ALBERT

Notes: Austrian business cycle policy was unconventional but rather successful in the last three decades and especially since the oil crisis. The unconventional conception was developed by trial and error, only ex post it got the name Austro-Keynesianism. Nevertheless it has a theoretical basis, a rather radical interpretation of KEYNES, which bases economic instability on a deep-rooted uncertainty of entrepreneurs. According to this interpretation economic policy tried to stabilize the data most important for entrepreneurial decisions, especially wage increase, exchange rates and investment promotion. This lightened the burden of the traditional instruments of stabilization policy. In addition these instruments were assigned differently: Exchange rate policy was primarily used to stabilize prices in the short run, incomes policy to equilibrate the current account in the medium and longer run, fiscal policy to stabilize employment. While the new assignation proved useful for stabilization policy, some structural problems remained unsolved.

Notes: This paper suggests that, while medieval cathedrals served many purposes and, indeed, were some of the greatest technical achievements of their time, they served a rational economic purpose as well. Protestant entry into the market for Christian religion finally materialized in the early sixteenth century. The Roman Catholic Church did not make a ‘mistake’ in failing to forestall entry. We argue that the Church made a conscious rational effort to do so by supplying excess capacity and particular forms of capital in medieval cathedrals. While the attempt to forestall entry was ultimately unsuccessful, the extent of cathedral building helps explain why some areas of Europe remained Catholic and alternative forms of Christianity took hold in other locales.

Notes: We investigate the possible future of Post-Kyoto climate policies until 2020. Based on a cross-impact analysis, we first evaluate an expert poll to identify the most likely Post-Kyoto climate policy scenarios. We then use a computable general equilibrium model to assess the economic implications of these scenarios. We find that Post-Kyoto agreements will include only small reductions in global greenhouse gas emissions, with abatement duties predominantly assigned to the industrialized countries, while developing countries remain uncommitted, but can sell emission abatement to the industrialized world. Equity rules to allocate abatement duties are mainly based on sovereignty or ability-to-pay. Global adjustment costs to Post-Kyoto policies are very moderate, but regional costs to fuel exporting countries can be substantial because of distinct terms-of-trade effects on fossil fuel markets.

Notes: Investment incentives targeted at attracting multinational firms have been extensively researched, and empirical evidence has shown them to be influential. The same is not true of exit restrictions. Yet, as recent theory suggests, there may be a trade-off between entry incentives and ease of exit. This paper focuses on that trade-off in the case of US multinationals in 33 host countries. An indicator of labour market regulations is used as a measure of ease of exit. Results suggest that both entry incentives and labour market regulations are important and ignoring the latter neglects an important dimension in firms' location decision.

Notes: This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern European member states. Using a Balassa-Samuelson model of productivity driven inflation, we find a high probability of higher inflation in the new member states. We compare the policy options which make the compliance possible, i.e. fiscal tightening and nominal appreciation within the ERM2 band. Nominal appreciation within ERM2 seems the better option to achieve the compliance with the Maastricht criteria, as no discretionary government intervention is necessary, and losses in terms of real growth are smaller. Having once opted for nominal appreciation by fixing the ERM2 entry rate as the central rate (Irish model), a high degree of flexibility is provided in coping with erratic short-term capital inflows. The strategy of setting the ERM2 entry rate above the central rate (Greek model) implies a clear exchange rate path within ERM2 and thereby less exchange rate volatility. Despite the merits of nominal appreciation, countries committed to hard euro pegs, or with high budget deficits, may choose fiscal contraction as a solution.

Notes: Are private firms more efficient than public ones? Does privatisation improve performance? In order to answer these questions, it is necessary to disentangle the impact of ownership and competition upon business performance. This paper presents empirical evidence relating to the hypothesis that public ownership and competition are determinants of firms' productivity. It concludes that public ownership has a significant negative effect on productivity and also that privatisation has a positive impact on efficiency. Furthermore, increased competition is found to have a positive effect on productivity. These results are interpreted as confirming that privatisation is effective as a means of increasing firms' efficiency, at least in a non-regulated and relatively competitive sector, such as manufacturing.

Notes: Theory presents two channels through which profit sharing can cause workers to increase their coworkers' productivity: greater cooperation and increased peer pressure. This paper argues that these generate opposite influences on coworker relations, and that which dominates varies according to circumstances and type of worker. Using German data, we show that, for non-supervisory men, profit sharing increases cooperation, but that for those who highly value success on the job, it has no influence on cooperation, and for supervisors it reduces cooperation. Moreover, the findings show striking gender differences in the effect of profit sharing. We contend these patterns fit with underlying theoretical expectations.

Notes: The ‘market discipline’ approach to subnational finance requires that moral hazard derived from the possibility of a central government bailout be made insignificantly small. Therefore, governments interested in following this approach and willing to abide by its rules should start by creating the conditions for a default and its resolution to be possible. This article discusses the use of lending ceilings as an instrument to allow the default, without dragging in the central government.

Notes: A meta-analysis of thirty-four restriction tests from nine studies of the natural rate of unemployment hypothesis (NRU) finds the statistical trace of a false empirical hypothesis. A theme of bias and misspecification among those studies that tend to be more supportive of NRU emerges. When combined with a separate meta-analysis of NRU's falsifying hypothesis, unemployment ‘hysteresis’ (Stanley 2004a), the natural rate hypothesis may be regarded as empirically ‘falsified’ (Popper 1959). Monte Carlo simulations validate the meta-regression methods used here to integrate different restriction tests and to identify their limitations.

Notes: There is a growing interest in the academic and policy making communities in understanding the effects of sectoral specialisation on labour market performance. The existing empirical evidence, mainly based on US data, generally finds a positive correlation between sectoral specialisation and labour market indicators such as wages and unemployment. The policy implication one can draw from these results is that fostering sectoral diversification may reduce unemployment. However, this lesson may not hold for all countries. In particular, in the case of Europe, the diversity of labour market institutions may play a distinct role in shaping the relationship between sectoral specialisation and labour market performance.In this paper, we investigate the relationship between regional sectoral specialisation and regional unemployment rate in the context of different collective bargaining institutions in the EU countries. We find that collective bargaining institutions do play a role in shaping the unemployment rate differentials across regions belonging to the same country. Furthermore, the relationship between regional specialisation and the regional unemployment rate is stronger in countries with intermediate and decentralised collective bargaining institutions in comparison to countries with centralised collective bargaining institutions.Our results suggest that labour market institutions are likely to influence the outcome of policies aiming at fostering regional diversification. While such policies may result in reducing regional unemployment in countries with decentralised and intermediate levels of collective bargaining, they may not make a big difference in countries with centralised collective bargaining institutions.

Notes: This paper distinguishes four types of ‘Prisoners’ Dilemma games – provision, the commons, selfishness, and altruism – based on the public character of benefits and costs. Although each of these four games has the same 2 × 2 ordinal game form, each differs in terms of strategic, dynamic, and policy implications. Similar differences characterize the n-person representations of the four games. When paired in 3 × 3 representations, the least-desirable Nash equilibrium of the two embedded 2 × 2 games results. The four types of PD games also have different evolutionary and informational requirements for cooperation. Applications include the environment, biology, counterterrorism, and international relations.

