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Regulation, Competition and Liberalization
REGULATION, COMPETITION AND LIBERALIZATION by Mark Armstrong* and David E. M. Sappington** ABSTRACT In many countries throughout the world, regulators are struggling to determine whether and how to introduce competition into regulated industries. This essay examines the complexities involved in the liberalization process. While stressing the importance of case-specific analyses, this essay distinguishes liberalization policies that generally are pro-competitive from corresponding anti- competitive liberalization policies September 2005 * University College London. ** University of Florida. We are grateful to Sanford Berg, Severin Borenstein, Cory Davidson, Roger Gordon, Antonio Estache, Jerry Hausman, Mark Jamison, Paul Joskow, Mircea Marcu, John McMillan, Paul Sotkiewicz, John Vickers, Catherine Waddams, Helen Weeds, and anonymous referees for helpful comments and observations. 1. Introduction. Economists have developed an extensive set of principles for regulating a monopoly supplier. The benefits of unfettered, pervasive competition are also well documented and well understood. However, our understanding of the precise conditions under which regulated monopoly supply is preferable to unregulated competition is limited. Furthermore, we know relatively little about optimal liberalization policies – the policies that govern the transition to competitive market conditions – in cases where competition is deemed superior to monopoly. The purpose of this essay is to explore these two issues, both of which are of substantial practical importance -
Ten Nobel Laureates Say the Bush
Hundreds of economists across the nation agree. Henry Aaron, The Brookings Institution; Katharine Abraham, University of Maryland; Frank Ackerman, Global Development and Environment Institute; William James Adams, University of Michigan; Earl W. Adams, Allegheny College; Irma Adelman, University of California – Berkeley; Moshe Adler, Fiscal Policy Institute; Behrooz Afraslabi, Allegheny College; Randy Albelda, University of Massachusetts – Boston; Polly R. Allen, University of Connecticut; Gar Alperovitz, University of Maryland; Alice H. Amsden, Massachusetts Institute of Technology; Robert M. Anderson, University of California; Ralph Andreano, University of Wisconsin; Laura M. Argys, University of Colorado – Denver; Robert K. Arnold, Center for Continuing Study of the California Economy; David Arsen, Michigan State University; Michael Ash, University of Massachusetts – Amherst; Alice Audie-Figueroa, International Union, UAW; Robert L. Axtell, The Brookings Institution; M.V. Lee Badgett, University of Massachusetts – Amherst; Ron Baiman, University of Illinois – Chicago; Dean Baker, Center for Economic and Policy Research; Drucilla K. Barker, Hollins University; David Barkin, Universidad Autonoma Metropolitana – Unidad Xochimilco; William A. Barnett, University of Kansas and Washington University; Timothy J. Bartik, Upjohn Institute; Bradley W. Bateman, Grinnell College; Francis M. Bator, Harvard University Kennedy School of Government; Sandy Baum, Skidmore College; William J. Baumol, New York University; Randolph T. Beard, Auburn University; Michael Behr; Michael H. Belzer, Wayne State University; Arthur Benavie, University of North Carolina – Chapel Hill; Peter Berg, Michigan State University; Alexandra Bernasek, Colorado State University; Michael A. Bernstein, University of California – San Diego; Jared Bernstein, Economic Policy Institute; Rari Bhandari, University of California – Berkeley; Melissa Binder, University of New Mexico; Peter Birckmayer, SUNY – Empire State College; L. -
Curriculum Vitae Michael Joseph Piore
