You are looking at 1 - 10 of 30 items :

  • natural rate of interest x
  • Institutional Economics x
  • Economics 2013 x
Clear All
You do not have access to this content

Political economy revisited

A Fragile Alliance

Theo C.M.J. van de Klundert

‘business interest’. The 30 Capitalism and democracy decisive factor is whether these ‘business interests’ are complementary to labour. This distinction is important for understanding why elites may behave in different ways as Bourguignon and Verdier (2010, p. 3) argue: ‘elite-­dominated economies relying primarily on mineral natural resources are likely to behave differently than elite-­dominated economies relying on manufacturing exports’. If rent extraction is based on the exports of a natural resource labour input may be negligible and the optimal tax rate is

You do not have access to this content

Conclusions

A Fragile Alliance

Theo C.M.J. van de Klundert

. Polanyi (1944) refers to this remarkable feature as ‘The Great Transformation’. North et al. (2009) discuss such a fundamental change in terms of the transformation ofnatural states’ into ‘open access orders’. The characteristic for this revolutionizing change is that economic and political choices are no longer the prerogative of an absolute ruler with military power, but are based on free competition between organizations and groups of people. An essential condition for such a freedom of choice is that the property rights of economic agents are secured. In England

You do not have access to this content

Engines of growth

A Fragile Alliance

Theo C.M.J. van de Klundert

of labour (L) and the effectiveness of this factor in the production function (A). Therefore, the factor A augments the labour potential. Both L and A grow at a fixed rate. The sum of these growth rates is called the natural rate of growth (gn). It is indicated by a horizontal line in Figure 3.1. The growth rate of capital (gK) depends on the exogenous savings rate and the endogenous productivity of capital. When the effective capital-­labour ratio is low, relative capital scarcity results in a high return on investment. Consequently, the growth rate of capital is

You do not have access to this content

Emerging markets

A Fragile Alliance

Theo C.M.J. van de Klundert

between different forms of what he refers to as economic integration. The latter concerns the way the process of production, allocation and distribution of goods is organized and economic activities are coordinated. Before the (first) Industrial Revolution, economic systems were based on the fundamental principle of either reciprocity or redistribution, or on a combination of these two. Reciprocity or mutuality rests on the exchange of gifts in a symmetric situation. Redistribution presupposes a central authority that coordinates economic activity. Self-­interest and

You do not have access to this content

Capitalism and Democracy

A Fragile Alliance

Theo C.M.J. van de Klundert

Capitalism is driven by technological revolutions, leading to alternating periods of regulation and deregulation in leading economies. Technologically backward countries face a different situation as they have to catch up with the leaders. Against this backdrop, Theo van de Klundert examines the relationship between capitalism and democracy, combining economic theory and historical description to analyse long-run economic development. Emphasis is placed on the interrelation between economic and political power, and a robust state-of-the-art overview of today’s political economy is presented.
You do not have access to this content

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

You do not have access to this content

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

You do not have access to this content

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.
You do not have access to this content

Comparative Institutional Analysis

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

Masahiko Aoki

You do not have access to this content

A comparative institutional analysis of the Fukushima nuclear disaster: Lessons and policy implications

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

Masahiko Aoki and Geoffrey Rothwell

which the head of the agency reports to a minister, because interest-group politics could influence the safety regulator’s decisions. There was an implicit and explicit collusion between the regulator and the regulated, entrenching both in a self-promoting nuclear industrial complex. They had not effectively responded to scientific or public warnings of possible natural disaster while regulators as well as top management of TEPCO, lacking both expertise in nuclear engineering and motivation of monitoring, did not intervene. It is telling that the entrenched group of