Showing papers in "Southern Economic Journal in 1966"
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TL;DR: This article proposed a particular "political" theory of the expenditures of local governments with the aid of some of the traditional tools of economic analysis, and examined some data referring to the governments of the counties of Pennsylvania in light of the proposed theory.
Abstract: It seems clear that problems in the field of public finance contain both political and economic elements. Yet, political scientists do not seem to have devoted a major part of their research efforts to the area, and economists traditionally have overlooked the political aspects of the problems.' This paper proposes a particular "political" theory of the expenditures of local governments with the aid of some of the traditional tools of economic analysis, and examines some data referring to the governments of the counties of Pennsylvania in light of the proposed theory. It should be admitted at the outset, however, that the model developed herein is overly simple and, perhaps, naive. Yet, the authors believe that it has explanatory power, despite the fact that it requires the usual economic assumption of full knowledge, and that it represents a step in a desirable direction. Although the conceptual possibility of subjecting the model to a "direct test" is clearly evident, available data do not permit such a test and a sympathetic interpretation of the empirical results requires the admission of additional and rather strict assumptions. Hence, the empirical results do not constitute a convincing test of the major implication but merely serve to indicate that this theory, even when augmented with additional assumptions, seems to add explanatory potential to the standard models.
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TL;DR: In this article, the authors present a review of the main stages of the planning process, including the planning period, the rate of growth, the distribution of income, and the allocation of resources.
Abstract: I PATTERNS OF PLANNING II PLAN STRATEGY 1. Interdependence 2. Foreign Trade 3. Capital Industry 4. Regional Balance 5. Unemployment 6. The Distribution of Income 7. Public Expenditure 8. Taxes and Savings 9. Inflation 10. Foreign Aid III THE ARITHMETIC OF PLANNING 1. The Plan Period 2. The Rate of Growth 3. Projecting Financial Resources 4. Overall Commodity Balance 5. Industrial Balances 6. Linear Programming 7. The Capital Budget 8. The Manpower Budget 9. The Government Budget 10. Retrospect IV THE PLANNING PROCESS 1. The Planning Agency 2. Planning Committees 3. Federal Planning 4. Preparing Projects 5. The Annual Plan 6. The Private Sector
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TL;DR: In this article, the relationship between bank market structure and performance in Iowa was examined, and pertinent performance data were available for almost all banks in the state and Iowa law prohibits full service branch banking.
Abstract: This paper examines the relationship between bank market structure and performance in Iowa. Iowa was chosen for two reasons. First, pertinent performance data were available for almost all banks in the state. Second, Iowa law prohibits full service branch banking.1 Difficulties inherent in separating data relating to performance and market structure for individual offices from those for a branch system as a whole are thereby avoided.
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TL;DR: In this article, the authors pointed out that despite the tendency for the work schedule to reflect the optimum combination for the majority of workers, there are some who would prefer a shorter schedule and others a longer one.
Abstract: ered workers.' Despite the tendency for the work schedule to reflect the optimum combination for the majority of workers, there are some who would prefer a shorter schedule and others a longer one. While the typical worker would always offer additional hours at overtime pay and would never moonlight on a second job paying a lower rate than his first, inflexibility in work schedules leads to atypical responses on the part of those who would rather work more or fewer hours than the established standard.
TL;DR: In this article, a two-stage procedure is proposed for estimating the maximum likelihood estimator of the model, which is shown to be consistent and asymptotically efficient.
Abstract: The model in (1) was first investigated by Cochrane and Orcutt [1], who, however, did not produce an analytic solution. A two stage procedure is suggested by Durbin [2] in the context of a far more general investigation. The estimating procedure as exposited in [2] is rather complex but it is shown to be consistent and asymptotically efficient. In the face of the specification (la) it is not, however, a maximum likelihood estimator.
TL;DR: The causes of the Negro's disadvantaged position in the labor market are manyinadequate education, both quantitatively and qualitatively, poor and misdirected vocational training, barriers erected by employers and unions, segregation in ghettos, general cultural deprivation-and through them all runs the powerful thread of racial discrimination as mentioned in this paper.
