Healthy, educated and wealthy: A primer on the impact of public and private welfare expenditures on economic growth

In this paper, we provide first evidence of the impact of public and private expenditures in health and education on economic growth, via their influence on people's health, skills and knowledge. We consider a growth accounting framework in order to test whether countries that devote a larger amount of resources to the consumption of health and educational services experience higher growth rates. We also test whether the effects on economic growth of public expenditure in health and education differ from those of private expenditure. Our empirical analysis is based on a panel of 19 OECD countries observed between 1971 and 1998. The results are consistent with the hypothesis that health and education expenditure affects positively growth. The estimated impact is stronger for health than for education. More importantly, we find some evidence that public expenditure influences GDP growth more than private expenditure.     

The influence of the elites’ discourse in political attitudes: evidence from the Basque Country

Do parties’ position shifts matter for public opinion? In this paper, we would like to compare the discourses of the Basque elites with the Basque public opinion regarding the reinforcement of the Autonomy. So, combining content analysis methodology and survey data we aim to test if a mainstream political party (specifically, the Basque Nationalist Party [Partido Nacionalista Vasco]) cause the public view to shift on one of the most important policy issues in the Basque Country, that is, the territorial dimension. This study validates the top-down model and concludes that elite political discourses actually affect popular opinion.     

Influence of substrate depth and vegetation type on temperature and water runoff mitigation by extensive green roofs: shrubs versus herbaceous plants

The relative contribution of substrate depth and vegetation type on temperature mitigation and stormwater runoff reduction was studied in an experimental green roof in North eastern Italy. Two substrate depths (120 and 200?mm) and two vegetation types (herbaceous plants and shrubs, respectively) were used, and compared to control modules with similar substrate depths but left bare of vegetation. Experimental observations showed that: a) green roofs substantially reduce thermal load over the rooftop, with significant effects of substrate depth and no apparent impact of vegetation type; b) thermal effects are strongly influenced by substrate water content; c) green roofs strongly reduce water runoff with significant substrate x vegetation effects. Our data suggest that green roof design addressed to optimization of the thermal functions should take into account adequate planning of substrate depth. Moreover, our data show that vegetated modules out-competed medium-only ones in terms of runoff reduction capacity, in accordance with some previous studies. Both shrub-vegetated and herbaceous modules intercepted and stored more than 90% rainfall during intense precipitation events, with no significant difference between the two vegetation types despite different substrate depths.     

Micro-Flexibility and Macro-Rigidity: Some Notes on Expectations and the Dynamics of Aggregate Supply

ABSTRACT: The high macro supply elasticity experienced by industrialised countries during the second post-war boom is not explainable as the aggregate effect of current variations of companies’output in response to current variations of demand. A firm cannot adapt rapidly its output to higher demand unless it has decided fairly in advance to expand its productive capacity. Macro elasticity depends thus on the existence of ex ante excess capacity, built on the basis of expectations. The post-war boom is thus explained in terms of a virtuous sequence expectations-decisions-events. This approach helps in understanding the inversion of the expansionary phase to one of stag-flation, the failure of Keynesian policies and the subsequent industrial restructuring which gave rise to the present employment squeeze. Flexibility is something which depends on the relationships between individual expectations and decisions and their systemic results; the presently pursued micro-flexibility is at high risk of producing increasing macro-rigidity.     

Required and obtained equity returns in privately held businesses: the impact of family nature—evidence before and after the global economic crisis

This paper analyses the impact that family businesses have on the minimum rate of return required by owner–investors (k _e ) and on the equity returns (ROEaT) obtained in privately held businesses. This influence is analysed for an economic growth period (2002–2007) and for a crisis period (2008–2013) in the European context. Moreover, our study also explores the family nature through the heterogeneity among family firms in their required and obtained equity returns by considering the degree of family involvement in the ownership and management. Our findings reveal that while family businesses always have a negative and significant impact on k _e regardless of the economic environment, they only have a positive and significant impact on ROEaT in economic upturns. Thus, non-economic goals do not necessarily imply underperformance but may involve a lower cost of equity capital in privately held family businesses than in privately held non-family businesses, which also leads to differences in the value creation.     

Sense of Community and the Perception of the Socio-Physical Environment: A Comparison Between Urban Centers of Different Sizes Across Europe

Measures of subjective well-being, and especially life evaluations, or judgments about how happy people are with their lives as a whole, enrich and empower social indicators research. They do this by requiring other social indicators as explanatory variables and providing a coherent encompassing framework within which the relative importance of other social indicators can be established.     

The Impact of Direct Election on Reform Votes in the U.S. Senate*

Objective. This investigation examines the extent to which direct election rendered the U.S. Senate more supportive of Progressive reforms, as indicated through roll‐call outcomes. Methods. Pre‐ and postaggregate support coalitions are compared in a 16‐year period bifurcated by passage of the Seventeenth Amendment (1905–1921), utilizing difference in means and ordinary least squares regression. An alternate test considers the aggregate impact of the rising percentage of states adopting pre‐Amendment direct‐election mechanisms. A difference in means test between Senate and House votes on similar bills is also provided. Results. Neither the Amendment nor the statewide movement toward direct election exerted the conventionally assumed, positive impact on reform support; House and Senate support scores were similar throughout the period. Conclusions. The data suggest a strong pro‐reform tendency in the Senate throughout the timeframe. The probable reason direct election demonstrates so little of the expected impact on outcomes is that the Senate had already begun to move in that direction.