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Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

The critical dimension and the one that can unify knowledge through systemic interrelationships, is unification of the purely a priori with the purely a posteriori parts of total reality into a congruous whole. This is a circular cause and effect interrelationship between premises. The emerging kind of world view may also be substantively called the epistemic‐ontic circular causation and continuity model of unified reality. The essence of this order is to ground philosophy of science in both the natural and social sciences, in a perpetually interactive and integrative mould of deriving, evolving and enhancing or revising change. Knowledge is then defined as the output of every such interaction. Interaction arises first from purely epistemological roots to form ontological reality. This is the passage from the a priori to the a posteriori realms in the traditions of Kant and Heidegger. Conversely, the passage from the a posteriori to a priori reality is the approach to knowledge in the natural sciences proferred by Cartesian meditations, David Hume, A.N. Whitehead and Bertrand Russell, as examples. Yet the continuity and renewal of knowledge by interaction and integration of these two premises are not rooted in the philosophy of western science. Husserl tried for it through his critique of western civilization and philosophical methods in the Crisis of Western Civilization. The unified field theory of Relativity‐Quantum physics is being tried for. A theory of everything has been imagined. Yet after all is done, scientific research program remains in a limbo. Unification of knowledge appears to be methodologically impossible in occidental philosophy of science.

The purpose of this paper is to develop a demographic profile and to examine the types of value (social and economic) and fairness received from strategic partnerships between members of the US textile industry with their US suppliers and vendors.

Based on a theoretical Relationship Retention Model by Gassenheimer and Houston and incorporating Transactional Cost Analysis, social exchange theory and distributive justice as theoretical frameworks, a quantitative instrument measured partnership economic value, social value and fairness. Standard least squares regression analysis combined with bootstrap analysis was used in data analysis.

Results indicated that a significant relationship (p>0.0001) existed between social value and fairness. These findings refute the theoretical model, which shows both economic value and social value to be equally important to a successful partnership.

Limitations arose from adapting a theoretical model to a testable path model, a limited number of partnerships and that this survey did not involve time‐series or longitudinal research methods. Future research may include dyadic research, a longitudinal study or the scope of the survey may be broadened to the global level.

Industry can use study findings to evaluate their own strategic partnerships, while results may be taught in academia as part of a strategic planning or management course or used as a basis for further research.

This study fills a void in current research literature by: using an empirical approach to analyze strategic partnerships in the US textile industry, and testing a previously untried theoretical model.

Here Marx's philosophy is dissected from the angle of bourgeois capitalism which he, Marx, sought to overcome. His social, political and economic ideas are criticised. Although it is noted that Marx wanted to ameliorate human suffering, the result turned out to be Utopian, contrary to his own intentions. Contrary to Marx, it is individualism that makes the best sense and capitalism that holds out the best hope for coping with most of the problems he sought to solve. Marx's philosophy is alluring but flawed at a very basic level, namely, where it denies the individuality of each person and treats humanity as “an organic body”. Capitalism, while by no means out to guarantee a perfect society, is the best setting for the realisation of the diverse but often equally noble human goals of its membership.

This study aims to develop an evaluation index to evaluate the economic value among the values of the library and also attempts to measure the economic value of the library by performing a survey of the librarians and users at public libraries. The results of this research would likely encourage the librarians to feel increasingly confident about the library, while students and users, in general, would also likely be able to realize the economic value and presence of the library in more perceptive ways, thereby contributing to the activation of the library.

This study pertains to the development of an evaluation index for assessing the economic value of the library and, to evaluate the economic value of the library, has derived a preliminary evaluation index by collectively gathering and analyzing the domestic and foreign papers on the value of the library in its first phase. The preliminary evaluation index derived was verified by conducting three phases of Delphi survey by selecting ten experts. The survey questionnaire was developed to measure the economic value based on the final evaluation index derived from this study, and the economic value was measured against the perceptions of librarians and users of the public library.

The economic value of the library was divided into the four categories of the local economy’s value enhancement, namely, connection with the local community, human resources development, job creation and investment value enhancement for the librarians and users surveyed for assessment purposes. Consequently, the area of connection with the local community turned out to be the highest at 4.15, followed by 4.02 of the investment value improvement, 3.58 for the local economy’s value improvement and 3.50 for the human resources development and job creation, respectively. Furthermore, the respondents demonstrated the highest level of consensus on average on how the resource sharing by libraries has helped to reduce the economic burden for the residents as a matter of social value for the public library while believing that the libraries deliver a high level of return on social investments.

There are not that many studies conducted on the economic influence or the value of public libraries in Korea, and they are merely referenced in part if and when referenced to the overall value of the library. Given that, the research that focuses only on the economic value of the library must be carried out. In this respect, this research has been quite meaningful. The evaluation index developed in this research is likely to become a basic tool that can be applied to public libraries, as well as other types of libraries. Furthermore, the evaluation index developed through this research could be applied to nonprofit organizations, such as libraries, and would likely have a social ripple effect as a research that evaluates and presents the economic value of libraries. Accordingly, in this research, we have analyzed the list presented by the American Library Association and domestic research results, and have also structured the core details and derived the preliminary economic value index. Finally, 4 evaluation areas, 7 evaluation items and 22 evaluation indicators have been developed through the Delphi survey through three phases.

