High-frequency trading, as distinct from other forms of algorithmic trading, is of little or no social value. Implementation of resting rules would retain the benefits of algorithmic trading while eliminating the potential harm of high-frequency trading.
{"title":"Curbing the Dangers of High-Frequency Trading","authors":"M. Clements","doi":"10.1515/1553-3832.1885","DOIUrl":"https://doi.org/10.1515/1553-3832.1885","url":null,"abstract":"High-frequency trading, as distinct from other forms of algorithmic trading, is of little or no social value. Implementation of resting rules would retain the benefits of algorithmic trading while eliminating the potential harm of high-frequency trading.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1885","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66786192","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}
Acemoglu and Robinson, drawing on their recent book, describe how political movements have kept U.S. political institutions inclusive despite threats of political capture.
{"title":"Is This Time Different? Capture and Anti-Capture of US Politics","authors":"D. Acemoglu, James A. Robinson","doi":"10.1515/1553-3832.1902","DOIUrl":"https://doi.org/10.1515/1553-3832.1902","url":null,"abstract":"Acemoglu and Robinson, drawing on their recent book, describe how political movements have kept U.S. political institutions inclusive despite threats of political capture.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1902","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787413","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}
Global cap and trade equalizes the price of emissions and leads to efficient abatement across countries, but sets the abatement level inefficiently low. It is set too low, because the global cap is the sum of individual country targets set on the basis of self-interest. The efficiency of a single price does not overcome the inefficiency of the public-goods problem inherent in global cap and trade. Fortunately, other policies lead to more cooperative and, hence, more efficient outcomes. Replacing the national quantity targets of global cap and trade with a global price target improves outcomes. To improve outcomes further, the price target is combined with a Green Fund. As we demonstrate by example, the Green Fund can induce cooperation between rich countries that want a high global price and poor countries that are more concerned with Green-Fund payments.
{"title":"How to Fix the Inefficiency of Global Cap and Trade","authors":"P. Cramton, S. Stoft","doi":"10.1515/1553-3832.1787","DOIUrl":"https://doi.org/10.1515/1553-3832.1787","url":null,"abstract":"Global cap and trade equalizes the price of emissions and leads to efficient abatement across countries, but sets the abatement level inefficiently low. It is set too low, because the global cap is the sum of individual country targets set on the basis of self-interest. The efficiency of a single price does not overcome the inefficiency of the public-goods problem inherent in global cap and trade. Fortunately, other policies lead to more cooperative and, hence, more efficient outcomes. Replacing the national quantity targets of global cap and trade with a global price target improves outcomes. To improve outcomes further, the price target is combined with a Green Fund. As we demonstrate by example, the Green Fund can induce cooperation between rich countries that want a high global price and poor countries that are more concerned with Green-Fund payments.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1787","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66785991","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}
Abstract Rooted in 20th century legislation, telecommunications policy has historically been conducted in separate wired and wireless silos. The explosion of wireless voice, data and video communications, however, has largely overtaken wired communications, yet these silos persist. This article evaluates the economic foundation for unifying telecommunications policy.
{"title":"It's Time to Unify Telecommunications Policy","authors":"Jeffrey T. Macher, J. Mayo","doi":"10.1515/1553-3832.1932","DOIUrl":"https://doi.org/10.1515/1553-3832.1932","url":null,"abstract":"Abstract Rooted in 20th century legislation, telecommunications policy has historically been conducted in separate wired and wireless silos. The explosion of wireless voice, data and video communications, however, has largely overtaken wired communications, yet these silos persist. This article evaluates the economic foundation for unifying telecommunications policy.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1932","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787987","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}
Job losers in the Great Recession have had substantially more difficulty finding employment than in earlier recessions, according to Henry Farber of Princeton. Roughly fifty percent of those who lost jobs between 2007 and 2009 remained without work in 2010 and and even those full-time job losers who did find jobs are more likely to be part time than in past recessions.
