Pub Date : 2010-07-01DOI: 10.22459/AG.17.01.2010.04
J. Creedy
'A Tax System for New Zealand's Future', the Report of the Tax Working Group, is reviewed. The Report is judged a model of rational policy analysis, explaining the need for reform, the basic principles used to consider alternative policies, and the advantages and disadvantages of a range of reform proposals. A number of aspects concerning the evaluation of tax structures are considered, and some arguments which not stated explicitly in the Report are clarified.
{"title":"Reflections on 'A Tax System for New Zealand's Future'","authors":"J. Creedy","doi":"10.22459/AG.17.01.2010.04","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.04","url":null,"abstract":"'A Tax System for New Zealand's Future', the Report of the Tax Working Group, is reviewed. The Report is judged a model of rational policy analysis, explaining the need for reform, the basic principles used to consider alternative policies, and the advantages and disadvantages of a range of reform proposals. A number of aspects concerning the evaluation of tax structures are considered, and some arguments which not stated explicitly in the Report are clarified.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"84 1","pages":"63-76"},"PeriodicalIF":0.1,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83462796","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 : 2010-07-01DOI: 10.22459/AG.17.01.2010.10
J. Quiggin
Some of the different views and opinions regarding Paul Krugman's 'How did economists get it so wrong?' are discussed. The changes that need to be incorporated into the dynamic stochastic general equilibrium (DSGE) models to ensure better predictive capacity are highlighted.
{"title":"Beauty ≠ Truth?: Thoughts on Krugman's 'How Did Economists Get It So Wrong?'","authors":"J. Quiggin","doi":"10.22459/AG.17.01.2010.10","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.10","url":null,"abstract":"Some of the different views and opinions regarding Paul Krugman's 'How did economists get it so wrong?' are discussed. The changes that need to be incorporated into the dynamic stochastic general equilibrium (DSGE) models to ensure better predictive capacity are highlighted.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"360 1","pages":"113-120"},"PeriodicalIF":0.1,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76333003","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 : 2010-07-01DOI: 10.22459/AG.17.01.2010.07
Ian M. McDonald
John Cochrane appears to concede that Paul Krugman's critique does have some important pillars to be paid attention to. Krugman views Keynesian economics as the best framework for macroeconomics that advocates that it is inadequate aggregate demand that drives recessions, not confusion about relative prices, nor lapses in technical progress, nor voluntary shifts to leisure during times of low real wages.
{"title":"Beyond Krugman to Behavioural Keynes","authors":"Ian M. McDonald","doi":"10.22459/AG.17.01.2010.07","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.07","url":null,"abstract":"John Cochrane appears to concede that Paul Krugman's critique does have some important pillars to be paid attention to. Krugman views Keynesian economics as the best framework for macroeconomics that advocates that it is inadequate aggregate demand that drives recessions, not confusion about relative prices, nor lapses in technical progress, nor voluntary shifts to leisure during times of low real wages.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":" 6","pages":"89-94"},"PeriodicalIF":0.1,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72381598","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 : 2010-07-01DOI: 10.22459/AG.17.01.2010.09
D. Vines
The review and analysis of Paul Krugman's question 'How did economists get it so wrong?' is discussed and it is seen that Krugman's answer is actually too optimistic, and that things are worse than he suggests. Krugman's suggestion that the Keynesian framework is the best option also appears to be debatable as something appears to be lacking in Keynesian economics.
{"title":"What Keynes Missed and Krugman Is Missing: The Short/Long Choice","authors":"D. Vines","doi":"10.22459/AG.17.01.2010.09","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.09","url":null,"abstract":"The review and analysis of Paul Krugman's question 'How did economists get it so wrong?' is discussed and it is seen that Krugman's answer is actually too optimistic, and that things are worse than he suggests. Krugman's suggestion that the Keynesian framework is the best option also appears to be debatable as something appears to be lacking in Keynesian economics.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"9 1","pages":"101-112"},"PeriodicalIF":0.1,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75873039","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 : 2010-07-01DOI: 10.22459/AG.17.01.2010.01
D. Biggar
Regulators routinely and systematically depart from policy prescriptions that are soundly based in conventional economic theory. In doing so, they often appeal to notions of fairness, justice, or reasonableness. Economists have historically struggled with these notions, which seem to be separate from, or in conflict with, conventional economic efficiency. This paper identifies five stylised facts about public attitudes to fairness in utility pricing, and argues that these stylised facts can be explained as an implicit attempt to protect the sunk investments of consumers in a natural monopoly's services. Thus the paper suggests that the notion of fairness is not in conflict with the conventional notion of economic efficiency, but can be seen as consistent with the desire to promote sunk investment by the monopolist and its customers.
