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Book part
Publication date: 9 February 2024

Attilio Trezzini

Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from…

Abstract

Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from Veblen’s theory, was developed in the US in the early 20th century. This approach was part of a wider stream of empirical analyses of consumption expenditure that had begun more than a century earlier.

Along with elements that can be traced back to the neoclassical tradition, in Keynes’ analysis of consumption, we find original elements. The dependence of consumption expenditure on the level of income, which is essential for asserting the principle of effective demand, can also be found in a long tradition of empirical studies. In qualifying this relationship, Keynes uses theoretical elements echoing key insights of the economics of consumption as a social phenomenon. There is no documentary evidence that Kyrk or the economics of the social relevance of consumption came to Keynes’ attention. It is possible, however, to develop reasonable speculative considerations to argue a link between Keynes’ elaboration and both the empirical literature on the determinants of consumption and the economics of consumption as a social phenomenon.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Hazel Kyrk's: A Theory of Consumption 100 Years after Publication
Type: Book
ISBN: 978-1-80455-991-8

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Book part
Publication date: 19 January 2024

Richard P. F. Holt

Abstract

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on John Kenneth Galbraith: Economic Structures and Policies for the Twenty-first Century
Type: Book
ISBN: 978-1-80455-931-4

Book part
Publication date: 23 October 2023

Glenn W. Harrison and Don Ross

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of…

Abstract

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

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Book part
Publication date: 2 October 2023

Toru Yamamori

Can we broaden the boundaries of the history of economic thought to include positionalities articulated by grassroots movements? Following Keynes’s famous remark from General…

Abstract

Can we broaden the boundaries of the history of economic thought to include positionalities articulated by grassroots movements? Following Keynes’s famous remark from General Theory that ‘practical men […] are usually the slaves of some defunct economist,’ we might be wont to dismiss such a push from below. While it is sometimes true that grassroots movements channel preexisting economic thought, I wish to argue that grassroots economic thought can also precede developments subsequently elaborated by economists. This paper considers such a case: by women at the intersection of the women’s liberation movement and the claimants’ unions movement in 1970s Britain. Oral historical and archival work on these working-class women and on achievements such as their succeeding to establish unconditional basic income as an official demand of the British Women’s Liberation Movement forms the springboard for my reconstruction of the grassroots feminist economic thought underpinning the women’s basic income demand. I hope to demonstrate, firstly, how this was a prefiguration of ideas later developed by feminist economists and philosophers; secondly, how unique it was for its time and a consequence of the intersectionality of class, gender, race, and dis/ability. Thirdly, I should like to suggest that bringing into the fold this particular grassroots feminist economic thought on basic income would widen the mainstream understanding and historiography of the idea of basic income. Lastly, I hope to make the point that, within the history of economic thought, grassroots economic thought ought to be heeded far more than it currently is.

Details

Research in the History of Economic Thought and Methodology: Including a Selection of Papers Presented at the First History of Economics Diversity Caucus Conference
Type: Book
ISBN: 978-1-80455-982-6

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Book part
Publication date: 14 December 2023

Mihir Shah

Today, as we hurtle towards imminent planetary destruction in the age of the Anthropocene, we believe it may be instructive to try and understand if the ancient science of…

Abstract

Today, as we hurtle towards imminent planetary destruction in the age of the Anthropocene, we believe it may be instructive to try and understand if the ancient science of spirituality can prove useful in humankind's ability to change course, even at this late hour. We argue that such a paradigm shift is critically essential for human survival and that without the inner transformation proposed by this science, it may prove impossible to build a society based on the principles of liberty, equality and fraternity. This chapter draws from foundational texts and authoritative sources across multiple religious traditions, based upon which it outlines a brief sketch of the ancient science of spirituality. We begin with an account of the differentia specifica of this science, where we delve into what kind of science this is. Since it is centrally concerned with inner transformation, we briefly outline the theory of change embedded in this science and the kind of rejuvenation it enables, which makes it possible for us to clearly perceive the key elements and the structure of reality. We then spell out the impact this has on the nature of human action, continually teasing out implications for policy and practice in our time. We provide a few concrete illustrations of the same. Inter alia, we also show how many of these insights can be found even within modern scientific and philosophical traditions, thereby indicating possibilities of convergence and synthesis between ancient and modern science, following thereby the guidance of genuine spirituality.

Details

Applied Spirituality and Sustainable Development Policy
Type: Book
ISBN: 978-1-83753-381-7

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Article
Publication date: 21 November 2023

Umar Farooq, Ahmad A. Al-Naimi, Muhammad Irfanullah Arfeen and Mohammad Ahmad Alnaimat

The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).

Abstract

Purpose

The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).

Design/methodology/approach

To achieve this aim, the authors sample the nonfinancial enterprises from 5 Brazil, Russia, India, China, South Africa (BRICS) economies and employ system generalized method of moments(GMM) models as an estimation technique.

Findings

The empirical analysis infers that national governance has a positive relationship with CIN and a negative relationship with cash holdings. The cash holdings negatively determine CIN. However, the cash holdings show a positive relationship with CIN in the presence of the national governance index (NGI).

Research limitations/implications

The important policy layout of the current analysis is that corporate managers should reduce cash holdings during better governance situations. Alternatively, corporate managers can disentangle the negative impact of bad country governance conditions on CIN by holding more cash.

