Measuring Newspaper Profits: Developing a Standard of Comparison

1998 ◽  
Vol 75 (3) ◽  
pp. 500-517 ◽  
Author(s):  
Hugh J. Martin
Keyword(s):  
Economic Theory ◽  
Corporate Bonds ◽  
Publishing Company ◽  
Long Run ◽  
Standard Of Comparison ◽  
Publicly Owned ◽  
Journalistic Quality

Debate over newspaper profits centers on whether earnings are emphasized at the expense of journalistic quality. However, studies of newspaper profitability have used varying measures. This study uses economic theory to develop a long-run standard for comparison of newspaper profits. Profits earned by fifteen publicly-owned newspaper companies during an eleven-year period are compared to publishing company profits and to yields from government and corporate bonds. The comparisons show that average newspaper company profits could be considered excessive. Suggestions are made for refinement of the measures developed here.

The Economics of Hebrew Literacy in a World of Farmers

2012 ◽  
Author(s):  
Maristella Botticini ◽  
Zvi Eckstein
Keyword(s):  
Economic Theory ◽  
Jewish Population ◽  
Religious Affiliation ◽  
Subsistence Farming ◽  
Economic Returns ◽  
Religious Literacy ◽  
Positive Economic ◽  
Long Run ◽  
Children's Literacy

This chapter presents an economic theory that describes the choices regarding religious affiliation and the investment in children's literacy and education in a world populated by Jewish and non-Jewish farmers. This theory yields two main implications. First, because individuals differ in religious preferences, skills, costs of education, and earnings, some Jewish farmers invest in their children's religious literacy whereas others do not. Second, Jewish farmers who find it too costly to obey the norms of Judaism, including the costly norm requiring them to send their sons to school, convert to other religions. If the economy remains mainly agrarian, literate people cannot find urban and skilled occupations in which their investment in literacy and education yields positive economic returns. As a result, the Jewish population keeps shrinking and becoming more literate. In the long run, Judaism cannot survive in a subsistence farming economy because of the process of conversions.

scholarly journals World Oil: Market or Mayhem?

2009 ◽  
Vol 23 (3) ◽  
pp. 145-164 ◽  
Author(s):  
James L Smith
Keyword(s):  
Economic Theory ◽  
Oil Prices ◽  
Peak Oil ◽  
Oil Market ◽  
Long Run ◽  
The World

Many observers regard the world oil market as a puzzle. Why are oil prices so volatile? Why did prices spike in the summer of 2008, and what role did speculators play? How important is OPEC? Where are oil prices headed in the long run? Is “peak oil” a genuine concern? Any attempt to answer these questions must be informed and disciplined by economics. We examine the evidence on each of these issues and provide an interpretation of developments in the world oil market from the perspective of economic theory.

Do we care what others Get? A Behaviorist Approach to Targeted Promotions

2002 ◽  
Vol 39 (3) ◽  
pp. 277-291 ◽  
Author(s):  
Fred M. Feinberg ◽  
Aradhna Krishna ◽  
Z. John Zhang
Keyword(s):  
Economic Theory ◽  
Stochastic Model ◽  
Optimal Policy ◽  
Optimal Strategy ◽  
Consumer Preference ◽  
Theoretic Analysis ◽  
Game Theoretic Analysis ◽  
Pricing Policies ◽  
Long Run ◽  
Game Theoretic

Increased access to individual customers and their purchase histories has led to a growth in targeted promotions, including the practice of offering different pricing policies to prospective, as opposed to current, customers. Prior research on targeted promotions has adopted a tenet of the standard economic theory of choice, whereby what a consumer chooses depends exclusively on the prices available to that consumer. In this article, the authors propose that consumer preference for firms is affected not just by prices the consumers themselves are offered but also by prices available to others. This departure from the conventional strong-rationality approach to targeted promotion results in a decidedly different optimal policy. Through a laboratory experiment, calibration of a stochastic model, and game-theoretic analysis, the authors demonstrate that ignoring behaviorist effects exaggerates the importance of targeting switchers as opposed to loyals. This occurs, though with intriguing differences, even when only part of the market is aware of firms’ differing promotional policies. The authors show that both the deal percentage and the proportion of aware consumers affect the optimal strategy of the firm. Furthermore, the authors find that offering lower prices to switchers may not be a sustainable practice in the long run, as information spreads and the proportion of aware consumers grows. The model cautions practitioners against overpromoting and/or promoting to the wrong segment and suggests avenues for improving the effectiveness of targeted promotional policies.

Markets need morality: perspectives from Islam, Christianity, and China

2019 ◽  
Vol 36 (1) ◽  
pp. 73-86
Author(s):  
Jonathan Edward Leightner
Keyword(s):  
Economic Theory ◽  
Design Methodology ◽  
Social Implications ◽  
Religious Institutions ◽  
Ethical Theories ◽  
Content Type ◽  
Long Run ◽  
The World ◽  
Islam And Christianity ◽  
Practical Implications

Purpose This paper aims to argue that markets need a foundation of morality to promote the long-run success of an economy. Design/methodology/approach Three types of ethical theories are discussed and compared with what the sacred scriptures of Islam and Christianity say and with what economic theory says. Examples from China are provided. Findings Markets need morality. Research limitations/implications There are more religions in the world than just Islam and Christianity; however, space limitations force me to only consider those two religions. Furthermore, there are more countries in the world than just China. However, space limitations force me to only pull examples from China. Practical implications Economists should recognize that markets need morality, and they should start teaching that to their students. Social implications If markets are built on a foundation of ethics, then society prospers. In the absence of that foundation, societies falter. When a government, business and religious institutions see each other as complementary forces, then ethics can evolve. Originality/value The author knows of no other studies that explain the three types of ethical theories, compares those theories to what the sacred scriptures of Islam and Christianity say and to what economic theory says, and then uses examples from China to illustrate the need for morality.

