Pension systems increasingly require active involvement from their participants for retirement planning. This leads to the need for a proper level of financial literacy to foster decision-making. Based on the Chilean Social Protection Survey and the Regional Development Index data, specific characteristics related to the region of residence, such as the quality of life, access to job opportunities, and available connectivity tools, are seen to have a positive impact on pension knowledge. Hence, these regional level results provide inputs to policymakers for developing appropriate policies regarding pension knowledge.

This article charts and analyses the change path and various transformations of Malaysia’s state-owned enterprise, the Federal Land Development Agency, from its establishment in the 1960s to the present. The analysis supports arguments that the model of the developmental state, based on planned public/private cooperation, provides an alternative policy prescription to that of sole reliance on the self-regulating market. The Federal Land Development Agency is shown not only to have survived but also to have thrived as an economic development arm of the Malaysian state, successfully adapting to the changing environment in which it operates. To delineate the changes, a framework of punctuated equilibrium is utilised as it best captures the instances of rapid discontinuous change and the periods of incremental change and relative stability.

There can be a serious tension between the commitment to cost-benefit analysis and a realistic appreciation of the limits of official knowledge. Without significant efforts to reduce those limits, that analysis might be inadequately informed. Whenever regulators face significant informational deficits, or what is sometimes called “the knowledge problem,” it is important to explore tools that take advantage of what the private sector knows; market-friendly tools, such as economic incentives, have important advantages on that count. An advanced regulatory system should also try to reduce the knowledge problem through three routes: (i) creative use of notice-and-comment rulemaking; (ii) retrospective analysis of regulations and their costs and benefits; and (iii) advance testing, as a way of informing ex ante analysis. For the future, the most promising approach is (iii).

This study explores the effects of consumers’ beliefs about labels on chicken. We elicit beliefs associated with seven different labels. By varying the presence/absence of labels in a choice experiment, we are able to determine the effects of labels on consumer choices and decompose the value of labels into beliefs and base utility. Health perceptions have the largest positive effect, and impacts of animal welfare vary by information treatment. We explore the convergent validity of our approach by comparing individual’s beliefs to responses to a best-worst scaling question, which were weakly correlated, suggesting the two approaches are measuring different constructs.

Two cost-benefit analysis methods developed from differing economic situations and analytical objectives in the 1960s and 1970s. The Trade Policy Approach of Ian Little and James Mirrlees analyzed international competitiveness of projects producing private goods and physical infrastructure in markets severely distorted by trade protectionism; it was adopted in 1975 by the World Bank; the multilateral regional development banks followed suit. The Public Finance Approach of Arnold Harberger developed from comparative statics analyses of public projects and policies in the United States and was adopted at the US Agency for International Development and in several Latin American countries. The original Trade Policy Approach included social analysis too tedious for everyday application, leading an efficiency-only version to emerge and be popularized by teaching materials from Price Gittinger and colleagues in the World Bank’s Economic Development Institute. It proved the right method for World Bank use until Washington Consensus reforms, the GATT and WTO reduced price distortions, and slowly restored private international financial flows gave private industry access to international private investment capital. Official Development Assistance (ODA) portfolios responded by refocusing on public goods and market failures, leading to decreased utility of the Trade Policy Approach and decreased use of cost-benefit analysis at the World Bank. A 1990s drive in the World Bank to switch from the Trade Policy Approach to the increasingly relevant Public Finance Approach resulted in an internal manual and operational guidelines, but not a book from a distinguished university press, commonly presumed to signal official Bank policy. It is time for that long-overdue book to be published.

After the triumph of the October Revolution in Russia the issue of how to develop a backward economy towards a socialist society took pre-eminence. The relationship between agriculture and industry was one of the key issues. In this respect, the Left Opposition argued in favour of a Big Push for industrialisation financed through the exploitation of the peasantry, while the Right Deviation defended adjusting industrial growth to the development of the agricultural surplus. The First 5-Year Plan meant the complete victory of one of these positions. Unfortunately, all discussions were banned subsequently, the leading figures of these two factions were expelled from the Party and many of them executed. Yet, this problem was of the utmost importance for underdeveloped countries, as Development Economics was to discover 25 years later. This new branch of Economics would have benefitted greatly from the lessons of the Soviet experience regarding industrialisation, as well as from the theoretical discussions surrounding it.

Determinants of prices of 1,302 weanling Thoroughbreds sold at the 2010 Keeneland November Breeding Stock Sale are investigated. A hedonic pricing model is adopted to identify price determinants, and the corresponding marginal values of those determinants are estimated. Prices were responsive to pedigree quality variables, including the sire's stud fee, the stage of the sire's breeding career, and whether the dam or the dam's progeny had earned “black type.” In addition, individual weanling characteristics such as gender, age, state of birth, and sale placement influenced price. Results can be used as a decision tool by both buyers and sellers.

Local food systems are frequently touted as economic development strategies for rural communities. In this study, we estimated the local economic impacts of local compared with conventionally produced and marketed food in two regions of Missouri and one region in Nebraska. We found that local food systems generated substantial increases in value added for their local economies.

As national and local economies become more globalized, many rural areas are going to find it more difficult to compete for private capital investments. A traditional tool, modifications to tax policy, of state and local governments will not be as effective (for many communities it has never been effective) in the future. These communities will need to seek other avenues of growth. However, for many rural communities even alternative avenues will not lead to enhanced economic opportunity.

The Soviet Union experienced two very pronounced changes of direction in 1921 and 1929. At the beginning of the decade, the strategy of «War Communism» was abandoned, substituted by the completely different «New Economic Policy» (NEP); and changed again, at the end of those years, towards a strategy of forced industrialization based on the collectivisation of the agricultural sector. In recent years, some specialists have argued that this second change was unnecessary: i.e., rapid industrialization could have been achieved within the framework of NEP and the Law of Value. The purpose of this paper is to argue, from a theoretical point of view, and with the help of the model that best summarizes the strategy of rapid industrialization, that this new interpretation cannot be sustained, and that those authors that defended the incompatibility of NEP and rapid industrialization were correct.