Now showing 1 - 10 of 25
  • Publication
    Independent Ireland In Comparative Perspective
    (University College Dublin. School of Economics, 2016-12)
    This paper surveys independent Ireland’s economic policies and performance. It has three main messages. First, the economic history of post-independence Ireland was not particularly unusual. Very often, things that were happening in Ireland were happening elsewhere as well. Second, for a long time we were hampered by an excessive dependence on a poorly performing UK economy. And third, EC membership in 1973, and the Single Market programme of the late 1980s and early 1990s, were absolutely crucial for us. Irish independence and EU membership have complemented each other, rather than being in conflict: each was required to give full effect to the other. Irish independence would not have worked as well for us as it did without the EU; and the EU would not have worked as well for us as it did without political independence.
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    Land, labor and the wage-rental ratio : factor price convergence in the late nineteenth century
    (University College Dublin. School of Economics, 1993-05) ; ;
    This paper augments the new historical literature on factor price convergence. The focus is on the late nineteenth century, when economic convergence among the current OECD countries was dramatic; and the focus is on the convergence between Old World and New, by far the biggest participants in the global convergence during the period; and the focus is on land and labor, the two most important factors of production in the nineteenth century. Wage-rental ratios boomed in the Old World and collapsed in the New, moving the resource-rich and labor scarce New World closer to the resource-scarce and labor-abundant Old World. The paper uses both computable general equilibrium models and econometrics to identify the forces causing the convergence. These include: commodity price convergence and the Heckscher-Ohlin Theorem of factor price equalization; migration, capital-deepening and frontier disappearance, factors stressed by Malthus, Ricardo, Wicksell and Viner; and factor-saving biases associated with induced-innovational theory, an endogenous response to relative factor scarcities.
  • Publication
    Were Heckscher and Olin right? : putting history back into the factor-price equalization
    (University College Dublin. School of Economics, 1992) ;
    Due primarily to transport improvements, commodity prices in Britain and America tended to equalize 1870-1913. This commodity price equalization was not simply manifested by the great New World grain invasion of Europe. Rather, it can be documented for intermediate primary products and manufactures as well. Heckscher and, Ohlin, writing in 1919 and 1924, thought that these events should have contributed to factor price equalization. Based on Williamson's research reported elsewhere, Anglo-American real wages did converge over this period, and it was part of a general convergence between the Old and New World. This paper applies the venerable Heckscher-Ohlin trade model to the late 19th century Anglo-American experience and finds that they were right: at least half of the real wage convergence observed can be assigned to commodity price equalization. Furthermore, these events also had profound influences on relative land and capital scarcities. It appears that this late 19th century episode was the dramatic start of world commodity and factor market integration that is still ongoing today.
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  • Publication
    Economic integration and convergence : an historical perspective
    (University College Dublin. School of Economics, 1995-11)
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  • Publication
    The Irish Economy During the Century After Partition
    (University College Dublin. School of Economics, 2021-04) ;
    We provide a centennial overview of the Irish economy in the one hundred years following partition and independence. A comparative perspective allows us to distinguish between those aspects of Irish policies and performance that were unique to the country, and those which mirrored developments elsewhere. While Irish performance was typical in the long run, the country under-performed prior to the mid-1980s and over-performed for the rest of the twentieth century. Real growth after 2000 was slow. The mainly chronological narrative highlights the roles of convergence forces, trade and industrial policy, and monetary and fiscal policy. While the focus is mostly on the south of the island, we also survey the Northern Irish experience during this period.
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