{"title":"Fairness in Public-utility Regulation: A Theory","authors":"D. Biggar","doi":"10.22459/AG.17.01.2010.01","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.01","url":null,"abstract":"Regulators routinely and systematically depart from policy prescriptions that are soundly based in conventional economic theory. In doing so, they often appeal to notions of fairness, justice, or reasonableness. Economists have historically struggled with these notions, which seem to be separate from, or in conflict with, conventional economic efficiency. This paper identifies five stylised facts about public attitudes to fairness in utility pricing, and argues that these stylised facts can be explained as an implicit attempt to protect the sunk investments of consumers in a natural monopoly's services. Thus the paper suggests that the notion of fairness is not in conflict with the conventional notion of economic efficiency, but can be seen as consistent with the desire to promote sunk investment by the monopolist and its customers.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"117 1","pages":"5-32"},"PeriodicalIF":0.1,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79502447","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 : 2010-01-01DOI: 10.22459/AG.17.01.2010.08
Keith Rankin
The views of Paul Krugman on modern macro in terms of the global financial crisis representing a collective failure of an economics profession which had become complacent, believing that financial markets could not, in themselves, cause non-trivial recessions is discussed. Krugman is right to question the capability of economics developed under the auspices of the dominant neoclassical paradigm to predict business cycle events; however, a more constructive critique is required.
{"title":"Krugman on the Malaise of Modern Macro: Critique without Alternative","authors":"Keith Rankin","doi":"10.22459/AG.17.01.2010.08","DOIUrl":"https://doi.org/10.22459/AG.17.01.2010.08","url":null,"abstract":"The views of Paul Krugman on modern macro in terms of the global financial crisis representing a collective failure of an economics profession which had become complacent, believing that financial markets could not, in themselves, cause non-trivial recessions is discussed. Krugman is right to question the capability of economics developed under the auspices of the dominant neoclassical paradigm to predict business cycle events; however, a more constructive critique is required.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"15 1","pages":"95-100"},"PeriodicalIF":0.1,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90919879","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 : 2009-12-22DOI: 10.22459/AG.16.04.2009.03
H. Ergas
Part IIIA of the Australian Trade Practices Act defines circumstances in which a facility owner may be required to provide a third party with use of its facility. This paper examines what Part IIIA might be doing from an economic perspective and criticises ‘monopoly leveraging’ arguments for third-party access. It argues that the transactions costs of access are potentially significant, and can exceed any efficiency gains third-party access permits. These contentions are corroborated by reference to the long-running dispute between the Fortescue Metals Group and BHP Billiton Iron Ore over access to rail track in the Pilbara region of Western Australia.
