The Need and Criteria for the Sectoral Programming of Australian Aid to Papua New Guinea
The challenges posed by high balance of payments deficits that manifest as high saving-investment gaps in Papua New Guinea (PNG) are analysed. Foreign aid can play play a pivotal role to fill these balance of payments or savings-investment gaps. Australia as the largest donor of foreign aid to PNG is concerned about the need for the effective disbursement or programming aid. In this paper we demonstrate that using sectoral (bunch-criteria) based on the semi-input-output model provides a better framework for evaluating the effective performance of aid than programming aid to projects.
Quantification of Sectoral Development Prospects in Papua New Guinea Using Tinbergen and Rasmussen Criteria
The paper critically reviews the development strategy that is embodied in the "eight aims" of the national plan enuciated for the development of post-independent economy of Papua New Guniea (PNG). An algebraic exposition of the semi-input-output criterion is the applied to identify the attractiveness of tradable sectors that qualify for further grooming on the basis of their comparative advantage in trade. The semi-input criterion is also applied for project appraisal and its mechanics are demonstrated using the palm oil project as a case study. The key sectors of the PNG economy using dominant linkage and spread effects are identified as potential candidates for development in the framework of the semi-input-output methodology.
Legal Process and the Discovery of Better Policies for Fostering Innovation and Growth
Our chapter concerns how legal process can lead to efficient policies for fostering innovation and growth. Future innovation will depend at least as much on how laws are made as on a priori analyses of the optimal content of those laws. Of particular importance is whether U.S. choice of law and choice of forum rules promote an efficient market for law. Our analysis supports three suggestions for improving the law to support growth. First, the rules governing the selection of the jurisdiction whose law governs productive activity can significantly affect growth and innovation. Second, any proposal aimed at increasing growth through a change in law or legal institutions should take account of the existence of multiple jurisdictions and parties’ ability to choose the jurisdiction whose law controls their transactions. Third, we suggest harnessing the power of jurisdictional competition among the states through a federal law enforcing contracting parties’ choice of law except to the extent states legislatively override the choice of law and regulate local transactions. We apply this analysis to several areas of the law that are critical to growth and innovation: non-competition clauses, business associations, the legal profession, internet law, insurance, property law, products liability, and franchise regulation.