Two Concepts of the Output Gap
Tim Congdon
Volume 9, Number 1, 2008, pages 147 - 175
Two alternative concepts of the output gap, Keynesian and monetarist, can be distinguished. When they use the phrase, economists should make clear which concept is under discussion. The first concept, developed by Okun in the early 1960s, defines the output gap relative to a full employment notion o ... Read more
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Growth Strategies and Dynamics
Insights from country experiences
Mohamed A. El-Erian & A. Michael Spence
Volume 9, Number 1, 2008, pages 57 - 96
The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market and regulatory institutions cha ... Read more
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Keynes in the Long Run
Robert Skidelsky
Volume 8, Number 4, 2007, pages 47 - 60
In the light of recent market volatility, this essay asks: is Keynes dead or alive? The broad conclusion is that while macroeconomic models are still used, very little survives of Keynes’s original theory. 'New Keynesians' have replaced his key concept of radical uncertainty by models of imperfect i ... Read more
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Joe Perkins on Peter Diamond & Hannu Vartiainen (editors), Behavioral Economics and Its Applications
Volume 8, Number 3, 2007, pages 201 - 205
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A Dynamic Theory of China–U.S. Trade
Making sense of the imbalances
Amar Bhidé & Edmund Phelps
Volume 8, Number 3, 2007, pages 7 - 25
China's trade surplus with the U.S. is now more than a quarter of the U.S. trade deficit and, with China growing faster than the U.S., raises questions about its future course. Some media commentators term the chronic trade surplus "mercantilist" but offer no persuasive motive for it. Academics taki ... Read more
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Alan Budd on Diane Coyle, The Soulful Science: What Economists Really Do and Why It Matters
Volume 8, Number 1, 2007, pages 255 - 258
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Reply to Aldo Matteucci, ‘Is Suicide Terrorism a Novel Economic Phenomenon?’ FREE ARTICLE
Mark Harrison
Volume 8, Number 1, 2007, pages 241 - 243
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Is Suicide Terrorism a Novel Economic Phenomenon? FREE ARTICLE
A response to Mark Harrison’s ‘An Economist Looks at Suicide Terrorism’
Aldo Matteucci
Volume 8, Number 1, 2007, pages 239 - 240
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An Economist Looks at Suicide Terrorism
Mark Harrison
Volume 7, Number 3, 2006, pages 1 - 15
Suicide terrorism has an economic aspect. The organisation of a suicide mission requires an incentive, a voluntary transaction, and a contract that is enforceable by the parties to it. A terrorist faction that competes for power in a community that is both oppressed and oppressive provides young peo ... Read more
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Gold and Silver as Monetary Metals
An overview
John Cooper
Volume 7, Number 2, 2006, pages 133 - 144
Commodity money systems, based upon gold or silver, provided relative economic stability for centuries. On the other hand, our modern paper money system, based upon unbacked government liabilities, is particularly vulnerable to abuse. The various financial crises during the twentieth century bear wi ... Read more
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The Enduring Elixir of Economic Growth
Xavier Sala-i-Martin on the wealth and poverty of nations
An interview with introduction byBrian Snowdon
Volume 7, Number 1, 2006, pages 73 - 130
“I think that the most important question that an economist can ask is, What is it that makes a country grow? More than anything else it is economic growth that affects human welfare…this is why it must remain a major research interest for economists.” In this interview Xavier Sala-i-Martin—w ... Read more
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The Economics of Happiness
Insights on globalization from a novel approach
Carol Graham
Volume 6, Number 3, 2005, pages 41 - 55
The economics of happiness is an approach to assessing welfare that combines economists’ techniques with those of psychologists, and relies on more expansive notions of utility than does conventional economics. Research based on this approach highlights the factors—in addition to income—that affect ... Read more
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Migration and Development
A new research and policy agenda
Dhananjayan Sriskandarajah
Volume 6, Number 2, 2005, pages 141 - 146
There is growing interest in the impacts of international migration on economic development. Yet, despite a burgeoning literature, some of the most fundamental questions in this area remain unanswered. This article suggests five priorities for devising better methodologies for understanding the impa ... Read more
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The New Economics of the Brain Drain
Oded Stark
Volume 6, Number 2, 2005, pages 137 - 140
For nearly four decades now, the conventional wisdom has been that the migration of human capital (skilled workers) from a developing country to a developed country is detrimental to the developing country. However, this perception need not hold. A well-designed migration policy can result in a “bra ... Read more
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Measures of Progress and Other Tall Stories
From income to anthropometrics
John Komlos & Brian Snowdon
Volume 6, Number 2, 2005, pages 87 - 135
How should progress be measured? Today, economists and economic historians have available a rich array of data for a large number of countries on which to base their response to this important question. The need for alternative measures of the standard of living is particularly important for economi ... Read more
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Monetarism: A Rejoinder
Tim Congdon
Volume 5, Number 3, 2004, pages 179 - 197
Tim Congdon responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
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Monetarism in Retrospect — and Prospect
Andrew G Haldane
Volume 5, Number 3, 2004, pages 171 - 178
Andrew Haldane responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185. ... Read more
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Monetarism: A Response
Meghnad Desai
Volume 5, Number 3, 2004