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• Disaggregated investment is included in a neo-Godwinian model of growth and distribution. • The "Goodwin pattern" for the U.S. economy is robust to the inclusion of aggregate and disaggregated investment measures. • Residential investment leads the cycle, whereas nonresidential investment lags it. • Novel visualization technique combines impulse-response analysis with cyclical trajectories. The empirical literature on models of cyclical growth and distribution has not investigated the differential roles of residential vs. nonresidential investment. These flows are similar in that they are largely undertaken by profit-seeking corporations, but differ greatly in that residential (nonresidential) investment is a leading (lagging) indicator of the business cycle. We estimate two Structural Vector Autoregressive (SVAR) models of the cyclical components of US post-WWII time series with restrictions motivated by neo-Goodwinian theory. The 4D model includes utilization rate, accumulation rate, employment rate and labor share. The 5D model disaggregates investment into residential and nonresidential flows. Results (i) support profit-led demand and profit- squeeze distribution, and (ii) confirm that residential investment leads the cycle, whereas nonresidential investment lags it. [ABSTRACT FROM AUTHOR]

The construction is one of the key contributing sectors in the U.S. economy. For operational purposes, the construction sector uses inputs from other producing sectors. That dependence makes the construction sector vulnerable to shocks in other sectors. This paper has quantified that vulnerability measured in terms of the annual percentage production loss due to shocks in other sectors. As such, this paper has collected 25 years of historical data from the U.S. Bureau of Economic Analysis and used them in an input–output model to derive the intersectoral relationships, which were further used to calculate the impact of exogenous shocks on the construction sector. It has been found that a 1% annual production loss in the (1) finance, insurance, real estate, rental, and leasing sector; (2) government sector; and (3) manufacturing sector will cause an annual production loss of 0.16%, 0.11%, and 0.05% in the construction sector, respectively. These three sectors exert the most significant influence on the construction sector's annual production. The outcomes of this paper can also be used to measure the cumulative impact of multiple exogenous shocks originating in different sectors, which could ultimately help to make the U.S. construction sector resilient to external shocks. [ABSTRACT FROM AUTHOR]

The economic and financial integration that has taken place over the last 20 years has led to a situation where the reaction of financial markets is no longer solely due to local factors, but also to macroeconomic and financial news of regional and international origin. In this regard, we focus on the effect of the international transmission of uncertainty shocks on global stock market performance. Given that the United States is the world's leading economic power, some studies have highlighted the adverse effects of the international propagation of US uncertainty shocks on international stock markets (Ehrmann and Fratzscher, 2009; Klobner and Sekkel, 2014; Hammoudeh et al., 2016). Using VAR modeling, our study examines the specific impact of economic policy uncertainty in the USA on the stock markets of four African countries: Tunisia, Egypt, Morocco, and South Africa. Although geographically distant from the USA, these economies are closely integrated into the global economy and are likely to be affected by international economic and political developments, particularly those originating in the USA, a major economy and a key player on the global stage. [ABSTRACT FROM AUTHOR]

Conventional economic growth models treat production/consumption as abstractions linked only by money flows, disregarding their connection to the physical world. Nevertheless, the existing literature suggests that energy flows can influence production and links useful exergy prices with economic growth. Useful exergy is energy measured at the stage where it produces an end-use (and is a measurement of energy quality). Not all approaches in the literature use this metric and they often consider energy as a primary input (despite it being an intermediate input). We explore the relationship between energy flows and economic growth for the US through a framework where useful exergy, the output of an "extended energy sector" (where all effects of increasing primary-to-final-to-useful exergy efficiency are located), is an intermediate input for a "non-energy sector". Together, they encompass the entire economy. We conclude that the share of investment in the extended energy sector grew with the overall economic growth throughout 1960–2020, while the labour share decreased. The non-energy sector contributed the largest share of consumption, exports, imports and labour. In recent years, the energy sector has overtaken it in terms of investment. Our two-sector model has important implications for current climate policy, namely regarding the Integrated Assessment Models on which it is based. [ABSTRACT FROM AUTHOR]