Notes: Both the economic theory of federalism and international environmental economics are interested in finding conditions under which countries or groups of countries would like to start cooperation with other countries. In the framework of the standard public-good model this paper presents a criterion for individually rational and thus voluntary international cooperation aiming at the provision of an international public good. This basic criterion can be traced back to Wicksell and Rawls and reflects the idea of reciprocity. In a further step, it is used to specify determinants that affect the decision of a group of countries to enter a coalition. It turns out that in this context the adjustment behavior of the original coalition members as well as that of the remaining outsiders is of particular importance. Finally the theoretical considerations are confronted with actual behavior of countries and groups of countries (as the EU, US and the developing countries) in the Kyoto process leading to a discussion of further prospects for global climate-change policy.

Notes: ‘Policymakers’ efforts to boost trend output growth may be hampered by the presence of a trade-off between productivity gains and job creation. This paper presents empirical evidence that the negative relationship between productivity growth and employment growth that prevailed in the 1960s and 1970s has disappeared since then. This finding is robust to using alternative measures and including other explanatory variables. The improved trade-off may be good news for policymakers who aim at raising the ‘speed limit’ of the economy.

Notes: The importance of aesthetic considerations is widely acknowledged in mathematics and the natural sciences. Beauty motivates mathematical and scientific discoveries and serves as a criterion for their acceptance by the scientific community. In contrast, there is little attention to beauty in the models, theorems and other objects of economic theory. This holds even though mathematics is an important tool of economic analysis. The pure theory of international trade provides useful examples to discuss the role of aesthetics in economic theory. The central feature of the discipline of economics which distinguishes it from the natural sciences and appears to explain the paucity of beauty in economics is that economic models lack generality.

Notes: We explore the economic implications of the possible Turkish accession to the European Union. We focus on three main changes associated with Turkish membership: (i) accession to the internal European Market; (ii) institutional reforms in Turkey triggered by EU-membership; and (iii) migration in response to the free movement of workers. Overall, the macroeconomic implications for EU countries are small but positive. European exports increase by around 20%. Turkey experiences larger economic gains than the EU: consumption per capita is estimated to rise by about 4% as a result of accession to the internal market and free movement of labour. If Turkey would succeed in reforming its domestic institutions in response to EU-membership, consumption per capita in Turkey could raise by an additional 9%. These benefits would spill over to the EU.

Notes: This article shows that therapeutic advice for behavior within the family is to create a functioning property-rights system and to emulate voluntary transactions within a competitive economic market. The optimal organization of the family requires that relations are structured so that non-cooperative game playing is minimized and transaction costs are reduced. The article employs economic analysis to explain why ‘setting limits’ is preferred to punishment (Pigouvian taxes). It also explains why there is conflict between children and their parents even when the parent's utility is the present discounted value of the child's utility function.

Notes: Implications of inefficiency in theories of market failure reveal a flawed methodology. Behavior which is apparently inefficient is actually the symptom of an inappropriate analytical model. The standard examples of market failure, monopoly power and external effects, are forthcoming only from models which omit transactions costs as explanatory variables. The unfortunate consequence of this conclusion is that complete and appropriate economic models, which incorporate all relevant variables, will always certify any behavior as efficient. This poses the ‘Panglossian dilemma’, that whatever is, is optimal. This dilemma is resolved by an analytical approach which compares behavior under alternative economic institutions. This analysis depends on two propositions: that transactions costs are affected by alternative institutional environments; and that institutions are themselves responses to the existence of transactions costs. These propositions are used to predict behavior under alternative institutions, and to explain the long run evolution of the institutions.

Notes: Empirical evidence does not agree with the investment-model of the demand for education: out of pocket costs have another impact than earnings foregone. This difference can be explained by consumption motives. The demand for education is then greater, the full price of education exceeds discounted future incremental earnings, net discounted wealth is not maximum and the rate of return to marginal investments in education is smaller than the interest rate.

Notes: At the turn of this century WESLEY C. MITCHELL argued that the velocity of money could be influenced by a noneconomic variable that he called ‘confidence’; but the idea has received little attention since then. This study uses events in the long Vietnam war for statistically demonstrating the MITCHELL hypothesis. U. S. troop presence in South Vietnam boosted the peoples' confidence in their country's future thereby stabilizing the demand for fiat money and income velocity. Only two variables - the previous year's rate of inflation and U. S. troop strength, which serves as a proxy for battlefield victories - are needed to explain movements in velocity.

Notes: Al-Shaikhly, Salah (ed.): Development Financing.Bombach, G.; Netzband, K.-B.; Ramser, H.-J. und Timmermann, M. (Hrsg.): Der Keynesianismus III.De Jong, H. W. (ed.): The Structure of European IndustryDesai, Meghnad: Testing MonetarismDiekmann, Jochen: Kontrctkttheoretische ArbeitsmarktmodelleDunning, John H.: International Production and the Multinational EnterpriseEliasson, Gunnar and SÖdersten, Jan (eds.): Business Taxation, Finance and Firm Behavior.Gandolfo, Giancarlo: Qualitative Analysis and Econometric Estimation of Continuous Time Dynamic ModelsGiersch, Herbert (ed.): Macroeconomic Policies for Growth and Stability.Heertje, Arnold (ed.): Schumpeter's Vision.Herder-Dorneich, Philipp; Sieben, Gunter und Thiemeyer, Theo (Hrsg.): Beitrdge zur GesundheitsÖkonomie.Herdzina, Klaus: Wirtschaftliches Wachstum, Strukturwandel und WettbewerbHowey, Richard S.: A Bibliography of General Histories of Economics 1692-1975Hutchison, T. W.: The Politics and Philosophy of Economics International Economic Policy Research.Judge, George G.; Hill, R. Carter; Griffiths, William; LÜtkepohl, Helmut and Lee, Tsoung-Chao: Introduction to the Theory and Practice of EconometricsKamien, Morton I. and Schwartz, Nancy L.: Market structure and innovationKornai, JÁnos and Martos, BÉla (eds.): Non-price controlLouven, Erhard : Technologietransfer und angepasste Technologien.Malliaris, A. G. and Brock, W. A.: Stochastic Methods in Economics and FinanceOchel, Wolfgang: Die Entwicklungsländer in der Weltwirtschaft.Panchamukhi, P. R.: Inequality in EducationPatinkin, Don: Essays on and in the Chicago TraditionPrais, S. J.: Productivity and Industrial Structure.Preston, A. J. and Pagan, A. R.: The Theory of Economic Policy.RomÁn, ZoltÁn : Productivity and Economic GrowthRÜrup, Bert und KÖrner, Heiko: Finanzwissenschaft.Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Ent-wicklung: Investieren für mehr Beschäftigung.Schenk, Karl-Ernst: Märkte, Hierarchien und Wettbewerb.Schenk, Karl-Ernst: ≪Institutional Choice〉 und OrdnungstheorieSchneider, Diethard: Monetäre Konzepte der Verstetigungspolitik.Schotter, Andrew: The Economic Theory of Social InstitutionsSchultz, Theodore W.: Investing in People.Shackleton, J. R. and Locksley, Gareth (eds.): Twelve Contemporary Economists.Shone, Ronald: Applications in Intermediate Microeconomics

