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Book part
Publication date: 16 December 2017

Masazumi Wakatabe

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt…

Abstract

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

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Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

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Article
Publication date: 31 December 2020

Riad Mohammed Sultan

This study investigates whether higher catch rates near a marine protected area (MPA), and/or in other fishing areas within a choice set, attract more fishers. A survey…

Abstract

Purpose

This study investigates whether higher catch rates near a marine protected area (MPA), and/or in other fishing areas within a choice set, attract more fishers. A survey conducted in the fishing grounds near an MPA located in south east of Mauritius in the Indian Ocean shows concentration of fishers in regions with lower catch rates. This contrasts with the predictions of the “fishing the line” hypothesis and the ideal free distribution (IFD) that fishers are likely to be attracted near the MPA with higher resource abundance.

Design/methodology/approach

Using the random utility model as the framework and the random parameter logit (RPL) model, the study attempts to explain spatial behaviour of fishers. Expected catch and catch variability are modelled using the Just and Pope (JP) production function. The study also estimates effort elasticities with respect to expected catch and catch variability and simulates the relocation of effort from area closure.

Findings

The paper concludes that higher catch does attract fishers but is a partial and very restrictive explanation of fishers' behaviour. The “fishing the line” hypothesis does hold to some extent, but it should not be taken for granted that rising catch rates in adjacent waters will increase fishing pressure. The paper concludes that factors such as catch variability, distance from homeport to fishing ground, potential physical risk and attitudes towards risk of fishers affect spatial behaviour of fishers and should be considered for the placement and size of MPAs. The study also finds that the responsiveness of effort to catch rates is lowest in areas which are already heavily fished and easily accessible.

Practical implications

The identification of fishing areas as complements (when fishing in one area increases fishing effort in another) and substitutes is valuable information for determining the placement and size of an MPA. A larger reserve is likely to have more displacement effect in this case than a smaller one. Therefore, a small or a network of a small reserve may be appropriate. The premise to select the site and size of the reserve is to avoid overconcentration of fishers in alternative fishing areas, which can be vulnerable to excessive fishing and unintended effects from fishers.

Originality/value

The paper contributes to an understanding of fishing behaviour and its impact on the configuration of marine reserves. It discusses the importance of effort elasticities to determine the placement and size of an MPA. Studies on this topic are very scanty in the Indian Ocean region. It also shows the application of location choice model, the RPL model and the JP production function in the fisheries sector for a small island.

Details

Marine Economics and Management, vol. 4 no. 1
Type: Research Article
ISSN: 2516-158X

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Book part
Publication date: 30 September 2016

Carlo Cristiano

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic…

Abstract

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-962-6

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Article
Publication date: 5 July 2011

Wisdom Akpalu

The formal model of economics of crime developed by Becker is based on the assumption that a miscreant knows with certainty the benefit that accrues to a criminal…

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Abstract

Purpose

The formal model of economics of crime developed by Becker is based on the assumption that a miscreant knows with certainty the benefit that accrues to a criminal activity. The purpose of this paper is to relax this assumption and establish a link between technical efficiency and commission of fishery crimes in a developing country where fishing techniques are rudimentary making catch volumes uncertain.

Design/methodology/approach

The paper extends the neoclassical model of crime developed by Becker to account for catch uncertainties. The extended model predicts that, in addition to the risk and severity of punishment, less skilful fishermen are more likely to violate effort‐limiting fishing regulations. Primary data were obtained through a survey of 258 artisanal fishermen from the Central and Western Regions of Ghana to test the predictions of the model.

Findings

The prediction that less skillful fishers are more likely to violate effort‐limiting fishing regulations is confirmed by the data. Other factors that determined the rate of violation of the fishing regulation include the risk of detection, severity of punishment, rate of time preference, age of the fisher, perceived legitimacy of the regulation and respect for religious norms.

Social implications

If returns to illegal activities are uncertain, policies that improve the efficiency of potential violators may decrease the rate or extent of violation. Moreover, minimizing overfishing will improve livelihood and reduce poverty among fishers.

Originality/value

The paper makes a novel attempt at linking efficiency (or skills) to violation of regulations.

Details

International Journal of Social Economics, vol. 38 no. 8
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 3 October 2016

Geoffrey Sherington

The purpose of this paper is to examine the impact of the War on two prominent academic liberal historians.

Abstract

Purpose

The purpose of this paper is to examine the impact of the War on two prominent academic liberal historians.

Design/methodology/approach

The research is based on a narrative of their lives and careers before and during the War.

Findings

The findings include an analysis of how the War engaged these academic liberals in the pursuit of the War effort.

Originality/value

By the end of the War, both sought to reaffirm much of their earlier academic liberalism despite the political and social changes in the post-war world.

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History of Education Review, vol. 45 no. 2
Type: Research Article
ISSN: 0819-8691

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Article
Publication date: 1 February 1983

STEPHEN S. SMITH

The past two decades of economic activity in the U.S. have been characterized by both high inflation and interest rates in comparison to previous periods of stability. The…

Abstract

The past two decades of economic activity in the U.S. have been characterized by both high inflation and interest rates in comparison to previous periods of stability. The importance of these two variables to our economic welfare and to the effectiveness of economic policy have led to renewed interest in the Fisher Effect. This is the hypothesis put forth by Irving Fisher describing the relationship between these two variables. It usually takes the form R = re + pe + repe (1) in which R is the nominal rate of interest, re is the expected real rate of interest, and pe is the expected rate of change of prices. The term repe is usually considered insignificant and is dropped, giving R = re + pe. (2) Although this equation can be readily quantified on an ex post basis using actual rather than expected values, the fact that expectation of r and p are not directly observable have always made it difficult to derive an ex ante measure of the real rate.

