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This study aims to assess the extent to which acute hospital trust mergers in England are associated with quality improvements.

We apply an event study design using difference-in-difference (DID) and coarsened exact matching to compare the before-and-after performance of eight mergers from 2011 to 2015.

We find little evidence that mergers contribute to quality improvements other than some limited increases in the proportion of patients waiting a maximum of 18 weeks from referral to treatment. We postulate that financial incentives and political influence could have biased management effort towards waiting time measures.

Inherent sample size constraints may limit generalisability. Merger costs and complexity mean they are unlikely to offer an efficient strategy for helping to clear elective care backlogs. We recommend further research into causal mechanisms to help health systems maximise benefits from both mergers and emerging models of hospital provider collaboration.

This paper is the first to study the quality impact of a new wave of acute hospital mergers taking place in the English National Health Service from 2011 onwards, applying a group-time DID estimator to account for multiple treatment timings.

The chapter examines and challenges the assumed necessity of a linkage between remembered series of exchanges, amicable social relations, and prestige found in the work of Marcel Mauss and many subsequent theorists of reciprocity and gift exchange.

The chapter uses the nearly 500 year history of the giving and taking of the Koh-i-noor Diamond by rulers of South and Central Asia, commencing with Babur, the first Mughal emperor, and ending with Queen Victoria, which includes some gift giving and much taking by force, to explore what happens when only two of the three elements Mauss assumed central to understanding gift exchange are present.

Based on a review of the historical material, the chapter demonstrates that though historical narratives or memories of exchanges were central to enhancing the prestige of the parties to the exchange and the diamond itself, that process could and did occur in the absence of any on-going amicable social relations, including in situations in which exchange or transfer of the diamond were coerced and nothing was given in return to the dispossessed former owner of the gem.

By suggesting an alternative configuration of the factors necessary for the association of exchange and prestige, the chapter provides the opportunity to reconsider assumptions common in the literature on gift exchange and further enhance our understanding of this central element of social theory.

In the nineteenth and twentieth centuries, lawyers and judges used history for various purposes. Their works reflected the trends in historical treatments done by historians but was produced for instrumental ends. They drew upon history in their work of making the law and in shaping the profession. Lawyers and judges used history to justify existing law, to bolster calls for change in the law, to provide a defense against critique of the profession, or to provide a shining example for the profession to emulate. This long view of the use of law by the legal profession contextualizes the much-commented phenomena of law office history, which has proved a subject of a contention between the professions of law and history.

This study uses parametric hazard models to investigate duration dependence in US stock market cycles over the January 1929 through December 1992 period. Market cycles are determined using the Beveridge‐Nelson (1981) approach to the decomposition of economic time series. The results show that both real and nominal cycles exhibit positive duration dependence. The implication of this finding is that actual prices revert to their permanent or trend level in a non‐random manner as the cyclical component dissipates over time. This process is consistent with mean reversion in price and suggests that predictable periodicity in market cycles may exist. Only limited evidence is obtained that discrete shifts or trends in mean cycle duration exist. The length of market cycles appears not to have changed over the 1929–92 period.

Public entrepreneurship is increasingly being propounded as a key means of ‘doing more with less’ during the tough times associated with successive rounds of neoliberal restructuring and austerity. The primary aim of this chapter is to provide a critical-exploratory review of sponsorship – a disruptive interjection or particular form of public entrepreneurship.

Public entrepreneurship provides a useful theoretical frame for exploring some emergent ways of delivering public services in a post-Credit Crunch global operating environment. Empirical insights are derived from a single local authority in the United Kingdom.

There is a widespread concern that straitened economic conditions can engender the prevalence of short-term financial considerations at the expense of other objectives. Sponsorship, as a discrete form of public entrepreneurship in some circumstances has the potential to achieve multiple objectives, enriching public value. However, this is contingent of specific contextual factors.

By identifying some risks associated with disruptive interjections intended to open new paths for the sponsorship of public services as well as indicating some opportunities for risk reduction, it is hoped that our analysis may benefit public authorities when they are exploring or evaluating sponsorship ‘opportunities’.

