Please select from the titles below:
- The Investment Multiplier and the Aggregate Rate of Return: a Post-Keynesian View
- Regional Inequalities in Contemporary China Measured by GDP and Consumption
- Finite-sample critical values of the Augmented Dickey-Fuller statistic: a note on lag order
- Core and Periphery in EMU: A Cluster Analysis
- Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism
- The Research Output of United Kingdom Economics Departments: Some League Tables
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The Investment Multiplier and the Aggregate Rate of Return: a Post-Keynesian View (p.1)
by G Hill
This paper outlines a Post-Keynesian theory of the ‘aggregate rate of return,’ which recognizes the change in aggregate profits brought about by the investment multiplier and the income and demand externalities to which it gives rise. The paper analyzes the effect of an increase in investment spending on the aggregate rate of return under three scenarios: 1) imperfect competition; 2) ‘pure competition’ with diminishing returns; and 3) a full-employment economy where there is an increase in the investment-to-output ratio. Finally, the paper contends that the investment multiplier, which pushes the aggregate return above the private return, comes into play because there is no mechanism for pre-reconciling saving and investment plans before commitments are made.
Regional Inequalities in Contemporary China Measured by GDP and Consumption
(p.13)
by Z Zhang and S YaoThis paper presents a comprehensive picture of China’s regional inequality from 1952 to 1999 using newly released data on consumption and gross domestic product (GDP) at the provincial level. Although there are many studies on regional inequality in China, this paper is the first attempt to evaluate regional inequalities before and after the economic reforms for a time span of almost half a century. Our results show that inter-regional inequality widens over time, either measured by per capita GDP or consumption expenditures, and either in the pre-reform or the post-reform period. The results also show that the choice of GDP or consumption as an indicator of economic welfare matters in regional inequality analysis. Per capita GDP is more unequally distributed than per capita consumption.
Finite-sample critical values of the Augmented Dickey-Fuller statistic: a note on lag order(p.31)
by S CookThe lag order dependence of finite-sample Augmented Dickey-Fuller (ADF) critical values is examined via a comparison of the response surface specifications of Cheung and Lai (1995) and MacKinnon (1991). Theoretical, Monte Carlo and empirical evidence show failure to incorporate lag order effects reduces the power of the ADF test to reject the unit root null hypothesis.
Core and Periphery in EMU: A Cluster Analysis
(p.47)
by M J Artis and W ZhangThe paper looks for inhomogeneities in the actual and prospective membership of the EMU by applying techniques of cluster analysis to a set of variables suggested by the theory of Optimal Currency Areas (OCA). The analysis reveals that the member countries may be divided into those belonging to the core (Germany, France, Austria, Belgium and the Netherlands) or to one of two peripheries, Northern or Southern (respectively, the Scandinavian countries, the UK, Ireland and Finland; and Spain, Italy, Portugal and Greece). These groups appear to be relatively well-defined; if the criteria of OCA theory are taken seriously this correspondingly implies a potential problem of ‘fit’ of the single monetary policy to the needs of the member countries.
Cultural Influences on Economic Thought in India: Resistance to diffusion of neo-classical economics and the principles of Hinduism
(p.59)
by J Cameron and T P NdhlovuThis paper analyses the reasons why, despite the ascendancy of ‘liberalising’ neo-classical economics in the 1980s, many Indian economists have remained determinedly resistant to the IMF/World Bank pro-stabilisation and structural adjustment arguments that so dominate global political economic thinking. We argue that part of the objection to economic ‘global liberalisation’ in India is explicable from the significant, but not exclusive, role played by Hinduism and caste in producing a distinctive form of society in India. Caste arguably gives deep cultural legitimation to socio-economic perspectives grounded on non-individualism, ones with a strong sense of collective peer group awareness, albeit segmented into hierarchial distributional sub-groups. Despite the glaring inequalities and corruption in Indian society, the concept of dharma is still consistent with an ideal of a strong civil society which has high levels of trust and confidence, and which appears to offer security and certainty. We contend that there is a deep-rooted, ‘national’ ideological predisposition in India to a position in economic thought which is broadly consistent with western neo-Ricardianism and some versions of the new institutional economics, albeit one in which caste to some degree plays the theoretical role of class. This coherent body of a broader socio-cultural thought arguably explains some of India's continued resistance to the economics of ‘global liberalisation’.
The Research Output of United Kingdom Economics Departments: Some League Tables (p.79)
by D J Smyth and A J SmythThis article presents three league tables for the research output of United Kingdom economics departments. We base these tables on the numbers of articles published, each table with different emphasis. The first table values all published articles equally; the second table is based on the publications in core journals only; the third table weighs articles in core journals more heavily than other articles. Notable results include the finding that the London School of Economics heads the league in all the tables, and that several 'new universities' outperform some of the older universities.
Page last modified on 7 March 2002