The Economic Returns to Funding Scientific Research

This chapter examines the economic returns to funding scientific research. The Bank of Boston did an analysis of the economic impact of scientific research on the local economy. Boston has eight major research universities: Harvard, MIT, Boston University, Boston College, Brandeis, Northeastern, U-Mass Boston, and Tufts. These eight universities employed 51,000 people and provided indirect employment for 37,000, not counting those workers employed by the university hospitals, themselves massive employers. Every year, 32,000 students graduated from these eight universities, many of whom remained in the local economy. Each year, the universities produced over 250 patents, over 280 commercial licenses, and roughly forty start-ups. Altogether, the universities contributed $7.4 billion to the regional economy. To pay for this, the federal government provided $1.5 billion in research contracts and grants. This is a 393 percent rate of return on the federal government's investment.

Bacteriological investigation of sheep and goats milk for brucellosis in government farms in Northern Nigeria

Bacteriological investigations of sheep and goats brucellosis were carried out in Northern Nigeria. Seven government or quasi-government farms were investigated. A total of 418 sheep and goats milk samples were examined culturally. Investigation revealed a 34.75 percent and 15.88 percent rate of infection in goats and sheep by milk ring test. Of 277 sheep and 141 goats milk samples examined culturally brucellae were isolated from four sheep and six goats giving a total of ten isolates. Biochemical and serological studies of the isolates revealed that they were Br. melitensis indicating Br. melitensis as probably the common cause of brucellosis in sleep and goals in the areas surveyed. The results show that there was greater chance of isolating Brucella from milk which were strongly positive than from those which were weakly positive. The economic importance and public health significance of brucellosis in sheep and goats are discussed.

An Economic Impact of Eucalyptus Plantation on Farmers' Sustainability in Gujarat

The economic analysis of eucalyptus was carried out in Middle Gujarat during 2018-19. The average gross return per hectare was 222391, and net return over total cost was 85291. On an average, in normal cost and return situation at ten percent rate of discount the net present value (NPV) was found to be positive ( 47563.15), B: C ratio was found more than unity (1.40), and internal rate of return (IRR) was more (35.00 percent) than the standard bank rate. The results also indicated that three marketing channels were found for the marketing of the eucalyptus tree. Out of the three channels, Channel-I (Producer–Wholesaler–Retailer–Consumer) dominated as 88.33 percent of respondents were selling eucalyptus tree through this channel. The net price received by farmer per quintal and producer share in consumer rupee was maximum in Channel-I. Overall it was observed that the investment on eucalyptus plantation was a profitable and economically viable option under Gujarat conditions.

Estimating the Potential Revenue Impact of Taxing LIFO Reserves in the Current Low Commodity Price Environment

ABSTRACT Public company LIFO reserves fell from 2012 to 2015, a time when commodity prices generally fell, and LIFO reserves and commodity prices both rose moderately in 2016. Using a combination of Internal Revenue Service (IRS) and public company data, we estimate overall U.S. LIFO reserves from 2012 to 2016, and the potential tax revenue impact of LIFO repeal. At a 35 percent (20 percent) rate, taxing the 2016 LIFO reserves would yield between $19 ($11) and $24 ($14) billion. Although less than 1 percent of 2013 corporate and partnership tax returns with inventory used LIFO, LIFO inventories comprised about 14 percent of the dollar value of U.S. company inventories. The findings on LIFO usage and the magnitude of LIFO reserves are relevant to deciding whether LIFO should be retained as an acceptable inventory method for taxes and U.S. GAAP, and also provide context for instructors teaching about inventory methods.

CONCURRENT TONSILLECTOMY AND ADENOIDECTOMY IN THE CHILDREN

Objective: To evaluate results of concurrent tonsillectomy and adenoidectomy in the children. Materials and Methods: 82 patients were given concurrent tonsillectomy and adenoidectomy in the children from 4/2016 to 5/2017, and the results were studied by descriptive, prospective and clinical methods. Results: Average of operating time were 19.2 ± 4.2 minutes. Blood loss during the operations averaged 38.2 ± 4.1ml. Percent rate reduction of recurrent sore throat 96.3%, recurrent fever 89.0%, rhinorrhea 69.5%, nasal obstruction 88.9%, snoring sleep 63.4%, swallowing 30.5%. After surgery, 73.2% of the family members were very satisfied, 26.8% were satisfied with the results. Conclusion: Concurrent tonsillectomy and adenoidectomy, this saves on surgery costs, saves time, improves clinical symptoms, and pain levels are comparable to simple tonsillectomy. Key words: tonsillectomy, adenoidectomy

Storage Stability of Kerman Pistachio Nuts (Pistacia vera L.)

