Unilateral Transfers and a Reinterpretation of Objectivist Ethics

Kathleen Touchstone's Then Athena Said: Unilateral Transfers and the Transformation of Objectivist Ethics is an intriguing book on unilateral transfers within the context of Objectivism. Touchstone examines Rand's primary social ethic, the Trader Principle—the bilateral exchange of value between independent equals. In reconsidering Rand's thoughts, she raises many arguments and provides thought-provoking insights especially on charity, reproductivity, retaliation and rights. Touchstone reinterprets Objectivism through the prism of economics, applying economic tools such as consumer theory, capital theory, game theory, and decision making under uncertainty to address the questions she raise

The Impact of Cultural Diversity on Innovation: Evidence from Dutch Firm-Level Data

Due to the growth in international migration in recent decades, the workforce of firms in host countries has become considerably more diverse, both demographically and culturally. It is an important question for firms and for governments to ask whether there are some productivity-enhancing externalities gained from this growing diversity within firms. In recent years migration research has demonstrated positive economic impacts of cultural diversity on productivity and innovation at the regional level. However, there is a dearth of research on the links between innovation and migrant diversity at the firm level. In this paper we construct and analyse a unique linked employer-employee micro-dataset of 4582 firms, based on survey and administrative data obtained from Statistics Netherlands. Excluding firms in the hospitality industry and other industries that employ low-skilled migrants, we use the local number of restaurants with foreign cuisines and the historical presence of migrant communities as valid instruments of endogenous migrant settlement. We find that firms in which foreigners account for a relatively large share of employment are somewhat less innovative. However, there is strong evidence that firms that employ a more diverse foreign workforce are more innovative, particularly in terms of product innovations.immigration, innovation, cultural diversity, knowledge spillovers, linked employer-employee data, Netherlands

Powerful and Serial Correlation Robust Tests of the Economic Convergence Hypothesis

In this paper, a likelihood ratio approach is taken to derive a test of the economic convergence hypothesis in the context of the linear deterministic trend model. The test is designed to directly address the nonstandard nature of the hypothesis, and is a systematic improvement over existing methods for testing convergence in the same context. The test is first derived under the assumption of Gaussian errors with known serial correlation. However, the normality assumption is then relaxed, and the results are naturally extended to the case of covariance stationary errors with unknown serial correlation. The test statistic is a continuous function of individual t-statistics on the intercept and slope parameters of the linear deterministic trend model, and therefore, standard heteroskedasticity and autocorrelation consistent estimators of the long-run variance can be directly implemented. Building upon the likelihood ratio framework, concrete and specific tests are recommended to be used in practice. The recommended tests do not require the knowledge of the form of serial correlation in the data, and they are robust to highly persistent serial correlation, including the case of a unit root in the errors. The recommended tests utilize the nonparametric kernel variance estimators, which are analyzed using the fixed bandwidth (fixed-b) asymptotic framework recently proposed by Kiefer and Vogelsang (2003). The fixed-b framework makes possible the choice of kernel and bandwidth that deliver tests with maximal asymptotic power within a specific class of tests. It is shown that when the Daniell kernel variance estimator is implemented with specific bandwidth choices, the recommended tests have asymptotic power close that of the known variance case, as well as good finite sample size and power properties. Finally, the newly developed tests are used to investigate economic convergence among eight regions of the United States (as defined by the Bureau of Economic Analysis) in the post-World-War-II period. Empirical evidence is found for convergence in three of the eight regions.Likelihood Ratio, Economic Convergence, ?-convergence Hypothesis, Joint Inequality, HAC Estimator, Fixed-b Asymptotics, Power Envelope, Unit Root, Linear Trend, BEA Regions.

Powerful and Serial Correlation Robust Tests of the Economic Convergence Hypothesis

In this paper, a likelihood ratio approach is taken to derive a test of the economic convergence hypothesis in the context of the linear deterministic trend model. The test is designed to directly address the nonstandard nature of the hypothesis, and is a systematic improvement over existing methods for testing convergence in the same context. The test is first derived under the assumption of Gaussian errors with known serial correlation. However, the normality assumption is then relaxed, and the results are naturally extended to the case of covariance stationary errors with unknown serial correlation. The test statistic is a continuous function of individual t-statistics on the intercept and slope parameters of the linear deterministic trend model, and therefore, standard heteroskedasticity and autocorrelation consistent estimators of the long-run variance can be directly implemented. Building upon the likelihood ratio framework, concrete and specific tests are recommended to be used in practice. The recommended tests do not require the knowledge of the form of serial correlation in the data, and they are robust to highly persistent serial correlation, including the case of a unit root in the errors. The recommended tests utilize the nonparametric kernel variance estimators, which are analyzed using the fixed bandwidth (fixed-b) asymptotic framework recently proposed by Kiefer and Vogelsang (2003). The fixed-b framework makes possible the choice of kernel and bandwidth that deliver tests with maximal asymptotic power within a specific class of tests. It is shown that when the Daniell kernel variance estimator is implemented with specific bandwidth choices, the recommended tests have asymptotic power close that of the known variance case, as well as good finite sample size and power properties. Finally, the newly developed tests are used to investigate economic convergence among eight regions of the United States (as defined by the Bureau of Economic Analysis) in the post-World-War-II period. Empirical evidence is found for convergence in three of the eight regions.Likelihood Ratio, Joint Inequality, HAC Estimator, Fixed-b Asymptotics, Power Envelope, Unit Root, Linear Trend, BEA Regions.

