J. R. Hicks
- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198772873
- eISBN:
- 9780191596438
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198772874.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Capital and Growth by John Hicks was published in 1965 and rapidly established itself as a landmark in economic theory. This book takes earlier work and examines it critically for its ...
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Capital and Growth by John Hicks was published in 1965 and rapidly established itself as a landmark in economic theory. This book takes earlier work and examines it critically for its present-day value. The theme, now more clearly identified, is a comparative study of the economics of change, and brings in many of Hicks's subsequent developments and refinements — in particular a ‘neo-Austrian’ theory of capital which he developed in Capital and Time (1973). A new chapter on Keynes's methods has been added. This book presents a complete classification of the family of models appropriate for analysing dynamic economics.Less
Capital and Growth by John Hicks was published in 1965 and rapidly established itself as a landmark in economic theory. This book takes earlier work and examines it critically for its present-day value. The theme, now more clearly identified, is a comparative study of the economics of change, and brings in many of Hicks's subsequent developments and refinements — in particular a ‘neo-Austrian’ theory of capital which he developed in Capital and Time (1973). A new chapter on Keynes's methods has been added. This book presents a complete classification of the family of models appropriate for analysing dynamic economics.
Maarten A. Hajer
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198293330
- eISBN:
- 9780191599408
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829333X.003.0004
- Subject:
- Political Science, Environmental Politics
Contextualizes the contemporary environmental conflict in the tradition of thinking about man and nature relationships. Discusses the origins of environmentalism and gives a detailed interpretation ...
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Contextualizes the contemporary environmental conflict in the tradition of thinking about man and nature relationships. Discusses the origins of environmentalism and gives a detailed interpretation of the recent history from Blueprint for Survival to the new discourse of ecological modernization of the 1980s and 1990s. Explains how this new discourse could emerge.Less
Contextualizes the contemporary environmental conflict in the tradition of thinking about man and nature relationships. Discusses the origins of environmentalism and gives a detailed interpretation of the recent history from Blueprint for Survival to the new discourse of ecological modernization of the 1980s and 1990s. Explains how this new discourse could emerge.
Martin Rhodes
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199250257
- eISBN:
- 9780191599101
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199250251.003.0013
- Subject:
- Political Science, European Union
Argues that the commonly expressed fear, that EMU will contribute to the decline of welfare states in Europe, is not clearly borne out by the historical evidence, and that it may even possibly come ...
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Argues that the commonly expressed fear, that EMU will contribute to the decline of welfare states in Europe, is not clearly borne out by the historical evidence, and that it may even possibly come to show positive effects in contributing to a new architecture for a coordinated welfare policy. The argument proceeds in four stages. First, it contests the assumption that EMU is a ‘neo‐liberal’ project inherently inconsistent with the preservation of large, re‐distributive welfare states. Second, it shows that, while there have been some corrective adjustments linked to public sector debt reduction, there has been no ‘downward convergence’ in welfare spending. Third, it argues that the Stability and Growth Pact implies no mechanisms inherently adverse to the welfare state, and that EMU implies no weakening of the capacity of Europe's social and employment systems to cope with external shocks. Finally, it considers the experimental development of a new capacity at EU‐level to coordinate broad macroeconomic objectives with social and employment policies.Less
Argues that the commonly expressed fear, that EMU will contribute to the decline of welfare states in Europe, is not clearly borne out by the historical evidence, and that it may even possibly come to show positive effects in contributing to a new architecture for a coordinated welfare policy. The argument proceeds in four stages. First, it contests the assumption that EMU is a ‘neo‐liberal’ project inherently inconsistent with the preservation of large, re‐distributive welfare states. Second, it shows that, while there have been some corrective adjustments linked to public sector debt reduction, there has been no ‘downward convergence’ in welfare spending. Third, it argues that the Stability and Growth Pact implies no mechanisms inherently adverse to the welfare state, and that EMU implies no weakening of the capacity of Europe's social and employment systems to cope with external shocks. Finally, it considers the experimental development of a new capacity at EU‐level to coordinate broad macroeconomic objectives with social and employment policies.
