Resource Allocation and Economic Policy PDF
Preview Resource Allocation and Economic Policy
RESOURCE ALLOCATION AND ECONOMIC POLICY Also by Michael Allingham EQUILIBRIUM AND DISEQUILIBRIUM GENERAL EQUILIBRIUM Also by M. L. Burstein MONEY ECONOMIC THEORY: EQUILIBRIUM AND CHANGE STUDIES IN THE DEMAND FOR DURABLE GOODS (co-author) RESOURCE ALLOCATION AND ECONOMIC POLICY Edited by MICHAEL ALLINGHAM AND M. L. BURSTEIN ©Michael Allingham and M. L. Burstein 1976 Softcover reprint of the hardcover 1st edition 1976 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission First published 1976 by THE MACMILLAN PRESS LTD London and Basingstoke Associated companies in New York Dublin Melbourne johannesburg and Madras ISBN 978-1-349-02675-3 ISBN 978-1-349-02673-9 (eBook) DOI 10.1007/978-1-349-02673-9 This book is sold subject to the standard conditions of the Net Book Agreement This book is for Mavis Cole Contents Preface ix Notes on the Contributors XI PART I: RESOURCE ALLOCATION Introduction 3 1 Price Adjustment Michael Allingham 5 2 A Reconsideration of the Theory of Inflation Robert W. Clower 14 3 Paternalism and Prices G. C. Archibald and David Donaldson 26 4 The Changing Economics of Education Z. Griliches 35 5 Mathematical Programming in Long-term Planning - Hungary P. Bod 44 6 Interactions Between Planned and Market Economies- Hungary M. M. Tardos 52 7 Economic Theory and Political Strategy - Cambodia M. L. Burstein 61 8 Aid in a System of Taxes and Prices - Cambodia W. F. Beazer 72 PART II: ECONOMIC POLICY Section 1: Petroleum Economics Introduction 87 9 Public Investment in Energy Production under Price Uncertainty Michael Kennedy 89 10 The Vertical Integration of Oil Firms Michael E. Canes 103 11 The Macroeconomic Effects of the Higher Oil Price ]. R. Sargent 121 12 Conflict and Co-operation in an Era of High Oil Prices Michael jefferson 136 Section 2: Financial Economics Introduction 151 13 Monetary Policy, the Stock Market and the Real Economy: A Keynesian Conspectus M. L. Burstein 153 vii viii Contents 14 Equity Values in Periods of Inflation Henry C. Wallicb and Norman E. Mains 164 15 'Keynesian' and 'Monetarist' Indicators of the United Kingdom Economy Gordon T. Pepper and Geoffrey E. Wood 182 16 Money and Inflation: Some International Comparisons RichardT. Selden 199 17 Economic Foundations of Stock Market Regulation Irwin Friend 225 Index of Persons 245 Index of Subjects 249 Preface This volume contains the proceedings of a conference sponsored by the University College at Buckingham and the Institute of Economic Affairs, and held in London in June 1975. The editors, on behalf of the authors, who must be considered the real proprietors of the book, gratefully acknowledge the support of the College and the Institute which made the conference possible. MA London MB August 1975 Suffolk ix Notes on the Contributors Michael Allingham teaches at the London School of Economics, and has previously taught at Edinburgh, Essex, Northwestern, Pennsylvania and Bristol Universities. G. C. Archibald is Professor of Economics at the University of British Columbia. Prior to that he taught at the London School of Economics and the University of Essex, and edited the Canadian journal of Economics in 1973-4. W. F. Beazer teaches at the University of Virginia, and has done develop ment work for IDA, the US DoD (AID), and other agencies. P. Bod works at the Mathematical Institute of the Hungarian Academy of Sciences in Budapest, and has written extensively on multi-sectional plan ning. M. L. Burstein taught in the United States and Canada, as well as at Warwick, before supervising the establishment of the School of Economics at Buckingham. Michael Canes taught at Rochester University before joining the research staff of the American Petroleum Institute. Robert Clower is Professor of Economics at the University of California, Los Angeles, and Editor of Economic Inquiry, the journal of the Western Economic Association. David Donaldson is Associate Professor of Economics at the University of British Columbia. He took his B.A. in Mathematics at the University of Toronto in 1960 and his Ph.D. in Economics at Stanford University in 1966. His previous publications are in welfare economics. Irwin Friend is director of the Rodney L. White Center of the Wharton School, University of Pennsylvania, and an authority on the analysis of securities markets and their regulatory processes. Z. Grilliches is Professor of Economics at Harvard University, and has previously taught at Chicago. He was president of the Econometric Society in 1975. Michael jefferson is an economist with Shell International, and has worked widely in petroleum economics. Michael Kennedy teaches at Texas University, and has published important research in the economics of the world petroleum economy. Norman Mains studied at Colorado and Warwick Universities and was xi
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