Hicks meets Hotelling: the direction of technical change in capital-resource economies

We analyze a two-sector growth model with directed technical change where man-made capital and exhaustible resources are essential for production. The relative profitability of factor-specific innovations endogenously determines whether technical progress will be capital- or resource-augmenting. We show that any balanced growth equilibrium features purely resource-augmenting technical change. This result is compatible with alternative specifications of preferences and innovation technologies, as it hinges on the interplay between productive efficiency in the final sector, and the Hotelling rule characterizing the efficient depletion path for the exhaustible resource. Our result provides sound micro-foundations for the broad class of models of exogenous/endogenous growth where resource-augmenting progress is required to sustain consumption in the long run, contradicting the view that these models are conceptually biased in favor of sustainability.

Income ineqaulity from 1960-2012: a brief time-series history of capital and labour

This commentary examines two principal forms of inequality and their evolution since the 1960s: the division of national income between capital and labour, and the share of total income held by the top 1 per cent of earners. Trends are linked to current discussions of inequality drivers such as financialisation, and a brief time-series analysis of the effects of trade and financial sector growth on top incomes is presented.

Information disclosure and depositor discipline in the Chinese banking sector

We investigate the relationship between information disclosure and depositor behaviour in the Chinese banking sector. Specifically, we enquire whether enhanced information disclosure enables investors to more effectively infer a banking institution's risk profile, thereby influencing their deposit decisions. Utilising an unbalanced panel, incorporating financial data from 169 Chinese banks over the 1998–2009 period, we employ generalised-method-of-moments (GMM) estimation procedures to control for potential endogeneity, unobserved heterogeneity, and persistence in the dependent variable. We uncover evidence that: (i) the growth rate of deposits is sensitive to bank fundamentals after controlling for macroeconomic factors, diversity in ownership structure, and government intervention; (ii) a bank publicly disclosing more transparent information in its financial reports, is more likely to experience growth in its deposit base; and (iii) banks characterised by high information transparency, well-capitalised and adopted international accounting standards, are more able to attract funds by offering higher interest rates.

Organising for growth:Irish state administration 1958-2008

This paper analyses some key features of Irish public administration as it has developed since the foundation of the state, paying particular attention to the period from the late 1950s onward. During these decades, notwithstanding successive waves of concern expressed over the need for public sector reform, the evidence suggests an underlying lack of coherence in the evolution of the public administrationsystem that resulted in a poor capacity for effective policy coordination. Yet the drive toward economic modernisation also resulted in the creation of new state competence to support industrial development both directly and indirectly. These changes can be tracked organisationally, drawing on the database of the IRCHSS-funded Mapping the Irish State project.

US Credit Unions: Survival, Consolidation and Growth

This study uses hazard function estimations and time-series and cross-sectional growth regressions to examine the impact of exit through merger and acquisition (M&A) or failure, and internally-generated growth, on the firm-size distribution within the US credit union sector. Consolidation through M&A was the principal cause of a reduction in the number of credit unions, but impact on concentration was small. Divergence between the average internally-generated growth of smaller and larger credit unions was the principal driver of the rise in concentration.

The state and industrial policy in Ireland: a case study of the Irish pharmaceutical sector

There is renewed interest in the state's role in the economic sphere but a lack of research on the viability and employment effects of alternative economic models, in particular from a ‘liberal market economy’ perspective. This article addresses this gap in the human resource management literature by undertaking a detailed case study of industrial policy in the Irish pharmaceutical sector. The proactive and resource-intensive industrial policy adopted by the Irish government and development agencies is found to have underpinned a significant strategic upgrading in this sector of the Irish economy. In turn this has facilitated the growth of high-wage, high-skill jobs. The findings highlight the potential for an active industrial policy to promote employment upgrading in liberal market economies.

The British are not coming! UK higher education and the nonprofit sector

The rationale for the growth of nonprofit management education in the United States has recently been charted by O'Neill (2005). Ten years previously, the United States and the United Kingdom were at similar levels of development. By 2006 the parallel lines had been broken. Why has nonprofit management education expanded in the United States while provision of graduate education for the voluntary sector in the United Kingdom has stood still? This article explores the factors that have prevented parallel growth in education provision. It argues that the university as an institution, both in terms of its nature and its power structures, is one of those factors. It presents the story of the closing of the world's first voluntary sector course at the London School of Economics and concludes with reflection on the likely future of voluntary sector management education provision in the United Kingdom.

Economic impacts of seafood production growth targets in Ireland

This paper examines the potential economic impact of the Irish government strategy for the development of the seafood sector in Ireland, Food Harvest 2020 (FH2020). The seafood industry accounts for a large proportion of income and employment in peripheral coastal areas. Many of these regions are predominantly rural and they are largely dependent on the primary fisheries sector. Moreover, the services and retail businesses in these areas are heavily dependent on direct spending from the fisheries, aquaculture and seafood processing sectors. A social accounting matrix (SAM) approach with (1) set to zero purchase coefficients for all directly impacted industries and (2) changes in output converted to final demand shocks is used to calculate the economic and employment impact on the rest of the economy from an increase in the output in the fisheries, aquaculture and seafood processing sectors in Ireland. The results suggest fisheries sectors have strong links with the rest of the economy hence an important economic impact from a policy perspective.

British economic growth 1270-1870

This is a definitive new account of Britain's economic evolution from a backwater of Europe in 1270 to the hub of the global economy in 1870. For the first time Britain's national accounts are reconstructed right back into the thirteenth century to show what really happened quantitatively during the centuries leading up to the Industrial Revolution. Contrary to traditional views of the earlier period as one of Malthusian stagnation, they reveal how the transition to modern economic growth built on the earlier foundations of a persistent upward trend in GDP per capita which doubled between 1270 and 1700. Featuring comprehensive estimates of population, land use, agricultural production, industrial and service-sector production and GDP per capita, as well as analysis of their implications, this is an essential reference work for those interest in British economic history and the origins of modern economic growth more generally.