Originality/value

The study is innovative as it explores mediating impact of cash holdings in the NGI-CIN nexus.

Details

Asian Review of Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1321-7348

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Book part
Publication date: 20 November 2023

Ernesto Molina Molina

Without theoretically specifying the future of money as an equivalent commodity of other commodities, it is impossible to reveal the recent role of the emergence of…

Abstract

Without theoretically specifying the future of money as an equivalent commodity of other commodities, it is impossible to reveal the recent role of the emergence of cryptocurrencies, as a reflection of speculative competition increasingly sophisticated in its technological aspect and in response to the abusive use of the spurious competition of the big banks promoting the huge financial bubbles that have haunted the world economy, such as the one unleashed from Wall Street in 2008. The explosive growth of transactions in cryptocurrencies may mean, at some point, in the capitalist economic cycle, the possibility of a new financial bubble, as well as the emergence of new swindles to investors; but valid answers can also come from those actors who until now have had to endure the almost exclusive dominance of the international monetary system by the currency issued by the US government, the main exporter of inflation on a global scale.

Details

Value, Money, Profit, and Capital Today
Type: Book
ISBN: 978-1-80455-751-8

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Article
Publication date: 4 July 2023

Neeraj Jain and Smita Kashiramka

This study aims to investigate the effects of peers on corporate payout policies in one of the largest emerging markets – India. It also examines the motives for mimicking payout…

Abstract

Purpose

This study aims to investigate the effects of peers on corporate payout policies in one of the largest emerging markets – India. It also examines the motives for mimicking payout decisions.

Design/methodology/approach

The sample is composed of 3,024 non-financial and non-government firms listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for the period 1995 to 2020. To encounter the endogeneity problem, the instrumental variable technique based on peer firms' idiosyncratic risk is used to estimate the effects of peers on firms' payout policy. To define peer reference groups, the authors use the basic industry classification of the firms.

Findings

The results indicate a significant positive impact of peers on firms' dividend policies in India. A firm with all dividend-paying peers is more likely to declare dividends than the one with no dividend-paying peers. Further, peer effects are found to be more pronounced amongst larger and older firms, thus supporting the rivalry theory of mimicking.

Originality/value

To the best of the authors' knowledge, the present study is the first of its kind that attempts to understand peer effects on payout decisions in an emerging market India, that offers a unique institutional setting. Moreover, the authors extend the existing literature by investigating the peer effects on a firm's payout policies considering various firm-level characteristics, such as growth opportunity, cash holding, financial constraint and profitability, which previous studies have not taken into consideration. These results provide additional insights into the heterogeneity and motives behind peer effects.

Details

International Journal of Managerial Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1743-9132

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Book part
Publication date: 19 January 2024

Steven Pressman

Economists usually shy away from talking about power. They assume an economy comprised of many small and medium-sized firms, each competing for consumer dollars. This circumvents…

Abstract

Economists usually shy away from talking about power. They assume an economy comprised of many small and medium-sized firms, each competing for consumer dollars. This circumvents the problem of economic power. John Kenneth Galbraith, however, refused to ignore power. It stood at the center of his economics, and he saw it as a key reason the US economy thrived in the years following World War II (WWII). This chapter examines Galbraith’s changing views regarding economic power. American Capitalism explains how countervailing power, or power on the other side of the market, solves the problem of economic power. In The New Industrial State, scientists and educated managers within the firm (the technostructure) mitigate the negative consequences of economic power wielded by large firms. The Affluent Society and Economics and the Public Purpose look to the government as the main check on corporate power. It does this through labor legislation or programs such as the New Deal and Fair Deal. This chapter then evaluates the different solutions Galbraith proffered to the problem of economic power. It contends that Galbraith got three things right when analyzing economic power. First, we no longer live in a world of scarcity due to oligopolistic firms. Second, capitalism was different in the post-WWII era because the US economy thrived and gains were shared widely. Third, Galbraith understood that power was unequally distributed – both between the public and private sectors and within the private sector itself. On the other hand, Galbraith was overly optimistic in believing the market economy or the public sector could counter corporate power.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on John Kenneth Galbraith: Economic Structures and Policies for the Twenty-first Century
Type: Book
ISBN: 978-1-80455-931-4

Keywords

Book part
Publication date: 14 December 2023

David J. Hayes

This chapter argues that the concept of ‘mass supervision’, and indeed the concept of ‘mass incarceration’ from which it derives, is both quantitatively and qualitatively…

Abstract

This chapter argues that the concept of ‘mass supervision’, and indeed the concept of ‘mass incarceration’ from which it derives, is both quantitatively and qualitatively indeterminate when applied outside of the context of the US. However, the qualitative indeterminacy of mass supervision only holds so long as one treats the word ‘mass’ as being an analogy to mass consumption. This chapter therefore considers an alternative construction of ‘mass’ punishment in terms of mass production. Comparing the philosophies of production associated with Henry Ford and William Morris with the scholarship of Michel Foucault and Fergus McNeill reveals that mass supervision can authentically claim to be qualitatively ‘massive’, given the bespoke and one-on-one nature of traditional supervision. It is thus possible to speak coherently of ‘mass supervision’ in an international context, although this negative conception of a problem invites questions about the best solution that it generally leaves open.

Details

Punishment, Probation and Parole: Mapping Out ‘Mass Supervision’ In International Contexts
Type: Book
ISBN: 978-1-83753-194-3

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