The construction of sub-section 6(5) of the Trusts of Land and Appointment of Trustees Act 1996: when is a "right" not a "right"?

Construes the Trusts of Land and Appointment of Trustees Act 1996 s.6(5) under which trustees of trusts of land are required to have regard to the rights of the beneficiaries when exercising the powers conferred on them under s.6, proposing a construction of the subsection which requires it to be read as a counterpart to the provisions of s.15. Considers the meaning to be attributed to the word "rights" in s.6(5). Explains the reasons for the proposed construction, applies it to an example scenario and identifies three advantages in adopting it

Growth in the Real Size of Government since 1970

From at least 1893 economists have viewed income as an important determinant of government size and the hypothesis that government size increases with income is now enshrined in the literature as Wagner’s Law. More recently, however, public choice economists and growth theorists have tended to reverse that causality by questioning whether government size is a constraint on (or promulgator of) economic growth. Typically, increases in government size arising from increased consumption are viewed as constraints on growth, while increases in size that arise from government investment are viewed as positive in their effect on growth. In this paper we are concerned with the two-way interrelationship between government size and income growth highlighted by these separate literatures and investigate this relationship in three distinct stages. In the first part of the paper we set out what has actually happened to the real size of government for twenty OECD countries over the period since 1970 and survey some of the newer factors and approaches used to explain its more recent evolution. The second part re-estimates the parameters of the demand curve for government allows us to speculate whether the changing pattern of government growth represents a break in the structure of the model determining government size or, more simply, represents a change in the variation of the underlying variables. We find that the same model works at least as well as it did in earlier periods with coefficients that are close to their earlier estimates. We follow this by estimating a simple growth model that highlights the size of government consumption in relation to income and output growth for the same countries over the same time period. Increases in size do appear to constrain economic growth. The third part of our paper recognizes that while each of the two causal relationships has received considerable attention in their own right, less attention has been given to effecting a separation of their co-mingled effects. To do so, we estimate the two relationships simultaneously in the context of our panel. This allows us assess whether ignoring the simultaneity of the two-way relationship seriously biases the measure of either the income effect (in determining government size) and/or the measure of government’s effect on economic growth when each are estimated separately. While our discussion suggests that single equation estimates of the income elasticity in Wagner’s Law may have been biased upwards (in absolute terms) and the constraining effect of government size on growth biased downwards, our three stage estimates finds only modest support in the data. The paper concludes by exploring the interrelationship between government size and government regulation. In particular, we test the hypothesis that the appearance of slower growth in government side is due to the increased substitution of indirect control of private production for direct governmental output. On cross sectional data, we find the opposite. In our sample, larger government size is associated with more rather than less regulation.

Evaluating marketing opportunities for haricot beans in Ethiopia

This market report was undertaken to evaluate the marketing opportunities and constraints for beans in Ethiopia, to gain insight into the demand and supply of this crop and the medium and long-term market outlook across the subsector for national, regional and international trade. Major fi ndings are summarized with recommendations made in the form of suggested ways forward. The paper is organized as follows. Section 2 presents the research methodology, section 3 describes bean types, section 4 provides an overview of the production systems, section 5 deals with marketing issues, section 6 focuses on the demand for beans in Ethiopia, section 7 deals with the major supply channels, section 8 provides major fi ndings, and section 9 provides recommendations for interventions

Growth in the Real Size of Government since 1970

From at least 1893 economists have viewed income as an important determinant of government size and the hypothesis that government size increases with income is now enshrined in the literature as Wagner's Law. More recently, however, public choice economists and growth theorists have tended to reverse that causality by questioning whether government size is a constraint on (or promulgator of) economic growth. Typically, increases in government size arising from increased consumption are viewed as constraints on growth, while increases in size that arise from government investment are viewed as positive in their effect on growth. In this paper we are concerned with the two-way interrelationship between government size and income growth highlighted by these separate literatures and investigate this relationship in three distinct stages. In the first part of the paper we set out what has actually happened to the real size of government for twenty OECD countries over the period since 1970 and survey some of the newer factors and approaches used to explain its more recent evolution. The second part re-estimates the parameters of the demand curve for government allows us to speculate whether the changing pattern of government growth represents a break in the structure of the model determining government size or, more simply, represents a change in the variation of the underlying variables. We find that the same model works at least as well as it did in earlier periods with coefficients that are close to their earlier estimates. We follow this by estimating a simple growth model that highlights the size of government consumption in relation to income and output growth for the same countries over the same time period. Increases in size do appear to constrain economic growth. The third part of our paper recognizes that while each of the two causal relationships has received considerable attention in their own right, less attention has been given to effecting a separation of their co-mingled effects. To do so, we estimate the two relationships simultaneously in the context of our panel. This allows us assess whether ignoring the simultaneity of the two-way relationship seriously biases the measure of either the income effect (in determining government size) and/or the measure of government's effect on economic growth when each are estimated separately. While our discussion suggests that single equation estimates of the income elasticity in Wagner's Law may have been biased upwards (in absolute terms) and the constraining effect of government size on growth biased downwards, our three stage estimates finds only modest support in the data. The paper concludes by exploring the interrelationship between government size and government regulation. In particular, we test the hypothesis that the appearance of slower growth in government side is due to the increased substitution of indirect control of private production for direct governmental output. On cross sectional data, we find the opposite. In our sample, larger government size is associated with more rather than less regulation