The purpose of this paper is to determine if there is a link between corporate shareholder value creation and economic growth. The first objective of this paper is to determine which specific shareholder value measurement best explains shareholder value creation for a particular industry. The next objective of the study is to establish, for each of nine different categories of firms examined, a set of value drivers that are unique and significant in expressing shareholder value for that particular category of firms. Lastly, the relationship between shareholder value creation and economic growth is tested.

To quantify and measure value creation, the paper investigates the various value creation measurements that are being applied. The next step is to ascertain whether various industries have different value creation measures that best explain value creation for the respective industries. Then, the value drivers of these specific value creation measures can be determined and their relationship with economic growth tested.

The results of this study indicate that each industry does have a specific shareholder value creation measurement that best explains shareholder value creation for that industry; for example, for five of the nine categories (industries) that were analyzed, market value added was found to be the best shareholder value creation measurement, but for capital-intensive firms and manufacturing firms, the Qratio is the best measure, while for the food and beverage industry, the market to book ratio was found to be a better measure of shareholder value creation than other measures tested. It was further found that an increase in corporate shareholder value creation is to the detriment of economic growth.

The contribution of the present study is its determination of a unique shareholder value creation measurement for particular industries. In addition, a specific set of variables per industry that create shareholder value is identified. Lastly, the important link between shareholder value creation and economic growth is exposed.

Developed economies with high-cost environments face industrial transitions from scale-based manufacturing (MAN) to knowledge, technology and intangible asset-based sectors. The purpose of this paper is to examine the changes in employment and value-adding profiles of transitioning industry sectors in Australia and discuss the implications for policy that influences the intellectual capital (IC) profile of industrial sectors in transition.

The approach borrowed concepts from the firm-level strategic management literature and applied them to a macro level of industry analysis. In this paper the authors examine the transitions in the Australian economy which, due to a rising cost base, is experiencing a decline in its value chain-oriented MAN sector. The authors contrast four industry sectors with the MAN sector and examine the different value creation models.

The findings clearly show how the contribution to employment and value added (termed Economic Value Contribution ) of the different sectors vary. The authors extend these findings to a discussion on policy and the dimensions of IC that may have a role to play in facilitating transitions within an economy. The main conclusion is that a more rapid transition and higher value may be created if innovation and entrepreneurship are facilitated by targeted policies in transitioning sector.

This work is based on a single country analysis of selected industry sectors. Further work needs to be done across many more countries to contrast the findings across nations/regions that differ in industrial complexity and to refine the analytical framework to improve construct validity and increase analytical power.

This work has implications for policy-makers facing the challenges of a transitioning economy, whether national or regional. Governments that are hands-on with respect to interventions to salvage and/or extend the life of sectors are at risk of missing opportunities to build the capacities and capabilities of emerging sectors while those governments that are hands-off, deferring to market mechanisms, risk transitions that are too little and/or too late to maintain a national or regional competitiveness.

To the authors knowledge, this is the first attempt to integrate the specific firm-level strategic management perspectives, used in this paper, with the macro-policy level to examine industry sectors with the twin metrics of economic productivity and employment in transitioning economies.

I first met Professor Rugina in 1974 at the annual meeting of the History of Economics Society in Cambridge, Massachusetts. On that occasion, he proposed that one session of future meetings be devoted to the problem of values and value‐judgements in economics. I supported that proposition, and a lasting friendship was struck.

The purpose of this paper is to critically review methods of impact assessment and economic analyses.

Reviews the literature on impact assessment, and examines some case studies of impact assessment in health libraries. Relates satisfaction and dissatisfaction assessment to impact assessment. Identifies recent impact assessment approaches in public and academic libraries, and explores different uses of terminology for impact and outcome. Reviews literature on economic analysis of value, including cost analyses, cost-effectiveness analysis and return on investment (ROI) studies.

Terms for library assessment (outcome, output, impact, value and benefit) vary among different sectors. Impact evaluation should examine initial assumptions of value carefully, and examine possible gaps in the line of argument linking inputs of library services to presumed impacts (positive and negative). More attention to sampling and response rates is required, to avoid problems such as the “warm glow” effect. Qualitative and quantitative evidence should be carefully integrated to tell the impact story. Economic impact can be estimated, but methodology depends on the service aims and sector.

Demonstrates that some of the requirements for traditional impact assessment also affect economic analyses and ROI studies.

The purpose of this paper is to identify the shareholder value creation measure best suited to express shareholder value creation for a particular industry.

The analysis was performed on 192 companies listed on the Johannesburg Stock Exchange, classified into nine different samples or industries. Five shareholder value creation measures were examined, namely market value added (MVA), a market-adjusted stock return, the market-to-book ratio, Tobin’s Q ratio, and the return on capital employed divided by the cost of equity.

An analysis of the nine categories of firms led to the identification of different measures that are suited to express value creation. Stock returns did not provide an appropriate value measure. Instead, depending on the specific industry, Tobin’s Q ratio, MVA, and the market-to-book ratio should be used to measure and express value creation.

For management, the value drivers identified for each industry present a clear indication of industry-specific variables upon which they can focus in operating activities to most efficiently increase shareholder value.

Unlike previous studies that use only one or two different shareholder value creation measures as dependent variables, this study uses five different value creation measures. Another contribution of this study is the compilation of a unique set of value drivers that explain shareholder value creation separately for each of the nine different categories of firms.