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Information about several papers discussed at a lecture sponsored by JMBC on macroeconomics is presented. Topics include Schumpeterian Theory, stagnation, implementation and macroeconomics. The seminar was led by several lectors like professor Patrick J. Kehoe and Peter Howitt. It also mentions that the lectures were based on the lectors' research papers.

The human capital model is the basis of neoclassical analysis of labour markets, education and economic growth. However, education policy in Australia has been influenced by models based on screening theory and public choice theory which yield the policy implication that reductions in education spending are generally desirable. In this paper, the competing models, and the evidence supporting them, are surveyed. It is concluded that the human capital model is strongly supported by the available evidence. The predictions of screening models are generally not supported by empirical tests, except where they coincide with those of the human capital model. The main evidence supporting the public choice model, derived from the literature on educational production functions, is shown to be deficient. The principal policy conclusion of the paper is that the negative effects of recent cuts in education spending will outweigh any benefits achieved through reductions in public debt. [ABSTRACT FROM AUTHOR]

This paper shows how systems science can clarify the debate and outline the basic differences between technology and sustainability. Deconstruction is a process by which the various meanings of a concept are ascertained. It is used to draw the characteristics of technology and sustainability. Each of these two concepts is driven by imperatives which are in conflict with each other. The discussion infers how they can be reconciled. Copyright © 1999 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Much theorizing has been done about the African food crisis. This paper reviews a gendered approach to agriculture, focusing on the implications of labor differentiation, incentives, and struggles over access to resources for agricultural development. The paper then analyzes two approaches to understanding Africa's development crises. One focuses on faulty incentives created in statist strategies and the other on an uncaptured peasantry; both approaches are oblivious to gender labor relations. The paper concludes with policy implications. [ABSTRACT FROM AUTHOR]

This paper examines some of the arguments of the critics of foreign aid and other capital inflows to less developed countries (LDCs). The paper finds that the critics lack sufficient evidence on the supposedly adverse effect of capital transfers to LDCs on their savings and growth of incomes. This, however, does not mean that these capital inflows always promote growth in LDCs. In particular, it is shown that the relative importance of foreign capital on economic growth of LDCs would depend on the degree to which that growth is constrained by the lack of capital. [ABSTRACT FROM AUTHOR]

This paper examines the tension between the struggle to survive in a competitive economy and efforts to create more democratic workplaces in the Basque worker cooperative complex in Mondragón, Spain. Data from archival research, participant observation, and interviews are used to outline the historical context of structural change and policy-making in the complex. Language used in internal policy discussions is analyzed to explore the way in which arguments about efficiency have shaped interpretations of structural change and these organizations' policy responses. It is argued that in these cooperatives, the concept of "efficiency" does not operate as a neutral, objective benchmark of organizational performance, but is socially and rhetorically constructed. The predominant approach to efficiency that is emerging in Mondragón aims to make the cooperatives more competitive, but also facilitates a gradual displacement of collectively established organizational objectives such as relative equality, job security, and favorable work conditions for ones that privilege institutional interests of profitability and stability. More importantly, it has helped usher in important changes in the policy-making process itself limiting the range of legitimate participation and weakening broad-based control over the identification of appropriate objectives and means. The paper suggests that reframing an existing rhetorical strategy to highlight more clearly the link between efficiency and any given set of objectives would stimulate a broader discussion of policy issues and help balance more effectively the diverse interests at stake in Mondragon's restructuring. [ABSTRACT FROM AUTHOR]

Discusses the convergence between the economists living in the Midwest and those living in the East and West Coasts of the U.S. who have separate approaches in macroeconomics in view of the paper of economist Bennett McCallum focusing on the new classical macroeconomics as of June 1989. Approach of the Midwest economists on the role of imperfect competition in price setting; Views of the East and West Coasts economists on economic growth; Impact of the convergence on several issues about macroeconomics.

