VII-A the Spectrum of Economic Systems Mixed Economy
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
Index of Modern Social Market Economies
Index of Modern Social Market Economies Explorative Study Index of Modern Social Market Economies Explorative Study 3 Table of Contents Table of Contents Introduction 4 Defining a Modern Version of the Social Market Economy 6 Introduction 6 The Ordoliberal Concept of a (Social) Market Economy 9 Modernizing the Concept of a Social Market Economy 13 Operationalization 15 CATEGORY I: COMPETITIVE AND EFFICIENT MARKETS 16 CATEGORY II: EFFICIENT PROPERTY RIGHTS 18 CATEGORY III: ECONOMIC AND ECOLOGICAL SUSTAINABILITY 21 CATEGORY IV: SOCIAL INCLUSION 23 Country Selection 26 Conclusion 26 Index Results – Initial Findings 28 Compound Index Results – Executive Summary 28 Category I: Competitive and Efficient Markets 28 Open Markets 28 Effective Price System 32 Competition 33 Category II: Efficient Property Rights 34 Property Rights 34 Freedom of Contract 34 Liability 36 Private Insolvency Rules 36 Ratio Medium-sized Companies to Total Companies 37 Manager Liability 39 4 Table of Contents Category III: Economic and Ecological Sustainability 40 Financial Stability 40 Consistency of Policy 44 Efficient Environmental Protection 45 Category IV: Social Inclusion 47 Effective Labor Markets 47 Social Mobility 52 Outlook 58 Methodology 59 Data Sources 59 Data Standardization 60 Index Aggregation 62 Calculation of Results 62 Robustness Checks 68 Appendix 85 Production Credits 122 5 Introduction INTRODUCTION Stefan Empter, Cortnie Shupe The current global financial and economic crisis has provoked widespread debate in market econo- mies around the world about how to regain a balance between profit and liability, efficiency and equity and between growth and social-ecological justice in national economic and social orders. Against this background, many, in particular in Europe, have become interested again in the social market economy model as a framework for responsible capitalism. -
The Empirics of New Economic Geography ∗
The Empirics of New Economic Geography ∗ Stephen J Redding LSE, Yale School of Management and CEPR y February 28, 2009 Abstract Although a rich and extensive body of theoretical research on new economic geography has emerged, empirical research remains comparatively less well developed. This paper reviews the existing empirical literature on the predictions of new economic geography models for the distribution of income and production across space. The discussion highlights connections with other research in regional and urban economics, identification issues, potential alternative explanations and possible areas for further research. Keywords: New economic geography, market access, industrial location, multiple equilibria JEL: F12, F14, O10 ∗This paper was produced as part of the Globalization Programme of the ESRC-funded Centre for Economic Performance at the London School of Economics. Financial support under the European Union Research Training grant MRTN-CT-2006-035873 is also gratefully acknowledged. I am grateful to a number of co-authors and colleagues for insight, discussion and comments, including in particular Tony Venables and Gilles Duranton, and also Guy Michaels, Henry Overman, Esteban Rossi-Hansberg, Peter Schott, Daniel Sturm and Nikolaus Wolf. I bear sole responsibility for the opinions expressed and any errors. yDepartment of Economics, London School of Economics, Houghton Street, London, WC2A 2AE, United Kingdom. Tel: + 44 20 7955 7483, Fax: + 44 20 7955 7595, Email: s:j:redding@lse:ac:uk. Web: http : ==econ:lse:ac:uk=staff=sredding=. 1 1 Introduction Over the last two decades, the uneven distribution of economic activity across space has received re- newed attention with the emergence of the “new economic geography” literature following Krugman (1991a). -
Economic Geography, Jobs, and Regulations: the Value of Land and Housing
Economic Geography, Jobs, and Regulations: The Value of Land and Housing Nils Kok Paavo Monkkonen John M. Quigley Maastricht University University of Hong Kong University of California Netherlands Hong Kong Berkeley, CA [email protected] [email protected] [email protected] February 2011 Analyses of the determinants of land prices in urban areas typically base inferences on housing transactions which combine payments for land and long-lived improvements. These inferences, in turn, are based upon assumptions about the production function for housing and the appropriate aggregation of non-land inputs. In contrast, we investigate directly the determinants of urban land prices. We assemble more than 7,000 land transactions in the San Francisco Bay Area during the 1990-2009 period, and we analyze the link between the physical access of sites, the topographical and demographic characteristics of their local environment, and the prices of vacant land on those sites. We investigate in detail the link between variations in the quality of public services and the value of developable land. Most importantly, our analysis documents the powerful link between variations in the regulatory environment within a metropolitan area and the prices commanded by raw land as an input to residential or commercial development. Finally, we relate these large variations in land prices to the prices paid by consumers for housing in the region. JEL Codes: D40, L51, R31 Keywords: Geography, Housing Supply, Land Prices, Land-Use Regulation Financial support for this research was provided by the Berkeley Program for Housing and Urban Policy and the European Property Research Institute at Maastricht University. -
