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Joseph J. Spengler

Bio: Joseph J. Spengler is an academic researcher from Duke University. The author has contributed to research in topics: Population & Population growth. The author has an hindex of 24, co-authored 117 publications receiving 3248 citations.


Papers
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Journal ArticleDOI
TL;DR: In this article, the authors show that the United States Supreme Court is mistaken in its implied assumption respecting the influence of integration upon competition and that vertical integration may not, as such, serve to reduce competition and may, if the economy is already ridden by deviations from competition, operate to intensify competition.
Abstract: RECENT decisions suggest that the United States Supreme Court is beginning to look upon integration as illegal per se, under the antitrust laws. It may be presumed, in so far as this inference is valid, that the Court believes that integration necessarily reduces competition "unreasonably."2 No sharp distinction is made by the Court between vertical and horizontal integration. It is the purpose of this note to show that the Court is mistaken in its implied assumption respecting the influence of integration upon competition. Horizontal integration may, and frequently does, make for higher prices and a less satisfactory allocation of resources than does pure or workable competition. Vertical integration, on the contrary, does not, as such, serve to reduce competition and may, if the economy is already ridden by deviations from competition, operate to intensify competition. My argument will be confined largely to this last proposition.

1,562 citations

Journal ArticleDOI
TL;DR: The Muqaddimah, originally intended as an introduction to his history of the Arab and Muslim world and its pre-Islamic antecedents, was transformed into an exposition of the sources of historical change at work in that world as mentioned in this paper.
Abstract: This essay has to do mainly with the economics of Ibn Khaldūn (1332–1406), historian and statesman of prominent Arab descent and medieval Islam's greatest economist, who spent most of his stormy life in northwest Africa and Egypt, engaged either in scholarly undertakings or in judicial and other governmental activities. His economic opinions, apparently the most advanced of those expressed in medieval Islam, are to be found principally in The Muqaddimah, originally intended as an introduction to his history (Kitāb al-‘Ibar) of the Arab and Muslim world and its pre-Islamic antecedents, though finally transformed into an exposition of the sources of historical change at work in that world. The Muqaddimah, initially completed in 1377, continued to be corrected or added to until shortly before the author's death; though manuscript copies were numerous, it was not issued in printed form until in the 1850's.

102 citations

Posted Content
TL;DR: A review of the economic status of the elderly and the sources of income in old age can be found in this paper, where the authors highlight the most important areas of research in the literature on aging.
Abstract: The continuation of low rates of fertility and reductions in mortality rates of the elderly have revived the interest of economists in the examination of the economic impacts of aging populations. These concerns combined with the analysis of the income status of the elderly and their activities from the broad framework of the economics of aging. The rapid growth of support programs for the aged also has been the focus of considerable economic analysis. This review highlights the most important areas of research in the literature on aging. The first section discusses the determinants of population age structure changes and their impact on the size and composition of the dependent groups. The following section provides a review of the economic status of the elderly and the sources of income in old age. Section III incorporates the economic characteristics of the elderly into a life-cycle context while Section IV examines the empirical evidence concerning labor supply decisions of the aged. Social Security and private pensions and their influence on the economy are analyzed in Section V. The final section of this article reviews evidence on the interaction between aging and macroeconomic variables. (excerpt)

97 citations

Book ChapterDOI
01 Apr 1980
TL;DR: The economic well-being of the elderly has been the focus of considerable public debate during the past two decades in most developed countries as mentioned in this paper, whereas the following discussion outlines the absolute and relative economic position of older Americans through an examination of currently available data and research assessing the economic status of the aged.
Abstract: The economic well-being of the elderly has been the focus of considerable public debate during the past two decades in most developed countries. The standard of living attainable by the aged differs from country to country and is determined in part by the national per capita income, government transfers to the elderly, and the propensity and ability of older persons to continue to work. The international commitment to the income support of the elderly through social security systems is noted in Chapter 8, whereas the following discussion outlines the absolute and relative economic position of older Americans through an examination of currently available data and research assessing the economic status of the aged. This analysis should be considered as illustrative of worldwide changes in the sources and patterns of income of the elderly. Although the American experience is not fully comparable to that of other nations, this examination does indicate the effects of a maturing national pension system and the decline in labor-force participation of the elderly. Of course, many problems such as inflation transcend institutional frameworks and international boundaries. Income of the aged The number of individuals 65 and over with incomes below the Social Security Administration's poverty level declined from 5.5 million in 1959 to 3.3 million in 1976, a reduction in the proportion of the nation's elderly below this poverty index from 35.2 to 15.0 percent. The decline in the poverty rate of the aged families was even more pronounced, falling from 27 to 8 percent during this period (U.S. Bureau of the Census Series P-60, No. 106, p. 21; also No. 107, p. 20).