Don Rose and Cam Patterson
- Published in print:
- 2016
- Published Online:
- May 2016
- ISBN:
- 9781469625263
- eISBN:
- 9781469625287
- Item type:
- chapter
- Publisher:
- University of North Carolina Press
- DOI:
- 10.5149/northcarolina/9781469625263.003.0004
- Subject:
- Business and Management, Innovation
Spinning a company out of the university, based on university scientific research involves a number of key steps: Recognizing the Opportunity Disclosure to the University Filing for IP Protection ...
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Spinning a company out of the university, based on university scientific research involves a number of key steps: Recognizing the Opportunity Disclosure to the University Filing for IP Protection Recruiting Advisors and Mentors Developing the Business Case Forming the Company Building the Management Team Licensing the Intellectual Property Gathering Market Information Defining and Refining the Business Model Early-Stage Marketing Writing The Business Plan Raising Initial Capital Finding Space Raising Growth Capital Developing the Product Engaging the Customer: Marketing, Sales, and Business Development Establishing Manufacturing The Exit Each step is considered in detail with practical recommendations based on the authors’ experience.Less
Spinning a company out of the university, based on university scientific research involves a number of key steps: Recognizing the Opportunity Disclosure to the University Filing for IP Protection Recruiting Advisors and Mentors Developing the Business Case Forming the Company Building the Management Team Licensing the Intellectual Property Gathering Market Information Defining and Refining the Business Model Early-Stage Marketing Writing The Business Plan Raising Initial Capital Finding Space Raising Growth Capital Developing the Product Engaging the Customer: Marketing, Sales, and Business Development Establishing Manufacturing The Exit Each step is considered in detail with practical recommendations based on the authors’ experience.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.001.0001
- Subject:
- Economics and Finance, Economic History
A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a ...
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A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a critical input to economic history. Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman provided a firm empirical foundation for our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material supporting his findings during his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanshipLess
A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a critical input to economic history. Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman provided a firm empirical foundation for our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material supporting his findings during his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship
Michio Morishima
- Published in print:
- 1969
- Published Online:
- November 2003
- ISBN:
- 9780198281641
- eISBN:
- 9780191596667
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198281641.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Chapter 10 was concerned with the Final State Turnpike Theorem on the assumptions that consumption of each good per worker is fixed throughout the planning period and that the authorities try to ...
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Chapter 10 was concerned with the Final State Turnpike Theorem on the assumptions that consumption of each good per worker is fixed throughout the planning period and that the authorities try to maximize the stocks of goods that they can bestow, at the horizon, upon the future citizens; this chapter looks at a Second Turnpike Theorem. The partial optimization for the sake of the future should more properly be superseded by a general mutual optimization, so that the benefits from the properties initially available are shared between the people living in the planning period and those after that; this would inevitably cause confrontation with one of the hardest problems of economics—the interpersonal and intertemporal comparisons of utilities. In this chapter, attempts to solve the crux of the problem are abandoned and the other extreme is addressed: the conditions are derived for Ramsey optimality as distinct from DOSSO efficiency, i.e. optimization is in favour of the people in the planning period, and the satisfaction of the future residents is pegged at a certain level, of which the present residents approve. Among all feasible programmes that leave, at the end of the planning period, necessary amounts of goods for the future residents, the question is whether the people living choose a single one that is most preferable from their own point of view, i.e. there is a switch over of ideology from abstinence for the future to satisfaction in the transient life. The different sections of the chapter include discussion of: two norms of optimum growth—the Golden Balanced Growth path and the Consumption Turnpike; the existence of the Consumption Turnpike; the Silvery Rule of Accumulation’ the singular case where there is no discrimination between the living and the coming people; the Consumption Turnpike Theorem—the cases of the subjective time‐preference factor not being greater than the growth factor of the population, and of the former being greater than the latter; and an example of a cyclic Ramsey‐optimum growth.Less
Chapter 10 was concerned with the Final State Turnpike Theorem on the assumptions that consumption of each good per worker is fixed throughout the planning period and that the authorities try to maximize the stocks of goods that they can bestow, at the horizon, upon the future citizens; this chapter looks at a Second Turnpike Theorem. The partial optimization for the sake of the future should more properly be superseded by a general mutual optimization, so that the benefits from the properties initially available are shared between the people living in the planning period and those after that; this would inevitably cause confrontation with one of the hardest problems of economics—the interpersonal and intertemporal comparisons of utilities. In this chapter, attempts to solve the crux of the problem are abandoned and the other extreme is addressed: the conditions are derived for Ramsey optimality as distinct from DOSSO efficiency, i.e. optimization is in favour of the people in the planning period, and the satisfaction of the future residents is pegged at a certain level, of which the present residents approve. Among all feasible programmes that leave, at the end of the planning period, necessary amounts of goods for the future residents, the question is whether the people living choose a single one that is most preferable from their own point of view, i.e. there is a switch over of ideology from abstinence for the future to satisfaction in the transient life. The different sections of the chapter include discussion of: two norms of optimum growth—the Golden Balanced Growth path and the Consumption Turnpike; the existence of the Consumption Turnpike; the Silvery Rule of Accumulation’ the singular case where there is no discrimination between the living and the coming people; the Consumption Turnpike Theorem—the cases of the subjective time‐preference factor not being greater than the growth factor of the population, and of the former being greater than the latter; and an example of a cyclic Ramsey‐optimum growth.
