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on Post Keynesian Economics |
| By: | Michael Hanemann; Xavier Labandeira; María L. Loureiro |
| Abstract: | There is a body of evidence showing public attitudes towards climate change in various countries around the world. In this study, we employ a phone survey in order to assess attitudes towards climate change in Spain and preferences for a green electricity program that reduces CO2 emissions while making electricity more expensive. Results are similar to those obtained in other studies elsewhere, and complement them by showing a strong public support for implementing the green electricity program. In particular, we find that the mean willingness to pay per month and household is about 29.36€ over the current electric bill. Our results also show that younger individuals who live in the Mediterranean region of Spain are more likely to be willing to pay for this green electricity program. |
| Keywords: | abatement policies, citizen preferences, contingent valuation, green electricity |
| Date: | 2010–06 |
| URL: | http://d.repec.org/n?u=RePEc:vig:wpaper:1004&r=pke |
| By: | Tregenna, Fiona |
| Abstract: | In considering pathways to industrialization in the twenty-first century, cognisance needs to be taken of the fact that many countries have actually been deindustrializing. This paper analyses deindustrialization experiences internationally, by decomposing changes in the level and share of manufacturing employment. The results indicate that in most countries the decline in manufacturing employment is associated mainly with rising labour productivity in manufacturing. Reindustrialization is likely to be important for long-term economic growth, yet it is difficult and is not common. This highlights the importance of robust industrial policies if countries are to move from deindustrialization to reindustrialization. |
| Keywords: | deindustrialization, reindustrialization, manufacturing, employment |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2011-57&r=pke |
| By: | DiCaprio, Alisa |
| Abstract: | In fragile states, social protection programmes are often a kaleidoscope of projects financed and implemented by a variety of donors, government agencies and NGOs. Such an environment does not foster a strong sense of ownership by beneficiaries, which weakens the likelihood of sustainability in the absence of donor interest or government commitment. Loosening demand-side constraints may provide incentive to sustain social progress, but it is unclear what political or social structures can effectively facilitate voice in fragile states. Cambodia.s unusual social protection trajectory offers some insight by presenting an example where labour rights has made substantial progress while all other protections lag. We assess whether the changed external environment might facilitate activism in other areas of social protection. Our analysis suggests that using an island of excellence to build institutions that open political space for activism can be a successful strategy in states where governments are unable or unwilling to provide comprehensive social protection systems. |
| Keywords: | fragile states, Asia, social protection, Cambodia, social movements, labour standards |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2011-81&r=pke |
| By: | Szirmai, Adam |
| Abstract: | This paper examines the theoretical and empirical evidence for the hypothesis that manufacturing is the main engine of growth in developing countries. The paper opens with an overview of the main arguments supporting the engine of growth hypothesis and then examines each of these arguments using a mix of statistical analysis of secondary data and secondary literature. The paper concludes that manufacturing will continue to be important in accelerating growth and achieving catch-up in developing countries. However, compared to the past 60 years, market service sectors will become relatively more important as potential sources of growth and catch up. |
| Keywords: | structural change, manufacturing, engine of growth, catch-up |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2011-75&r=pke |
| By: | Hynes, Brian |
| Abstract: | How is it that schools of economic factions have created rifts where economists cannot bare to be in the same room as one another. Investigation of this question examines fundamental economic theory and identifies the root cause of the rift is the perplexing disconnect between the scientific method and logical testing. Fundamentally, the prime rift is between economists who use deductive reasoning and those who use positive empirical evidence. To illuminate the effect of this rift, this article will disseminate a couple fundamental economic topics under scrutiny: Defining Growth and Forecasting. The resulting differences and history shows strong support for consideration of deductive reasoning over current methodology. The reality is that legitimate theories should channel central debate on the current “given” modern theory is not debated at all, but instead a mainstream economists insist a “bridge” exists today, known as the Neoclassical Synthesis of the 20th century. This has perverted economic thought to the point where debate will not even come under consideration on the fundamental level. Therefore, the Positive Empiricism Approach (See: “scientific”) has inherited a foundation built upon, ironically, a normative nature. Failure of the scientific approach, empirically and logically, proves that mainstream neo-Keynesian economics promotes externalities in waves that deliver far more impact than simply direct practice. The school's influence and has potential to be more destructive potential than any time in history. |
| Keywords: | Austrian Economics; Hayek; Von Mises; Comparative theory; keynesian theory; Logical reason; logic; aristotle; |
| JEL: | B0 A10 A11 A14 |
| Date: | 2011–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:37403&r=pke |
| By: | Buiter, Willem H. |
