Investment-decision criteria and resource allocation in transition

This paper develops an analytical framework tointegrate static and dynamic effects of theoreticallyrelevant and practically applied investment-decisioncriteria on the marginal rate of substitution betweeninvestment and labour. The new propositions are relatedto the ranking of relative present value, Kalecki'sindex of efficiency and the static version ofrecoupment period criteria. Investors in post-communisteconomies have switched from the recoupment period tothe criteria based on discounting. This is aninstitutional change typical for these economies. Itimplies a choice of techniques with lower investmentintensity, which is best supported by government'spolicy to promote labour mobility.     

Beyond proportionate punishment: Difficult cases and the 1991 Criminal Justice Act

Within six months of implementation, the Criminal Justice Act 1991, which had been hailed as the most important piece of criminal justice legislation in England and Wales for many years, was already being undermined in practice, and a new Act, which amends or even reverses some of its more progressive principles, was brought before Parliament. This paper looks at some problems of proportionality in practice — through discussion of penological principles, and through consideration of the kinds of cases which are most difficult for a desert approach. Alternative ideas are examined to see whether they could offer any better framework for penal policy and practice. A mixed theory is advocated, with parsimony as its most important principle.I am grateful to Nicola Lacey, Mike Levi, Mike Maguire and Andrew Von Hirsch for comments on the first draft of this paper.