The UK Is Similar to the US

2019 ◽  
pp. 113-114
Author(s):  
Andrew Smithers
Keyword(s):  
Capital Stock ◽  
Slow Growth ◽  
Labour Productivity ◽  
Living Standards ◽  
Corporation Tax ◽  
The Us ◽  
Perverse Incentives ◽  
Zero Growth ◽  
The Uk ◽  
The Relationship

The UK resembles the US, with similar adverse changes in demography and productivity. Sharp falls in investment in both countries started well before 2008 and caused the subsequent slow growth in the net capital stock and labour productivity. The UK has experienced a similar rise in management pay and bonuses, so it is probable that the decline in investment and productivity in the UK is also the result of the perverse incentives of the bonus culture. Poor data means that the relationship between investment corporation tax and RoE cannot be tested for the UK. Like the US, however, large companies have been the main cause of the decline in investment and productivity. Brexit is likely to depress real living standards and amplify the problem of low to zero growth.

Investment, the Capital Stock, and Economic Policy

2019 ◽  
pp. 69-72
Author(s):  
Andrew Smithers
Keyword(s):  
Capital Stock ◽  
Labour Productivity ◽  
The Other ◽  
Sharp Change ◽  
Policy Changes ◽  
Corporation Tax ◽  
Hurdle Rate ◽  
Investment Response ◽  
The Relationship

Of the constituents of NTV only corporation tax and the hurdle rate seem credible targets for policy changes designed to boost labour productivity. The hurdle rate is stable over the long term so corporate investment usually responds to changes in RoE. It did so until 2000 but not since. The relationship between investment and corporation tax shows similar stability until the breakdown in 2000. These relationships provide the link between the level of investment and the growth of the capital stock. The sharp change in the investment response to favourable changes in tax and RoEs must have occurred because of an adverse change in one or more of the other constituents of NTV. But all constituents have changed in a favourable direction except the hurdle rate, whose change must have caused the current low level of tangible investment.

Archaeologists and the Dead

2016 ◽  
Keyword(s):  
Historical Context ◽  
Ethical Considerations ◽  
International Context ◽  
The Public ◽  
The Us ◽  
The Dead ◽  
The Many ◽  
The Uk ◽  
The Relationship ◽  
Experience Effect

This volume addresses the relationship between archaeologists and the dead, through the many dimensions of their relationships: in the field (through practical and legal issues), in the lab (through their analysis and interpretation), and in their written, visual and exhibitionary practice--disseminated to a variety of academic and public audiences. Written from a variety of perspectives, its authors address the experience, effect, ethical considerations, and cultural politics of working with mortuary archaeology. Whilst some papers reflect institutional or organizational approaches, others are more personal in their view: creating exciting and frank insights into contemporary issues that have hitherto often remained "unspoken" among the discipline. Reframing funerary archaeologists as "death-workers" of a kind, the contributors reflect on their own experience to provide both guidance and inspiration to future practitioners, arguing strongly that we have a central role to play in engaging the public with themes of mortality and commemoration, through the lens of the past. Spurred by the recent debates in the UK, papers from Scandinavia, Austria, Italy, the US, and the mid-Atlantic, frame these issues within a much wider international context that highlights the importance of cultural and historical context in which this work takes place.

scholarly journals Are stock returns an inflation hedge for the UK? Evidence from a wavelet analysis using over three centuries of data

2018 ◽  
Vol 23 (3) ◽  
Author(s):  
Aviral Kumar Tiwari ◽  
Juncal Cunado ◽  
Rangan Gupta ◽  
Mark E. Wohar
Keyword(s):  
South Africa ◽  
Wavelet Analysis ◽  
Stock Returns ◽  
Time Period ◽  
Inflation Rates ◽  
The Us ◽  
Long Time ◽  
Time Periods ◽  
The Uk ◽  
The Relationship

Abstract This paper analyzes the relationship between stock returns and the inflation rates for the UK over a long time period (February 1790–February 2017) and at different frequencies, by employing a wavelet analysis. We also compare the results for the UK economy with those for the US and two developing countries (India and South Africa). Overall, our results tend to suggest that, while the relationship between stock returns and inflation rates varies across frequencies and time periods, there is no evidence of stock returns acting as an inflation hedge, irrespective of whether we look at the two developed or the two developing markets in our sample.

