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Major demographic changes around the world. Disproportionate sovereign debt. A shift from North America, Western Europe, and Japan to emerging economies as centers of growth. Unprecedented levels of market risk and volatility. The structure of the global economy is undergoing significant changes. Michael Oyster, managing principal of Fund Evaluation Group, explored this topic with Sam DeRosa-Farag, principal of the investment team at Morgan Creek Capital Management, and Stephen Wood, chief market strategist at Russell Investments.

Throughout the nineteenth and twentieth centuries, the natural monopoly features of infrastructure industries, together with their strategic roles, have been important elements in state intervention. The aim of this paper is to evaluate what relative weight was attached to market failure problems on the one hand and geo-political factors on the other. For the period 1830-1939, how far were geo-political factors stronger than natural monopoly problems in accounting for the scale of intervention in the various countries of the Western World? How far did the policy instruments for security and market failure overlap? Whilst most of the infrastructure sectors are covered - including internal telecommunications, coal, gas, shipping, electricity and water - special attention is devoted to international submarine telegraph tables and railways. The paper concludes by demonstrating strong differences between Britain and USA on the one hand and Continental Europe plus Japan on the other. [ABSTRACT FROM AUTHOR]

This paper examines US, Japanese, and European political economy approaches to China, and their effect on US-Japan and US-EU relationships. Great powers with a greater security concern in dealing with another major country care more about power while those with less of a concern are preoccupied with calculations for wealth. China's rise and its actions have posed a far greater security challenge to the United States and Japan and are driving the two countries closer together. The political economy game involving China reveals a dominant welfare motive among the advanced market economies. The ambition to transform China politically has diminished. China's integration into the global market makes a relative gains approach difficult to implement. Globalization simply limits the ability of a state to follow a politics-in-command approach in the absence of actual military conflict, which explains why the political economy approaches of the United States, Europe, and Japan are not that different in the scheme of things. China's own grand strategy to reach out to the world to outflank the US-Japan alliance has also contributed to a divergent European policy toward China although there are severe limitations to Beijing's ability to drive a wedge between the United States and Europe. [ABSTRACT FROM AUTHOR]

Health care expenditure studies of the Organization for Economic Cooperation and Development (OECD) countries remain important because their findings often suggest cost containment and other policy initiatives. This paper focuses on the compatibility of OECD health data with the "expenditure inertia" (or lagged adjustments) hypothesis, by modeling individual country time-series data of 21 nations for the 1960-1993 period. Maximum likelihood estimates of the Box-Cox transformation regression models reveal that: (a) the hypothesized impact of health "expenditure inertia" is both pervasive and strong, averaging 0.64 across the countries; (b) the real GDP elasticities of health care expenditures vary widely among the countries and average 0.34 in the short run--implying that health care is a necessity; (c) the long run GDP elasticities are less than 1 in 8 countries, unitary elastic in 8 countries and elastic in 5 countries--suggesting that health care is not universally a necessity or a luxury commodity for the OECD countries; (d) physician-inducement effects (dis-inducement in a few countries) are weak, with a mean elasticity estimate of 0.17; and (e) no unique functional form approximation model is globally compatible with the data across the countries. Health care cost containment policy implications of these findings are explored. [ABSTRACT FROM AUTHOR]

In October 2005 UNESCO produced its Universal Declaration on Cultural Diversity. This was largely a response to the worries of countries, especially in Europe and not least of which France, which feared the damaging effects to their cultures if trade in entertainment products remained too one-sided. Generally the argument of this paper is that while initial tensions between the United States and Europe were motivated by the usual commercial concerns, Europeans were increasingly worried about the cultural impact of this commerce. The Japanese, however, have not been nearly so concerned as the Europeans about becoming 'Americanized'. This lack of tension between the United States and Japan in the area of film and television is due to several factors. First, there is a complementarity between American entertainment and the Japanese electronics industry. Second, the Japanese are major players in some aspects of the entertainment industry, most especially in the area of animation, and they are especially influential in Asia. Finally, issues of cultural conflict between the United States and Japan are simply less salient to Tokyo than those which characterize Japan's relations with its Asian neighbors. [ABSTRACT FROM AUTHOR]

