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Articles 1 - 24 of 24
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Which Kind Of Legal Order? Logical Coherence And Praxeological Coherence, Mario Rizzo
Which Kind Of Legal Order? Logical Coherence And Praxeological Coherence, Mario Rizzo
Mario Rizzo
This article addresses the classic question: How can the common law ensure relative certainty of expectations and also adapt to economic or other changes in society?
The Coming Slavery: The Determinism Of Herbert Spencer, Mario J. Rizzo
The Coming Slavery: The Determinism Of Herbert Spencer, Mario J. Rizzo
Mario Rizzo
Herbert Spencer (1820–1903) believed that Victorian Britain was moving toward a society of total regimentation (slavery). This movement was part of a cosmic process of evolution and dissolution. While the long-run (but not ultimate) destination of society was a higher form of social organization based on voluntary and complex interpersonal relationships, the immediate tendency was retrograde—a movement away from the liberation of mankind from the bondage of previous eras. This Article explores (1) the reasons for the retrograde movement, (2) its inevitability, and (3) the role of ideas in the process. The general conclusion is that in an effort to …
Review Of The Reserves And Operable Capability Markets: New England's Experience In The First Four Months, Peter Cramton
Review Of The Reserves And Operable Capability Markets: New England's Experience In The First Four Months, Peter Cramton
Peter Cramton
I review the performance of the operating reserves and the operable capability markets in New England. The review covers the first four months of operation from May 1 to August 31, 1999. The review is based on my knowledge of the market rules and their implementation by the ISO, and the market data during this period, including bidding, operating, and settlement information. In the review, I (1) identify the potential market flaws with these markets, (2) look at the performance of the markets to see if the potential problems have materialized, (3) evaluate the ISO's short-term remedies for these market …
Trade, Spatial Separation, And The Environment, M. Scott Taylor, Brian R. Copeland
Trade, Spatial Separation, And The Environment, M. Scott Taylor, Brian R. Copeland
M. Scott Taylor
We develop a simple two-sector dynamic model to show how pollution can provide a motive for trade by spatially separating incompatible industries. We assume that the production of "Smokestack" manufactures generates pollution, which lowers the productivity of an environmentally sensitive sector (Farming). Two identical, unregulated countries will gain from trade if the share of world income spent on the dirty good is high. In contrast, when the share of world income spend on the dirty good is low, trade can usher in a negatively reinforcing process of environmental degradation and real income loss for the exporter of Smokestack goods.
Impacts Of Strike Replacement Banks In Canada, Peter Cramton, Morley Gunderson, Joseph Tracy
Impacts Of Strike Replacement Banks In Canada, Peter Cramton, Morley Gunderson, Joseph Tracy
Peter Cramton
In the labor relations area no issue generates as much controversy and division between labor and management as does the legislative ban on replacement workers. In the United States, the issue of a ban on permanent replacement workers has come before Congress four times since 1988, although the only action taken has been an executive order in 1995, banning the government from doing business with firms that use permanent replacements (Cramton and Tracy 1998). In Canada, where labor matters are under provincial jurisdiction, legislative bans on permanent replacement workers exist in most jurisdictions (except New Brunswick, Nova Scotia and Prince …
The Effect Of Collective Bargaining Legislation On Strikes And Wages, Peter Cramton, Morley Gunderson, Joseph Tracy
The Effect Of Collective Bargaining Legislation On Strikes And Wages, Peter Cramton, Morley Gunderson, Joseph Tracy
Peter Cramton
Using Canadian data on large, private-sector contract negotiations from January 1967 to March 1993, we find that wages and strikes are substantially influenced by labor policy. The data indicate that conciliation policies have largely been ineffective in reducing strike costs. In contrast, contract reopener provisions appear to make both unions and firms better off by reducing negotiation costs without systematically affecting wage settlements. Legislation banning the use of replacement workers appears to lead to higher strike costs both by increasing the frequency and duration of strikes.
Uk Intra Industy Trade With The Eu North And South, David Greenaway, Chris Milner, Robert J.R. Elliott
Uk Intra Industy Trade With The Eu North And South, David Greenaway, Chris Milner, Robert J.R. Elliott
Robert J R Elliott
No abstract provided.