Improving the performance and impact of orthopaedic research is a critical leadership challenge. Musculoskeletal (MSK) conditions are a leading cause of disability worldwide, for which research investment and performance lags far behind the burden of disease. In the United States, MSK disorders account for the highest health care costs, have increased in incidence at the fastest rate, and exceed the combined costs of cardiovascular diseases and neoplasms. Despite the cost to society, the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), with primary responsibility for MSK research, receives <1.4% of the funds allocated to the National Institutes of Health (NIH). Although orthopaedic surgeons are leading providers of MSK clinical care, the dearth of orthopaedic clinician-scientists also greatly reduces representation of MSK scientific and clinical expertise among academic and scientific leaders. The goals of this symposium were to highlight the critical need for greater prioritization and investment in orthopaedic research and to engage orthopaedic leaders in addressing these needs. Compelling stories of research success from 3 orthopaedic chairs were featured to highlight how orthopaedic surgeon leadership in bench-to-bedside research substantially advances MSK clinical care. Seminar participants also emphasized the need to improve evidence-based clinical practice for which multicenter prospective cohort and registry studies represent opportunities for broader involvement. Prioritization of orthopaedic clinician-scientist development and formation of multidisciplinary partnerships with basic and translational scientists were emphasized as critical needs to advanceMSK health. It is critical for orthopaedic chairs to "be invested in" and to "invest in" the success of orthopaedic research. This investment includes developing a professional climate that values research achievement and collaboration as well as implementing strategies to support and sustain research success. Finally, orthopaedic leaders need to advocate for federal research funding to be proportional to the economic burden of disease for whichMSK conditions carry the highest current and projected costs. With health-care costs accounting for nearly one-fifth of the U.S. economy, increasing the investment in orthopaedic research to reduce the prevalence, disability, and morbidity from MSK disease needs to be a top orthopaedic and national leadership priority. [ABSTRACT FROM AUTHOR]

The article focuses on the US economy's resilience amidst recent job growth and inflation challenges. Topics include expected Gross Domestic Product growth driven by consumer spending and job gains, economic forecasts suggesting a soft landing with cautious optimism on business investments, and the Federal Reserve's anticipated rate cuts to stimulate growth in 2025.

Many studies anticipate that carbon capture and sequestration (CCS) will be essential to decarbonizing the U.S. economy. However, prior work has not estimated the time required to develop, approve, and implement a geologic sequestration site in the United States. We generate such an estimate by identifying six clearance points that must be passed before a sequestration site can become operational. For each clearance point (CP), we elicit expert judgments of the time required in the form of probability distributions and then use stochastic simulation to combine and sum the results. We find that, on average, there is a 90% chance that the time required lies between 5.5 and 9.6 y, with an upper bound of 12 y. Even using the most optimistic expert judgements, the lower bound on time is 2.7 y, and the upper bound is 8.3 y. Using the most pessimistic judgements, the lower bound is 3.5 y and the upper bound is 19.2 y. These estimates suggest that strategies must be found to safely accelerate the process. We conclude the paper by discussing seven potential strategies. [ABSTRACT FROM AUTHOR]

"Exporting Capitalism: Private Enterprise and U.S. Foreign Policy" by Ethan B. Kapstein examines the role of economic statecraft in the international system, particularly in the competition between the United States and China. Kapstein argues that it was the U.S. government, rather than private business, that drove the policy of mobilizing private business and investment to support national security objectives. The book traces U.S. attempts to export capitalist structures in various regions, highlighting the reliance on foreign direct investment (FDI) and the partnership between the U.S. government and businesses. Kapstein's work provides valuable insights for policymakers and researchers studying the links between development policy, trade, investment, and national security. [Extracted from the article]

This text explores the development of Kenyan athletes and the role of education in their success. It discusses how Kenyan student athletes began accepting athletic scholarships to U.S. colleges in the 1970s, which established pipelines for more Kenyan student athletes to come to the U.S. These pipelines were important for sustaining Kenya's dominance in middle- and long-distance running and provided opportunities for disadvantaged Kalenjin students to access higher education abroad. The development of these pipelines was influenced by Cold War-era educational exchange programs and the diplomatic relationship between Kenya and the United States. The text also highlights the challenges faced by Kenyan athletes due to NCAA rules and discusses the limited opportunities for Kenyan women runners to receive scholarships and participate in international athletics. While the recruitment of Kenyan athletes to U.S. colleges expanded opportunities for Kenyans in collegiate track and field, scholars have raised concerns about the power dynamics and potential exploitation involved in this process. [Extracted from the article]