Notes: Books reviewed in this article.Bender, Dieter et al.: Vahlens Kompendium der Wirtschaftstheorie und Wirtschaftspolitik.Betancourt, Roger R. and Clague, Christopher K.: Capital Utilization.Blankart, Charles Beat und Faber, Monika (Hrsg.): Regulierung öffentlicher Unternehmen.Brune, Heinrich-Gustav : Organisation von Verbraucherinteressen.Charatsis, E. G. (Ed.): Proceedings of the Econometric Society European Meeting 1979.Cooper, Charles : Economic Evaluation and the Environment.Courbis, Raymond (Éd.): Commerce international et modèles multinationaux.Diebold, William Jr.: Industrial Policy as an International Issue.Ekelund, Robert B. Jr. and Tollison, Robert D.: Mercantilism As a Rent-Seeking Society: Economic Regulations in Historical Perspective.Ferber, Robert and Hirsch, Werner Z.: Social Experimentation and Economic Policy.Fisher, Anthony C.: Resource and Environmental Economics.Gottwald, Dietrich: Die dynamische Theorie der Allokation erschöpfbarer Ressourcen.Griffith-Jones, Stephany: The Role of Finance in the Transition to Socialism.GrÜnÄrml, Frohmund: Multinationale Unternehmen, internationaler Handel und monetäre Stabilität.Hudson, John : Inflation.Hueting, Roefie : New Scarcity and Economic Growth.Kornai, JÁnos: Economics of Shortage.Krämer, W.: Eine Rehabilitation der gewöhnlichen Kleinst-Quadrate-Methode als Schätzverfahren in der Ökonometrie.Krohn, Claus-Dieter: Wirtschaftstheorien als politische Interessen.Llewellyn, David T.: International Financial Integration.Minx, Eckard : Von der Liberalisierungs- zur Wettbewerbspolitik.Mooslechner, Peter und Nowotny, Ewald: Gesamtwirtschaftliche Finanzierung und öffentliche Verschuldung.Moss, Scott : An Economic Theory of Business Strategy.Newbery, David M. G. and Stiglitz, Joseph E.: The Theory of Commodity Price Stabilization.Ryll, Edwin: Abschöpfungssystem, Angebotskontingentierung, produktneutrale und produktgebundene staatliche Einkommensübertragungen als agrarmarktpolitische Instrumente.Sauernheimer, Karlhans: Internationale Kapitalbewegungen, flexible Wechselkurse und gesamtwirtschaftliches Gleichgewicht.Shelp, Ronald Kent : Beyond Industrialization.Sid-Ahmed, Abdelkader : Nord-Sud: Les enjeux.Siebert, Horst:. Economics of the Environment.Slawson, W. David : The New Inflation.Stahl, Konrad und Sghulz, Norbert: Mathematische Optimierung und mikroökonomische Theorie.Thimm, Alfred L.: The False Promise of Codetermination.Witt, Ulrich: Marktprozesse.

Notes: Ahmad Jaleel: Import Substitution, Trade and Development.Berendsen B. S. M.: Regional Models of Trade and Development.Binswanger Hans P., Ruttan Vernon W., and others: Induced Innovation.Arndt Helmut: Irrwege der Politischen Ökonomie.Barry Thomas and Deaton David: Labour Shortage and Economic Analysis.BÉziade Monique: La monnaie.Coulbois Paul: Finance Internationale.Deiss Joseph: Monnaie et Prix internationaux.Brooks John and Evans Robert W.: Macroeconomic Policy in Theory and Practice.Cook S. T. and Jackson P. M. (Eds.): Current Issues in Fiscal Policy.Eckstein Otto: The Great Recession.Fraenkel Gioachino: Elementi di teoria e di politica monetaria.Freeman A. Myrick, III: The Benefits of Environmental Improvement.Guindey Guillaume: Mythes et Réaltiés de la Crise Monétaire Internationale.Hazari Bharat R.: The Pure Theory of International Trade and Distortions.Hettlage Robert: Genossenschaftstheorie und Partizipationsdiskussion.Hicks John: Economic Perspectives.Johansen Leif: Lectures on Macroeconomic Planning.Major Robin (Ed.): Britain's Trade and Exchange-Rate Policy.Passet RenÉ: L'économique et le vivant.Roll Eric (Ed.): The Uses and Abuses of EconomicsRostow W. W.: Getting from Here to There.Teighmann Ulrich: Wirtschaftspolitik.Vane Howard R. and Thompson John L.: Monetarism.Williams Ph. L.: The Emergence of the Theory of the Firm.Woll Artur (Hrsg.): Inflation.

Notes: This article critically reviews the development and present state of information theory in labor markets. Since the first generation of the new microeconomics, important progress has been made. However, a compact theory including both the various forms of information problems and the associated behavioral reactions still does not exist. Much work remains to be done in order to achieve a general and comprehensive foundation of macroeconomics. Moreover, application of such models to reality is not possible because there are no conclusive empirical tests. The strict neoclassical approach used in these models must be regarded as their principle weakness. The more reality differs from neoclassical assumptions, the more important is the — complementary — macro foundation of micro economics. This should include the analysis of collective decisions on the macro level and their effect on the individual market participant. Finally, some recent empirical and theoretical ideas are presented.

Notes: This paper is intended to highlight the role of cost increases in the inflation process. In the course of the analysis a distinction is made between three different types of cost inflation: (i) exogenous cost impulses; (ii) competing income claims, both by way of bargaining in markets and by competition in the political arena; and (iii) attempts to preserve the purchasing power of income. Each category is discussed in some detail. The paper also discusses alternative methods of fighting cost inflation, including some issues pertaining to cost-accommodating demand management and incomes policy.

Notes: According to Kondratiefflong term economic growth in industrialized countries is characterized by a 40- to 60-years-long cycle. The existence of this cycle is much debated. This article presents a spectral analytic test of the long cycle on the basis of price and volume series for Great Britain, France, Germany and the United States. In addition, long cyclical relations between prices and production and the relations between these variables internationally are analyzed by means of cross spectral analysis. The results of these analyses seem to confirm the existence of a Kondratieff-cycle in prices, but contradict the existence of a (simultaneous) long cycle in real variables.

Notes: This paper is an empirical investigation of the hypothesis that there exists a positive relationship between the inflation rate and its variability. The hypothesis is tested for a sample of eighteen industrial countries for the period 1949-1970. In contrast to most previous studies, policy makers are allowed to revise their desired inflation rate by calculating a six-year moving average. The homogeniety assumption across countries is relaxed and the relationship between the average inflation rate and its variability over time is examined within each country. In addition, the argument that government financial policy is responsible for the variability of the inflation rate is reexamined in the context of a fixed-exchange-rate open economy; an alternative source of inflation variability is proposed-international inflation. A procedure that separates out the influence of the world inflation rate is developed and the relationship between the average inflation rate and its measure of variability attributable to domestic government financial policy is examined. The findings of this study provide less pervasive support than previous studies of the existence of a positive relationships between the inflation rate and its variability. Moreover, the positive causality uncovered might be due more to international inflation than to the actions of domestic financial authorities.

Notes: The life cycle hypothesis of consumption and rational (in the sense of Muth) expectations implies under certain additional, but not very restrictive, assumptions that real consumption follows an univariate first order autoregressive process. This implication was tested in the framework of bivariate autoregressive models with Swiss quarterly macroeconomic data. A slightly modified variant of the stepwise modelling approach suggested by Hsiao was applied. The hypothesis was rejected with respect to a ‘Neo-Ricardian’ definition of disposable income and real stock prices. By contrast, the test with the conventional definition of disposable income brought not significant results. These findings rise some doubts about the usual specification of macroeconometric consumption functions and their policy implications.