Institutional And Legal Impediments To Efficient Insolvent Bank Resolution And Ways To Overcome Them, Warren Coats, Arno Liuksila
Institutional And Legal Impediments To Efficient Insolvent Bank Resolution And Ways To Overcome Them, Warren Coats, Arno Liuksila
Warren Coats
This paper explores the legal constraints for establishing a more efficient procedure for removing unsuccessful banks from the system. It calls for special legal techniques that treat banks differently than other companies.
Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed
Institutional Changes And Discretionary Value For Property Rights In Drylands’ Farming Of The Sudan, Professor Issam A.W. Mohamed
Professor Issam A.W. Mohamed
Research on land tenure and use control and the socioeconomic sets of regulations in the agricultural rainfed sub sector of Sudan, come to focus for many reasons. Anthropogenic pressure, expanding animal population and migration led to accelerated impacts on both the ecological systems and land yields. Conflicts between governmental regulations and indigenous rules contribute to generate inconsistencies on who have the right to till the land and hence own it. With such transformation logically, more intensive commercial farming took place and land intake exponentially increased. Private or collective property rights of land are procured through traditional tenure, prescription, settlement or …
Male Interracial Wage Differentials: Competing Explanations, Patrick Leon Mason
Male Interracial Wage Differentials: Competing Explanations, Patrick Leon Mason
Patrick L. Mason
Persistent interracial wage differentials present a challenge for neoclassical models of discrimination, which claim that long run competition is not consistent with persistent discrimination. Accordingly, several missing variable explanations are proposed in the literature. These modifications have two implications. One, interracial wage inequality is due to interracial inequality in pre-labor market factors. Two, there is no correlation between intergroup segregation and interracial wage differentials. However, the job competition model of discrimination argues that persistent wage discrimination and racial and gender employment segregation are causally related. Also, this model shows that racial discrimination is linked to the profit maximizing behavior of …
Price Dynamics And Production Lags, Assar Lindbeck, Dennis Snower
Price Dynamics And Production Lags, Assar Lindbeck, Dennis Snower
Dennis Snower
This paper provides a new explanation of why inflation is sluggish in response to aggregate demand shocks and why aggregate output changes as result of such shocks. We argue that these phenomena are related to lags between inputs and outputs in the production process, “production lags” for short. The broad intuition is that production activities in a modern economy are interconnected thr ough complex input-output relations, with production lags within individual firms, and that it takes considerable time for cost and price changes to penetrate the entire inputoutput system. Our analysis provides a rationale for a prolonged inverse relation between …
The Role Of The Iso In U.S. Electricity Markets: A Review Of Restructuring In California And Pjm, Peter Cramton, Lisa Cameron
The Role Of The Iso In U.S. Electricity Markets: A Review Of Restructuring In California And Pjm, Peter Cramton, Lisa Cameron
Peter Cramton
Several regions of the U.S. have sought to restructure the electric power industry by separating the potentially competitive generation sector from the natural monopoly functions of electricity transmission and distribution. Under this restructuring scheme, a central authority, which we will refer to as the independent system operator (ISO), is given control over both the transmission system and the spot market for electricity. The ISO's role in managing the spot market is relatively uncontroversial. This is because the spot market takes place in real time and requires continuous physical adjustments to electricity supply and demand subject to complex constraints, such as …
Doing Business In Brazil With The New Competition Law Framework, Lucia H. Salgado
Doing Business In Brazil With The New Competition Law Framework, Lucia H. Salgado
Lucia Helena Salgado
No abstract provided.
Globalization And The U.S. Labor Market, Robert C. Shelburne
Globalization And The U.S. Labor Market, Robert C. Shelburne
Robert C. Shelburne
This paper, presented at the Eastern Economic Association in 1999, assesses the impact of globalization on the US labor market. It describes the numerous channels by which trade could have negatively impacted US wages and concludes that the current conventional wisdom that trade has not had a negative impact is not particularly robust.
