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How a Flatter Tax Could Have Kept the Cleveland Browns in Cleveland

by Gary S. Beckervia Hoover Digest
Tuesday, January 30, 1996

Hoover fellow Gary S. Becker won the Nobel Prize for applying the discipline of economics to social problems, including crime, education, and drug addiction. Here he applies economics to major league sports.

The Wealth of Nations in the Twentieth Century: The Policies and Institutional Determinants of Economic Development

via Books by Hoover Fellows
Monday, January 1, 1996

This collection of essays, based on a conference at the Hoover Institution, compares the governmental policies and institutional determinants of economic development for sixteen countries within the context of Western economic development and national trends in the world economy. The study also includes an essay by Amartya Sen that examines the meaning of wealth and its different measurements.

The Effect of Japanese Investment on the World Economy

via Books by Hoover Fellows
Monday, January 1, 1996

A study of the controversy over Japanese foreign investments.

China's Economic Revolution and Its Implications for Sino-U.S. Relations

by Ramon H. Myersvia Analysis
Wednesday, November 1, 1995

In the next few decades Sino-U.S. relations will be strongly influenced by four issues: economic friction, international security interests, human rights, and conflicting claims by Taipei and Beijing over sovereignty to Taiwan. Economic friction and international security concerns will dominate as China's economic and military prowess grows.

The prospects seem bright for China's economy to become productive and sustain annual growth rates of around 8 percent because in 1992 the Chinese Communist Party decided that the majority of its 150,000 state-owned enterprises would be restructured by the year 2000. This means changing property rights to corporatize the state-owned enterprises and creating a market economy for them to operate in. If China's leaders successfully carry out this revolution, China will not only have a large, prospering middle class but become a major military power.

To anticipate these developments, the United States should now forge a close working relationship with the People's Republic of China by taking the following steps: establish annual summit meetings and a hot-line communication between Sino-U.S. leaders; create a high-level Sino-U.S. committee of officials and experts to manage potential economic friction; expand scholarly exchange programs; encourage local government exchanges. These overarching arrangements will facilitate communications, enhance mutual understanding, build confidence, and reduce tensions between the leaders and political elite of both countries.

Cross Purposes

by Amy L. Shermanvia Policy Review
Friday, September 1, 1995

Will conservative welfare reform corrupt religious charities?

How Green Was My Balance Sheet

by John Hoodvia Policy Review
Friday, September 1, 1995

The environmental benefits of capitalism

Has China Lost Its Way?: Getting Stuck in Transition

via Analysis
Saturday, July 1, 1995

If China is to become an economic superpower in the next century, financial markets will be essential to arbitrage risk. Such markets may fail to develop because of uncertainty over the role of government. Efficient financial markets will require that the Chinese Communist Party reduce its political leverage over economic decisions and decision makers.

Not every newly industrializing country has well-functioning liquid financial markets in which investors can diversify their risks. Nor do all developing countries have efficient legal systems in which a broad range of property rights can be enforced. China, for example, has experienced considerable growth without either liquid financial markets or an efficient legal system by using intermediaries--officeholders who construct broad exchange networks that are based on relationships rather than on formal institutions. The reputation of individual power brokers and the strength of their connection to party power centers provide the system's coherence. The capital requirements for future growth, however, may surpass the capability of these intermediaries, putting the system under severe strain. To overcome this strain, alternative methods of contracting agency relations that will require considerable elaboration of the legal system are needed. A rule- compliant, constitutionally grounded society and economy must be established so that contracts can be maintained independent of the personal authority of power holders. The danger of not acting is a liquidity crisis, intensified by the absence of institutions to reduce risks.

Even Money

by J.D. Fostervia Policy Review
Thursday, June 1, 1995

A Friendly Critique of the Flat Tax.
SIDEBAR: Taking on the Mortgage-Interest Deduction.

Nixon's Ghost

by Adam Meyersonvia Policy Review
Thursday, June 1, 1995

Racial Quotas -- May They Rest In Peace

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Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple