In view of this attitude toward his subject, it is well to remember that his actual achievements were all in the field of practical economics, thus keeping that poise between logical reasoninig and concrete experience which was so marked in Adam Smith and Bagehot. But his mnind kept a firm and steady grasp upon the theoretical discussions, no matter how far they wandered into ethical or political complications. This quality appears at its best in "The Reaction in Political Economy," written as a declaration of the editor in the first numnber of the Quarterly Journal of Economics. By showing that the reaction was largely due to the stoppage of scientific inquiry by the failure to extend discussion to the fresh experience of recent tii-nes, he made it evident that the differences of opinion as to method were mainly differences in degree, and aided in bringing about in America the present freedom from dispute on this matter. Likewise, by pointing out that the most rigid Ricardian may reject or accept laissez faire, without doing violence to his standing as a member of the so-called old school, he explained that it had nothing to do with economic reasoning itself, that it concerned only the applications of such reasoning. His position, then, among modern economists was clearly that of a consistent, broad, philosophical student closely interested in practical problems; too learned to be an extremist; too exact to be visionary; too penetrating to be carried away by any passing fads. Possessing a frail body, a weak voice, an impersonal manner, and no great magnetism as a teacher, yet no one of Professor Dunbar's friends will ever forget his strong, refined face, his penetrating eye, his self-possession, his deliberation of perfectly-adjusted speech, his keenness, his flashes of humor, his knowledge of human nature, his practical common sense, and his political sagacity. His students everywhere throughout the land will unite in doing honor to his memory. J. LAURENCE LAUGHLIN.

latter provinces, and the local public expenses in the former are the same as in the latter. In certain communes some imposts which fall upon special classes are heavier, and in others where these social classes hold the administrative power these forms of taxes scarcely exist, or do not exist at all. Thiers has remarked that in 1789 wherever the communes enjoyed some liberty they soon fell into a condition of bankruptcy. Now the acts of J888 and 1894 enlarged the power of the English local bodies, and the freedom given to these local bodies in the classic land of liberalism has produced communal socialism; that is, a prodigious development of public expense, and the administrative disorder which has doubled the public debt in a few years. In Italy, in spite of the fact that local liberty is restricted, the function of some local public bodies has increased extraordinarily, and the wealth which these local bodies demand from the citizens is increasing irregularly. It is strange that somie wish to increase this liberty, when the experience of all countries shows that, far from securing a better administration, it reduces the municipality to distress, and extorts from its citizens enormous wealth which they ought to employ in satisfying their urgent needs. This wealth the local public bodies expend on public adornment more or less stupid, sacrificing it to the new "Goddess of Hygiene " and scarcely ever using it to satisfy any true social needs.! Such, briefly, is the work of Municipal Socialism in Europe.

Despite the rising number of green finance policies, the socioeconomic determinants shaping them remain largely unexamined. Drawing from the literature analysing the relationship between regulation, market development and institutional economics , we contend that green finance policy adoption is driven by both market-based and institutional factors. Using a survival analysis approach to understand the levers influencing green finance policy adoption across 188 countries from 2000 to 2019, we find that exposure to the fossil fuel industry predominantly drives the initial issuance of green finance policies. The positive effect of fossil fuel commercial financing on the adoption of green finance policies exists in countries with high and medium climate change awareness levels. Meanwhile, in countries with a low climate change awareness level, fossil fuel government subsidies drive green finance policy adoption. Our study also highlights the role of the financial industry as one of the key actors in the policy cycle of green finance policies via two pathways: (i) affecting financial stability through financing oil and gas companies on primary financial markets and (ii) developing a market for sustainable finance products.

This paper examines whether a party to a strategic alliance or joint venture suffers from spillover effects when the other partner files for bankruptcy. We find that the non-bankrupt strategic alliance partners, on average, experience a negative stock price reaction around their partner firm's bankruptcy filing announcement. This negative effect is strongest for longer partnerships and those with higher returns at the announcement of the initial alliance formation. Furthermore, horizontal alliance firms in declining industries have lower returns, indicating that industry conditions can exacerbate expected problems for the non-bankrupt firm. Non-bankrupt partners also experience drops in profit margins and investment levels in the subsequent two years with the worst performance concentrated among the longer-term agreements. There is very little impact on the returns or performance for joint venture partners, which suggests that these agreements are more insulating for the partner firm.

Do banks matter for growth, and if so, how? This paper examines the effects of national banks in the United States from 1870 to 1900. I use the discontinuity in entry caused by a large minimum size requirement to identify the effects of banking. For the counties on the margin between getting a bank and not, gaining a bank increased production per person by 10%. National banks in rural areas improved agriculture over manufacturing, moving counties toward geographic comparative advantage. Since these banks made few long-term loans, the evidence suggests that the provision of working capital and liquidity matters for growth.

Until recently, estimates of demand functions for public goods were obtained (either with aggregate or micro survey data) using single equation estimation techniques. However, demand estimates may be biased when in dividuals' choices of communities are dependent upon the quantity and quality of public good provided. This paper spells out the nature of this bias (called Tiebout bias) and suggests an improved maximum-likelihood estimation technique. The technique is applied to a data set involving local public education in Michigan.

A probabilistic discovery model modified after Kaufman's earlier model is simplified to reduce computational demands and to reduce the sensitivity of the resulting estimates. The model is applied to the North Sea to estimate remaining oil reserves and forecast future discoveries. The simplification jeopardizes some informational detail, but the errors and approximations inherent in historical data sometimes overvalue the available information. A broader categorization scheme helps to control errors in this case. The model uses a stochastic production function based on a timing relationship between exploratory efforts and reservoir discovery and on a dynamic relationship of productivity and resource depletion. 21 references, 4 tables. (DCK)