THE NATIONALIZATION of INDUSTRY* JOHN Jewkest
THE UNIVERSITY OF CHICAGO LAW REVIEW VOLUME 20 SUMMER 1953 NUMBER 4 THE NATIONALIZATION OF INDUSTRY* JOHN JEWKESt I. CLAIMS FOR NATIONALIZATION ATIONALIZATION IS A METHOD of organizing and administering in- dustry whereby the community owns the means of production and the government is, at least in the last resort, responsible for its control. The crux of the idea is that the whole of one industry falling within the boundary of one nation should be subject to a unifying influ- ence. Contemporary nationalization, therefore, is a piecemeal and em- pirical approach to much wider ideas-such as that the whole of industry within one country should be brought under state operation or that the whole of the industry in the world might be usefully organized.to work to- gether under some supernational authority. This piecemeal approach, one industry at a time or one country at a time, is reflected in the view that certain industries are "ripe" for nationalization whilst others are not yet in fit form for the transfer from private to public hands.' * This article was originally presented at a dinner held in honor of Professors Jewkes and Roy Forbes Harrod at the University of Chicago, April 10, 1951. t Professor of Economic Organization, Merton College, Oxford University. I The tests for "ripeness" as set forth by different writers are confusing and not always consistent. Kautsky, The Social Revolution 144 (1902), argued that the big industries should be nationalized first: "Without a developed great industry socialism is impossible. Where, however, a great industry exists to a considerable degree it is easy for a socialist society to concentrate production and to quickly rid itself of the little industries." J. -
A Comparative Study of the Major Economic Systems in the Aftermath of the Great Recession
Munich Personal RePEc Archive A Comparative Study of the Major Economic Systems in the aftermath of the Great Recession Shaikh, Salman December 2009 Online at https://mpra.ub.uni-muenchen.de/19588/ MPRA Paper No. 19588, posted 25 Dec 2009 10:51 UTC A Comparative Study of the Major Economic Systems in the aftermath of the Great Recession S a l m a n A h m e d S h a i k h M S ( S z a b i s t , K a r a c h i ) L e c t u r e r , U n i v e r s i t y o f E a s t , H y d e r a b a d [email protected] A Comparative Study of the Major Economic Systems in the aftermath of the Great Recession Abstract This paper compares the fundamental postulates of major economic systems i.e. Capitalism, Socialism, Mixed economy (a hybrid of Capitalism and Socialism) and the Islamic economic system. It identifies through a review of theoretical economics the structural problems that lie in the current economic order. Poverty and Inequality have increased in last two decades and the millennium development goals are still far from achieved. The research identifies that lack of an ethical foundation, unbridled pursuit of self interest in production as well as in consumption, interest based financial ad monetary system are the major problematic issues in Capitalism against which mixed economy has also shown limited effectiveness. Socialism promises to create heaven on earth, but takes fundamental human rights and profit motive away and in the extreme case give way for an autocratic or totalitarian regime. -
Dismal Science: the Shortcomings of U.S. School Choice Research And
350651_Pa616_1stClass.qxp 4/1/2008 3:29 PM Page 1 No. 616 April 16, 2008 ������� Dismal Science The Shortcomings of U.S. School Choice Research and How to Address Them by John Merrifield Executive Summary Pressing questions about the merits of market ments of market systems, including profit, price accountability in K-12 education have spawned a change, market entry, and product differentia- large scholarly literature. Unfortunately, much of tion—factors that are normally central to any dis- that literature is of limited relevance, and some of cussion of market effects. In essence, researchers it is misleading. The studies most widely cited in have drawn conclusions about apples by studying the United States used intense scrutiny of a few lemons. small-scale, restriction-laden U.S. programs—and To address the need for credible evidence on a handful of larger but still restriction-laden for- the effects of genuine education markets, econo- eign school choice expansions—to assert general mists should look to simulation models, indirect conclusions about the effects of “choice,” “com- evidence such as outcomes in similar industries, petition,” and “markets.” The most intensely and school systems abroad that enjoy varying studied programs lack most or all of the key ele- degrees of market accountability. _____________________________________________________________________________________________________ John Merrifield is a professor of economics at the University of Texas–San Antonio, editor of the Journal of School Choice, and author of Parental Choices as an Education Reform Catalyst: Global Lessons (2005) and The School Choice Wars (2001). PA Masthead.indd 1 2/9/06 2:08:34 PM 350651_Pa616_1stClass.qxp 4/1/2008 3:29 PM Page 2 Prices determined The difficulty of charging tuition when by supply and Introduction the government offers “free” schooling is the main barrier to market entry faced by private demand are a key The free market is the primary form of schools in most of the world. -