Near-wins and near-losses in gambling: a behavioral and facial EMG study.

This is thefinal published version. It originally appeared at http://onlinelibrary.wiley.com/doi/10.1111/psyp.12336/abstract.This study investigated responses to near-wins (i.e., nonwin outcomes that were close to a major win, and their counterpart, near-losses (nonwin outcomes that are proximal to a major loss) in a decision-making task, measuring (a) luck ratings, (b) adjustment of bet amount, and (c) facial muscle reactivity at zygomaticus and corrugator sites. Compared to full-misses, near-wins decreased self-perceived luck and near-losses increased self-perceived luck, consistent with the effects of upward versus downward counterfactual thinking, respectively. Wins and losses both increased zygomaticus reactivity, and losses selectively enhanced corrugator reactivity. Near-wins heightened zygomaticus activity, but did not affect corrugator activity, thus showing a similar response pattern to actual wins. There were no significant facial EMG effects of near-losses. We infer that near-wins engender some appetitive processing, despite their objective nonwin status.This work was completed within University of Cambridge Behavioural and Clinical Neuroscience Institute (director: TW Robbins), supported by a consortium award from the Medical Research Council (MRC) and Wellcome Trust. Y.W. was supported by a Chinese Scholarship Council – Cambridge International Scholarship and the Treherne Studentship in Biological Sciences from Downing College, Cambridge. The Centre for Gambling Research at UBC is supported by an award from the British Columbia Lottery Corporation and the British Columbia Government

The HI gas content of galaxies around Abell 370, a galaxy cluster at z = 0.37

We used observations from the Giant Metrewave Radio Telescope to measure the atomic hydrogen gas content of 324 galaxies around the galaxy cluster Abell 370 at a redshift of z = 0.37 (a look-back time of ~4 billion years). The HI 21-cm emission from these galaxies was measured by coadding their signals using precise optical redshifts obtained with the Anglo-Australian Telescope. The average HI mass measured for all 324 galaxies is (6.6 +- 3.5)x10^9 solar masses, while the average HI mass measured for the 105 optically blue galaxies is (19.0 +- 6.5)x10^9 solar masses. The significant quantities of gas found around Abell 370, suggest that there has been substantial evolution in the gas content of galaxy clusters since redshift z = 0.37. The total amount of HI gas found around Abell 370 is up to ~8 times more than that seen around the Coma cluster, a nearby galaxy cluster of similar size. Despite this higher gas content, Abell 370 shows the same trend as nearby clusters, that galaxies close to the cluster core have lower HI gas content than galaxies further away. The Abell 370 galaxies have HI mass to optical light ratios similar to local galaxy samples and have the same correlation between their star formation rate and HI mass as found in nearby galaxies. The average star formation rate derived from [OII] emission and from de-redshifted 1.4 GHz radio continuum for the Abell 370 galaxies also follows the correlation found in the local universe. The large amounts of HI gas found around the cluster can easily be consumed by the observed star formation rate in the galaxies over the ~4 billion years (from z = 0.37) to the present day.Comment: accepted by MNRA

Multi-frequency fine resolution imaging radar instrumentation and data acquisition

Development of a dual polarized L-band radar imaging system to be used in conjunction with the present dual polarized X-band radar is described. The technique used called for heterodyning the transmitted frequency from X-band to L-band and again heterodyning the received L-band signals back to X-band for amplification, detection, and recording