THEORY AND MEASUREMENT FOR ECONOMIC POLICY

Herbert G. Grubel, Emeritus Professor of Economics, Simon Fraser University and David Somerville Chair and Senior Fellow, The Fraser Institute, Canada

Part 1 Volume I: Adjustment mechanism to differential rates of monetary expansion among the countries of the European Economic Community (with Robert Tiffin); the benefits and costs of being the world banker; the case against an international commodity reserve currency; the case for optimum exchange rate stability; basic methods for distributing special drawing rights and the problem of international aid; foreign exchange earnings and price stabilization schemes; the case against the new international economic order; domestic origins of the monetary approach to the balance of payments; the demand for international reserves - a critical review of the literature; the theory of intra-industry trade; the empirical measurement of intra-industry trade; the anatomy of classical and modern infant industry arguments; the cost of protection in a growing world; nominal tariffs, indirect taxes and effective rates of protection - the Common Market countries, 1959; effective tax protection - a non-specialist introduction to the theory, policy implications and controversies; nominal tariff rates and United States valuation practices - two case studies; border-trade, free trade and interest groups; effects on the rest of the world - trade diversion, creation and wealth. Part 2 Volume II: The international flow of human capital (with Anthony D. Scott); economics of the brain drain; the immigration of scientists and engineers to the United States (with Anthony D. Scott); the international movement of human capital - Canadian economists (with Anthony D. Scott); the characteristics of foreigners in the US economics profession (with Anthony D. Scott); the cost of US college student exchange programmes (with Anthony D. Scott); the economic and social effects of immigration; internationally diversified portfolios - welfare gains and capital flows; towards a theory of two-way trade in capital assets; the theory of international capital movements; the new international banking; multinational banking, research notes and discussion paper; profitable currency speculation - service to users or destabilizing?; taxation and the rates of return from some US asset holdings abroad, 1960-69; the Peter Principle and the efficient market hypothesis; modern service sector growth - causes and effects; the dominance of producers' services in the US economy; the national accounts, household service consumption and its monetarization; all traded services are embodied in materials or people; liberalization of trade in services - a taxonomy and discussion of issues. Part 3 Volume III: Risk, uncertainty and moral hazard; real and insurance-induced unemployment in Canada; the effects of unemployment benefits on US unemployment rates; a note on the effects of unemployment insurance, minimum wage legislation and trade union growth on reported unemployment rates in Canada, 1950-75; the costs of Canada's social insurance programmes; (part contents).