ALBERT

Notes: The findings of this paper may be summarized in a few paragraphs which, of course, omit all qualifications of the statistical data used.1. The best single measure of economic growth from the stock (rather than the flow) aspect now available is deflated durable reproducible tangible wealth per head,1excluding military tangible assets, subsoil assets, and civilian semi-durable and perishable assets.2. The average rate of growth of real R.T.W. per head for the entire period from 1805 to 1950 is 2 percent, with a range of about 1.8 to 2.2 percent. These figures should be regarded as minima because they do not make allowance for the probable overstatement of the effective rise in the price level involved in the process of deflation and because of the omission or understatement of some types of durable assets such as soil improvement.3. The rate of growth increased from approximately 2.2 percent in the first half of the nineteenth century to 2.5 percent in the second half. The highest decadal rate for periods of about ten years was apparently reached in the‘eighties with approximately 3.8 percent. From this peak it declined to approximately 1.6 percent for the period 1890 to 1922, but rallied to 2 percent in the‘twenties. From 1930 to 1945 R.T.W. per head not only failed to grow but declined slightly, an unprecendented phenomenon due to the Great Depression and to World War II.4. Since World War II the rate of growth of real R.T.W. per head has averaged fully 4 percent. This is higher than any decadal rate known; and probably higher too than that prevailing during any previous period of prosperity. The increase of 22 percent in the five years 1946–50 seems to be as high as that in any previous period of equal length. While part of this rapid increase may be regarded as making up for deficiencies in the ratio of R.T.W. to national product created in the preceding fifteen years; and while it is uncertain how long the recent rapid rise will continue, even if we disregard restrictions on civilian capital formation under the impact of rearmament, it may be that the downward trend in the rate of growth of R.T.W. per head in evidence since the late nineteenth century has been arrested.5. During the one hundred and fifty years for which data are available and which encompass virtually the entire economic history of the United States, the structure of R.T.W. has shown considerable changes, but also a degree of stability which may be regarded as astonishing in view of the extraordinary extension of the economic area of the United States and the radical changes in the nature of its economy. In particular, the proportion of R.T.W. represented by reproducible durable assets for consumers' direct use and for use in production has changed but little.6. Residential buildings and consumers' durable goods accounted for approximately two-fifths of total domestic R.T.W. (in current prices) throughout the period, although the ratio has shown a slight tendency to rise since the middle of the nineteenth century. Within consumers' R.T.W. residential buildings have lost slightly in importance at the expense of movable durable goods. The share of government (including non-profit institutions but excluding military assets) has risen from an insignificant fraction to approximately one-eighth of total R.T.W.’The proportion of R.T.W. represented by private enterprise (including farms) has declined moderately. Within total business R.T.W. changes, however, have been very substantial. The two outstanding trends are the relative decline of R.T.W. of agriculture (excluding farmers' residences and consumers' durables), and the increase in the share of non-farm business structures and equipment, particularly prior to 1880. Non-farm business inventories, on the other hand, seem to have maintained approximately the same proportion to total domestic R.T.W. throughout the period.7. Until World War I part of domestic R.T.W. must be regarded as being the property of foreign owners. The proportion of foreign investments to R.T.W. of the United States, however, declined rapidly throughout the nineteenth century from a proportion of over one-eighth at its start to only a few percent after World War I.Investments abroad have never been substantial compared to R.T.W. They have been almost insignificant throughout the nineteenth century. Even at their peak in 1929 they represented only 7 percent of domestic R.T.W., a proportion not yet regained by 1950.

Notes: This paper examines the evolution of patent activities across U.S. states from 1963 to 1997. Several patterns are uncovered. First, there is invention catch-up by some lagging states. Second, the evidence is consistent with knowledge diffusion. Third, leading states unable to reinvent themselves lose their leads. Fourth, catch-up can be across a diverse field of activities or focused on select activities. State patent growth is positively correlated to industry R&D and a variable capturing labor skill and infrastructure quality. These provide rationale for state policy makers to increase support to programs that enhance labor skill (e.g., education) and infrastructure quality.

Notes: Economic impact studies overestimate the direct impact of an airport on travelers' expenditures. This occurs for two reasons. First, impact studies assume that the number of visitors traveling to the local area via the airport would fall to zero in the absence of the airport. Second, impact studies implicitly assume that local residents would continue to travel outside the local area in the same numbers as when the local airport is available. In other words, it is assumed that the demand for travel into the local area by visitors is perfectly elastic with respect to the time and money costs of travel, while the demand for travel by local residents is perfectly inelastic with respect to these variables. This paper develops a methodology that avoids both of these sources of error by explicitly incorporating air travel demand into the analysis. The methodology is applied to Tampa International Airport for the year 1996. It is shown that using the standard methodology would have resulted in an estimate of direct impacts sixteen times the size of the estimate made by using the methodology of this paper.

Notes: Book reviewed:Sumila Gulyani, Innovating with Infrastructure: The Automobile industry in India

Notes: Despite the prevalence of multiple jobholding, there is relatively little research into its causes. Existing research has tested the predictions of standard labor models with micro data. Yet, there has been virtually no research into the relationship between moonlighting and structural differences in regional labor markets such as wages and employment growth. In this manner, this study examines the large differences in multiple jobholding rates across U.S. states. The findings indicate that multiple jobholding acts as a short-term shock absorber to cyclical changes. However, in the long-term, these effects dissipate, indicating that moonlighting plays a similar role as do changes in unemployment and labor-force participation to regional labor market shocks. Conversely, multiple jobholding rates are inversely related to average weekly earnings. Thus, job growth accompanied by real wage (and productivity) growth may result in a decline in multiple jobholding, further exacerbating potential labor shortages. Other key factors found to influence multiple jobholding include occupational structure and education.

Notes: Many researchers and practitioners agree that evaluation of economic development planning programs is important, although the perspectives on the approaches, methods, and use of results vary widely. Confounding the issue are cases in which development programs have a small number of participants and typical measures such as parametric statistics are not valid. The alternate evaluation technique presented here uses a non-parametric approach, incorporating a control group for comparison purposes. The paper begins with a review of evaluation issues for economic development planning programs, followed by an illustration of the approach suitable for programs with small numbers of participants. It utilizes a case study of a publicly-funded small business incubator program, the Advanced Technology Development Center, located in Atlanta, Georgia. By explaining how the analysis is constructed and the results interpreted, the paper illustrates a potentially useful methodological approach to evaluating community economic development programs.

Notes: This paper considers the case of Bangkok where, as in many Asian cities, the expansion of urban areas has outpaced the ability of public entities to manage and provide basic services. One potential way to improve the capacity of neighborhoods to assist in provision or improvement in environmental services is to enhance the positive contributions provided by local social networks and social capital. A conceptual framework is presented to explore the role of social networks in environmental management in polluted urban environments. This is followed by a brief description of the methodology and survey instrument used to collect information from a sample of community households in Bangkok and an analysis of the results from this survey regarding environmental practices, community action, and social networks. Some of the results suggest that increasing the number of social interactions that residents of a community experience is associated with increased community participation as, apparently, is increasing knowledge about what happens to waste or waste water after it leaves the community. Local public education efforts that focus on useful knowledge about environmental impacts may well be an effective way to encourage community participation.