ECONOMIC AFFAIRS最新文献

{"title":"The Big Myth: How American business taught us to loathe government and love the free market By Naomi Oreskes and Erik M Conway. Bloomsbury Publishing. 2023. 565 pp. £24.57 (hbk). ISBN: 978–1635573572. £13.44 (ebk). ISBN: 978–1635573589","authors":"Charles Amos","doi":"10.1111/ecaf.12604","DOIUrl":"https://doi.org/10.1111/ecaf.12604","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"458-462"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137297","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":"Has Brexit affected employment in Japanese affiliates in the UK?","authors":"Massimiliano Porto,&nbsp;Agata Wierzbowska","doi":"10.1111/ecaf.12608","DOIUrl":"https://doi.org/10.1111/ecaf.12608","url":null,"abstract":"<p>On 23 June 2016, a referendum was held in the United Kingdom (UK) to decide whether the country should leave or remain a member of the European Union (EU). The ‘Leave’ vote won by 52 per cent to 48 per cent of voters, leading to the EU–UK Withdrawal Agreement that came into force in 2020 and the Trade and Cooperation Agreement that came into force in 2021. Brexit is not exclusively a European matter; it affects third parties as well. In this article we examine the presence of Japanese affiliates in Europe during 2000–21 by analysing data obtained from the Toyo Keizai's Overseas Japanese Companies database. While the UK has been a major beneficiary of Japanese investments in Europe, its share of Japanese affiliates in Europe has decreased, especially during 2000–10. Brexit has had no negative impact on direct employment created by Japanese affiliates in the UK in the short term, but its impact in the long term could be exacerbated by any further policy divergence between the UK and the EU.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"314-339"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146072","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":"Pioneers of capitalism: The Netherlands 1000–1800 By Maarten Prak and Jan Luiten Zanden. Princeton University Press. 2023. 261+ ix pp. £35.00 (hbk). ISBN: 978-0691229874. £24.50 (ebk). ISBN: 978-0691242460","authors":"J R Shackleton","doi":"10.1111/ecaf.12605","DOIUrl":"https://doi.org/10.1111/ecaf.12605","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"473-474"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137484","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 tyranny of nostalgia: Half a century of British economic decline By Russell Jones, London Publishing Partnership. 2023. 368 pp. £24.99 (hbk). ISBN: 978-1913019792. £10.99 (ebk). ISBN: 978-1913019815","authors":"Annabel Denham","doi":"10.1111/ecaf.12609","DOIUrl":"https://doi.org/10.1111/ecaf.12609","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"475-476"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146077","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":"How creative destruction keeps churning","authors":"Anthony J Greco","doi":"10.1111/ecaf.12593","DOIUrl":"https://doi.org/10.1111/ecaf.12593","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"445-451"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146073","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":"Sismondi's principles of liberty and economic progress","authors":"Rogério Arthmar","doi":"10.1111/ecaf.12595","DOIUrl":"https://doi.org/10.1111/ecaf.12595","url":null,"abstract":"<p>The Swiss-born liberal thinker Jean-Charles-Léonard Simonde de Sismondi (1773–1842) rejected metaphysical systems of thought in favour of historical and social analysis. However, in his mature writings, he offered an organising, although a never explicit, set of principles guiding his political and economic disquisitions. I identify Sismondi's essential principles of social study, namely, the effect of political organisation on the character of the people, the need for a ‘national reason’, along with the weight of tradition over individual representation. Subordinate principles of liberty are examined, such as respect for minorities, freedom of public debate, and engagement in local affairs. I argue that, when the political idea of a slowly matured national reason guiding the constitutional progress of liberty is applied to a rapidly changing economic domain, tension is created within Sismondi's understanding of social sciences.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"406-422"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146075","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":"Refereeing and Economic Affairs","authors":"","doi":"10.1111/ecaf.12598","DOIUrl":"https://doi.org/10.1111/ecaf.12598","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"480"},"PeriodicalIF":1.4,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146079","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":"Rejoinder","authors":"Tim Congdon","doi":"10.1111/ecaf.12594","DOIUrl":"https://doi.org/10.1111/ecaf.12594","url":null,"abstract":"&lt;p&gt;In my critique of ‘monetary-base monetarism’ (Congdon, &lt;span&gt;2023&lt;/span&gt;), I took the offending set of ideas to pivot on the claim that the change in the monetary base &lt;i&gt;by itself&lt;/i&gt; determines inflation. I concentrated on the weaknesses of that approach to macroeconomic analysis. I did not develop my favoured alternative view, which might be called ‘broad-money monetarism’, where a key proposition is that changes in the quantity of money, broadly defined, determine inflation. But a potential debate between the two accounts of monetarism was implicit in my article.