Playing with Fire: The 4th Duke of Hamilton's Jacobite Politics and the Union

James Hamilton, duke of Hamilton and the Scots jacobites are generally linked in analyses of the final years of the Scots polity. Indeed, Hamilton is often presented as the leader of the jacobite party in the Scottish parliament. Yet both contemporaries and historians have been unsure what to make of his on-again, off-again, conduct with respect to the exiled Stuarts and France. This has fuelled an ongoing debate about Hamilton's erratic and highly enigmatic behaviour during the winter of 1706–7, when the Union was passing the Scottish parliament. Was he genuinely opposing the Union? Was he duped by the court? Or was he, ‘bought and sold for English gold ’? This essay takes a fresh look at the duke and his part in the Union crisis in the light of new and previously underused jacobite sources with a view to better understanding Hamilton's aims, objectives, and influence with this crucial group. Only the jacobites and the Cameronians were potentially willing to take their opposition to the Union to God's Acre. But neither party immediately flew to arms in response to passage of a union they both believed was a betrayal of everything they held dear, and Hamilton was a major factor in their failure to do so. This essay thus takes a close look at the duke's part in preventing a major national uprising against the Union in the winter of 1706–7 and advances a new interpretation of his conduct and significance throughout the Union crisis.     

PRODUCTION TECHNOLOGY UNCERTAINTY AND THE OPTIMAL LOCATION OF THE FIRM*

ABSTRACT This paper investigates the implication of production-technology uncertainty for the exclusion theorem. The paper presents the result that the risk-averse firm facing production technology uncertainty prefers an intermediate location to avoid risk under certain conditions. The firm chooses an intermediate location (over a corner location) particularly if its degree of risk aversion overwhelms the inherent convexity of profit with respect to location. The latter depends, in turn, on the structure of production technology characterized by the elasticity of substitution and returns to scale parameters.     

THE EFFECTS OF LOCAL TAXES AND PUBLIC SERVICES ON RESIDENTIAL DEVELOPMENT PATTERNS*

ABSTRACT. This paper incorporates an exogenous taxing and service-providing public sector into a dynamic residential land-use model in order to examine how local-government fiscal policies alter the pace and pattern of residential development. The model is used to derive the comparative-dynamic responses to variations in the income, sales, and property taxes and public-service time paths. The results show how tax and expenditure effects systematically depend upon the anticipated relative growth rates in rents to alternative uses and vary across locations within a given urban area as well as across urban areas themselves.     

MEASURING THE EFFECT OF COST VARIATION ON INDUSTRIAL OUTPUTS*

ABSTRACT. This paper introduces the household interactive variable input-output (HIVIO) model to measure the effect of cost variation on industrial outputs. The model produces a variety of cost elasticities that separate out impacts on industrial prices, imports, and outputs, with “own” and “cross” elasticity components. Like the conventional input-output multipliers, these cost elasticities can be useful parameters to evaluate the substituting behavior of firms and consumers. By using the 1980 Korean input-output transactions table, we find the wage and import price effects on industrial prices, outputs, and import demands.