Journal of Economic Issues articles from December 2001

Journal of Economic Issues archives from December 2001

Integrating Schumpeter and Keynes: Hyman Minsky's Theory of Capitalist Development.
December 1, 2001... ********** In a number of books and articles, Hyman P. Minsky influenced many of today's institutional and Post Keynesian economists. In fact, Minsky often chose the pages of this journal as the place to present and extend his Wall Street...

Dimensions of the Worldwide Merger Boom.
December 1, 2001... ********** The capstone of the worldwide merger activities of the 1990s occurred within the first five weeks of 2000 with the announced $165 billion planned purchase of Time-Warner by America Online and the $183 billion takeover of...

Paternalistic Human Resource Practices: Their Emergence and Characteristics.
December 1, 2001... ********** Paternalistic human resource practices (hereafter referred to as "paternalistic HR practices") originated from patriarchism. By definition, patriarchism is a form of social organization in which the father is the supreme...

Kickin'em While They're Down: Consumer Bankruptcy Reform.
December 1, 2001... ********** Consumer bankruptcy in the United States has taken on increased importance in the last few years for two reasons. First, until 1998, there had been a five-year trend of increasing consumer bankruptcies. (1) Second, proposals for...

Culture, Cognitive Models, and the Performance of Institutions in Transformation Countries.
December 1, 2001... ********** The Heterogeneity of Progress and Performance Assuming that Central and Eastern Europe lacked the political, legal, economic, and social institutions of a market economy, it has generally been argued that only far-reaching...

Bounded Rationality, Institutions, and Uncertainty.(Herbert Simon,)
December 1, 2001... ********** The notion of bounded rationality, originally developed by Herbert Simon, has occupied an important place in many discussions about an alternative to neoclassical economics. Some of these discussions take place within the...

To the Rescue or to the Abyss: Notes on the Marx in Keynes.(John Maynard Keynes' General Theory of Employment, Interest, and Money)
December 1, 2001... ********** The General Theory of Employment, Interest, and Money of 1936 is missing a line of argument that is prominent in an earlier draft. In the 1933 draft, John Maynard Keynes used a taxonomic framework to differentiate the classical...

Scientific Management, Institutionalism, and Business Stabilization: 1903-1923.
December 1, 2001... ********** The greatest economic event of the nineteenth century occurred when Frederick W. Taylor first held a stop watch on the movements of a group of shovellers in the plant of the Midvale Steel Company. Rexford Tugwell (1) ...

The Influence of Veblen's Theory of the Leisure Class on Rural Sociologist Fred Roy Yoder.(third of three)(rural social scientists)
December 1, 2001... ********** This is the third in my trilogy of Journal of Economic Issues articles about selected rural social scientists that studied under and were influenced by the institutional economics of Thorstein B. Veblen. Each scientist was...

All Work and No Play? A Comment on Prasch's "Reassessing the Labor Supply Curve". (Notes and Communications).
December 1, 2001... ********** In a recent paper in this journal, Robert E. Prasch (2000) offered a timely commentary on the problematical status of the standard labor supply curve. His key argument was that the marginal utility of leisure time is negative at...

Work, Leisure, and the Labor Supply Curve: A Reply to David Spencer. (Notes and Communications).
December 1, 2001... ********** Introduction: The Context of My Earlier Paper Dr. David Spencer's comment on my recent article in this journal is a welcome reflection on the issues that I tried to raise (Prasch 2000a). In general, I believe that our...

Does Culture/Technology Still Matter to Institutionalists?(Culture Matters: How Values Shape Human Progress)
December 1, 2001... ********** An extended review of Culture Matters: How Values Shape Human Progress, edited by Lawrence E. Harrison and Samuel P. Huntington. New York: Basic Books, 2000. Pp. xxxiv, 348. $35.00. Few would argue against the proposition...

Perspectives on the Guaranteed Income, Part II.(Bibliography)
December 1, 2001... ********** A review of nine books on the guaranteed income: Freedom and Security: An Introduction to the Basic Income Debate. By Tony Fitzpatrick. St. Martin's Press, Inc., 1999. Basic Income: Economic Security for All Canadians....

Marx, Veblen, and Contemporary Institutional Political Economy: Principles and Unstable Dynamics of Capitalism. (Book Reviews).
December 1, 2001... MARX, VEBLEN, AND CONTEMPORARY INSTITUTIONAL POLITICAL ECONOMY: PRINCIPLES AND UNSTABLE DYNAMICS OF CAPITALISM. By Phillip Anthony O' Hara. Cheltenham, U.K. and Northampton, Mass.: Edward Elgar, 2000. Pp. 353, bibliography, index. $100.00. ...