{"title":"The Cost of Job Loss in the Great Recession: How Bad Has it Been?","authors":"H. Farber","doi":"10.1515/1553-3832.1886","DOIUrl":"https://doi.org/10.1515/1553-3832.1886","url":null,"abstract":"Job losers in the Great Recession have had substantially more difficulty finding employment than in earlier recessions, according to Henry Farber of Princeton. Roughly fifty percent of those who lost jobs between 2007 and 2009 remained without work in 2010 and and even those full-time job losers who did find jobs are more likely to be part time than in past recessions.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1886","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66786774","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}
Alcohol prohibition is now distant memory, although it’s direct descendant—the War on Drugs, first declared by Richard Nixon in the early 1970s—appears to have inherited many of the ugly features of its predecessor. Economists, policymakers, and others (filmmakers, journalists, etc.) have taken note of the obvious parallels and called for reform. Yet there exists another clear historical parallel that seems to have been overlooked in the public imagination: Our political system remains fixated on what amounts to a de facto prohibition on economically realistic levels of immigration.
{"title":"The Bottle and The Border: What Can America's Failed Experiment With Alcohol Prohibition in The 1920s Teach us About The Likely Effects of Anti-Immigration Legislation Today?","authors":"Kevin W. Caves","doi":"10.1515/1553-3832.1911","DOIUrl":"https://doi.org/10.1515/1553-3832.1911","url":null,"abstract":"Alcohol prohibition is now distant memory, although it’s direct descendant—the War on Drugs, first declared by Richard Nixon in the early 1970s—appears to have inherited many of the ugly features of its predecessor. Economists, policymakers, and others (filmmakers, journalists, etc.) have taken note of the obvious parallels and called for reform. Yet there exists another clear historical parallel that seems to have been overlooked in the public imagination: Our political system remains fixated on what amounts to a de facto prohibition on economically realistic levels of immigration.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1911","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787378","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}
Critics of affirmative action policies contend that the elimination of racial preferences in college admissions would lead to a “more-able” student body. In a system in which other non-meritocratic elements other than race play an important role there is no reason to think that the slot filled by the race-preferred candidate will be filled by another candidate of higher “quality.”
{"title":"Eiminating Racial Preferences in College Admissions","authors":"Dennis L. Weisman, G. Robinson","doi":"10.1515/1553-3832.1908","DOIUrl":"https://doi.org/10.1515/1553-3832.1908","url":null,"abstract":"Critics of affirmative action policies contend that the elimination of racial preferences in college admissions would lead to a “more-able” student body. In a system in which other non-meritocratic elements other than race play an important role there is no reason to think that the slot filled by the race-preferred candidate will be filled by another candidate of higher “quality.”","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787742","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}
Maliha Safri examines the internal organization of sustained political protests such as OWS, and finds a substantial amoung of economic activity.
马里哈·萨夫里研究了持续的政治抗议活动的内部组织，如占领华尔街，并发现了大量的经济活动。
{"title":"The Economics of Occupation","authors":"Maliha Safri","doi":"10.1515/1553-3832.1900","DOIUrl":"https://doi.org/10.1515/1553-3832.1900","url":null,"abstract":"Maliha Safri examines the internal organization of sustained political protests such as OWS, and finds a substantial amoung of economic activity.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1900","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787560","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}
This issue of the The Economists’ Voice is showcasing views around the issues Occupy Wall Street has raised.
本期《经济学家之声》将围绕“占领华尔街”运动提出的问题发表观点。
{"title":"Introduction: Economics and Occupy Wall Street","authors":"S. Naidu","doi":"10.1515/1553-3832.1904","DOIUrl":"https://doi.org/10.1515/1553-3832.1904","url":null,"abstract":"This issue of the The Economists’ Voice is showcasing views around the issues Occupy Wall Street has raised.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1904","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66787583","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}
Tim Kane says that the patient suffers from economic symptoms but that the biological origins of the economic health problems are genetically based in the DNA of the U.S. Constitution. He suggests that fiscal policy be treated like monetary policy with a Super Committee like the Federal Reserve which is removed from short term electoral influences.
{"title":"Debt and Democracy","authors":"Tim J. Kane","doi":"10.1515/1553-3832.1895","DOIUrl":"https://doi.org/10.1515/1553-3832.1895","url":null,"abstract":"Tim Kane says that the patient suffers from economic symptoms but that the biological origins of the economic health problems are genetically based in the DNA of the U.S. Constitution. He suggests that fiscal policy be treated like monetary policy with a Super Committee like the Federal Reserve which is removed from short term electoral influences.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2012-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/1553-3832.1895","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66786442","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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