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Over the past few decades, pharmaceutical spending has been increasing, due in large part to high prices of prescription drugs. In the United States, pharmaceutical manufacturers defend high prices by citing the high costs of research and development, which they argue spurns innovation and makes up for the high prices

Over the past few decades, pharmaceutical spending has been increasing, due in large part to high prices of prescription drugs. In the United States, pharmaceutical manufacturers defend high prices by citing the high costs of research and development, which they argue spurns innovation and makes up for the high prices paid by consumers. This study seeks to determine the validity of that claim and to fully understand the impact that R&D expenditures have on pharmaceutical drug prices. Employing a fixed effects regression, this study assesses the relationship between per capita R&D expenditure and per capita pharmaceutical spending (a stand-in variable for average drug price) for twelve OECD-member countries over a span of seven years. Holding country and year effects fixed, this regression shows a nearly one to one positive relationship between R&D expenditure and pharmaceutical spending, meaning a one-dollar increase in R&D expenditure increases pharmaceutical spending by around one-dollar as well. This impact, while statistically significant, is not that large, implying that R&D expenditures are not a strong driver of drug prices, contrary to what many pharmaceutical manufacturers argue.
ContributorsMartin, John Behun (Author) / Hill, Alexander (Thesis director) / Foster, William (Committee member) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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To address the costs of Universal Basic Income (UBI) implementation while promoting new perspectives and broader thinking.

This paper will introduce UBI as a concept and a program to better understand its implementation around the world and the underlying theory of how to afford its sustained use. The paper examines several

To address the costs of Universal Basic Income (UBI) implementation while promoting new perspectives and broader thinking.

This paper will introduce UBI as a concept and a program to better understand its implementation around the world and the underlying theory of how to afford its sustained use. The paper examines several different implementation and funding mechanisms that are all focused on economic growth as the sole measure of success. It displays how UBI's program costs make it insufficient for further use under those metrics. This paper introduces the need to change the narrative to focus less on GDP-growth and more about the positive benefits of income distribution to raise the poverty line, decrease income inequality, and increase the overall well-being of each citizen in the United States.
ContributorsGordon, Chandler Robert (Author) / Hill, Alexander (Thesis director) / Wong, Kelvin (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Economics Program in CLAS (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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Economists, policy-makers, and various intellectuals have consistently debated the strongest way to support citizens. Lately, however, the simplest idea has managed to gain an unbelievable amount of traction. Maybe, rather than a complex policy solution targeted towards to certain demographics and with various work requirements we should simply give people

Economists, policy-makers, and various intellectuals have consistently debated the strongest way to support citizens. Lately, however, the simplest idea has managed to gain an unbelievable amount of traction. Maybe, rather than a complex policy solution targeted towards to certain demographics and with various work requirements we should simply give people money. The beauty of the idea is in its simplicity – and it is a key reason for its growing popularity. Universal Basic Income (UBI) is a policy proposal that has been steadily gaining momentum throughout the United States and across the world. Recently, it has been viewed as a stimulus to the economy in the wake of the Coronavirus (COVID-19) pandemic as well as a solution to labor-displacing technological advancements. Additionally, many economists, politicians, and various thought-leaders have portrayed basic income as a one-stop solution to many challenges facing the world. The idea behind UBI comes down to this idea – basic income will not solve all your problems – it makes your problems easier to solve. Many UBI advocates use that phrase to argue in favor for a basic income, but it is important to ensure that it doesn’t add to most people’s problems by discouraging work and encouraging seemingly unhealthy habits.
ContributorsRamesh, Neel (Author) / Hill, Alexander (Thesis director, Committee member) / Dean, W.P. Carey School of Business (Contributor, Contributor) / Department of Economics (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
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In this paper, I cover the background and economic history of green buildings, including four case studies. Based on this exploration, I find that green roofs and walls are best suited to dense, highly paved cities with little capacity to expand their sewer systems. Green infrastructure is best suited for

In this paper, I cover the background and economic history of green buildings, including four case studies. Based on this exploration, I find that green roofs and walls are best suited to dense, highly paved cities with little capacity to expand their sewer systems. Green infrastructure is best suited for stormwater management to avoid combined sewer overflow (CSO) pollution and managing urban heat island (UHI) effects, while at the same time providing many positive externalities for people and the environment. Green buildings take those benefits and fit them into a smaller area (on roofs and walls), which is most applicable where tearing up pavement to provide more ground-level green space and expanding the sewer systems would be too costly.

ContributorsBoudrie, Gemini (Author) / Hanemann, Michael (Thesis director) / Hill, Alexander (Committee member) / Wong, Kelvin (Committee member) / Barrett, The Honors College (Contributor) / Department of Economics (Contributor) / Dean, W.P. Carey School of Business (Contributor)
Created2022-05
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Over the past twenty years, the United States has experienced what Dr. Thomas Philippon calls "The Great Reversal," or a slow drift away from the free market competition which defined the American economy for the last century, towards an increasingly oligopolistic consolidation of market power. What does this mean? For

Over the past twenty years, the United States has experienced what Dr. Thomas Philippon calls "The Great Reversal," or a slow drift away from the free market competition which defined the American economy for the last century, towards an increasingly oligopolistic consolidation of market power. What does this mean? For the average American, prices have increased, wages remain stagnant, quality has declined, and the variety of goods has diminished. The reason? The growing political power of incumbent firms, who use their established economic power to influence the political process in their favor, towards high barriers to entry and decreased antitrust scrutiny, through lobbying and the financing of campaigns. Or have they? "The Great Reversal," and hypotheses like it, are far from a consensus... This Thesis is a meta study of the literature surrounding domestic competition in the United States and the impact that the lobbying activity of industry leaders has on said competition. Analyzing over 20 papers covering economics, political science, and political economy, this Thesis argues that domestic competition in the United States has indeed declined over the past two decades and that the growing political power of firms, rather than "unique" technological or structural changes in the economy, has caused this drift away from free markets. Using this analysis, this Thesis further suggests a few solutions to "The Great Reversal" and restoring competition in the American economy.

ContributorsJohnson, Logan (Author) / Hill, Alexander (Thesis director) / Schatzman, Christina (Committee member) / Barrett, The Honors College (Contributor) / School of Politics and Global Studies (Contributor)
Created2021-12