Industrialization and urbanization are seen as twin processes of economic development. However, the exact nature of their causal relationship is still open to considerable debate. This paper uses firm-level data from the manuscripts of the decennial censuses between 1850 and 1880 to examine whether the adoption of the steam engine as the primary power source by manufacturers during industrialization contributed to urbanization. While the data indicate that steam-powered firms were more likely to locate in urban areas than water-powered firms, the adoption of the steam engine did not contribute substantially to urbanization.
In 1999, after nearly twenty years of debate, the U.S. Congress finally passed legislation permitting bank affiliations with all sorts of other financial enterprises, and vice versa. In this step, the United States joined many other countries — especially in Europe and, more recently, Japan — in allowing the operation of financial conglomerates. But are financial conglomerates the wave of the future in finance? And if so, how are they to be regulated? These were the two central questions addressed in the fifth annual conference of the Brookings-Wharton Papers on Financial Services, an annual volume published by the Brookings Institution Press. The conference, held in October 2002 in Washington, D.C., convened financial services experts from around the world. The papers presented at the conference suggest, generally, that while the future may see more financial conglomerate activity than it has in the past, there still will be a role for specialist, or "monoline" financial companies. As for regulation, there is no settled model: some nations will pursue consolidated supervision, with authority over entire conglomerates vested in a single authority (often the central bank), while others will still regulate the pieces of diversified financial enterprises along structural lines.
Topic:
Economics, Government, Industrial Policy, and International Trade and Finance
Few sectors of the economy have provided more benefits to consumers than the pharmaceutical industry. Drugmakers have been vilified by patients and politicians alike, however, because of what they see as unreasonably high drug costs.
Topic:
Human Welfare, Industrial Policy, and Science and Technology
Section 2504 of title 10, United States Code, requires that the Secretary of Defense submit an annual report to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives, by March 1st of each year.
Topic:
Defense Policy, Economics, Industrial Policy, and Science and Technology
We study consumption of durable and nondurable goods when the durable good is subject to transaction costs. In the model, agents derive utility from a service flow of a durable good and a consumption flow of a nondurable good. The key feature of the model is the existence of a fixed transaction cost in the durable good market. The fixed cost induces an inaction region in the purchase of the durable good. More importantly, the inability to adjust the durable stock induces variation in consumption of the nondurable good over the inaction region. The variation is a function of the degree of complementarity between durable and nondurable goods in the period utility function, the rate of intertemporal substitution, and a precautionary motive induced by incomplete markets. We test the model using the PSID. Housing serves as the durable good. The data indicate an increase in consumption before moving to a smaller house and a decrease in consumption before moving to a larger house. This result is consistent with the model when there exists complementarity between the durable and nondurable good or when there is a strong precautionary effect.
Topic:
Economics, Industrial Policy, and International Trade and Finance
Hsien-Hen Lu, Julian Palmer, Younghwan Song, Mary Clare Lennon, and J. Lawrence Aber
Publication Date:
10-2003
Content Type:
Working Paper
Institution:
Institute for Social and Economic Research and Policy at Columbia University
Abstract:
By analyzing data from the Current Population Survey March Supplements, Living at the Edge explores the following questions about children in low-income families in the United States: What are the overall changes in the low-income and poverty rates for children over the past quarter century? How has the population of children in low-income families changed over the past decade? Which children are more likel to live in low-income famlies? How have changes in parental employment status affected the likelihood children living in low-income families? What are the state by state variations in child low-income and poverty rates, and how have these changed in the last decade? How does a more inclusive definition of family income and expenses affect our understanding of the poverty and near-poverty rates of children in low-income families?
Frank Fairbanks, Allan V. Burman, Gail Christopher, Patrick J. Kelly, Lyle Laverty, Keith Mulrooney, Paul Posner, and Charles Wise
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
The National Academy of Public Administration
Abstract:
Wildland fire - related acquisition management programs of the five federal land management agencies are big business. For example, Forest Service wildfire preparedness and suppression contracting costs reached almost $800 million in FY 2002. Even at a lower level, these costs significantly affect other land management programs and their funding. Thus, searching for and taking advantage of methods to achieve cost containment of escalating wildland fire acquisition programs take on added value. That is the basic premise of this Academy report.
This might well have been the greeting card on the desk of the nation's first Secretary of Homeland Security: Officially launched January 24, 2003 with 180,000 employees and a budget of nearly $40 billion, the Department of Homeland Security (DHS) is, at its inception, the third largest cabinet agency in the U.S. government. No U.S. government reorganization of this magnitude has been accomplished since the creation of the Department of Defense following World War II.
Topic:
Security, Defense Policy, Government, and Industrial Policy
Don Kettl, Peter Harkness, Lisa Heinzerling, DeWitt John, Howard M. Messner, Robert Terrell, Christophe Tulou, and Alfred M. Zuck
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
The National Academy of Public Administration
Abstract:
The New Source Review program (NSR) is a critic al tool enacted by Congress 25 years ago to protect public health and improve the nation's air quality. But, as applied to existing facilities, NSR is not working as Congress intended. Thus NSR should be fundamentally reformed and strongly enforced against past violations by existing facilities.
Jerry Haar, Catherine Leroy-Beltrán, and Oscar Beltrán
Publication Date:
04-2003
Content Type:
Working Paper
Institution:
The North-South Center, University of Miami
Abstract:
Despite compelling evidence that, for the most part , benefits from the North American Free Trade Agreement (NAFTA) have exceeded its costs in the United States, Canada, and Mexico, the policy debate continues in all three countries as to whether the accord has produced more “winners” or “losers.” In the case of Mexico, the focus country of this research project, both the Institutional Revolutionary Party (Partido Revolucionario Institucional — PRI) and the National Action Party (Partido Acción Nacional — PAN) have been supportive of NAFTA.
Topic:
Economics, Industrial Policy, and International Trade and Finance