Manpower impacts of changes in federal budget priorities

This paper presents the results obtained from computer simulations conducted to determine the sentitivity of occupational employment demands to shifting patterns of U.S. Federal expenditures. The general model utilized is described and the effects of four hypothesized shifts in national priorities upon U. S. manpower requirements in the early 1960's are estimated. Selected occupations are classified and ranked according to their sensitivity to changing patterns of resource allocation between military and civilian activities. From these findings implications for economic and manpower forecasting are derived and discussed.     

Books in review

the author of numberous works in U.S. Jewish history and culture. Her most recent book is The Wonders of America: Reinventing Jewish Culture, 1880–1950.     

State Corporate and Federal Securities Law: Dual Regulation in a Federal System

Corporate law in the United States involves dual regulation.Although state and federal corporate law typically functionwithout mutual interference, the last thirty years have revealedpotential conflicts, chiefly in two situations. One involvescivil remedies for investors under federal securities statutes;the other is state anti-takeover regulation and its relationshipto the federal Williams Act. The postwar years until 1975 sawperhaps too much reliance on the federal component of corporateregulation. Since 1975, there has been a renaissance of statelaw. Recently, however, appreciation for state regulatory authoritymay have degenerated into hostility to the will of Congress.The authors argue that the core interpretive task in federalsecurities law is preservation of both regimes to maximum effect,because the Congress has expressly declared that state authorityshould continue adjacent to federal regulation.     

GRESHAM'S LAW: THE REGULATORY ANALOGY

The authors argue that delegation of discretion over environmental regulation to the states may trigger a process analogous to Gresham's Law in which lax regulation in one state drives out stringent regulation in neighboring states. This devolution to regulatory laxity is illustrated by the lax pesticide regulations in five Midwestern "agricultural" states. Questions are raised about the effects of the Reagan Administration's commitment to reduce the stringency of federal environmental regulations and delegate more regulatory discretion to the states.     

Urban policy perspectives in the U.S.A.: An extension of the Yarmolinsky option

Building on a suggestion by Adam Yarmolinsky that the Federal American government insure the equity that homeowners have developed in their property, we suggest some additional elements which would make a more complete urban policy package. Educational opportunity is seen as a critical element in property value within the American context and any scheme such as Yarmolinsky suggests needs to take into account the fact that house price reflects heavily the general judgment of the quality of the school to which that residence has access. Hence, a stabilization of the housing market is heavily dependent upon an equalization of educational opportunity. Two ideas to this end are suggested. One, the school parity adjustment, would grant funds directly to the school district, generally in inverse proportion to the assessed property valuation, and consistent with the funding required for a quality education. The second notion, the urban tax credit would help to rectify the desirability of suburban locations for parents of school age children by giving them tax credits for living in the city, and in effect, equalizing the subsidy which the government already provides suburban dwellers through insuring the school-inflated value of their property through Mortgage Insurance.     

INVESTING IN PEOPLE

Education and training may be the single most important elements of a national revitalization strategy. In spite of their importance, public policies which address the major issues in education and training do not exist for the most part. Where policies do exist, they are founded on incorrect premises or are made inappropriate by incompatible policies in other domains. This paper attempts to identify the problems and offers solutions to the issue of education and training.     

Non-global social contracts: A note on inefficient social institutions

This paper explores some perverse features that can emerge when social contracts are moved from a social vacuum to a setting of social interdependence. In particular we note incentives that might exist in conjunction with externality problems that yield situations in which: (1) social contracts reduce social wealth; (2) sub-global social contracts are Pareto inferior to the absence of social contracts; (3) there are no incentives for global social contracts. While previous works emphasized the benefits of contracts, this paper focuses on their costs. A conclusion reached is that perhaps justice and efficiency demand not a single global social contract but rather a rich melange of sub-global contracts with appropriate interstices of anarchy.     

Canadian Federalism, The Charter of Rights, and the 1984 Election

The federal election of 1984 may prove to be a critical eventin the evolution of Canadian federalism. The election createda political climate favorable to a restructuring of the Canadianpolitical agenda away from the "territorial politics" that hasdominated it for several decades, toward a politics of national,non territorial issues. Such a transformation of the politicalagenda had been sought by the Liberal government of Pierre Trudeau,which saw the new Charter of Human Rights and Freedoms as amechanism for promoting a more national politics. The climateof intergovernmental confrontation that characterized the Trudeauera, however, may very well have undermined the Charter's nationalunity potential. Ironically, that potential is more likely tobe realized under the Mulroney Conservatives than it would havebeen under a continuation of the Trudeau regime.