Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ ...
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This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ perspectives. The first section examines accounting frameworks; this is the lens used to ascertain whether an economy is likely to overheat or slip into recession. We find that widely used accounting frameworks, such as accounting for GDP, often provide misleading information and bear some responsibility for poor economic advice and performance. The chapter next considers how the issues of risk, uncertainty, and information imperfections are at the center of macroeconomic analysis. Risk is always prevalent in an economy, and policies often have unintended consequences. As a result, economists and policy-makers must subject policy decisions to a risk assessment, and should also be responsive to new information. The final section of this chapter looks at the political economy and institutional frameworks within which policy decisions are made.Less
This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ perspectives. The first section examines accounting frameworks; this is the lens used to ascertain whether an economy is likely to overheat or slip into recession. We find that widely used accounting frameworks, such as accounting for GDP, often provide misleading information and bear some responsibility for poor economic advice and performance. The chapter next considers how the issues of risk, uncertainty, and information imperfections are at the center of macroeconomic analysis. Risk is always prevalent in an economy, and policies often have unintended consequences. As a result, economists and policy-makers must subject policy decisions to a risk assessment, and should also be responsive to new information. The final section of this chapter looks at the political economy and institutional frameworks within which policy decisions are made.
Leif Lewin
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198277255
- eISBN:
- 9780191599774
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198277253.003.0005
- Subject:
- Political Science, Comparative Politics
The final chapter of the book draws conclusions and implications from the evidence presented in previous chapters that public interest seems to be of greater importance in democratic politics than ...
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The final chapter of the book draws conclusions and implications from the evidence presented in previous chapters that public interest seems to be of greater importance in democratic politics than self‐interest. Analysing collective rationality, the public‐choice theory maintains the notion that realization of collective choice often brings about ‘unfortunate and unintended consequences’, thus suggesting that more self‐regulatory, privately owned free‐market economy can solve many problems, providing individuals better opportunities to reach their goals. As an alternative, drawing on such classics of political philosophy as Rousseau, Kant, and Hume, as well as on insights of iterative games of ‘Prisoner Dilemma’, Leif Lewin describes concepts of welfare state, social contract, and common good. Upholding the belief that the man is a rational human being, who endeavours to realize his preferences, the author maintains that these preferences need not be egoistic in nature and calls political scientists not to deny the findings of their own empirical research. He concludes that for the most part the man tries to further the public interest in politics, assuming that in the long run such policies are also to his own benefit.Less
The final chapter of the book draws conclusions and implications from the evidence presented in previous chapters that public interest seems to be of greater importance in democratic politics than self‐interest. Analysing collective rationality, the public‐choice theory maintains the notion that realization of collective choice often brings about ‘unfortunate and unintended consequences’, thus suggesting that more self‐regulatory, privately owned free‐market economy can solve many problems, providing individuals better opportunities to reach their goals. As an alternative, drawing on such classics of political philosophy as Rousseau, Kant, and Hume, as well as on insights of iterative games of ‘Prisoner Dilemma’, Leif Lewin describes concepts of welfare state, social contract, and common good. Upholding the belief that the man is a rational human being, who endeavours to realize his preferences, the author maintains that these preferences need not be egoistic in nature and calls political scientists not to deny the findings of their own empirical research. He concludes that for the most part the man tries to further the public interest in politics, assuming that in the long run such policies are also to his own benefit.
J. M. Ziman
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780198507796
- eISBN:
- 9780191709937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198507796.003.0006
- Subject:
- Physics, Condensed Matter Physics / Materials
This chapter considers the various simple idealized types of lattice imperfections, and indicates the means by which their scattering power — for electrons and for phonons — can be calculated. The ...
