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This book is a comprehensive manual for decision-makers and policy leaders addressing the issues around human caused climate change, which threatens communities with increasing extreme weather events, sea level rise, and declining habitability of some regions due to desertification or inundation. The book looks at both mitigation of greenhouse gas emissions and global warming and adaption to changing conditions as the climate changes. It encourages the early adoption of climate change measures, showing that rapid decarbonisation and improved resilience can be achieved while maintaining prosperity. The book takes a sector-by-sector approach, starting with energy and includes cities, industry, natural resources, and agriculture, enabling practitioners to focus on actions relevant to their field. It uses case studies across a range of countries, and various industries, to illustrate the opportunities available. Blending technological insights with economics and policy, the book presents the tools decision-makers need to achieve rapid decarbonisation, whilst unlocking and maintaining productivity, profit, and growth.
We provide an overview of the monetary policy failures that resulted in the 2007–2008 financial crisis and ensuing Great Recession, focusing on the United States. Before the crisis, monetary policy was too loose, which fueled the bubble. After the bubble burst, monetary policy became too tight, hindering the recovery. These failures are fundamentally due to the Federal Reserve’s discretionary monetary policy. Furthermore, the popular approach of “constrained discretion” is really just discretion. Hence, it is sensitive to all the usual problems with discretionary monetary policy. Only firm monetary rules, ones that actually bind, can maintain macroeconomic stability and prevent crises.
Orthodox monetary policy scholarship assumes that central bankers act to maximize the public welfare. If imperfect incentives enter the model, it is on the part of the public. We challenge this assumption. Monetary policymakers are just as prone to incentive problems, which cause them to act according to their own self-interest. Furthermore, the self-interest of policymakers is not always the same thing as the public welfare. The two diverge frequently, in fact. We survey the history of the Federal Reserve and show the numerous ways discretionary central bankers have been compromised. These incentive problems are an inherent feature of discretion. They can only be eliminated by embracing true monetary rules.
We analyze the information problems inherent in discretionary monetary policy. Discretionary central bankers confront immense informational burdens. Some of these are technical problems only, and can in principle be overcome. But there is also a genuine knowledge problem involved in discretionary monetary policy: reacting in real time to changes in the demand for money. This problem is unsolvable. It renders discretionary central banking systematically unlikely to achieve macroeconomic stability. In contrast, rules-based policy does not confront a knowledge problem.
We conclude by situating the theory and practice of monetary policy within liberal political economy more generally. As we have seen, there are significant tensions between existing monetary institutions (discretionary central banking) and liberal ideals. This has been made even clearer by the Federal Reserve’s response to COVID-19. In brief, the Fed is now engaging in not only monetary policy but fiscal policy as well. This represents an immense expansion in its mandate, one that poses serious challenges for general and predictable monetary policy. The way out of this mess is embracing a comparative institutions approach to monetary policy. We cannot be satisfied with technical refinements to existing models and data. We need to explore alternative monetary policy rules, ones that are effective at providing macroeconomic stability while also respecting the requirements of democracy.
At root, the problems with the Federal Reserve (and many other central banks) are institutional. The repeated recessions and crises in the era of the Fed show that we need a radical reimagination of the basic institutions of monetary policy. In this chapter, we survey the work of the three great classically liberal Nobel laureates of the twentieth century – James Buchanan, F. A. Hayek, and Milton Friedman – to show that each of them gave serious consideration to monetary-institutional fundamentals. Our focus is not on their particular conclusions, but on how they thought about the problems of monetary institutional design. This represents a very different style of scholarship than macroeconomists and monetary economists currently practice. Unless scholars engage the research projects of Buchanan, Hayek, and Friedman, research in monetary economics will not be of much help in achieving lasting macroeconomic stability.
Financial crises are widely perceived to be the reason monetary rules cannot work. The extraordinary challenges posed by crises require policymakers to act discretionarily. We show that this argument is not only wrong but backward: It is more important than ever to have true rules for monetary policy, which actually bind, to cope with financial crises. We show how the Fed failed to respond appropriately to the 2007–2008 crisis. Contrary to the then chairman Bernanke’s public statements, the Fed did not behave as an orthodox lender of last resort. Instead, it experimented with dubious policies that further entrenched moral hazard in the financial system. We criticize these policies, as well as an approach to economics, which we call “triage economics,” that mistakenly supposes the basic rules of price theory provided no guidance in crafting policy responses to crises. A rules-based approach to monetary policy is thus consistent with extreme market turbulence. In fact, rules are how such turbulence is pacified.
In this chapter, we focus on the idea of the rule of law in the classical liberal tradition. The rule of law is a basic jurisprudential norm that undergirds liberal democracies. We show that discretionary central banking is inconsistent with the rule of law. Discretionary central banking fails the test of generality: It benefits special interests, but not the public as a whole. Also, discretionary banking fails the test of predictability: It does not create an environment conducive to reliable public expectations of future policy. For these reasons, it is unlikely that discretionary central banking can be reconciled with self-governance. We reaffirm the imperative of liberal democracy, as well as uncovering monetary institutions that are compatible with liberal democracy. Until we do so, we fail to meet the basic challenge of self-governance.
