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This paper uses regression analysis to investigate the relationship between military expenditure and stock market performance for the United States and the United Kingdom. Specifically, the study applies the Bierens-Guo unit root procedures to ascertain the time series properties of the variables in the study. The standard OLS technique is employed to determine the influence of military expenditure on stock markets for the period 1914 through 2001. The results from the unit root tests indicate that the military expenditure, military personnel, stock market, and energy consumption series are level stationary. The results from the OLS equations suggest that military expenditure has significantly positive effect on stock market performance for the United States and the United Kingdom. The implication of this finding is that high-income class and people in power are less likely to oppose increases in military spending even though such expenditures are not in the best interest of the society. [ABSTRACT FROM AUTHOR]

The paper analyzes J. K. GALBRAITH's new vision of the economic system of the U.S.A., seen as an example of popular institutionalist thinking. Such a critique seems important because of GALBRAITH's claim to a closed and complete doctrine and because of the growing influence of his vulgarized economics. An examination of his methods discovers deficiencies of the systemic approach, obscurities in concept formation, arbitrary formulations of behavioral theories, purely persuasive modes of argumentation and techniques of immunization against contrary evidence. An analysis of his system of political economy shows that it lacks a genuine theory of the state and a truly consistent explanation of inequalities of power. So his programme of reforms and of measures of economic policy rests upon rather weak methodological and theoretical foundations. SUBSTITUTION ALONG THE TIME AXIS CARL CHRISTIAN VON WEIZSCKER. [ABSTRACT FROM AUTHOR]

Given the recent efforts in several countries to reorganize the research institutional setting to improve research productivity, our analysis addresses the following questions: To which extent has the recent awareness over international quality standards in economics around the world been reflected in research performance? How have individual countries fared? Do research quantity and quality indicators tell us the same story? We concentrate on trends taking place since the beginning of the 1990s and rely on a very comprehensive database of scientific journals, to provide a cross-country comparison of the evolution of research in economics. Our findings indicate that Europe is catching up with the USA but, in terms of influential research, the USA maintains a dominant position. The main continental European countries, Germany, France, Italy and Spain, experienced some of the largest growth rates in economic scientific output. Other European countries, namely the UK, Norway, the Netherlands, Denmark, and Sweden, have shown remarkable progress in per capita output. Collaborative research seems to be a key factor explaining the relative success of some European countries, in particular when it comes to publishing in top journals, attained predominantly through international collaborations. [ABSTRACT FROM AUTHOR]

Using a new 16-country data set we demonstrate a robust negative employment-total factor productivity trade-off 1870–2004. Widely disparate cross country employment growth had a powerful long term influence on productivity dispersion. Unexceptional US productivity growth principally resulted from her exceptional employment growth rather than from her initially high productivity levels. The negative externalities associated with higher employment are shown to have dominated the diminishing of total factor productivity gaps among the 16 countries, and led to the erosion of US productivity leadership over the twentieth century. [ABSTRACT FROM AUTHOR]

Correlates the diversity of a country's population with the size of its public sector. Opinions on public expenditure; Effect of diversity on provision of goods; Income redistribution and government spending trends; Studies on public sector size and demographic composition; Measures of diversity; Discussion of findings.