Notes: Auernheimer, Leonardo and Ekelund, Robert B. Jr.: The Essentials of Money and Banking.Batchelor, R. A.; Major, R. L. and Morgan, A. D.: Industrialisation and the Basis for Trade.Boettcher, Erik: Die Genossenschaft in der Marktwirtschaft.Brems, Hans: Dynamische Makrotheorie - Inflation, Zins und Wachstum.von Brentano, Dorothee: Grundsätzliche Aspekte der Entstehung von Genossenschaften.BÜrgenmeier, Beat: Théorie et pratique des investissements suisses à l’étranger.Cassen, Robert et al.: The World Development Report 1981.Cline, William R. and Associates: World Inflation and the Developing Countries.Craven, John: The Distribution of the Product.Deaton, Angus (Ed.): Essays in the theory and measurement of consumer behaviour.Dell, Sidney and Lawrence, Roger:The Balance of Payments Adjustment Process in Developing Countries.Fallick, J. L. and Elliot, R. F. (Eds.): Incomes Policies, Inflation and Relative Pay.Fellner, William(Ed.): Contemporary Economic Problems 1980.Frohn, Joachim und StÄglin, Reiner(Hrsg.): Empirische Wirtschqftsforschung.Gutzler, Helmut(Hrsg.): Umweltpolitik und Wettbewerb.Hamm, Walter und Schmidt, Reimer(Hrsg.): Wettbewerb und Fortschritt.Hey, John D.: Economics in Disequilibrium.Hibbs, Douglas A., Jr. and Fassbender, Heinowith the assistance of Rivers, R. Douglas(Eds.): Contemporary Political Economy.Howard, M. C.: Modern Theories of Income Distribution.Kellenbenz, Hermann: Deutsche Wirtschaftsgeschichte.Kocher, Gerhard und Rentchnick, Pierre:Teure Medizin.Kraft, M. und Braun, K.: Statisttsche Methoden für Wirtschafts- und Sozialwissenschaften.Maxwell, Robert J.: Health and Wealth.Mishan, Ezra J.: Introduction to Normative Economics.Sen, Amartya: Poverty and Famines.StÖhr, Walter B. and Fraser Taylor, D. R. (Eds.): Development from Above or Below? The Dialectics of Regional Planning in Developing Countries.Usher, Dan: The Economic Prerequisite to Democracy.Wagenhals, Gerhard: Wohlfahrtstheoretische Implikationen von Disparitätsmassen.

Notes: This paper summarizes recent developments in the stabilization policy debate. The emphasis is on the controversy between two main classes of models, the equilibrium and the disequilibrium approach, which are both aiming at a consistent explanation of macroeconomic price and quantity behavior. The various models that have been proposed are placed into a coherent framework, and the source of their contradicting policy implications is explored. Empirical evidence cannot be expected to bring about a clearcut decision in favor of either paradigm. A more likely prospect is the development of a synthetic approach emerging from current research in the micro foundations of macroeconomics. (An english version of this article is available as Discussion Paper Nr. 61, Institut f¨r angewandte Wirtschaftsforschung, University of Basel.)

Notes: Inflation occurs because individuals have an incentive to raise prices. The key issue of anti-inflation policy is to choose the appropriate incentive to stop inflation. Monetary policy works through the hunger incentive and it is no longer effective because society no longer allows the hunger incentive to work. This paper argues that the appropriate incentives to stop inflation are market incentives. These market incentives can be built into society through the introduction of an incentive anti-inflation plan such as the authors’ MAP proposal or its TIP counterparts.

Notes: Considerable controversy surrounds the COASE theorem despite the fact that it is generally accepted as valid both in the theory of externalities and the economic analysis of law. A major source of the controversy is the fact that there are a number of versions of the COASE theorem and definitions of transactions costs. It is argued that a proper understanding both of the competitive market model and transaction costs reveals that the COASE theorem is invalid and not part of standard market theory. It is further argued that transaction costs and information costs arising from market uncertainty provide a key to resolving many of the controversies that the theorem has given rise to and following from this that the primary economic function of law in bargaining situations is to increase transaction costs in order to reduce market uncertainty and strategic behaviour.

Notes: In this paper, three aspects of the potential gains form trade in an imperfect competition framework are considered in the light of recent research: the presumption that free trade reduces the monopolistic distorsions of imperfect domestic markets; the role of international openness as a way of making room for more efficient-size sellers in the domestic market; its effect upon the appearance of new products and increase in the total number of products. Theoretical and empirical research suggest that trade is indeed likely to improve allocative as well as technical efficiency and often to promote more product varieties.

Notes: Many governments allocate resources to the repression of the political freedom of their citizens. The dominant economic theory of this activity, associated most prominently with the work of HAYEK, is that political repression is a bi-product of the erosion of economic freedom. This theory predicts that civil liberty will be positively correlated with the degree of economic freedom. An alternative view, derived from models of industrial behavior, is that monopolistic governments will use political repression to protect their property rights, so that concentrated party systems will tend to engage in more repression than competitive systems. Using a cross-sectional sample of 184 states in 1979, an empirical test of the two hypotheses is presented and the evidence is shown to be more consistent with the second hypothesis. In addition, the correlation between civil liberty and a variety of economic variables is examined: the degree of civil liberty is found to positively related to the level of real per capita income and to the ratio of wage and salary payments to total income. The Gastil index of civil liberty provides the empirical foundation for the study.

Notes: The paper is the 1980 - Bohm-Bawerk - lecture given at the University of Innsbruck. Starting from Bohm-Bawerk's book Rights and Relations from the Point of View of the Economic Theory of Goods the paper tries to evaluate rights and phenomena like goodwill from the perspective of innovation. A framework of three levels of economic activity is developed. The three levels are consumption (the lowest level), production and innovation (the highest level). Rights are interpreted as instruments of protection of higher level activity from lower level activity. Focus of attention are industries with very high rates of technical progress and innovation. There the most important positive externality of innovation is the increased potential for even more innovations. It is argued that competition policy, as a rule of thumb, must foster competition by innovation and must discourage competition by imitation.

Notes: Allen, Polly Reynolds and Kenen, Peter B.: Asset Markets, Exchange Rates, and Economic Integration.Duwendag, Dieter und Siebert, Horst (Hrsg.): Politik und Markt.Eger, Thomas: Das regionale Entwicklungsgefälle in Jugoslawien.El-Agraa, Ali Mohammed and Jones, Anthony John: Theory of Customs Unions.Forster, Edgar und Vaassen, Bernd : Der Wettbewerb zwischen privater und gesetzlicher Krankenversicherung.Gehrig, Bruno: Geldpolitik unter alternativen institutionellen Voraus-setz. ungen.Hughes, Barry B.: World Modeling.Issawi, Charles : The Economic History of TurkeyJantsch, Erich: Die Selbstorganisation des Universums.Kakwani, Nanak C.: Income Inequality and Poverty.Kotte, Detlef J.: Wirkungen zwischenstaatlicher Finanztransfers in der EG auf Konjunktur und ZahlungsbilanzKÖtzle, Alfred : Die Eignung von Subventionen für die UmweltpolitikLaitinen, Kenneth : A Theory of the Multiproduct Firm.Lehment, Harmen: Devisenmarktinterventionen bei flexiblen Wechselkursen.Leroy, Dominique: Economie des arts du spectacle vivant.McKinnon, Ronald I.: Money in International Exchange.Noll, Werner: Finanzwissenschqft.Ohlsson, Lennart A.: Engineering Trade Specialization of Sweden and other Industrial Countries.Porschen, D.:Währungskooperation in West und Ost - Ein Systemvergleich auf der Grundlage der neuen politischen Ökonomie.Rohde, Wolfgang: Ein spieltheoretisches Modell eines Terminmarktes.Schmid, GÜnther: Strukturierte Arbeitslosigkeit und Arbeitsmarktpolitik.Shah, A. B. and Bhan, Susheela (Eds.): Non-Formal Education and the NAEP.Vallender, Dorle E.: Einführung in die Finanzwissenschaft.