Background: A common concern about universal health insurance coverage is how to control health expenditure. The escalation of health care costs raises public awareness of the optimization of drug price and increased demand for cost-effectiveness assessment. In this paper, we show the differences in patient access to new drugs and drug price among countries, in which the situation of introduction of cost-effectiveness assessment scheme is different. Methods: We investigated the health insurance coverage proportion of newly approved drugs in Japan, France, Germany, and the United Kingdom (UK). Then, we calculated the ratios of the European to the Japanese price for products that were reimbursed in both countries. Results: Japan had the highest health insurance coverage proportion (98.6%) in the 4 countries. In Japan, all the drugs that were approved in 2015 had been already listed in the latest formulary of February 2016. As for drug price, there wasn’t much difference between Japan and the European countries in many cases. Conclusion: From the viewpoint of the health insurance coverage proportion and the speed of reimbursement decision, the hurdle to access new drugs in Japan is lower than that in major European countries. While extensive coverage of health insurance and prompt reimbursement decision lower the hurdles to access new drugs and expand treatment options, they could lead to the increased medical expenditure. We should continue to discuss sustainable health insurance systems and drug price calculation schemes that properly reflect the drug’s clinical value while keeping the availability of new drugs to patients. [ABSTRACT FROM AUTHOR]

This article examines intra-industry information transfers in the European and Japanese electric industry in the wake of the Fukushima nuclear accident. For European conventional utilities, the downward price drift is relatively small and transient in nature. Yet, we find positive and lingering effects of the accident on the shares of alternative electric utilities. Japanese utilities were hit the hardest and the shock seems to be long-lasting. An interesting finding of this article is the abrupt increase (decrease) in the systematic risk of conventional (alternative) electric utilities following the event. In Europe, we could only document a decrease in the idiosyncratic risk of conventional utilities, pointing to enhanced return synchronicity in the conventional power industry. In turn, total risk seems to be stationary around the accident. In rebuttal, idiosyncratic and systematic risks (and consequently total risk) have substantially risen in Japan since the event. Finally, intercept values related to European utilities remained stable around the accident while Japanese utilities incurred a substantial decline in their daily average returns as captured by alpha shifts. [ABSTRACT FROM AUTHOR]

Aim: To undertake a systematic literature review to examine the effect of food cost on diet quality and risk factors for chronic disease, specifically focusing on diet-related lifestyle diseases affecting the Australian population. Methods: A search of six databases resulted in the inclusion of one systematic review, three cohort studies, 41 cross-sectional studies and four modelling studies in this review. Results: Between 2000 and 2006, the price of healthy foods has increased more than the price of less healthy foods. Healthy Food Access Basket surveys show that a healthy diet may often be unaffordable for low- and average-income households. Diets of higher energy density were associated with lower diet cost, whereas diets of higher nutrient density and nutritional quality were associated with higher diet cost. Recent studies report an inverse association between food price and food consumption. Consequently, an increase in food cost was associated with a significant reduction in weight, waist circumference, body mass index, obesity and insulin resistance. Conclusions: Manipulation of food cost may alter food consumption and therefore risk factors for chronic disease. Further longitudinal studies investigating the impact of pricing strategies on diet quality and disease risk are needed. [ABSTRACT FROM AUTHOR]

The world economy grew strongly again in the first half of the year 2000. Up to the summer, economic activity was not noticeably dampened by the sharp increase in the price of oil since the beginning of 1999. In particular, the upturn in the USA persisted. Demand and output also expanded significantly in western Europe, while Japan showed marked production growth once again. World trade grew dynamically in the course of the significant upturn in the world economy. However, growth now appears to have passed its peak. A number of early indicators suggest that the dampening effects of a tighter monetary policy and the significantly higher oil price are now gaining the upper hand. The increase in oil prices continued this year, in contrast to the expectations of the Institutes this spring. After the price per barrel had risen from around 10 US-dollars at the beginning of 1999 to approximately 25 US-dollars in spring 2000, it rose again to up to 35 US-dollars this autumn. The increased price of oil imports in Japan has been alleviated by the appreciation of the yen, and the increase in the oil bill is similar to that in the USA. The industrial sector is hit harder in Japan than private households, because private petroleum consumption is lower in Japan than in the other industrialised countries.

It is argued here that in transitional economies industrial growth depends not so much on the size of the agricultural surplus but rather on the rates of productivity growth and population growth in agriculture via their effects on the size of the home market for manufactures. In developing this argument estimates of the agricultural surplus and inter-sectoral market shares in post-restoration Japan and post-independence India are compared. A typology of agrarian systems is then suggested based on how alternative systems influence productivity and population trends in agriculture. The typology is illustrated with historical comparisons from Europe, Japan and India. [ABSTRACT FROM AUTHOR]

The article offers information on economics and national strategy of the United States. It is posed that this country needs a national strategy that responds to the central post-cold war political, economic, and military realities. Moreover, in theory , a U. S. national strategy would start with a structure of private activities based on the operation of free markets and then provide a framework for enhancing the use of the nation's resources to gain national objectives derived from enduring national interests. It is also identified that the world's new political structure focuses on a triangle of competing regions that have gained economic growth. These regions are Europe, North America, and Japan.