[Keynes Hayek The Clash That Defined Modern Economics Epub 12
Hanne Rylaarsdam
To save this undefined to your undefined account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you used this feature, you will be asked to authorise Cambridge Core to connect with your undefined account.Find out more about saving content to .
This article scrutinizes the recently postulated link between the European Marriage Pattern (EMP) and economic success. Multivariate analysis of 4,705 demographic observations, covering women's marriage age, female lifetime celibacy, and household complexity in 39 European countries, shows that the most extreme manifestations of the EMP were associated with economic stagnation rather than growth. There is no evidence that the EMP improved economic performance by empowering women, increasing human capital investment, adjusting population to economic trends, or sustaining beneficial cultural norms. European economic success was not caused by the EMP and its sources must therefore be sought in other factors.
Careful handling of an eclectic data set reveals how unequal were the incomes of different classes of Russians on the eve of Revolution. We estimate incomes by economic and social class in each of the fifty provinces of European Russia. On the eve of military defeat and the 1905 Revolution, Russian income inequality was middling by the standards of that era, and less severe than is inequality today in China, the United States, and Russia itself. We note how the interplay of some distinctive fiscal and relative-price features of Imperial Russia might have shaped the now-revealed level of inequality.
We use plant-level data from the Census of Manufactures to study collusion in the United States macaroni industry during the Great Depression. The National Industrial Recovery Act was passed in 1933 to promote recovery through industry coordination of economic activity. While there is no change in the price-cost margin after the law is passed, a variety of markers of anti-competitive conduct suggest that collusion indeed increased. Prices became less responsive to changes in cost, the dispersion of prices decreased, and the persistence in prices increased.
Railroads in late nineteenth-century Japan are credited with facilitating factor mobility as well as access to human and financial capital, but their impact on firms has been unclear. Using a prefecture-level panel data set and a difference-in-differences model that exploits the temporal and spatial variation of railroad expansion, I investigate the relationship between railways and increased firm activity. Rail access led to higher average firm capitalization, particularly in manufacturing, and more populated and less accessible areas gained disproportionately more firms. By widening markets and allowing for agglomeration economies, Japanese railways promoted capital investment and more efficient resource allocation.
By analyzing a newly compiled data set of interest rates on public annuities in early modern Italy, this article finds that the cost of borrowing fell in spite of growing debts and stagnating fiscal revenues. Feudalism and clerical interference increased the cost of borrowing, while parliaments, wars, and centralized fiscal institutions mattered little. The constitutional representation of creditors may have meant significant markups for republican oligarchs. These results cast doubts on the claim that the growth of absolutism was at the root of Italy's economic decline.
795a8134c1