Yue Chim Richard Wong
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9789888208654
- eISBN:
- 9789888313044
- Item type:
- book
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208654.001.0001
- Subject:
- Political Science, Public Policy
Hong Kong is one of the world’s most densely populated cities. Land supply, property values, and housing provision are inextricably linked with the city’s economic growth and questions of economic ...
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Hong Kong is one of the world’s most densely populated cities. Land supply, property values, and housing provision are inextricably linked with the city’s economic growth and questions of economic equality. In Hong Kong Land for Hong Kong People, Yue Chim Richard Wong traces the history of Hong Kong’s postwar housing policy. He then discusses current housing problems and their solutions, drawing on examples from around the world. Wong argues that housing policy in Hong Kong, with its multiple, often incompatible objectives, and its focus on supply over demand, can no longer satisfy the needs of a diverse and dynamic population. He recommends three simple low-cost policies to promote homeownership and social mobility: sell public rental housing units to the sitting tenants; make subsidized homes more affordable; and reform the public housing program along lines adopted in Singapore, where government-built housing may be resold or leased in a free market. This is the second of Richard Wong’s collections of articles on society and economy in Hong Kong. The first, Diversity and Occasional Anarchy, published by Hong Kong University Press in 2013, examines the growing contradictions in Hong Kong’s economy predicament in historical context.Less
Hong Kong is one of the world’s most densely populated cities. Land supply, property values, and housing provision are inextricably linked with the city’s economic growth and questions of economic equality. In Hong Kong Land for Hong Kong People, Yue Chim Richard Wong traces the history of Hong Kong’s postwar housing policy. He then discusses current housing problems and their solutions, drawing on examples from around the world. Wong argues that housing policy in Hong Kong, with its multiple, often incompatible objectives, and its focus on supply over demand, can no longer satisfy the needs of a diverse and dynamic population. He recommends three simple low-cost policies to promote homeownership and social mobility: sell public rental housing units to the sitting tenants; make subsidized homes more affordable; and reform the public housing program along lines adopted in Singapore, where government-built housing may be resold or leased in a free market. This is the second of Richard Wong’s collections of articles on society and economy in Hong Kong. The first, Diversity and Occasional Anarchy, published by Hong Kong University Press in 2013, examines the growing contradictions in Hong Kong’s economy predicament in historical context.
Scott Barrett
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199286096
- eISBN:
- 9780191602832
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199286094.003.0016
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter updates the previous chapter. It explains that while the Kyoto Protocol has entered into force, it is still unlikely to change behavior because the fundamental problems with this ...