The Bronze Age in Britain is now a term often used to include both the first use of copper c. 2400 bc and also tin-bronze from c. 2100 bc, all of which required the extensive use of copper. Prehistoric mining for this metal has been identified in surface and underground workings in Parys Mine, Mynydd Parys, Anglesey, although almost all of the surface workings are now obscured by the extensive deep spoil from more recent mining in the industrial period. These copper-bearing ores are in bedded lodes, together with some intruded vein deposits. The Bronze Age workings have been exposed underground where they have been intersected by the early 19th century industrial workings on and above the 16 fathom and 20 fathom levels in the Parys Mine. Spoil exposures contain stone hammers (‘mauls’), wood fragments, and charcoal; samples of the latter have been radiocarbon dated with chronological modelling suggesting activity took place in the first half of the 2nd millennium cal bc. Although relatively limited in extent, these important prehistoric mining sites are among the earliest found in the UK. They have survived due to their protection from surface erosion and limited accessibility.
Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
The ways in which cultural groups vary from one another has long been a matter of everyday observation. The construction of valid and reliable measures of these differences remains problematic. Comparisons of survey responses rest on assumptions about the functional equivalence of translated items and of the assumptions that respondents make about the meaning of such surveys. This chapter explores the different possible levels of measurement equivalence. Psychological variables are most frequently latent rather than directly observable. Philosophers of science have discussed how best to address the challenges one faces when working with latent variables. If we are to claim that latent variables such as individualism or collectivism can account for particular differences between groups, specific counterfactual theorising is required as to the limiting circumstances under which such effects will or will not occur. At a more practical level, we can note that differences are frequently found in the characteristic survey response styles of respondents from different cultural groups, but decisions as to whether or when to discount such variations rest on answers to the more basic philosophical questions raised in the earlier section of this chapter.
The first demonstration of laser action in ruby was made in 1960 by T. H. Maiman of Hughes Research Laboratories, USA. Many laboratories worldwide began the search for lasers using different materials, operating at different wavelengths. In the UK, academia, industry and the central laboratories took up the challenge from the earliest days to develop these systems for a broad range of applications. This historical review looks at the contribution the UK has made to the advancement of the technology, the development of systems and components and their exploitation over the last 60 years.
Subglacial sediments have the potential to reveal information about the controls on glacier flow, changes in ice-sheet history and characterise life in those environments. Retrieving sediments from beneath the ice, through hot water drilled access holes at remote field locations, present many challenges. Motivated by the need to minimise weight, corer diameter and simplify assembly and operation, British Antarctic Survey, in collaboration with UWITEC, developed a simple mechanical percussion corer. At depths over 1000 m however, manual operation of the percussion hammer is compromised by the lack of clear operator feedback at the surface. To address this, we present a new auto-release-recovery percussion hammer mechanism that makes coring operations depth independent and improves hammer efficiency. Using a single rope tether for both the corer and hammer operation, this modified percussion corer is relatively simple to operate, easy to maintain, and has successfully operated at a depth of >2130 m.
This chapter is a close reading of Julie Taymor’s 1999 Titus and Ralph Fiennes’s 2010 Coriolanus. Both films challenge the stock image of historical Rome in Taymor’s case by extensive allusion to other iconic films, costumes and settings; in Fiennes’s case by updating the film’s action to the Balkan conflicts of the 1990s. In these differing ways, both films insist on the omnipresence of violence. The chapter concludes that this apparent rejection of a stereotypical or immediately recognisable Roman setting is actually closer to the ambiguous sense of the classical seat of empire that Shakespeare’s first audiences may have harboured. Rome is less a physical place and more of an idea but it is an idea riddled with contradictions. Neither film attempts to erase these contradictions; indeed, their stress on anachrony causes both to recapitulate the uncertainties, regarding Rome, of the plays’ early audiences.
Multiple herbicide-resistant populations of horseweed [Conyza canadensis (L.) Cronquist] continue to spread rapidly throughout Ontario, notably in areas where no-till soybean [Glycine max (L.) Merr.] is grown. The occurrence of multiple herbicide resistance within these populations suggests that the future role of herbicide tank mixtures as a means of control will be limited. An integrated weed management strategy utilizing complementary selection pressures is needed to reduce the selection intensity of relying solely on herbicides for control. Field studies were conducted in 2018 and 2019 to test the hypothesis: if fall-seeded cereal rye (Secale cereale L.) can reduce C. canadensis seedling density and suppress seedling growth, then the interaction(s) of complementary selection pressures of tillage, cereal rye, and herbicides would improve the level of C. canadensis control. Laboratory studies were conducted to determine whether the allelopathic compound 2-benzoxazolinone (BOA) affected the root development of C. canadensis seedlings. The interactions observed among multiple selection pressures of tillage, cereal rye, and herbicides were inconsistent between the 2 yr of study. A monoculture of cereal rye seeded in the fall, however, did reduce seedling height and biomass of C. canadensis consistently, but not density. This reduction in seedling height and biomass was likely caused by the allelopathic compound BOA, which reduced seedling root development. Control of C. canadensis seedlings in the spring required the higher registered rates of dicamba or saflufenacil. The addition of shallow fall tillage and the presence of cereal rye did not improve the variability in control observed notably with 2,4-D or the lower rates of saflufenacil or dicamba. With the implementation of complementary weed management strategies, environmental variables in any given year will likely have a direct influence on whether these interactions are additive or synergistic.