ON THE RENTAL PRICE OF CAPITAL AND THE PROFIT RATE: THE PERILS AND PITFALLS OF TOTAL FACTOR PRODUCTIVITY GROWTH

This paper considers the implications of the conceptual difference between the rental price of capital, embedded in the neoclassical cost identity (output equals the cost of labour plus the cost of capital), and used in growth accounting studies; and the profit rate, which can be derived from the national income and product accounts (NIPA). The neoclassical identity is a "virtual" identity in that it depends on a series of assumptions (constant returns to scale and perfectly competitive factor markets). The income side of the NIPA also provides an accounting identity for output as the sum of the wage bill plus the surplus. This identity, however, is a "real" one, in the sense that it does not depend on any assumptions and thus it holds always. It is shown that because the neoclassical cost identity and the income accounting identity according to the NIPA are formally equivalent expressions, estimations of aggregate production functions and growth accounting studies are tautologies. Likewise, the test of the hypothesis of competitive markets using Hall's (1988) framework gives rise to a null hypothesis that cannot be rejected statistically.

Returns to Scale for EU Regional Manufacturing

Recent theoretical advances have emphasised the importance of localised increasing returns to scale in understanding both the regional growth and agglomeration processes. However, considerable empirical controversy still exists over whether returns to scale are constant or increasing. Consequently, this study aims to provide some new estimates of the degree of returns to scale for EU regional manufacturing. It does so within the framework of the Verdoorn law. Unlike previous studies, issues of specification of fundamental importance to recent theoretical developments are brought to attention. Overall, the paper concludes that localised increasing returns in EU regional manufacturing are substantial.increasing returns, Verdoorn law, manufacturing, productivity growth, spatial econometrics

Why Thirlwall's Law Is Not a Tautology: More on the Debate Over the Law

This paper reconsiders the argument first debated in the 1980s and revisited by Blecker (2016) and Razmi (2016), inter alios, that Thirlwall’s law is nothing but a near identity. It is shown theoretically and by simulation analysis that this proposition is erroneous. It is also demonstrated that Razmi’s (2016) specification of the balance-of-payments constrained growth model is problematical. The paper concludes by assessing the effectiveness of the rate of change of relative prices for export and import growth. Recent evidence provides further support for the importance of non-price competitiveness in international trade and, hence, for Thirlwall’s law.Non

CORRECTING FOR BIASES WHEN ESTIMATING PRODUCTION FUNCTIONS: AN ILLUSION OF THE LAWS OF ALGEBRA?

this paper argues that the true cause of the endogeneity bias that allegedly appears when estimating production functions, and which the literature has tried to deal with since the 1940s, is s imply the result of omitted-variable bias due to an incorrect approximation to an accounting identity. As a result we question recent attempts to solve the problem by developing new estimators.

Age of First Drink, First Alcohol Intoxication, and Alcohol Abuse Behaviors Among Occupational Therapy Students

The purpose of the present study was to examine alcohol use behaviors among a national sample of occupational therapy students. Survey instruments, including the AUDIT and a checklist of risky and unprofessional behaviors related to alcohol abuse, were mailed to 1,000 occupational therapy students randomly selected from membership in the American Occupational Therapy Association. Surveys were returned by 309 student members; however, 24 indicated they were not currently occupational therapy students. Of the 285 participants, 97% reported drinking alcohol at some point over the previous year, with 1 in 5 drinking two or more times a week, often consuming four or more drinks per occasion. Predominant risky and unprofessional behaviors included binge drinking, saying something very inappropriate, combining alcohol and energy drinks, and attending class with a hangover. In general, these students tended to drink alcohol in a socially responsible and acceptable manner. Nevertheless, based on AUDIT guidelines, almost two-thirds of the students did consume alcohol on some singular or more frequent occurrence in the previous year at harmful or hazardous levels. As a consequence, the need to address the topic of alcohol abuse at both the university and the professional levels is warranted, along with the provision of counseling and occupation-based treatment services for those experiencing physiological and psychological problems stemming from alcohol abuse and/or addiction

A community pharmacy weight management programme: an evaluation of effectiveness

<p>Background: Community pharmacies may offer an accessible way of delivering weight-management programmes but there have been few trials that use clinically significant weight loss outcomes, objective measures of weight and follow-up to 12 months. We aimed to evaluate weight change among patients who used the Counterweight weight management programme delivered by community pharmacies.</p> <p>Methods: The Counterweight Programme was introduced into community pharmacies in Fife, Scotland in 2009 for patients with a BMI ≥ 30 kg/m2 or a BMI ≥ 28 kg/m2 with a co-morbidity in localities in which Counterweight was not available at GP practices. The aim was to achieve an energy deficit of 500-600 kcal per day. Counterweight specialist dietitians delivered training, support and patient information materials to community pharmacies. Patient weight was measured by pharmacy staff at each weight management session. Weight data recorded at each weight management session were used to estimate weight change and attendance at 3, 6 and 12 months.</p> <p>Results: Between March 2009 and July 2012, 458 patients were enrolled by the community pharmacies. Three-quarters of patients were women, mean age was 54 (SD 7.4) years and mean BMI 36.1 (SD 5.9) kg/m2. Of 314 patients enrolled for at least 12 months, 32 (10.2% on an intention to treat basis) had achieved the target weight loss of ≥5%; this was 41.6% of those who attended at 12 months representing a mean weight loss of 4.1 kg. Using Last Observation Carried Forward, 15.9% achieved the target weight loss within 12 months of enrolling. There was no significant effect of sex, baseline BMI or age on weight loss.</p> <p>Conclusions: The Counterweight pharmacy programme has a similar effectiveness to other primary care based weight management programmes and should be considered as part of a range of services available to a community to manage overweight and obesity.</p&gt

Accounting Education in the Institution known as the University: Alibis of Social Relevance

The purpose of this paper is to examine the changes, if any, that have taken place in terms of the social relevance of accounting education in Australian Universities. In order to comment on the notion of social relevance, this paper examines the notion of alibis as put forward by Simon (2001). The past is reviewed in terms of the roles that accounting education has played in the Australian community. It is concluded that university education, and specifically accounting education, in an Australian context has never entirely been what Simon (2001) would label as ‘traditional scholarly’ (his first alibi). A second alibi, ‘economic utilitarian’, is found to be dominant for accounting education, in line with most university education today. A final section of the paper briefly reviews the way forward for accounting education which would fall under the alibi of ‘modernist liberal’. The paper is largely historical and adds to the debate on change in accounting education, by exploring the social relevance of accounting education

Attitudes of Occupational Therapists and Occupational Therapy Assistants Toward the Entry-Level Bachelor’s Degree for OTAs

Discussions at the local, state, and national level often focus on the value of and prospect for a change from the current entry-level master’s degree to the doctorate degree as the required entrance degree for occupational therapists (OTs). While this debate is not without merit, what appears to be lacking is comparable attention to and consideration of the entry-level bachelor’s degree for occupational therapy assistants (OTAs). The present study examined the attitudes and opinions of OTs and OTAs in regard to the entry-level bachelor’s degree for OTAs. Responses from 144 OTs and 77 OTAs to a postal mailed survey found the majority of the participants did not agree with the profession moving to the entry-level bachelor’s degree for OTAs. However, they varied significantly in responses as to whether such a move would result in OTAs being paid more or being more current in evidence-based practice/research. Further, respondents were diverse in their opinions as to whether the bachelor’s degree would become the entry-level degree for OTAs in the near future. The results of this study support the need for an open national debate combined with applied research into the worth and option of moving to the entry-level bachelor degree for OTAs