Conventional accounts of the U.S. constitution laud its checks and balances for diffusing power across many venues, limiting the potential for government oppression, and protecting political minorities. I refer to this as constitutional folk wisdom and contrast it with an American political economy approach of veto exceptionalism to better understand how the U.S. constitution shapes, and is shaped, by power relations. This analysis illustrates the volume and scope of veto exceptionalism and its implication for democratic participation and accountability, contrasts it with the virtues championed by the folk wisdom, and suggests how veto exceptionalism can help explain political outcomes and processes in American politics. I argue that the folk wisdom is not only inaccurate as a description of how power functions in the American "checks and balances" system; it is cultivated and utilized most frequently by powerful economic and racial actors that benefit from the anti-democratic and elitist features of the U.S. constitutional system. [ABSTRACT FROM AUTHOR]

This paper focuses on transition policies targeted at supporting workers now employed in the fossil fuel industries and ancillary sectors within high-income economies. As a general normative principle, I argue that the overarching aim of such policies should be to protect workers against major losses in their living standards resulting through the fossil fuel industry phase-out. The impacted workers should be provided with guarantees to accomplish this, in the areas of jobs, compensation and pensions. Just transition policies should also include job search, retraining and relocation programs, but these forms of support should be recognized as supplementary. The overall set of just transition policies is fully aligned with the Energy Justice and Capabilities Approach as well as the UN's Sustainable Development Goals. Within this framework, the paper first reviews experiences with transitional policies in Germany, the UK, the EU and, more briefly, Japan and Canada. The policies either implemented or discussed in these cases do not provide the needed guarantees. The paper then presents an illustrative robust just transition program for the heavily fossil fuel-dependent U.S. state of West Virginia. This program will cost, as an annual average, about $42,000 per impacted worker, or about 0.2 percent of West Virginia's current GDP. I briefly summarize results for seven other U.S. states and for the overall U.S. economy. For the U.S. economy overall, the just transition program's costs would total to about 0.015 percent of GDP. These findings demonstrate the financial viability of robust just transition programs for high-income economies. [ABSTRACT FROM AUTHOR]

The Mississippi River System (MRS) is one of the most important commercial routes in the world and its navigability is critical for anticipating potential disruptions in the global supply chain. Here we show that the navigability of the MRS has reduced since 1963, especially in the lower part of the basin. Based on analyses of daily stage time series and the associated conditions for navigation, we find that high rather than low water levels are the main culprits for the observed navigability issues. Moreover, not only have the navigable days decreased, but navigation without operational restrictions has also become more fragmented. Our findings provide basic information toward the development of strategies to mitigate potential negative effects in the U.S. navigation sector. Plain Language Summary: The Mississippi River System (MRS) is vital for the U.S. economy and one of the most important commercial routes in the world. On average, 400 million tons of goods were shipped through the MRS in recent years, accounting for 92% of the U.S. agricultural exports and 78% of the world's exports of feed grains. The maintenance of adequate navigation conditions on the MRS is challenging and requires actions to counterbalance the ongoing system changes, with potential to reduce cargo transportation. Here we show that the navigability of the MRS has reduced since 1963, especially in the lower part of the basin, and that navigation without operational restrictions has also become more fragmented. Our study aims to provide basic information toward the development of strategies to mitigate potential negative effects in the U.S. navigation sector and potential future disruptions in the global supply chain. Key Points: We have analyzed the navigability of the Mississippi River System (MRS) since 1963The MRS navigability has reduced and become more fragmented in recent decades, especially in response to generally higher water levels [ABSTRACT FROM AUTHOR]

The article explores the complexities and controversies surrounding the determination of a product's country of origin in international trade. It discusses the "substantial transformation" test, which is commonly used to determine origin, but suggests that it needs to be updated to account for modern manufacturing processes and intangibles. The article also examines alternative approaches to determining origin, such as value-content rules and process-based rules, but acknowledges their limitations. Overall, the article emphasizes the importance of consistent and predictable rules of origin in international trade. [Extracted from the article]

