Reviews

The Hutchinson Electronic Encyclopedia, First Electronic Version, Oxford, Random Century and Attica Cybernetics, 1991. ISBN: 1–873472–00–5. Price £99

Homoclinic Orbits In Slowly Varying Oscillators

We obtain existence and bifurcation theorems for homoclinic orbits in three-dimensional flows that are perturbations of families of planar Hamiltonian systems. The perturbations may or may not depend explicitly on time. We show how the results on periodic orbits of the preceding paper are related to the present homoclinic results, and apply them to a periodically forced Duffing equation with weak feedback

The Hero Who Overslept

"We all love a lie in, but the alarm clock is definitely ringing. The time has finally come to throw back the duvet and leap into this playfully unhinged show about finding the hero under the covers. It’s a sincere and heartfelt invitation to defy indifference and experience a new, tender love story for our long-neglected earth, one in which we are the ones we’ve been waiting for. In a never seen before mix of climate science, psychology, philosophy and surrealist dance, our unlikely heroes strive to remake themselves in preparation for an overdue remaking of the world. These quirky ‘Clark Kents’ of climate change will shake your inner snooze button awake, so come see a performance that stretches what’s possible in an hour but will be a lifetime in the living.

Social capital, social norms and the New Institutional Economics

Douglass North (1990) describes institutions as the rules of the game that set limits on human behavior, now a universally-accepted definition. North and others especially underline the crucial role of informal social norms. They predict that, like all rules of the game, social norms should affect the economic prosperity enjoyed by individuals and countries – that they should have a crucial impact, for example, on economic and political development. In fact, substantial evidence demonstrates that social norms prescribing cooperative or trustworthy behavior have a significant impact on whether societies can overcome obstacles to contracting and collective action that would otherwise hinder their development. Much of this evidence comes from outside the new institutional economics, emerging instead from scholarly research in the field of “social capital.” A review of this evidence, and its implications for our understanding of the role of social norms and institutions, is therefore the focus of this chapter.social capital, norms, institutions, institutional economics

The Implications for Regional Investment of Diversification Strategies in Commercial Real Estate Portfolios

A number of studies have examined the benefits of regional diversification strategies within commercial real estate portfolios with two approaches adopted; the first is based on primary contiguous geographical regions while the second employs areas based on economic function. In general, the conclusion is that diversifications strategies based on simple geographical areas adds little, if anything, while economic based regions have shown much greater potential. The economic regions approach to portfolio analysis appears to be a much more valuable tool in evaluating regional real estate investment opportunities and risks. The reason is that this method allows consistent risk measurement between aerial units and enables the portfolio manager to develop a geographically diversified portfolio through the use of economically cohesive regions. The aim of this paper is therefore to identify how the application of these portfolio investment techniques determines the flows of funds coming into regions, and the consequent impacts on regional investment in the regional built environment. Most previous research on this issue is based in the US with studies in other countries largely hampered by lack of real estate data and/or acceptable definitions of economic regions. This study therefore attempts to rectify this position in the UK using a large data set of real estate and socio-economic data.

On the instability of hypersonic flow past a wedge

The instability of a compressible flow past a wedge is investigated in the hypersonic limit. Particular attention is given to the Tollmien-Schlichting waves governed by triple-deck theory though some discussion of inviscid modes is given. It is shown that the attached shock has a significant effect on the growth rates of Tollmien-Schlichting waves. Moreover, the presence of the shock allows for more than one unstable Tollmien-Schlichting wave. Indeed, an infinite discrete spectrum of unstable waves is induced by the shock, but these modes are unstable over relatively small but high frequency ranges. The shock is shown to have little effect on the inviscid modes considered by previous authors and an asymptotic description of inviscid modes in the hypersonic limit is given

Boondoogles and expropriation : rent-sseking and policy distortion when property rights are insecure

Most analyses of property rights and economic development point to the negative influence of insecure property rights on private investment. The authors focus instead on the largely unexamined effects of insecure property rights on government policy choices. They identify one significant anomaly-dramatically higher public investment in countries with insecure property rights-and use it to make the following broad claims about insecure property rights; 1) They increase rent-seeking. 2) They may reduce the incentives of governments to use tax revenues for productive purposes, such as public investment. 3) They do so whether one regards the principal problem of insecure property rights as the maintenance of law and order, which government spending can potentially remedy, or as the threat of expropriation by government itself, and therefore not remediable by government spending. The authors present substantial empirical evidence to support these claims.Environmental Economics&Policies,International Terrorism&Counterterrorism,Labor Policies,Economic Theory&Research,Payment Systems&Infrastructure,Environmental Economics&Policies,Economic Theory&Research,National Governance,Public Sector Economics&Finance,Land and Real Estate Development

Social polarization, social institutions, and country creditworthiness

The literature argues that the presence of multiple veto players (government decisionmakers) with polarized interests increases the credibility of sovereign commitments, but reduces the ability of governments to adjust policies in the event of exogenous shocks that jeopardize their ability to honor their commitments. In the case of sovereign lending, if the first effect prevails, countries would be regarded as more creditworthy; if the second, less. The authors address two issues. First, using measures of country creditworthiness, they ask whether the net effect of multiple veto players is positive or negative. Second, though, the authors go beyond the existing literature to argue that the net effect of multiple veto players depends onthe nature of social polarization in a country. In particular, they argue that political competition is fundamentally different in countries exhibiting ethnic polarization than in countries polarized according to income or wealth. The evidence supports the prediction that multiple veto players matter more when countries are more ethnically polarized, but less when income inequality is greater.Economic Theory&Research,Payment Systems&Infrastructure,Labor Policies,Environmental Economics&Policies,Poverty Impact Evaluation,Inequality,Governance Indicators,Environmental Economics&Policies,Social Conflict and Violence,Economic Theory&Research

Polarization, politics, and property rights : links between inequality and growth

Most efforts to trace the effects of income inequality on growth have focused on redistribution. However, empirical investigation has not substantiated either the positive association of income inequality with redistribution or the negative association of redistribution with economic growth. The authors analyze the effects of inequality in the broader context of social polarization. They argue that social polarization, whether rooted in income inequality or in ethnic tension, makes large changes in current policies (including those guaranteeing the security of contract and property rights) more likely under a wide range of institutional arrangements. The resulting uncertainties in the policy and contractual environment hinder growth. They find strong empirical support for both parts of this argument. The policy implications of their argument are quite distinct from those of arguments that inequality reduces growth by increasing pressures for redistribution. If redistributive policies per se were to blame for the low growth resulting from inequality, governments that seek to mitigate income inequality must inevitably confront a tradeoff between equity and growth. If, on the other hand, the insecurity of property rights slows growth in unequal or otherwise polarized societies, governments that commit over the long run to particular redistributive policies incur less risk of slowing economic growth. Fiscal redistribution that reduces inequality may actually increase growth by reducing the risks of political uncertainty.Poverty Impact Evaluation,Economic Theory&Research,Human Rights,Labor Policies,Environmental Economics&Policies,Environmental Economics&Policies,Inequality,Governance Indicators,Poverty Impact Evaluation,Economic Theory&Research