Recently added articles from Eastern Economic Journal:

THE LEVY INSTITUTE MEASURE OF ECONOMIC WELL-BEING UNITED STATES, 1989-2001

Oct 01, 2007; Wolff, Edward N; Zacharias, Ajit ... INTRODUCTION Economic well-being refers to the household's command over, and access to, the goods and services produced in a modern market economy during a given period of time. The magnitude of the command or access that can be exercised by the household is approximated by an income ...

ARE BANKS RISK-AVERSE?

Oct 01, 2007; Nishiyama, Yasuo ... (ProQuest: ... denotes formulae omitted.) INTRODUCTION Banks typically operate by extending long-term assets (loans) that are funded primarily by short-term liabilities (deposits), thereby exposing themselves to interest-rate risk. In a period of rising market interest rates, for ...

HYPOTHETICAL AND REAL INCENTIVES IN THE ULTIMATUM GAME AND ANDREONI'S PUBLIC GOODS GAME: AN EXPERIMENTAL STUDY

Oct 01, 2007; Gillis, Mark T; Hettler, Paul L ... INTRODUCTION The reliance on hypothetical choices raises obvious questions regarding the validity of the method and the generalizability of the results. By default, the method of hypothetical choices emerges as the simplest procedure by which a large number of theoretical questions can ...

PASS-THROUGH OF EXCHANGE RATES AND IMPORT PRICES TO DOMESTIC INFLATION IN SOME INDUSTRIALIZED ECONOMIES

Oct 01, 2007; McCarthy, Jonathan ... INTRODUCTION In most industrialized economies, inflation rates in the 1990s and 2000s were low compared to those of the 1970s and 1980s. Further underscoring these differences, inflation remained low even in countries-in particular, the United States-that experienced lengthy economic ...

DIALOGUE: IS NEW CLASSICAL ECONOMICS A FALSE PATH OR AN ILLUMINATING COMPLEMENT TO KEYNESIAN ECONOMICS?

Oct 01, 2007; Jacobsen, Joyce P; Skillman, Gilbert L ... This is the second installment of our new occasional feature: Dialogue. The purpose of this feature is to highlight and encourage debate and discussion on economic issues. Candidates for inclusion in this feature are submissions that extend, significantly modify, or contradict the findings of an ...

THE NEW CLASSICAL COUNTER-REVOLUTION: FALSE PATH OR ILLUMINATING COMPLEMENT?

Oct 01, 2007; Snowdon, Brian ... INTRODUCTION In his recent interesting paper in this journal, Laurence Seidman [2005] argues that the 'new classical counter-revolution that began in the 1970s has been a false path for macroeconomics.' Professor Seidman's argument is based on five main points, namely: 1. in ...

Unholy Trinity: Labor, Capital and Land in the New Economy

Oct 01, 2007; Setterfield, Mark ... Unholy Trinity: Labor, Capital and Land in the New Economy. By Duncan K. Foley. London and New York: Routledge, 2003. 98 pp. $93.95, ISBN 0-415-31079-2. This brief but fascinating book compiles the author's Schumpeter Lectures, delivered at the University of Graz, Austria in 2001. It has ...

REPLY TO: "THE NEW CLASSICAL COUNTER-REVOLUTION: FALSE PATH OR ILLUMINATING COMPLEMENT?"

Oct 01, 2007; Seidman, Laurence S ... This well written critique of my paper articulates the conciliatory view that new classical economics has been an illuminating complement to Keynesian macroeconomics. This conciliatory view would certainly not satisfy the architects of the new classical counter-revolution who intended to ...

Boom-Bust Cycles and Financial Liberalization

Oct 01, 2007; Ramirez, Miguel D ... Boom-Bust Cycles and Financial Liberalization. By Aaron Tornell and Frank Westermann. Cambridge, MA: MIT Press, 2005. 186 pp. $32.00, ISBN 0-262-20159-3. In this provocative, technically sophisticated, but ultimately unpersuasive book, Professors Tornell and Westermann argue that ...

Is War Necessary For Economic Growth?

Oct 01, 2007; McCannon, Bryan C ... Is War Necessary For Economic Growth? By Vernon W. Ruttan. New York: Oxford University Press, 2006. 219 pp. $45.00, ISBN: 978-0-19-518804-2. The title of this book-Is War Necessary for Economic Growth?-is slightly misleading. Rather than studying the relationship between war and economic ...

Innovation and Its Discontents: How Our Broken Patent System is Endangering Innovation and Progress, and What to Do About It

Oct 01, 2007; Choi, Young Back ... Innovation and Its Discontents: How Our Broken Patent System is Endangering Innovation and Progress, and What to Do About It. By Adam B. Jaffe and Josh Lerner. Princeton: Princeton University Press, 2004. 236 pp. $20.95, ISBN 0-691-11725-X (hardback); $17.95, ISBN 0-691-12794-8 ...

Fair Trade for All: How Trade Can Promote Development

Oct 01, 2007; LeClair, Mark S ... Fair Trade for All: How Trade Can Promote Development. By Joseph Stiglitz and Andrew Charlton. New York: Oxford University Press, 2006. 312 pp. $30.00, ISBN: 0-19-929090-3. "The treatment is excellent; but the patients keep dying." This is one way to look at the push towards freer trade ...

Economic Foundations of Law and Organization

Oct 01, 2007; White, Mark D ... Economic Foundations of Law and Organization. By Donald Wittman. Cambridge: Cambridge University Press, 2006. 390 pp. $75.00, ISBN 0-521-85917-4 (cloth); $29.99, ISBN 0-521-68524-9 (paper). A new law-and-economics textbook aimed at undergraduate students is always welcome, and it was in ...

McCloskey's Rhetoric: Discourse Ethics in Economics

Oct 01, 2007; Garnett, Rob ... McCloskey's Rhetoric: Discourse Ethics in Economics. By Benjamin Balak. New York and London: Routledge, 2006. 142 pp. $115.00, ISBN 0-415-31682-0. Twenty-three years after its Journal of Economic Literature debut, Deirdre McCloskey's vision of "economics in the human conversation" ...