Notes: This paper summarizes the conclusions of a number of studies prepared in recent years by the German Development Institute (Berlin) on the structural implications of the Southern enlargement of the European Community for the acceeding countries as well as for the whole EEC. Reference is made to the problems arising generally from the internal and external impact of the changes in the structural equilibrium of the Community, defined in terms of increasing structural disparities within the EEC and growing inflexibility vis-à-vis the rest of the world. The implications for the Common Agricultural Policy and the industry are then discussed with special reference to the problem of the ‘sensitive’ industries. Arguments are presented in favour of the thesis that a new structural equilibrium can only be achieved through the improvement of production structures in the weaker regions of the Community and so through the gradual elimination of the intra-Community development gap.

Notes: Bizien, Yves: Population and Economic Development.Black, John and Hindley, Brian (Eds.): Current Issues in Commercial Policy and Diplomacy.Brams, S. J.; Scmotter, A. and SchwÖdiauer, G. (Eds.): Applied Game Theory.Bruder, Wolfgang: Sozialwissenschaften und Politikberatung — Zur Nutzung sozialwissenschafthcher Informationen in der Ministerialorganisation.Clarkson, Kenneth W. and Martin, Donald L. (Eds.): The Economics of Nonproprietary Organizations.Dixon, P. B.; Bowles, S. and Kendrick, D.: Notes and Problems in Microeconomic Theory.Dobias, Peter: Wirtschaftspolitik.El Mallakh, Ragaei and Dorothea H. (Eds.): New Policy Imperatives for Energy Producers.Frey, RenÉ L.: Wachstumspolitik.Gollnick, Heinz und Thiel, Norbert : Ökonometrie.Gordon, Wendell: Institutional Economics.Gram, Harvey and Walsh, Vivian : Classical and Neoclassical Theories of General Equilibrium.Hacche, Graham: The Theory of Economic Growth. An Introduction.Hesse, Helmut (Hrsg.): Arbeitsbuch Angewandte Mikroökonomik.Hirsch, Werner Z.: Law And Economics: An Introductory Analysis.Kanemoto, Yoshitsugu: Theories of Urban Externalities.Klein, Lawrence R. and Young, Richard M.: An Introduction to Econometric Forecasting and Forecasting Models.Lavigne, Marie : Stratégies des pays socialistes dans l'echange international.Lindbeck, Assar (Ed.): Inflation and Employment in Open Economies.Lippman, S. A. and McCall, J. J. (Eds.): Studies in the Economics of Search.Lowe, Julian and Lewis, David : The Economics of Environmental Management.Peacock, Alan: The Economic Analysis of Government.Rao, C. H. Hanumantha and Joshi, P. C. (Eds.): Reflections on Economic Development and Social Change.Rossier, Edouard:.Economie structurale.Siebert, Horst and Antal, Ariane Berthoin : The Political Economy of Environmental Protection.Smith, Vernon L. (Ed.): Research in Experimental Economics. A Research Annual. Vol. 1.Uhlir, Helmut: Überprüfung der Random-Walk-Hypothese auf dem österreichischen Aktienmarkt.United Nations Industrial Development Organization: Industrial Priorities in Developing Countries.

Notes: The paper develops and renders plausible the hypothesis that modern man is developing an ever greater tolerance and desire for excitement and violence, because scientific and economic progress has so greatly diminished the hardships and hazards of everyday work and existence and of the fight for survival that most people are left with a stimulus deficit, which they try to eliminate. The various sources of deliberately sought-for stimulation, ranging from dangerous sports and gambling to violence, crime and participation in collective hazardous action, are listed and discussed, and the available statistics of their use or incidence compared and analyzed.

Notes: An otherwise conventional Keynesian macro model is modified to include inventories of final goods by (1) drawing a distinction between production and final sales, and (2) allowing for a negative effect of the level of inventories on production. Two models are presented: one in which the labor market clears and one in which it does not. Both models are stable only if the negative effect of inventories on production is ‘large enough’. Both models also imply that real wages move procyclically - in direct contrast to the usual implication of Keynesian models. Detailed analysis of the market-clearing model shows that there should be negative correlation between the levels of inventories and output, and between changes in inventories and changes in output, over the business cycle. However, inventory change should be positively correlated with the level of output.

Notes: This paper examines the effects of rising oil prices and dependence upon imported oil on inflation. For the United States, Japan, the Federal Republic of Germany, Sweden, the United Kingdom, and Australia, it is found that the price of imported oil is a significant cause of inflation. Dependence upon imported oil also is an important cause of inflation in Japan, the United States, and West Germany.

Notes: Für drei zentrale Ansätze der ökonomischen Theorie, den der walrasianischen Gleichgewichtstheorie, den der walrasianischen Unglcichgewichtstheorie und den der Neuen Mikroökonomie, werden die Komponenten der disziplinären Matrix, wie sie in dem von T. S. KUHN entwickelten wissenschaftstheoretischen Raster definiert sind, identifiziert. Ein exakter Vergleich dieser einzelnen Komponenten (das heisst der symbolischen Verallgemeinerungen, der metaphysischen Bestandteile, der Wertvorstellungen und der Beispiele) zeigt, dass sie sich so grundsatzlich unterscheiden, dass man von drei verschiedenen Paradigmata sprechen muss. In KuHNscher Terminologie zeichnen sich die Wirtschaftswissenschaften also (noch?) aus durch verschiedene Schulen, wie dies charakteristisch ist fur eine relativ friihe Phase der wissenschaftlichen Entwicklung.〈section xml:id="abs1-2"〉〈title type="main"〉SUMMARYFor three central branches of economic theory, the walrasian equilibrium theory, the walrasian disequilibrium theory and the New Microeconomics, the components of the disciplinary matrix, as they have been defined by the epistemological screen developed hy T. S. KUHN, are identified. An exact comparison of these specific components (i.e. the symbolic generalizations, the metaphysicaI parts, the values and the exemplars) shows that they differ so fundamentally that we must speak of three different paradigms. In KuHNian terminology, economics (still?) is featured by distinct schools, as it is characteristic for a relatively early staze of scientific development.

Notes: Allen T. Harrell: New Methods in Social Science Research.Bawa Vijay S., Brown Stephen J., and Klein Roger W.: Estimation Risk and Optimal Portfolio Choice.Bigksler James L. (Ed.): Handbook of Financial Economics.BlÜmle Gerold: Wirtschaftskreislauf, Beschäftigung und Inflation.Buomberger Peter : Theorie und Strategic der Geldpolitik in einer kleinen offenen Volkswirtschaft.Cipolla C. M. und Borchardt K. (Hrsg.): Sechzehntes und Siebzehnles Jahrhundert.CsikÓs-Nagy B.: Towards a New Price Revolution.Fine Ben and Harris Laurence: Rereading Marx.Hey John D.: Uncertainty in Microeconomics.Hunt E. K.: History of Economic Thought: A Critical Perspective.Lavigne Marie: Les relations économiquesMÜller JÜrgen und Vogelsang Ingo: Staatliche Regulierung.Mulvey Charles : The Economic Analysis of Trade Unions.Negishi Takashi : Microeconornic Foundations of Keynesian Macroeconomics.Paul Ellen Frankelm:Mo ral Revolution and Economic Science.Sargent Thomas J.: Macroeconomic Theory.SchÖnbÄck Wilfried : Subjektive Unsicherheit als Gegenstand staatlicher Intervention.Schrenk Martin, Ardalan Cyrus, and EL Tataway NawaL A.: Yugoslavia—Self-Management Socialism and the Challenge of Development.Siebert Horst: Ökonomische Theorie der Umwelt.Spatz Heinrich: Die Allgemeine Gleichgewichtstheorie.Whynes David K.: The Economics of Third World Military Expenditure.Wolfson Dirk J.: Public Finance and Development Strategy.

