Aronson / Parmet / Thornton Variations in Economic Analysis

Essays in Honor of Eli Schwartz
1. Auflage 2010
ISBN: 978-1-4419-1182-7
Verlag: Springer
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 161 Seiten

For over fifty years, Eli Schwartz has inspired generations of economists through his prolific publications and dedicated in teaching. In 2008, the Martindale Center for the Study of Private Enterprise at Lehigh University invited prominent academics and practitioners-including Nobel Prize recipients, Robert Solow and Harry Markowitz, and former Chairman of the Economic Advisers to Ronald Reagan, Murray Weidenbaum-to contribute pieces that reflect their own approaches to issues that Schwartz has explored over the long span of his career. The twelve original essays cover a range of topics, including tax reform, corporate finance, fiscal policy, banking, economic growth, and globalization, representing a variety of methodologies, including economic theory, econometrics, and case analysis. The collection emphasizes the underlying connections among seemingly disparate facets of economic activity, and underscores the tremendous influence of Schwartz on economic analysis, policy, and leadership today.

J. Richard Aronson is the William L. Clayton Professor of Business and Economics at Lehigh University and Honorary Professor of Economics at the University of York (UK). He served as a Fulbright Research Scholar at the University of York in both 1978 and 1996. Professor Aronson is also the Director of Lehigh's Martindale Center ofr the Study of Private Enterprise and a member of the Employee Retirement Study Commission of the Commonwealth of Pennsylvania. Finally, he is co-editor with Eli Schartz of Management Polices in Local Government Finance for the International City Management Association, now in its fifth edition. Harriet L. Parmet is Professor Emerita in the Department of Modern Languages and Literature at Lehigh University, where she has taught Hebrew since 1976. She specializes in modern Jewish literature, particularly the work of American Jewish women writers and such personalities as Penina Moise, Rebecca Gratz, and Haviva Reik. She has lectured widely in the Lehigh Valley. Co-founder of the Jewish Colloquia Series, Parmet's work has appeared in journals such as Midstream, Journal for Feminist Studies in Religion, Shofar, Holocaust and Genocide Studies, Feminist Teacher, Delos, Judaism, and Jewish Spectator. She is the author of The Terror of Our Days: Four American Poets Respond to the Holocaust. Robert J. Thornton is MacFarlane Professor of Economics at Lehigh University. His areas of research include labor market discrimination, unions and collective bargaining, occupational licensing, and forensic economics. He has written or edited many books and collective volumes, most recently Fundamentals of Labor Economics (2005, with Thomas Hyclak and Geraint Johnes) and Developments in Litigation Economics (with Patrick Gaugan). He is also the author of numerous articles which have appeard in such as the Industrial and Labor Relations Review, Journal of Human Resources, Oxford Bulletin of Economics and Statistics, and the Journal of Economic Perspectives. He has also written the Lexicon of Intentionally Ambiguous Recommendations (Barnes and Noble Books, 2005).

Autoren/Hrsg.

Aronson, J. Richard

Parmet, Harriet L.

