Notes

Journal of Economic Perspectives, Spring 1993

Front Matter

Journal of Economic Perspectives, Spring 1993

Japan's Different Trade Regime: An Analysis with Particular Reference to Seiretsu

[Symposium: Is Japan's Trade Regime Different?]

By Robert Z. Lawrence

Journal of Economic Perspectives, Summer 1993

Many claim that although formal trade barriers have been removed at the border, Japanese markets remain unusually closed because of non-tariff barriers. After describing Japan's development strategy and the debate over the sources of Japanese growth, we c...

What Does Japanese Trade Structure Tell Us about Japanese Trade Policy?

[Symposium: Is Japan's Trade Regime Different?]

By Gary R. Saxonhouse

Journal of Economic Perspectives, Summer 1993

Some argue foreign access to Japanese markets remains tightly controlled and that if Japan is to be a member in good standing of the international economic system, Japan must do more than just adhere to the formal rules of the GATT; Japan must show by the...

Symposium on Democracy and Development

[Symposium: Democracy and Development]

By Pranab Bardhan

Journal of Economic Perspectives, Summer 1993

Political Regimes and Economic Growth

[Symposium: Democracy and Development]

By Adam Przeworski and Fernando Limongi

Journal of Economic Perspectives, Summer 1993

Does democracy in the political realm foster or hinder economic growth? Our discussion of this question begins with a review of arguments in favor of, and against, democracy. Then we summarize statistical studies in which political regime is included amon...

The Impact of Economic Development on Democracy

[Symposium: Democracy and Development]

By Evelyne Huber, Dietrich Rueschemeyer, and John D. Stephens

Journal of Economic Perspectives, Summer 1993

Any account of the social and economic conditions of democracy must come to terms with the central finding of the cross-national statistical research: a sturdy (though not perfect) association between economic development and democracy. To tackle these qu...

Was Schumpeter Right after All?

By Robert Heilbroner

Journal of Economic Perspectives, Summer 1993

In Capitalism, Socialism, and Democracy (1947) Schumpeter asks "Can capitalism survive?" He answers: "No. I do not think it can." In an essay I wrote in 1981 entitled "Was Schumpeter Right?" I began with the words: "No. I do not think he was." Now, over a...

Pricing, Profits, and Technological Progress in the Pharmaceutical Industry

By F. M. Scherer

Journal of Economic Perspectives, Summer 1993

The decades-old debate over pharmaceutical industry prices, profits, and innovation has again intensified. A number of events coalesced to refocus public interest on pharmaceuticals. Contributing to public concern were Bureau of Labor Statistics price ind...

The Economics of Treasury Securities Markets

By Sushil Bikhchandani and Chi-fu Huang

Journal of Economic Perspectives, Summer 1993

The market for Treasury securities attracted considerable attention recently, after alleged infringements by Salomon Brothers. Several questions have been raised about the best way of selling U.S. government debt. One issue is whether altering the auction...

The Causes of Metropolitan Suburbanization

By Peter Mieszkowski and Edwin S. Mills

Journal of Economic Perspectives, Summer 1993

In this paper, we investigate the causes of metropolitan suburbanization. We consider two classes of theories of suburbanization, both of which are important: the first, favored by urban theorists and transportation experts, might be called a natural evol...

Land and Stock Prices in Japan

By Douglas Stone and William T. Ziemba

Journal of Economic Perspectives, Summer 1993

This paper discusses the rise of Japanese stock and land prices in the past four decades and their dramatic decline in the early 1990s. To what extent can fundamental factors explain both the price levels and the returns from land and stock in Japan? Are ...

Do Students Go to Class? Should They?

By David Romer

Journal of Economic Perspectives, Summer 1993

Lectures and other class meetings are a primary means of instruction in almost all undergraduate courses. Yet almost everyone who has taught an undergraduate course has probably noticed that attendance at these meetings is far from perfect. There is surpr...

Irving B. Kravis: Memoir of a Distinguished Fellow

By Lawrence R. Klein

Journal of Economic Perspectives, Summer 1993

The nomination of Irving Kravis as a Distinguished Fellow of the American Economic Association in 1991 crowned a long and distinguished career. He would go on to no further accomplishments, for it was on the trip to the ASSA meetings in New Orleans to rec...

Retrospectives: The Law of Diminishing Returns

By Stanley L. Brue

Journal of Economic Perspectives, Summer 1993

From introductory economics to theoretical papers, the law of diminishing returns is a part of every economist's tool kit. But the evolution of this law in the history of economic analysis reveals more complexity than is perhaps generally understood. Even...

Policy Watch: Income-Contingent College Loans

By Alan B. Krueger and William G. Bowen

Journal of Economic Perspectives, Summer 1993

We consider the recently proposed "income-contingent loan" (ICL), in which Congress would establish a national trust fund from which students could borrow money to finance the cost of attending college; students would repay these loans by contributing a f...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Summer 1993

Correspondence

By Philippe Fontaine

Journal of Economic Perspectives, Summer 1993

Correspondence and response regarding: The Lost Art of Economics

Notes

Journal of Economic Perspectives, Summer 1993

Front Matter

Journal of Economic Perspectives, Summer 1993