Social and Behavioral Sciences Commons^™

The Big Bills Are Still There: What Stands Between Credentials And Calling?, Paul R. Koch

Scholar Week 2016 - present

In 1996, the late Mancur Olson, of the University of Maryland, wrote an article in the Journal of Economic Perspectives entitled "Big Bills Left on the Sidewalk." The title refers to an old joke among economists about whether or not market processes of voluntary exchange exhaust all possibilities for mutually beneficial trades. Olson went on to draw a distinction between marketable human capital, where the development of skills and habits normally increases money income in a direct manner, and public good human capital, where income is affected indirectly through the effect on public policies and institutions. Consistent with the traditional …

Kankakee In Deindustrialization: An Oral History Approach, Rachel H. Shepard

ELAIA

The City of Kankakee was an industrialized city that prospered economically for decades. Throughout the late 1970s and 1980s, economic trends shifted for Kankakee and the surrounding communities. The major factories, such as Roper Corporation and A.O. Smith, migrated their source of production from Kankakee to other regions of the United States and abroad during the 1970s and 1980s. As a result, the declining industrial economic activity led to changing community perceptions. Kankakee is an example of the “Rust Belt” region, a region in the Midwestern and Northeastern States of the United States where declining industrial activity occurred throughout the …

It May Work In Practice, But Does It Work In Theory? Explaining The Trend Towards “Do-It-Yourself” Economics, Paul R. Koch

Scholar Week 2016 - present

In 1986, the late David Henderson, the former chief economist at the Organization for Economic Co-Operation and Development (OECD), published a book entitled Innocence and Design: The Influence of Economic Ideas on Policy, which were based on his Reith Lectures from the previous year. In this book, he outlined the elements of a concept which he defined as “do-it-yourself economics,” which emphasized a case-by-case approach to economic policy, as opposed to one that was associated with a comprehensive vision or theory. Some of the following statements constitute examples of “DIY economics” at work:

• Industries or activities can be classified as …

Kankakee County In Deindustrialization: An Oral History Approach, Rachel Shepard

Honors Program Projects

The City of Kankakee was an industrialized city which prospered economically for decades. Throughout the late 1970s and 1980s, economic trends shifted for Kankakee and the surrounding communities. The major factories, such as Roper Corporation and A.O. Smith, migrated their source of production from Kankakee to other regions of the United States and abroad. As a result, the declining industrial economic activity led to changing community perceptions. Kankakee is an example of the “Rust Belt” region, a region in the Midwestern and Northeastern States of the United States where declining industrial activity occurred throughout the 1970s and 1980s. The paper …

Commanding Heights 20 Years On: What Remains In Light Of Recent Events?, Paul R. Koch

Scholar Week 2016 - present

In the spring of 2002, the Public Broadcasting System in the United States aired a three-part, six-hour series entitled, “Commanding Heights: The Battle for the World Economy.” These programs, which were based on the book of the same title by Daniel Yergin and Joseph Stanislaw, covered the debate over economic theories in the 20^th century (“The Battle of Ideas”), the transition from state-dominated to market-oriented economies in the last two decades of this century (“The Agony of Reform”), and the various dimensions of the latest wave of globalization (“The New Rules of the Game”). This series is a reflection …

Monetary Policy And Income Inequality In The United States And Spain, Brooke Whetstone

ELAIA

Background Contractionary monetary policy has long-term effects on inequality (Feldkircher & Kakamu, 2018). However, other forms of monetary policy do not have a clear effect on income inequality. Central banks defend the position that other factors are the driving forces behind income inequality (Powell, 2018).

Methodology This investigation utilized ANOVA regression analysis to determine if income inequality, as measured by wage growth by sector, is related to interest rates in the United States and Spain. If applicable, slopes of the regression lines for each sector were compared to see if they were significantly different in a statistical sense.

Results At …

Elaia 2020/2021, Stephen Case

ELAIA

Volumes 3/4, 2020/2021

Whose Community? Market Economics And The Concept Of Solidarity, Paul R. Koch

Faculty Scholarship – Economics

The debate over the relationship between market processes and community values has intensified in recent years, due to the pace of economic change, as well as the respective impacts of the global financial crisis and the pandemic. This essay explores various conceptions of community, raising the question of whether or not a genuine sense of social solidarity requires that those who participate in those interactions live in physical proximity to one another. The implications of this discussion for economic policy are also examined, including the possibility that the composition of what has been historically regarded as “conservative” economics might be …

Monetary Policy And Income Inequality In The United States And Spain, Brooke Whetstone

Honors Program Projects

Background Contractionary monetary policy has long term effects on inequality (Feldkircher & Kakamu, 2018). However, other forms of monetary policy do not have a clear effect on income inequality. Central banks defend the position that other factors are the driving forces behind income inequality (Powell, 2018).
Methodology This investigation utilized ANOVA Regression analysis to determine if income inequality, as measured by wage growth by sector, is related to interest rates in the United States and Spain. If applicable, slopes of the regression lines for each sector were compared to see if they were significantly different, in a statistical sense.

