David L. Hammes

Resort development impact on labor and land markets

Abstract Using time series profiles from 1965 to 1990, this article examines the impact of large-scale resort development on the real wages and real land prices on the Big Island of Hawaii, USA. It is found that the wages of labor did not rise in the face of rapid and large-scale development. Land prices responded only weakly to this development. Land prices appreciate more rapidly the closer the land in question is to the resort developments. For labor, the results indicate an elastic supply of labor to this market. For land, this study indicates that development of this type has only a limited impact on land prices.

Stationarity Condition for AR Index Process

The stationarity conditions for an autoregressive (AR) process in general are reduced to a remarkably simple inequality if the lag coefficients are restricted to be identical. The condition is not only analytically elegant but also applicable in checking the validity of the stationarity conditions for such a restricted AR process of any order.We are deeply indebted to Professor Paolo Paruolo, NP co-editor of Econometric Theory, and anonymous referees for constructive comments and suggestions that led to significant improvements. Errors, if any, are solely ours.

Thomas Edison's Monetary Option

In 1922, Thomas Edison publicly introduced his latest invention—a new type of money, a commodity-backed currency that he believed was the long-term solution to Americas monetary woes. “I want to cast the variable out of money. This gold money is not good enough. Its a fiction†he boldly proclaimed (New York Times 1922).

Thomas Edison's “except one”: The monetary views of Arthur Kitson revisited

Purpose – This paper examines the monetary thought of Arthur Kitson (1861-1937) as expressed in his published works and in recently discovered answers he submitted in 1922 to a questionnaire from Thomas Edison, the US inventor. Design/methodology/approach – Both original source material from the Edison Archive and published sources are used to examine the subject. Findings – It is found that Kitsons monetary thought is more orthodox than has previously been claimed by, among others, John Maynard Keynes, and more recently in the economics literature. It is also found that Kitson was the only person to support, without qualification, Edisons plan to reform the US monetary system. Originality/value – This paper casts a new light on Kitsons monetary thought, showing the influence of Irving Fisher on Kitson. The paper also presents Edisons questionnaire and Kitsons contributory thoughts on a fiat monetary standard that the questionnaire stimulated.

Home Production Market Production and the Changing Allocation of Consumption Expenditures on Service

This article studies the determinants of the quantity of services purchased by consumers in the US over the period 1949–85. Price and income elasticities useful for assessing the likely future demand for services are derived. The theoretical model and empirical estimates differ from traditional approaches by considering, as parameters in the demand function, changes in male and female labour force participation rates and hours worked. One interesting implication of this model is that it permits estimating the shifr of home production of services into market production and therefore an empirical assessment of the degree to which national income growth has been overestimated in the post- war years.