What would Thucydides say now?" And I answer that if Thucydides were watching, he would say: Both antagonists are right on script, almost as if they were competing to see which could better exemplify the characteristics of the rising power on the one hand, and the ruling power on the other. Keywords: China; cold war; Russia; Ukraine; human rights; containment; Thucydides's trap EN China cold war Russia Ukraine human rights containment Thucydides's trap 53 58 6 03/15/22 20220301 NES 220301 In his classic I History of the Peloponnesian War i , the Greek historian Thucydides wrote: "It was the rise of Athens and the fear that this instilled in Sparta that made war inevitable." In trying to answer the question of why Putin is acting now, in 2022, an applied history analysis would review key scenes over the past two years: actions by Ukraine, Europeans, and the US as well as those by Russia or others. [Extracted from the article]

Climate change has become a critical issue for ensuring the sustainable development of human society. In the future, countries with greater potential for carbon reduction and advanced carbon technologies will enjoy a more favorable position in global development. The struggle for leadership and influence in the global climate change arena will intensify between developed countries such as the United States and those in Europe, the main promoter of climate change policies, and developing countries such as China. The Chinese government' s climate strategies, including goals of reaching peak carbon emissions and achieving carbon neutrality, are currently focused on finding ways to break the impasse in this climate game between major powers. Carbon tariff policies promoted by Europe and the United States have emerged as a powerful tool in this game. This paper employs a global multi-regional computable general equilibrium model to assess the economic and ecological impacts of the post-carbon tariff era on China. We consider eight possible scenarios based on the assumption that the European Union and the United States will impose carbon tariffs on imported products to meet global carbon reduction targets. The study finds that: ① The carbon tariff policies implemented by the United States and Europe have significant adverse effects on China' s GDP and welfare. Furthermore, these policies have a considerable detrimental impact on exports that are highly carbon-intensive, while their overall effectiveness in reducing carbon emissions remains limited. ② The carbon border tax policy, as applied by developed economies such as the United States and the European Union, does not have a clear effect on reducing carbon emissions and is a typical example of a 'harmful to others, unhelpful to oneself' behavior. ③ The Export Tax Rebate policy of China can to some extent alleviate the adverse impacts of the European and the United States Carbon Border Tax policies on the Chinese economy, while also potentially reducing China' s carbon emissions. ④ The Chinese government needs to be cautious in responding to the retaliatory measures of imposing carbon border taxes on Chinese imports, as they could cause more severe economic losses to China. The article proposes that China should take proactive measures to mitigate the negative impacts of carbon tariffs by implementing an export tax rebate policy. It also suggests guiding carbon-intensive export-oriented enterprises to proactively develop emission reduction plans and carbon footprint inventories, as well as enhancing clean energy technologies. In addition, China should actively achieve its 'dual carbon' goals, thereby avoiding economic suppression by developed economies such as Europe and the United States, who may use carbon tariffs as an excuse. The country should increase its R&D investment to improve its green image, while strengthening international cooperation on climate change governance and seeking a fair and just path towards reducing emissions. [ABSTRACT FROM AUTHOR]

In this study, a global agricultural trade network was constructed, and its topological characteristics from 1991 to 2021 were analysed. The influences of nine variables were empirically tested, including factor endowments and economic, geographical, and institutional factors. The research results show that the scale of trade networks is constantly expanding, and trade relations are becoming increasingly concentrated. Further, global agricultural trade patterns are gradually being reshaped. However, European economies and the United States still dominate the power of network control, with a clear 'core-edge' hierarchy. Among the factors influencing the global agricultural trade network, differences in arable land areas, agricultural product prices, geographical distances, and financial institutions have proven important. However, their influence varies. Compared to the differences in the endowments of other factors, the comparative advantage of agricultural trade in various nodes worldwide comes more from the arable land areas. The greater the difference in agricultural prices, the closer are the trade ties between nodes. Differences in geographical distance have proven conducive to establishing agricultural trade relations. Finally, the greater the difference in financial systems, the greater the likelihood that agricultural trade links will occur. [ABSTRACT FROM AUTHOR]

Central Bank Digital Currency (CBDC) is a digital version of domestic currency with a unit of account equivalent to its domestic currency. Blockchain or Distributed Ledger technology (DLT) can be used to implement CBDC to execute and settle peer-to-peer transactions. With the emergence of private money, such as cryptocurrencies and stablecoins, and the growing use of digital payments to lessen the global pandemic spread, CBDC is an active research area among central banks worldwide. Many central banks started their CBDC projects by building DLT proofs of concept (PoCs) to replicate wholesale payment systems and expand their investigation into other use cases, such as delivery versus Payment (DvP) and cross-border remittance. Many large economies like the United States have projects exploring CBDC. The People's Bank of China (PBoC), China Central Bank, has already started a pilot testing of their digital retail currency. This paper discusses the application of blockchain for CBDC by presenting CBDC projects by central banks. Moreover, this paper analyses issues, identify challenges and discusses future works in this rapidly evolving field. [ABSTRACT FROM AUTHOR]

