Has macro-forecasting failed?
Article Abstract:
The failure or success of macro-forecasting depends on fundamental factors such as the subject of the forecast, the need for the forecast and the benefits that economists can gain from the forecast. Forecasts are usually in quarterly or annual units and are successful if an approximate version of the target is achieved. Economic forecasts, which deal with human affairs, are error prone. Macroeconomic forecasts are required by policy makers belonging to the government and private sectors, but there is growing discontent regarding their necessity, and economists are introducing alternatives.
Publication Name: The Cato Journal
Subject: Political science
ISSN: 0273-3072
Year: 1992
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Why has the labor-managed firm failed
Article Abstract:
Property rights in labor managed firms, the incentives and transaction costs related to that set of property rights and their influence on the investment decisions of employees are examined. The investment decisions of employers hinge on two variables, specific to the set of property rights in labor managed firms, the length of bank credit and the employees' time incentives to negotiate contracts that would equalize the length of bank credits with the life of assets to be bought with those credits.
Publication Name: The Cato Journal
Subject: Political science
ISSN: 0273-3072
Year: 1992
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The nondesignability of living systems: a lesson from the failed experiments in Socialist countries
Article Abstract:
The Socialist socioeconomic model, which envisions a utopian society, is compared to a 'nondesignable living system.' Man's very nature precludes this 'nondesignability.' The effects of forcing this model upon people is political and economic tyranny, numerous reforms, blind nationalism and governments within the government.
Publication Name: The Cato Journal
Subject: Political science
ISSN: 0273-3072
Year: 1991
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