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Leonid O. Krasnozhon and Daniel M. Rothschild

localized levels. The remainder of this chapter proceeds as follows. Section 9.2 presents details about the rates and records of natural disasters experienced by each of the cities. Section 9.3 discusses the post-flood recovery of Prague and contrasts it with New Orleans’ experience. Concluding remarks are contained in Section 9.4. 9.2 IMPACT OF NATURAL DISASTERS ON NEW ORLEANS AND PRAGUE Previous chapters have discussed flood-induced damage and post-flood recovery of New Orleans in detail. Therefore, we focus here primarily on the inundation and recovery of Prague

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Leland B. Yeager

CHAPTER 1 28/09/2000 15:49 Page 1 1. Ethics and economics SOCIAL SCIENCE To call ethics a social science is not to announce a distinct science with special techniques of its own. Nor is it a grab for the prestige of science. Instead, it recommends an attitude. Instead of being a parade ground of intuitions, revelations, and bombast, ethics can attune itself to the findings of the social (and natural) sciences and psychology. It can even suggest questions for those fields. Social science helps check ethical intuitions against facts. It examines clashes among

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Ethics as Social Science

The Moral Philosophy of Social Cooperation

Leland B. Yeager

With this important book, esteemed economist Leland B. Yeager grounds moral and political philosophy in the requirements of a well-functioning society, one whose members reap the gains from peaceful cooperation while pursuing their own diverse goals.
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Adam Martin

Engineers do the job right? What about the protection offered by wetlands? How will this affect the flood maps and insurance rates? The ambiguities concerning the answers to these questions permeate the New Orleans’ landscape, particularly in the context of the various redevelopment planning initiatives that were underway when the first round of interviews were conducted.6 The Bring New Orleans Back Commission – a now defunct plan that was on the table when the interviews were conducted—would have disallowed rebuilding in some communities. When asked about this

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Eileen Norcross and Anthony Skriba

23 percent of applicants had received grants. Applicants have expressed frustration at the program’s complex application process, inequitable design, confusing policies, erroneous calculations and slow payout rates. 185 186 The political economy of Hurricane Katrina and community rebound Recovery authorities and state legislators blame overly rigid federal regulations, insufficient Congressional allocations, mismanagement by ICF International and miscommunication with the federal government. 11.2 THE 2005 GULF COAST HURRICANES AND THEIR CONSEQUENCES In the

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Giuseppe Eusepi and Richard E. Wagner

, but concluded that taking the risk was worthwhile at 20 percent. If the alternative proffer is accepted, the loan will go forward on those terms. If it is not, no loan will take place. In any case, at any instant the credit market will entail a variety of loans made between debtors and creditors. Those loans will reflect a variety of interest rates and conditions of repayment that in each instance is agreeable to the parties to the transactions. It is conventional within a macro-theoretic framework to aggregate all of those loans to construct an average portrait of

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Rob Roy McGregor

15 Monetary policy Rob Roy McGregor Monetary policy involves actions taken by central banks to affect the level of interest rates and the amounts of money and credit available in an economy. These actions are intended to promote national economic goals such as price stability and sustainable economic growth. Many central banks now operate with a considerable degree of policymaking independence, and many also have inflation targeting mandates. These monetary authorities must nevertheless be mindful of the political context in which they make their policy

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Richard M. Salsman

feels its debts are at “an insupportable level,” or “an excessive portion of the national income” (ibid., p.64). In his more famous book, the General Theory (1936), Keynes endorses a policy of radically depressing the interest rate received by public bondholders, to the point of achieving, in his own (metaphorical) words, “the euthanasia of the rentier” class. In this way he harbors medievalist prejudices about lenders as slothful, greedy, exploitative, “functionless,” and fundamentally undeserving. The prejudice prevails to this day, along a lengthy ideological

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Ernesto Longobardi and Antonio Pedone

unconventional tools is a source of criticism and concern for a number of reasons. First, it can encourage opportunistic behaviour (moral hazard) by highly indebted countries. Second, it can give rise to inflationary flames and bubbles in asset prices, whose resolution may be very costly for the real economy. Finally, in the case of insolvency of a member state, the losses incurred by the ECB may fall on the taxpayers of other states. The drawbacks of a long-lasting policy of low interest rates must also be accounted for. Resources are driven towards more risky assets and

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James Alm

vary exogenously across individuals, and so it has not been possible to estimate reliably individual responses to changes in penalty rates. Independent variation in audit rates across individuals has also proven difficult to generate in natural settings. Examining with field data the impact of other factors often deemed important in compliance decisions (e.g. public-good provision, audit selection rules, social processes and institutions) is even more problematic. Indeed, laboratory methods have examined a wide range of factors in the compliance decision, factors