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Social and Behavioral Sciences Commons™
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Articles 1 - 5 of 5
Full-Text Articles in Social and Behavioral Sciences
The Revolution In Higher Education, James V. Koch
The Revolution In Higher Education, James V. Koch
Economics Faculty Publications
Joseph Schumpeter, the Austrian born economist and social historian who spent a major part of his academic career at Harvard, was a cogent observer of how societies develop. His Capitalism, Socialism, and Democracy is still considered a classic. Schumpeter spoke of "perennial gales of creative destruction" (often technological) that shock societies and force change. The advent of electricity and the coming of the automobile illustrate technologies that created new power arrangements and destroyed or modified existing institutions. Higher education is now in the midst of a Schumpeterian "gale of creative destruction"--a revolution, many say. After almost 150 years of reliance …
Layoffs, Top Executive Pay, And Firm Performance, Kevin F. Hallock
Layoffs, Top Executive Pay, And Firm Performance, Kevin F. Hallock
Economics Faculty Publications
This paper examines the connection between layoffs, executive pay, and stock prices. Firms that announce layoffs in the previous year pay their CEOs more, and give their CEOs larger percentage raises than firms which do not have at least one layoff announcement in the previous year. However, the likelihood of announcing a layoff varies dramatically along with other dimensions, for example firm size, which are also correlated with CEO pay. Once firm-specific fixed effects are controlled for, the CEO pay premium for laying off workers disappears. In addition, there is a small negative share price reaction to layoff announcements.
Low Inflation: The Surprise Of The 1990s, Dean D. Croushore
Low Inflation: The Surprise Of The 1990s, Dean D. Croushore
Economics Faculty Publications
For most of the 1990s, forecasters have been predicting an upturn in inflation. Yet, over that same period, the United States has experienced stable or declining inflation. Why have forecasts been at odds with reality? And why does it matter? In this article, Dean Croushore considers some answers to these questions and explains why inflation is the economic surprise of the decade.
Murray Rothbard’S Adam Smith, Spencer J. Pack
Murray Rothbard’S Adam Smith, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Economic Crisis And Reform In Bulgaria, 1989-92, Jonathan B. Wight, M. Louise Fox
Economic Crisis And Reform In Bulgaria, 1989-92, Jonathan B. Wight, M. Louise Fox
Economics Faculty Publications
Bulgaria's economy began a deep and prolonged collapse in 1989, exactly one hundred years after the noted Bulgarian novelist Ivan Vazov published his stirring novel opposing the tyranny of the Ottomans and warning of the mistaken road of socialism. The 1989 collapse was partially a reflection of the external political upheavals among Bulgaria's trading partners in Eastern Europe, which were rejecting socialist principles. But it was also a reflection of the weaknesses imbedded in the economy after 30 years of central planning. Political instability within Bulgaria, market reforms, and attempts at privatization contributed further to economic uncertainty resulting in a …