Social and Behavioral Sciences Commons^™

Capital Flight From Sub-Saharan African Countries: Updated Estimates, 1970 - 2010, James K. Boyce, Léonce Ndikumana

James K. Boyce

The performance of Sub-Saharan African economies over the past decade has inspired optimism on the region’s prospects. But the region still faces major development challenges, and it is now clear that the majority of its countries will not achieve key millennium development goals.

A key constraint to SSA’s growth and development is the shortage of financing. At the same time, the sub-region is a source of large-scale capital flight, which escalated during last decade even as the region experienced growth acceleration. The group of 33 SSA countries covered by this report has lost a total of $814 billion dollars from …

Comment On Khan, Li And Weisbrot (Thomas Weisskopf Festschrift Conference Paper), James K. Boyce

James K. Boyce

Boyce comments on Shahrukh Khan's " The Military and Economic Development in Pakistan, Minqi Li's "Socialism: The 20th Century and the 21st Century" and Mark Weisbrot's "Economic Growth: The Great Slowdown (1980-2000) and Recovery (2000-2010)." He adds his own thoughts on the theme running through these papers: the need to take the role of the state, both in terms of state control over the means of production and resource allocation, but also about the core issue of control over the state itself. This means engaging, as Khan, Li and Weisbrot do, with the historic struggle to build and sustain real …

Opportunities As Chances: Maximising The Probability That Everybody Succeeds, Marco Mariotti, Roberto Veneziani

Economics Department Working Paper Series

Opportunities in society are commonly interpreted as ‘chances of success’. Within this interpretation, should opportunities be equalised? We show that a liberal principle of justice and a limited principle of social rationality imply that opportunity pro…les should be evaluated by means of a ‘Nash’criterion. The interpretation is new: the social objective should be to maximise the chance that everybody in society succeeds. In particular, the failure of even only one individual must be considered maximally detrimental. We also study a re…nement of this criterion and its extension to problems of intergenerational justice.

Capital Flight From North African Countries, Léonce Ndikumana, James K. Boyce

James K. Boyce

Ndikumana and Boyce demonstrate that, while the countries of North Africa have achieved high levels of development relative to their sister nations south of the Sahara, they too have suffered from financial hemorrhages through capital flight. The burden on their economies is substantial in terms of lost investment and foregone government revenue, with adverse effects on economic growth and social service delivery. The authors provide estimates of the total amount of capital flight from four North African countries: Algeria, Egypt, Morocco and Tunisia, from 1970 to 2010.

Cooling The Planet, Clearing The Air: Climate Policy, Carbon Pricing, And Co-Benefits, James K. Boyce, Manuel Pastor

James K. Boyce

Policies to reduce carbon dioxide emissions can yield substantial co-benefits via reduced emissions of co-pollutants such as particulate matter, nitrogen oxides, and air toxics. Valuation studies suggest that these benefits may be comparable in magnitude to the value of reduced carbon emissions. However, co-pollutant intensity (the ratio of co-benefits to carbon dioxide emissions) varies across pollution sources, and so efficient policy design would seek greater emissions reductions where co-benefits are higher. Moreover, because co-pollutant impacts are localized, the distribution of co-benefits raises important issues of equity, particularly with regard to the unintentional income, racial, and geographic disparities that might result …

Organic Farming And Rural Transformations In The European Union: A Political Economy Approach, Charalampos Konstantinidis

Open Access Dissertations

This dissertation investigates the impact of organic farming for achieving the environmental and social objectives of sustainability in Europe over the past 20 years. Organic farming is considered the poster child of rural development in Europe, often seen as a model of the integration of small-scale production with environmental considerations. Since this model runs counter to the logic of developing capitalist structures in agriculture, I revisit the Marxian predictions regarding the "agrarian question". Furthermore, I trace the discursive changes in support of small-scale production in the EU's Common Agricultural Policy (CAP), and assess whether small farms have improved their situation …

The Sources Of Financial Profit: A Theoretical And Empirical Investigation Of The Transformation Of Banking In The Us, Iren G. Levina

Open Access Dissertations

The last thirty years in the US have been characterized by rising financial profits as a share of total profits and the growth of banking activities yielding non-interest income. These developments pose two questions. First, what are the social relations enabling and sustaining financial profits and what are their macroeconomic sources? Second, what do these trends imply for the nature of banking and what kind of theory of banking can capture them? This study addresses these questions and makes four contributions. First, a Marxist theory of banking is developed to capture the transformation of banking drawing on two characteristics: first, …

The Relationship Between Mass Incarceration And Crime In The Neoliberal Period In The United States, Geert Leo Dhondt

Open Access Dissertations

The United States prison population has grown seven-fold over the past 35 years. This dissertation looks at the impact this growth in incarceration has on crime rates and seeks to understand why this drastic change in public policy happened.