&lt;/p&gt;&lt;p&gt;Important issues are at stake. Consider the numbers for the four years to mid-2012, given in Table 1. In the Great Recession central banks adopted measures which had contrasting effects on the different money aggregates. Under the Basel III rules, being introduced from September/October 2008, they imposed higher capital-to-risk-asset ratios on the commercial banks. The change in capital regulation caused these banks to shrink risk assets. This would have led to a contraction in broad money if nothing else had been done.&lt;sup&gt;1&lt;/sup&gt; Fortunately, something else was done. From late November 2008 the Federal Reserve embarked on large-scale purchases of assets from private sector non-banks (or ‘quantitative easing’), financed by the issue of cash reserves to the commercial banks. Such purchases added to bank deposits and stopped broad money from falling. But the issue of cash reserves led to an explosion of the monetary base. The Bank of England followed a few months after the Fed, with its QE programme beginning in March 2009.&lt;sup&gt;2&lt;/sup&gt;&lt;/p&gt;&lt;p&gt;Which concept of ‘money’ was the correct one to use in macroeconomic prognosis? Should economists have worried – in the four years under discussion – about the inflation perhaps threatened by the trebling of the base in the USA and its quadrupling in the UK? Or should they instead have been concerned that broad money was barely growing at all, signalling very low inflation and possibly even deflation?&lt;/p&gt;&lt;p&gt;On 15 November 2010, 23 top-ranking, mostly American economists wrote an ‘Open Letter to Ben Bernanke’ (then the Fed's chairman), which was reported in the &lt;i&gt;Wall Street Journal&lt;/i&gt; (&lt;span&gt;2010&lt;/span&gt;). Several of them had purported monetarist affiliations. The letter contained the following sentences:&lt;/p&gt;&lt;p&gt;To some extent my differences from Scott Sumner may be semantic, with the two of us merely – to use his words – ‘talking past each other’. But I suspect that substantive disagreements remain. I was dismayed that in his reply to my article he said:&lt;/p&gt;&lt;p&gt;It was exactly this sort of reasoning which provoked my article. Let us recall what actually happened in and after the Great Recession. In the USA the monetary base trebled and in the UK it quadrupled, even more dramatic surges than Sumner's doubling, yet in both countries inflation in the early 2010s was the lowest since the 1950s. Not only were the signatories to the Open Letter ","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"441-444"},"PeriodicalIF":1.4,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12594","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147990","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":"Equality of competition: A consistent approach to equality of opportunity in sport","authors":"Jasper Doomen","doi":"10.1111/ecaf.12600","DOIUrl":"https://doi.org/10.1111/ecaf.12600","url":null,"abstract":"<p>Accepting the principles of equal treatment and equality of opportunity as standards means that individuals should have the same chances and receive the same rewards. If there is no reason to maintain that these principles should not be decisive in the domain of sport, the consequences of accepting them must be accepted. Equality of opportunity, in particular, which may with respect to sport be termed ‘equality of competition’, raises some issues that are examined.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"340-352"},"PeriodicalIF":1.4,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12600","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152527","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":"Adam Smith's moral foundations of self-interest and ethical social order","authors":"Mikko Arevuo","doi":"10.1111/ecaf.12592","DOIUrl":"https://doi.org/10.1111/ecaf.12592","url":null,"abstract":"<p>This article draws on textual evidence from <i>The Theory of Moral Sentiments</i> and <i>The Wealth of Nations</i> to address mistaken interpretations of Adam Smith's fundamental concept of self-interest as greed that has been said to have had a corrosive influence on markets, commercial behaviour, and widening inequality. To the contrary, Smith's complex set of human motivations, including self-interest, his economic system that is based on free markets, and institutional frameworks governing productive property rights and the rule of law are argued to increase aggregate wealth, improve the position of those least well off, and maintain ethical social order.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"43 3","pages":"372-387"},"PeriodicalIF":1.4,"publicationDate":"2023-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12592","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129307","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}