This paper is concerned with the estimation of an econometric model designed to test the Modigliani-Miller (henceforth MM) hypothesis. The primary interest is not in the theoretical validity of the hypothesis. The major sources of theoretical disagreement with Modigliani and Miller arise from the key role they impute to the arbitrage process and the effect of leverage on the expected value of the returns to equity through the increased probability of bankruptcy. These issues have occasioned a number of important contributions in recent years (see especially [2] and [23]). The first section of the paper provides a skeletal outline of the MM hypothesis and discusses the problems of formulating an appropriate econometric model. In the second section an econometric model is developed, which, while drawing on the ideas of several
1 This study is part of a continuing program of research into company financial behavior financed by a grant from the Social Science Research Council. I am indebted to Mrs. Eileen Sutcliffe of the Institute of Social and Economic Research, University of York, and Milton Chen of New York University for assistance with data collection and computer processing, and to the personnel of the SRC Atlas Computer, Chilton, the University of York Computer Center and the New York University School of Commerce Computer Center.
2 References in square brackets are listed on pp. 161-2, below.
3 In terms of the implicit aggregation procedures, the old Liquidity-Preference/ Loanable-Funds controversy has yet to be satisfactorily resolved.
different writers, has certain elements of originality in the way it seeks to incorporate growth and leverage. Finally, in the third section the results of the econometric tests are evaluated. [ABSTRACT FROM AUTHOR]

Empirical evidence suggests that poorer countries have larger amounts of predation. We formulate a neoclassical growth model in which agents devote time to either produce or predate. When the elasticity of substitution between labour and capital is lower than one, the labour share rises with capital, reducing the incentive to predate and increasing the incentive to produce throughout the transition. Consequently, a feedback process between capital accumulation and predation arises, which amplifies income differences generated by differences in productivity. This paper helps to explain why differences between countries have remained stable and the key role that institutions play in development. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper investigates leading indicators of systemic banking crises in a panel of 11 EU countries, with a particular focus on Finland. We use quarterly data from 1980Q1 to 2013Q2, in order to create a large number of macro-financial indicators, as well as their various transformations. We make use of univariate signal extraction and multivariate logit analysis to assess what factors lead the occurrence of a crisis and with what horizon the indicators lead a crisis. We find that loans-to-deposits and house price growth are the best leading indicators. Growth rates and trend deviations of loan stock variables also yield useful signals of impending crises. While the optimal lead horizon is three years, indicators generally perform well with lead times ranging from one to four years. We also tap into unique long time-series of the Finnish economy to perform historical explorations into macro-financial vulnerabilities. [ABSTRACT FROM AUTHOR]

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines the influence of foreign direct investment (FDI) on economic growth in five SAARC member countries - Bangladesh, India, Nepal, Pakistan, and Sri Lanka. Using time series data from 1990 to 2010, an empirical model is estimated in which growth of real GDP depends on FDI, investment, openness, tax policy and inflation. After establishing the stationarity of the data series, cointegration tests are performed, and an error correction model is developed and estimated. The empirical results indicate that, unlike investment and openness to international trade, FDI has not played a significant role in promoting economic growth in these countries. We conclude that the effectiveness of FDI may depend in part on the size of the inflows, as well as the level of economic development. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper explores the properties of the notions of A‐efficiency and P‐efficiency, which were proposed by Golosov et al.. (2007), to evaluate allocations in a general overlapping generations setting in which fertility choices are endogenously selected from a continuum and any two agents of the same generation are identical. First, we show that the properties of A‐efficient allocations vary depending on the criterion used to identify potential agents. If one identifies potential agents by their position in their siblings' birth order, as Golosov, Jones, and Tertilt do, then A‐efficiency requires that a positive measure of agents use most of their endowment to maximize the utility of the dynasty head, which, in environments with finite‐horizon altruism, implies that some agents—the youngest in every family—obtain an arbitrary low income to finance their own consumption and fertility plans. If potential agents are identified by the dates in which they may be born, then A‐efficiency reduces to dynastic maximization, which, in environments with finite‐horizon altruism, drives the economy to a collapse in finite time. To deal with situations like those arising in economies with finite‐horizon altruism, in which A‐efficiency may be in conflict with individual rights, we propose to evaluate the efficiency of a given allocation with a particular class of specifications of P‐efficiency for which the utility attributed to the unborn depends on the utility obtained by their living siblings. Under certain concavity assumptions on value functions, we also characterize every symmetric, P‐efficient allocation as a Millian efficient allocation, that is, as a symmetric allocation that is not A‐dominated—with the birth‐order criterion—by any other symmetric allocation. [ABSTRACT FROM AUTHOR]