Simultaneity between prison populations and crime rates makes it difficult to isolate the causal effect of changes in prison populations on crime. This dissertation uses marijuana and cocaine mandatory minimum sentencing to break that simultaneity. Using panel data for 50 states over 40 years, this dissertation finds that the marginal addition of a prisoner results in a higher, not lower, crime …

Money, Reality, And Value: Non-Commodity Money In Marxian Political Economy, Joseph Thomas Rebello

Open Access Dissertations

My dissertation offers an advancement of the Marxian theory of money, motivated by a methodological critique of monetary theory in general. As such, my dissertation is located within the philosophy and methodology of economics and the history of monetary thought, in addition to Marxian political economy. This intermingling of fields reflects both my research interests and my argument with respect to the current state of scholarship on Marx and money. Despite increasing acceptance of the compatibility of non-commodity money and Marxian political economy, a dualist social ontology has stunted attempts to theorize the relationship between money, value, and class. I …

Essays On Urban Sprawl, Race, And Ethnicity, Jared M. Ragusett

Open Access Dissertations

This dissertation investigates the economic consequences of urban sprawl for US minorities. Each essay focuses on a key empirical debate related to that relationship. The first essay establishes a set of attributes and empirical measures of sprawl based upon a comprehensive review of the literature. I define sprawl as a multi-faceted pattern of three land-use attributes: low density, deconcentration, and decentralization. I then resolve several methodological inconsistencies in the measurement of sprawl. Extensive analysis of spatial and economic data finds that metropolitan areas do not commonly exhibit high-sprawl (or low-sprawl) features across multiple measures. Instead, they often exhibit unique combinations …

The Calorie Consumption Puzzle In India: An Empirical Investigation, Deepanker Basu, Amit Basole

Economics Department Working Paper Series

Over the past four decades, India has witnessed a paradoxical trend: average per capita calorie intake has declined even as real per capita monthly expenditure has increased over time. Since cross sectional evidence suggests a robust positive relationship between the two variables, the trend emerges as a major puzzle. The main explanations that have been offered in the literature to address the puzzle are: rural impoverishment, relative price changes, decline in calorie needs, diversification of diets, a squeeze on the food budget due to rising expenditures on nonfood essentials, and decline in subsistence consumption (due to commercialization). Using a panel …

Erasing Class/ (Re)Creating Ethnicity: Jobs, Politics, Accumulation And Identity In Kenya, Mwangi Wa Githinji

Economics Department Working Paper Series

A large literature on African economies argues that ethnicity plays a role in the politics and economics of African countries. Unfortunately, much of this literature is speculative or anecdotal because of the lack of data, with the exception of a few papers that examine ethnic networking as a business or employment strategy. In many ways Africa’s failure to develop is a failure of nationhood. Creating nation is handicapped by the use of ethnicity. In this paper, I empirically examine the relationship between employment, wages and ethnicity in Africa via a case study of Kenya. I challenge the pervasive view that …

Border Wars: Tax Revenues, Annexation, And Urban Growth In Phoenix, Carol E. Heim

Carol E Heim

Phoenix and neighboring municipalities, like many in the South and West, pursued a growth strategy based on annexation in the decades after World War II. This paper explores the link between annexation and competition for tax revenues. After discussing arguments for annexation, it traces the history of annexation in the Phoenix metropolitan area. A long-running series of "border wars" entailed litigation, pre-emptive annexations, and considerable intergovernmental conflict. The paper argues that tax revenues have been a key motivation for annexation, particularly since the 1970s. It then considers several related policy issues and argues that while opportunities for annexation are becoming …

Fair Trade, Agrarian Cooperatives, And Rural Livelihoods In Peru, Noah Enelow

Open Access Dissertations

This dissertation analyzes the fair trade (FLO) certification system for agricultural commodities in the context of the global coffee crisis and its deleterious effects on rural livelihoods, focusing on the northern Peruvian Amazon. I begin the dissertation in my introduction by outlining my theoretical framework, which analyzes markets as bundles of institutions. The dissertation proceeds to analyze the key institutions of the fair trade coffee chain: certifications, commodity trade, cooperatives, and smallholder farming communities. In my second chapter, I explain the history of the FLO certification system, examine the dynamics of certifications in general, and point out the incentive problems …