Abstract: Unemployment and underemployment harass the Negro in American labor markets. During the past decade, the unemployment rate among Negro workers has been persistently double that of white workers. Even when the Negro is successful in securing employment, the job found is often not commensurate with his skill and ability; in the economist's terms, he is underemployed. The causes of the Negro's disadvantaged position in the labor market are manyinadequate education, both quantitatively and qualitatively, poor and misdirected vocational training, barriers erected by employers and unions, segregation in ghettos, general cultural deprivation-and through them all runs the powerful thread of racial discrimination. The effects of all of these
TL;DR: In a subsequent series of notes (Notes 106, and 110-116) in his Notes to Malthus, Ricardo sought to "clarify" his previous dicta on rent by making statements which do not tally with the results arising out of the Principles Model as discussed by the authors.
Abstract: come, was said to follow a rising trend in a growing economy. This result had a major significance intellectually and carried a specific message for the politics of the age. Yet in a consecutive series of notes (Notes 106, and 110-116) in his Notes to Malthus, Ricardo sought to "clarify" his previous dicta on rent by making statements which do not tally with the results arising out of the Principles Model.3, 4 In
TL;DR: In the early forties, the National Resources Committee and its successors were forcefully promoting the idea of a planned national development on the basis of regions as discussed by the authors, and statewide planning organizations multiplied and, for the first time, planning commissions were established for multi-state regions in New England and the Pacific Northwest.
Abstract: Public policy in cosmopolitan, wealthy, interdependent America is once more being focussed on problems of regional development. Regionalism had been a salient aspect of New Deal philosophy. In the 1930's and early forties, the National Resources Committee and its successors were forcefully promoting the idea of a planned national development on the basis of regions.1 Statewide planning organizations multiplied and, for the first time, planning commissions were established for multi-state regions in New England and the Pacific Northwest. The Tennessee Valley Authority was then the nation's first experiment with comprehensive river basin development. Although it found no immediate successors as an administrative device, it still remains as a reminder of those tumultuous days when a sober U. S. government publication could challenge constitutional authority by daring the question of whether regionalism might not eventually absorb political functions from both the Federal Government and the States, transforming the country into a "United Regions of America." 2 The regionalism of the 1930's was strongly infused with elements of cultural idealism. As a social movement, it sought to counteract the spreading influence of central government by returning the power to decide on local issues to the communities. The true cultural vitality of the race,
TL;DR: With a vitality that is nothing short of amazing there recurs in the United States heated debate about the propriety of certain types of union security arrangements, and it is almost as if we as a nation periodically find it necessary for the "body politic" to engage in a penitential rite, hopeful that in the process we may cleanse ourselves of any lingering doubts and fears that we may have with respect to our system of industrial relations as mentioned in this paper.
Abstract: With a vitality that is nothing short of amazing there recurs in the United States heated debate about the propriety of certain types of union security arrangements. It is almost as if we as a nation periodically find it necessary for the "body politic" to engage in a penitential rite, hopeful that in the process we may cleanse ourselves of any lingering doubts and fears that we may have with respect to our system of industrial relations. While debate and con-
TL;DR: The Fable of the Bees as discussed by the authors was one of the most controversial books published during the first half of the eighteenth century, and it has been given only cursory attention in most histories of economic thought.
Abstract: Although Bernard Mandeville's principal work, The Fable of the Bees,l was one of the most controversial books published during the first half of the eighteenth century, it has been given only cursory attention in most histories of economic thought. This neglect is probably to be accounted for by the fact that the Fable contains little "formal" economic theory. It is nevertheless true that many of the basic assumptions adopted by classical economists to buttress the framework of their system, e.g., their theories of human nature and of morals, are clearly and forcefully developed in the Fable. Furthermore, Mandeville's epistemological views were similar to those adopted by classical economists during the late eighteenth and early nineteenth centuries. Some writers have made a much broader claim on behalf of Mandeville in insisting