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This chapter considers the various simple idealized types of lattice imperfections, and indicates the means by which their scattering power — for electrons and for phonons — can be calculated. The types of imperfection are best classified by their dimensionality. The following are considered: (i) isolated point imperfections, e.g., vacancies, interstitials, chemical impurities, and isotopes; (ii) line imperfections, typically dislocations; surfaces of imperfection, such as grain boundaries, twin boundaries, and stacking faults.; and (iv) volume disorder, as in substitutional alloys and glasses. In each case the question is, ‘what is the probability that an electron (or phonon) incident upon an imperfection with a certain crystal momentum, will be scattered?’Less
This chapter considers the various simple idealized types of lattice imperfections, and indicates the means by which their scattering power — for electrons and for phonons — can be calculated. The types of imperfection are best classified by their dimensionality. The following are considered: (i) isolated point imperfections, e.g., vacancies, interstitials, chemical impurities, and isotopes; (ii) line imperfections, typically dislocations; surfaces of imperfection, such as grain boundaries, twin boundaries, and stacking faults.; and (iv) volume disorder, as in substitutional alloys and glasses. In each case the question is, ‘what is the probability that an electron (or phonon) incident upon an imperfection with a certain crystal momentum, will be scattered?’
Giorgia Brunello, Pietro Garibaldi, and Etienne Wasmer
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199210978
- eISBN:
- 9780191705786
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199210978.003.0002
- Subject:
- Economics and Finance, Public and Welfare
This chapter presents a few theoretical insights and some facts regarding the interaction between labour market institutions and the incentives to accumulate skills. It starts with a brief ...
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This chapter presents a few theoretical insights and some facts regarding the interaction between labour market institutions and the incentives to accumulate skills. It starts with a brief theoretical survey on human capital, in relation to the efficiency of credit markets and labour markets. The different roles played by various institutions in human capital accumulation are discussed. The discussion then turns to types of education as classified by UNESCO with ISCED-1997 (International Standard Classification of Education) and their supply in several OECD countries. The relation between wages and education, unemployment and education, and mobility and education are examined, along with the financing of education (as a fraction of GDP, per pupil/student and by origin, i.e., public or private). Finally, it is noted that Europe drastically differs from the US in that the higher priority given to secondary education is accompanied with under-funding of tertiary education and notably advanced tertiary education.Less
This chapter presents a few theoretical insights and some facts regarding the interaction between labour market institutions and the incentives to accumulate skills. It starts with a brief theoretical survey on human capital, in relation to the efficiency of credit markets and labour markets. The different roles played by various institutions in human capital accumulation are discussed. The discussion then turns to types of education as classified by UNESCO with ISCED-1997 (International Standard Classification of Education) and their supply in several OECD countries. The relation between wages and education, unemployment and education, and mobility and education are examined, along with the financing of education (as a fraction of GDP, per pupil/student and by origin, i.e., public or private). Finally, it is noted that Europe drastically differs from the US in that the higher priority given to secondary education is accompanied with under-funding of tertiary education and notably advanced tertiary education.
E. H. H. GREEN
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780198205937
- eISBN:
- 9780191717116
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205937.003.0011
- Subject:
- History, Political History
The chapters in this book identify leitmotifs in Conservative thought which enable one to answer the question ‘What is Conservatism?’ This answer confirms and builds upon arguments developed by ...
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The chapters in this book identify leitmotifs in Conservative thought which enable one to answer the question ‘What is Conservatism?’ This answer confirms and builds upon arguments developed by Anthony Quinton and Michael Oakeshott, particularly the former's ideas of intellectual imperfection, political scepticism, traditionalism, and organicism. At all levels of political debate and action throughout the 20th century, Conservatives articulated a range of positions, norms, and beliefs that were designed to identify the nature and meaning of Conservatism, and which fitted the patterns discerned by Quinton and Oakeshott, with the exception of Thatcherism. Thatcherism's implications were wholly at odds with the organicist emphasis on social association that had previously been such a marked feature of Conservative thought. As the Conservative century came to an end, it seemed that even if the Conservative Party had survived, Conservatism had not.Less
The chapters in this book identify leitmotifs in Conservative thought which enable one to answer the question ‘What is Conservatism?’ This answer confirms and builds upon arguments developed by Anthony Quinton and Michael Oakeshott, particularly the former's ideas of intellectual imperfection, political scepticism, traditionalism, and organicism. At all levels of political debate and action throughout the 20th century, Conservatives articulated a range of positions, norms, and beliefs that were designed to identify the nature and meaning of Conservatism, and which fitted the patterns discerned by Quinton and Oakeshott, with the exception of Thatcherism. Thatcherism's implications were wholly at odds with the organicist emphasis on social association that had previously been such a marked feature of Conservative thought. As the Conservative century came to an end, it seemed that even if the Conservative Party had survived, Conservatism had not.
