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Full-Text Articles in Political Economy

The Arrow-Lind Theorem In A Continuum Economy, Roy Gardner Jun 1979

The Arrow-Lind Theorem In A Continuum Economy, Roy Gardner

Economic Staff Paper Series

In their stimulating contribution to the theory of cost-benefit analysis, Arrow and Lind showed that "when the risks associated with a public investment are publicly borne, the total cost of risk bearing is insignificant and, therefore, the government should ignore uncertainty in evaluating public investments... This result is obtained not because the government is able to pool investments but because the government distributes the risk associated with any investment among a large number of people. It is the risk-spreading aspect of government investment that is essential to this result." Arrow and Lind proved their result from an asymptotic point of ...


Imports And Import Functions For Brazil, 1953-1970, Richard Weisskoff Feb 1979

Imports And Import Functions For Brazil, 1953-1970, Richard Weisskoff

Economic Staff Paper Series

Throughout the postwar period, the Brazilian economy has swung violently through phases which have been described first as the rise and the decline of import substitution, and then, after even more severe economic contraction and political counter-revolution, an explosion of growth known as the "Brazilian miracle." All during this period, Brazil has relied on its exchange markets and protective structure to ration its constricted import capacity among competing users. While other import-substituting countries have turned more exclusively to discretionary quotas and licensing...


The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein Jan 1979

The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein

Division II Faculty Publications

More on price exaction, and punishments as conveyors of cost information in the criminal process.


The Urban Growth Question, Philip E. Graves Jan 1979

The Urban Growth Question, Philip E. Graves

PHILIP E GRAVES

City size is controversial...we present a paper that trades off the benefits and the costs of increased size. The issues are inevitably present.


The Assignment Problem And The Speed Of Adjustment, Walter Enders, Harvey E. Lapan Jan 1979

The Assignment Problem And The Speed Of Adjustment, Walter Enders, Harvey E. Lapan

Economic Staff Paper Series

Mundell [20] demonstrated that in order to achieve balance of payments equilibrium and full employment, monetary policy should be paired with external balance and fiscal policy with Internal balance. The fundamental problem posed by Mundell concerned the methods governmental authorities should utilize to insure that both internal and external balance would be achieved when the underlying structural parameters of the economy were unknown. Mundell argued that the assignment of monetary policy to external balance and fiscal policy to Internal balance followed from the Principle of Effective Market Classification [20, p.76j: "Policies should be paired with objectives on which they ...


Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein Jan 1979

Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein

Division II Faculty Publications

A further development of the price exaction model and an application to the problem of sentencing standards.


The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein Dec 1978

The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein

Richard Adelstein

More on price exaction, and punishments as conveyors of cost information in the criminal process.


Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein Dec 1978

Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein

Richard Adelstein

A further development of the price exaction model and an application to the problem of sentencing standards.