Financial development and income inequality: evidence from African countries

This paper present empirical evidence on how financial development is related to income distribution in a panel data set covering 22 African countries for the period between 1990 to 2004. A dynamic panel estimation technique (GMM) is employ and the findings indicate that income inequality decrease as economies develop their financial sector, which is consistent with the bulk of theoretical and empirical research. The result also confirm that educational attainment play a significant role in making income distribution more equal. We also find no evidence supporting the Greenwood-Jovanovic hypothesis of an inverted-U- shaped relationship between financial sector development and inequality.

Genetic programming for the minimum time swing up and balance control acrobot problem

This work describes how genetic programming is applied to evolving controllers for the minimum time swing up and inverted balance tasks of the continuous state and action: limited torque acrobot. The best swing-up controller is able to swing the acrobot up to a position very close to the inverted ‘handstand’ position in a very short time, shorter than that of Coulom (2004), who applied the same constraints on the applied torque values, and to take only slightly longer than the approach by Lai et al. (2009) where far larger torque values were allowed. The best balance controller is able to balance the acrobot in the inverted position when starting from the balance position for the length of time used in the fitness function in all runs; furthermore, 47 out of 50 of the runs evolve controllers able to maintain the balance position for an extended period, an improvement on the balance controllers generated by Dracopoulos and Nichols (2012), which this paper is extended from. The most successful balance controller is also able to balance the acrobot when starting from a small offset from the balance position for this extended period.

Utopia and its Discontents: Dreams of Catastrophe and the End of 'the End of History'

The institutionalization of Utopia Studies in the last decade is premised upon a specifically aesthetic reception of Ernst Bloch’s theory of the “utopian impulse” during the 1980s and 1990s. A postmodern uneasiness to both left and right formulations of the "End of History" during this period imposes a resistance to concepts of historical and political closure or totality, resulting in a "Utopianism without Utopia". For all the attractiveness of this pan-utopianism, its failure to consider the relation between historical representation and fulfillment renders it consummate with liberalism as a merely inverted conservatism. In contrast to this specific recuperation of a Bloch, the continuing importance of Walter Benjamin’s theory of the dialectical image and the speculative concept of historical experience which underlies it becomes apparent. The intrusion of the historical Absolute is coded throughout Benjamin’s thought as the eruptive and mortuary figure of catastrophe, which stands as the dialectical counterpart to the utopian wish images of the collective dream. Indeed, the motto under which the Arcades Project was to be constructed derives from Adorno: “Each epoch dreams of itself as annihilated by catastrophe”.