Search results

ISHM‐Benelux held its 1987 Autumn Conference on 29 October, at the Antwerp Crest Hotel. This one‐day meeting focused on applications of hybrid circuit technology in various fields of electronic and related industries.

Some economic commentators claim that inequality of wealth or income reduces economic development and growth of GDP. But this is counterintuitive, since economic breakthroughs usually occur by dint of great effort, or discovery, or invention, which brings great wealth to those responsible (think Bill Gates). Nor is this thesis supported by a proper interpretation of the facts of the matter, despite the contentions of several authors in this regard. Torsten Persson and Guido Tabellini (1994) (hence, PT) have an interesting thesis. It is that inequality is harmful for economic growth. That is, ceteris paribus, the more equal is the income or wealth distribution, the better are a country's prospects for economic development.

Organised by ISHM‐France, this event is aimed at suppliers, manufacturers, and users of hybrid microelectronic circuits. The aim of the conference is to present information on the latest innovations and trends in microelectronics. Twelve technical papers selected by ISHM‐France will be presented in two sessions.

Although many recognize China’s vast market potential, the challenges of doing business in an economy that was largely closed to market forces for a half century must be recognized. This paper examines the role of venture capital in China’s economic development. The potential impact of a healthy venture capital market is immense, but this healthy market is far from the reality in China. The major obstacles that must be addressed include the state control of vital institutions and regulation of economic activity, including restrictions on the flow of capital and currency.

“The issue we confront today is not primarily one concerning a special day for an individual. The issue is in reality whether our nation can summon the will and vision to recognize a great and historic period in its history by designating the birthdate of one who made major contributions to the period a national public holiday.”

Although the nature of work undertaken by managers of organizations has been widely studied, the influence of personalities of managers, particularly in the public sector, appears not to have been examined in detail. The personality characteristics of 50 senior Australian public sector managers are compared with their achievements in terms of the known objectives of their organizations. Describes the outcome of this study. Identifies flaws including lack of trust in subordinates, lack of inspiring trust from subordinates, lack of commitment and aggressive selfish behaviour. Demonstrates that such flaws can bring about disaster for the manager and for the organization.

Based on the idea that insiders (i.e., managers and controlling shareholders) engage in earnings management to mask their diversion and rent seeking activities from outsiders, this paper presents international evidence supporting both a “diversion hypothesis” where earnings management is decreasing in economic freedom, and a “penalty hypothesis” where earnings management is increasing in human development.

The paper explores the impact of the quality of accounting in a given country, as measured by an index of earnings opacity, on the country's level of corruption. The results of a regression of corruption on earnings opacity for a sample of 34 countries show significant relationships between the level of corruption and the level of earnings opacity after controlling for economic development, human development, size of government and economic freedom.

This study examines the cross‐sectional relationship between economic growth and variables suggested by the economic literature as affecting economic growth. The results show that economic freedom, in addition to known macroeconomic variables, is significantly related to economic growth.

This paper argues that laissez faire capitalism is the last best hope for mankind. That if the human race is to survive and prosper, put an end to starvation, hopelessness and unemployment, then we must embrace private property rights, the rule of law and free enterprise. No longer should “profits” be a dirty word.