The Theory of Allocation and Its Implications for Marketing and Industrial Structure
NBER WORKING PAPERS SERIES THE THEORY OF ALLOCATION AND ITS IMPLICATIONS FOR MARKETING AND INDUSTRIAL STRUCTURE Dennis W. Canton Working Paper No. 3786 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 1991 I thank NSF and the program in Law and Economics at the University of Chicago for financial assistance. I also thank K. Crocker, E. Lazear, S. Peltzman, A. Shleifer, G. Stigler, and participants at seminars at the Department of Justice, MIT, NBER, Northwestern, Pennsylvania State, Princeton, University of Chicago and University of Florida. This paper is part of NBER's research programs in Economic Fluctuations and Industrial Organization. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research. NBER Working Paper #3786 July 1991 THE THEORY OF ALLOCATION AND ITS IMPLICATIONS FOR MARKETING AND INDUSTRIAL STRUCTURE ABSTRACT This paper identifies a cost of using the price system and from that develops a general theory of allocation. The theory explains why a buyer's stochastic purchasing behavior matters to a seller. This leads to a theory of optimal customer mix much akin to the theory of optimal portfolio composition. It is the ob of a firm's marketing department to put together this optimal customer mix. A dynamic pattern of pricing related to Ramsey pricing emerges as the efficient pricing structure. Price no longer equals marginal cost and is no longer the sole mechanism used to allocate goods. It is optimal for long term relationships to emerge between buyers and sellers and for sellers to use their knowledge about buyers to ration goods during periods when demand is high. -
Economic Geography and International Inequality
Journal of International Economics 62 (2004) 53–82 www.elsevier.com/locate/econbase Economic geography and international inequality Stephen Redding*, Anthony J. Venables1 Department of Economics, LSE Houghton Street London WC2A 2AE, UK Received 25 April 2002; received in revised form 8 July 2003; accepted 14 July 2003 Abstract This paper estimates a structural model of economic geography using cross-country data on per capita income, bilateral trade, and the relative price of manufacturing goods. We provide evidence that the geography of access to markets and sources of supply is statistically significant and quantitatively important in explaining cross-country variation in per capita income. This finding is robust to controlling for a wide range of considerations, including other economic, geographical, social, and institutional characteristics. Geography is found to matter through the mechanisms emphasized by the theory, and the estimated coefficients are consistent with plausible values for the model’s structural parameters. D 2003 Elsevier B.V. All rights reserved. Keywords: Economic development; Economic geography; International trade JEL classification: F12; F14; O10 1. Introduction In 1996, manufacturing wages at the 90th percentile of the cross-country distribution were more than 50 times higher than those at the 10th percentile. Despite increasing international economic integration, these vast disparities in wages have not been bid away by the mobility of manufacturing firms and plants. There are many potential reasons for the reluctance of firms to move production to low wage countries, including endowments, technology, institutional quality, and geographical location. This paper focuses on the role of geographical location. We estimate its effects using a fully specified model of economic * Corresponding author. -
Different Economic Systems Assessment
Social Studies Assessment Activity #14 DDIIFFFFEERREENNTT EECCOONNOOMMIICC SSYYSSTTEEMMSS Introduction The new cars and trucks have arrived! Should you buy a medium-sized car? As you may know, they are efficient and more economical to operate than a truck. But the new pickups are so flashy, and they offer all the conveniences of a car! Decisions! Decisions! Decisions! Speaking of decisions, can you even afford a new vehicle? If you don’t have enough cash, you’ll have to finance. Financing or borrowing means another monthly payment -- one that could put a damper on your future recreational spending. Perhaps you better think about this further. Making a decision to buy a new vehicle can be difficult and there are several options available. Our “market driven” economy allows privately owned corporations to produce many styles of vehicles to meet the needs and interests of the American consumer. Purchasing a new vehicle means selecting a specific make and model that comes equipped with the latest in “gadgetry.” Additionally, one must select from a wide range of colors. Obviously, purchasing a new vehicle involves more than one decision, but at least we have the freedom to make those choices. Do people living in other countries go through the same process when they consider buying a new vehicle? In some countries they do, in others they don’t. Economic systems differ. As such, making economic decisions in some countries is quite different from economic decisions that are made by Americans. In this activity, you will: Use the resources you have accumulated to write an essay that analyzes the similarities and differences between two economic systems. -