Nicholas Barr
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199246595
- eISBN:
- 9780191595936
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246599.003.0012
- Subject:
- Economics and Finance, Public and Welfare
Imperfect information, risk, and uncertainty create capital market imperfections. As a result, conventional loans, i.e. mortgage‐type loans, are both inefficient and inequitable. Income‐contingent ...
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Imperfect information, risk, and uncertainty create capital market imperfections. As a result, conventional loans, i.e. mortgage‐type loans, are both inefficient and inequitable. Income‐contingent loans – i.e. loans with repayments calculated as x % of the borrower's subsequent earnings until he or she has paid off the loan – address these capital market imperfections by reducing the risks facing borrowers and lenders. Though its form and extent may vary, public involvement is necessary to collect income‐contingent loan repayments, and perhaps also to provide the loan capital.Less
Imperfect information, risk, and uncertainty create capital market imperfections. As a result, conventional loans, i.e. mortgage‐type loans, are both inefficient and inequitable. Income‐contingent loans – i.e. loans with repayments calculated as x % of the borrower's subsequent earnings until he or she has paid off the loan – address these capital market imperfections by reducing the risks facing borrowers and lenders. Though its form and extent may vary, public involvement is necessary to collect income‐contingent loan repayments, and perhaps also to provide the loan capital.
MARIA ROSA ANTOGNAZZA
- Published in print:
- 2007
- Published Online:
- January 2012
- ISBN:
- 9780197264201
- eISBN:
- 9780191734670
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264201.003.0007
- Subject:
- Philosophy, History of Philosophy
This chapter comments on Robert Adams’ chapter on the concept of the priority of the perfect in continental rationalists’ philosophical theology. It identifies the point of the top-down strategy ...
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This chapter comments on Robert Adams’ chapter on the concept of the priority of the perfect in continental rationalists’ philosophical theology. It identifies the point of the top-down strategy project as a way of establishing that God’s properties are the ontological grounding of the properties of finite things, that that God is the root or ground of all reality, and a conclusion is not available from a bottom-up approach. It considers whether the theologically more promising top-down strategy does not simply beg a crucial question by assuming that we can have some conception of the perfect that is independent of, or prior to, a conception of the imperfect.Less
This chapter comments on Robert Adams’ chapter on the concept of the priority of the perfect in continental rationalists’ philosophical theology. It identifies the point of the top-down strategy project as a way of establishing that God’s properties are the ontological grounding of the properties of finite things, that that God is the root or ground of all reality, and a conclusion is not available from a bottom-up approach. It considers whether the theologically more promising top-down strategy does not simply beg a crucial question by assuming that we can have some conception of the perfect that is independent of, or prior to, a conception of the imperfect.
G. B. Richardson
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198292432
- eISBN:
- 9780191596810
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292430.003.0003
- Subject:
- Economics and Finance, Microeconomics
A firm's investment will prove profitable only if aggregate competitive investment is not excessive and complementary investments are sufficient. This chapter examines the factors necessary to ensure ...
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A firm's investment will prove profitable only if aggregate competitive investment is not excessive and complementary investments are sufficient. This chapter examines the factors necessary to ensure the first of these conditions: these may include differences among firms in their awareness of profit opportunities and in their ability to respond to them, connections between sellers and buyers, which give a degree of stability to market shares, and some measure of inter‐firm collusion.Less
A firm's investment will prove profitable only if aggregate competitive investment is not excessive and complementary investments are sufficient. This chapter examines the factors necessary to ensure the first of these conditions: these may include differences among firms in their awareness of profit opportunities and in their ability to respond to them, connections between sellers and buyers, which give a degree of stability to market shares, and some measure of inter‐firm collusion.
