Business Economics

Professional journal of the National Association of Business Economists covering topics such as macro and microeconomics, monetary and fiscal policy, business forecasting, international economics, and deregulation.

Articles from Vol. 32, No. 2, April

Are Trade Deficits That Bad?
This paper is neither a defense of free trade nor a condemnation of "adversarial" trade, so we will dispense with these concepts immediately as they pertain to trade deficits that are 'bad.' First, models exemplifying free trade, in the classical, microeconomic...
Comment
This article has some interesting observations but sows confusion where none should exist in at least two important areas. First, the author maintains erroneously that many or most economists believe that the main influence of interest rates upon economic...
Comments on the Report of the Advisory Commission to Study the Consumer Price Index
The final report of the Advisory Commission to Study the Consumer Price Index clearly has made a contribution to the ongoing discussion of measurement issues bearing on the accuracy of the Consumer Price Index (CPI). I intend to discuss some of the measurement...
Debt and "The" Consumer
The often-repeated statement that the U.S. consumer is overburdened with debt conveys the notion that the average household's financial condition differs only in degree from that of those well-publicized few who are unable to meet their debt service...
Industry Corner: A World View of Industrial Valves
Industrial valves are mechanical devices designed to start, stop, or otherwise regulate the flow of gases, liquids, semisolids and bulk solids (e.g., slurries, grains, minerals) through a pipe or other passageway. Valves serve a wide range of industrial...
Long-Term Rates, Short-Term Rates and Future Economic Activity
A view widely held by political leaders, market analysts, economic policymakers, and business and academic economists is that the effects of interest rates on future economic activity are transmitted primarily through long-term interest rates and that...
Rejoinder
Francis Schott's comment on my paper makes two points in opening a discussion of the influence of interest rates on future economic activity. The first point is that I err in asserting that many or most economists believe that the main influence of interest...
Royalty Methods for Intellectual Property
In the week ending July 25, 1996, the market value of Microsoft Corporation reached $70.9 billion. The company's latest available balance sheet, however, indicated that shareholder equity amounted to a mere $5.7 billion, i.e., the stock market valued...
The Business Economist at Work: Air Products & Chemicals, Inc
As corporate economist at Air Products and Chemicals, a $4 billion industrial gas and chemical company, I take traditional economic tools and use them to become a story teller, an instructor, or sometimes even a court jester. The stories describe the...
The CPI Commission
The CPI Commission is the first official systematic external expert evaluation of the nation's price statistics in thirty-five years. The Stigler Commission report, issued in 1961, raised some of the same issues and was an important input to the major...
The East Asian Miracle: Growth Because of Government Intervention and Protectionism or in Spite of It?
East Asia has been the fastest growing area in the world for the past three decades. The economies of Japan and the Newly Industrializing Economies (NIEs) of Hong Kong, Singapore, Korea, and Taiwan have been hailed as models of achievement for other...
The Future of Free Trade
The period since World War II has vindicated those who sought to pursue free trade by opening markets to international trade. In spite of a world economy shattered from the devastating effects of the war and crippled by government economic controls,...
The PC Corner
This quarter's column relates to some of my experiences, both good and bad, with my conversion to Windows 95 at the office. I'll also discuss the pros and cons of Windows 95 vs. the new Windows NT 4.0 and the soon-to-be-released Windows 97. Finally,...
The Statistics Producers' Corner: International Statistical Studies
The statistical programs of the Statistics of Income (SOI) Division of the Internal Revenue Service, their legislative origins, customers, operations, and studies were described in two 1992 articles of this journal.(1) For most of the eighty-year history...
Will Fair Trade Diminish Free Trade?
The successful completion of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) that created of the World Trade Organization (WTO) in January 1995 has generated much optimism about the future of world trade, and with good reason....