Business aviation is a vital component of the U.S. economy, growing at a double-digit rate year-over-year since the pandemic, and offers many outstanding career opportunities for collegiate aviation program graduates. Despite the opportunities available, many students may need to be made aware of the options available in business aviation due to a lack of exposure compared to other aviation industry sectors. This paper describes one university's efforts to advance understanding of business aviation through a new annual multi-day conference that has produced new partnership and mentorship opportunities that greatly benefit students and industry alike. [ABSTRACT FROM AUTHOR]

The above factors and variables of size, GDP, population challenges, and inefficient state-owned enterprises will all come to play if China is going to grow to challenge the U.S. economy. China experienced a high rate of growth in its gross domestic product (GDP) during the last three decades. [Extracted from the article]

The research concludes with the importance of defining the seriousness of the Corona virus pandemic on the global economy in general, with the research discussing its impact on some sectors of the Egyptian economy, "by relying on the analytical and statistical approach in discussing the dimensions of the problem, monitoring and clarifying official statistics that show the impact of the pandemic on some sectors such as remittances of Egyptians abroad," and the impact of the pandemic also on the export sector, etc.. The importance of the research is due to an attempt to find solutions to reduce the effects of the pandemics through recommendations " for countries to confront it any potential pandemic. [ABSTRACT FROM AUTHOR]

In ratifying the Paris Accords in 2016, the Brazilian government pledged to eliminate all illegal deforestation in the Amazon by 2030, a goal snarled by Bolsonaro's rollbacks. Charging that "the greed of some countries toward the Amazon is a well-known fact", Bolsonaro boasted of his government's "unprecedented" steps to conserve the forest. Breaking with Binary Narratives of Amazonian Ecopolitics: The complex dynamics shaping the Brazilian Amazon cannot be reduced to foreign intervention nor national sovereignty. Between the 1964 coup and 1971, the military regime received over $3.5 billion in bilateral aid and foreign loans from the U.S. government and U.S.-dominated multilateral lending institutions. [Extracted from the article]

As the U.S.-China Economic and Security Review Commission concluded, "Despite ongoing political frictions and concerns about discriminatory treatment, many U.S. companies remain committed to the Chinese market."[296] Indeed, one estimate concludes that the level of U.S. investment in China likely exceeds $1 trillion.[297] Consequently, alternative approaches must be developed to satisfy U.S. importers and manufacturers so that the impact on U.S. industries from the prospective loss of China's market can be minimized to the greatest extent possible. Neither variations in the repeated U.S. affirmations of the U.S. commitment to Taiwan - including more or less ambiguity - nor new labels for U.S. deterrence strategies can address the structural challenge to U.S. deterrence goals posed by the shifting correlation of forces and the political background of the Taiwan Question. This deterrence threat must be credible or, as Herman Kahn said, at least "not incredible", i.e. it must not entail likely costs to the United States that are so great that the U.S. deterrence position itself lacks sufficient credibility.[133] The political aims of U.S. Strategy What then are the U.S. political goals relative to the Taiwan Question? The fundamental deterrence questions that must be addressed by the United States are: is there space for deterrence to operate in principle and, if so, what deterrence posture might the United States preserve, or more likely regain, to support the credible deterrence strategy needed to uphold the U.S. position expressed in the 1979 TRA? At a time of considerable U.S. strategic nuclear advantage, Soviet Premier Nikita Khrushchev raised the fundamental question about U.S. will and deterrence credibility when the potential U.S. suffering for carrying out its deterrent threat could easily have been intolerable for the United States. [Extracted from the article]