Notes: This paper is a survey of the most important contributions to the development of a theory of ‘long waves’ in capitalist development. From the early forerunners of the discussion, via Kondratieff and Schumpeter, to the economists of today, the debate on the long-wave phenomenon is being surveyed and assessed. The result is rather negative. No one has been able to empirically verify the existence of the long waves. Secular wave-like fluctuations in prices and certain related time series have been found - but these are quite compatible with explanations based exclusively on exogenous factors. In physical time series of production or other time series that are not directly correlated with prices, there has been no evidence of long waves. Nor has anyone been able to give a satisfying explanation of why the secular rate of growth or level of economic activity would fluctuate in a self-generating cyclical pattern. Therefore, we must draw the conclusion that those turning-points and successive trend periods which undeniably exist in the development of capitalism cannot be regarded as manifestations of some kind of long wave or cycle; instead, they are specific, historical occurrences, each one characterized by its own specific features. The task of the social scientist is, thus, to study the actual historical dynamics of the economic system - without trying to squeeze it into a general pattern of secular cyclical swings.

Notes: The starting point is the model of individual behaviour used by modern economic theory. The individualistically oriented branch of modern sociological theory is based on the same behavioural model, but stresses different aspects than economic theory does. While economic theory holds preferences constant and investigates how changes in the restrictions placed on individuals produce changes in their behaviour, sociological theory investigates how different social conditions give rise to different preferences (‘attitudes’) which then result in different ways of behaving. The theory of voting behaviour is given as an example to show how economic and sociological theory can gain from supplement each other. While sociological theory explains mainly long-term developments in voting behaviour as reactions to long-term changes in the society's basic social structure, economic theory mainly explains short-term variations in voting behaviour resulting from changes in economic and political factors. We conclude by discussing some misunderstandings held by sociologists concerning the economic approach. It is shown that once these misunderstandings are cleared up, economics not only can learn from sociology, but sociology can learn from economics as well.

Notes: This paper examines the Friedman-Phelps‘expectational (dis)equilibrium’ and the Clower-Leijonhufvud‘non-market-clearing’ paradigms as alternative disequilibrium theories, and draws their respective policy implications. Then, these paradigms are taken as complementary to each other, as containing necessary ingredients for a synthetic disequilibrium theory, whose policy implications can only tentatively be explored. A general disequilibrium theory is founded on the notion of ‘disequilibrium consciousness’ and on a detailed characterization of ‘conjectural’ price and/or quantity responses to non-market-clearing, whose quasi-equilibrium outcome is conditioned by both expectations and the intra-market spillover effect.

Notes: The paper identifies the disturbances in the balance of payments of the non-oil less developed countries responsible for the rapid growth in their external debt between 1972 and 1977. It also examines prospects for the future. It finds that the sharp growth in the current account deficits in the years 1974 and 1975 was due primarily to adverse movements in the terms of trade. But trade terms were reversed in 1976 and 1977 and the deficit was reduced. Still overall inflation, slow export growth, and large interest payments kept the deficit substantially above the 1972 and earlier levels. In part II the paper examines how the debt to GNP ratio of the LDC's could be affected by four factors: export growth, changes in real interest rates, terms of trade, and credit rationing. A model is developed which shows that certain combinations of the four factors could lead to rapid accumulation of debt relative to GNP.

Notes: The paper studies the impact on international capital movements of the accelerated tax depreciation scheme introduced in the U. S. A. under the REAGAN administration. It is argued on theoretical grounds that, contrary to most other potential tax reforms, this depreciation scheme calls for a substantial restructuring in the world-wide capital stock in favor of the U. S. Moreover, it is demonstrated that the scheme may induce severe sectoral changes within national economies. Countries that do not take countervailing actions against the U. S. policy are likely to experience a rise in their labour intensive industries at the expense of losing their capital intensive industries. A tentative estimate based on stylized economic facts indicates the necessity of a capital import into the U. S. of at least 7% of the OECD capital stock, which means that even with a doubling of the 1983 U. S. current account deficit of $40 billion more than a decade would have to pass in order for the required structural changes to be accomplished.

Notes: The growing leniency and generosity of public income support systems has been hypothesized to negatively affect work effort. The magnitude of this effect is estimated for the U. S. and the Netherlands in the 1970s, using a three-stage Probit-OLS model employed on micro data sets. Individuals are viewed as choosing the number of hours worked on the basis of expected labor income, expected transfer income, labor market and demographic characteristics and health. The elasticity of annual hours worked with respect to expected transfer income was estimated to be -0.22 for U. S. and -0.82 (1980) for the Netherlands. Combining these elasticities with the annual percentage increases in transfer generosity yields a yearly reduction in the number of hours worked of 0.65% for the U. S. and 2.7% for the Netherlands during the 1970s. These results suggest that growing transfers have had a substantial and negative impact on desired work effort and thus on production and economic performance, especially in the Netherlands.

Notes: The objective of this study is to present some preliminary estimates of regional long run benefits and costs due to the CO2 greenhouse effect within an economic framework that permits an appraisal of CO2 policy control costs. We utilize a mathematical programming framework to solve for growth paths for North and South America both for CO2 constrained (by an optimal emissions tax rate) and unconstrained scenarios. The possible losses to North America and gains to South America suggest international cooperation on CO2 control policy may be very difficult. Cooperative adjustments to increased CO2 may prove more feasible.