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Studies in Economics and Finance, vol. 7 no. 2
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 2 May 2013

Fiona McCormack

Purpose – The chapter compares gift and market exchange in Hawaiian and New Zealand fisheries.Methodology/approach – The chapter draws upon a combination of original…

Abstract

Purpose – The chapter compares gift and market exchange in Hawaiian and New Zealand fisheries.Methodology/approach – The chapter draws upon a combination of original ethnographic fieldwork and literature pertaining to fisheries in both New Zealand and Hawaii.Findings – The privatization of fishing rights in New Zealand, in conjunction with a social policy directed toward Maori addressing colonial dispossession, has resulted in the dominance of market exchange, the creation of a purified version of indigenous gift exchange, and the attempted elimination of any hybrid activities. This has not been a positive outcome for the majority of coastal Maori. Fisheries development in Hawai’i has taken a different path. The flexibility that inheres in Hawaiian fisheries enables ongoing participation in both gift and cash economies.Originality/value – Over the last few decades western economies have witnessed a rapid extension of market approaches to many commonly owned environmental goods, a movement which has been entrenched as global policy orthodoxy. The social consequences of this development have been under researched. This chapter challenges the neoliberal model of using market mechanisms and property rights as “the way to do” natural resource management.

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Engaging with Capitalism: Cases from Oceania
Type: Book
ISBN: 978-1-78190-542-5

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Article
Publication date: 1 January 1991

John Smith and Susan Houghton

A response to S. Fisher′s paper in LR Vol. 39 No. 6, pp.22‐30. The concept of team librarianship is defended and the teamapproach of Cumbria County Libraries explained.

Abstract

A response to S. Fisher′s paper in LR Vol. 39 No. 6, pp. 22‐30. The concept of team librarianship is defended and the team approach of Cumbria County Libraries explained.

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Library Review, vol. 40 no. 1
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 29 August 2019

Nooshin Hakamipour

The purpose of this paper is to consider the general k level step-stress accelerated life test with the Rayleigh lifetime distribution for units subjected to stress under…

Abstract

Purpose

The purpose of this paper is to consider the general k level step-stress accelerated life test with the Rayleigh lifetime distribution for units subjected to stress under progressive Type-I censoring.

Design/methodology/approach

The parameter of this distribution is assumed to be a log-linear function of the stress, and a tampered failure rate model holds. The progressive Type-I censoring reduces the cost of testing. Due to constrained resources in practice, the test design must be optimized carefully. A numerical study is conducted to illustrate the optimum test design based on several four optimality criteria under the constraint that the total experimental cost does not exceed a pre-specified budget.

Findings

This paper compares unconstrained and constrained optimal k level step-stress test. Based on the results of the simulation study, the cost constraint reduces cost and time of the test and it also, in the most cases, increases the efficiency of the test. Also, the T-optimal design is lowest cost and time for testing and it is found more optimal in both conditions.

Originality/value

In this paper, various optimization criteria for selecting the stress durations have been used, and these criteria are compared together. Also, because of affecting the stress durations on the experimental cost, the author optimize under the constraint that the total experimental cost does not exceed a pre-specified budget. The efficiency of the unconstrained test in comparison with constrained test is discussed.

Details

International Journal of Quality & Reliability Management, vol. 36 no. 10
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 29 March 2019

Vladimir Michaletz and Andrey I. Artemenkov

The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context…

Abstract

Purpose

The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of professional property valuation.

Design/methodology/approach

The TAPA is a novel analytical valuation methodology recasting the traditional derivations of the income approach techniques, including DCF, from a transactional perspective based on the principle of inter-temporal transactional equity, instead of the conventional investor-specific view originating from I. Fisher (1907, 1930).

Findings

The authors present DCF analysis as a specific case of a more general TAPA approach to valuation under the income method. This also leads to novel analytical derivations of the Direct income capitalization, Gordon, Inwood, Hoskold and Ring models. Based on the TAPA framework, the authors also research the value-enhancing effects of benchmark market volatility on the subject property value and conclude that such effects can be statistically significant depending on the DCF analysis period.

Research limitations/implications

The research has a direct bearing on time-variable discount rate forecasting capabilities, as it uses a time-variant structure for the discount rates.

Practical implications

Using the US Case-Shiller and BLS rental indices as a valuation benchmark, the paper contains an example of applying the general TAPA framework to value a notional property under a TAPA’s DCF version. Such property valuations can be easily replicated in practice – especially in the context of equitable/fair value determination under the International Valuation Standards Council valuation standards.

Social implications

TAPA is a deductive principles-based theory of asset valuation especially fit for the transactional and illiquid asset valuation contexts – thus enabling a more efficient pricing for such assets in a sense of reflecting the transactional interests of the parties more closely than achievable under the conventional valuation methods.

Originality/value

TAPA is an original filiation of research with roots going as far back as Aristotelian Catallactics. It contains analytical formalizations of certain transactional equity principles.

Details

Journal of Property Investment & Finance, vol. 37 no. 3
Type: Research Article
ISSN: 1463-578X

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