CURRICULUM VITAE MICHAEL JOSEPH PIORE PERSONAL Addresses: Massachusetts Institute of Technology Department of Economics 50 Memorial Drive, Room E52-271c Cambridge, MA 02142 USA (617) 253-3377 295 Beacon Street, #62 Boston, MA 02116 (617) 266-8247 Date of Birth: August 14, 1940 Place of Birth: New York City EDUCATION Harvard University, Graduate School of Arts and Sciences Ph.D. in Economics (Special Field: Labor), September 1966. Harvard College, B.A., Magna Cum Laude, in Economics, June 1962. Riverdale Country School, High School Diploma, June, 1958. ACADEMIC HONORS Honorary Doctorate (Docteur HONORIS CAUSA), Universite des Science et Technologies de Lille Phi Beta Kappa Visiting Scholar 1988-1989 MacArthur Foundation Fellow 1984-1989 Honorary Woodrow Wilson Fellowship 1962-1963 Phi Beta Kappa 1962 John Harvard Scholarship 1960-1961 Detur Prize 1960 Harvard College Scholarship 1959-1960 LANGUAGES French, Spanish EMPLOYMENT David W. Skinner Professor of Political Economy, Massachusetts Institute of Technology, July, 1997 to present. Director, MIT-Mexico Program, MIT Center for International Studies, 2003-present. Associate Director, Center for Technology, Policy and Industrial Development, MIT, 1995-1998. David W. Skinner Professor of Economics and Management, Massachusetts Institute of Technology, January, 1991 to July 1997. Professor, Economics, Massachusetts Institute of Technology, July 1975 to present. MICHAEL J. PIORE CURRICULUM VITAE NOVEMBER 3, 2010 PAGE 2 OF 11 Mitsui Professor of Contemporary Technology, Massachusetts Institute of Technology, 1981 to 1986. Associate Professor of Economics, Massachusetts Institute of Technology, July 1970 - June 1975 (on leave, Spring 1975.) Assistant Professor, Labor Economics, Massachusetts Institute of Technology, 1966-1970 (on leave, Spring 1970 - 1971.) Consultant on Labor, Manpower, and Income Maintenance for the Commonwealth of Puerto Rico, 1970-1972. -
Uncorrected Transcript
1 CEA-2016/02/11 THE BROOKINGS INSTITUTION FALK AUDITORIUM THE COUNCIL OF ECONOMIC ADVISERS: 70 YEARS OF ADVISING THE PRESIDENT Washington, D.C. Thursday, February 11, 2016 PARTICIPANTS: Welcome: DAVID WESSEL Director, The Hutchins Center on Monetary and Fiscal Policy; Senior Fellow, Economic Studies The Brookings Institution JASON FURMAN Chairman The White House Council of Economic Advisers Opening Remarks: ROGER PORTER IBM Professor of Business and Government, Mossavar-Rahmani Center for Business and Government, The John F. Kennedy School of Government at Harvard University Panel 1: The CEA in Moments of Crisis: DAVID WESSEL, Moderator Director, The Hutchins Center on Monetary and Fiscal Policy; Senior Fellow, Economic Studies The Brookings Institution ALAN GREENSPAN President, Greenspan Associates, LLC, Former CEA Chairman (Ford: 1974-77) AUSTAN GOOLSBEE Robert P. Gwinn Professor of Economics, The Booth School of Business at the University of Chicago, Former CEA Chairman (Obama: 2010-11) PARTICIPANTS (CONT’D): GLENN HUBBARD Dean & Russell L. Carson Professor of Finance and Economics, Columbia Business School Former CEA Chairman (GWB: 2001-03) ALAN KRUEGER Bendheim Professor of Economics and Public Affairs, Princeton University, Former CEA Chairman (Obama: 2011-13) ANDERSON COURT REPORTING 706 Duke Street, Suite 100 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 2 CEA-2016/02/11 Panel 2: The CEA and Policymaking: RUTH MARCUS, Moderator Columnist, The Washington Post KATHARINE ABRAHAM Director, Maryland Center for Economics and Policy, Professor, Survey Methodology & Economics, The University of Maryland; Former CEA Member (Obama: 2011-13) MARTIN BAILY Senior Fellow and Bernard L. Schwartz Chair in Economic Policy Development, The Brookings Institution; Former CEA Chairman (Clinton: 1999-2001) MARTIN FELDSTEIN George F. -
Purc Distinguished Service Award Recipients
PURC DISTINGUISHED SERVICE AWARD RECIPIENTS 2021 Lila A. Jaber Regional Managing Shareholder, Architect of Florida’s Women in Energy Leadership Forum, Serves on the Board of Directors at Chesapeake Utilities Corporation, Served as Commissioner and Chairman of the Florida Public Service Commission, Founder of LilaJaber Consulting 2020 David Smith Director Emeritus – New Mexico State University Center for Public Utilities 2019 Joshua Gans Professor of Strategic Management Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship Rotman School of Management University of Toronto PURC Director Dr. Mark Jamison and Joshua Gans. 2018 Sanford Berg PURC Director 1980 – 2004 University of Florida Eugene Brigham Founding PURC Director 1972 – 1980 University of Florida Robert Lanzillotti Former Dean of the Warrington College and Business Administration University of Florida Sanford Berg, Robert Lanzillotti, Eugene Brigham and PURC Director Dr. Mark Jamison 2017 Howard Shelanski Lawyer and Economist Georgetown University PURC Director Dr. Mark Jamison and Howard Shelanski. 2016 David Mandy Professor of Economics University of Missouri – Columbia PURC Director Dr. Mark Jamison and David Mandy. 