Economic constraints on public policy

Economics is commonly described as "the science of allocating scarce resources." By contrast, a popular description of politics is "the art of the possible." Both of these descriptions refer to the same central feature of human existence: our wants generally exceed our capacity to satisfy them. However, economic and political approaches to the problem of scarcity are quite different. [Extract from Introduction]

Cannibal rights: Intertextuality and postcolonial discourse in the Caribbean region

"The history of the Caribbean," says Roberto Gonzalez Echevarria in his book on Alejo Carpentier, "is one of beginnings or foundations" (252). The Caribbean, in thi'i sense, sets the scene for Latin American history. Caribbean writers' attempts to retrieve or, better, refashion their cultural origins prefigure the collective struggle of a New World continent to imagine itself into the future. Imagination clashes here with memory; for like many of their Latin American counterparts, Anglo-Caribbean writers are often torn between an almost involuntary desire to remember and an urgent need to reinvent. [Extract]

An Economic Analysis of the Legal Concept of Trustees' Power of Investment

Authorised trustee status is a legal concept which has economic implications; one of the major implications is that it assists in the direction of investment funds into particular securities and areas of the economy. The concept of authorised trustee status, while attempting to achieve specific outcomes for the beneficiaries of trusts cannot be relied upon to secure these results. Economic analysis of the role of the trustee maintains that this role is one of portfolio manager; a role which is complex but which is explicable in terms of definable procedures and practices. The role of trustee as portfolio manager is one which requires greater financial knowledge than can be assumed is possessed by all trustees. The trustee as portfolio manager is required to maintain a review of decisions make under powers to invest trust assets. A solution to the problem of authorised trustee status is proposed. The solution takes two parts: the first is the adoption of the prudent person approach but with the codification of duties of the trustee and the explicit listing of the factors that a trustee should consider in using the investment powers. The second part of the proposed solution is to link the investment powers of trustees to the best practice features of securities advisers who are now licensed by a regulatory body, the Australian Securities and Investment Commission.