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This chapter updates the previous chapter. It explains that while the Kyoto Protocol has entered into force, it is still unlikely to change behavior because the fundamental problems with this agreement have not been addressed. It illustrates the case for failure by the example of another, seemingly ingenious agreement — the Stability and Growth Pact that underpins European Monetary Union. This chapter also reconsiders the goals of the Framework Convention on Climate Change. It argues that the aim of avoiding “dangerous interference” with the climate system is unhelpful, since this level of atmospheric concentrations cannot be identified, and this approach focuses attention on quantitative limits when it would be better to focus efforts on taking “appropriate measures”.Less
This chapter updates the previous chapter. It explains that while the Kyoto Protocol has entered into force, it is still unlikely to change behavior because the fundamental problems with this agreement have not been addressed. It illustrates the case for failure by the example of another, seemingly ingenious agreement — the Stability and Growth Pact that underpins European Monetary Union. This chapter also reconsiders the goals of the Framework Convention on Climate Change. It argues that the aim of avoiding “dangerous interference” with the climate system is unhelpful, since this level of atmospheric concentrations cannot be identified, and this approach focuses attention on quantitative limits when it would be better to focus efforts on taking “appropriate measures”.
Yue Chim Richard Wong
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9789888208654
- eISBN:
- 9789888313044
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208654.003.0010
- Subject:
- Political Science, Public Policy
The most important issue in designing public housing policy is to have a functioning market that allows households to choose housing tenure, between tenancy and homeownership. This is especially ...
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The most important issue in designing public housing policy is to have a functioning market that allows households to choose housing tenure, between tenancy and homeownership. This is especially important in developing economies with weak institutions that are experiencing rapid urbanization and industrialization, because the choice of housing tenure matters on both economic and social grounds.Less
The most important issue in designing public housing policy is to have a functioning market that allows households to choose housing tenure, between tenancy and homeownership. This is especially important in developing economies with weak institutions that are experiencing rapid urbanization and industrialization, because the choice of housing tenure matters on both economic and social grounds.
Yue Chim Richard Wong
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9789888208654
- eISBN:
- 9789888313044
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208654.003.0018
- Subject:
- Political Science, Public Policy
There was no compelling reason to believe the market was failing or that government intervention to curb speculation was warranted. Speculative activities improve economic efficiency. A better ...
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There was no compelling reason to believe the market was failing or that government intervention to curb speculation was warranted. Speculative activities improve economic efficiency. A better appreciation of the mechanism behind the presale arrangements would lead to a more enlightened view about regulating the market for presale housing units. However, this has not happened. In the past 20 years the government has repeatedly intervened in the market to curb speculation whenever there is a public outcry against property price surges.Less
There was no compelling reason to believe the market was failing or that government intervention to curb speculation was warranted. Speculative activities improve economic efficiency. A better appreciation of the mechanism behind the presale arrangements would lead to a more enlightened view about regulating the market for presale housing units. However, this has not happened. In the past 20 years the government has repeatedly intervened in the market to curb speculation whenever there is a public outcry against property price surges.
Yue Chim Richard Wong
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9789888208654
- eISBN:
- 9789888313044
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208654.003.0025
- Subject:
- Political Science, Public Policy
Reforming public sector housing will go a long way towards reviving the natural ebb and flow of life of half the city’s population. It will make inhabitants freer and less frustrated, encourage ...
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Reforming public sector housing will go a long way towards reviving the natural ebb and flow of life of half the city’s population. It will make inhabitants freer and less frustrated, encourage people to move around, and reactivate their natural economic instincts to build and create. It will end the labeling effect of living in the public housing sector. At the very least, the place they now live in will become a community that they will call their home and start investing in rather than treat as a public asset they do not own. A population policy that seeks to attract more talent to Hong Kong can only be beneficial for all if economic growth results from dynamic externalities produced by human capital. To date, there has been more talk than substance. With an aging population knocking on the door, we clearly should be planning for a much larger and better population mix and seek to attract migrants and contracted non-local workers based on their capacity to produce and innovate, rather than merely the assets or spending power they command.Less
Reforming public sector housing will go a long way towards reviving the natural ebb and flow of life of half the city’s population. It will make inhabitants freer and less frustrated, encourage people to move around, and reactivate their natural economic instincts to build and create. It will end the labeling effect of living in the public housing sector. At the very least, the place they now live in will become a community that they will call their home and start investing in rather than treat as a public asset they do not own. A population policy that seeks to attract more talent to Hong Kong can only be beneficial for all if economic growth results from dynamic externalities produced by human capital. To date, there has been more talk than substance. With an aging population knocking on the door, we clearly should be planning for a much larger and better population mix and seek to attract migrants and contracted non-local workers based on their capacity to produce and innovate, rather than merely the assets or spending power they command.
