A Photographic Study of Freezing of Water Droplets Falling Freely in Air

A photographic technique for investigating water droplets of diameter less than 200 microns falling freely in air at temperatures between 0 C and -50 C has been devised and used to determine: (i) The shape of frozen droplets (2) The occurrence of collisions of partly frozen or of frozen and liquid droplets (3) The statistics on the freezing temperatures of individual free-falling droplets A considerable number of droplets were found to have a nonspherical shape after freezing because of various protuberances and frost growth, and droplet aggregates formed by collision. The observed frequency of collision of partly frozen droplets showed good order of magnitude agreement with the frequency computed from theoretical collection efficiencies. The freezing temperature statistics indicated a general similarity of the data to those obtained for droplets frozen on a metallic surface in previous experiments

Finance and growth : Schumpeter might be right

Joseph Schumpeter argued in 1911 that the services provided by financial intermediaries - mobilizing savings, evaluating projects, managing risk, monitoring managers, and facilitating transactions -stimulate technological innovation and economic development. The authors present evidence that supports this view. Examining a cross-section of about 80 countries for the period 1960-89, they find that various measures of financial development are strongly associated with both current and later rates of economic growth. Each measure has shortcomings but all tell the same story: finance matters. They present three main findings, which are robust to many specification tests: The average level of financial development for 1960-89 is very strongly associated with growth for the period. Financial development precedes growth. For example, financial depth in 1960 (the ratio of broad money to GDP) is positively and significantly related to real per capita GDP growth over the next 30 years even after controlling for a variety of country-specific characteristics and policy indicators. Financial development is positively associated with both investment rate and the efficiency with which economies use capital. Much work remains to be done, but the data are consistent with Schumpeter's view that the services provided by financial intermediaries stimulate long-run growth.Achieving Shared Growth,Governance Indicators,Economic Theory&Research,Inequality,Economic Growth

Financial indicators and growth in a cross section of countries

The authors use existing measures of the financial system - and construct many new measures - to document the relationship between the financial system and long-run growth in a cross-section of countries between 1960 and 1989. They consider various measures of the size of the financial system, the importance of different financial institutions, the financial system's allocation of credit, the financial system's efficiency, and the degree of financial repression. They use graphs, correlations, and regressions to gauge the robustness of the partial correlation between growth and the financial indicators. They also examine two channels through which financial indicators may be linked to growth: the share of GDP allocated to investment; and the efficiency with which resources are used. They find that many of the financial system indicators are significantly correlated with growth through both investment and efficiency. Moreover, many of these partial correlations remain strong after controlling for initial conditions, dummy variables for Africa and Latin America, and measures of monetary, fiscal, and trade performance. Their analysis suggests that it is empirically important to identify which financial intermediaries aredoing the intermediation and to whom the financial system is allocating credit rather than simply using proxies for the overall size of the financial system, as has been common in past studies.Economic Theory&Research,Macroeconomic Management,Financial Economics,Achieving Shared Growth,Governance Indicators

Capital fundamentalism, economic development, and economic growth

Few economic ideas are as intuitive as the notion that increasing investment is the best way to raise future output. This idea was the basis for the theory"capital fundamentalism."Under this view, differences in national stocks of capital were the primary determinants of differences in levels of national product. Capital fundamentalists viewed capital accumulation as central to increasing the rate of economic growth. Evidence to support this view was based mostly on case studies of less developed countries. Neoclassical growth theory and growth accounting research indicated that differences in patterns of investment and capital formation were not the main factors that led nations to be rich or poor, fast-growing or slow. Technology, rather than capital accumulation, appeared to drive improvements in living standards in the long run. Evidence to support this view was based mostly on data from advanced countries. Recent research on growth and development has lent support to two conclusions that capital fundamentalists would find attractive: that differences in national patterns of physical capital accumulation can explain many differences in levels of national product, and that increases in national investment rates can produce major increases in rates of economic growth. The authors find that although the capital-output ratio varies positively with the level of per capita income, there is little support for the view that capital fundamentalism should guide the agenda for research and policy advice. Extending standard growth accounting procedures to a broad sample of 105 countries, they find: 1) differences in capital-per-person explain few of the differences in output-per-person across countries; 2) growth in capital stocks account for little of output growth across countries; and 3) the ratio of investment to Gross Domestic Product is strongly associated with economic growth - but there is more reason to believe that economic growth causes investment and savings than investment and savings cause economic growth.Economic Growth,Economic Theory&Research,Banks&Banking Reform,International Terrorism&Counterterrorism,Achieving Shared Growth

The Economic Effects of Spectrum Trading

We consider a model in which Cournot-Nash oligopolistic service providers are able to trade radio spectrum licences, subject to interference constraints. The terms of trade are endogenised through Nash bargaining. When the providers are in the same (geographical) market, the incentive to trade is due to cost differences; when they are in separate markets, differential demand conditions can also stimulate trade. We show that trade can enhance the productive efficiency of service provision (by concentrating production in low cost firms) but the resulting service consumer prices may have negative welfare implications. We then present numerical results from a program designed to simulate trading scenarios. these results illustrate a number of outcomes of allowing licence trades. We discuss a number of applications and extensions for our model and the relevance of our results for current government consultations on spectrum trading.