《澳大利亚贸易惯例法》第IIIA部分规定了设施所有者可能被要求向第三方提供其设施使用权的情况。本文从经济角度考察了IIIA部分可能做的事情，并批评了第三方准入的“垄断杠杆”论点。它认为，访问的交易成本可能很大，并且可能超过第三方访问许可的任何效率收益。Fortescue Metals Group与必和必拓铁矿石(BHP Billiton Iron Ore)围绕西澳大利亚皮尔巴拉(Pilbara)地区铁路使用权的长期纠纷，证实了上述说法。
{"title":"An Excess of Access: An Examination of Part IIIA of the Australian Trade Practices Act","authors":"H. Ergas","doi":"10.22459/AG.16.04.2009.03","DOIUrl":"https://doi.org/10.22459/AG.16.04.2009.03","url":null,"abstract":"Part IIIA of the Australian Trade Practices Act defines circumstances in which a facility owner may be required to provide a third party with use of its facility. This paper examines what Part IIIA might be doing from an economic perspective and criticises ‘monopoly leveraging’ arguments for third-party access. It argues that the transactions costs of access are potentially significant, and can exceed any efficiency gains third-party access permits. These contentions are corroborated by reference to the long-running dispute between the Fortescue Metals Group and BHP Billiton Iron Ore over access to rail track in the Pilbara region of Western Australia.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"22 1","pages":"37-66"},"PeriodicalIF":0.1,"publicationDate":"2009-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81800439","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 : 2009-12-01DOI: 10.22459/AG.16.04.2009.01
David L. Anderson, John D. Tressler
The paper assesses the draft weighting system used by the Excellence in Research for Australia (ERA) scheme for measuring the output of refereed economics journal articles. It does so by using data from New Zealand's economics departments to demonstrate how the rankings of departmental and individual researchers are affected by the use of ERA weights rather than alternative weights employed in the economics literature. It concludes that the draft version of the ERA scheme, as released in August 2008, rewards research quantity over research quality, as traditionally defined.
{"title":"The 'Excellence in Research for Australia' Scheme: A Test Drive of Draft Journal Weights with New Zealand Data","authors":"David L. Anderson, John D. Tressler","doi":"10.22459/AG.16.04.2009.01","DOIUrl":"https://doi.org/10.22459/AG.16.04.2009.01","url":null,"abstract":"The paper assesses the draft weighting system used by the Excellence in Research for Australia (ERA) scheme for measuring the output of refereed economics journal articles. It does so by using data from New Zealand's economics departments to demonstrate how the rankings of departmental and individual researchers are affected by the use of ERA weights rather than alternative weights employed in the economics literature. It concludes that the draft version of the ERA scheme, as released in August 2008, rewards research quantity over research quality, as traditionally defined.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"53 1","pages":"7-24"},"PeriodicalIF":0.1,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85308328","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 : 2009-12-01DOI: 10.22459/AG.16.04.2009.02
A. Makin
This paper proposes an extended loanable-funds framework for examining the effects of fiscal stimulus on the budget balance, international borrowing, real interest rates, private saving, private investment and national income. It challenges the prevailing view that fiscal policy can be used effectively as an income 'stimulus' instrument, and proposes that discretionary fiscal measures that increase the budget deficit entail macroeconomic costs for significant external borrower economies, such as Australia, New Zealand and the United States.
{"title":"Fiscal 'Stimulus': A Loanable Funds Critique","authors":"A. Makin","doi":"10.22459/AG.16.04.2009.02","DOIUrl":"https://doi.org/10.22459/AG.16.04.2009.02","url":null,"abstract":"This paper proposes an extended loanable-funds framework for examining the effects of fiscal stimulus on the budget balance, international borrowing, real interest rates, private saving, private investment and national income. It challenges the prevailing view that fiscal policy can be used effectively as an income 'stimulus' instrument, and proposes that discretionary fiscal measures that increase the budget deficit entail macroeconomic costs for significant external borrower economies, such as Australia, New Zealand and the United States.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"40 1","pages":"25-34"},"PeriodicalIF":0.1,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77447909","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 : 2009-12-01DOI: 10.22459/AG.16.04.2009.05
P. Groenewegen
A brief review of the book 'Political Economy Now', about which it is opined that this study of the Political Economy dispute book cannot stand on its own, is presented. It is mentioned that the book presents an uneven account of the subject matter, and needs a more critical approach to the evidence.
{"title":"The book cannot stand on its own as an accurate portrait","authors":"P. Groenewegen","doi":"10.22459/AG.16.04.2009.05","DOIUrl":"https://doi.org/10.22459/AG.16.04.2009.05","url":null,"abstract":"A brief review of the book 'Political Economy Now', about which it is opined that this study of the Political Economy dispute book cannot stand on its own, is presented. It is mentioned that the book presents an uneven account of the subject matter, and needs a more critical approach to the evidence.","PeriodicalId":41700,"journal":{"name":"Agenda-A Journal of Policy Analysis and Reform","volume":"16 1","pages":"83-88"},"PeriodicalIF":0.1,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81401238","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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