Sources of Increasing Inequality

2021 ◽  
pp. 172-190
Author(s):  
Francis Teal
Keyword(s):  
Two Dimensions ◽  
Labour Markets ◽  
Living Standards ◽  
The Political ◽  
Poor Countries ◽  
Unskilled Labour ◽  
The Us ◽  
The Uk ◽  
Rich Countries ◽  
The Impact

While all the evidence we have points to the rising living standards for most of the very poorest, the wages of unskilled labour in poor countries remain a fraction of those in rich countries. Those potential workers are seen as a threat to the living standards of the unskilled in rich countries and the political impetus to limit their access to those labour markets has been, and remains, one of the most potent issue in the politics of rich countries. This aversion to immigration as a threat to the wages of the unskilled often transmutes into a hostility to trade, as goods, which use a lot of unskilled labour, can be imported more cheaply. Both immigration and trade are seen as a threat to the unskilled. Two dimensions of this threat are examined in this chapter—the impact of Chinese exports on wages in the US and the impact of immigration on the UK economy.

Description of My Model

2019 ◽  
pp. 56-59
Author(s):  
Andrew Smithers
Keyword(s):  
Capital Stock ◽  
Full Employment ◽  
Quality Improvements ◽  
The Poor ◽  
The Us ◽  
Long Time ◽  
Civilian Employment ◽  
Time Periods ◽  
The Uk ◽  
Employment Quality

The volume of the capital stock is defined as the original cost at constant prices of all tangible capital that has not been scrapped. Due to the poor data available for the UK my calculations and testing have had to be limited to the US. The volume of labour is defined as civilian employment. Quality improvements for both labour and capital are defined as being part of TFP. TFP is under conditions of full employment and must therefore be measured over long time periods. All growth comes from TFP, changes in labour and NTVs. The change in the volume of capital less the change in the volume of labour equals the change in NTVs and the balance is that from changes in technology (TFP). NTV is exogenous in aggregate. The value of the capital stock, but not its volume, is mean-reverting.

The Problem of Income Inequality

2019 ◽  
pp. 42-44
Author(s):  
Andrew Smithers
Keyword(s):  
Income Inequality ◽  
Gini Coefficient ◽  
Living Standards ◽  
Living Standard ◽  
The Gini Coefficient ◽  
The Us ◽  
The Uk ◽  
Distribution Of Income

Living standards change in line with GDP per head only if the distribution of incomes is unchanged. If incomes become less equally distributed the living standards of most people will fall even if GDP per head is stable. The Gini Coefficient is the most widely used indicator designed to measure the distribution of income. UK inequality, on this measure, has risen since 1977, stabilized since 1987, and fallen in recent years. In the US there has been a long-term increase in income inequality. Unless this US trend for increased income inequality halts, it is quite likely that even if GDP per head rises in the US, the living standard of the average voter will fall. The recent data suggest that changes in income inequality pose less of a threat to living standards in the UK then they do to those in the US.

scholarly journals MAPPING LEGAL RESEARCH

2012 ◽  
Vol 71 (3) ◽  
pp. 651-676 ◽  
Author(s):  
Mathias M. Siems ◽  
Daithí Mac Síthigh
Keyword(s):  
Social Sciences ◽  
Social Science ◽  
Conceptual Framework ◽  
General Result ◽  
Law Schools ◽  
Legal Research ◽  
The Us ◽  
Micro Level ◽  
The Uk ◽  
The Relationship

This article aims to map the position of academic legal research, using a distinction between “law as a practical discipline”, “law as humanities” and “law as social sciences” as a conceptual framework. Having explained this framework, we address both the “macro” and “micro” level of legal research in the UK. For this purpose, we have collected information on the position of all law schools within the structure of their respective universities. We also introduce “ternary plots” as a new way of explaining individual research preferences. Our general result is that all three categories play a role within the context of UK legal academia, though the relationship between the “macro” and the “micro” level is not always straight-forward. We also provide comparisons with the US and Germany and show that in all three countries law as an academic tradition has been constantly evolving, raising questions such as whether the UK could or should move further to a social science model already dominant in the US.

