There has long been a minority view that providing people with cash is an effective way of combating poverty and economic insecurity while promoting livelihoods and work. The mainstream view has been that giving people money, without conditions or obligations, promotes idleness and dependency, while being unnecessarily costly. Better, they contend, would be to allocate the available money to sc...

This paper concerns the effects of macroeconomic announcements on the covariance structure of US government bond returns for six different maturities; the study shows that the conditional variances, covariances, and correlation coefficients are significantly greater on announcement days. On non-announcement days, the correlation coefficients are relatively large and are greater the closer the b...

The New Deal for Young People (NDYP) is one of the main components of the UK government’s Welfare-to-Work strategy aimed at raising employment and reducing benefit dependency. It combines elements of an active labour market programme with a stricter benefit regime. This paper evaluates its impact on the wider economy, emphasising the importance of the programme’s effect on wage pressure, which ...

development projects in natural water resources like rivers and lakes, specially transferring water to use in agriculture, domestic and industrial sector without considering environmental values, causes irrecoverable and irreversible damage to ecosystem and future options. if we consider the future generation and species rights, those damages and costs can be very much than we take in. the abov...

This paper tests empirically the hypothesis that the greater the intangibility of a firm’s resources, the greater the sustainability of its competitive advantage. Resource intangibility is measured by: (1) Tobin’s q and (2) the predicted value from a hedonic regression of q on several accounting measures of intangibles. Sustainability is measured by the persistence of firm-specific profits. Usi...

This note offers a general proof of the converse of Hartwick’s rule, namely that — in an economy with stationary instantaneous preferences and a stationary technology — an efficient constant utility path is characterized by the value of net investments being zero at each point in time. In a one consumption economy with two stocks — a stock of a natural resource and a stock of man-made capital —...

Recent papers show that imperfect property rights to a natural resource–a sector-specific factor– can be a source of comparative advantage. In these models, weaker property rights attract labor–the only mobile factor– to the resource sector, increasing the country’s comparative advantage for that sector. If capital in addition to labor is mobile, and if the benefits of capital are non-excludabl...

data envelopment analysis (dea) is a non-parametric method for assessing relative efficiency of decision-making units (dmus). every single decision-maker with the use of inputs produces outputs. these decision-making units will be defined by the production possibility set. resource allocation to dmus is one of the concerns of managers since managers can employ the results of this process to all...

As a first step towards understanding the evolution of small groups in firms, this paper develops and tests a simple decision-theoretic model of research-unit evolution in which, as managers resolve their uncertainty over time, they shut down under-performing units and remove under-performing unit heads. The selection process generates several testable hypotheses about how unit and head charact...

We develop a two-country overlapping-generations model with domestic financial frictions and show that cross-country differences in financial development explain three recent patterns of international capital flows. In our model, domestic financial frictions distort the interest rates and production efficiency in the less financially developed country. Capital flows not only lead to cross-count...