American Economic Development, Managerial Corporate Capitalism, and the Institutional Foundations of the Modern Income Tax

Mehrotra examines the factors contributing to the introduction of the corporate income tax in 1909 and of the individual income tax in 1913. According to the conventional wisdom, these taxes were the products of politics, political institutions, and social forces; economic factors play a cameo role in the standard historical accounts. He argues that economic developments were as significant as political and social factors in the enactment and development of the taxes. The corporations created the wealth that became the targets of the corporate and individual taxes. Here, he investigates two particular economic factors. First, he explores the broad, long-term, structural transformations in the American economy that fostered the development of the modern progressive income tax. Between the end of Reconstruction and the onset of the Great Depression, the American economy underwent dramatic changes. The second set of economic factors that facilitated the development of the modern income tax followed from the first

India needs an Employment Guarantee Scheme

.Poverty, Employment, India

Rule groupings: An approach towards verification of expert systems

Knowledge-based expert systems are playing an increasingly important role in NASA space and aircraft systems. However, many of NASA's software applications are life- or mission-critical and knowledge-based systems do not lend themselves to the traditional verification and validation techniques for highly reliable software. Rule-based systems lack the control abstractions found in procedural languages. Hence, it is difficult to verify or maintain such systems. Our goal is to automatically structure a rule-based system into a set of rule-groups having a well-defined interface to other rule-groups. Once a rule base is decomposed into such 'firewalled' units, studying the interactions between rules would become more tractable. Verification-aid tools can then be developed to test the behavior of each such rule-group. Furthermore, the interactions between rule-groups can be studied in a manner similar to integration testing. Such efforts will go a long way towards increasing our confidence in the expert-system software. Our research efforts address the feasibility of automating the identification of rule groups, in order to decompose the rule base into a number of meaningful units

A note on the national contributions to euro area M3

We examine developments in national contributions to euro area M3 for a sample of nine euro area countries during 1999–2005. We investigate the co-movements of national contributions with euro area M3 and discuss possible reasons for divergencies in growth rates of national contributions. Finally, we evaluate the information content of national contributions to M3 using formal tests of causality between monetary aggregates, consumer prices and equity prices.national contribution; M3; euro area

Demand for money in transition: Evidence from China's disinflation

We examine money demand in the Chinese economy during a period characterized by significant disinflation and outright deflation, coupled with strong output growth. Our study establishes a stable money demand system for broad money M2. Inflation affects the adjustment of the system towards equilibrium, and shocks to broad money are found to lead to higher inflation in the context of an impulse response analysis. No evidence of non-linearity in money demand is found for the disinflationary period. The results provide support for the PBoC’s policy of specifying intermediate targets for money growth. Importantly, our results suggest that movements in the nominal effective exchange rate should be taken into account in a successful implementation of such a policy.money demand; disinflation; deflation; China

Basic Social Services for All? Ensuring Accountability Through

human development, democracy