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This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

This study investigates whether higher catch rates near a marine protected area (MPA), and/or in other fishing areas within a choice set, attract more fishers. A survey conducted in the fishing grounds near an MPA located in south east of Mauritius in the Indian Ocean shows concentration of fishers in regions with lower catch rates. This contrasts with the predictions of the “fishing the line” hypothesis and the ideal free distribution (IFD) that fishers are likely to be attracted near the MPA with higher resource abundance.

Using the random utility model as the framework and the random parameter logit (RPL) model, the study attempts to explain spatial behaviour of fishers. Expected catch and catch variability are modelled using the Just and Pope (JP) production function. The study also estimates effort elasticities with respect to expected catch and catch variability and simulates the relocation of effort from area closure.

The paper concludes that higher catch does attract fishers but is a partial and very restrictive explanation of fishers' behaviour. The “fishing the line” hypothesis does hold to some extent, but it should not be taken for granted that rising catch rates in adjacent waters will increase fishing pressure. The paper concludes that factors such as catch variability, distance from homeport to fishing ground, potential physical risk and attitudes towards risk of fishers affect spatial behaviour of fishers and should be considered for the placement and size of MPAs. The study also finds that the responsiveness of effort to catch rates is lowest in areas which are already heavily fished and easily accessible.

The identification of fishing areas as complements (when fishing in one area increases fishing effort in another) and substitutes is valuable information for determining the placement and size of an MPA. A larger reserve is likely to have more displacement effect in this case than a smaller one. Therefore, a small or a network of a small reserve may be appropriate. The premise to select the site and size of the reserve is to avoid overconcentration of fishers in alternative fishing areas, which can be vulnerable to excessive fishing and unintended effects from fishers.

The paper contributes to an understanding of fishing behaviour and its impact on the configuration of marine reserves. It discusses the importance of effort elasticities to determine the placement and size of an MPA. Studies on this topic are very scanty in the Indian Ocean region. It also shows the application of location choice model, the RPL model and the JP production function in the fisheries sector for a small island.

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

The formal model of economics of crime developed by Becker is based on the assumption that a miscreant knows with certainty the benefit that accrues to a criminal activity. The purpose of this paper is to relax this assumption and establish a link between technical efficiency and commission of fishery crimes in a developing country where fishing techniques are rudimentary making catch volumes uncertain.

The paper extends the neoclassical model of crime developed by Becker to account for catch uncertainties. The extended model predicts that, in addition to the risk and severity of punishment, less skilful fishermen are more likely to violate effort‐limiting fishing regulations. Primary data were obtained through a survey of 258 artisanal fishermen from the Central and Western Regions of Ghana to test the predictions of the model.

The prediction that less skillful fishers are more likely to violate effort‐limiting fishing regulations is confirmed by the data. Other factors that determined the rate of violation of the fishing regulation include the risk of detection, severity of punishment, rate of time preference, age of the fisher, perceived legitimacy of the regulation and respect for religious norms.

If returns to illegal activities are uncertain, policies that improve the efficiency of potential violators may decrease the rate or extent of violation. Moreover, minimizing overfishing will improve livelihood and reduce poverty among fishers.

The paper makes a novel attempt at linking efficiency (or skills) to violation of regulations.

Grounded on resource dependence theory, the authors explored how power and dependence affect sustainability adoption in an artisanal fishing supply chain (AFSC) in Mexico.

An in-depth longitudinal case study was conducted to identify relationships among fishers, a cooperative and intermediaries using a content analysis of data gathered from a combination of interviews, focus groups, observations, participatory workshops and secondary data.

As a result of the existing power imbalance among AFSC members, mediated forces (e.g. rewards for intermediary–fishers relationship) were the most prominent observed. In addition, a close and high dependence on resources affecting supply chain sustainability (SCS) adoption was identified. For example, within intermediary–cooperative relationships, a power imbalance caused mostly by financial resource dependence generated a negative impact on economic sustainability related to unfair prices and unfair trade. The results, thus, showed the detrimental influence of intermediaries among AFSC members on SCS adoption.

A greater understanding of power imbalance and dependence can help AFSC members to identify their weaknesses and develop actions to adopt sustainability.

Unlike previous research, the authors go beyond the often positive research focus of SCS studies and provide, through the resource dependence theory, a longitudinal view on how power imbalance negatively affects SCS adoption.

The purpose of this paper is to examine the impact of the War on two prominent academic liberal historians.

The research is based on a narrative of their lives and careers before and during the War.

The findings include an analysis of how the War engaged these academic liberals in the pursuit of the War effort.

By the end of the War, both sought to reaffirm much of their earlier academic liberalism despite the political and social changes in the post-war world.

This paper explores how conflicting institutional logics shape the behaviors of macro- and micro-level actors in their use of a calculative practice. Thereby, this paper explains how quantification can undermine the intended purpose of a governance system based on a single number.

The study draws upon the literature on calculative practices and institutional logics to present the case of how a single number—specifically the conversion factor for Atlantic Cod, established by macro-level actors for the purposes of governance within the Norwegian fishing industry—is interpreted and used by micro-level actors in the industry. The study is based on documents, field observations and interviews with fishers, landing facilities, and control authorities.

The use of the conversion factor, while intended to protect fish stock and govern industry actions, does not always align with the institutional logics of micro-level actors. Especially during the winter season, these actors may seek to serve their interests, leading to potential system gaming. The reliance on a single number that overlooks seasonal nuances can motivate unintended behaviors, undermining the governance system’s intentions.

Integrating the literature on calculative practices with an institutional logics perspective, this study offers novel insights into the challenges of using quantification for the governance of complex industries. In particular, the paper reveals that when the logics of macro- and micro-level actors conflict in a single-number governance system, unintended outcomes arise due to a domination of the macro-level logics.

The past two decades of economic activity in the U.S. have been characterized by both high inflation and interest rates in comparison to previous periods of stability. The importance of these two variables to our economic welfare and to the effectiveness of economic policy have led to renewed interest in the Fisher Effect. This is the hypothesis put forth by Irving Fisher describing the relationship between these two variables. It usually takes the form R = re + pe + repe (1) in which R is the nominal rate of interest, re is the expected real rate of interest, and pe is the expected rate of change of prices. The term repe is usually considered insignificant and is dropped, giving R = re + pe. (2) Although this equation can be readily quantified on an ex post basis using actual rather than expected values, the fact that expectation of r and p are not directly observable have always made it difficult to derive an ex ante measure of the real rate.

Purpose – The chapter compares gift and market exchange in Hawaiian and New Zealand fisheries.Methodology/approach – The chapter draws upon a combination of original ethnographic fieldwork and literature pertaining to fisheries in both New Zealand and Hawaii.Findings – The privatization of fishing rights in New Zealand, in conjunction with a social policy directed toward Maori addressing colonial dispossession, has resulted in the dominance of market exchange, the creation of a purified version of indigenous gift exchange, and the attempted elimination of any hybrid activities. This has not been a positive outcome for the majority of coastal Maori. Fisheries development in Hawai’i has taken a different path. The flexibility that inheres in Hawaiian fisheries enables ongoing participation in both gift and cash economies.Originality/value – Over the last few decades western economies have witnessed a rapid extension of market approaches to many commonly owned environmental goods, a movement which has been entrenched as global policy orthodoxy. The social consequences of this development have been under researched. This chapter challenges the neoliberal model of using market mechanisms and property rights as “the way to do” natural resource management.

A response to S. Fisher′s paper in LR Vol. 39 No. 6, pp. 22‐30. The concept of team librarianship is defended and the team approach of Cumbria County Libraries explained.