Thornton, Robert

Inhaltsverzeichnis

1;Contents;6
2;Introduction;8
3;My Favorite Two Corporate Finance Puzzles;12
3.1; The Dividend Puzzle;12
3.1.1; Other Studies of the Puzzle;15
3.1.2; My Conclusion;15
3.2; The Capital Structure Puzzle;16
3.3; Conclusion;18
3.4;References;18
4;The Solvency of Federal Welfare Entitlement Programs: Social Security and Medicare;19
4.1; Introduction;19
4.2; Generational Accounting, Fiscal Imbalance, and Generational Imbalance;20
4.2.1; Generational Accounting and Fiscal Imbalance;21
4.2.2; Generational Imbalance;22
4.3; Measuring Americas Fiscal Imbalance;23
4.4; The Need to Achieve Fiscal Balance;23
4.5; Making Welfare Financially Viable;25
4.5.1; Increase Program Revenues;25
4.5.2; Reduce Program-related Benefits;26
4.5.3; Change the Federal Tax System to Increase the Federal Government's Revenue;26
4.5.4; Change the Benefits Structure to Reduce the Cost of Providing Benefits;27
4.6; A Utopian Perspective on Welfare;29
4.6.1; Privatizing Social Security;29
4.6.2; Kotlikoff's Plan for a Uniform Comprehensive System of Health Insurance, the Medical Security System (MSS);32
4.7; Notes;33
4.8;References;35
5;The Corporate Sector as a Net Exporter of Funds: Additional Evidence;36
5.1; Why Do Firms Issue Debt?;41
5.2; The Model;45
5.2.1; The Structure of the Model;45
5.2.2; General Comments on the Form of the Equations;46
5.3; Empirical Estimation of the Equation System;47
5.4; Main Empirical Results;49
5.5; Conclusion;51
5.6; Notes;53
5.7;References;54
6;Piscal Folicy 101Economic Policy Meets Partisan Politics;56
6.1; The Battle for a Capital Gains Rate Reduction;56
6.1.1; The Storal of this Mory?;58
6.2; The Clinton 1993 Stimulus Bill;58
6.2.1; The Storal of this Mory?;59
6.3; The Balanced Budget Agreement of 1997;59
6.3.1; The Storal of this Mory?;60
6.4; Opportunities Lost and the Road Ahead;60
6.4.1; Social Security;61
6.4.2; Health Care;62
6.4.3; National Security;63
6.4.4; Tax Reform;63
6.5; Notes;63
7;A Taxonomy of Utility Functions;65
7.1; Introduction;65
7.2; The Friedman and Savage Hypothesis;66
7.3; Relationship between UW , GUW and Behavioral Finance;68
7.4; The Generalized UW Class of Functions;69
7.5; Subsets of GUW ;70
7.6; General Considerations;71
7.7; Summary;72
7.8; Notes;72
7.9;References;72
8;Equilibrium and Disequilibrium Growth: a Commenton a Comment;74
9;Reputational Risk and Conflicts of Interestin Banking and Finance: The Evidence So Far;78
9.1; What Is Reputational Risk?;78
9.2; Sources of Reputational Risk;81
9.3; Valuing Reputation Risk;83
9.4; Reputational Risk and Conflicts of Interest;90
9.5; Controlling Conflicts of Interest;96
9.6; Conclusions;98
9.7; Notes;99
9.8;References;99
10;Seeking Common Ground on Globalization;101
10.1; The Pros and Cons of Globalization;101
10.2; Trends in Globalization;103
10.3; Developing Some Common Ground;104
10.4; The Future Global Economy;109
10.5;References;109
11;Tax Reform Then and Now;111
11.1; Methods of Integration;112
11.2; Conclusion;115
11.3;References;115
12;Joseph A. Schumpeter: Not Guilty of Plagiarismbut of ``Infelicities of Attribution'';117
12.1; My Arrival at Lehigh University;117
12.2; The Intellectual Seeds of Innovator in Czernowitz, 19091911;119
12.3; The Genesis of the Innovator Concept;121
12.4; Schffles Unknown Legacy to Schumpeter;122
12.5; How Did I Find Schffles 1867 Book?;123
12.6; Infelicity of Attribution on Schumpeters Part;124
12.7;References;126
13;Economics and the Tanakh the Hebrew Bible;128
13.1; Introduction;128
13.2; Land and Money in Ancient Times;129
13.3; Money and Antiquity;129
13.4; Vulnerability of Wage Earners;130
13.5; Eli Ginsbergs Studies on the Economics of the Bible ;131
13.6; Significance of the Jubilee;132
13.7; Ethics and Economics;133
13.8; The Economics of the Sabbath;134
13.9; Slavery in Israel;135
13.10; Conclusion;138
13.11;References;138
14;Muted Signals in Academe: Letters of Recommendationand Grade Inflation;140
14.1; Introduction;140
14.2; How Widespread Is the Problem?;141
14.2.1; Letters of Recommendation;141
14.2.2; Grade Inflation;143
14.3; The Benefits and Costs of Reference Letters and Grades as Signals;147
14.4; Conclusion;150
14.5; Notes;151
14.6;References;152
15;A Biography of Eli Schwartz;153
16;Contributors;157