| Abstract: | The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to provide funding liquidity and market liquidity to illiquid but insolvent counterparties - have both been transformed. With official policy rates near or at the effective lower bound, the size of the central bank's balance sheet and the composition of its assets and liabilities have become the new, 'poor man's', monetary policy instruments. The LLR and MMLR roles have expanded to include solvency support for SIFIs and, in the euro area, the provision of liquidity support and solvency support for sovereigns also. Concentrating too many financial stability responsibilities, including macro-prudential and micro-prudential regulation, in the central bank risks undermining the independence of the central bank where it is likely to be useful -- the conventional monetary policy roles. The non-inflationary loss-absorption capacity (NILAC) of the leading central banks is vast. For the ECB/Eurosystem we estimate it at no less than EUR3.2 trillion, for the Fed at over $7 trillion. This is tax payers' money that is not under the effective control of the fiscal authorities. The central banks have used their balance sheets and their NILACs to engage in quasi-fiscal actions that have been essential to prevent even greater financial turmoil and possible disaster, but that also have important distributional impacts between sectors, financial institutions, individuals and nations. The ECB was forced into this illegitimate role by the fiscal vacuum at the heart of the euro area; the Fed by the fiscal paralysis of the US Federal government institutions. |
| Keywords: | Accountability; Central banks; Financial stability; Non-inflationary loss absorption capacity |
| JEL: | E41 E52 E58 E63 G01 H63 |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:8780&r=pke |
| By: | Farber, Daniel A |
| Abstract: | Cap and trade is controversial in part because of claims that it is unjust, an issue that was highlighted by recent litigation against California’s proposed carbon market. This essay considers an array of fairness issues relating to cap and trade. In terms of fairness to industry, the conclusion is that distributing free allowances overcompensates firms for the cost of compliance, assuming any compensation is warranted. Industry should not receive, in effect, ownership of the atmosphere at the expense of the public. Environmental justice advocates argue that cap-and-trade systems promote hotspots and encourage dirtier, older plants to continue operating to the detriment of some communities. Designers of cap-and-trade systems should be alert to possible hotspots, particularly in disadvantaged communities. Little reason exists, however, to believe that any such hotspots are systematically linked with disadvantage. Finally, any regulation of emissions raises costs, with a disproportionate impact on low-income consumers. This effect can be greatly ameliorated through adroit use of revenue from auctions. The bottom line is that fairness issues are not a deal-breaker for cap and trade, but do deserve thoughtful consideration in designing a system. |
| Keywords: | Administrative Law, Economics, Energy and Utilities Law, Environmental Law, Social Welfare, Administrative Law, Energy Law, Environmental Law, Law and Economics, Social Welfare Law |
| Date: | 2011–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:oplwec:qt9z66c05g&r=pke |
| By: | Farber, Daniel A. |
| Abstract: | Environmental law focuses on regulating the production of energy and goods. Less attention has been given to reducing the environmental footprint of consumption. This Article brings together several strands of research, including psychological and economic research on subjective wellbeing; research on energy efficiency; writings by urban planners on sustainable communities; and recent work on individual behavior and sustainability. The conclusion, in a nutshell, is that changes in consumption of goods and energy, assisted by improvements in urban design and transportation infrastructure, can significantly reduce energy use and environmental harm. A variety of legal tools are available to promote these changes. Remarkably, many of the steps needed for sustainability can actually improve quality of life, adding to individual satisfaction. Thus, sustainability for society and the pursuit of individual happiness need not be at odds. |
| Keywords: | Administrative Law; Economics; Energy and Utilities Law; Environmental Law; Land Use Planning; Law and Economics; Natural Resources Law; Oil, Gas, and Mineral Law; Public Law and Legal Theory; Water Law, Environmental Law |
| Date: | 2011–08–30 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:oplwec:qt6289107q&r=pke |
| By: | Wilensky, Harold L. |
| Abstract: | Among the 19 rich democracies I have studied for the past 40 years, the United States is odd-man-out in its health-care spending, organization, and results. The Obama administration might therefore find lessons from abroad helpful as it moves toward national health insurance. In the past hundred years, with the exception of the U.S., the currently rich democracies have all converged in the broad outlines of health care. They all developed central control of budgets with financing from compulsory individual and employer contributions and/or government revenues. All have permitted the insured to supplement government services with additional care, privately purchased. All, including the United States, have rationed health care. All have experienced a growth in doctor density and the ratio of specialists to primary-care personnel. All evidence a trend toward public funding. Our deviance consists of no national health insurance, a huge private sector, a very high ratio of specialists to primary-care physicians and nurses, and a uniquely expensive (non)system with a poor cost-benefit ratio. The cure: increase the public share to more than 65% from its present level of 45%. In regards to funding the transition cost and the permanent cost of guaranteed universal coverage: no rich democracy has funded national health insurance without relying on mass taxes, especially payroll and consumption taxes. Whatever we do to begin, broad-based taxes will be the outcome. Three explanations of "why no national health insurance in the U.S.?" are examined. |
| Keywords: | Political Science |
| Date: | 2011–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:indrel:qt1sc57084&r=pke |