Tsuneo Ishikawa
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780198288626
- eISBN:
- 9780191596469
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828862X.003.0003
- Subject:
- Economics and Finance, Public and Welfare
This chapter addresses the question of how the resources of labour power are supplied to alternative uses from the neoclassical viewpoint of individual rational choice, and further explains various ...
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This chapter addresses the question of how the resources of labour power are supplied to alternative uses from the neoclassical viewpoint of individual rational choice, and further explains various modifications made to the framework of analysis, which are designed to cope with circumstances peculiar to the labour market that cannot be handled well in a standard framework of market clearing. Section 3.1 formulates the theory of general equilibrium for an economy with heterogeneous abilities and heterogeneous jobs, and derives some fundamental properties governing the distribution of income; in particular, it answers the supply‐side questions of how people's diverse abilities are allocated to different job types and how people's preferences for types of job affect such a process; and discusses implications of these on the size distribution of income. Section 3.2 discusses the possibility that each person's ability might change over time, in particular that it might be modified into a more valuable one at the expense of economic resources. Section 3.3 discusses the types of labour market equilibrium that obtain when each person's ability is imperfectly revealed––more specifically, asymmetry of information exists between the workers and the employer in that every worker knows his or her ability perfectly well while the employer cannot observe it directly. Section 3.4 again discusses the implications of informational imperfection, but this time imperfection falls equally (or symmetrically) on workers and employers.Less
This chapter addresses the question of how the resources of labour power are supplied to alternative uses from the neoclassical viewpoint of individual rational choice, and further explains various modifications made to the framework of analysis, which are designed to cope with circumstances peculiar to the labour market that cannot be handled well in a standard framework of market clearing. Section 3.1 formulates the theory of general equilibrium for an economy with heterogeneous abilities and heterogeneous jobs, and derives some fundamental properties governing the distribution of income; in particular, it answers the supply‐side questions of how people's diverse abilities are allocated to different job types and how people's preferences for types of job affect such a process; and discusses implications of these on the size distribution of income. Section 3.2 discusses the possibility that each person's ability might change over time, in particular that it might be modified into a more valuable one at the expense of economic resources. Section 3.3 discusses the types of labour market equilibrium that obtain when each person's ability is imperfectly revealed––more specifically, asymmetry of information exists between the workers and the employer in that every worker knows his or her ability perfectly well while the employer cannot observe it directly. Section 3.4 again discusses the implications of informational imperfection, but this time imperfection falls equally (or symmetrically) on workers and employers.
Raaj K. Sah and Joseph E. Stiglitz
- Published in print:
- 2002
- Published Online:
- January 2005
- ISBN:
- 9780199253579
- eISBN:
- 9780191601682
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199253579.003.0003
- Subject:
- Economics and Finance, Development, Growth, and Environmental
One of the contributions of this book is to use and develop the principles of modern public finance for the analysis of LDCs (less developed countries). This is done by borrowing from two ...
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One of the contributions of this book is to use and develop the principles of modern public finance for the analysis of LDCs (less developed countries). This is done by borrowing from two intellectual traditions: that relating to public finance, and that relating to development economics. This chapter briefly reviews the four major strands in public finance literature that form the background to the study. These are: general-equilibrium analysis; Pigouvian welfare economics and optimal taxation; the New Welfare Economics (which says that interpersonal utility comparisons are not meaningful, so the utilitarian approach to adding up utilities is nonsense, and one allocation can only be said to be better than another when the first was a Pareto-improvement over the second); and the New New Welfare Economics, which borrows from the previous three strands, and seeks to analyse the scope of available tax instruments, and to take into account and explain market imperfections. This last approach is the one mainly used in the book to approach applied welfare economics for LDCs; various aspects of the approach are discussed.Less
One of the contributions of this book is to use and develop the principles of modern public finance for the analysis of LDCs (less developed countries). This is done by borrowing from two intellectual traditions: that relating to public finance, and that relating to development economics. This chapter briefly reviews the four major strands in public finance literature that form the background to the study. These are: general-equilibrium analysis; Pigouvian welfare economics and optimal taxation; the New Welfare Economics (which says that interpersonal utility comparisons are not meaningful, so the utilitarian approach to adding up utilities is nonsense, and one allocation can only be said to be better than another when the first was a Pareto-improvement over the second); and the New New Welfare Economics, which borrows from the previous three strands, and seeks to analyse the scope of available tax instruments, and to take into account and explain market imperfections. This last approach is the one mainly used in the book to approach applied welfare economics for LDCs; various aspects of the approach are discussed.