Examining sponsorship through a public entrepreneurship conceptual frame has received limited research attention. Whether sponsorship is a ‘winning solution’ is contingent on the particular form of sponsorship as well as the specific time and place.

Reproduces the main texts of hitherto unpublished reminiscences of the style and influence, as a teacher, of Allyn Abbott Young (1876‐1929) by 17 of his distinguished students. They include Bertil Ohlin, Nicholas Kaldor, James Angell, Lauchlin Currie, Colin Clark, Howard Ellis, Frank Fetter, Earl Hamilton, and Melvin Knight (brother of Frank Knight who, with Edward Chamberlin, was perhaps Young’s most famous PhD student). There has recently been a revival of interest in Young’s influence on US monetary thought and in his theory of economic growth based on endogenous increasing returns. These recollections of his students (addressed to Young’s biographer, Charles Blitch) shed light on why Young has, at least until recently, been renowned more for his massive erudition than for his published writings.

In the early 1930s, Nicholas Kaldor could be classified as an Austrian economist. The author reconstructs the intertwined paths of Kaldor and Friedrich A. Hayek to disequilibrium economics through the theoretical deficiencies exposed by the Austrian theory of capital and its consequences on equilibrium analysis.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The integration of capital theory into a business cycle theory by the Austrians and its shortcomings – e.g. criticized by Piero Sraffa and Gunnar Myrdal – called attention to the limitation of the theoretical apparatus of equilibrium analysis in dynamic contexts. This was a central element to Kaldor’s emancipation in 1934 and his subsequent conversion to John Maynard Keynes’ The General Theory of Employment, Interest, and Money (1936). In addition, it was pivotal to Hayek’s reformulation of equilibrium as a social coordination problem in “Economics and Knowledge” (1937). It also had implications for Kaldor’s mature developments, such as the construction of the post-Keynesian models of growth and distribution, the Cambridge capital controversy, and his critique of neoclassical equilibrium economics.

The close encounter between Kaldor and Hayek in the early 1930s, the developments during that decade and its mature consequences are unexplored in the secondary literature. The author attempts to construct a coherent historical narrative that integrates many intertwined elements and personas (e.g. the reception of Knut Wicksell in the English-speaking world; Piero Sraffa’s critique of Hayek; Gunnar Myrdal’s critique of Wicksell, Hayek, and Keynes; the Hayek-Knight-Kaldor debate; the Kaldor-Hayek debate, etc.) that were not connected until now by previous commentators.

This paper explores consumer understanding and perception of organic food, with specific reference to the relatively new concept of organic farmed salmon. Key themes associated with the term “organic” and its meaning, as determined by consumers, are explored and the role of labelling and regulatory authorities considered. Focus groups in five countries (UK, Germany, Spain, Norway and France) consisting of 196 participants showed that most consumers are confused about the meaning of the term organic and are largely unaware of the organic certification and labelling process. Many consumers were unsure, even sceptical about the concept of organic farmed salmon and display a large amount of distrust in the regulatory process. The implications for the concept of organic food and salmon production and directions for further research are discussed.

Aquaculture has become the world’s fastest growing food-production technology. This chapter outlines the main factors for this growth and shows how farmed seafood can contribute directly and indirectly to food security. We used the databases of the FAO on food production and trade to analyze the development of production in the main categories of animal protein. The trends were interpreted in a productivity growth and trade context. We found that modern aquaculture is enabled by transferring knowledge from terrestrial animal production and from developing new technologies to create substantial productivity growth and production cost reductions. The current growth rate of aquaculture production exceeds all other types of meat production and is expected to continue to increase as the agro-science industry expands (seafood made up 34.5% of the world’s animal production in 2013). More than 90% of the world’s aquaculture production takes place in developing countries, where it contributes to food security directly through consumption or indirectly as a source of income. Seafood is a main source of animal protein in many parts of the world, particularly in developing countries. Depending on species and country, farmed seafood contributes to food security directly through domestic consumption, or indirectly through economic growth from exports.