The purpose of this paper is to reexamine the idea currently rampant in the mainstream economics literature that it is relative rather than real income that is of most…
The purpose of this paper is to reexamine the idea currently rampant in the mainstream economics literature that it is relative rather than real income that is of most importance for individual well‐being and that both evidence on expressed happiness and individual “choices” in surveys provide strong evidence for that position.
A reconsideration of the theory, extensive new survey results, and presentation of material relevant for individuals' actual choices.
The idea that other's higher incomes leaves others worse off really is not convincing, the evidence from surveys that people really have preferences for living in societies where their relative income is high at the expense of real income is wrong and that people's actual choices reveal them to be interested in real rather than relative income.
Those social commentators who deride the negative externalities generated by individual pursuit of higher incomes and who advocate considerably more progressive taxes have still not provided good evidence to make their case.
The originality lies in providing an analysis of extensive surveys of positional preferences that allows for the demonstration that responses depend on survey structure and respondent knowledge levels and in shedding new light and doubts on previous attempts to use surveys to attempt to bolster the case that relative income is of overriding importance for individual welfare.
We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing…
We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing for time varying transition probabilities. As a point of reference, we also provide a similar comparison in a linear predictive regression model without regime switching. Overall, our results do not support the contention of higher power in longer horizon tests in either the linear or nonlinear regime switching models. Nonetheless, it is possible that other plausible nonlinear models provide stronger justification for long-horizon tests.
The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.
Monthly 1980–2014 data are examined to determine how employment responds to money supply shocks in Canada and the United States. The focus of the analysis is a comparison…
Monthly 1980–2014 data are examined to determine how employment responds to money supply shocks in Canada and the United States. The focus of the analysis is a comparison of the real economies’ responses to the financial crisis and the great recession. Employment is used as a proxy for real output, though it may respond to monetary shocks with a longer lag. Vector autoregression models are specified, estimated, and interpreted. Impulse response functions are examined to assess the impact of innovations in monetary policy. A comparison of the response of employment to monetary innovations allows for evaluation of alternative business cycle theories and of the relative efficacy of Canadian v. U.S. monetary policy. Cross-border impacts are also assessed. Granger causality tests are used to examine whether money supply growth causes unemployment, whether monetary shocks cause higher or lower employment, and distinguish between short-run and long-run effects.
This chapter provides theoretical conceptualizations to (1) better understand the phenomenon of rural gentrification and (2) the links between rural gentrification and…
This chapter provides theoretical conceptualizations to (1) better understand the phenomenon of rural gentrification and (2) the links between rural gentrification and regional tourism development, using a case study in south central Appalachia.
This ethnographic study relies on the results of a series of interviews and instances of participant observation.
Affluent newcomers often implement development projects through the injection of private capital into public-seeming projects like community-based organizations (CBOs). These projects offer partial solutions to the problem of failing local economies. However, they also have the potential to reinforce class structures and push narrowly perceived development processes.
A critical evaluation of rural gentrification may be useful to CBOs and local governments leading development projects in rural areas.
The phenomenon of rural gentrification warrants critical examination of current development agendas being proposed or implemented.
Children experience toxic stress if there is pronounced activation of their stress-response systems, in situations in which they do not have stable caregiving. Due to…
Children experience toxic stress if there is pronounced activation of their stress-response systems, in situations in which they do not have stable caregiving. Due to their exposure to multiple poverty-related risks, African American children may be more susceptible to exposure to toxic stress. Toxic stress affects young children’s brain and neurophysiologic functioning, which leads to a wide range of deleterious health, developmental, and mental health outcomes. Given the benefits of early care and education (ECE) for African American young children, ECE may represent a compensating experience for this group of children, and promote their positive development.
In a previous monograph a discussion took place on stages one and part of stage two of the three stage process in an unfair dismissal action, namely the employee having to show that he has been dismissed (stage one), and some of the reasons for dismissal which fall within the statutory categories, namely the employee's capability and qualifications; misconduct and redundancy (part of stage two). In this monograph an analysis is proposed on the two remaining reasons, these being the contravention of a duty imposed by an enactment and some other substantial reason. There will then follow a discussion on the test of fairness as constituting the third of the three stage process and on the remedies available when the tribunal finds that the employee has been unfairly dismissed.