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Using historical data for the 1700–1914 period, this paper analyses the nature and direction of technical change in Britain. The evidence in this paper indicates that, over this long period, labour‐saving technology adoption was a major response to changes in relative factor prices, thus supporting the hypothesis that 'induced innovation' was a major driver of technical change during the British industrial revolution. Labour saving was made possible and sustained by capital‐augmenting and energy‐augmenting technical change coupled with continuous capital accumulation and abundant energy supplies. This process placed the British economy on a higher capital–labour ratio equilibrium, and was the primary force driving sustained productivity growth, which further raised wages and living standards. [ABSTRACT FROM AUTHOR]

This article examines the long-run two-way causal relationship between government revenues and spending and their interaction with the yearly change in public debt for eighteen OECD countries by using annual data for 1976-2017 period. The empirical literature has mainly focused on the long run relationship between government expenditure and revenues or other single country time series while only a few studies have used panel causality analysis and none have investigated the link with the evolution of public debt ratios. The purpose of this paper is to present a dynamic model identifying the underlying relationships constituting the fiscal policy set-up in sample countries. We apply a robust dynamic panel causality methodology based on SUR systems and Wald tests with country specific bootstrap critical values. The study also aims to provide the basis for recommendations on the policy response to public finance challenges stemming from exogenous shocks like the global pandemic that began in 2020. By developing an enhanced analysis of the long-term causal relationship between taxation, spending and their interaction with changes in public debt, the study not only provides fresh insights into the sustainability and optimal design of fiscal adjustment efforts but also offers a country-specific schematization as a guide for policymaking. [ABSTRACT FROM AUTHOR]

This commentary examines how closely Odling-Smee and Pastor (2002)'s account and their defense of the IMF's role matches the known facts and evidence on the Ruble Zone. This evidence shows that in the 12-24 months following the Soviet collapse, the IMF took the view that the prompt introduction of new currencies in the successor states would be more dangerous and damaging than sacking to the ruble. This article questions the assumptions behind this view, and argues that it was not correct for the IMF to confine itself to advising on the pros and cons of either course. The decisions by Post-Soviet states on the currency issue had a key bearing on whether IMF financial assistance would be forthcoming making, the IMF's `neutrality' as recorded by the authors objectionable in principle. The bias of IMF advice in favor of retaining the Ruble Zone reflected many other interests besides Russia's own. The real aim of this commentary is not point-scoring in long-past debates, but to share an historical understanding. JEL Classification Numbers: E52, F33, F42, P24 Keywords: Monetary policy, ruble area, national currencies, Our role at the IMF is not to wait for all such risks to be eliminated before taking action, but even in chaotic circumstances of history to sit down with [...]

Russia's economic experience since the collapse of central planning in 1991 has some important lessons for today's policy-makers in Iraq. The economic challenges facing Russia and Iraq are compared and the design of their economic policies are described.

The author believes that the war in Iraq will further depress the world economy and stall international economic agreements and globalization. He believes the war will further damage the United States economy and effect the economy of other nations as well.

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1468-0335.2009.00757.x Byline: BRIGITTE GRANVILLE ([dagger]) Author Affiliation: ([dagger])Queen Mary, University of London

This article discusses Iran's disapproval of Taliban politics, support of Palestinian organizations, Middle East diplomacy, and US-Iran relations.

Issues discussed concern the process of political, social, and economic reform in Iran. Topics addressed include the democratic agenda of the reformists, and Iran's response to cultural and economic globalization.