Yue Chim Richard Wong
- Published in print:
- 2015
- Published Online:
- September 2015
- ISBN:
- 9789888208654
- eISBN:
- 9789888313044
- Item type:
- chapter
- Publisher:
- Hong Kong University Press
- DOI:
- 10.5790/hongkong/9789888208654.003.0001
- Subject:
- Political Science, Public Policy
Chapter 1 highlights the main argument of the book: solutions to control the inflow people will eventually corrode the foundations of our free economy and open society. They will also be futile, ...
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Chapter 1 highlights the main argument of the book: solutions to control the inflow people will eventually corrode the foundations of our free economy and open society. They will also be futile, inhumane, and self-defeating. Hong Kong should be developed as a metropolis with a population that is much larger than is currently contemplated in official forecasts. And public housing units should be privatized to help residents become a propertied class. In doing so, Hong Kong will soon be gladly welcoming all those who have a legitimate and humanitarian claim to be here.Less
Chapter 1 highlights the main argument of the book: solutions to control the inflow people will eventually corrode the foundations of our free economy and open society. They will also be futile, inhumane, and self-defeating. Hong Kong should be developed as a metropolis with a population that is much larger than is currently contemplated in official forecasts. And public housing units should be privatized to help residents become a propertied class. In doing so, Hong Kong will soon be gladly welcoming all those who have a legitimate and humanitarian claim to be here.
Michio Morishima
- Published in print:
- 1969
- Published Online:
- November 2003
- ISBN:
- 9780198281641
- eISBN:
- 9780191596667
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198281641.003.0016
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The problem of optimum savings has been discussed by Ramsey on the assumption of a constant population and later by a number of economists on the more general assumption that the labour force expands ...
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The problem of optimum savings has been discussed by Ramsey on the assumption of a constant population and later by a number of economists on the more general assumption that the labour force expands at a constant exogenously fixed rate; different rates of population growth lead to different solutions; i.e. the path of optimum capital accumulation is relative to the population growth. In contrast, Meade and others have been concerned with the problem of optimum population, assuming among other things that at any given time the economy is provided with a given rate of savings as well as a given stock of capital equipment to be used; it follows that the path of optimum population is relative to capital accumulation. It is evident that these two partial optimization procedures should be synthesized so as to give a genuine supreme path, which is optimum with respect to both capital and population. This final chapter generalizes the Ramsey–Meade problem in that direction and shows that two kinds of long‐run paths—efficient and optimum paths—will under some conditions converge to the Golden Growth path when the time horizon of the paths becomes infinite; the two long‐run tendencies that are derived may be regarded as extensions of those discussed in the chapters entitled First and Second Turnpike Theorems. The different sections of the chapter discuss: the generalized Ramsey–Meade problem; the finding that the Golden Equilibrium rate of growth is greater than the Silvery Equilibrium rate; the Average Final State Turnpike Theorem; the strong superadditivity of processes—a sufficient condition for strong convergence; the tendency towards the ‘top facet’ as the general rule; cyclic phenomena; the Average Consumption Turnpike Theorem and its proof; and aversion to fluctuation in consumption.Less
The problem of optimum savings has been discussed by Ramsey on the assumption of a constant population and later by a number of economists on the more general assumption that the labour force expands at a constant exogenously fixed rate; different rates of population growth lead to different solutions; i.e. the path of optimum capital accumulation is relative to the population growth. In contrast, Meade and others have been concerned with the problem of optimum population, assuming among other things that at any given time the economy is provided with a given rate of savings as well as a given stock of capital equipment to be used; it follows that the path of optimum population is relative to capital accumulation. It is evident that these two partial optimization procedures should be synthesized so as to give a genuine supreme path, which is optimum with respect to both capital and population. This final chapter generalizes the Ramsey–Meade problem in that direction and shows that two kinds of long‐run paths—efficient and optimum paths—will under some conditions converge to the Golden Growth path when the time horizon of the paths becomes infinite; the two long‐run tendencies that are derived may be regarded as extensions of those discussed in the chapters entitled First and Second Turnpike Theorems. The different sections of the chapter discuss: the generalized Ramsey–Meade problem; the finding that the Golden Equilibrium rate of growth is greater than the Silvery Equilibrium rate; the Average Final State Turnpike Theorem; the strong superadditivity of processes—a sufficient condition for strong convergence; the tendency towards the ‘top facet’ as the general rule; cyclic phenomena; the Average Consumption Turnpike Theorem and its proof; and aversion to fluctuation in consumption.
