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This book, the first of two volumes, explores the legacy of Trevor
Winchester Swan, often described as Australia's greatest ever
economist. An insightful biography is accompanied with Swan's most
prominent articles to provide a broad view of his life and work.
Particular attention is given to the famous Swan Diagram, known
among macroeconomists worldwide, Swan's four zones of economic
unhappiness, his view of how economies grew based on capital
deepening and technical progress, and the Solow-Swan model of
economic growth. This book aims to shed light on the enigmatic and
influential life of Trevor Winchester Swan. It will be relevant to
students and researchers interested in the history of economic
thought.
This book, the second of two volumes, explores the legacy of Trevor
Winchester Swan, often described as Australia's greatest ever
economist. Some of Swan's most prominent articles are presented
alongside analysis of his work from leading historians of economic
thought to provide a broad and insightful view of his work.
Particular attention is given to Swan's work on the balance of
payments, economic development, capital accumulation, and the
neoclassical growth model. This book aims to shed light on the
enigmatic and influential life of Trevor Winchester Swan. It will
be relevant to students and researchers interested in the history
of economic thought and those that want to understand the
foundations of modern macro, trade, and neoclassical economics.
This study considers the determination of the ex ante
pay-performance relationship. A single-period partial equilibrium
model is used to show that the executive income can be expressed as
a function of the firm's return expressed in dollar terms. The
executive income is jointly determined by the opening firm size and
current return, which function as a managerial talent proxy and
self-selection mechanism respectively. Comparing to Jensen and
Murphy (1990) wealth-based Pay-Performance Sensitivity (PPS), this
study presents an income- based PPS. The alternative PPS not only
overcomes a misleading misspecification in Jensen and Murphy
(1990), but also corrects Rosen's (1992) argument for only
including return in the pay performance relationship. This study
finds empirically that both the opening firm size and stock return
play a significant role in determining executive income. This study
provides supplementary evidence to Murphy's (1986) Learning Model.
However, shareholder income may not be an ideal performance measure
in capturing the multi-period pay-performance relationship.
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