Three Essays On Oil Scarcity, Global Warming And Energy Prices, Matthew Riddle

Open Access Dissertations

This dissertation is composed of three essays. In the first essay, I construct a supply and demand model for crude oil markets. I then fit the model to historical price and quantity data to be able to project future oil prices. Ex-post forecasts using this model predict historical price trends more accurately than most oil forecasting models. The second essay incorporates the supply and demand model from the previous paper into a complex systems model that also includes oil futures markets. Adaptive-agent investors in futures markets choose from a set of rules for predicting future prices that includes the rational …

Reform And Political Impunity In Kenya: Transparency Without Accountability, Mwangi Githinji, Frank Holmquist

Mwangi Wa Githinji

Kenya has been going through a period of political reform since 1991, when section 2A of the constitution, which had made Kenya a de jure one-party state, was repealed. This reform followed a prolonged struggle on the part of citizens both inside and outside the country, and their call for democracy was one that, after the fall of the Berlin Wall, was embraced by Western countries. Via diplomatic pressure and conditionality on aid, Western donors played an important role in the repeal of section 2A, the return of multiparty elections, and the creation and reform of a number of political …

Real Exchange Rates And The Long‐Run Effects Of Aggregate Demand In Economies With Underemployment, Peter Skott, Martin Rapetti, Arslan Razmi

Peter Skott

Successful economic development to a large extent derives from the mobilization of underemployed resources. Demand policy can play an important role. It is critical, however, to consider balance of payments constraints and to ensure an expansion of investment in the modern sector. A combination of investment promotion and exchange rate intervention may be required to achieve these goals.

Real Exchange Rates And The Long-Run Effects Of Aggregate Demand In Economies With Underemployment, Peter Skott, Martin Rapetti, Arslan Razmi

Economics Department Working Paper Series

Successful economic development to a large extent derives from the mobilization of underemployed resources. Demand policy can play an important role. It is critical, however, to consider balance of payments constraints and to ensure an expansion of investment in the modern sector. A combination of investment promotion and exchange rate intervention may be required to achieve these goals.

Pluralism, The Lucas Critique, And The Integration Of Macro And Micro, Peter Skott

Peter Skott

Mainstream macroeconomics has pursued micro founded models based on the explicit optimization by representative agents. The result has been a long and wasteful detour. But elements of the Lucas critique are rele- vant, also for heterodox economists.

A Minskian Approach To Financial Crises With A Behavioural Twist: A Reappraisal Of The 2000-2001 Financial Crisis In Turkey, Mathieu Perron-Dufour

Open Access Dissertations

The phenomenal financial expansion of the last decades has been characterised by an exacerbation of systemic instability and an increase in the frequency of financial crises, culminating in the recent meltdown in the US financial sector. The literature on financial crises has developed concomitantly, but despite a large number of papers written on this subject, economists are still struggling to understand the underlying determinants of these phenomena. In this dissertation, I argue that one of the reasons for this apparent failure is the way agents, as well as the environment in which they evolve, are modelled in this literature. After …

Knowledge, Gender, And Production Relations In India's Informal Economy, Amit Basole

Open Access Dissertations

In this study I explore two understudied aspects of India's informal economy, viz. the institutions that sustain informal knowledge, and gender disparities among self-employed workers using a combination of primary survey and interview methods as well as econometric estimation. The data used in the study come from the Indian National Sample Survey (NSS) as well as from fieldwork conducted in the city of Banaras (Varanasi) in North India.

The vast majority of the Indian work-force is "uneducated" from a conventional point of view. Even when they have received some schooling, formal education rarely prepares individuals for employment. Rather, various forms …

Agriculture And Class: Contradictions Of Midwestern Family Farms Across The Twentieth Century, Elizabeth Ann Ramey

Open Access Dissertations

In this dissertation I develop a Marxian class analysis of corn-producing family farms in the Midwestern United States during the early twentieth century. I theorize the family farm as a complex hybrid of mostly feudal and ancient class structures that has survived through a contradictory combination of strategies that includes the feudal exploitation of farm family members, the cannibalization of neighboring ancient farmers in a vicious hunt for superprofits, and the intervention of state welfare programs. The class-based definition of the family farm yields unique insights into three broad aspects of U.S. agricultural history. First, my analysis highlights the crucial, …

Assessing The Rise Of Organic Farming In The European Union: Environmental And Socio-Economic Consequences, Charalampos Konstantinidis