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper studies how airports affect economic growth in US metropolitan areas. The main finding is that airport size has a positive effect on local employment, with an elasticity of 0.04. The effect appears to be mostly due to a positive effect on services employment and to be concentrated in parts of the metropolitan area nearer the airport. To further understand how an airport affects the local economy, the effects on several other variables are estimated. Airport size is found to have positive effects on the number of firms, the population size, the rate of employment, and GDP in the local area. The magnitudes of the effects on population and employment suggest that airport expansion creates jobs for both existing residents and migrants to the area. The estimation uses a novel technique to identify the effects of airport infrastructure. It applies instruments for changes in airport size that are calculated from overall changes in air traffic in a set of categories: the airlines, the types of aircraft, or the distances flown. The technique could be adapted to study the effects of other types of infrastructure. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Regulators have long been interested in protecting consumers borrowing for a home as it is likely the single greatest financial obligation they will undertake. In this paper we examine the approach taken in Australia to mandating the disclosure of simple comparison data to reduce the complexity involved in the home loan decision. This article highlights that while the form of the legislated disclosure significantly improves decision accuracy, the failure of the regulator to account for the consumer's purchase behavior and lenders' motivations has undermined its effectiveness. We provide a number of recommendations for how to rectify these failings, principally that regulators need to consider the role of borrower information search and lender motivation as part of any regulatory reform. [ABSTRACT FROM AUTHOR]

This paper studies the impact of economic policy uncertainty on stock price crash risk using data from China. We develop a new index to measure Chinese economic policy uncertainty and find that economic policy uncertainty has a remarkable positive effect on stock price crash risk. However, the effect reverses later. The results also indicate that the positive effect of economic policy uncertainty on stock price crash risk is more prominent for state‐owned enterprises. Moreover, this effect is more prominent for firms with higher information asymmetry and firms with greater disagreement among investors, indicating that economic policy uncertainty affects crash risk through two mechanisms: managers' concealment of bad news and investors' heterogeneous beliefs. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of officials' regional favoritism on corporate tax avoidance activity in China. We find that firms located in regions that were formerly administered by the current provincial governors have a higher level of tax avoidance than other firms in the province. Further evidence indicates that regional favoritism affects tax avoidance through two channels: regional politicians' personal connections with the governor and firms' political access to the governor. Overall, the findings support China's current official selection and promotion guidelines that restrict hometown favoritism. Our results further imply that favoritism can also extend to officials' former administrative regions. [ABSTRACT FROM AUTHOR]

Endogenous demand composition across sectors due to income elasticity differences, or Engel's Law for brevity, affects (i) sectoral compositions in employment and in value‐added, (ii) variations in innovation rates and in productivity change across sectors, (iii) intersectoral patterns of trade across countries, and (iv) product cycles from rich to poor countries. Using a two‐country model of directed technical change with a continuum of sectors under nonhomothetic preferences, which is rich enough to capture all these effects as well as their interactions, this paper offers a unifying perspective on how economic growth and globalization affect the patterns of structural change, innovation, and trade across countries and across sectors in the presence of Engel's Law. Among the main messages is that globalization amplifies, instead of reducing, the power of endogenous domestic demand composition differences as a driver of structural change. [ABSTRACT FROM AUTHOR]