Storage stability of whole split Kerman pistachio nuts (Pistacia vera L.) was examined on the samples stored at 5, 15, 25 and 35 °C and a relative humidity range of 11 to 87 percent. Rate constants of lipid oxidation reaction at 5 to 35 °C varied between 0.145 to 0.567 (month-1). The oxidation activation energy was 31.459 kJ/mol. Least product oxidation and lipolysis occurred at or near monolayer moisture content.

Investment, Inflation and Economic Growth Nexus

The paper has twofold objectives. Firstly, the impact of the inflation rate on economic growth with the possibility of two threshold levels for Pakistan using annual data from 1961 to 2008 is examined and secondly, nonlinear relationship between inflation and investment has been investigated. Inflation and growth models support the existence of a nonlinear relationship with two thresholds (6 percent and 11 percent). Inflation below the first threshold affects economic growth positively but insignificantly; at moderate rates of inflation, between the two threshold levels, the effect of inflation is significant and strongly negative and at high rates of inflation, above the second threshold, the marginal impact of additional inflation on economic growth diminishes but is still significantly negative. Investment is one of the possible channels through which inflation influences economic growth and the analysis indicates the nonlinear relationship between these two variables with only one threshold at 7 percent. Rate of inflation below the threshold level has positive but insignificant impact, while above the threshold it has strong negative and significant impact on the investment. Therefore, it is desirable to keep the inflation below 6 percent because it may be helpful for the achievement of robust economic growth and investment. JEL classification: E22, E31, O40 Keywords: Investment, Inflation, Economic Growth, Nonlinear, Pakistan.

The Effects of Rate Limits on Property Tax Revenues and School Expenditures: Evidence from Texas

ABSTRACT: In 1993, Texas established a maximum 1.5 percent property tax rate that school districts could impose for purposes of funding their maintenance and operations (M&O). Tax limits are intended to contain government growth and increase the efficiency of government services. Almost all states use property tax limits, and their use continues to increase as states consider ways to decrease the growth in property taxes. This study examines whether the 1.5 percent rate limit lowered the growth of M&O tax revenues and school expenditures, whether these effects differed in the short-run versus long-run, and whether school districts increased other tax and nontax revenue sources to help compensate for lower M&O tax revenues. This study also examines whether the rate limit affected student performance. We use a sample of 1,033 Texas school districts during the period 1994 through 2004, and the Heckman maximum likelihood estimation (MLE) approach to help control for selection bias. We find that the 1.5 percent rate limit decreased the growth of M&O tax revenues and school expenditures, and that expenditures were affected less than M&O tax revenues. Our results suggest that districts helped cushion the rate limit’s effect on expenditures by increasing their debt-related tax revenues. We find only limited evidence that the rate limit’s effects differed in the short-run versus long-run. Finally, we find that student test scores are lower for districts at the 1.5 percent rate limit, and that the decrease in test scores is larger for economically disadvantaged students relative to other students. This suggests that the rate limit is associated with decreases in education quality.

How Pakistan Is Coping with the Challenge of High Oil Prices

Global oil prices have shown an almost steady rise since 2003, with the April 2006 price double than that was in January 2004 [Bacon (2005)]. Demand, supply and speculative factors, and their interrelationships all leads to the steady rise in oil prices. In the last couple of years, global demand for oil grew due to economic strengthening in the US, as well as strong economic performance in developing Asia, (especially PR China and India). From 1990 to 2003 world demand for oil grew at the rate of 1.3 percent while for the People Republic of China and India (combined) at 7 percent rate and accounted for almost 40 percent of the demand growth1 [ADB (2005)].

Component Technologies, Inc.: Adding FlexConnex Capacity

Component Technologies, Inc. (CTI) manufactures components used in electronic devices. CTI is considering adding manufacturing capacity for FlexConnex to meet increased future demand. CTI's manufacturing planning staff identifies three options to meet this demand. The staff performs preliminary financial analyses to evaluate whether to conduct detailed planning for and evaluation of each of the three options. During their analysis, they consider which discount rate is more appropriate: the 20 percent rate, which the corporate finance manual states is the hurdle rate for capital investments, or 10 percent, which the staff believes is closer to the corporate cost of capital. They experiment with both discount rates, and two time horizons. This case requires you to calculate net present values (NPVs) and to analyze the effect of different discount rates and time horizons. It also asks you to consider the effect of other financial and nonfinancial issues on your analysis.