Powerful Tests of Structural Change That are Robust to Strong Serial Correlation

This paper proposes powerful and serial correlation robust test statistics that can be used to test for the presence of structural change in the trend function of a univariate time series. Four models are analyzed, each model corresponding to a different way in which a trend break might occur. Given a model, the proposed tests are designed to detect a single break at an unknown date. The tests do not require the knowledge of the form of serial correlation in the data, and they are made robust to the presence of highly persistent serial correlation and a unit root in the errors by using a more comprehensive version of the scaling factor approach of Vogelsang (1998b). The tests utilize the popular nonparametric kernel variance estimators. The fixed-bandwidth asymptotic framework, proposed by Kiefer and Vogelsang (2003), is used to approximate the effects of the variance estimators on the test statistics. The fixed-bandwidth framework makes possible the choice of kernel and bandwidth that deliver tests with maximal asymptotic power within a specific class of tests. For each of the proposed tests, concrete and specific recommendations are made for the bandwidth and kernel to be used in practice. The recommended tests are shown to have good finite sample size and power properties.

The impact of cultural diversity on firm innovation: evidence from Dutch micro-data

An important question for firms and policy makers is whether the recruitment of foreign workers can boost innovation. Migration studies have demonstrated positive economic impacts of cultural diversity on productivity and innovation at the regional level, but the impacts at firm level are less well known. Merging data from four different sources, provided by Statistics Netherlands, we construct and analyze a unique linked employer-employee micro dataset of 4582 firms that includes qualitative information on firm innovation. We consider both the number of immigrants these firms employ and their cultural diversity. Potential endogeneity of migrant employment is addressed by an instrumental variables approach that accounts for the past geographic distribution of immigrants and the past culinary diversity of the municipality the firm is located in. We find robust evidence that firms employing relatively more migrants are less innovative. However, there is evidence of integration in that this effect is generally less strong or even absent for second generation immigrants. Moreover, firms employing a more diverse foreign workforce are more innovative, particularly in terms of product innovations. The benefits of diversity for innovation are more apparent in sectors employing relatively more skilled immigrants

Immigration and innovation in European regions

The pooling of people with diverse backgrounds in particular areas may boost the creation of new ideas, knowledge spillovers, entrepreneurship and economic growth. In this paper we measure the impact of the size, skills and diversity of immigration on innovativeness of host regions. For this purpose we construct a panel of data on 170 regions in Europe (NUTS 2 level) for the period 1991-2001. Innovation outcomes are measured by means of the number and types of patent applications. Given the geographical concentration and subsequent diffusion of innovation activity, and the spatial selectivity of immigrant settlement patterns, we take account of spatial dependence and of endogeneity of immigrant settlement in the econometric modelling. We find that an increase in patent applications in a region is associated with (i) net immigration; (ii) the share of foreigners in the population of the region; (iii) the average skill level of the immigrants; and (iv) the cultural diversity of the immigrants. The magnitude of these effects varies between types of patents

Systematics and biostratigraphy of Oligocene (Rupelian-Early Chattian) foraminifera from lagoonal-very shallow water limestone in the eastern Sivas Basin (central Turkey)

Oligocene (Rupelian-early Chattian) new larger benthic foraminiferal taxons such as miliolid genus Sivasina n. gen., SİREL & ÖZGEN-ERDEM (type species Sivasina egribucakensis n. gen. n. sp. SİREL & ÖZGEN-ERDEM) occurs in the Eğribucak, Bakımlı, Tuzlagözü and Çaygören sections (E of Sivas). One new Rupelian-early Chattian lagoonal-shallowest-water peneroplid species Peneroplis flabelliformis n. sp., SİREL & ÖZGEN-ERDEM from the Eğribucak, Tuzlagözü and Çaygören sections and Rupelian lagoonal two new peneroplid species Coscinospira sivasensis n. sp. SİREL & ÖZGEN-ERDEM, Coscinospira elongata n. sp. SİREL & ÖZGEN-ERDEM from the Eğribucak section (E of Sivas), two new Rupelian shallowest-water alveolinid species Praebullalveolina oligocenica n. sp. SİREL & ÖZGEN-ERDEM and Praebullalveolina minuta n. sp. SİREL & ÖZGEN-ERDEM from the Bakımlı section are described and figured. Furthermore, the description of the known Oligocene soritid species Praearchaias diyarbakirensis SİREL, Praearchaias minimus SİREL, Archaias kirkukensis HENSON, Archaias asmaricus SMOUT & EAMES, peneroplid species P. cf. laevigatus d’ ORBIGNY and austrotrillinid species Austrotrillina brunni MARIE are given shortly. In addition, the biostratigraphy of four studied sections are introduced. </span

The Impact of Cultural Diversity on Innovation: Evidence from Dutch Firm-Level Data

Due to the growth in international migration in recent decades, the workforce of firms in host countries has become considerably more diverse, both demographically and culturally. It is an important question for firms and for governments to ask whether there are some productivity-enhancing externalities gained from this growing diversity within firms. In recent years migration research has demonstrated positive economic impacts of cultural diversity on productivity and innovation at the regional level. However, there is a dearth of research on the links between innovation and migrant diversity at the firm level. In this paper we construct and analyse a unique linked employer-employee micro-dataset of 4582 firms, based on survey and administrative data obtained from Statistics Netherlands. Excluding firms in the hospitality industry and other industries that employ low-skilled migrants, we use the local number of restaurants with foreign cuisines and the historical presence of migrant communities as valid instruments of endogenous migrant settlement. We find that firms in which foreigners account for a relatively large share of employment are somewhat less innovative. However, there is strong evidence that firms that employ a more diverse foreign workforce are more innovative, particularly in terms of product innovations.immigration, innovation, cultural diversity, knowledge spillovers, linked employer-employee data, Netherlands