Results …

Preaching The Same Message: Economic Populism On Both Sides Of The Atlantic, Paul R. Koch

Scholar Week 2016 - present

In a lecture delivered at Illinois Wesleyan University three years ago, Gro Harlem Brundtland, the former Prime Minister of Norway and Director-General of the World Health Organization, observed that Americans who maintain that “Washington is the problem,” and Europeans who assert that “Brussels is the problem,” are essentially making the same argument. Since the global financial crisis of the late 2000’s, many discussions of economic policy around the world have centered around the rise of “populist” sentiments. Examples of these developments would include the “Brexit” process in the United Kingdom, the "America First” agenda of the Trump Administration in the …

American Evangelicals And The European Union, Paul R. Koch

Faculty Scholarship – Business

This paper seeks to explore the potential reasons for the antagonistic sentiments that are held by many Protestant evangelicals, in the United States, towards the European Union. The possible causal factors include the following:

1) The legacy of anti-internationalism among evangelicals, dating back to the debate over American membership in the League of Nations almost 100 years ago;

2) The level of attraction to the current wave of “populist” politics and economics;

3) The aversion of politically conservative American evangelicals to the perception of Europe as a “socialist’ continent;

4) The negative portrayal of the European Union, as an instrument …

American Evangelicals And The European Union, Paul R. Koch

Faculty Scholarship – Economics

This paper seeks to explore the potential reasons for the antagonistic sentiments that are held by many Protestant evangelicals, in the United States, towards the European Union. The possible causal factors include the following:

1) The legacy of anti-internationalism among evangelicals, dating back to the debate over American membership in the League of Nations almost 100 years ago;

2) The level of attraction to the current wave of “populist” politics and economics;

3) The aversion of politically conservative American evangelicals to the perception of Europe as a “socialist’ continent;

4) The negative portrayal of the European Union, as an instrument …

Teaching Comparative Economics In A Study-Abroad Program, Paul Koch

Scholar Week 2016 - present

Instruction in the field of comparative economics has changed dramatically over the past few decades. Once primarily a comparison of market capitalism and planned socialism, courses in this area now focus on the “varieties of capitalism,” including those manifestations which still retain a significant degree of governmental involvement. The continent of Europe provides an excellent case study in these contrasts. The International Business Institute (IBI) provides an excellent opportunity to teach these subjects in the context of the nations and regions under consideration.

Building Partners For A Sustainable Kankakee River Basin Future, Brian D. Anderson

Kankakee River Watershed Conference

No abstract provided.

Current & Future Economic Value- Kankakee River In Illinois, Timothy O. Nugent

Kankakee River Watershed Conference

Major topics covered in work: economic impact of Kankakee River on industrial/commercial, residential, recreational/tourism in Kankakee county.

Engaging Capitalism With Wesleyan Theology, Paul R. Koch, Kevin Twain Lowery

Faculty Scholarship – Economics

In this paper presented at the Wesleyan Theological Society Annual Meeting in March 2014, two professors from Olivet Nazarene University – one from the field of Economics and the other from Theology – address the intersection of Wesleyan theology and ethics with the theoretical foundations of capitalism. The paper consists of four major sections:

• A Wesleyan voice in the capitalist jungle
• The compatibility of capitalism and Wesleyan thought
• Elements of Wesleyan theology most relevant to capitalism
• Toward a Wesleyan approach to free market economics

Stories Economists Tell: Studies In Christianity And Economics, By John P. Tiemstra, Paul R. Koch

Faculty Scholarship – Economics

A review of the book Stories Economists Tell: Studies in Christianity and Economics by John P. Tiemstra (Pickwick Publications, 2012).

The Relationship Between Tax Structure And The Lives Of Individuals: Who Wins And Who Loses, David Werner Parker

Honors Program Projects

This study takes a look at various forms of taxation, as well as how the various options impact households. The current system is examined, and it is compared to two alternatives, which are the flat tax and the consumption tax. The positives and negatives of each option are evaluated. Each option is also applied to a family on the poverty line, a family that makes the average household income, and a wealthy family; calculations are done to determine how much income tax they would have to pay under each of them. The second part of the paper takes a look …

Engaging Economics: New Testament Scenarios And Early Christian Reception, Edited By Bruce W. Longenecker And Kelly D. Liebengood, Paul R. Koch

Faculty Scholarship – Economics

A review of the book Engaging Economics: New Testament Scenarios and Early Christian Reception edited by Bruce W. Longenecker and Kelly D. Liebengood (William B. Eerdmans Pub., 2009).

The Complexities Of Securing Living Wages For The Working Poor, Kevin Twain Lowery

Faculty Scholarship – Economics

This essay examines the complexities involved with making the minimum wage a living wage for working families. The author contends that, since there are many ways by which businesses and corporations can maintain their profit margin, a simple change in legislation (i.e., merely raising the minimum wage) will not be sufficient for maintaining living wages for the working poor.