2015 Karen Palmer Research Director Resources for the Future Karen Palmer and PURC Director Dr. Mark Jamison. 2014 Karl McDermott Ameren Endowed Professor in Business and Government University of Illinois at Springfield Karl McDermott and PURC Director Dr. Mark Jamison. 2013 Tim Brennan Professor of Public Policy and Economics University of Maryland Baltimore County PURC Director Dr. Mark Jamison and Tim Brennan. 2012 Shane Greenstein Kellogg Chair in Information Technology Northwestern University Shane Greenstein and PURC Director Dr. Mark Jamison. 2011 Andrew C. Barrett Managing Director The Barrett Group Andrew Barrett and PURC Director Dr. -
2008 Annual Report Alfred P. Sloan Foundation
2008 ANNUAL REPORT ALFRED P. SLOAN FOUNDATION CONTENTS Overview 1 Grants Listing 25 Financial Review 109 Audited Financial Statements and Schedules 110 INTRODUCTION The Alfred P. Sloan Foundation, a philanthropic nonprofit institution, was established in 1934 by Alfred Pritchard Sloan Jr., then President and Chief Executive Officer of the General Motors Corporation. On December 31, 2008, total assets of the Foundation had a market value of about $1.4 billion. The following Mission Statement defines criteria for grant proposals and helps guide the Foundation’s program evaluation and development. The Alfred P. Sloan Foundation makes grants primarily to support original research and broad-based education related to science, technology, economic performance and the quality of American life. The Foundation is unique in its focus on science, technology, and economic institutions - and the scholars and practitioners who work in these fields - as chief drivers of the nation’s health and prosperity. The Foundation has a deep-rooted belief that carefully reasoned systematic understanding of the forces of nature and society, when applied inventively and wisely, can lead to a better world for all. The Foundation’s endowment provides the financial resources to support its activities. The investment strategy for the endowment is to invest prudently in a diversified portfolio of assets with the goal of achieving superior returns. In each of our grants programs, we seek proposals for original projects led by outstanding individuals or teams. We are interested in projects that have a high expected return to society, and for which funding from the private sector, government and other foundations is not yet widely available. -
Katharine G. Abraham, Carl Shapiro, and Peter A
S. HRG. 112–9 NOMINATIONS OF: KATHARINE G. ABRAHAM, CARL SHAPIRO, AND PETER A. DIAMOND HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED TWELFTH CONGRESS FIRST SESSION ON THE NOMINATIONS OF: KATHARINE G. ABRAHAM, OF IOWA, TO BE A MEMBER OF THE COUNCIL OF ECONOMIC ADVISERS CARL SHAPIRO, OF CALIFORNIA, TO BE A MEMBER OF THE COUNCIL OF ECONOMIC ADVISERS PETER A. DIAMOND, OF MASSACHUSETTS, TO BE A MEMBER OF THE BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM MARCH 8, 2011 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PRINTING OFFICE 65–828 PDF WASHINGTON : 2011 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island RICHARD C. SHELBY, Alabama CHARLES E. SCHUMER, New York MIKE CRAPO, Idaho ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee DANIEL K. AKAKA, Hawaii JIM DEMINT, South Carolina SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska HERB KOHL, Wisconsin PATRICK J. TOOMEY, Pennsylvania MARK R. WARNER, Virginia MARK KIRK, Illinois JEFF MERKLEY, Oregon JERRY MORAN, Kansas MICHAEL F. BENNET, Colorado ROGER F. WICKER, Mississippi KAY HAGAN, North Carolina DWIGHT FETTIG, Staff Director WILLIAM D. DUHNKE, Republican Staff Director BRIAN FILIPOWICH, Legislative Assistant LISA FRUMIN, Legislative Assistant ANDREW J. -
Industrial Relations Section in Historical Perspective: 1922–2015
