ECONOMIC AFFAIRS最新文献

{"title":"Chains of command: The rise and cruel reign of the franchise economy By Brian Callaci. University of Chicago Press. 2026. 264 pp. £20.00 (hbk). ISBN: 978-0226828701. £18.95 (Kindle ed.) ISBN: 978-0226848426","authors":"Christopher Snowdon","doi":"10.1111/ecaf.70048","DOIUrl":"https://doi.org/10.1111/ecaf.70048","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"378-380"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395131","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Industrial policy under supply constraints: Evidence from Japan's strategic investment sectors","authors":"Hideki Nishigaki","doi":"10.1111/ecaf.70043","DOIUrl":"https://doi.org/10.1111/ecaf.70043","url":null,"abstract":"<p>This article examines the macroeconomic effects of industrial policy in Japan. Using a constrained input–output framework, the analysis focuses on four areas: AI infrastructure, AI software and AI operations, shipbuilding, and defence. The results show that identical fiscal interventions generate heterogeneous outcomes across sectors once production structures and supply constraints are considered. A key finding is that AI infrastructure may not generate as large an induced value-added effect as might be expected, as a result of its reliance on intermediate inputs. By contrast, AI operations exhibit higher value-added intensity due to their dependence on human capital. Supply constraints are important, with electricity acting as a short-run constraint and human capital as a medium-term limitation. This suggests that industrial policy outcomes depend on the interaction between demand expansion and supply constraints.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"190-203"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395137","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Marx and the paradox of liberation","authors":"Pablo Paniagua","doi":"10.1111/ecaf.70044","DOIUrl":"https://doi.org/10.1111/ecaf.70044","url":null,"abstract":"<p>This article explores the consequences of Karl Marx's political and philosophical thought. Marx advances a coherent vision of humanity's emancipation, aiming to transcend market-based economic processes and private property. But this vision poses two problems related to the institutions of political power. First, the challenge posed by the ‘vortex of power’, which generates the political freedom to reassign property rights at will, makes it incompatible with the rule of law and the separation of powers; and second, the elimination of market mechanisms for coordinating resource allocation necessarily entails the rational, explicit guidance of the economy, resulting in top-down planning and arbitrary subordination of individual ends. Both problems lead to the concentration of power, the suppression of dissent, and the end of the rule of law. Marx's vision is incompatible with liberal democracy and human liberty in its wider sense, an internal paradox in his thought.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"204-223"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Attitudes towards the market economy and capitalism in Ukraine, Poland and Russia","authors":"Rainer Zitelmann","doi":"10.1111/ecaf.70038","DOIUrl":"https://doi.org/10.1111/ecaf.70038","url":null,"abstract":"<p>This article presents the results of opinion polls conducted in Ukraine, Poland, and Russia, focusing on attitudes towards the market economy and capitalism. The polls first asked six questions about the market economy without explicitly referencing ‘capitalism’. The only countries in which attitudes towards the ‘market economy’ are more positive than in Ukraine are Poland, the United States, the Czech Republic, South Korea, and Japan, while opinions are more negative in 30 countries. The most negative attitude towards the market economy in our survey across 36 countries was found among respondents in Russia. The survey also featured an association test with ten terms related to capitalism, along with 18 additional statements – both positive and negative – about capitalism. Among the 36 countries surveyed, the level of support for ‘capitalism’ in Ukraine is only exceeded by Poland, while it is similarly high in the United States. In 33 countries, however, overall perceptions of capitalism are more negative than in Ukraine. In contrast, general opinions of capitalism were more negative in only two of the 36 countries than in Russia.