The Teaching of Development Economics: Its Position in the Present State of Knowledge. Edited by Kurt Martin and John Knapp. Chicago: Aldine Publishing Company, 1967. pp.xv + 236. price $ 7.95.

1968 ◽  
Vol 8 (4) ◽  
pp. 632-635
Author(s):  
Joseph J. Stern
Keyword(s):  
Economic Theory ◽  
Economic Development ◽  
Present State ◽  
Development Economics ◽  
Development Planning ◽  
Publishing Company ◽  
Teaching Economics ◽  
Verbal Arguments ◽  
Special Case

The title of this book unfortunately is misleading, referring only to half the papers presented at the Manchester Conference on Teaching Economic Development, and the least interesting half at that. The first, and by far the most challenging part of the book, consists of Seers' previously published article, "The Limitations of the Special Case". This is followed by a list of twenty 'leading questions' on teaching economics by the same author, and papers by Myint, Hagen, Streeten and Balogh, dealing with various aspects of economic theory and its application to development planning. The last ninety pages of the book are devoted to the discussions which took place at the conference. As might have been expected, these read like a pale imitation of what probably was an interesting exchange of views. Few readers, one suspects, will be sufficiently motivated to work their way through these verbal arguments.

An economic theory of the long run

2006 ◽  
pp. 67-86
Author(s):  
Anthony Garratt ◽  
Kevin Lee ◽  
M. Hashem Pesaran ◽  
Yongcheol Shin
Keyword(s):  
Economic Theory ◽  
Long Run

Economic hardship and suicides

2017 ◽  
Vol 44 (10) ◽  
pp. 1348-1360 ◽  
Author(s):  
Marko Korhonen ◽  
Mikko Puhakka ◽  
Matti Viren
Keyword(s):  
Economic Theory ◽  
Critical Role ◽  
Generalized Method Of Moments ◽  
Economic Conditions ◽  
Simultaneous Estimation ◽  
Habit Persistence ◽  
Content Type ◽  
Macroeconomic Conditions ◽  
Long Run ◽  
Short Run

Purpose The purpose of this paper is to investigate the determinants of aggregate suicides in 15 OECD countries during 1960-2010 using an economic model where changes in the welfare of consumers play the critical role for determining the number of suicides. Design/methodology/approach The hardship index based on economic theory is developed. In estimating the model, the authors apply the Pesaran et al. (2001) approach that allows the simultaneous estimation of the long-run and short-run parameters. To make sure that the authors’ findings are not specific to their method, the authors also use the generalized method of moments estimation in the panel set-up. Findings The authors found a relatively strong positive relationship between macroeconomic conditions, especially changes in aggregate consumption, and suicides. The relationship appears to be robust also in terms of the various control variables cited in the literature. The hardship index which is based on the habit persistence model of consumption predicts and explains the long-term behavior of suicides in most of the countries. Thus, the hardship index is a better economic explanatory variable than the unemployment rate or other proxies describing economic conditions. Originality/value Marrying the economic theory and econometric methods produces a reasonable empirical model to explain the connection between aggregate economic conditions and suicides.

scholarly journals The Economics of Fair Trade

2014 ◽  
Vol 28 (3) ◽  
pp. 217-236 ◽  
Author(s):  
Raluca Dragusanu ◽  
Daniele Giovannucci ◽  
Nathan Nunn
Keyword(s):  
Economic Theory ◽  
Developing Countries ◽  
Fair Trade ◽  
Single Product ◽  
The Past ◽  
The Poor ◽  
Long Run ◽  
Potential Benefits ◽  
Critical Overview ◽  
Trade Market

Fair Trade is a labeling initiative aimed at improving the lives of the poor in developing countries by offering better terms to producers and helping them to organize. Although Fair Trade–certified products still comprise a small share of the market—for example, Fair Trade–certified coffee exports were 1.8 percent of global coffee exports in 2009— growth has been very rapid over the past decade. Whether Fair Trade can achieve its intended goals has been hotly debated in academic and policy circles. In particular, debates have been waged about whether Fair Trade makes “economic sense” and is sustainable in the long run. The aim of this article is to provide a critical overview of the economic theory behind Fair Trade, describing the potential benefits and potential pitfalls. We also provide an assessment of the empirical evidence of the impacts of Fair Trade to date. Because coffee is the largest single product in the Fair Trade market, our discussion here focuses on the specifics of this industry, although we will also point out some important differences with other commodities as they arise.

Analytical and Essential Marxism

1997 ◽  
Vol 45 (4) ◽  
pp. 768-783 ◽  
Author(s):  
Alan Carling
Keyword(s):  
Economic Theory ◽  
Marxist Theory ◽  
Historical Events ◽  
Analytical Philosophy ◽  
Standard Of Comparison

Analytical Marxism involves the attempt to reconstruct Marxist theory and to refocus Marxist politics in the light of contemporary intellectual developments-especially in analytical philosophy and economic theory – and historical events-above all, the failures of Communist regimes. In order to assess this reconstruction it is necessary to bear in mind a conception of the overall Marxist project. By this standard of comparison it remains to be seen whether Analytical Marxism can effect the required kind of connection between its theory and its practice.

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