68 citations


Cited by
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Journal ArticleDOI
01 Jan 1995
TL;DR: The World Trade Organization (WTO) was established by agreement of more than 120 economies, with almost all the rest eager to join as rapidly as possible as mentioned in this paper, and the agreement included a codification of basic principles governing trade in goods and services.
Abstract: WHEN T H E BROOKINGS Panel on Economic Activity began in 1970, the world economy roughly accorded with the idea of three distinct economic systems: a capitalist first world, a socialist second world, and a developing third world which aimed for a middle way between the first two. The third world was characterized not only by its low levels of per capita GDP, but also by a distinctive economic system that assigned the state sector the predominant role in industrialization, although not the monopoly on industrial ownership as in the socialist economies. The years between 1970 and 1995, and especially the last decade, have witnessed the most remarkable institutional harmonization and economic integration among nations in world history. While economic integration was increasing throughout the 1970s and 1980s, the extent of integration has come sharply into focus only since the collapse of communism in 1989. In 1995 one dominant global economic system is emerging. The common set of institutions is exemplified by the new World Trade Organization (WTO), which was established by agreement of more than 120 economies, with almost all the rest eager to join as rapidly as possible. Part of the new trade agreement involves a codification of basic principles governing trade in goods and services. Similarly, the International Monetary Fund (IMF) now boasts nearly universal membership, with member countries pledged to basic principles of currency convertibility. Most programs of economic reform now underway in the developing world and in the post-communist world have as their strategic aim the

4,840 citations

Book ChapterDOI
TL;DR: This chapter extends the newsvendor model by allowing the retailer to choose the retail price in addition to the stocking quantity, and discusses an infinite horizon stochastic demand model in which the retailer receives replenishments from a supplier after a constant lead time.
Abstract: Publisher Summary This chapter reviews the supply chain coordination with contracts. Numerous supply chain models are discussed. In each model, the supply chain optimal actions are identified. The chapter extends the newsvendor model by allowing the retailer to choose the retail price in addition to the stocking quantity. Coordination is more complex in this setting because the incentives provided to align one action might cause distortions with the other action. The newsvendor model is also extended by allowing the retailer to exert costly effort to increase demand. Coordination is challenging because the retailer's effort is noncontractible—that is, the firms cannot write contracts based on the effort chosen. The chapter also discusses an infinite horizon stochastic demand model in which the retailer receives replenishments from a supplier after a constant lead time. Coordination requires that the retailer chooses a large basestock level.

2,626 citations

Journal ArticleDOI
TL;DR: Several limitations of revenue sharing are identified to (at least partially) explain why it is not prevalent in all industries, including cases in which revenue sharing provides only a small improvement over the administratively cheaper wholesale price contract.
Abstract: Under a revenue-sharing contract, a retailer pays a supplier a wholesale price for each unit purchased, plus a percentage of the revenue the retailer generates. Such contracts have become more prevalent in the videocassette rental industry relative to the more conventional wholesale price contract. This paper studies revenue-sharing contracts in a general supply chain model with revenues determined by each retailer's purchase quantity and price. Demand can be deterministic or stochastic and revenue is generated either from rentals or outright sales. Our model includes the case of a supplier selling to a classical fixed-price newsvendor or a price-setting newsvendor. We demonstrate that revenue sharing coordinates a supply chain with a single retailer (i.e., the retailer chooses optimal price and quantity) and arbitrarily allocates the supply chain's profit. We compare revenue sharing to a number of other supply chain contracts (e.g., buy-back contracts, price-discount contracts, quantity-flexibility contracts, sales-rebate contracts, franchise contracts, and quantity discounts). We find that revenue sharing is equivalent to buybacks in the newsvendor case and equivalent to price discounts in the price-setting newsvendor case. Revenue sharing also coordinates a supply chain with retailers competing in quantities, e.g., Cournot competitors or competing newsvendors with fixed prices. Despite its numerous merits, we identify several limitations of revenue sharing to (at least partially) explain why it is not prevalent in all industries. In particular, we characterize cases in which revenue sharing provides only a small improvement over the administratively cheaper wholesale price contract. Additionally, revenue sharing does not coordinate a supply chain with demand that depends on costly retail effort. We develop a variation on revenue sharing for this setting.

2,271 citations

Journal ArticleDOI
TL;DR: A basis for the theory that senescence is an inevitable outcome of evolution is established and the model shows that higher fertility will be a primary factor leading to the evolution of higher rates ofsenescence unless the resulting extra mortality is confined to the immature period.

1,966 citations

Journal ArticleDOI
TL;DR: This model constructs a price-setting game between a manufacturer and its independent retailer and shows that the mere threat of introducing the direct channel can increase the manufacturer's negotiated share of cooperative profits even if price efficiency is obtained by using other business practices.
Abstract: The advent of e-commerce has prompted many manufacturers to redesign their traditional channel structures by engaging in direct sales. The model conceptualizes the impact of customer acceptance of a direct channel, the degree to which customers accept a direct channel as a substitute for shopping at a traditional store, on supply-chain design. The customer acceptance of a direct channel can be strong enough that an indepent manufacturer would open a direct channel to compete with its own retailers. Here, direct marketing is used for strategic channel control purposes even though it is inefficient on its own and, surprisingly, it can profit the manufacturer even when so direct sales occur. Specifically, we construct a price-setting game between a manufacturer and its independent retailer. Direct marketing, which indirectly increases the flow of profits through the retail channel, helps the manufacturer improve overall profitability by reducing the degree of inefficient price double marginalization. While operated by the manufacturer to constrain the retailer's pricing behavior, the direct channel may not always be detrimental to the retailer because it will be accompanied by a wholesale price reduction. This combination of manufacturer pull and push can benefit the retailer in equilibrium. Finally, we show that the mere threat of introducing the direct channel can increase the manufacturer's negotiated share of cooperative profits even if price efficiency is obtained by using other business practices.

1,449 citations