Creative Industries: Contracts Between Art and Commerce. (Book Reviews).
December 1, 2001... CREATIVE INDUSTRIES: CONTRACTS BETWEEN ART AND COMMERCE. By Richard E. Caves. Cambridge, Mass., and London: Harvard University Press, 2000. Pp. 454. $47.50. Richard Caves recognizes that orthodox economics has tortured the Latin phrase de...

Technology and In/Equality: Questioning the Information Society. (Book Reviews).
December 1, 2001... TECHNOLOGY AND IN/EQUALITY: QUESTIONING THE INFORMATION SOCIETY. Edited by Sally Wyatt, Flis Henwood, Nod Miller, and Peter Senker. London and New York: Routledge, 2000. Pp. 242. $25.99 paper. This book addresses a vital problem: the extent...

Industrial Policies After 2000. (Book Reviews).
December 1, 2001... INDUSTRIAL POLICIES AFTER 2000 (Recent Economic Thought Volume 72). Edited by Wolfram Elsner and John Groenewegen. London: Kluwer Academic Publishers, 2000. $169.95. Industrial Policies after 2000 makes a relevant and timely contribution...

Privatization, Restructuring, and Regulation of Network Utilities. (Book Reviews).
December 1, 2001... PRIVATIZATION, RESTRUCTURING, AND REGULATION OF NETWORK UTILITIES. By David M. Newbery. Cambridge: The MIT Press, 2000. Pp.452 + index. $47.95 cloth. The central theme here explored by David Newbery is that of appropriate boundaries and...

Waltzing with the Ghost of Tom Joad: Poverty, Myth, and Low-Wage Labor in Oklahoma. (Book Reviews).
December 1, 2001... WALTZING WITH THE GHOST OF TOM JOAD: POVERTY, MYTH, AND LOW-WAGE LABOR IN OKLAHOMA. By Robert Lee Maril with a foreword by Robert McCormick. Norman, Okla.: University of Oklahoma Press, 2000. Pp. xviii, 190. $29.95. We Can Still Read and...

The Human Firm: A Socio-Economic Analysis of its Behavior and Potential in a New Economic Age. (Book Reviews).(Brief Article)
December 1, 2001... THE HUMAN FIRM: A SOCIO-ECONOMIC ANALYSIS OF ITS BEHAVIOR AND POTENTIAL IN A NEW ECONOMIC AGE. By John F. Tomer. New York: Routledge, 1999. Pp. 228. $95.00. We humans are complex. We buy insurance and gamble. We get fat by spending more...

Entitlement: The Paradoxes of Property. (Book Reviews).
December 1, 2001... ENTITLEMENT: THE PARADOXES OF PROPERTY. By Joseph William Singer. New Haven and London. Yale University Press, 2000. Pp.241, index. $30.00. Joseph Singer teaches property law at Harvard University. In Entitlement, he develops a powerful...

Rising Wage Inequality: The 1980's Experience in Urban Labor Markets. (Book Reviews).
December 1, 2001... RISING WAGE INEQUALITY: THE 1980'S EXPERIENCE IN URBAN LABOR MARKETS. By Thomas Hyclak Kalamazoo, Mich.: W. E. Upjohn Institute for Employment Research, 2000. Pp. 159. $33.00 cloth/$14 paper. A striking feature of contemporary global...

The Political Economy of Inequality. (Book Reviews).
December 1, 2001... THE POLITICAL ECONOMY OF INEQUALITY. Edited by Frank Ackerman, Neva Goodwin, Laurie Dougherty, and Kevin Gallagher. Washington, D.C.: Island Press, 2000, 248 pp. $60 cloth/$35.00 paper. This book is the fifth in the Island Press series...

Stock Market Capitalism; Welfare Capitalism: Japan and Germany Versus the Anglo-Saxons. (Book Reviews).
December 1, 2001... STOCK MARKET CAPITALISM: WELFARE CAPITALISM: JAPAN AND GERMANY VERSUS THE ANGLO-SAXONS. By Ronald Dore. Oxford University Press, 2000. $60.00 cloth/$ 19.95 paper. Ronald Dore is a well-known expert in the field of the Japanese economic...