T.N. Srinivasan
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198076384
- eISBN:
- 9780199080854
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198076384.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic ...
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This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic overarching objective of development of India among the polity and society — the eradication of mass poverty within a reasonable time horizon. The chapter identifies accelerating growth, ensuring its appropriate distribution and sustainability, and reforms as instruments for achieving this intrinsic objective. It focuses on the period of the ‘Hindu Rate of Growth’ from 1950–1 to 1979–80, when the infamous License-Permit-Raj was in full sway. It covers the Industrial Policy Resolution of 1956 and the 1970s when many draconian laws, such as the Industrial Disputes Act (IDA) and its amendment, Monopolies and Restrictive Trade Practices (MRTP) Act, Foreign Exchange Regulation Act (FERA), and Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA) were enacted. It also discusses the severe macroeconomic and balance of payments crisis of 1966 and economic liberalization of 1966–8.Less
This chapter draws a distinction between the intrinsic and instrumental values of India's development. It argues that since long before independence, there was a consensus on the intrinsic overarching objective of development of India among the polity and society — the eradication of mass poverty within a reasonable time horizon. The chapter identifies accelerating growth, ensuring its appropriate distribution and sustainability, and reforms as instruments for achieving this intrinsic objective. It focuses on the period of the ‘Hindu Rate of Growth’ from 1950–1 to 1979–80, when the infamous License-Permit-Raj was in full sway. It covers the Industrial Policy Resolution of 1956 and the 1970s when many draconian laws, such as the Industrial Disputes Act (IDA) and its amendment, Monopolies and Restrictive Trade Practices (MRTP) Act, Foreign Exchange Regulation Act (FERA), and Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA) were enacted. It also discusses the severe macroeconomic and balance of payments crisis of 1966 and economic liberalization of 1966–8.
James D. Savage
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780199238699
- eISBN:
- 9780191696770
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199238699.001.0001
- Subject:
- Political Science, European Union, Political Economy
The Maastricht Treaty and the Stability Growth Pact demand that EU member states comply with their famous deficit and debt requirements of three and sixty per cent of GDP. Yet, how can the EU's ...
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The Maastricht Treaty and the Stability Growth Pact demand that EU member states comply with their famous deficit and debt requirements of three and sixty per cent of GDP. Yet, how can the EU's leaders be certain that these targets are met? Is a three percent deficit in Belgium equivalent to one in Italy or France? This book explores how the Maastricht Treaty's budgetary surveillance procedure monitors member state budgetary policies, harmonizes their budgetary data, and effectively determines which member states qualified for member status and are subject to the Pact's sanctions. This book provides an examination of how the EU entrusted the credibility of these critical budgetary figures to a relatively minor European Commission agency, and what effect the surveillance procedure has on the making of the EMU and the enforcement of Maastricht.Less
The Maastricht Treaty and the Stability Growth Pact demand that EU member states comply with their famous deficit and debt requirements of three and sixty per cent of GDP. Yet, how can the EU's leaders be certain that these targets are met? Is a three percent deficit in Belgium equivalent to one in Italy or France? This book explores how the Maastricht Treaty's budgetary surveillance procedure monitors member state budgetary policies, harmonizes their budgetary data, and effectively determines which member states qualified for member status and are subject to the Pact's sanctions. This book provides an examination of how the EU entrusted the credibility of these critical budgetary figures to a relatively minor European Commission agency, and what effect the surveillance procedure has on the making of the EMU and the enforcement of Maastricht.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock ...
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This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.Less
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0015
- Subject:
- Economics and Finance, Economic History
This chapter wraps up, providing brief summary thoughts about Gallman’s scholarship and the role of capital accumulation in economic growth.
