Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.552
C. Diebolt, Michael Haupert
Cliometrics is the application of economic theory and quantitative methods to the study of economic history. The methodology rose to favor in economics departments in the 1960s. It grew to dominate the discipline over the next two decades, culminating in the awarding of the 1993 Nobel Prize in Economics to two of its pioneers, Robert Fogel and Douglass North. Cliometrics has always had its share of critics, and some have blamed it for the diminished role that economic history has had in economics programs in the 21st century.
{"title":"Cliometrics: Past, Present, and Future","authors":"C. Diebolt, Michael Haupert","doi":"10.1093/acrefore/9780190625979.013.552","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.552","url":null,"abstract":"Cliometrics is the application of economic theory and quantitative methods to the study of economic history. The methodology rose to favor in economics departments in the 1960s. It grew to dominate the discipline over the next two decades, culminating in the awarding of the 1993 Nobel Prize in Economics to two of its pioneers, Robert Fogel and Douglass North. Cliometrics has always had its share of critics, and some have blamed it for the diminished role that economic history has had in economics programs in the 21st century.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128719783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.583
David Wolf, H. Klaiber
The value of a differentiated product is simply the sum of its parts. This concept is easily observed in housing markets where the price of a home is determined by the underlying bundle of attributes that define it and by the price households are willing to pay for each attribute. These prices are referred to as implicit prices because their value is indirectly revealed through the price of another product (typically a home) and are of interest as they reveal the value of goods, such as nearby public amenities, that would otherwise remain unknown. This concept was first formalized into a tractable theoretical framework by Rosen, and is known as the hedonic pricing method. The two-stage hedonic method requires the researcher to map housing attributes into housing price using an equilibrium price function. Information recovered from the first stage is then used to recover inverse demand functions for nonmarket goods in the second stage, which are required for nonmarginal welfare evaluation. Researchers have rarely implemented the second stage, however, due to limited data availability, specification concerns, and the inability to correct for simultaneity bias between price and quality. As policies increasingly seek to deliver large, nonmarginal changes in public goods, the need to estimate the hedonic second stage is becoming more poignant. Greater effort therefore needs to be made to establish a set of best practices within the second stage, many of which can be developed using methods established in the extensive first-stage literature.
{"title":"Willingness to Pay in Hedonic Pricing Models","authors":"David Wolf, H. Klaiber","doi":"10.1093/acrefore/9780190625979.013.583","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.583","url":null,"abstract":"The value of a differentiated product is simply the sum of its parts. This concept is easily observed in housing markets where the price of a home is determined by the underlying bundle of attributes that define it and by the price households are willing to pay for each attribute. These prices are referred to as implicit prices because their value is indirectly revealed through the price of another product (typically a home) and are of interest as they reveal the value of goods, such as nearby public amenities, that would otherwise remain unknown.\u0000 This concept was first formalized into a tractable theoretical framework by Rosen, and is known as the hedonic pricing method. The two-stage hedonic method requires the researcher to map housing attributes into housing price using an equilibrium price function. Information recovered from the first stage is then used to recover inverse demand functions for nonmarket goods in the second stage, which are required for nonmarginal welfare evaluation. Researchers have rarely implemented the second stage, however, due to limited data availability, specification concerns, and the inability to correct for simultaneity bias between price and quality. As policies increasingly seek to deliver large, nonmarginal changes in public goods, the need to estimate the hedonic second stage is becoming more poignant. Greater effort therefore needs to be made to establish a set of best practices within the second stage, many of which can be developed using methods established in the extensive first-stage literature.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126479331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.637
E. Fatas, Nathaly Jiménez, Lina Restrepo-Plaza, Gustavo Rincón
Violent conflict is a polyhedric phenomenon. Beyond the destruction of physical and human capital and the economic, political, and social costs war generates, there is an additional burden carried by victims: persistent changes in the way they make decisions. Exposure to violence generates changes in how individuals perceive other individuals from their group and other groups, how they discount the future, and how they assess and tolerate risk. The behavioral consequences of violence exposure can be documented using experiments in which participants make decisions in a controlled, incentive-compatible scenario. The external validity of experiments is reinforced when the studies are run in postconflict scenarios, for example, in Colombia, with real victims of conflict. The experimental tasks, therefore, may map risk attitudes among victims and nonvictims of the conflict who share a common background, and distinguish between different types of exposure (direct versus indirect) and different sources of violence (conflict-related versus criminal violence). The experimental evidence collected in Colombia is consistent with a long-lasting and substantial effect of conflict exposure on risk attitudes. Victims are more likely to take risks and less likely to make safe choices than nonvictims, controlling for demographic, socioeconomic, and attitudinal factors. The effect is significant only when the source of violence is conflict (exerted by guerrilla or paramilitary militias) and when violence is experienced directly by individuals. Indirect conflict exposure (suffered by close relatives) and criminal violence leave no significant mark on participants’ risk attitudes in the study.
