Showing papers in "The Economic Journal in 1965"

Cost-Benefit Analysis: A Survey

Abstract: The order of discussion in this survey article will be as follows: in I we shall outline the development and scope of the subject in general terms; II will be concerned with general principles; in III we shall survey particular applications of cost-benefit techniques, examining the uses made of them in a variety of fields—water-supply projects, transport, land usage, health, education, research, etc. We shall proceed to a general summing up in IV, and conclude with a bibliography.

A new look at customs union theory

Abstract: : In the report the following points are discussed: (1) Analytically the welfare effect of a customs union -whether trade creating, trade diverting, or both -- can be split into two components: a tariff reduction component, and a pure trade diversion component. (2) The tariff reduction component is the sole source of any gain in consumers' welfare that might result from a customs union. It accounts for both trade creation and the consumption effect. (3) Using as a point of reference an appropriate policy of nonpreferential protection, a customs union necessarily results in pure trade-diversion, and is consequently 'bad' in a welfare sense. (4) The 'free trade point of view' underlying the Vinerian analysis fails to explain why a customs union would ever be preferred to a nonpreferential tariff policy. (5) Recognition of the purposes served by tariffs permits an explanation of the existence of customs unions, and the extension of customs union analysis to a greater variety of issues than has hitherto been the case.

A History of British Trade Unions since 1889. Volume I: 1889-1910.

Abstract: This second volume of Hugh Armstrong Clegg's history of British trade unions covers the most eventful years in trade union history. 1911-1933 was an "heroic age" of industrial unrest which culminated in the General Strike of 1926. It witnesses a cycle of growth and decline in trade union membership without parallel; the construction of a system of industry-wide collective bargaining in place of district agreements; a series of crises in relations between unions and governments; and the emergence of a new philosophy of trade unionism leading to new strategies for the future.