Notes: BADE, KLAUS J. (Hrsg.): Auswanderer - Wanderarbeiter - Gastarbeiter.CARLSTEIN, TOMMY: Time Resources, Society and Economy.CAVES, RICHARD E.: Multinational Enterprise and Economic Analysis.CIMPA, FRANZ: Arbeitslehre für Entwicklungshilfeprojekte.ECKSTEIN, OTTO: The DRI Model of the U. S. EconomyELIASSON, GUNNAR; SHAREFKIN, MARK and YSANDER, BENGT-CHRISTER (eds.): Policy Making in a Disorderly World EconomyFRIEDMAN, JAMES: Oligopoly TheoryGARNAUT, ROSS and CLUNIES-ROSS, ANTHONY: Taxation of Mineral RentsHICKS, JOHN: Money, Interest and Wages.KALECKI, MICHA: Theorie des Wachstums und der Planung in der sozialistischen VolkswirtschaftKILLINGSWORTH, MARK R.: Labor SupplyKLEIN, LAWRENCE R.: Lectures in EconometricsLAVERGNE, RÉAL P.: The Political Economy of U. S. Tariffs: An Empirical AnalysisLEISINGER, KLAUS M.: Health Policy for Least Developed CountriesMCKENZIE, GEORGE W.: Measuring Economic Welfare: New MethodsMELMAN, SEYMOUR: Profits without ProductionMOHR, JENS-UWE: Soziologische Aspekte der Anpassung an die Industria-lisierung in einem Entwicklungsland, dargestellt am Beispiel von NigeriaPREMCHAND, A.: Government Budgeting and Expenditure Controls.QUADRIO-CURZIO, ALBERTO (ed.): The Gold Problem: Economic Perspectives.REICH, UTZ-PETER und STAHMER, CARSTEN (Hrsg.): Gesamtwirtschaftliche Wohlfahrtsmessung und Umweltqualität.REITER, KLAUS: Regionale wirtschaftliche Zusammenarbeit von Staaten der Dritten WeltRIEBEL, VOLKER: Die Schwarzarbeit als Problem der ZeitallokationRIKER, WILLIAM H.: Liberalism Against Populism.SCHARPF, FRITZ W. und BROCKMANN, MARLENE (Hrsg.): Institutionelle Bedingungen der Arbeitsmarkt - und Beschäftigungspolitik.SCHMIDBERGER, WOLF-DIETER: Fiskalpolitik in kleinen offenen Volkswirtschaften.SPRAOS, JOHN: Inequalising Trade?STIGUM, BERNT P. and WENSTØP, FRED (eds.): Foundations of Utility and Risk Theory with ApplicationsSTREETEN, PAUL: First Things First.STRØM, STEINAR (ed.): Measurement in Public ChoiceWELLS, LOUIS T. Jr.: Third World Multinationals.WILLIAMSON, JOHN (ed.): IMF ConditionalityWORSWICK, DAVID and TREVITHICK, JAMES(eds.): Keynes and the Modern World

Notes: This paper examines the causal links between intra-industry trade and economic integration, and considers whether these can be expected to differ systematically between customs unions involving developed market economies and those involving centrally planned economies. Intra-industry trade is measured for members of the E. E. C. and compared with indices for various members of CMEA (as well as several non-E. E. C. European countries). It is found that average levels of intra-industry trade are indeed higher for E. E. C. countries and various explantations for this finding are discussed.

Notes: Aoki, Masanao: Notes on Economic Time Series Analysis: System Theoretic PerspectivesBéeateille, Andréea: The Idea of Natural Inequality and Other EssaysBianchi, Patrizio: Public and Private Control in Mass Product Industry: The Cement Industry CasesBinmore, K. G.: Calculus.Biørn, Erik and Jansen, Eilev S.: Econometrics of Incomplete Cross-Section/Time-Series DataBoltho, Andrea (ed.): The European Economy.Brems, Hans: Fiscal TheoryCooper, Richard N.; Kenen, Peter B.; Braga DE Macedo, Jorge and Van Ypersele, Jacques (eds.): The International Monetary System Under Flexible Exchange Rates: Global, Regional and NationalEarl, Peter D.: The Economic Imagination. Towards a Behavioral Analysis of ChoiceFaber, Malte; Niemes, Horst und Stephan, Gunter: Entropie, Umwelt-schutz und Rohstoffproduktion. de Fontenay, Patrick et al.: Hungary: An Economic SurveyVon Furstenberg, George M. (ed.): International Money and Credit: The Policy RolesHahn, Frank: Money and InflationHart, Jeffrey A.: The New International Economic OrderHeusgen, Christoph: Ludwig Erhards Lehre von der Sozialen Marktwirt-schaft.Hooke, A. W. (ed.): The Fund and China in the International Monetary System,Kaldor, Nicholas: Grenzen der ≫General Theory.Koslowski, Peter: Gesellschaft und Staat.Möller, Rudolf: Interpersonelle Nutzenvergleiche.Novak, Michael: The Spirit of Democratic CapitalismPattanaik, Prasanta K. and Salles, Maurice (eds.): Social Choice and WelfarePegoretti, Giovanni: Capitate finanziario, profttto, interessePütz, Paul und Meyerhöfer, Walter: Hemmnisse und Hilfen für UnternehmensgründungenRecktenwald, Horst Claus: Lexikon der Staats- und Geldwirtschaft.Schmähl, Winfried (Hrsg.): Ansätze der LebenseinkommensanalyseSertel, Murat R.: Workers and IncentivesSinclair, P. J. N.: The Foundations of Macroeconomic and Monetary TheorySkidelsky, Robert: John Maynard Keynes, Hopes Betrayed 1883-1920Sommer, Jürg H.: Kostenkontrolleim Gesundheitswesen.Tuchtfeldt, Egon (HRSG): Bauteine zur Theorie der Wirtschaftspolitik

Notes: U. S. monetary impulses may be transmitted to foreign unemployment through two channels: in the first (Keynesian) channel U. S. monetary expansion boosts the U. S. demand for domestic and foreign production. This leads to an export led recovery in foreign countries. The second (monetarist) channel depends on the usual balance of payments adjustment: U. S. monetary expansion which increases foreign money supplies initiates real recovery provided foreign business cycles respond to the monetary adjustment. The spectral analysis of individual time series for U. S. and foreign unemployment over the period 1960(2) to 1980(2) reveal dominant cycles in each series coinciding with the periodicity of the business cycle. The main arguments of the study are tested in ten separate cross spectral studies of the U. S. money stock and foreign unemployment. The following general conclusion emerges: U. S. monetary expansion promises to reduce unemployment in some foreign states, but has no effect in others. This conclusion does not support the case for U. S. monetary expansion, as the effect on world unemployment is not universal, but the potential costs in the form of higher inflation remain.

Notes: In this exploratory paper, the notion of (strong) discontinuity is introduced into the theory of international labour migration. It is suggested that inter-country wage differentials alone may fail to induce international migration at the level of the decision making entity. However, three factors - risk aversion, relative deprivation and asymmetric information - in conjunction with these wage differentials, may account for international migration.

Notes: This paper suggests a way of incorporating the important concepts of optimism and pessimism into the accepted model of decision-making under uncertainty. We exploit the primitive notion that an optimist is someone who over-estimates (underestimates) the likelihood of favourable (unfavourable) outcomes. We show that this incorporation enables us to explain several commonly observed apparent violations of Subjective Expected Utility Theory. Several illustrations and economic applications are presented, and we show that attitude to ‘fate’ (as evidenced in optimism and pessimism) is a different dimension of personality than attitude to risk. We conclude by relating our extension of SEU theory to other recent extensions.

Notes: Aufgrund verschiedener Anzeichen ist zu schliessen, dass bei der ökonomischen Forschung an den deutschsprachigen staatlichen Universitäten ein deutlicher Rückstand besteht gegenüber der internationalen, weitgehend durch amerikanische Wissenschafter geprägten Spitze. Eine Analyse der für die Hochschulprofessoren massgebenden institutionellen Rahmenbedingungen zeigt, dass dies auf eine ungünstige Anreizstruktur zurückzuführen ist. Diese Regelungen wirken sich nämlich im Endeffekt dahingehend aus, dass andere Tätigkeiten (sogenannte ≪Dienstleistungen≫) im Regelfall wesentlich mehr zum Nutzen eines Professors beitragen als die Forschungsarbeit. Dies trifft auch dann zu, wenn bei den nutzenstiftenden Faktoren nicht nur das Einkommen, sondern auch Anerkennung und Befriedigung an der Tätigkeit berücksichtigt werden. Wenn der Staat an seinen Universitäten mehr und bessere Forschung wollte, müsste er demzufolge dafür sorgen, dass wissenschaftliche Arbeit relativ zu anderen Tätigkeiten wieder attraktiver würde. Zur Erreichung dieses Ziels sind grundsätzlich verschiedene Massnahmen denkbar. Bei einer vergleichenden Beurteilung schält sich jedoch als einziger vom Staat tatsächlich steuerbarer und gleichzeitig auch wirkungsvoller Aktionsparameter die Besoldungsregelung heraus: die institutionellen Rahmenbedingungen müssten demnach so umgestaltet werden, dass sich zusätzliche Forschungsarbeit in irgend einer Form auch in zusätzlichem Einkommen niederschlägt.