International relations and the International Criminal Court

2020 ◽  
pp. 561-575
Author(s):  
Njoki Wamai
Keyword(s):  
International Relations ◽  
International Criminal Court ◽  
International Criminal ◽  
International Community ◽  
Criminal Court ◽  
The West ◽  
The Us ◽  
The Uk ◽  
The Relationship

The tensions generated by the International Criminal Court’s (ICC’s) indictment of four prominent Kenyans—including Uhuru Kenyatta and William Ruto, who went on to become president and deputy president of the Kenyan Republic, respectively—in 2013 promised to reorder the relationship between Kenya and the international community. This chapter discusses the ICC’s intervention and its impact on both local Kenyan politics and Kenya’s relationship with its regional and international partners including its traditional Western partners, such as Europe, the UK, and the US. The chapter also discusses how tensions between Kenya and the West influenced Kenya’s relationship with the East including China, India, and Japan.

Dance Your PhD: Embodied Animations, Body Experiments, and the Affective Entanglements of Life Science Research

2012 ◽  
Vol 18 (1) ◽  
pp. 151-189 ◽  
Author(s):  
Natasha Myers
Keyword(s):  
Scientific Inquiry ◽  
Life Science ◽  
Science Research ◽  
Body Work ◽  
Biological Phenomena ◽  
The Us ◽  
The Uk ◽  
Differential Relations ◽  
The Relationship ◽  
Science Magazine

In 2008 Science Magazine and the American Academy for the Advancement of Science hosted the first ever Dance Your PhD Contest in Vienna, Austria. Calls for submission to the second, third, and fourth annual Dance Your PhD contests followed suit, attracting hundreds of entries and featuring scientists based in the US, Canada, Australia, Europe and the UK. These contests have drawn significant media attention. While much of the commentary has focused on the novelty of dancing scientists and the function of dance as an effective distraction for overworked researchers, this article takes seriously the relationship between movement and scientific inquiry and draws on ethnographic research among structural biologists to examine the ways that practitioners use their bodies to animate biological phenomena. It documents how practitioners transform their bodies into animating media and how they conduct body experiments to test their hypotheses. This ‘body-work’ helps them to figure out how molecules move and interact, and simultaneously offers a medium through which they can communicate the nuanced details of their findings among students and colleagues. This article explores the affective and kinaesthetic dexterities scientists acquire through their training, and it takes a close look at how this body-work is tacitly enabled and constrained through particular pedagogical techniques and differential relations of gender and power. This article argues that the Dance Your PhD contests, as well as other performative modalities, can expand and extend what it is possible for scientific researchers to see, say, imagine and feel.

scholarly journals Impaired Capital Reallocation and Productivity

2014 ◽  
Vol 228 ◽  
pp. R35-R48 ◽  
Author(s):  
Alina Barnett ◽  
Ben Broadbent ◽  
Adrian Chiu ◽  
Jeremy Franklin ◽  
Helen Miller
Keyword(s):  
Labour Productivity ◽  
Productivity Loss ◽  
Capital Allocation ◽  
Rates Of Return ◽  
Firm Level ◽  
Capital Movements ◽  
Level Data ◽  
Capital Reallocation ◽  
The Uk ◽  
The Relationship

The level of private sector labour productivity has been particularly weak since the start of the crisis. In this paper we explore whether impairment to capital reallocation has been contributing to this weakness. The recent increase in the dispersion of output, prices and rates of return across firms and sectors is stark, and suggests that resources have had incentives to move. Efficient allocation requires that capital moves to firms and sectors where rates of return are relatively high. And the change in capital levels across sectors has been particularly low, suggesting there has been an unusually slow process of capital reallocation since 2008 compared to previous UK recessions and other banking crises. This result is also apparent within sectors. We use a simple and general model to show that increased price dispersion can be a consequence of frictions to efficient capital allocation. And the size of this dispersion can usefully inform us about the size of the associated output and productivity loss. We then find that – using firm level data – the relationship between rates of return and subsequent capital movements has changed since the financial crisis. Overall, our results suggest that impaired capital reallocation across the UK economy is likely to have been one factor contributing to the recent weakness in productivity growth.

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