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Francisco Cabrillo and Miguel A. Puchades-Navarro

decentralization into an analysis of reforms as they are being implemented seems more promising, since it allows one to formulate hypotheses about the relationship between economic performance over time and changes in decentralization. In his chapter ‘Democracy-­preserving institutions: the quasi-­federal system of South Africa’, Giorgio Brosio analyzes the process of decentralization carried out in South Africa after the 1996 Constitution. The case of South Africa is one of the most interesting among the current decentralization processes. This interest stems from the

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The Governance of Energy Megaprojects

Politics, Hubris and Energy Security

Benjamin K. Sovacool and Christopher J. Cooper

Based on extensive original research, this book explores the technical, social, political, and economic dimensions of four Asian energy megaprojects: a regional natural gas pipeline network in Southeast Asia, a series of hydroelectric dams on the island of Borneo, an oil pipeline linking Europe with the Caspian Sea, and a very large solar energy array in the Gobi desert.
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Scott Farrow and Richard O. Zerbe

asymmetric information in which there is a concern that bad quality products will drive good quality ones from the market, for which one recommendation is a certification of quality. Organizational theory also points to the sometime role of professional identity in creating outstanding organizations, although economists have long considered and to date rejected a broad-based professional oath. Our interest in developing principles and standards for benefit–cost analysis rests on the role of replication in science and the difficulty in discerning the quality of benefit

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Lynn A. Karoly

assigned to receive the treatment of interest or to be in the control group (which receives the baseline or alternative). When an experiment is not feasible or is too costly, quasi-experimental methods may be used to evaluate differences in costs and outcomes for the program group against a comparison group. The results of the evaluation then form the basis for implementing the BCA methodology (the second rectangle), which requires making decisions about such aspects as projecting outcomes into the future, valuing outcomes using shadow prices, applying discount rates

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The Rediscovery of Classical Economics

Adaptation, Complexity and Growth

David Simpson

David Simpson skilfully argues that a market economy can be best understood as a human complex system, a perspective that represents a continuation of the classical tradition in economic thought. In the classical tradition, growth rather than allocative efficiency is the principal object of enquiry, economic phenomena are recognised to be elements of processes rather than structures, and change is evolutionary.
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Jan Winiecki

the lesson of humility and continued with his false prophecies. In the same decade (the 1970s) he also prophesied that our civilization would disappear due to the end of oxygen. I do not need to add that it did not. He continued to foretell the end of just about everything, including – of major interest in this chapter – mineral resources. It was these prophecies that tempted the late Professor Julian Simon, a noted expert on natural resources from the University of Maryland, to challenge Professor Ehrlich in 1975 to put his money where his mouth was and bet $10 000

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Maria Ljunggren and Hans Westlund

researchers, i.e. teachers and PhD students, at Stockholm University, totalling approximately 3200 respondents. This includes researchers and teachers from the humanities, social sciences, natural sciences, and faculty of law. Only employees working no less than 40 per cent were asked to complete the survey. At the closure of the survey there were 1469 replies (N  5  1469), corresponding to a reply frequency of 48 per cent, failed addresses excluded. The response rate was slightly higher in natural M3078 - BAYCAN TEXT.indd 91 19/02/2013 15:56 92 Knowledge

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Minqi Li

during expansions. As a result, there has been a tendency for the government debt to rise in relation to GDP. This tendency was intensified under neoliberalism as interest rates tended to be relatively high in relation to economic growth rates (Li, 2009). The government debt–GDP ratios cannot keep rising indefinitely. Beyond a certain point, the debt–GDP ratio could be so high that the government’s ability to stabilize the capitalist economy would be seriously compromised. From the Marxist perspective, this contradiction of big government capitalism reflects the

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Government

Adaptation, Complexity and Growth

David Simpson

its vision because Beveridge argued that his proposals had to be placed in the context of a comprehensive social policy that would tackle the other four Giants as well.19 Although revolutionary in its vision of the responsibilities to be assumed by the State, in terms of operating principle and the institutional changes proposed the Report was no more than evolutionary. In Beveridge’s own words it was ‘a natural development from the past’ (ibid: 255). His plan envisaged that in return for a single weekly flat-rate contribution, a worker would receive cradle

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Jan Winiecki

environment and strongly guarded property rights. In the contemporary Russia it is just the opposite: a heavy-­handed, if not downright ham-­fisted, regulatory regime and very weakly guarded private property. Besides, in the case of Russian large firms ‘private until further orders from the government’ there is one additional disincentive, characteristic of all despotic regimes through the ages. If a given firm succeeds in markedly improving its performance, increases sharply the level of profitability and so on, it may attract an (unwanted!) interest from the state and