This chapter wraps up, providing brief summary thoughts about Gallman’s scholarship and the role of capital accumulation in economic growth.
Paul Shaffer, Ravi Kanbur, and Richard Sandbrook (eds)
- Published in print:
- 2019
- Published Online:
- March 2019
- ISBN:
- 9780198832317
- eISBN:
- 9780191870965
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198832317.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Immiserizing Growth occurs when growth fails to benefit, or harms, those at the bottom. It is not a new concept, appearing such figures as Malthus, Ricardo and Marx. It is also not empirically ...
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Immiserizing Growth occurs when growth fails to benefit, or harms, those at the bottom. It is not a new concept, appearing such figures as Malthus, Ricardo and Marx. It is also not empirically insignificant, occurring in between 10% and 35% of cases, depending on the data set and the growth and poverty measures used. In spite of this, it has not received its due attention in the academic literature, dominated by the prevailing narrative that ‘growth is good for the poor’. The chapters in this volume aim to arrive at a better understanding of when, why and how growth fails the poor. They combine discussion of mechanisms of Immiserizing Growth with empirical data on trends in growth, poverty and related welfare indicators. In terms of mechanisms, politics and political economy are chosen as useful entry points to explain IG episodes. The disciplinary focus is diverse, drawing on economics, political economy, applied social anthropology, and development studies. A number of methodological approaches are represented including statistical analysis of household survey and cross-country data, detailed ethnographic work and case study analysis drawing on secondary data. Geographical coverage is wide including Bolivia, the Dominican Republic, Ecuador, India, Indonesia, Mexico, Nigeria, the People’s Republic of China, Singapore, and South Korea, in addition to cross-country analysis. As the first book-length treatment of Immiserizing Growth in the literature, we believe that this volume constitutes an important step in redirecting attention to this issue.Less
Immiserizing Growth occurs when growth fails to benefit, or harms, those at the bottom. It is not a new concept, appearing such figures as Malthus, Ricardo and Marx. It is also not empirically insignificant, occurring in between 10% and 35% of cases, depending on the data set and the growth and poverty measures used. In spite of this, it has not received its due attention in the academic literature, dominated by the prevailing narrative that ‘growth is good for the poor’. The chapters in this volume aim to arrive at a better understanding of when, why and how growth fails the poor. They combine discussion of mechanisms of Immiserizing Growth with empirical data on trends in growth, poverty and related welfare indicators. In terms of mechanisms, politics and political economy are chosen as useful entry points to explain IG episodes. The disciplinary focus is diverse, drawing on economics, political economy, applied social anthropology, and development studies. A number of methodological approaches are represented including statistical analysis of household survey and cross-country data, detailed ethnographic work and case study analysis drawing on secondary data. Geographical coverage is wide including Bolivia, the Dominican Republic, Ecuador, India, Indonesia, Mexico, Nigeria, the People’s Republic of China, Singapore, and South Korea, in addition to cross-country analysis. As the first book-length treatment of Immiserizing Growth in the literature, we believe that this volume constitutes an important step in redirecting attention to this issue.
Yingyi Qian
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780262534246
- eISBN:
- 9780262342728
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262534246.001.0001
- Subject:
- Economics and Finance, International
As China has transformed itself from a centrally planned economy to a market economy, economists have tried to understand and interpret the success of Chinese reform. As the Chinese economist Yingyi ...