Causes Of Changing Earnings Inequality, Dennis Snower
Causes Of Changing Earnings Inequality, Dennis Snower
Dennis Snower
No abstract provided.
Revegetating Desert Plant Communities, David A. Bainbridge
Revegetating Desert Plant Communities, David A. Bainbridge
David A Bainbridge
Desert revegetation is possible but not easy. Careful attention to plant production (root:shoot), site prep, planting, irrigation and aftercare can lead to good survival even under extreme desert conditions. Cost per survivor is a critical consideration.
Soil Pitting For Revegetation, David A. Bainbridge
Soil Pitting For Revegetation, David A. Bainbridge
David A Bainbridge
Soil pitting provides many benefits in ecological restoration of degraded lands. The pits capture rainwater, trap seeds and soil symbionts and protect seedlings from windblast.
Project Appraisal For The Keynesian Investment Planner, Greg Hill
Project Appraisal For The Keynesian Investment Planner, Greg Hill
Greg Hill
This paper outlines a theory of project appraisal wherein the neoclassical premises of conventional cost-benefit analysis are replaced by their Keynesian counterparts. The paper shows how the social rate of return on investment, the private and social rates of discount, and other concepts used in cost-benefit analysis may be modified to take account of the income externalities generated by the multiplier, mark-up pricing, and the causal priority of investment over saving.
The History And Theory Of The Living Wage Concept, Robert C. Shelburne
The History And Theory Of The Living Wage Concept, Robert C. Shelburne
Robert C. Shelburne
This paper provides a discussion of the history and theory of the "Living Wage" concept. It was produced as a background paper in preparation for a Congressionally mandated study by the U.S. Labor Department.
Why The Japanese Taxpayer Always Loses, Eric Bennett Rasmusen, J. Mark Ramseyer
Why The Japanese Taxpayer Always Loses, Eric Bennett Rasmusen, J. Mark Ramseyer
Eric Bennett Rasmusen
The tax office wins most cases in Japan. We think about why this might be. We find that although judges who rule in favor of the taxpayer do not suffer in their future careers, if the loser-- whether governemnt or taxpayer-- appeals and wins, the reversed judge's career does take a turn for the worse. This implies that the government cares more about accurate judging than about pro-government judging.
How Complex Are Networks Playing Repeated Games?, In-Koo Cho, Hao Li
How Complex Are Networks Playing Repeated Games?, In-Koo Cho, Hao Li
hao li
This paper examines implications of complexity cost in implementing repeated game strategies through networks with finitely many classifiers. A network consists of individual classifiers that summarize history of repeated play according to a weighted sum of empirical frequency of the outcomes of the stage game, and a decision unit that chooses an action in each period based on the summaries of the classifiers. Each player maximizes his long run average payoff, while minimizing the complexity cost of implementing his strategy through a network, measured by its number of classifiers. We examine locally stable equilibria where the selected networks are robust …
Practices For Managing Information Flows Within Organizations, Joel Demski, Tracy R. Lewis, Dennis Yao, Huseyin Yildirim
Practices For Managing Information Flows Within Organizations, Joel Demski, Tracy R. Lewis, Dennis Yao, Huseyin Yildirim
Huseyin Yildirim
No abstract provided.
The Distributional Effects Of Carbon Regulation, Peter Cramton, Suzi Kerr
The Distributional Effects Of Carbon Regulation, Peter Cramton, Suzi Kerr
Peter Cramton
We examine the distributional effects of carbon regulation. An auction of carbon permits is the best way to achieve carbon caps set by international negotiation to limit global climate change. An auction is preferred to grandfathering (giving polluters permits in proportion to past pollution), because it allows reduced tax distortions, provides more flexibility in distribution of costs, provides greater incentives for innovation, and reduces the need for politically contentious arguments over the allocation of rents.
Exchange Rate Systems In The Transition Economies Of Central And East European & Former Soviet Union, Joseph Pelzman
Exchange Rate Systems In The Transition Economies Of Central And East European & Former Soviet Union, Joseph Pelzman
Joseph Pelzman
No abstract provided.