{"title":"The Behavioral Consequences of Conflict Exposure on Risk Preferences","authors":"E. Fatas, Nathaly Jiménez, Lina Restrepo-Plaza, Gustavo Rincón","doi":"10.1093/acrefore/9780190625979.013.637","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.637","url":null,"abstract":"Violent conflict is a polyhedric phenomenon. Beyond the destruction of physical and human capital and the economic, political, and social costs war generates, there is an additional burden carried by victims: persistent changes in the way they make decisions. Exposure to violence generates changes in how individuals perceive other individuals from their group and other groups, how they discount the future, and how they assess and tolerate risk. The behavioral consequences of violence exposure can be documented using experiments in which participants make decisions in a controlled, incentive-compatible scenario. The external validity of experiments is reinforced when the studies are run in postconflict scenarios, for example, in Colombia, with real victims of conflict. The experimental tasks, therefore, may map risk attitudes among victims and nonvictims of the conflict who share a common background, and distinguish between different types of exposure (direct versus indirect) and different sources of violence (conflict-related versus criminal violence). The experimental evidence collected in Colombia is consistent with a long-lasting and substantial effect of conflict exposure on risk attitudes. Victims are more likely to take risks and less likely to make safe choices than nonvictims, controlling for demographic, socioeconomic, and attitudinal factors. The effect is significant only when the source of violence is conflict (exerted by guerrilla or paramilitary militias) and when violence is experienced directly by individuals. Indirect conflict exposure (suffered by close relatives) and criminal violence leave no significant mark on participants’ risk attitudes in the study.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128586571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.576
Xiaoyu Li, S. Gopalakrishnan
The convergence of geophysical and economic forces that continuously influence environmental quality in the coastal zone presents a grand challenge for resource and environmental economists. To inform climate adaptation policy and identify pathways to sustainability, economists must draw from different lines of inquiry, including nonmarket valuation, quasi-experimental analyses, common-pool resource theory, and spatial-dynamic modeling of coupled coastal-economic systems. Theoretical and empirical contributions in valuing coastal amenities and risks help examine the economic impact of climate change on coastal communities and provide a key input to inform policy analysis. Co-evolution of community demographics, adaptation decisions, and the physical coastline can result in unintended consequences, like climate-induced migration, that impacts community composition after natural disasters. Positive and normative models of coupled coastline systems conceptualize the feedbacks between physical coastline dynamics and local community decisions as a dynamic geoeconomic resource management problem. There is a pressing need for interdisciplinary research across natural and social sciences to better understand climate adaptation and coastal resilience.
{"title":"Climate Change and Coastal Vulnerability","authors":"Xiaoyu Li, S. Gopalakrishnan","doi":"10.1093/acrefore/9780190625979.013.576","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.576","url":null,"abstract":"The convergence of geophysical and economic forces that continuously influence environmental quality in the coastal zone presents a grand challenge for resource and environmental economists. To inform climate adaptation policy and identify pathways to sustainability, economists must draw from different lines of inquiry, including nonmarket valuation, quasi-experimental analyses, common-pool resource theory, and spatial-dynamic modeling of coupled coastal-economic systems. Theoretical and empirical contributions in valuing coastal amenities and risks help examine the economic impact of climate change on coastal communities and provide a key input to inform policy analysis. Co-evolution of community demographics, adaptation decisions, and the physical coastline can result in unintended consequences, like climate-induced migration, that impacts community composition after natural disasters. Positive and normative models of coupled coastline systems conceptualize the feedbacks between physical coastline dynamics and local community decisions as a dynamic geoeconomic resource management problem. There is a pressing need for interdisciplinary research across natural and social sciences to better understand climate adaptation and coastal resilience.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128733931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.697
Osea Giuntella, T. Halliday
Migration and health are intimately connected. It is known that migrants tend to be healthier than non-migrants. However, the mechanisms for this association are elusive. On the one hand, the costs of migration are lower for healthier people, thereby making it easier for the healthy to migrate. Empirical evidence from a variety of contexts shows that the pre-migration health of migrants is better than it is for non-migrants, indicating that there is positive health-based selection in migration. On the other hand, locations can be viewed as a bundle of traits including but not limited to environmental conditions, healthcare quality, and violence. Each of these can impact health. Evidence shows that moving from locations with high mortality to low mortality can reduce mortality risks. Consistent with this, migration can increase mortality risk if it leads to greater exposure to risk factors for disease. The health benefits enjoyed by migrants can also be found in their children. However, these advantages erode with successive generations.
