Frank McIntyre and Dr. Kerk Phillips, Economics As the world economy becomes more integrated, questions of trade and living standards become more relevant. Developing countries see the standard of living in the industrialized nations and wonder how they can achieve the same level of prosperity. One viewpoint is that a crucial part of development for […]
Determining Relationships Between Physician Incomes and GDP
Dave Hansen and Drs. Bret Mackay and Norm Thurston, Economics Introduction My study aimed at settling an unresolved issue in contemporary health economic literature: Can doctors target their annual income levels, or are these levels subject to business cycle trends? Answering this question proved to be complex because in so doing it would have to […]
The Unemployment Effects of Minimum Wage Legislation
Graton M. R. Gathright and Dr. Norman K. Thurston, Economics The unambiguous prediction of the competitive labor market model is that a minimum wage serves as a price floor, decreasing the quantity of unskilled labor demanded by firms. In a landmark survey paper, Brown, Gilroy, and Kohen survey 30 years of minimum wage studies and […]
Was Welfare Ended as We Know it? A Study of the Effectiveness of the Personal Responsibility and Work Opportunity Reconciliation Act
Kristen Edwards and Dr. Mark Showalter, Economics In 1996 the Aid to Families with Dependent Children (AFDC) entitlement program, where all who met certain requirements received benefits, was changed to the Temporary Aid to Needy Families (TANF) block grant. This grant is given to states to use at their own discretion as long as they […]
An Economic Analysis of the Costs of Air Pollution Abatement
Kevin J Mumford and Dr. C Arden Pope III, Economics Air pollution policy continues to be a cause of serious debate. Much of the confusion surrounding air pollution policy comes from leaders of industry and environmental groups’ appeals to ultimatums of disaster. Some leaders of industry argue that the entire American economy is at risk […]
“Borrowing” Constraints: a Panel Study
James Cardon and Dr. Barrett E. Kirwan, Economics Although the theory of aggregate consumption was first addressed in 1936 by Keynes, the modern theory stems from work done in the mid 1950’s by Modigliani and Brumberg (1954) and Friedman (1957); their theory has been termed the Life Cycle/Permanent Income Hypothesis (LC/PIH). While Keynes proposed that, […]
An Econometric Analysis of the Effect of Monetary Policy on Output
Michael Gould and Dr. David E Spencer, Economics In December 1996, Federal Reserve Chairman Alan Greenspan spoke of “irrational exuberance” fueling investment spending to unsustainable levels.1 The pressure of the investment bubble and an extraordinarily tight labor market required the Fed to intervene to combat inflationary pressures which could have destabilized our economy. In 1999, […]
Order Statistics and Estimation of Professors’ Salaries
Mark Pocock and Dr. James B. McDonald, Economics A knowledge of income distribution of different professions has many policy implications. Important applications include being able to make competitive salary offers for potential employees and being able to provide appropriate financial incentives which helps to retain valued employees. In some professions salary data are readily available […]
Microcredit Replication in Theravada Buddhist Communities
Blaine Johnson and Professor David A. Shuler, Kennedy Center Microenterprise activities have increased significantly in South-East Asia during the past five years. Many non-governmental organizations have now incorporated microcredit and/or microfinance schemes into their developmental agendas. Such projects abound throughout the lower-income regions of South-East Asia. These projects are often styled after the Grameen Bank […]
The Marshall Plan and Recovery: German Coal and Steel
David Peter Jensen and Phillip Bryson, David M. Kennedy Center The European Recovery Program, commonly known as the Marshall Plan, is generally hailed as the greatest success in the history of U.S. foreign aid. From 1948 through 1951, the Marshall Plan supplied $13.3 billion dollars of aid to Western Europe. Over the duration of the […]
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