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Environmental issues have become increasingly important for companies and society in general, and information about them is of concern, to the extent that many companies have been criticized for their negative impact on the environment, rather than for their technological and economic performance. This paper attempts to go a step further by developing an index of environmental issues from the Thomson Reuters Eikon database using statistical techniques to analyze the type of environmental information that companies report internationally. An index of 71 environmental variables was constructed and a dependency model was set up to determine the explanatory variables that may influence this index of environmental disclosure. Innovation, economic development and geographical areas are some of the variables used that have been less tested in previous studies. [ABSTRACT FROM AUTHOR]

Zipf's law is one of the best known empirical regularities in urban economics. There is extensive research on the subject, where each city is treated symmetrically in terms of the cost of transactions with other cities. Recent developments in network theory facilitate the examination of an asymmetric transport network. In a scale‐free network, the chance of observing extremes in network connections becomes higher than the Gaussian distribution predicts and, therefore, it explains the emergence of large clusters. The city‐size distribution shares the same pattern. This paper decodes how accessibility of a city to other cities on the transportation network can boost its local economy and explains the city‐size distribution as a result of its underlying transportation network structure. We confirm our model predictions with US and Belgian data. Finally, we discuss the endogenous evolution of transport networks. [ABSTRACT FROM AUTHOR]

Abstract: Japan's corporate governance and employment relations systems have been under considerable pressures to reform towards a more Anglo‐American model, against a back‐drop of intensified global competition and slow economic growth over two ‘lost’ decades. But what is the relationship between these systems, and specifically, how does corporate governance structure condition employment relations practice? This paper adopts the ‘Systems, Society, Dominance and Corporate (SSDC) effects’ framework in order to contextualize and evaluate the outcomes of these pressures, particularly in the period following the 2007–2008 global financial crisis. It reports case study data from various parts of the Japanese economy drawn from a series of firm‐based interviews and a variety of secondary sources. It is argued that there has been a strong degree of continuity in certain employment practices, such as lifetime employment, even in relatively new high technology firms, but that the pattern for other practices, such as seniority‐based pay, is more mixed with increasing differentiation between industries and individual organizations. We articulate a layered assessment of the varying SSDC effects at play in corporate Japan. This differentiation across industries and organizations is a function both of strategic choice (corporate effects) and also the increasing variation in the meso‐level institutional pressures that are experienced at organizational level; that is, the differentiation in the sources and nature of dominance effects that are relevant. [ABSTRACT FROM AUTHOR]

ABSTRACT: Using cross‐country panel data over the period 1996–2012, this paper examines the impact of financial development on macroeconomic volatility using GMM estimators. In contrast to the linear relationship identified in many previous studies, we present robust evidence suggesting that the effect of financial development on macroeconomic volatility is nonlinear and U‐shaped. We also investigate the potential differences between developed and developing countries. The results of the paper add new evidence and shed interesting insights into the recent debate on the role of finance in macroeconomic fluctuations. [ABSTRACT FROM AUTHOR]

Empirical evidence is scarce on whether firms set profit‐maximizing prices, as these typically depend delicately on details of difficult‐to‐observe strategic interactions. To avoid this problem, this paper provides a detailed case study of the Swedish Tobacco Monopoly's pricing with data from 1916 to 1959. Prices are found to be below those that maximize the expected net present value of profits. However, the difference between actual and optimal price diminishes over time, and towards the end of the period the two are almost indistinguishable. The net present value of actual profits is approximately 60% of what could have been obtained. Overall, the pricing patterns appear more consistent with the firm learning about demand conditions than being the result of maximization of something other than profits. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

