Bodies in Conflict: From Gettysburg to Iraq

The exhibition Bodies in Conflict: From Gettysburg to Iraq not only conveys an ambitious geographic and historical range, but also reflects the sensitivity, ambition, and thoughtfulness of its curator, Laura Bergin ’17. In examining how the human figure is represented in prints and photographs of modern war and political conflict, Laura considers how journalistic photographs, artistic interpretations, and other visual documentation of conflict and its aftermath compare between wars and across historical periods. Specific objects include a print and photographs from the Civil War, propaganda posters from World Wars I and II, photographs and a protest poster from the Vietnam War, and a large-scale photograph of a reconstructed journalistic image of Saddam Hussein’s palace by Iraqi-born contemporary artist Wafaa Bilal. Taken together, the works in the exhibition make a profound political and humanitarian statement about suffering, heroism, death, compassion, and appeals to nationalism throughout wars over the last 150 years. [excerpt]https://cupola.gettysburg.edu/artcatalogs/1018/thumbnail.jp

Patent Length, Investment and Social Welfare

The intent of the patent system is to encourage innovation by granting the innovator exclusive rights to a discovery for a limited period of time: with monopoly power, the innovator can recover the costs of creating the innovation which otherwise might not have existed. And, over time, the resulting innovation makes everyone better off. This presumption of improved social welfare is considered here. The paper examines the impact of patents on welfare in an environment where there are large numbers of (small) innovators. With patents, because there is monopoly for a limited time the outcome is necessarily not socially optimal, although social welfare may be higher than in the no-patent state. Patent acquisition and ownership creates two opposing incentives at the same time: the incentive to acquire monopoly rights conferred by the patent spurs innovation, but subsequent ownership of those rights inhibits innovation (both own innovation and that of others). On balance, which effect will dominate? In the framework of this paper separate circumstances are identified under which patents are either beneficial or detrimental to innovation and welfare; and comparisons are drawn with the socially optimal level of investment in innovation.Patents, Investment in R&D, Welfare

Optimal Patent Length

The intent of the patent system is to encourage innovation by granting the innovator exclusive rights to a discovery for a limited period of time: with monopoly power, the innovator can recover the costs of creating the innovation which otherwise might not have existed. And, over time, the resulting innovation makes everyone better off. This presumption of improved social welfare is considered here. The paper examines the impact of patents on welfare in an environment where there are large numbers of (small) innovators — such as the software industry. With patents, because there is monopoly for a limited time the outcome is necessarily not socially optimal, although social welfare may be higher than in the no-patent state. Patent acquisition and ownership creates two opposing incentives at the same time: the incentive to acquire monopoly rights conferred by the patent spurs innovation, but subsequent ownership of those rights inhibits innovation (both own innovation and that of others). On balance, which effect will dominate? In the framework of this paper separate circumstances are identified under which patents are either beneficial or detrimental to innovation and welfare; and comparisons are drawn with the socially optimal level of investment in innovation.

PRICE LEVEL DETERMINATION IN A HETEROGENEOUS MONETARY UNION

A monetary union requires that a common central bank be shared among multiple nations, where governments and households may well be heterogeneous across national borders. A dynamic stochastic general equilibrium model of a two-country monetary union provides a natural setting in which to examine the implications of agent heterogeneity in government fiscal policies can be accommodated within a monetary union. Second, household heterogeneity gives monetary policy a reallocative dimension which affects price-level determination. For example, dissimilar preferences for holding money tend to enhance the potency of a monetary contraction to lower inflation. Fiscal federalism may reverse this effect.

Asset price booms and current account deficits

Before the global financial crisis of 2007–2009, the United States and several other countries posted large current account deficits. Many of these countries also experienced asset price booms. Evidence suggests the two developments were linked. Rising asset values in the United States permitted households to borrow more easily to boost consumption, while the net sale of debt securities abroad financed current account deficits. The fall in some asset prices since the crisis can make it easier to reduce current account imbalances.Balance of payments ; Asset pricing

How Well Can the New Open Economy Macroeconomics Explain the Exchange Rate and Current Account?

This paper advances the new open economy macroeconomic (NOEM) literature in an empirical direction, estimating and testing a two-country model. Fit to U.S and G-7 data, the model performs moderately well for the exchange rate and current account. Results offer guidance for future theoretical work. Parameter estimates lend support to some common assumptions in the theoretical literature, such as local currency pricing and risk sharing. Estimates are found for key parameters commonly calibrated in the theoretical literature, such as the elasticity of substitution between home and foreign composite goods, and the response of a country risk premium to the net foreign asset position. Results also indicate that deviations from interest rate parity are not closely related to monetary policy shocks, as recently hypothesized. Further, results suggest that inserting explicit interest rate parity shocks into a NOEM model may be more helpful in explaining movements in the current account than the exchange rate.

Pro-growth small businesses: learning 'architecture'

Internationally, a certain market failure has become apparent in terms of the effective engagement of small business owner-managers in business support programs, and in the wider concept of life long learning. There exists a cultural gap between support agencies and the small business sector's perceptions of the utility of formal support and learning interventions to the business performance of their business. Therefore, this paper extends knowledge and understanding within this context relative to what constitutes small business owner-managers' learning disposition, means, obstacles and organisation to be confronted and what form of new 'architecture' needs to be designed to support learning. A theoretical framework supports the analysis of findings from a research project based in Melbourne, Australia, which serves to illuminate pertinent issues towards informing more sensitised support interventions with respect to pro-growth small businesses. Specifically, the attribute of a learning culture was identified as a factor contributing to growth in small businesses, and may represent a distinguishing characteristic between effective and non-effective economic performers