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Outlines the characteristics of Japanese keiretsu (vertically integrated firms interlinked through industrial groups) and reviews the history of financial keiretsu and associated research. Compares the performance of Japanese and US banks 1989‐2000; and examines Japanese bank profit inefficiency by developing a mathematical model and applying it to 1992‐1999 bank data. Shows a “zig‐zag” pattern of profitability change over the period and concludes that the Japanese banking industry is “barely holding its own in profitability”. Points out the particular importance of this to the real economy in Japan and briefly considers the implications for government policy.

Extends Mäler′s notion of weak complementarity between a private good and a public good to non‐homothetic demand functions which can be exactly aggregated. Aggregate demand functions depending on private prices, public good quantities and income distribution statistics can then be used to recover the private individual demand functions which reveal an individual′s willingness to pay for public goods.

Develops and estimates efficiency and productivity measures in the US trucking and warehousing industry in the 48 contiguous states during the years 1994‐2000. The model, estimated via data envelopment analysis, accounts for both desirable outputs and undesirable outputs produced by a given vector of inputs. The model establishes an efficient frontier of operation for each year studied and can be used to determine, on an annual basis, which of the 48 states operate on the frontier. The findings indicate that the trucking and warehousing industry does not operate efficiently in all 48 states during the period studied. If the industry were to operate on the frontier of the feasible output set by using inputs to produce outputs efficiently, it could eliminate three to four fatal traffic accidents per state per year, while simultaneously increasing industry income by between $38 to $47 million per state per year. In addition, finds that traditional techniques of estimating efficiency that ignore traffic fatalities bias estimates of efficiency and total factor productivity growth.

The purpose of this paper is to model the tradeoffs among fatalities, CO₂ emissions and value generated by the truck transportation portion of supply chains with the goal of determining if efforts to reduce CO₂ emissions increase transportation‐related fatalities.

The joint production of CO₂, fatalities, and truck transport value in the 50 US states during 2002‐2007 is modeled using data envelopment analysis. The directional output distance function is estimated under two assumptions: strong and weak disposability of CO₂ emissions. This provides the means of calculating shadow prices that estimate the cost of reducing CO₂ emissions.

The authors' findings indicate that the transfer of resources to the reduction of CO₂ emissions will result in a statistically significant increase in fatalities and a statistically significant decrease in value of transport from truck transport.

The model presented is based on secondary data from the Federal Highway Statistics Series, the Fatality Analysis Reporting System, and the Bureau of Economic Analysis.

The model developed demonstrates tradeoffs among sustainability‐related variables.

The model presented in the paper uses shadow prices to assess sustainability‐related tradeoffs in supply chains. While this method has been used in other fields, this is its first use in supply chain studies.

The purpose of this paper is to investigate the effects of the 2008 SEC short‐sell moratorium on regional bank risk and return. The paper also examines the decline in “failures to deliver” securities in the wake of SEC short‐sell moratorium.

In total, six regional bank portfolios are derived and the beta coefficients from a CAPM model are estimated using the integrated generalized autoregressive conditional heteroskedasticity (IGARCH) method accounting for the short‐sell moratorium. Data on 110 regional banks in six US regions from January 2002 to December 30, 2011 are used to estimate the model.

The ban on naked short selling and the SEC short‐sell moratorium significantly increased individual bank risk for a majority of banks in six geographic regions, but also increased return in three of three regions. There was also reduced naked short selling as failures to deliver securities declined sharply after the September 2008 moratorium took effect.

Regional banks have generally not achieved the size needed to be deemed “too big to fail” by policy‐makers. Thus, policy changes such as the SEC short‐sell moratorium might be expected to have larger effects on regional banks than on larger banks, which might be shielded from the policy change by having achieved “too big to fail” status. The authors' results are consistent with research that has shown that short‐sell restrictions increase risk by reducing liquidity and trading volume.

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Investigates the importance of English language sources of Friedrich Theodor Althoff (1839‐1908), a German of great influence both in his own country and, indirectly, in the United States. Explores some measures of his influence in education and international understanding. Examines a wide variety of sources. Explains how it could happen that an influential person would end up in intellectual history with almost no recognition. Challenges several conventional assessments. Althoff′s most important contributions are in print and more almost certainly exist in university archives, but the material is scattered and unorganized. Because we do not yet have the full story of this remarkable and complex man, firm conclusions about his influence are not yet possible.