Robin Feldman
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195368581
- eISBN:
- 9780199867455
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195368581.003.0008
- Subject:
- Law, Criminal Law and Criminology
Despite the many times that the law has stumbled in its interactions with science, there are examples where the law has gotten it right. This chapter describes some of these examples, using them to ...
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Despite the many times that the law has stumbled in its interactions with science, there are examples where the law has gotten it right. This chapter describes some of these examples, using them to help craft a more effective role for science in law. In particular, the chapter looks at examples from laws related to the civil commitment of children and to paternity. It also suggests four approaches to help avoid the repeated pattern of failure: operating within law's parameters, using science for testing and transformation, protecting the structure of the dialogue, and embracing imperfection. In particular, this chapter describes how current problems in the Federal Circuit were structurally predictable, argues against specialized tribunals, and recommends the implementation of Plain Language Patents. This chapter also applies the logic suggested to the problem of pay-for-delay settlements between pharmaceutical companies and generic drug companies under the Hatch-Waxman Act.Less
Despite the many times that the law has stumbled in its interactions with science, there are examples where the law has gotten it right. This chapter describes some of these examples, using them to help craft a more effective role for science in law. In particular, the chapter looks at examples from laws related to the civil commitment of children and to paternity. It also suggests four approaches to help avoid the repeated pattern of failure: operating within law's parameters, using science for testing and transformation, protecting the structure of the dialogue, and embracing imperfection. In particular, this chapter describes how current problems in the Federal Circuit were structurally predictable, argues against specialized tribunals, and recommends the implementation of Plain Language Patents. This chapter also applies the logic suggested to the problem of pay-for-delay settlements between pharmaceutical companies and generic drug companies under the Hatch-Waxman Act.
G. B. Richardson
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198292432
- eISBN:
- 9780191596810
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292430.003.0010
- Subject:
- Economics and Finance, Microeconomics
Consideration is given to how the response of individual firms to risk affects resource allocation in the economy as a whole. The private and social costs of over‐ and under‐investment are discussed. ...
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Consideration is given to how the response of individual firms to risk affects resource allocation in the economy as a whole. The private and social costs of over‐ and under‐investment are discussed. Differences between firms in borrowing power, sometimes represented as ‘imperfections in the capital market’, are evidence of the weighting system that the competitive economy employs to distribute the authority to allocate resources.Less
Consideration is given to how the response of individual firms to risk affects resource allocation in the economy as a whole. The private and social costs of over‐ and under‐investment are discussed. Differences between firms in borrowing power, sometimes represented as ‘imperfections in the capital market’, are evidence of the weighting system that the competitive economy employs to distribute the authority to allocate resources.
Mark Fenton-O'Creevy, Nigel Nicholson, Emma Soane, and Paul Willman
- Published in print:
- 2004
- Published Online:
- October 2011
- ISBN:
- 9780199269488
- eISBN:
- 9780191699405
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269488.003.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, Organization Studies
Professional traders utilize market imperfections through lower transaction costs, access to privileged information, critical mass, or proprietary knowledge and models. To be able to understand the ...
