The author’s ideas on the soft budget constraint (SBC) were first expressed in 1976. Much progress has been made in understanding the problem over the ensuing four decades. The study takes issue with those who confine the concept to the process of bailing out loss-making socialist firms. It shows how the syndrome can appear in various organizations and forms in many spheres of the economy and points to the various means available for financial rescue. Single bailouts do not as such generate the SBC syndrome. It develops where the SBC becomes built into expectations. Special heed is paid to features generated by the syndrome in rescuer and rescuee organizations. The study reports on the spread of the syndrome in various periods of the socialist and the capitalist system, in various sectors. The author expresses his views on normative questions and on therapies against the harmful effects. He deals first with actual practice, then places the theory of the SBC in the sphere of ideas and models, showing how it relates to other theoretical trends, including institutional and behavioural economics and theories of moral hazard and inconsistency in time. He shows how far the intellectual apparatus of the SBC has spread in theoretical literature and where it has reached in the process of “canonization” by the economics profession. Finally, he reviews the main research tasks ahead.
Recent studies indicate a paradox: rising income has not led to increases in long-term levels of life satisfaction. Therefore, the hypothesis that citizens adapt to the growth of GDP is tested. This paper analyses empirically the relationship between a deviation in the trend of seasonally adjusted GDP growth and life satisfaction in Euro zone member countries based on data from the European Commission’s Eurobarometer report. This approach is new to the literature and it enables us to detect medium-term adaptation effects on growth rates. This adds a new way of tackling the question of why economic prosperity has had little or no influence on life satisfaction levels.We found that country-wide differences in the relationship of trend GDP growth and life satisfaction exist. Portugal, Italy, Greece, and Spain showed a significantly positive relationship. For other euro member countries, the hypothesis does not hold. This suggests that two different groups exist and if everything else is held constant, economic growth strategies should vary.
Monson , LS ,
Recovery of multidrug-resistant bacteria from combat personnel evacuated from Iraq and Afghanistan at a single military treatment facility . Mil Med . 2009 ; 174 : 598 – 604 . 10.7205/MILMED-D-03
implications of reduced binge drinking among the military health system’s TRICARE Prime plan beneficiaries .
, 174 ( 7 ), 728 – 736 . https://doi.org/10.7205/milmed-d-03-9008 . 10.7205/MILMED-D-03
couples (sign pattern, compatible pair), see [ 1 ]: (1.5) ( ( + , + , − , + , − , − ) , ( 3,0 ) ) a n d ( ( + , − , − , − , − , + ) , ( 0,3 ) ) . The question which such couples are realizable is completely solved for d = 6 in [ 1 ], for d = 7 in
of the two oils appears to be the same (Σ D = 0.3).
It is also possible to observe the effect of heating in the presence of different lead-based driers.
As reported in Fig. 6 e, f, the oil with litharge (AH2) added shows a step