Download PDF by Brian Snowdon: An Encyclopedia of Macroeconomics

By Brian Snowdon

The Encyclopedia of Macroeconomics is an authoritative and useful reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological techniques and the contributions of significant thinkers. complete in scope, it comprises over three hundred brief entries and greater than a hundred in particular commissioned major entries from an the world over popular staff of students.

The alphabetically ordered entries might be worthy either as a easy reference resource and a provocative stimulus for additional examining. The Encyclopedia will quickly be verified as a number one reference resource on macroeconomics that would either enlighten scholars and be hugely valued by way of students and lecturers of economics.

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Judging from the rapid and sizeable response of university research activities that always follow major new Federal research funding initiatives, universities as organization have the capability of responding to external research demands, provided that appropriate incentives for individual academic personnel derive from these demands. Academic personnel considering making a long-term commitment to noncontractual research supporting a firm's innovative activities would be most concerned with the following two questions: (1) whether the firm had an equally long-term commitment to supporting research; and (2) that they would be rewarded by their universities, whether directly based on evaluation of their success in contributing to firm innovative activities, or due to spillovers of this work on their instruction or other research activities.

As noted by Peters and Fusfeld (1982, p. " There can be strong resistance to such changes within universities by those faculty who would not be in high demand by firms for research support, due to their previous investments in response to the existing organization and incentive structure. Organizational Arrangements to Resolve the Incentive Problems of Demand and Supply Issues. The incentive problems occurring when it is not economical to supply research supporting firms' innovative activities via specific contracts can be resolved by making two organizational changes: the establishment of "semi-independent research organizations," staffed by university personnel and students, which are wholly or mostly owned HIGHER EDUCATION AND ECONOMIC GROWTH 41 by firms; and changes in universities' organizational and incentive arrangements for the academic personnel who work part-time in these organizations.

HIGHER EDUCATION AND ECONOMIC GROWTH 39 Second, from a highly pragmatic viewpoint, industry can assign value more easily to a mission or objective than to a research component. Increased funding might be available more readily if the university system could approach industry on this basis. This would not have to take the form of shifting from basic to applied research. It would, however, change the emphasis from the independent scientist doing undirected basic research to greater emphasis on scientists cooperating in what we could term directed basic research.

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