Notes: According to Malthusian growth theory the wage rate may be maintained constant on the path to the stationary state, at a level above ‘subsistence’ by appropriate reductions in the population growth rate. In this paper we document J. S. MILL'S version of the Malthusian model and various applications thereof.

Notes: Die Frage der Realität ≪langer Wellen≫ in der wirtschaftlichen Entwicklung des 19. und 20. Jahrhunderts ist bis heute umstritten. Nicht selten wird das Vorhandensein dieser sogenannten KONDRATIEFF-Zyklen zwar für Wertreihen bejaht, für Produktionsreihen dagegen verneint. Mit Hilfe neuer statistischer Verfahren der Zeitreihenanalyse, die auf der Filtertheorie basieren, kann man zeigen, dass für eine gegenstandsneutrale Untersuchung dieser Frage das traditionelle Instrumentarium der Zeitreihenanalyse völlig ungeeignet ist. Das Grundproblem jeder statistischen Analyse ≪langer Wellen≫, nämlich Bestimmung und Ausschaltung des Trend als der nicht-zyklischen Bewegungskomponente einer Zeitreihe, wird in diesem Artikel mit einem völlig neu entwickelten Filterverfahren gelöst. Die Ergebnisse zeigen sehr deutlich sowohl die fundamentale Bedingtheit von Trend und Zyklus, als auch das Vorhandensein langfristiger zyklischer Schwingungskomponenten in Produktionsreihen. Während die Ergebnisse die gängige Datierung der KONDRATIEFF-Zyklen bis etwa 1913 annähernd bestätigen, zeigen die Zyklen in ihrem gesamten Verlauf starke Variationen in Form und Dauer und erfordern damit eine partielle Revision tradierter Vorstellungen.

Notes: Andel, Norbert: FinunzwissenschuftBéteille, André (ed.): Equality and Inequality: Theory and PracticeBinswanger, H. C.; Frisch, H.; Nutzinger, H. G. u. a.: Arbeit ohne Umweltzerstörung.Bowles, Roger: Law and the EconomyBrams, Steven J. and Fishburn, Peter C.: Approval VotingThe Brandt Commission: Common Crisis: North South: Cooperation for World RecoveryBroome, John: The Microeconomics of Capitalism de Cecco, Marcello (ed.): International Economic Adjustment.Chick, Victoria: Macroeconomics after Keynes.Chow, Gregory C. and Corsi, Paolo (eds.): Evaluating the Reliability of Macro-economic ModelsCoddington, Alan: Keynesian Economics.Culyer, A. J. (ed.): Health Indicators.Feldstein, Martin (ed.): Behavioral Simulation Methods in Tax Policy AnalysisFolkers, Cay: Begrenzungen von Steuern und Staatsausgaben in den USA.Giersch, Herbert (ed.): Emerging TechnologiesInternational Monetary Fund: World Economic Outlook.John, J.; Schwefel, D. and Zöllner, H. (eds.): Influence of Economic Instability on Health.Johns, Richard Anthony: Tax Havens and Offshore Finance.Jones, R. J. Barry (ed.): Perspectives on Political Economy. Alternatives to the Economics of DepressionJöreskog, K. G. and Wold, H. (eds.): Systems under Indirect Observations.Orlowski, Dieter: Die internationale Wettbewerbsfähigkeit einer Volkswirtschuft.Page, Bernd: Methoden der Modellbildung in der GesundheitssystemforschungRöpke, Jochen: Die unterentwickelte Freiheit.Rosner, Peter: Arbeit und Reichtum.Sabel, Charles F.: Work and politics.Schäfer, Hans-Bernd: Landwirtschaftliche Akkumulationslasten und industrielle Entwicklung.Sen, Amartya: Choice, Welfare and MeasurementSen, Amartya and Williams, Bernard (eds.): Utilitarianism and beyondShirley, Mary et al.: World Development ReportStubblebine, Wm. Craig and Willett, Thomas D. (eds.): Reaganomics, A Midterm ReportUrsprung, Heinrich W.: Die elementare Katastrophentheorie: Eine Darstellung aus der Sicht der ÖkonomieUtton, M. A. and Morgan, A. D.: Concentration and Foreign TradeWilson, Thomas and Wilson, Dorothy J.: The Political Economy of the Welfare State

Notes: The paper analyses the growth and profitability of the world's largest firms by reference to their size, degree of multinationality, main industry of operation, nationality of ownership and research intensity. The influence of size of firm on growth is stable but weak, its influence on profitability is negligible. Industry of operation has generally strongly influenced growth but the effect on profitability is not consistent amongst different time periods and samples. Division by research intensities of firms is significant in analysing growth, less in the analysis of profitability. Degree of multinationality does not contribute consistently to the explanatory power of the full equation for either dependent variable but nationality of ownership is a consistently powerful explanatory factor.

Notes: Does externality theory provide a basis for the government's monopoly in the production of base money? Money, as has been shown, is not a public good because it does not satisfy the non-rivalness criterion (nor the non-excludability criterion). Like any public decision, political agreement on a common money or unit of account (i. e., exchange rate fixity) passes the non-rivalness test. However, whether the imposition of a common money or monetary unit is a public good or a public bad depends on whether money is a natural-monopoly good or not. Hence, there is no independent public-good justification for the government's money monopoly. The public good argument is redundant. Whether money is a natural monopoly good cannot be determined a priori, but only on the basis of experience. If governments are natural money monopolists, they should have gained their monopoly position by prevailing in the market. Historically, this is not the case. The only valid test of the natural monopoly argument is to abolish all barriers to entry and to admit free currency competition from private issuers on equal terms. An international cross-section estimate of money demand functions reveals only weak evidence of social economies of scale in the use of money. By contrast, choice among currencies is shown to be strongly affected by restrictions of convertibility.

Notes: Dieser Beitrag befasst sich mit der Bereitstellung von Gütern und Dienstleistungen durch ≪Freiwilligengruppen≫, die als ≪Klubs≫ im Sinne der Public Choice-Theorie aufgefasst werden. Es wird eine theoretische Erklärung vorgeschlagen, warum Individuen eine Freiwilligengruppe gründen und sich nicht für eine institutionelie Alternative, zum Beispiel ein gewinnorientiertes Unternehmen, entscheiden. Haupterklärungsgründe für diese Wahl sind der Nutzen, den Mitglieder von Freiwilligengruppen infolge ihrer Wahlentscheidung zusätzlich zu jenem aus dem Konsum des Klubguts ziehen, Transaktionskostengesichtspunkte, Vertrauensaspekte im Zusammenhang mit asymmetrischer Information und qualitative Unterschiede, die mit der institutionellen Form der Erbringung einer Leistung verbunden sind. Für manche Formen von Freiwilligengruppen werden altruistische Präferenzen in die Erkläng miteinbezogen.