{"title":"The Economics of Health and Migration","authors":"Osea Giuntella, T. Halliday","doi":"10.1093/acrefore/9780190625979.013.697","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.697","url":null,"abstract":"Migration and health are intimately connected. It is known that migrants tend to be healthier than non-migrants. However, the mechanisms for this association are elusive. On the one hand, the costs of migration are lower for healthier people, thereby making it easier for the healthy to migrate. Empirical evidence from a variety of contexts shows that the pre-migration health of migrants is better than it is for non-migrants, indicating that there is positive health-based selection in migration. On the other hand, locations can be viewed as a bundle of traits including but not limited to environmental conditions, healthcare quality, and violence. Each of these can impact health. Evidence shows that moving from locations with high mortality to low mortality can reduce mortality risks. Consistent with this, migration can increase mortality risk if it leads to greater exposure to risk factors for disease. The health benefits enjoyed by migrants can also be found in their children. However, these advantages erode with successive generations.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116068365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-31DOI: 10.1093/acrefore/9780190625979.013.669
Carlos Lamarche
For nearly 25 years, advances in panel data and quantile regression were developed almost completely in parallel, with no intersection until the work by Koenker in the mid-2000s. The early theoretical work in statistics and economics raised more questions than answers, but it encouraged the development of several promising new approaches and research that offered a better understanding of the challenges and possibilities at the intersection of the literatures. Panel data quantile regression allows the estimation of effects that are heterogeneous throughout the conditional distribution of the response variable while controlling for individual and time-specific confounders. This type of heterogeneous effect is not well summarized by the average effect. For instance, the relationship between the number of students in a class and average educational achievement has been extensively investigated, but research also shows that class size affects low-achieving and high-achieving students differently. Advances in panel data include several methods and algorithms that have created opportunities for more informative and robust empirical analysis in models with subject heterogeneity and factor structure.
{"title":"Quantile Regression for Panel Data and Factor Models","authors":"Carlos Lamarche","doi":"10.1093/acrefore/9780190625979.013.669","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.669","url":null,"abstract":"For nearly 25 years, advances in panel data and quantile regression were developed almost completely in parallel, with no intersection until the work by Koenker in the mid-2000s. The early theoretical work in statistics and economics raised more questions than answers, but it encouraged the development of several promising new approaches and research that offered a better understanding of the challenges and possibilities at the intersection of the literatures. Panel data quantile regression allows the estimation of effects that are heterogeneous throughout the conditional distribution of the response variable while controlling for individual and time-specific confounders. This type of heterogeneous effect is not well summarized by the average effect. For instance, the relationship between the number of students in a class and average educational achievement has been extensively investigated, but research also shows that class size affects low-achieving and high-achieving students differently. Advances in panel data include several methods and algorithms that have created opportunities for more informative and robust empirical analysis in models with subject heterogeneity and factor structure.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122074676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1093/acrefore/9780190625979.013.688
Jeanet Sinding Bentzen
Economics of religion is the application of economic methods to the study of causes and consequences of religion. Ever since Max Weber set forth his theory of the Protestant ethic, social scientists have compared socioeconomic differences across Protestants and Catholics, Muslims, and Christians, and more recently across different intensities of religiosity. Religiosity refers to an individual’s degree of religious attendance and strength of beliefs. Religiosity rises with a growing demand for religion resulting from adversity and insecurity or a surging supply of religion stemming from increasing numbers of religious organizations, for instance. Religiosity has fallen in some Western countries since the mid-20th century, but has strengthened in several other societies around the world. Religion is a multidimensional concept, and religiosity has multiple impacts on socioeconomic outcomes, depending on the dimension observed. Religion covers public religious activities such as church attendance, which involves exposure to religious doctrines and to fellow believers, potentially strengthening social capital and trust among believers. Religious doctrines teach belief in supernatural beings, but also social views on hard work, refraining from deviant activities, and adherence to traditional norms. These norms and social views are sometimes orthogonal to the general tendency of modernization, and religion may contribute to the rising polarization on social issues regarding abortion, LGBT rights, women, and immigration. These norms and social views are again potentially in conflict with science and innovation, incentivizing some religious authorities to curb scientific progress. Further, religion encompasses private religious activities such as prayer and the particular religious beliefs, which may provide comfort and buffering against stressful events. At the same time, rulers may exploit the existence of belief in higher powers for political purposes. Empirical research supports these predictions. Consequences of higher religiosity include more emphasis on traditional values such as traditional gender norms and attitudes against homosexuality, lower rates of technical education, restrictions on science and democracy, rising polarization and conflict, and lower average incomes. Positive consequences of religiosity include improved health and depression rates, crime reduction, increased happiness, higher prosociality among believers, and consumption and well-being levels that are less sensitive to shocks.