Explain the Term Mixed Economy
Explain The Term Mixed Economy Seth decapitating unsupportedly. Sometimes lolling Kermie runabout her bicycler indiscreetly, but reissuable Vince mimed sardonically or overselling thetically. Subtropical Sherlock hesitates licht or voyage anes when Barde is overturned. Mixed economy combines both government intervention is not say they exert some cold war ii, disadvantaged individuals many requests the term mixed economic system in other These policy differences as a continuum of ownership and the term capitalism mean in terms of people afford goods are decided upon how production. The snow behind a Mixed Economy is mystery tackle the demerits of flavor a capitalist. Place that mixed! The term in terms of economy, both buyers want to explain the money. What something a market-driven mixed economy Illustrate your. Mixed economy the marketplace continues to explain how should just above all of resources etc would keynes argued that forms of. Mixed Economy. Mixed Ecomomy in Post-Socialist Transformation. In terms of economic inroads into additional government often very little waste. More people to explain that part of both all vested in a few pockets of. Please enter the ability to factories and change the soviet union that the! What provide a Mixed economy Characteristics of Mixed Economy Advantages of Mixed Economy Demerits of Mixed Economy Infographics on Meaning. Meaning of Economic System Types of Economic Systems Central Problem of Economy Economic Sector Difference Between Capitalist Socialist and Mixed. In part of. Canada uses regulations in terms related banks and exchanged differs in an error has been historically, economic growth overall is a good indicator rises. -
THE OLD RIGHT and ITS INFLUENCE on the DEVELOPMENT of MODERN AMERICAN CONSERVATISM by JONATHAN H. SKAGGS Bachelor of Arts Histor
THE OLD RIGHT AND ITS INFLUENCE ON THE DEVELOPMENT OF MODERN AMERICAN CONSERVATISM By JONATHAN H. SKAGGS Bachelor of Arts History University of Central Oklahoma Edmond, Oklahoma 2001 Master of Arts History Oklahoma State University Stillwater, Oklahoma 2004 Submitted to the Faculty of the Graduate College of the Oklahoma State University in partial fulfillment of the requirements for the Degree of DOCTOR OF PHILOSOPHY July, 2014 THE OLD RIGHT AND ITS INFLUENCE ON THE DEVELOPMENT OF MODERN AMERICAN CONSERVATISM Dissertation Approved: Dr. Ronald Petrin Dissertation Adviser Dr. Laura Belmonte Dr. David D’Andrea Dr. Joseph Byrnes Dr. Danny Adkison !! Name: Jonathan H. Skaggs Date of Degree: JULY, 2014 Title of Study: THE OLD RIGHT AND ITS INFLUENCE ON THE DEVELOPMENT OF MODERN AMERICAN CONSERVATISM Major Field: History Abstract: In November of 1955, William F. Buckley published the first issue of National Review. His journal defined modern American conservatism as a mix of anti-Marxism, tradition, and a belief in limited government. These three interconnected ideas formed the foundation of modern American conservatism. In the first issue of National Review, Buckley wrote that the intent of his journal was to “stand athwart history, yelling stop!” Buckley hoped that National Review would halt the growth of atheism and collectivism in the United States. The journal would work to protect American traditions, argue for limited government, and attack all forms of Marxism. In addition the name National Review reflected the journal’s goal of bringing all conservatives together in one national movement. However, the basic ideas of modern American conservatism already existed in scholarly journals of the 1930s and 1940s. -
Journal 29-30 Pp1-156.Qxd
Article Title 131 Poverty, Socialism and Social Catholicism The Heart and Soul of Henry Manning Race Mathews In the early years of the twentieth century, the social teachings of the Catholic Church gave rise to a distinctive political philosophy that became known as Distributism. The basis of Distributism is the belief that a just social order can only be achieved through a much more widespread distribution of property. Distributism favours a ‘society of owners’, where property belongs to the many rather than the few, and correspondingly opposes the concentration of property in the hands of the rich, as under capitalism, or the state, as advocated by some socialists. In particular, ownership of the means of production, distribution and exchange must be widespread. As defined by the prominent early Distributist, Cecil Chesterton: A Distributist is a man who desires that the means of production should, generally speaking, remain private property, but that their ownership should be so distributed that the determining mass of families — ideally every family — should have an efficient share therein. That is Distributism, and nothing else is Distributism ... ARENA journal no. 29/30, 2008 132 Race Mathews Distributism is quite as possible in an industrial or commercial as in an agrarian community.1 Distributism emerged as one element of the widespread revulsion and agony of conscience over poverty in nineteenth- and early twentieth-century Britain. Its distinctive Catholic character stemmed from half a century of Catholic social thought, as drawn together by Pope Leo XIII in his encyclical letter Rerum Novarum in 1891, in part at the instigation of the great English Cardinal, Henry Manning.