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As China has transformed itself from a centrally planned economy to a market economy, economists have tried to understand and interpret the success of Chinese reform. As the Chinese economist Yingyi Qian explains, there are two schools of thought on Chinese reform: the “School of Universal Principles,” which ascribes China’s successful reform to the workings of the free market, and the “School of Chinese Characteristics,” which holds that China’s reform is successful precisely because it did not follow the economics of the market but instead relied on the government. In this book, Qian offers a third perspective, taking certain elements from each school of thought but emphasizing not why reform worked but how it did. Economics is a science, but economic reform is applied science and engineering. To a practitioner, it is more useful to find a feasible reform path than the theoretically best way. The key to understanding how reform has worked in China, Qian argues, is to consider the way reform designs respond to initial historical conditions and contemporary constraints. Qian examines the role of “transitional institutions”—not “best practice institutions” but “incentive-compatible institutions”—in Chinese reform; the dual-track approach to market liberalization; the ownership of firms, viewed both theoretically and empirically; government decentralization, offering and testing hypotheses about its link to local economic development; and the specific historical conditions of China’s regional-based central planning.Less
As China has transformed itself from a centrally planned economy to a market economy, economists have tried to understand and interpret the success of Chinese reform. As the Chinese economist Yingyi Qian explains, there are two schools of thought on Chinese reform: the “School of Universal Principles,” which ascribes China’s successful reform to the workings of the free market, and the “School of Chinese Characteristics,” which holds that China’s reform is successful precisely because it did not follow the economics of the market but instead relied on the government. In this book, Qian offers a third perspective, taking certain elements from each school of thought but emphasizing not why reform worked but how it did. Economics is a science, but economic reform is applied science and engineering. To a practitioner, it is more useful to find a feasible reform path than the theoretically best way. The key to understanding how reform has worked in China, Qian argues, is to consider the way reform designs respond to initial historical conditions and contemporary constraints. Qian examines the role of “transitional institutions”—not “best practice institutions” but “incentive-compatible institutions”—in Chinese reform; the dual-track approach to market liberalization; the ownership of firms, viewed both theoretically and empirically; government decentralization, offering and testing hypotheses about its link to local economic development; and the specific historical conditions of China’s regional-based central planning.
Assaf Razin
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9780262037341
- eISBN:
- 9780262344234
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262037341.001.0001
- Subject:
- Political Science, Political Economy
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book ...
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The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.Less
The book objective is two-fold: First, the book provides rigorous analysis of some of the major globalization episodes during the decade's long emergence of the economy of Israel. Second, the book spells out, empirically, how the globalization played a crucial role in advancing Israel's economic progress. That is, economists and policy makers can gain insights as to how a globalized economy takes advantage of international trade, labor mobility, its international financial links, and at the same time push up against globalization headwinds, such as those triggered by the 2008 global financial crisis. A general lesson which comes out is that once a gradual opening up process is set, time-consistent macroeconomic policy is adapted, and well-regulated institutional setup is put in place, Israel’s economy has been able ride on growth-enhancing globalization flows, and weather its chilly storms. The book analyzes these game-changing events, evaluates their role in Israel remarkable development, and compares these developments to groups of developed and emerging- market economies in similar circumstances. To gain broader perspective, the book also looks back into recent history. The unique saga of Israel’s high-inflation crisis and the long period where it rebuilt the major financial, and monetary institutions, and regulatory bodies. These elements provided better macroeconomic stability and help mitigate business cycle fluctuations, and get the economy through military conflicts and boycotts. The book also surveys trending developments that remain challenging. The exceptionally high fertility among ultra-Orthodox Jews, and Arab minority, increasing portions of the population, is the main reason for the flagging labor-force participation. High fertility diminishes skill attainment. A rise in income inequality in all advanced economies, which also takes place in Israel, has a potential for setting off social-political divide. In the case of Israel, its fast development came, however, at the cost of rising income inequality and social polarization. Israel now has the most unequal distribution of income among OECD countries and its public education has declined from one of the best to one of the worst in the OECD. Israel’s income redistributive policies, from rich to poor, from healthy to the sick and from young to old, is significantly less comprehensive in scope, compared to the European systems. It has been becoming even less so over the last decades. Israel has an unusually high fertility rate among the developed economies. The book endeavors to marry economic theory, empirical evidence, and narrative presentation. It does so in a way that is enlightening to the specialist, but remains digestible for the non-professional reader. It provides an opportunity for the reader to look through the rear mirror at the saga of Israel’s high-inflation, and the inflation conquest. To connect to the earlier literature, the book provides a review of books surveys of the earlier phases in the development of the economy of Israel. There could be at least two potential groups of readers: a. Policy makers, academic and non-academic (international institutions, banks, etc.) researchers and students interested in the Israeli Economy; b. Policy makers, academic and non-academic researches, interested in the effects of globalization; and, c. Advanced undergraduate, and graduate students in international macroeconomics courses.