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"175-189"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.70038","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A critical look at green energy policies","authors":"Lawrence Haar","doi":"10.1111/ecaf.70042","DOIUrl":"https://doi.org/10.1111/ecaf.70042","url":null,"abstract":"&lt;p&gt;\u0000 &lt;span&gt;Magnus Henrekson&lt;/span&gt;, &lt;span&gt;Christian Sandström&lt;/span&gt; and &lt;span&gt;Mikael Stenkula&lt;/span&gt; (Eds.), &lt;span&gt;A Green Entrepreneurial State? Exploring the Pitfalls of Green Deals&lt;/span&gt;. Springer Nature. &lt;span&gt;2026&lt;/span&gt;. 316 pp. £44.99 (hbk). ISBN: 978-3032155115. Open Access: https://link.springer.com/book/10.1007/978-3-032-15512-2&lt;/p&gt;&lt;p&gt;The insights and findings of this new work by the editors Magnus Henrekson (Professor of Economics, Research Institute of Industrial Economics, Stockholm, Sweden), Christian Sandström (Associate Professor of Technology Management, Chalmers University of Technology, Gothenburg, Sweden), and Mikael Stenkula (Associate Professor of Economics, Lund University, Sweden) (hereafter HSS) and other researchers reflect and embody two of the key tenets of modern economic theory: first, the proposition of Friedrich Hayek (&lt;span&gt;1945&lt;/span&gt;) that the nature of knowledge makes successful top-down economic planning impossible; and second, the contractual nature of democracy as articulated in the public choice theory of Buchanan and Tullock (&lt;span&gt;1962&lt;/span&gt;), creates fertile grounds for the promotion of special interests and opportunities for wasteful rent seeking.&lt;/p&gt;&lt;p&gt;The work begins by setting the stage for the development and promotion of policies relating to how we generate electricity and the decarbonisation of economic activity. Though specific legislation in the United Kingdom and in the United States focused upon waste and sanitation dates back to the nineteenth century, regulation in Europe and the United States of gaseous, liquid and solid effluents started in the 1970s, focusing upon nitrous oxides and sulphur dioxides.&lt;sup&gt;1&lt;/sup&gt; In the US, the Environmental Protection Agency was created in 1970. In the UK, preceding legislation was consolidated into the Environmental Protection Act of 1990. But with the rise of concerns over anthropogenic global warming supposedly linked to greenhouse gases, the focus shifted from specific effluents to any activity producing carbon dioxide (CO&lt;sub&gt;2&lt;/sub&gt;). Both Europe and the United States decided to categorise CO&lt;sub&gt;2&lt;/sub&gt; as a pollutant in legislation. As electricity generation, apart from nuclear powered stations, required hydrocarbons, the focus turned to &lt;i&gt;how&lt;/i&gt; we generate electricity and our energy intensiveness.&lt;sup&gt;2&lt;/sup&gt; But arguably the new focus of environmentalism in Europe, the United Kingdom and the United States, known as the ‘green energy’ movement, might not have taken root if preceding events had not already created fertile ground for their propagation. Both the 2008 financial crisis and the European sovereign debt crisis of 2009 were interpreted as failures of free-market economics and a clarion call for increased involvement by government in the economy. The US had been unwisely guaranteeing risky mortgages, and Europe's single currency had encouraged sovereign credit risk; but these facts were ignored. Despite the 1990s triu","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"364-371"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.70042","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Responsible politics means resource constraints, transparency and the separation of money from political power","authors":"Volodymyr Vysochansky","doi":"10.1111/ecaf.70037","DOIUrl":"https://doi.org/10.1111/ecaf.70037","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"346-356"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Great Realignment: Why the New Right is here to stay By Stephen Davies. Polity Books. 2026. 224 pp. £25.00 (hbk). ISBN: 978-1509567461. £17.99 (ebk). ISBN: 978-1509567485","authors":"Charles Amos","doi":"10.1111/ecaf.70049","DOIUrl":"https://doi.org/10.1111/ecaf.70049","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"381-383"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Bank of England reaction to COVID-19 and after: A personal view","authors":"Jonathan Haskel","doi":"10.1111/ecaf.70050","DOIUrl":"https://doi.org/10.1111/ecaf.70050","url":null,"abstract":"&lt;p&gt;This article reflects on my experience as an external member of the Bank of England's Monetary Policy Committee (MPC)&lt;sup&gt;1&lt;/sup&gt; from September 2018 to September 2024, covering the COVID-19 shock and the inflation surge that followed. It traces how my policy votes evolved as the risks facing the UK economy shifted – from collapse in demand in 2020, to a fragile reopening in 2021, and then to inflation driven by energy shocks, tight labour markets and second-round effects in wages and prices. My experience also highlights the practical difficulty of making monetary policy in real time and the central role of institutional credibility in returning inflation to target.