Knowledge that Transforms

Thomas M. Power of University of Montana reviews “Environmental Economics for Tree Huggers and Other Skeptics” by William K. Jaeger,. The EconLit Abstract of the reviewed work begins “Explores the importance of economic analysis for understanding the causes of environmental problems, and provides the reader with the tools necessary to see ways to solve these problems. Discusses economic analysis in brief; trade-offs, efficiency, and demand; production, profit, and supply; today versus tomorrow; market failures; sustainability--stocks and flows; economic growth and development; international trade; rules of the game; pollution policies; land and forest policies; the fishery predicament; policy failures; valuing the environment; project and policy evaluation; and economics and morality. Jaeger is Associate Professor in the Department of Agricultural and Resource Economics at Oregon State University. Index.”

Thomas W. Hertel of Purdue University reviews “Delivering on Doha: Farm Trade and the Poor” by Kimberly Ann Elliott,. The EconLit Abstract of the reviewed work begins “Explores why progress on agriculture is politically the key to breaking the Doha Round impasse, and why a breakthrough on agriculture by itself would yield only a modest “development” result. Addresses the problems posed by how rich countries support their agricultural sectors. Investigates the potential distributional effects of an agricultural agreement by examining current trade patterns involving developing countries and agriculture. Studies the elements of a potential deal. Elliott is Senior Fellow at the Institute for International Economics. Glossary; index.”

Martha Starr of American University reviews “Accelerating the Globalization of America: The Role for Information Technology” by Catherine L. Mann, Catherine L. Mann,. The EconLit Abstract of the reviewed work begins “Examines the pattern of globalization of the information technology (IT) sector and how globalization reduces the prices of these products. Discusses why an analysis of accelerating globalization starts with the more narrow focus on IT products and the IT and communications industries. Presents data and analysis on the linkages between U.S. firms and global marketplaces for IT production and demand. Traces how the globalization of the IT industry and the widespread diffusion of IT products have affected the U.S. economy. Considers international trade in IT products and examines the results of deeper globalization of IT. Discusses the implications of the synergies between trade and technological change for U.S. workers. Explores the next phase of global integration--innovation itself, including R&D, venture capital funding, and the pipeline of research professionals. Describes a policy agenda that could ensure that the benefits of technology-enhanced globalization continue and are widely shared. Mann is Senior Fellow at the Institute for International Economics. Index.”

Eric Werker of Harvard University reviews “Transforming the Development Landscape: The Role of the Private Sector” by Lael Brainard,. The EconLit Abstract of the reviewed work begins “Nine papers, originally presented at a conference held at the Aspen Institute in August 2005, provide an in-depth analysis of the role of the private sector in development. Discusses the private sector in the fight against global poverty (Lael Brainard and Vinca LaFleur); unleashing entrepreneurship (Warrick Smith); leveraging the development impact of business in the fight against global poverty (Jane Nelson); blended value investment and a living return (Timothy Freundlich); whether governments and aid agencies should subsidize small firms (Ross Levine); venture capital for development (Alan J. Patricof and Julie E. Sunderland); innovative financing options and the fight against global poverty--what's new and what's next (David de Ferranti); a pragmatic view of partnerships between official donors and multinational corporations (Larry Cooley); and financing for global health (Rajiv Shah and Sylvia Mathews). Brainard is Vice President and Director of the Global Economy and Development Program, and Bernard E. Schwartz Chair in International Economics, at the Brookings Institution. Index.”

Mark R. Brawley of McGill University reviews “From the Corn Laws to Free Trade: Interests, Ideas, and Institutions in Historical Perspective” by Cheryl Schonhardt-Bailey,. The EconLit Abstract of the reviewed work begins “Examines the interacting forces that brought about the abrupt beginning of Britain's free-trade empire, focusing on the repeal of Britain's Corn Laws in 1846. Discusses interests, ideas, and institutions simplified--a demand- and supply-side perspective; lessons in lobbying for free trade--to concentrate or not; nationalizing the interest in free trade; the waning demand for protection--portfolio diversification of landowners; votes in Parliament, dissected into ideology, party, and interests; conservatives who sounded like trustees but voted like delegates; repeal in historical context--key parliamentary debates on the Corn Laws before 1846; free trade's last hurdle--why the lords acquiesced; how local newspapers affected members of Parliament's voting on repeal; and concluding thoughts on repeal and the road to democratic reform in nineteenth-century Britain. Schonhardt-Bailey is Senior Lecturer in Political Science at the London School of Economics. Index.”

Marianne Page of University of California, Davis reviews “Soldiers to Citizens: The G.I. Bill and the Making of the Greatest Generation” by Suzanne Mettler,. The EconLit Abstract of the reviewed work begins “Explores the G.I. Bill and the impact of its education and training provisions on World War II veterans. Discusses civic generation; creating the G.I. bill; citizen soldiers; the extent to which the program actually expanded veterans' access to advanced education and training; conveying messages; fostering social opportunity; creating active citizens; making democracy; mobilizing for equal rights; how women fared under the G.I. Bill; and the unfinished work. Mettler is Alumni Associate Professor of Political Science at the Maxwell School of Citizenship and Public Affairs, Syracuse University. Index.”

Kevin F. Hallock of Cornell University and NBER reviews “Personnel Economics in Imperfect Labour Markets” by Pietro Garibaldi,. The EconLit Abstract of the reviewed work begins “Discusses topics in personnel economics--the use of economics for studying human resource issues. Explores three basic possibilities for wage determination--wage setting by the firm, wage bargaining by the firm and worker, and wage determination made outside the firm and the worker by collective agreements. Discusses the optimal skill ratio; the hours-employment trade-off; temporary and permanent contracts; managing adverse selection in recruiting; optimal compensation schemes; pay for performance with wage constraints; relative compensation and efficiency wage; training and human capital investment; training investment in imperfect labor markets; job destruction; further issues in employment protection legislation; and teams and group incentives. Garibaldi is Professor of Economics at the University of Turin. Index.”

Julie A. Nelson of Tufts University reviews “Adam's Fallacy: A Guide to Economic Theology” by Duncan K. Foley,. The EconLit Abstract of the reviewed work begins “Explains the core ideas of the great economists, beginning with Adam Smith and ending with Joseph Schumpeter. Discusses Adam Smith's vision; gloomy science; the severest critic; on the margins; voices in the air; and grand illusions. Foley is Leo Model Professor of Economics at the New School for Social Research. Index.”

W. Kip Viscusi of Vanderbilt University reviews “Government Failure versus Market Failure: Microeconomics Policy Research and Government Performance” by Clifford Winston,. The EconLit Abstract of the reviewed work begins “Explores the effectiveness of different types of policy interventions and how economists can help improve public policy. Discusses the methodological perspective; market power--antitrust policy and economic regulation; social regulation--imperfect information and externalities; public production; policies to correct market failures--synthesis and assessment; market failure and social goals policies--common failures and conflicts; policy recommendations motivated by policymakers' learning; and microeconomics policy research and the policy community. Winston is Senior Fellow in Economic Studies at the Brookings Institution and Senior Fellow at the AEI-Brookings Joint Center. Index.”

Robert E. Hall of Stanford University reviews “Lectures on Antitrust Economics” by Michael D. Whinston,. The EconLit Abstract of the reviewed work begins “Provides an account of the economics behind antitrust law based on lectures delivered at the Universidad Torcuato Di Tella. Provides an introduction to U.S. antitrust laws. Discusses price fixing; horizontal mergers; and exclusionary vertical contracting. Whinston is Robert E. and Emily H. King Professor of Business Institutions in the Department of Economics at Northwestern University. Index.”