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Professional traders utilize market imperfections through lower transaction costs, access to privileged information, critical mass, or proprietary knowledge and models. To be able to understand the role and work of the trader, we must first understand the neoclassical paradigm of efficient markets and rational pricing and how this no longer becomes valid at margins and how professional traders benefit and contribute to this event. Also, this paradigm relies on the assumption that a group of rational investors deter pricing anomalies through arbitrage when there are no uniformly rational investors. The study relies on interviews conducted with 118 traders and trade managers in four large investment banks in the City of London to meet the following concerns: decision-making and risk management, the role of finance professionals in these markets, and a synthesis of economics, sociology, and cognitive and social psychology in analysing the various approaches and paradigms of traders.Less
Professional traders utilize market imperfections through lower transaction costs, access to privileged information, critical mass, or proprietary knowledge and models. To be able to understand the role and work of the trader, we must first understand the neoclassical paradigm of efficient markets and rational pricing and how this no longer becomes valid at margins and how professional traders benefit and contribute to this event. Also, this paradigm relies on the assumption that a group of rational investors deter pricing anomalies through arbitrage when there are no uniformly rational investors. The study relies on interviews conducted with 118 traders and trade managers in four large investment banks in the City of London to meet the following concerns: decision-making and risk management, the role of finance professionals in these markets, and a synthesis of economics, sociology, and cognitive and social psychology in analysing the various approaches and paradigms of traders.
Hans Degryse, Moshe Kim, and Steven Ongena
- Published in print:
- 2009
- Published Online:
- October 2011
- ISBN:
- 9780195340471
- eISBN:
- 9780199852406
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340471.003.0006
- Subject:
- Economics and Finance, Microeconomics
This chapter discusses the macroeconomic consequences of financial imperfections through the set of empirical models used in this literature dealing with the finance–growth nexus. It discusses the ...
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This chapter discusses the macroeconomic consequences of financial imperfections through the set of empirical models used in this literature dealing with the finance–growth nexus. It discusses the instrumental variable technique for the assessment of the direction of causality between banking to growth and the channels involved in such. The evidence section introduces and summarizes the papers investigating banks and growth, the direction of causality, and the role financial markets play in addition.Less
This chapter discusses the macroeconomic consequences of financial imperfections through the set of empirical models used in this literature dealing with the finance–growth nexus. It discusses the instrumental variable technique for the assessment of the direction of causality between banking to growth and the channels involved in such. The evidence section introduces and summarizes the papers investigating banks and growth, the direction of causality, and the role financial markets play in addition.
J. M. Ziman
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780198507796
- eISBN:
- 9780191709937
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198507796.003.0008
- Subject:
- Physics, Condensed Matter Physics / Materials
This chapter begins with a discussion of the thermal conduction of insulators. It then discusses the calculation of the Umklapp resistance, the problem of long longitudinal waves, theory of ...
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This chapter begins with a discussion of the thermal conduction of insulators. It then discusses the calculation of the Umklapp resistance, the problem of long longitudinal waves, theory of imperfection resistance, isotopes and other point imperfections, imperfect crystals and glasses, and lattice conduction in metals and semiconductors.Less
This chapter begins with a discussion of the thermal conduction of insulators. It then discusses the calculation of the Umklapp resistance, the problem of long longitudinal waves, theory of imperfection resistance, isotopes and other point imperfections, imperfect crystals and glasses, and lattice conduction in metals and semiconductors.
Pranab Bardhan and Christopher Udry
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198773719
- eISBN:
- 9780191595929
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198773714.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Studies the economics behind the agrarian institutional arrangement of interlinked transactions. First, a model of credit‐labour interlinkage in which a landlord‐employer provides a loan to a peasant ...