&lt;/p&gt;&lt;p&gt;The background was the COVID pandemic, hitting the economy in March 2020. Monetary policy had to support activity, preserve market functioning and ensure that inflation expectations remained anchored over the medium term. In the United Kingdom, the Monetary Policy Committee responded rapidly by reducing Bank Rate (although it didn't have far to go down, having been at 0.75 per cent since I joined the committee in September 2018), expanding asset purchases and introducing measures designed to support the transmission of policy to households and firms. The view at the time of this first phase was this was the right path: inflation was below target, output was collapsing and financial markets were dysfunctional.&lt;/p&gt;&lt;p&gt;But this was just the first phase. The second phase was recovery under uncertainty: an economy reopening unevenly, with supply struggling to keep up with demand and with major unknowns about vaccines, variants, furlough and the durability of the rebound. The third phase was inflation and persistence: sharp increases in energy and goods prices, followed by questions about wage growth, labour supply, expectations and credibility. Monetary policy had to adapt as the dominant risks changed.&lt;/p&gt;&lt;p&gt;This article is an attempt to explain how my own thinking evolved through those phases. It does so by summarising my speeches and annual reports (each MPC member is required to submit an annual report on his or her activities) at the time. In broad terms, I moved from (&lt;i&gt;a&lt;/i&gt;) concerns in 2020 and early 2021 with downside risks, spare capacity and the fragility of the recovery, to (&lt;i&gt;b&lt;/i&gt;) concerns in late 2021 and through 2022–24 with inflation persistence, labour-market tightness and the need to maintain credibility in returning inflation to target.&lt;/p&gt;&lt;p&gt;The rights and wrongs of my decisions are for others to judge. But in making that judgement, I would make an overarching point: &lt;i&gt;policy is made in real time, not in hindsight&lt;/i&gt;. Monetary policy is made under uncertainty. Data are incomplete, models are imperfect, structural relationships can shift and the economy may be hit by shocks without modern precedent. That does not absolve policymakers of responsibility. But it does mean that the right way to assess decisions is &lt;i&gt;not&lt;/i&gt; to ask whether they look obvious &lt;","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"337-345"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.70050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is Aid for Trade related to trade inclusivity in African countries?","authors":"Sèna Kimm Gnangnon","doi":"10.1111/ecaf.70035","DOIUrl":"https://doi.org/10.1111/ecaf.70035","url":null,"abstract":"<p>This article investigates the association (but not causality) between Aid for Trade (AfT) flows and trade inclusivity in African countries. Trade inclusivity is considered as a developing country's catch-up with developed countries in terms of manufactured exports and, therefore, measured for different degrees of manufactures. The empirical findings indicate that AfT interventions are positively associated with primary goods exports, as well as low-skill/medium-skill and technology-intensive manufactured exports. Moreover, AfT interventions are associated with a greater inclusivity in terms of low-skill/and medium-skill and technology-intensive manufactured exports in African countries that improve productive knowledge, and face higher trade costs.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"243-268"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Our dollar, your problem: An insider's view of seven turbulent decades of global finance and the road ahead By Kenneth Rogoff. Yale University Press. 2025. pp. 365. £25.00 (hbk). ISBN: 978-0300275315. £19.00 (Kindle ed.). ISBN: 978-0300283716","authors":"Geoffrey Wood","doi":"10.1111/ecaf.70021","DOIUrl":"https://doi.org/10.1111/ecaf.70021","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 2","pages":"375-377"},"PeriodicalIF":1.0,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148395130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}