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This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.
This paper explores sources of the output collapse in Russia during transition. A modified growth-accounting framework is developed that takes into account changes in factor utilization that are typical of the transition process. The results indicate that declines in factor inputs and productivity were both important determinants of the output fall. The paper analyzes the behavior of real commodity prices over the 1862–1999 progress. It also examines whether average stocks of health and education are converging across countries, and calculates the speed of their convergence using data from 84 countries for 1970–90.
The valorous but troubled career of the Civil War general best known for defending Little Round Top and averting a Union defeat at Gettysburg. The lieutenant colonel of a New York regiment and rising star in the Army of the Potomac, Gouverneur K. Warren performed heroically at Gettysburg. For his service at Bristoe Station and Mine Run, he was awarded command of the Fifth Corps for the 1864 Virginia campaign. But Warren’s peculiarities of temperament and personality put a cloud over his service at the Wilderness and Spotsylvania and cost him the confidence of his superiors, Grant and Meade. He was summarily relieved of his command by Philip Sheridan after winning the Battle of Five Forks, just eight days before Appomattox. Warren continued as an engineer of distinction in the Army after the war, but he was determined to clear his name before a board of inquiry, which conducted an exhaustive investigation into the battle, Warren’s conduct, and Sheridan’s arbitrary action. However, the findings of the court vindicating Warren were not made public until shortly after his death. For this major biography of Gouverneur Warren, David M. Jordan utilizes Warren’s own voluminous collection of letters, papers, orders, and other items saved by his family, as well as the letters and writings of such contemporaries as his aide and brother-in-law Washington Roebling, Andrew Humphreys, Winfield Hancock, George Gordon Meade, and Ulysses S. Grant. Jordan presents a vivid account of the life and times of a complex military figure.