A Critical Appraisal of Hausman's Welfare Cost Estimates

1985 ◽  
Vol 93 (5) ◽  
pp. 1025-1034 ◽  
Author(s):  
Edgar K. Browning
Keyword(s):  
Critical Appraisal ◽  
Welfare Cost ◽  
Cost Estimates

scholarly journals Measuring the welfare cost of inflation in south africa: a reconsideration

2011 ◽  
Vol 12 (2) ◽  
pp. 137-146
Author(s):  
Rangan Gupta ◽  
Josine Uwilingiye
Keyword(s):  
South Africa ◽  
Consumer Surplus ◽  
Welfare Cost ◽  
Compensating Variation ◽  
Data Set ◽  
Cost Estimates ◽  
Welfare Cost Of Inflation ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Long Run Equilibrium

In this paper, using the Fisher and Seater (1993) long-horizon approach, the writers estimate the long-run equilibrium relationship between money balance as a ratio of income and the Treasury bill rate for South Africa over the period 1965:02 to 2007:01, and, in turn, use the obtained estimates of the interest elasticity and the semi-elasticity to derive the welfare cost estimates of inflation, using both Bailey’s (1956) consumer surplus approach and Lucas’ (2000) compensating variation approach. When the results are compared to welfare cost estimates obtained recently by Gupta and Uwilingiye (2008), using the same data set, but basing it on Johansen’s (1991, 1995) cointegration technique, the values are less than half of those obtained in the latter study. These range from 0.16 percent to 0.36 percent of GDP for the target-band of three percent to six percent of inflation. The paper thus highlights the fact that welfare cost estimates of inflation are sensitive to the methodology used to estimate the long-run equilibrium money demand relationships.

935: Critical Appraisal of the Role of Ureteroscopy in Treatment of Pediatric Renal and Ureteric Calculi

2007 ◽  
Vol 177 (4S) ◽  
pp. 310-310
Author(s):  
Sumit Dave ◽  
Luis H. Braga ◽  
Antoine E. Khoury ◽  
Walid A. Farhat
Keyword(s):  
Critical Appraisal ◽  
Ureteric Calculi

Ownership without Legitimacy?

2008 ◽  
pp. 85-105 ◽  
Author(s):  
R. Kapeliushnikov
Keyword(s):  
Economic Growth ◽  
Critical Appraisal ◽  
Birth Trauma ◽  
Fair Play ◽  
Different Types

The paper examines the problem of legitimation of the privatization’s outcomes in Russia and provides a critical appraisal of various political proposals for its resolution. The analysis proceeds from a distinction between two different types of ownership illegitimacy: "definite" and "vague" ones. The paper argues that the "vague" illegitimacy that has evolved in Russia is not an absolute obstacle for economic growth but rather an institutional birth trauma which is common for all post-socialist countries and which could be cured only by piecemeal approaching of relationships between "strong" and "weak" economic actors to principles of fair play.

Marx and the “law of value”: Critical appraisal on the occasion of his 200th birth anniversary

2018 ◽  
pp. 27-49 ◽  
Author(s):  
H. D. Kurz
Keyword(s):  
Karl Marx ◽  
Critical Appraisal ◽  
Critical Discussion ◽  
Use Value ◽  
Transformation Problem ◽  
The Common ◽  
The Law

The paper celebrates Karl Marx’ 200th birthday in terms of a critical discussion of the “law of value” and the idea that “abstract labour”, and not any use value, is the common third of any two commodities that exchange for one another in a given proportion. It is argued that this view is difficult to sustain. It is also the source of the wretched and unnecessary “transformation problem”. Ironically, as Piero Sraffa has shown, prices of production and the general rate of profits are fully determined in terms of the same set of data from which Marx started his analysis.

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