounts to UWRF students. sound. University of Wisconsin River Falls TUDENT OICE MarchS 27, 2015 www.uwrfvoice.com V Volume 101, Issue 19 ‘Start Smart Salary Negotiation Workshop’ now offered on campus Brooke Brokaw gender wage gap is the income dif- Students will also learn how to how to benchmark salary and ben- country and are a partnership be- [email protected] ference between men and women in develop a personal budget to deter- efits. tween American Association of earnings. mine salary needs. “Students have to do research University Women and the Wage The first ever “Start Smart Salary “It is an important workshop for “We will look at developing a and understand what the fair market Project. Negotiation Workshop” will be held any undergraduate to attend to learn bare-bones budget. Having students value in the geographic region they This is the first time that an event from 2-5 p.m. on April 8 in the St. about the wage gap and how it af- think through realistic price tags as- are seeking and applying for jobs,” like this will be available to UWRF Croix River Room in the University fects your long-term financial fu- sociated with living expenses such Pfeiffer said. students. In the past, students could Center. ture,” Heidtke said. as rent, car payments, and student When it comes to thinking about only meet one-on-one with a Career The event is open to all students The current gender wage gap loan payments so they know what salary and benefits, Pfeiffer empha- Services advisor or attend a class and is free to register, but the three translates to females earning $0.78 they need to live,” Pfeiffer said.