Tempo e bem estar: an argument for a temporal bill of rights

Neste artigo examino o impacto da experiência temporal – o emprego do tempo, concepções do tempo e normas temporais - sobre a felicidade e o bem estar; sugiro políticas públicas voltadas à ampliação dessa experiência. Inicio com uma revisão da literatura relativa às interrelações entre o tempo, dinheiro e felicidade. Em segundo lugar, reviso dados e questões em torno dos horários de trabalho e não trabalho ao redor do mundo. Em terceiro lugar, descrevo numa perspectiva mais ampla as questões temporal que deveriam ser levadas em consideração nas decisões de políticas públicas, por exemplo, medidas de relógio versus eventos, enfoques monocrônicos versus policrônicos, definições de tempo perdido, ritmo de vida e orientação temporal. Concluo com sugestões para a elaboração de políticas do emprego do tempo voltadas para aumentar a felicidade individual e coletiva. Trata-se de um truísmo virtual o modo como empregamos nosso tempo se expressa no modo como vivemos nossas vidas. Nosso tempo é o bem mais valioso do qual dispomos. Boa parte desse tempo, no entanto, é controlado por outros, desde nossos empregadores até nossos familiares mais próximos. Também está claro que existem diferenças profundas – individuais, sócio econômicas, culturais e nacionais – no grau de controle que indivíduos exercem sobre seus próprios tempos (ver p. exemplo LEVINE, 1997; LEE, et al., 2007). Pode ser argumentado que políticas públicas são necessárias para proteger os “direitos temporais” dos indivíduos, particularmente aqueles mais vulneráveis à exploração. Este artigo foi motivado por um projeto de largo espectro do qual tive a oportunidade de participar. O projeto começou na primavera de 2012 na sequência de uma resolução da ONU, aprovada por unanimidade em sua Assembleia Geral, na qual “felicidade” foi incluída na agenda global. O Butão foi convidado a receber um grupo interdisciplinar de “experts” internacionais com a tarefa de elaborar recomendações para incentivar a busca da felicidade no planeta; mais especificamente desenvolver um “novo paradigma para o desenvolvimento mundial”. O Butão é um pequeno país pobre, cercado de montanhas na região do Himalaia, foi escolhido para essa tarefa em função do pioneirismo de seu projeto de “Felicidade Nacional Bruta” - FNB (Gross National Happiness - GNH). “Progresso” na definição dos autores desse projeto, “deveria ser visto não apenas através das lentes da economia como também a partir de perspectivas espirituais, sociais, culturais e ecológicas”. Felicidade e desenvolvimento, em outras palavras, dependem em mais fatores do que o crescimento e acumulação de capital. Inglaterra, Canadá e outros países e organizações de dimensões nacionais seguiram na mesma direção do Butão, estabelecendo medidas de FNB (LEVINE, 2013). Um dos domínios centrais do índice de FNB do Butão é “emprego do tempo” que correspondeu à minha participação no relatório do grupo de estudo. Este artigo está bastante apoiado naquele relatório e nas inferências que o projeto me proporcionou. Discuto quatro conjuntos de temas: I. As interrelações entre tome, dinheiro e felicidade. Máxima importância, qual a relevância do emprego do tempo com o bem estar e a felicidade? II. Emprego do tempo: questão dos horários e políticas de organização do trabalho. III. Outors fatores tempais que devem ser considerados ao formularo políticas de promoção de felicidade.. IV. Sugestões para elaboração de políticas: a chamada para uma “Lei de Direitos Temporais”.This paper examines the impact of temporal experience—time use, conceptions of time and temporal norms—on happiness and well-being and suggests public policies to enhance these experiences. First, it reviews literature concerning the interrelationships of time, money and happiness. Second, it reviews data and issues concerning the use of work and non-work hours around the world. Third, it describes a broader range of temporal issues to be considered in policymaking decisions, e.g. clock versus event time-keeping, monochronic versus polychronic approaches, the definition of wasted time, the pace of life, and temporal orientation. Finally, suggestions are of ered for the formulation of time-use policies intended to increase individual and collective happiness. It is a virtual truism that the way we use our time is the way we live our lives. Our time is our most valuable possession. Much of this time, however, is controlled by others, ranging from our employers to our closest family members. It is also clear that there are profound dif erences-- individual, socio-economic, cultural and national--in the degree to which people hold control over their own time (e.g., LEVINE, 1997; LEE, et al., 2007). It may be argued that public policies are needed to protect the “temporal rights” of individuals, particularly those who are most vulnerable to exploitation. This paper was sparked by an ambitious large-scale project in which I had the opportunity to participate. The project was initiated in the Spring of 2012 following a United Nations resolution, adopted unanimously by the General Assembly, placing “happiness” on the global agenda. The nation of Bhutan was asked to convene an interdisciplinary group of international “experts” to craft recommendations for policies to raise worldwide happiness; more specifically, to develop a “new paradigm for world development.” Bhutan, a small, landlocked, relatively poor Himalayan nation, was chosen for this task because of its pioneering Gross National Happiness (GNH) project. “Progress,” the GNH designers declared, “should be viewed not only through the lens of economics but also from spiritual, social, cultural and ecological perspectives.” Happiness and development, in other words, depend on more than growth and the accumulation of money. England, Canada and other countries and country-level organizations have subsequently followed Bhutan’s lead and established GNH measures of their own (LEVINE, 2013). One of the nine core domains of Bhutan’s GNH index is “time use,” which comprised my section of the report. The present paper draws heavily on that report and the insights that research of ered me. I will address four major sets of issues: I. The inter-relationships of time, money and happiness. Most importantly, what is the relevance of time use to well-being and happiness? II. Time Use: Work hour issues and policies. III. Other temporal factors that need to be considered when formulating policies to increase happiness. IV. Suggestions for policymaking: The call for a “Temporal Bill of Rights.