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A theoretical discussion of the problem of achieving economic stabilization. Mr. Egle offers a commonsense compromise between those who would use only automatic devices to counteract business swings and those who would give the government great discretionary powers.Originally published in 1952.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905

This paper deals with the need of introducing biofuels for the use of the civil aviation sector, and the different possibilities of application of incentive mechanisms if the existing market conditions do not allow their direct commercialisation. After an introduction on the main features of the civil aviation impact on climate change, a historical review of the European Union regulations to promote the energy extraction from biological resources is presented. The different incentive policies around the world are revised and compared and some indications are offered on the most recommendable procedures that might be carried out in the near future.

We introduce democratic mechanisms where individual utilities are not observable by other people at the legislative stage. We show that the combination of three rules can yield e±cient provision of public projects: first, flexible and double majority rules where the size of the majority depends on the proposal and taxed and non-taxed individuals need to support the proposal; second, flexible agenda costs where the agenda-setter has to pay a certain amount of money if his proposal does not generate enough supporting votes; third, a ban on subsidies. We also illustrate that higher dimensional uncertainty about project parameters can make it easier to achieve first-best allocations and that universal equal treatment with regard to taxation is undesirable.

This paper analyzes the constitutional determinants of cost reimbursement rules. In order to design the optimal incentive schemes, a possibly partisan planner will take into account the market cost structure, the institutional design of the supervision hierarchical structure and its technology. I employ electricity data from the U.S. electric power market to test the model's predictions. The evidence shows that reforms from low powered incentive scheme (COS) to high powered one (PBR) are linked to high cost industries, the presence of elected supervisors, high inter-party platform distance and large (slim) majority when the reformer is Republican (Democratic). Moreover, there is some evidence in the data that performance-based regulation lowers regulated prices.

AbstractWe can observe some developments that indicate a further strengthening of human rights and the rule of law even after 2001. These developments are puzzling as they occurred despite largely unfavourable scope conditions. This article offers an account of these developments that focuses on dynamics endogenous to the law. These internal dynamics provide a causal mechanism that sets in once a certain threshold of legalization has been reached. We employ the Hartian notion of secondary rules which we think is an especially helpful conceptual tool to analyse the endogenous dynamics of legal systems. To the extent that law is programmed towards consistency, secondary rules become necessary in an environment of rapidly increasing legal density to govern the complexity resulting from this proliferation of norms. Upholding consistency is necessary to maintain the autonomy of law in a Luhmannian sense and the 'morality' of the legal system in a Fullerian sense. Our goal is to show this and at the same move beyond an argument of system or normative functionality by identifying causal mechanisms that can explain the law's built-in drive towards secondary rules, and that are in accordance with broader social science theory. We use some insights from cognitive psychology to develop these causal mechanisms further. While testing these causal mechanisms would be beyond the scope of this paper, we hope to provide the conceptual tools for future empirical research on the dynamics of secondary rule-making and offer some empirical illustrations to demonstrate how dissonance reduction operates in practice.

The new European Commission has signaled its commitment to advance the work of its predecessor in asserting European Union (EU) authority to prevent - and, if necessary, respond to - breaches in the rule of law by member states. A new toolbox of measures to accomplish this aim would build upon the Rule of Law Framework, adopted in 2014, and rulings by the Court of Justice of the European Union (CJEU) requiring compliance by member country courts and judicial systems with EU legal principles of judicial independence and separation of powers. The first two principal aims of the reinforced toolbox of measures are to foster, through public outreach, a rule of law culture across the EU, and to expand the scope of monitoring and report­ing to all member countries while deepening the Commission's institutional expertise to achieve a timely and detailed understanding of developments. The third aim is to reinforce the leverage of the EU to respond in cases where there is serious deviation from rule of law norms. This latter aspect of the reinforced "toolbox" includes adopt­ing a strategic approach to bringing anti-infringement cases to the CJEU and the intro­duction of rule of law conditionality to EU funding in member countries.