An extensive literature documents the role of financial markets in economic development. To help explain this relationship, this paper constructs an endogenous growth model in which a stock market emerges to allocate risk and explores how the stock market alters investment incentives in ways that change steady state growth rates. The paper demonstrates that stock markets accelerate growth by (1) facilitating the ability to trade ownership of firms without disrupting the productive processes occurring within firms and (2) allowing agents to diversify portfolios. Tax policy affects growth directly by altering investment incentives and indirectly by changing the incentives underlying financial contracts. [ABSTRACT FROM AUTHOR]

With increasing global urbanization, the proportion of the world's population engaged in the primary sector of the economy continues to decrease, leading to significant changes in the experience of nature (EoN). As a result, not only are opportunities for EoN reduced, but they are shifting structurally because the proportion of nature experiences that take place in leisure time increases relative to that which takes place in a work and production context.In order to understand the implications of this structural change, a new typology is introduced that defines experiences of nature by considering their social context: economic and recreational EoN.Economic EoN is predominantly purpose‐oriented, while recreational EoN is primarily experience‐driven. Compared to economic EoN, recreational EoN often requires less skill and knowledge while relying on stereotypical constructs of nature, demonstrated, for example, by traditional land uses and tourism, respectively. As urbanization continues, the proportion of recreational nature experiences will continue to increase, raising an important question: How can the experience‐driven, recreational relation to nature contribute to long‐term engagement and responsible stewardship?Long‐term engagement is evident in leisurely behaviour where people pursue hobbies. In urban societies, many people invest a considerable amount of time and material resources in their hobbies, while developing specific skill sets and acquiring extensive knowledge in the process. Furthermore, nature‐related hobbies enable the transformation of irrelevant economic EoN into meaningful recreational EoN, allowing the emergence of an individual perspective on and a lasting relationship with nature, as well as creating a skill‐based sense of place.Policy implications: As traditional economic EoN diminish and becomes irrelevant during the urbanization process, hobbies can help preserve ecological knowledge and skills with recreational EoN. Protected areas and other organizations curating nature experiences should create and promote experiences that relate to nature‐based hobbies and focus on supporting skill development. Read the free Plain Language Summary for this article on the Journal blog. Read the free Plain Language Summary for this article on the Journal blog. [ABSTRACT FROM AUTHOR]

Background: Cattle farming plays a pivotal role in Africa's agricultural and livestock sector, poised for growth due to population expansion and rising per capita consumption of animal‐sourced food. Forages are a primary source of feed for dairy cattle, significantly impacting production costs. While local forage varieties are preferred by dairy farmers, there has been an increase in the adoption of improved forages in recent years. However, the overall adoption rate is still low, for example, due to underdeveloped forage seed markets. Methods: This study describes the dynamics, challenges, and potential of these markets in Kenya and selected East African countries, focusing on (i) market evolution over the past decade, (ii) forthcoming market prospects, and (iii) bottlenecks and opportunities for improvement. Data were gathered in 2022 through qualitative interviews with stakeholders representing six segments of the forage seed sector across six countries. Results: We found a sustained growth of the improved forage seed market in recent years. The main challenges for further growth are high seed prices, regulatory difficulties, and limited producer knowledge. Conclusions: The findings unveil positive dynamics in the region's forage seed market, fueled by the engagement and determination of stakeholders who recognize the manifold benefits that it holds for both the dairy industry and economic growth. The realization of this market's potential requires addressing prevailing challenges, including elevated seed costs, intricate variety registration processes, and a pervasive lack of awareness among farmers. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

ABSTRACT Theoretical models suggest a non-linear relationship between government size and long-run economic growth. However, testing this hypothesis empirically in cross-country studies is complicated by the endogeneity of government spending and the accurate identification of inflexion points. This paper examines the non-linear hypothesis by incorporating threshold analysis in a cross-country growth regression. The methodology utilizes a sample-splitting framework and follows an objective strategy for identifying and testing changes in the slope. The results provide evidence in support of the non-linear hypothesis for a broad panel of countries. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

