Exile,Choice, and Loyalism: Taking and Restoring Dignity in the American Revolution

Taking a cue from Bernadette Atuahene's concept of “dignity takings” and her insight that government expropriation inflicts more than economic injury, this essay analyzes how American revolutionaries defined political membership, penalized and expropriated British loyalists, and then allowed some to join the American polity in the decade after the Revolution. Many recovered their property, professions, and legal privileges. However, because most loyalists could choose to remain loyal or join the Revolution, they did not lose human dignity as Atuahene defines it. Case studies of two reintegrating lawyers, Richard Harison and William Rawle, explore loyalism, the loss of dignities that loyalists suffered, and some paths toward reintegration. Their appointment as federal attorneys helped make the government conversant in the common law, British statutes, and the law of nations, which in turn supported the Federalist goal of reintegrating the United States into the Atlantic World: achieving, in other words, national dignity.     

Valence,Policy Ideas,and the Rise of Sustainability

This article introduces to policy studies the concept of valence, which we define as the emotional quality of an idea that makes it more or less attractive. We argue that valence explains why some ideas are more successful than others, sometimes gaining paradigmatic status. A policy idea is attractive when its valence matches the mood of a target population. Skilled policy entrepreneurs use ideas with high valence to frame policy issues and generate support for their policy proposals. The usefulness of the concept of valence is illustrated with the case of sustainability, an idea that has expanded from the realm of environmental policy to dominate discussions in such diverse policy areas as pension reform, public finance, labor markets, and energy security. As the valence of sustainability has increased, policy entrepreneurs have used the idea to reframe problems in these various policy areas and promote reforms.     

Affordability and mortgage design: Permanent buydowns and buyups

Abstract

A simulation model that mirrors the actual practices of lenders in setting qualification requirements for mortgage loans is used to assess the impact of permanent buydowns and buyups on the maximum sale price that buyers can afford. Buydowns are reductions in the coupon rate traded off against higher discount points; buyups are the reverse. Although buydowns have little effect on afford ability, buyups can have significant effects. Their potential is largely unrealized, however, because of the call risk to lenders of loans carrying premiums. The authors propose a “discount recovery” provision, which would be similar to a prepayment penalty except that the payment upon prepayment would be tied to the amount of the discount foregone by the lender. This would protect lenders against call risk, giving them every reason to offer buyups as a way of expanding demand.