{"title":"Religiosity and Development","authors":"Jeanet Sinding Bentzen","doi":"10.1093/acrefore/9780190625979.013.688","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.688","url":null,"abstract":"Economics of religion is the application of economic methods to the study of causes and consequences of religion. Ever since Max Weber set forth his theory of the Protestant ethic, social scientists have compared socioeconomic differences across Protestants and Catholics, Muslims, and Christians, and more recently across different intensities of religiosity. Religiosity refers to an individual’s degree of religious attendance and strength of beliefs. Religiosity rises with a growing demand for religion resulting from adversity and insecurity or a surging supply of religion stemming from increasing numbers of religious organizations, for instance. Religiosity has fallen in some Western countries since the mid-20th century, but has strengthened in several other societies around the world. Religion is a multidimensional concept, and religiosity has multiple impacts on socioeconomic outcomes, depending on the dimension observed. Religion covers public religious activities such as church attendance, which involves exposure to religious doctrines and to fellow believers, potentially strengthening social capital and trust among believers. Religious doctrines teach belief in supernatural beings, but also social views on hard work, refraining from deviant activities, and adherence to traditional norms. These norms and social views are sometimes orthogonal to the general tendency of modernization, and religion may contribute to the rising polarization on social issues regarding abortion, LGBT rights, women, and immigration. These norms and social views are again potentially in conflict with science and innovation, incentivizing some religious authorities to curb scientific progress. Further, religion encompasses private religious activities such as prayer and the particular religious beliefs, which may provide comfort and buffering against stressful events. At the same time, rulers may exploit the existence of belief in higher powers for political purposes. Empirical research supports these predictions. Consequences of higher religiosity include more emphasis on traditional values such as traditional gender norms and attitudes against homosexuality, lower rates of technical education, restrictions on science and democracy, rising polarization and conflict, and lower average incomes. Positive consequences of religiosity include improved health and depression rates, crime reduction, increased happiness, higher prosociality among believers, and consumption and well-being levels that are less sensitive to shocks.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133118218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1093/acrefore/9780190625979.013.283
J. Maclean, Justine Mallatt, C. Ruhm, K. Simon
The United States has experienced an unprecedented crisis related to the misuse of and addiction to opioids. As of 2018, 128 Americans die each day of an opioid overdose, and total economic costs associated with opioid misuse are estimated to be more than $500 billion annually. The crisis evolved in three phases, starting in the 1990s and continuing through 2010 with a massive increase in use of prescribed opioids associated with lax prescribing regulations and aggressive marketing efforts by the pharmaceutical industry. A second phase included tightening restrictions on prescribed opioids, reformulation of some commonly misused prescription medications, and a shift to heroin consumption over the period 2010 to 2013. Since 2013, the third phase of the crisis has included a movement toward synthetic opioids, especially fentanyl, and a continued tightening of opioid prescribing regulations, along with the growth of both harm reduction and addiction treatment access policies, including a possible 2021 relaxation of buprenorphine prescribing regulations. Economic research, using innovative frameworks, causal methods, and rich data, has added to our understanding of the causes and consequences of the crisis. This body of research identifies intended and unintended impacts of policies designed to address the crisis. Although there is general agreement that the causes of the crisis include a combination of supply- and demand-side factors, and interactions between them, there is less consensus regarding the relative importance of each. Studies show that regulations can reduce opioid prescribing but may have less impact on root causes of the crisis and, in some cases, have spillover effects resulting in greater use of more harmful substances obtained in illicit markets, where regulation is less possible. There are effective opioid use disorder treatments available, but access, stigma, and cost hurdles have stifled utilization, resulting in a large degree of under-treatment in the United States. How challenges brought about by the COVID-19 pandemic may intersect with the opioid crisis is unclear. Emerging areas for future research include understanding how societal and health care systems disruptions affect opioid use, as well as which regulations and policies most effectively reduce potentially inappropriate prescription opioid use and illicit opioid sources without unintended negative consequences.