This paper argues that the persistent inflation in the U.S. during the post-COVID economic recovery was mainly the result of the Fed's policy mistake caused by an overestimation of the negative output gap. The paper shows that after a two-quarter contraction, the U.S. economy quickly rebounded and outpaced its potential output, thus remaining in overheating territory. However, policymakers prolonged the monetary expansion beyond the necessary, which contributed to fuel inflation for a more prolonged time. The policy mistake was the result of an inaccurate estimation of potential output. Based on an alternative estimation that uses full employment as a condition, this paper shows that the U.S. economy has been running with a positive output gap since mid-2021. The results illustrate that the Federal Reserve was well-behind the curve in an economy in overexpansion and with a galloping inflation escalating well-above the target. [ABSTRACT FROM AUTHOR]

As noted above, it is through franchisor training that franchisees learn and thereafter impart to their employees what their assignments are and how they should be performed; what health and safety measures must be observed; what shifts will be established for those employees; and, most certainly, the rules and directions governing the manner, means, and methods of employee work performance. Quite a stunningly destructive thrust against franchisors whose franchisees, for over a half century, have been almost universally deemed by every court considering the issue to be independent contractors and certainly not employees of their franchisors (or, again, with a few exceptions, the joint employers of their franchisees' employees). But, once again, neither the NLRB NPR nor the proposed rule itself distinguishes these attributes of franchising from the typical employer-employee relationship, an omission which-given the vast distinctions between an employer and an employee, on the one hand, and a franchisor and its franchisees, on the other hand-seems not only intentional but also inexcusable considering the potential impacts of the proposed rule. On the business side, quite ironically (given the DOL's and the NLRB's purported desire to aid employees), the best moves that both franchisors and franchisees can undertake is to minimize the number of franchisee employees. The danger to franchisors triggered by this definition is clear: in our myriad years of experience in practicing franchise law, many (if not virtually all) franchisors, in an effort to assist their franchisees, suggest compensation rates for various strata of franchisee employees. [Extracted from the article]

On May 2, 1952, Chilean President Gabriel González Videla, a staunch U.S. ally, suddenly terminated the Washington Agreement governing the sale of copper to the United States, in effect, imposing an embargo and nationalizing the export of copper in the midst of the Korean War. Indeed, as Jeffrey Taffet notes, the U.S. and Chilean governments fought a similar battle during the Vietnam War that also ended in the United States government employing financial inducements and diplomatic arm-twisting to bring the Eduardo Frei administration back into line on copper prices. Even worse, if the government sold its accumulated stocks, the "dumping" of that "copper on the market at one time would further lower the price" and exacerbate its problems going forward.[43] Ibañistas first approached U.S. officials with bluster, asserting that it was the "obligation of the United States Government to maintain the 35 ½ cent price in order to save the Chilean economy from bankruptcy" and threatening nationalization or Iron Curtain sales. See also, Hal Brands, I Latin America's Cold War i (Cambridge, MA, 2010), 9-24; Brian Loveman, I No Higher Law: American Foreign Policy and the Western Hemisphere since 1776 i (Chapel Hill, NC, 2010), 253-283; Alan McPherson, I Intimate Ties, Bitter Struggles: The United States and Latin America since 1945 i (Dulles, VA, 2006), 20-44; Stephen G. Rabe, I The Killing Zone: The United States Wages Cold War in Latin America i (New York, 2016), 21-35. 5 Gilbert M. Joseph, "Border crossings and the remaking of Latin American Cold War Studies", I Cold War History i 19, no. 1 (2019): 152. [Extracted from the article]

An introduction is presented in which the editor discusses several articles published within issue on topics including the relevance of the Movement for Black Lives' intersectional approach and rejection of state punishment.

Business trusts have been and will continue to be an integral part of the United States economy, especially because of the emerging dominance of index funds, which are often organized as business trusts. Remarkably, although corporations have been the subject of thousands of articles, articles on business trusts number in the dozens, which leaves gaping holes in the existing literature that need to be filled. This piece sets out to answer the question of whether business trusts should exist at all, or whether they are unnecessarily redundant of the corporate form. Based on various economic principles, this Article demonstrates the importance of preserving and nurturing business trusts and their common-law underpinnings because of the importance of diversification in investment and reducing systemic risk, the efficiency that regulatory competition and the common law produce, and the need to respect the knowledge that spontaneous order systems--such as the common law--impart. Because business trusts are common-law corporations, the question underlying this Article is whether the differences between corporations and business trusts matter. Based on the economic justifications contained in this article, the answer to that question is an unequivocal "yes.". [ABSTRACT FROM AUTHOR]