Optimum Saving and Growth: Harrod on Dynamic Welfare Economics

In the 1960s and 1970s Harrod shifted the emphasis of his research in economic dynamics from the study of business cycles (instability principle) to the investigation of the growth process. As part of that, he restated his concept of the natural growth rate as an optimum welfare rate. The present paper examines Harrod's dynamic welfare economics, built around his concept of optimum saving developed as a reaction to Ramsey's approach to capital accumulation. It is shown that, according to Harrod, the saving rate does not affect the long-run growth rate of per capita income, which is determined by technical progress. Moreover, the economy will grow at the natural (full employment) rate only if economic policy is able to bring saving to its "optimum" level in macroeconomic equilibrium. Harrod's interest in optimal growth was motivated by his double concern with growth policy in mature economies and economic development in poor countries

Regulating Clothing Outwork: A Sceptic's View

By applying the strategies of international anti-sweatshop campaigns to the Australian context, recent regulations governing home-based clothing production hold retailers responsible for policing the wages and employment conditions of clothing outworkers who manufacture clothing on their behalf. This paper argues that the new approach oversimplifies the regulatory challenge by assuming (1) that Australian clothing production is organised in a hierarchical ‘buyer-led’ linear structure in which core retail firms have the capacity to control their suppliers’ behaviour; (2) that firms act as unitary moral agents; and (3) that interventions imported from other times and places are applicable to the contemporary Australian context. After considering some alternative regulatory approaches, the paper concludes that the new regulatory strategy effectively privatises responsibility for labour market conditions – a development that cries out for further debate

Climate Policies with Burden Sharing: The Economics of Climate Financing

The maintenance of a favorable climate accounts for the most challenging contemporary global governance predicament that seems to pit today’s generation against future world inhabitants. In a trade-off of economic growth versus sustainability, a broad-based international coalition could establish climate justice. As a novel angle towards climate justice, the following paper proposes (1) a well-balanced climate mitigation and adaptation public policy mix guided by micro- and macroeconomic analysis results, and (2) a new way of funding climate change mitigation and adaptation policies through carbon tax and broad-based climate bonds that also involve future generations. Contemporary climate financing strategies (e.g., Sachs Model) are thereby added into Integrated Assessment Models of the Nordhaus Type. Overall, the paper strives to delve deeper into a discussion of how market economies can be brought to a path consistent with prosperity and sustainability. Finding innovative ways how to finance climate abatement over time coupled with future risk prevention as well as adaptation to higher temperatures appears as an innovative and easily-implementable solution to nudge overlapping generations towards climate justice in the sustainability domain

New technologies for 3D realization in Art and Design practice

As digital design technologies become ever more widespread, CAD-CAM, virtual and rapid prototyping techniques are increasingly being exploited by creative practitioners working in areas outside the industrial design and engineering contexts in which these technologies are currently predominantly employed. This review paper aims to critically examine work by artists, craft practitioners, and designer-makers who creatively engage with these new and rapidly emerging technologies and, by doing so, extend their own practice and push at the boundaries of art and design disciplines. Historic precedents for new 3D technologies in the fine and applied arts are identified, and writing by Heidegger, Baudrillard, and Virilio informs the critical review of work by art and design practitioners in sculpture, metalwork, jewellery, and ceramics. The discussion reflects on relationships between art and technology and physical and virtual making, and concludes by pointing to the possibility of new “hybrid” forms of practice which bridge the gap between physical and virtual design worlds. The paper closes by suggesting that the notion of “truth to materials” in the arts and crafts might now be extended to one of “truth to virtual materials”, as practitioners creatively negotiate relationships between digital cause and physical effect

Growth with Unused Capacity and Endogenous Depreciation

This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis that the rate of capital depreciation is an increasing function of the degree of capacity utilization. This hypothesis implies analytical results that differ somewhat from those yielded by other Kaleckian models. Our model shows that, in a number of cases, the process of growth can be profit-led rather than wage-led. The model also determines the value to which the degree of capacity utilization converges in the long run

A Metabolomic Endotype of Bioenergetic Dysfunction Predicts Mortality in Critically Ill Patients with Acute Respiratory Failure

Acute respiratory failure (ARF) requiring mechanical ventilation, a complicating factor in sepsis and other disorders, is associated with high morbidity and mortality. Despite its severity and prevalence, treatment options are limited. In light of accumulating evidence that mitochondrial abnormalities are common in ARF, here we applied broad spectrum quantitative and semiquantitative metabolomic analyses of serum from ARF patients to detect bioenergetic dysfunction and determine its association with survival. Plasma samples from surviving and non-surviving patients (N = 15/group) were taken at day 1 and day 3 after admission to the medical intensive care unit and, in survivors, at hospital discharge. Significant differences between survivors and non-survivors (ANOVA, 5% FDR) include bioenergetically relevant intermediates of redox cofactors nicotinamide adenine dinucleotide (NAD) and NAD phosphate (NADP), increased acyl-carnitines, bile acids, and decreased acyl-glycerophosphocholines. Many metabolites associated with poor outcomes are substrates of NAD(P)-dependent enzymatic processes, while alterations in NAD cofactors rely on bioavailability of dietary B-vitamins thiamine, riboflavin and pyridoxine. Changes in the efficiency of the nicotinamide-derived cofactors\u27 biosynthetic pathways also associate with alterations in glutathione-dependent drug metabolism characterized by substantial differences observed in the acetaminophen metabolome. Based on these findings, a four-feature model developed with semi-quantitative and quantitative metabolomic results predicted patient outcomes with high accuracy (AUROC = 0.91). Collectively, this metabolomic endotype points to a close association between mitochondrial and bioenergetic dysfunction and mortality in human ARF, thus pointing to new pharmacologic targets to reduce mortality in this condition

Knife-edge conditions in the modeling of long-run growth regularities

Balanced (exponential) growth cannot be generalized to a concept which would not require knife-edge conditions to be imposed on dynamic models. Already the assumption that a solution to a dynamical system (i.e. time path of an economy) satisfies a given functional regularity (e.g. quasi-arithmetic, logistic, etc.) imposes at least one knife-edge assumption on the considered model. Furthermore, it is always possible to find divergent and qualitative changes in dynamic behavior of the model – strong enough to invalidate its long-run predictions – if a certain parameter is infinitesimally manipulated. In this sense, dynamics of all growth models are fragile and "unstable"

Endogenous technological change, innovation diffusion and transitional dynamics in a nonlinear growth model

This paper addresses capital accumulation and capital productivity change in an economy with endogenous technological change and floors and ceilings in activity. The properties of the resulting two-variable nonlinear differential equation system are studied in some detail. The welfare implications are also considered. When discrete lags are introduced, wide-ranging behaviour emerges, which includes convergence to a steady-state, catastrophes, hysteresis, limit cycles and chaos. Simulations illustrate the results. It is found that external shocks, such as the diffusion of innovations from elsewhere, do not just change the level of the steady-state equilibrium but also the dynamical properties of the paths of output and productivity