{"title":"Economic Studies on the Opioid Crisis: Costs, Causes, and Policy Responses","authors":"J. Maclean, Justine Mallatt, C. Ruhm, K. Simon","doi":"10.1093/acrefore/9780190625979.013.283","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.283","url":null,"abstract":"The United States has experienced an unprecedented crisis related to the misuse of and addiction to opioids. As of 2018, 128 Americans die each day of an opioid overdose, and total economic costs associated with opioid misuse are estimated to be more than $500 billion annually. The crisis evolved in three phases, starting in the 1990s and continuing through 2010 with a massive increase in use of prescribed opioids associated with lax prescribing regulations and aggressive marketing efforts by the pharmaceutical industry. A second phase included tightening restrictions on prescribed opioids, reformulation of some commonly misused prescription medications, and a shift to heroin consumption over the period 2010 to 2013. Since 2013, the third phase of the crisis has included a movement toward synthetic opioids, especially fentanyl, and a continued tightening of opioid prescribing regulations, along with the growth of both harm reduction and addiction treatment access policies, including a possible 2021 relaxation of buprenorphine prescribing regulations.\u0000 Economic research, using innovative frameworks, causal methods, and rich data, has added to our understanding of the causes and consequences of the crisis. This body of research identifies intended and unintended impacts of policies designed to address the crisis. Although there is general agreement that the causes of the crisis include a combination of supply- and demand-side factors, and interactions between them, there is less consensus regarding the relative importance of each. Studies show that regulations can reduce opioid prescribing but may have less impact on root causes of the crisis and, in some cases, have spillover effects resulting in greater use of more harmful substances obtained in illicit markets, where regulation is less possible. There are effective opioid use disorder treatments available, but access, stigma, and cost hurdles have stifled utilization, resulting in a large degree of under-treatment in the United States.\u0000 How challenges brought about by the COVID-19 pandemic may intersect with the opioid crisis is unclear. Emerging areas for future research include understanding how societal and health care systems disruptions affect opioid use, as well as which regulations and policies most effectively reduce potentially inappropriate prescription opioid use and illicit opioid sources without unintended negative consequences.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"39 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114038506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1093/acrefore/9780190625979.013.680
Ola Grytten
Since Norway’s formation as an independent sovereign state in 1814, its small open economy has, like its neighboring countries, experienced significant economic growth. During the last several decades petroleum has made the country one of the wealthiest in the world. The main reason for the long-term growth seems to have been the ability to meet international demand by utilizing rich natural resources, adopting efficient technology, and drawing on the labor force in order to gain high productivity. Historical national accounts reveal that Norway’s wealth was close to the Western European average during the early 19th century. From the 1840s to the mid-1870s, Norwegian growth rates were clearly better than average. This period was followed by relative stagnation until the 1890s, when the country saw rapid industrialization based on hydroelectricity. After the two World Wars Norway adopted a social democratic rule, with a high degree of economic planning, called the Nordic model. This has contributed to a large public sector and evenly distributed wealth and resources. The discovery of oil and gas on the Norwegian continental shelf marked a new era, when Norway experienced higher growth rates than most Western economies. This has made it the country with the highest score in the United Nations Human Development Index (HDI) during the two first decades of the 21st century, despite a slowdown in growth after the financial crisis in 2008.
