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Jon C. Messenger and Naj Ghosheh

‘stimulus packages’ (and often monetary ‘stimulus’ as well, through both interest rate cuts and so-­called ‘quantitative easing’) to bolster aggregate demand. Governments also developed or expanded a variety of labour market policies, ranging from unemployment insurance to skill training and a variety of other types of employment assistance. These last policies were typically based on the assumption that unemployment rates would follow historical patterns and move more or less in tandem with the decline in GDP. Yet, curiously, the response of unemployment in many

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Pierre Salmon

legacy of his presidency was the relatively extensive political decentralization enacted in 1982. To account for these differences and to explore the relationship between economic reforms and political decentralization, the chapter argues that a reform has two dimensions, at least potentially. It is a process and it is a design. This is true whether the reform concerns the economic system or is about decentralization (or centralization). The organization of the chapter is inspired by this distinction. For economists, it seems natural to reason in terms of design – that

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Edited by Francisco Cabrillo and Miguel A. Puchades-Navarro

This extensive book explores in detail a wide range of topics within the public choice and constitutional political economy tradition, providing a comprehensive overview of current work across the field.
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Gilbert L. Skillman

EXPLOITATION WITHOUT SUBSUMPTION In this section, I analyse a scenario in which capitalists appropriate surplus value in the absence of SLC. In this context, capitalist control over productive outcomes is exerted solely via contractual means, such as the form of payment (more specifically, the combination of interest charges and piece rates). As noted earlier, the analysis developed here is based on the framework of principal–agent theory, but differs from standard principal–agent analysis in three key ways, informed in part by Marx’s particular theoretical concerns. First

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Frank H. Stephen

settlement was positively related to both the natural logarithm of the total value of the claim (including interest and expenses) and the logarithm of the total value of all payments made from the fund in the calendar year in which the claim was received;19 thirdly, the probability of a claim being rejected was positively related to the total value of claims made in the year in which the claim was received. Thus the outcomes of claims measured in different ways appear to be related to Fund characteristics at the time the claim was received and consequently outcomes may not

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Jesus Felipe and John S.L. McCombie

neoclassical analysis rc is sometimes interpreted as the competitive rental price of capital, but is actually a pure number, the rate of return and rnc is the corresponding non-competitive rate of return and Wr 5 rncJ. While equation (2.18) is correct from a definitional point of view, the assumption made is that it is the natural extension of the microeconomic identity to the aggregate level. It can be seen that it implicitly sums the terms rcJ and Wr to give rJ, that is, total profits. The accounting identity must hold always by definition, as value added measured in the

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Jan Winiecki

similarly high economic growth rates in the decades ahead, predict that China will surpass the USA in terms of aggregate GDP somewhere between 2020 and 2030 or later, say between 2030 and 2050. They conclude on the basis of these predictions that China will not only surpass the USA in aggregate product (GDP), but its economy and economic policies will influence the rest of the world to a similar extent that the USA does at present. I regard these forecasts, especially the latter type concerning policies and their influence on the outside world, as doubtful at a minimum

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Historical sources of institutional trajectories in economic development: China, Japan and Korea compared

Theory, Corporations and East Asia. Selected Papers of Masahiko Aoki

Masahiko Aoki

, local markets and indigenous brokers connected to a broader commercial network. I am aware that the foregoing description is highly stylised, abstracting from regional differences and temporal changes. For example, in northern China climate conditions were less favorable for wet farming and water transportation, while natural disasters leading to famine were more severe. As dry farming produced fewer surpluses there, tenancy rates were lower. Instead, managerial farming, in which the principal cultivators worked together with a few hired labourers, was more frequently

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Frank H. Stephen

Frank H. Stephen’s evaluation of public policy on the legal profession in UK and European jurisdictions explores how regulation and self-regulation have been liberalized over the past 30 years. The book surveys where the most recent and radical liberalization involving the ownership of law firms by non-lawyers is likely to lead, and appraises the economic literature on the costs and benefits of regulating markets for professional services. It challenges socio-legal views on professional legislation and highlights the limitations of regulatory competition, as well as the importance of dominant business models. The author reviews the empirical work underpinning these theories and policies. He also evaluates the effectiveness of regulatory competition as a response to regulatory capture.
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Harro Maas

historiography of economics (1991). That is small surprise as the writing of the history of economics was a subject of his enduring interest. Mark Blaug was born on 3 April 1927 in The Hague in a family from Austrian-Jewish origin. He grew up in Amsterdam in the 1930s (where he remembered playing with Anne Frank). His father ran a successful business in raincoats that was located at the Keizersgracht in the city centre, close to the (then) headquarters of the daily newspaper of the communist party. The family left the Netherlands in time. Blaug entered the US via England and