Allocative and productive efficiency are static concepts in the sense that they relate to welfare at a point in time. Allocative and productive efficiency reflect the outcome at a single point in time of resource allocation and production decisions.

The new public management of the 1980s was based in part on a range of important new insights about the role of transaction and agency costs arising from contractual incompleteness in defining the boundaries of the firm and the governance relationships within it. In this paper, we consider the...

In this paper we explore the question of the sustainability of the intergenerational contract that is represented by the current structure of social welfare. We argue that sustainability and time consistency of social welfare policies could be improved by more explicit recognition of the social...

Lew Evans and Neil Quigley presented, Regulation of Lines Networks at an ISCR half day seminar in March 2003.

Our analysis is concerned solely with the levy of rates on the value of the distribution networks of utilities (which may be on poles above ground or underground) and is not applicable to the land and buildings owned by utilities and rated under the standard residential and commercial rating...

Co-operatives provide a vehicle for the vertical integration of production andprocessing in agriculture. The producers provide capital for and control theprocessing entity so that their interests are aligned. Returns to producers bundle together the commodity price and the return from the...

Money and Medicines (WFB) analyses government provision of prescription pharmaceuticals in New Zealand focussing on the performance of the Pharmaceutical Management Agency Ltd. (Pharmac). Pharmac is a wholly owned subsidiary of the Transitional Health Authority (THA) and has the responsibility...

In this study we analyse the objectives underlying the Reserve Bank's policy ofmandatory local incorporation and provide an assessment of the effectiveness of the policy in meeting these objectives. We review both the legal and regulatory framework within which branches of foreign banks now...