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Studies the economics behind the agrarian institutional arrangement of interlinked transactions. First, a model of credit‐labour interlinkage in which a landlord‐employer provides a loan to a peasant in the slack season as part of a contract that entails the latter working for him at a discount in the peak season is presented. This contract enables the landlord to extract the entire consumer surplus even though the effective interest rate charged is the landlord's opportunity cost of credit. Next, a model in which a lender‐trader obtains a farmer‐borrower's crop at a pre‐agreed price discount in exchange for providing the latter with capital, with the interlinkage in this case providing a way out of the credit market imperfection faced by the farmer, is studied. The last section of the chapter furthers this discussion on efficiency and surplus extraction by looking at some other studies of interlinked transactions, including a model of sharecropping‐cum‐credit under production uncertainty.Less
Studies the economics behind the agrarian institutional arrangement of interlinked transactions. First, a model of credit‐labour interlinkage in which a landlord‐employer provides a loan to a peasant in the slack season as part of a contract that entails the latter working for him at a discount in the peak season is presented. This contract enables the landlord to extract the entire consumer surplus even though the effective interest rate charged is the landlord's opportunity cost of credit. Next, a model in which a lender‐trader obtains a farmer‐borrower's crop at a pre‐agreed price discount in exchange for providing the latter with capital, with the interlinkage in this case providing a way out of the credit market imperfection faced by the farmer, is studied. The last section of the chapter furthers this discussion on efficiency and surplus extraction by looking at some other studies of interlinked transactions, including a model of sharecropping‐cum‐credit under production uncertainty.
Jean‐Marie Baland and Jean‐Philippe Platteau
- Published in print:
- 2000
- Published Online:
- January 2005
- ISBN:
- 9780198290612
- eISBN:
- 9780191601613
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198290616.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter analyses the regulated common property regime, wherein human groups impose sufficient discipline upon their members to save common property resources from destruction or degradation. It ...
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This chapter analyses the regulated common property regime, wherein human groups impose sufficient discipline upon their members to save common property resources from destruction or degradation. It discusses the efficiency of regulated common property, the distributive effects of regulating common property, and common property resources in the context of pervasive factor-market imperfections. It identifies two problems with regulation: its difficulty to achieve and carry out, and its impact on income distribution which could prompt opposition from some users.Less
This chapter analyses the regulated common property regime, wherein human groups impose sufficient discipline upon their members to save common property resources from destruction or degradation. It discusses the efficiency of regulated common property, the distributive effects of regulating common property, and common property resources in the context of pervasive factor-market imperfections. It identifies two problems with regulation: its difficulty to achieve and carry out, and its impact on income distribution which could prompt opposition from some users.
Griffith-Jones Stephany
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780198296867
- eISBN:
- 9780191685286
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296867.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics
The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was ...
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The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was brought about by several different factors that include the large scale of deficits in the current account, how these deficits were funded by short-term capital inflows, how the Mexican authorities asserted a relatively fixed nominal exchange rate that was seemingly overvalued to reduce inflation, and the outwardly relaxed monetary policy imposed during 1994. The causes also include how the government allowed the transformation of a huge part of this debt into dollar-dominated paper, how devaluation was mismanaged, and, lastly, how criminal and political events have emerged during this period. This chapter takes on a chronological approach in analyzing this crisis and concentrates on issues of devaluation and imperfections within the capital market.Less
The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was brought about by several different factors that include the large scale of deficits in the current account, how these deficits were funded by short-term capital inflows, how the Mexican authorities asserted a relatively fixed nominal exchange rate that was seemingly overvalued to reduce inflation, and the outwardly relaxed monetary policy imposed during 1994. The causes also include how the government allowed the transformation of a huge part of this debt into dollar-dominated paper, how devaluation was mismanaged, and, lastly, how criminal and political events have emerged during this period. This chapter takes on a chronological approach in analyzing this crisis and concentrates on issues of devaluation and imperfections within the capital market.
Ann Hallamore Caesar
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780198151760
- eISBN:
- 9780191672828
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198151760.003.0003
- Subject:
- Literature, European Literature
This chapter discusses how Luigi Pirandello's characters tend to get him ‘too involved’ to some extent that he experienced difficulties in creating the novels himself. In the first parts of the ...
