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The Historical Background Of The Communist Manifesto, George R. Boyer
The Historical Background Of The Communist Manifesto, George R. Boyer
George R. Boyer
[Excerpt] The Manifesto of the Communist Party, published 150 years ago in London in February 1848, is one of the most influential and widely-read documents of the past two centuries. The historian A. J. P. Taylor (1967, p. 7) has called it a "holy book," and contends that because of it, "everyone thinks differently about politics and society." And yet, despite its enormous influence in the 20th century, the Manifesto is very much a period piece, a document of what was called the "hungry" 1840s. It is hard to imagine it being written in any other decade of the 19th …
The Poor Law, Migration, And Economic Growth, George R. Boyer
The Poor Law, Migration, And Economic Growth, George R. Boyer
George R. Boyer
The loss to the English economy caused by decreased migration resulting from relief payments to agricultural laborers is estimated. I conclude that, at worst, the Poor Law had a small negative impact on national product. If poor relief and wages were substitutes, the Poor Law may have had a positive impact on capital formation and economic growth.
New Estimates Of British Unemployment, 1870-1913, George R. Boyer, Timothy J. Hatton
New Estimates Of British Unemployment, 1870-1913, George R. Boyer, Timothy J. Hatton
George R. Boyer
We present new estimates of the British industrial unemployment rate for 1870- 1913, which improve on the Board of Trade's prior estimates. We use similar sources, but our series includes additional industrial sectors, allows for short-time working, and aggregates the various sectors using appropriate labor-force weights from the census. The resulting index suggests a rate of industrial unemployment that was generally higher, but less volatile, than the board's index. We then adjust our series to an economywide basis, and construct a consistent time series of overall unemployment for 1870-1999.
Income Mobility, Gary S. Fields
Income Mobility, Gary S. Fields
Gary S Fields
Income mobility means different things to different people. This article explains the six different mobility concepts used in the literature, reviews the various indices used in the mobility literature to measure these concepts, summarizes the difference the use of different mobility concepts and measures makes in practice, presents the axiomatic approach to income mobility, and discusses a number of other issues that arise in the mobility literature.
Collective Choice, Justin Schwartz
Collective Choice, Justin Schwartz
Justin Schwartz
This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …
Combining Multiple Climate Policy Instruments: How Not To Do It, Jisung Park
Combining Multiple Climate Policy Instruments: How Not To Do It, Jisung Park
Jisung Park
Putting a price on carbon is critical for climate change policy. Increasingly, policymakers combine multiple policy tools to achieve this, for example by complementing cap-and-trade schemes with a carbon tax, or with a feed-in tariff. Often, the motivation for doing so is to limit undesirable fluctuations in the carbon price, either from rising too high or falling too low. This paper reviews the implications for the carbon price of combining cap-and-trade with other policy instruments. We find that price intervention may not always have the desired effect. Simply adding a carbon tax to an existing cap-and-trade system reduces the carbon …
Determination Of Import Demand In Pakistan: The Role Of Expenditure Components, Muhammad Irfan Chani, Zahid Pervaiz, Amatul R. Chaudhary
Determination Of Import Demand In Pakistan: The Role Of Expenditure Components, Muhammad Irfan Chani, Zahid Pervaiz, Amatul R. Chaudhary
Muhammad Irfan Chani
The paper uses imperfect substitution approach to derive the aggregate import demand function on the basis of disaggregated expenditure components. This derived import demand function is then empirically tested for Pakistan by using co-integration and error correction mechanism. The empirical results show that elasticity of import demand with respect to different macro components of final expenditure is different. The import demand in Pakistan is affected positively and significantly by all expenditure components. The relative prices have negative but insignificant relationship with import demand in Pakistan. The findings indicate that use of aggregate expenditure variable in the aggregate import demand function …
Poverty, Inflation And Economic Growth: Empirical Evidence From Pakistan, Muhammad Irfan Chani, Zahid Pervaiz, Sajjad Ahmad Jan, Amjad Ali, Amatul R. Chaudhary
Poverty, Inflation And Economic Growth: Empirical Evidence From Pakistan, Muhammad Irfan Chani, Zahid Pervaiz, Sajjad Ahmad Jan, Amjad Ali, Amatul R. Chaudhary
Muhammad Irfan Chani
This study aims to investigate the role of economic growth and inflation in explaining the prevalence of poverty in Pakistan. ARDL bound testing approach to co-integration confirms the existence of long run relationship among the variables of poverty, economic growth, inflation, investment and trade openness over the period of 1972-2008. Empirical results show that economic growth and investment have negative and inflation has positive impact on poverty. The effect of trade openness on poverty is insignificant in this study. The short run analysis reveals that economic growth has negative and inflation has positive impact on poverty whereas the role of …
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf -I- Azam, Iram Batool, Rabia Imran, Muhammad Irfan Chani, Ahmed Imran Hunjra, Javed Mahmood Jasra
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf -I- Azam, Iram Batool, Rabia Imran, Muhammad Irfan Chani, Ahmed Imran Hunjra, Javed Mahmood Jasra
Muhammad Irfan Chani
The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen's co-integration test is used to check the stability of long nm equilibrium relationship between the variables used in the study. The results indicate that is long nm stable equilibrium relationship between economic growth and the …
Gender Inequality And Economic Growth: A Time Series Analysis For Pakistan, Zahid Pervaiz, Muhammad Irfan Chani, Sajjad Ahmad Jan, Amatul R. Chaudhary
Gender Inequality And Economic Growth: A Time Series Analysis For Pakistan, Zahid Pervaiz, Muhammad Irfan Chani, Sajjad Ahmad Jan, Amatul R. Chaudhary
Muhammad Irfan Chani
This paper attempts to analyze the impact of gender inequality on economic growth of Pakistan. An annual time series data for the period of 1972-2009 has been used in this study. We have regressed growth rate of real gross domestic product (GDP) per capita on labour force growth, investment, trade openness and a composite index of gender inequality. The results reveal that labour force growth, investment and trade openness have statistically significant and positive impact whereas gender inequality has a significant and negative effect on economic growth of Pakistan.