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    <title>EconStor Community: Department of Economics, University of Massachusetts</title>
    <link>http://hdl.handle.net/10419/64139</link>
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      <title>Is there a tendency for the rate of profit to fall? Econometric evidence for the US economy, 1948 - 2007</title>
      <link>http://hdl.handle.net/10419/64245</link>
      <description>Title: Is there a tendency for the rate of profit to fall? Econometric evidence for the US economy, 1948 - 2007
&lt;br/&gt;
&lt;br/&gt;Authors: Basu, Deepankar; Manolakos, Panayiotis T.
&lt;br/&gt;
&lt;br/&gt;Abstract: The law of the tendential fall in the rate of profit has been at the center of theoretical and empirical debates within Marxian political economy ever since the publication of Volume III of Capital. An important limitation of this literature is the absence of a comprehensive econometric analysis of the behaviour of the rate of profit. In this paper, we attempt to fill this lacuna in two ways. First, we investigate the time series properties of the profit rate series. The evidence suggests that the rate of profit behaves like a random walk and exhibits long waves interestingly correlated with major epochs of U.S. economic history. In the second part, we test Marx's law of the tendential fall in the rate of profit with a novel econometric model that explicitly accounts for the counter-tendencies. We find evidence of a long-run downward trend in the general profit rate for the US economy for the period 1948-2007.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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    <item>
      <title>An empirical analysis of risk, incentives and the delegation of worker authority</title>
      <link>http://hdl.handle.net/10419/64244</link>
      <description>Title: An empirical analysis of risk, incentives and the delegation of worker authority
&lt;br/&gt;
&lt;br/&gt;Authors: Devaro, Jed; Kurtulus, Fidan Ana
&lt;br/&gt;
&lt;br/&gt;Abstract: We address four empirical questions in this paper. Is there empirical support for: 1) the risk-incentives tradeoff predicted by agency theory? 2) a positive relationship between authority and incentives? 3) a positive relationship between risk and authority? 4) the main testable implication of Prendergasts model, namely that the risk coefficient in an incentives regression should become smaller (i.e. less positive or more negative) when delegation of worker authority is incorporated into the riskincentives regression model? Our empirical results support affirmative answers to all four questions, though in some cases the relevant parameters are estimated with low precision. Thus, our analysis contributes to the literature by providing empirical evidence clarifying the relationship between risk and incentive pay and how managers optimally bundle incentive pay and the delegation of worker decision rights to cope with risk. In particular, we attempt to reconcile the mixed nature of the empirical literature concerning evidence for a riskincentives tradeoff by empirically addressing Prendergasts extension of the standard principal-agent model.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
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      <title>Is the Chinese investment- and export-led growth model sustainable? Some rising concerns</title>
      <link>http://hdl.handle.net/10419/64243</link>
      <description>Title: Is the Chinese investment- and export-led growth model sustainable? Some rising concerns
&lt;br/&gt;
&lt;br/&gt;Authors: Razmi, Arslan
&lt;br/&gt;
&lt;br/&gt;Abstract: China's rapid growth and success in poverty reduction over the last three decades has inspired world-wide admiration. This paper uses a simple framework with a Kaleckian flavor to analyze structural developments in the Chinese economy, and to understand some of the distributional consequences. Some of the possible sources of these distributional developments are then further analyzed using a trade-theoretic approach. Other aspects of China's investment- and export-led growth strategy are discussed along with the problems that the focused pursuit of such a strategy has raised. We conclude that China's growth model may now have outlived its utility, both on economic and socio-political grounds.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The dynamics of resource spending in a competition between political parties: General notes on the Red Queen effect</title>
      <link>http://hdl.handle.net/10419/64242</link>
      <description>Title: The dynamics of resource spending in a competition between political parties: General notes on the Red Queen effect
&lt;br/&gt;
&lt;br/&gt;Authors: Coram, Alex
&lt;br/&gt;
&lt;br/&gt;Abstract: Competition between political parties is a process that unfolds over time whereas formal theories of party competition have tended to take an essentially static, or one-shot, approach. This leaves some gaps in our understanding of the dynamics of campaigning. The aim of this paper is to make up some of this gap. This is done using a differential game theory model to analyse a situation in which support for a party depends on the amount spent on marketing relative to the expenditure of the other party. One of the main results is that, even when voters are not myopic, the logic of the competition forces parties to accelerate expenditure on campaigning during the period between elections.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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