PRINCETON UNIVERSITY’S INDUSTRIAL RELATIONS SECTION IN HISTORICAL PERSPECTIVE: 1922–2015 LAWRENCE DAMIAN ROBINSON 1 COVER: An image of U.S. Steel Corporation is part of a collection of photos entitled “America at Work” (presented to the Industrial Relations Section upon the opening of Firestone Library in 1948-49). Copyright © 2016 by the Industrial Relations Section ISBN 0-9773544-9-0 Designed by Laurel Masten Cantor, University creative director, Office of Communications, Princeton University Edited by Beth Chute 2 CONTENTS Forewords ..........................................................................................5 Author’s Preface .................................................................................9 Introduction ..................................................................................... 13 Foundations ..................................................................................... 17 From the Roaring ’20s to the New Deal Economy ........................... 41 The War Years .................................................................................69 J. Douglas Brown ............................................................................ 97 The Postwar Decades: From “Happy Days” to Revolution ............................................................................. 107 The 1980s and Beyond, or Back to the Future .................................141 Princeton University’s Industrial Relations Section in Historical Perspective ........................................................... -
The Employment Situation: April 1997 and the Consumer Price Index
S. HRG. 105-66 THE EMPLOYMENT SITUATION: APRIL 1997 AND THE CONSUMER PRICE INDEX HEARING before the JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES ONE HUNDRED FIFTH CONGRESS FIRST SESSION May 2, 1997 Printed for the use of the Joint Economic Committee U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1997 eo 41-7o1 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 ISBN 0-16-055374-1 JOINT ECONOMIC COMMITTEE [Created pursuant to Sec. 5(a) of Public Law 304, 79th Congress] House of Representatives Senate JIM SAXTON, New Jersey, Chairman CONNIE MACK, Florida, Vice Chairman DONALD MANZULLO, Illinois WILLIAM V. ROTH, JR., Delaware MARK SANFORD, South Carolina ROBERT F. BENNETT, Utah MAC THORNBERRY, Texas ROD GRAMs, Minnesota JOHN DOOLITTLE, California SAM BROWNBACK, Kansas JIM MCCRERY, Louisiana JEFF SESSIONS, Alabama FORTNEY PETE STARK, California JEFF BINGAMAN, New Mexico LEE H. HAMILTON, Indiana PAUL S. SARBANES, Maryland MAURICE D. HINCHEY, New York EDWARD M. KENNEDY, Massachusetts CAROLYN B. MALONEY, New York CHARLES S. ROBB, Virginia CHRISTOPHER FRENZE, Executive Director ROBERT KELEHER, ChiefMacro Economist Prepared by VICTORIA L.A. NORCROSS (ii) CONTENTS OPENING STATEMENT OF MEMBERS Opening Statement of Representative Jim Saxton, Chairman ....... I Opening Statement of Representative Mac Thornberry ..... ...... 9 Opening Statement of Representative Carolyn B. Maloney ....... 26 WITNESS Statement of the Honorable Katharine G. Abraham, Commissioner, Bureau of Labor Statistics, Accompanied by Kenneth V. Dalton, Associate Commissioner for Prices and Living Conditions; and Phil Rones, Assistant Commissioner of Current Employment Analysis . 3 SUBMISSIONS FOR THE RECORD Prepared Statement of Representative Jim Saxton, Chairman, together with Press Releases Nos. -
View the Moneyball for Government Fact Sheet
Two-hundred seventy-six local, state, federal, nonprofit and academic leaders from all across the political spectrum and throughout the country support the following Moneyball for Government principles. Moneyball for Government Principles Government at all levels should help improve outcomes for young people, families, and communities by: 1) Building evidence about the practices, policies, and programs that will achieve the most effective and efficient results so that policymakers can make better decisions; 2) Investing limited taxpayer dollars in practices, policies, and programs that use data, evidence, and evaluation to demonstrate how they work; and 3) Directing funds away from practices, policies, and programs that consistently fail to achieve desired outcomes. Moneyball for Government All-Stars You can view the full list of Moneyball for Government All-Stars goo.gl/1rBMWW. Founding All-Stars • Melody Barnes (Former Director, White House Domestic Policy Council, President Barack Obama) • Michael Bloomberg (Former Mayor, New York City) • John Bridgeland (Former Director, White House Domestic Policy Council, President George W. Bush) • Jim Nussle (Former Director, White House Office of Management and Budget, President George W. Bush) • Peter Orszag (Former Director, White House Office of Management and Budget, President Barack Obama) Federal All-Stars U.S. Senate: U.S. Senator Tammy Baldwin (D-WI); U.S. Senator Michael Bennet (D-CO); U.S. Senator Cory Booker (D-NJ); U.S. Senator Bill Cassidy (R-LA); U.S. Senator Robert Portman (R- OH); U.S. Senator Tim Scott (R-SC); U.S. Senator Jeanne Shaheen (D-NH); U.S. Senator Mark Warner (D-VA); U.S. Senator Elizabeth Warren (D-MA); U.S. -
