A method for obtaining high ductility in critical areas of aluminum castings

Wrought aluminum alloys provide high-strength substitute in the damaged area of aluminum castings. The segment can either be welded to the cast alloy or built in with a heat-treatable welding rod

Inherited Wealth, Corporate Control and Economic Growth

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly; show signs of more political rent seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth is large relative to G.D.P. grow more rapidly and show fewer signs of rent seeking. We argue that this is consistent with wealthy entrenched families having objectives other than creating public shareholder value. Also, the control pyramids through which they are entrenched give wealthy families preferential access to capital and enhanced lobbying power. These entrenched families also have vested interests in preserving the value of existing capital. To investigate these arguments, we explore firm-level Canadian data. Heir-controlled Canadian firms show low industry adjusted financial performance, labor capital ratios, and R&D spending relative to other firms the same ages and sizes. We argue that concentrated, inherited corporate control impedes growth, and dub this "the Canadian disease". Further research is needed to determine the international incidence of this condition. Finally, heir-controlled Canadian firms' share prices fell relative to those of comparable firms on the news that the Canada-U.S. free trade agreement would be ratified. A key provision of that treaty is capital market openness. Under the treaty, heir-controlled Canadian firms' labor capital ratios rose, while the incidence of heir-control fell. We suggest that openness, especially of capital markets, may mitigate the ill effects of concentrated inherited control. If so, capital market openness matters for reasons not captured by standard international trade and finance models.http://deepblue.lib.umich.edu/bitstream/2027.42/39596/3/wp209.pd

Inherited Wealth, Corporate Control and Economic Growth

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly; show signs of more political rent seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth is large relative to G.D.P. grow more rapidly and show fewer signs of rent seeking. We argue that this is consistent with wealthy entrenched families having objectives other than creating public shareholder value. Also, the control pyramids through which they are entrenched give wealthy families preferential access to capital and enhanced lobbying power. These entrenched families also have vested interests in preserving the value of existing capital. To investigate these arguments, we explore firm-level Canadian data. Heir-controlled Canadian firms show low industry adjusted financial performance, labor capital ratios, and R&D spending relative to other firms the same ages and sizes. We argue that concentrated, inherited corporate control impedes growth, and dub this "the Canadian disease". Further research is needed to determine the international incidence of this condition. Finally, heir-controlled Canadian firms' share prices fell relative to those of comparable firms on the news that the Canada-U.S. free trade agreement would be ratified. A key provision of that treaty is capital market openness. Under the treaty, heir-controlled Canadian firms' labor capital ratios rose, while the incidence of heir-control fell. We suggest that openness, especially of capital markets, may mitigate the ill effects of concentrated inherited control. If so, capital market openness matters for reasons not captured by standard international trade and finance models.

Usable wild plant species in relation to elevation and land use at Mount Kilimanjaro, Tanzania

We used the broad elevational gradient of Kilimanjaro ranging from warm tropical lowland to cold Afro-alpine temperature regimes and the occurrence of natural, nearly untouched as well as of anthropogenic and heavily disturbed habitats to study how elevation and disturbance by humans affect the proportion of useful plant species in different habitat types. Of the 962 vascular plant species recorded in our 60 study plots, 563 species turned out to be listed as useful in the literature. We classified these species into six usage categories. With linear models we tested for relationships between the proportion of useful species per plot and elevation for natural habitats, and with analysis of variance we compared the proportion of useful species between plots in disturbed and natural habitats at similar elevation. The proportion of useful species for all usage categories increased from 860 to 2500 m asl and decreased with higher elevation. We also found an overall positive correlation between the number of useful plants and the species richness of our plots. Human-influenced habitats had higher proportions of useful species for all usage categories, except for construction and fuel wood usage which were higher in natural savanna and lower montane forest than in used habitats at these elevations. Given the high proportions of useful species, we conclude that preserving the biodiversity of Kilimanjaro ecosystems is indispensable for maintaining the diversity of useful plants species for the local people who rely on it for food, sustainable access to medicinal, fuel, construction and forage material