Search results

We test the determinacy properties of the standard and financial-sector-augmented Taylor rules in a new Keynesian model with a presence of banking activities. We extend the basic fully rational environment to the setting with heterogeneous expectations. We observe that the benefits from extra financial targeting are limited. Financial targeting, if well designed, can compensate for the improper output-gap targeting through the financial-production channel. The analysis demonstrates however possible threats resulting from the misspecification of the augmented rule. A determinate mix of output-gap and inflation weights can turn indeterminate if compensated by too extreme financial targeting. The results are robust to the presence of heterogeneous expectations.

Building on an analysis of values and prices in the context of explicitly heterogeneous concrete labors, this paper formally examines Marx’s repeated imagery of capitalist competition as a process of “sharing” among “hostile brothers,” each a “shareholder” in a “social enterprise” in which particular commodities and capitals appear as “aliquot parts of the whole.” Approaching each commodity as it appears in competition – as the product of an aliquot part of the aggregate inputs to production – allows several conclusions. First, value-price transformation is equivalent to a transformation of actual production conditions (on the basis of which the social labor contained in the commodity is its value) into socially average or aliquot part production conditions (on the basis of which the social labor contained in the commodity is its production price). Second, price formation (“gravitational” adjustment to levels expressing equivalence) is the same thing as the formation of abstract labor as the homogeneous unit of measure for the labor content of commodities. Each is an aspect of a single process that simultaneously commensurates use-values as market equivalents and commensurates concrete labors as abstract labor, so that equivalents in exchange do indeed “contain” equal amounts of abstract labor. Third, concerning commodity fetishism and the “illusions” of competition, the social content of particular magnitudes becomes visible when each is represented as a “bearer” of crucial characteristics of the aggregate that have been projected onto its parts, so that what initially appears as separate, particular and individual is simultaneously connected, general, and social.

Kalecki's 1968 paper on Marx's Reproduction Schemes aimed, starting from Marxian Schemes, to build an analytical bridge to the modern theories of Effective Demand and Growth. Kalecki accomplished his task modifying the structure of Marxian Schemes, reinterpreting them in terms of vertically integrated sectors, and this sidesteps Marx's analysis of the monetary intersectoral transaction. This chapter tries to show that the impossibility of implementing the intersectoral monetary transaction is not simply due to monetary technicalities, as held by Kalecki, but has crucial implications regarding Say's Law. Putting aside Marx's problem, Kalecki puts aside the true meaning of Marx's unsuccessful analysis: that an economy obeying Say's Law cannot function; as it were, Marx's Impossibility Theorem on Say's Law.

This chapter aims to demonstrate that the fundamental human rights principle that no one should be subjected to (grossly) disproportionate punishment should be interpreted to take into account terminal illness of the offender. It should be applied both during imposition of the sentences and also during execution of already imposed sentences.

In order to reveal whether this principle takes into account serious medical conditions, including terminal illness of the offender in the calculus of the proportionality of punishment and whether it is applicable at the execution stage of sentences, this chapter examined the roots of the fundamental human rights principle of proportionality of punishment by briefly surveying the penal theory, jurisprudence, court cases, laws, and legislative history from the U.S. federal and state jurisdictions and from Europe.

There is a consensus among surveyed theories that terminal illness of the offender is an element of the principle of proportionality of punishment. Thus the fundamental human rights principle must be interpreted to take it into account. The principle should be observed not only at the imposition stage, but also at the execution stage of already imposed sentences.

This chapter re-examines the roots of the fundamental human right to not being subjected to (grossly) disproportionate punishment. It does so in order to demonstrate that the right should be interpreted to take into account terminal illness of the offender and that it should be observed not only at the imposition stage, but also at the execution stage of already imposed sentences.

Three theories of legitimacy – Dornbusch and Scott’s “Evaluation and the Exercise of authority” (EEA), Walker and Zelditch’s “Legitimacy and the Stability of Authority” (LSA), and Meyer and Rowan’s “Institutonalized Organizations” (IO) – are integrated into a single consistent theory interrelating the internal and external legitimacy processes of organizations. One consequence of IO, the decoupling of sanctions, evaluations, and performance, contradicts EEA and LSA. The contradiction is addressed by aligning the scope of the three theories, which proves to be the source of the contradiction, accommodating their principles to the change in their scope. Translating their terms into a single, consistent language, auxiliary principles are formulated that interrelate their legitimacy processes and conditionalize pressures for evaluation and control and therefore the decoupling of sanctions, evaluations, and performance – the conditions depending on type of environment, extent of dependence on it, and its organization. Integration does not alter the basic principles of EEA or IO but does correct LSA’s over-estimation of the stability of authority and provides IO with a mechanism by which and refines the conditions under which sanctions, evaluations, and performance come to be decoupled.

A substantial portion of criminology research has centered on financially motivated crimes, including those characterized as white-collar. This chapter argues that understanding and preventing accounting and tax fraud can be furthered by placing the phenomenon within the context of criminology research, an area that has been explored but not embraced by accounting researchers. This chapter describes and applies one such criminological theory, microanomie (Konty, 2005), which uses cognitive measures of social values to explain criminal behavior. We report the results from a survey that identified subjects’ commitment to self-enhancing values, such as achievement and power, and to self-transcending values, such as benevolence and universalism. We found that those with an excess of self-enhancing over self-transcending values were most likely to commit tax fraud by receiving off-the-books income. Our analysis, although exploratory in nature, suggests that microanomie may be useful in explaining other types of accounting-related crimes.

pp. 13–15: The pricing of productive services exercise through class discussion questions is absent in Hiett.