{"title":"Modern Norwegian Economic History","authors":"Ola Grytten","doi":"10.1093/acrefore/9780190625979.013.680","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.680","url":null,"abstract":"Since Norway’s formation as an independent sovereign state in 1814, its small open economy has, like its neighboring countries, experienced significant economic growth. During the last several decades petroleum has made the country one of the wealthiest in the world. The main reason for the long-term growth seems to have been the ability to meet international demand by utilizing rich natural resources, adopting efficient technology, and drawing on the labor force in order to gain high productivity.\u0000 Historical national accounts reveal that Norway’s wealth was close to the Western European average during the early 19th century. From the 1840s to the mid-1870s, Norwegian growth rates were clearly better than average. This period was followed by relative stagnation until the 1890s, when the country saw rapid industrialization based on hydroelectricity.\u0000 After the two World Wars Norway adopted a social democratic rule, with a high degree of economic planning, called the Nordic model. This has contributed to a large public sector and evenly distributed wealth and resources. The discovery of oil and gas on the Norwegian continental shelf marked a new era, when Norway experienced higher growth rates than most Western economies. This has made it the country with the highest score in the United Nations Human Development Index (HDI) during the two first decades of the 21st century, despite a slowdown in growth after the financial crisis in 2008.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123739184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-28DOI: 10.1093/acrefore/9780190625979.013.656
Shaun Dougherty, Walter G. Ecton
As long as formal education has existed, there has been a clear connection between education and preparation for employment. In much of the world, formal educational systems have come to include vocational education and training (VET) as part of secondary education. In these spaces, individuals can receive continued training in general skills related to reading, writing, and mathematics while also pursuing specific skills in prescribed vocational or technical programs (e.g., skilled trades, culinary arts, information technology, health services). Across all countries and associated educational systems, a tension exists between whether to invest educational dollars in general versus specific skill development. On the one hand, general skills allow for transferability and likely support adaptability across workplace settings and in response to changes in employment conditions. On the other hand, secondary school completion is not universal, even in rich countries, and there are often large penalties or social costs to not completing secondary education. Furthermore, across countries of varying GDP levels, the question about how to best prepare individuals for entry into and success in the workforce is a persistent one. Evidence suggests that the payoff to investments in VET vary considerably, and that context and the characteristics of participants likely inform the expected returns to such investments. For instance, there is strong evidence across contexts that male participants in VET are likely to benefit in the short- to medium-term with respect to employment and earnings, and possibly also engage in less crime. Unresolved, however, is whether these payoffs persist in the longer term. In contrast, for women the estimated returns appear to be more context dependent. Some research shows reduced fertility and greater financial independence of women participating in VET programs in less-developed countries, but evidence is mixed in other settings. All evidence underscores that the payoff to VET is likely tied to the extent to which it adapts to contemporary economic needs, including extending the amount of total formal education that participants might otherwise receive.
{"title":"The Economic Effect of Vocational Education on Student Outcomes","authors":"Shaun Dougherty, Walter G. Ecton","doi":"10.1093/acrefore/9780190625979.013.656","DOIUrl":"https://doi.org/10.1093/acrefore/9780190625979.013.656","url":null,"abstract":"As long as formal education has existed, there has been a clear connection between education and preparation for employment. In much of the world, formal educational systems have come to include vocational education and training (VET) as part of secondary education. In these spaces, individuals can receive continued training in general skills related to reading, writing, and mathematics while also pursuing specific skills in prescribed vocational or technical programs (e.g., skilled trades, culinary arts, information technology, health services). Across all countries and associated educational systems, a tension exists between whether to invest educational dollars in general versus specific skill development. On the one hand, general skills allow for transferability and likely support adaptability across workplace settings and in response to changes in employment conditions. On the other hand, secondary school completion is not universal, even in rich countries, and there are often large penalties or social costs to not completing secondary education. Furthermore, across countries of varying GDP levels, the question about how to best prepare individuals for entry into and success in the workforce is a persistent one. Evidence suggests that the payoff to investments in VET vary considerably, and that context and the characteristics of participants likely inform the expected returns to such investments. For instance, there is strong evidence across contexts that male participants in VET are likely to benefit in the short- to medium-term with respect to employment and earnings, and possibly also engage in less crime. Unresolved, however, is whether these payoffs persist in the longer term. In contrast, for women the estimated returns appear to be more context dependent. Some research shows reduced fertility and greater financial independence of women participating in VET programs in less-developed countries, but evidence is mixed in other settings. All evidence underscores that the payoff to VET is likely tied to the extent to which it adapts to contemporary economic needs, including extending the amount of total formal education that participants might otherwise receive.","PeriodicalId":211658,"journal":{"name":"Oxford Research Encyclopedia of Economics and Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129686098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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