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This chapter discusses how Luigi Pirandello's characters tend to get him ‘too involved’ to some extent that he experienced difficulties in creating the novels himself. In the first parts of the chapter, it emphasizes how Pirandello made his way out of the said predicament by providing the characters with mediums that would enable them to embody themselves in public. The further parts of the chapter focus on the continuous improvements in Pirandello's authorship by diversifying his characters and seeing them in a different perspective. The chapter also emphasizes the use of ‘sex’ as a primary factor that more often determines how people live their lives in reality. In addition, the chapter discusses certain parts of Pirandello's novels that portray gossip as an influential means of imposing a strong characteristic of people living in a community. This chapter emphasizes Pirandello's use of human imperfection as a key factor to effectively convey a message to the readers.Less
This chapter discusses how Luigi Pirandello's characters tend to get him ‘too involved’ to some extent that he experienced difficulties in creating the novels himself. In the first parts of the chapter, it emphasizes how Pirandello made his way out of the said predicament by providing the characters with mediums that would enable them to embody themselves in public. The further parts of the chapter focus on the continuous improvements in Pirandello's authorship by diversifying his characters and seeing them in a different perspective. The chapter also emphasizes the use of ‘sex’ as a primary factor that more often determines how people live their lives in reality. In addition, the chapter discusses certain parts of Pirandello's novels that portray gossip as an influential means of imposing a strong characteristic of people living in a community. This chapter emphasizes Pirandello's use of human imperfection as a key factor to effectively convey a message to the readers.
Thomas R. Nevin
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199987665
- eISBN:
- 9780199346264
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199987665.001.0001
- Subject:
- Religion, Church History
For over a century, the Carmelite Sister Thérèse of the Child Jesus and the Holy Face (1873–1897) has been revered as Catholicism's foremost folk saint of modern times. Universally known as “the ...
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For over a century, the Carmelite Sister Thérèse of the Child Jesus and the Holy Face (1873–1897) has been revered as Catholicism's foremost folk saint of modern times. Universally known as “the Little Flower,” she has been a source of consolation and uplift, an example of everyday sainthood by “the Little Way.” This book puts aside that piety. Drawing upon the Carmel archives at Lisieux, now online, it looks to a neglected, all-but-hidden source for inspiration and community. Beginning with the Reformed Carmel founded by Teresa of Avila and John of the Cross, Nevin examines the dynamics of Christian doubt, and argues that it is integral to the journey toward selfless love that Thérèse was compelled to take. He examines her reading and interpretations of the Old and New Testaments as pathways through her inner wilderness. Her Carmel of spiritual sisters becomes a vivid setting for this drama, as other women challenged Thérèse by their own trials of faith. Of finally greater significance, two men appear who stand outside and opposed to the Church. They introduce Thérèse to a vast congregation of non-believers, the loneliest crowd. In its midst, she discovers her mission of solidarity, as she identifies herself with the sceptical and the atheistic, even as she remains Christian and not of them. Bringing a new direction to the study of Thérèse, and of the problematics of sainthood itself, Nevin's book reveals how her response to divine abandonment is a unique and painfully won imitation of Christ.Less
For over a century, the Carmelite Sister Thérèse of the Child Jesus and the Holy Face (1873–1897) has been revered as Catholicism's foremost folk saint of modern times. Universally known as “the Little Flower,” she has been a source of consolation and uplift, an example of everyday sainthood by “the Little Way.” This book puts aside that piety. Drawing upon the Carmel archives at Lisieux, now online, it looks to a neglected, all-but-hidden source for inspiration and community. Beginning with the Reformed Carmel founded by Teresa of Avila and John of the Cross, Nevin examines the dynamics of Christian doubt, and argues that it is integral to the journey toward selfless love that Thérèse was compelled to take. He examines her reading and interpretations of the Old and New Testaments as pathways through her inner wilderness. Her Carmel of spiritual sisters becomes a vivid setting for this drama, as other women challenged Thérèse by their own trials of faith. Of finally greater significance, two men appear who stand outside and opposed to the Church. They introduce Thérèse to a vast congregation of non-believers, the loneliest crowd. In its midst, she discovers her mission of solidarity, as she identifies herself with the sceptical and the atheistic, even as she remains Christian and not of them. Bringing a new direction to the study of Thérèse, and of the problematics of sainthood itself, Nevin's book reveals how her response to divine abandonment is a unique and painfully won imitation of Christ.