Individuals, in Particular: Olivier Blanchard,Charles Brown, Gary Chamberlain, Jamesduesenberry, John Dunlop, Richard Freeman, Robert Hall, and Jeffrey Sachs
NBER WORKING PAPER SERIES UNEMPLOYMENT, UNSATISFIED DEMAND FOR LABOR, AND COMPENSATION GROWTH IN THE UNITEDSTATES, 1956—1980 JamesL. Medoff Katharine G. Abraham Working Paper No. 781 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge MA 02138 October 1981 We have benefitted greatly fromdiscussions with a number of individuals, in particular: Olivier Blanchard,Charles Brown, Gary Chamberlain, JamesDuesenberry, John Dunlop, Richard Freeman, Robert Hall, and Jeffrey Sachs. Inaddition, we gainedsuch from thernany helpfulcriticisms and suggestions offered by thepar- ticipants in seminars held at Brookings,Harvard, and the National Bureauof Economic Research. We are also mostgrateful to Greg Bialecki,Jon Fay, Cliff Frazier, SusanJohnson, Martin Van Denburgh, and, especially, Lori Wilson for theirvery skilled assistance on various aspects of theresearch to be discussed. The research reported here ispart of the NBER'sresearch program inLabor Economics. Any opinionsexpressed are those of the authors and not those of the National Bureau ofEconomic Research. NBER Working Paper 1178]. October 1981 Unemployment, Unsatisfied Demand for Labor, and Compensation Growth in the United States, 1956—1980 ABSTRACT This paper presents two key facts which call into question the value of unemployment rates as barometers of labor markettightness. First, while both unemployment rates and unsatisfied labor demand proxies perform reasonably well on their own in compensation growth equations, in models which include both, only the unsatisfied demand variable appears to matter. Second, the past decade's outward shifts in Phillips plots can to a substantial degree be tied to outward shifts in plots pairing the relevant unemployment rate and unsatisfied demand proxies. The paper also provides results which indicate that Phillips relationships which are defined in terms of unsatL'fied demand variables appear to be somewhat more stable than thoseusing unemployment rates. -
December 1, 2010 TO: American Economic Association Executive
December 1, 2010 TO: American Economic Association Executive Committee FROM: Katharine G. Abraham, Chair American Economic Association Committee on Government Relations SUBJECT: Annual Report on Committee’s Activities The current members of the American Economic Association Committee on Government Relations (AEACGR) are Katharine Abraham (University of Maryland, Chair), Angus Deaton (Princeton), Catherine Eckel (University of Texas-Dallas), Robert Hall (Stanford), Robert Moffitt (John Hopkins), Charles Plott (California Institute of Technology), Richard Schmalensee (Massachusetts Institute of Technology), Charles Schultze (Brookings Institution), and James Smith (Rand Corporation). The AEACGR was established in 2009 to represent the interests of the economics profession in Washington, D.C. and other locations around the country. As is true of the American Economic Association, the Committee does not take positions on questions of economic policy or on any partisan matter. It is charged to carry out a range of activities that include the development of formal and informal sources of information about legislation, regulations and agency decisions that are relevant to the scientific interests of the AEA and informing the AEA leadership and any interested members about these matters; coordinating with other organizations in the D.C. area that share an interest in social science research, exchanging information with them and communicating their activities to the AEA leadership and any interested members; and promoting the value of economic analysis within the D.C. policy community by encouraging decision-makers and those who serve and inform them to draw on the intellectual resources of the economics profession. A full statement of the Committee’s charge may be found on its website (see http://www.aeaweb.org/committees/Govt_Relations/index.php).