Economics Department Working Paper Series

Although organic farming is considered the poster child of rural development in Europe, there is little empirical evidence assessing its success in achieving the ambitious environmental and socio-economic objectives that it is purported to assist. This paper presents empirical evidence from the growth of organic farming in Europe over the past two decades that questions the highly optimistic claims of policy makers. Although policies in support of organic impact have had an overall positive environmental impact, their social impact is ambiguous, as organic farming appears to have grown more in areas with larger average farm sizes. Additionally, contrary to what …

The Reserve Army Of Labour In The Postwar U.S. Economy: Some Stock And Flow Estimates, Deepankar Basu

Economics Department Working Paper Series

This paper presents some estimates of the stock of the reserve army of labour, and flows into and out of the reserve army of labour for the postwar U.S. economy. Estimates of stocks are presented for the period 1948–2011 at a monthly frequency; 6 month moving average estimates of flows into and out of the reserve army of labour are presented for the period 1990–2011. Some interesting patterns in the stock and flow data are pointed out, and it is suggested that this data base on the active and reserve army of labour can be used for empirical analysis of …

Pluralism, The Lucas Critique, And The Integration Of Macro And Micro , Peter Skott

Economics Department Working Paper Series

Mainstream macroeconomics has pursued .micro founded.models based on the explicit optimization by representative agents. The result has been a long and wasteful detour. But elements of the Lucas critique are relevant, also for heterodox economists. Challenging common heterodox views on microeconomics and formalization, this paper argues that (i) economic models should not be based purely on empirically observed regularities,(ii) heterodox economists must be able to tell an integrated story about goal-oriented micro behavior in a specific macro environment, and (iii)relatively simple analytical models have an essential role to play.

Employment And Distribution Effects Of The Minimum Wage , Fabián Slonimczyk, Peter Skott

Economics Department Working Paper Series

This paper analyzes the effects of the minimum wage on wage inequality, relative employment and over-education. We show that over-education can be generated endogenously and that an increase in the minimum wage can raise both total and low-skill employment, and produce a fall in inequality. Evidence from the US suggests that these theoretical results are empirically relevant. The over-education rate has been increasing and our regression analysis suggests that the decrease in the minimum wage may have led to a deterioration of the employment and relative wage of low-skill workers.

Class Struggle And Economic Flactuations: Var Analysis Of The Post-War U.S. Economy, Deepankar Basu, Ying Chen, Jong-Seok Oh

Economics Department Working Paper Series

Building on Marx’s insights in Chapter 25, Volume I of Capital, an augmented version of the cyclical profit squeeze (CPS) theory offers a plausible explanation of macroeconomic fluctuations under capitalism. The pattern of dynamic interactions that emerges from a 3-variable (profit share, unemployment rate and nonresidential fixed investment) vector autoregression estimated with quarterly data for the postwar U.S. economy is consistent with the CPS theory for the regulated (1949Q1–1975Q1) as well as for the neoliberal periods (starting in 1980 or in 1985). Hence, the CPS mechanism seems to be in operation even under neoliberalism.

Applying Evaluation To Development And Aid: Can Evaluation Bridge The Micro-Macro Gaps In Aid Effectiveness?, Léonce Ndikumana

Léonce Ndikumana

Donors and governments in aid recipient countries are under pressure to demonstrate effectiveness of aid, especially due to increasing stress on fiscal balances in the context of the global financial and economic crisis. The evidence on aid effectiveness remains mixed at best: while individual targeted aid interventions appear to produce positive results, the impact of aid at the macroeconomic level remains limited. Furthermore, the reporting on concrete outcomes of aid interventions remains inadequate, thus perpetuating doubts around aid effectiveness. This paper discusses these micro-macro gaps in aid effectiveness and the reporting problem. It proposes some ways in which well-designed and …

The Economic Significance Study On The Volleyball Hall Of Fame And Its Charitable Impressions, Feng Xu

Masters Theses 1911 - February 2014

Events and attractions can bring visitors and have economic impact and significance in the local areas. The measure and estimate of the economic impact and significance becomes a big concern for the organizers, governments and local residents. This study assessed the economic significance and impact of the Volleyball Hall of Fame and its related events in October 2009, and furthermore it examined its charitable impressions.

The study first examined the demographic background of the visitors, and then followed the basic economic impact and significance assessment process proposed by Crompton and Stynes. The locals, casuals and time-switchers were identified, and then …

The Springfield Medical District: An Analysis Of The Medical Industry And Its Workers, Henry C. Renski, Theresa Perrone

Center for Economic Development Technical Reports

No abstract provided.