ABSTRACT This paper analyses the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly costly. Housing crises are often followed by recessions that are longer than other recessions. According to empirical estimates, a housing crisis reduces the GDP growth rate in the following year on average by two percentage points and has still a considerable negative impact in the second year. One important channel through which the effect of housing crises is passed on seems to be the banking sector. In addition, our results suggest that negative wealth effects possibly cause further reductions in GDP growth. [ABSTRACT FROM AUTHOR]

Previous papers in this issue of Economic Papers have dealt with some substantive issues surrounding food security. The purpose of this article was different. We provide a general commentary on other Australian agricultural policy issues where the rhetoric of food security is used to exaggerate the challenges faced and/or to support solutions to some challenges that are expensive and unrealistic. This article comprises opinion based on historical observations of the agricultural policy process in Australia and the underlying principles of mainstream agricultural economics. It does not offer detailed empirical analysis of the issues discussed. The issues discussed are irrigation in the Murray-Darling Basin, prospects for agricultural production in northern Australia, especially irrigation development, the bias in favour of further processing of agricultural products (value adding), food imports and foreign ownership, and the effects of Asian economic development on Australian agriculture and agricultural trade. [ABSTRACT FROM AUTHOR]

Conventional wisdom suggests that improving water governance is the key to solving water insecurity in developing countries but there are also many disagreements on operational and methodological issues. In this paper, we build on the work of Saleth and Dinar and surveyed 100 water experts from 17 countries in Asia to compare 19 indicators of water laws, policies, and administration among and within countries from 2001 to 2010. We present the results of our study in a comparative dashboard and report how water governance indicators vary with a country's level of economic development, which ones do not and how and why some indicators change overtime in some countries. We have two main results. First, our initial findings suggest the possibility of water Kuznet's curve, i.e., certain water governance indicators vary with a country's level of economic development. However, more studies are needed given the caveats and limitations of our study. Second, the results have practical value for policy makers and researchers for benchmarking with other countries and tracking changes within their countries overtime. We conclude with implications for a second-generation research agenda on water governance. [ABSTRACT FROM AUTHOR]

ABSTRACT Rapid wind power development in China has attracted worldwide attention. The huge market potential and fast development of wind turbine manufacturing capacity are making China a world leader in wind power development. In 2010, with the newly installed wind power capacity and the cumulative installed capacity, China was ranked first in the world. In 2009, China also constructed and commissioned its first large offshore wind farm near Shanghai. Following earlier papers reviewing the state of China's onshore wind industry, this paper presents a broader perspective and up-to-date survey of China's offshore wind power development, making comparisons between the developments in the rest of the world and China, to draw out similarities and differences and lessons for the China offshore wind industry. The paper highlights six important aspects for China's offshore wind development: economics, location, Grid connection, technological development, environmental adaptation and national policies. The authors make recommendations for mitigating some outstanding issues in these six aspects for the future development of China's offshore wind resource. Copyright © 2012 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The article comments on papers examining the role of entrepreneurship, technological innovation and continual adaptation for successful agricultural producers and agribusiness firms. One of the papers argues that while entrepreneurship may be, in part, genetically determined, it can be improved and encouraged through targeted education. The researchers suggest that enhancing entrepreneurship is particularly important in agriculture, and thus should be a priority in developing education programs at land-grant universities. Another paper discusses the role of universities to play in transferring technology to the private sector, but the processes and procedures for doing so are still quite immature. In one of the papers, researches are suggesting that internal analytical capabilities that drive a firm's on-going adjustments to new market/consumer realities are central to long-term success. These papers offer a starting point for continued discussions on how land-grant universities can adapt teaching, research, and outreach/technology transfer programs to better respond to the needs of entrepreneurs and, in turn, promote economic development.

The article discusses various reports published within the issue, including one by J. Barkely Rosser Jr. on the role of interest groups in creating economic stagnation and another by Joel Mokyr and John V. C. Nye on the origins of economic growth in Great Britain.

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)