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Book part
Publication date: 29 August 2017

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The Handbook of Business and Corruption
Type: Book
ISBN: 978-1-78635-445-7

Article
Publication date: 1 August 2000

Michael Hudson

Sketches the history of economic thought regarding the self‐expanding growth of investments through the accrual of compound interest. Exercises that calculate such growth…

1568

Abstract

Sketches the history of economic thought regarding the self‐expanding growth of investments through the accrual of compound interest. Exercises that calculate such growth in terms of “doubling times” have already been found in Babylonian textbooks from c. 2000 BC. Although compound interest was not permitted to be charged in practice (each loan matured at a given date), investors could keep ploughing back their funds into new loans. Through the ages, this essentially logarithmic principle has described how loan capital grows independently of the ability of debtors (or the economy at large) to pay. It has been expressed by dramatists such as Shakespeare, by novelists, and by eighteenth‐century actuaries and economists. Before the contrast between “geometric” and “arithmetic” rates of increase were made famous by Malthus in his description of population growth tendencies, it was formulated with reference to the work on public debt by Richard Price. This principle is incompatible with “equilibrium” theories of self‐regulating debt, or ideas that economies can automatically adjust to its growth over time.

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Journal of Economic Studies, vol. 27 no. 4/5
Type: Research Article
ISSN: 0144-3585

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Case study
Publication date: 20 January 2017

Jamie Jones and Grace Augustine

One Acre Fund (1AF) is a nonprofit organization in rural western Kenya that helps farmers lift themselves out of poverty by providing a bundle of products and services…

Abstract

One Acre Fund (1AF) is a nonprofit organization in rural western Kenya that helps farmers lift themselves out of poverty by providing a bundle of products and services that support farmers with quality inputs, training on farming techniques, access to credit, and assistance in achieving optimal prices. Since the organization's founding nearly a decade ago, it has grown to serve over 180,000 farm families annually as of July 2014. This high level of penetration into rural Kenya, Rwanda, Burundi, and Tanzania makes 1AF a potential distribution channel for rolling out new products and technologies that could benefit farmers and their families. The organization prides itself on its innovative culture, and always strives to offer new products and methods to its farmers. In 2011 1AF realized that it needed to formalize its innovation process to ensure it was confident in new products before rolling them out across its entire farmer network. It therefore created a robust, multistep evaluation framework to assess new innovations on four criteria: impact, adoptability, simplicity, and operability.

After reading and analyzing the case, students will be able to:

  • Articulate the importance of understanding the user's needs and perspective throughout the innovation process

  • Identify key factors for a successful product launch into an existing channel

  • Employ an assessment framework to analyze the viability of a potential innovation

  • Design a test pilot for evaluating the launch of new innovations within an organization

Articulate the importance of understanding the user's needs and perspective throughout the innovation process

Identify key factors for a successful product launch into an existing channel

Employ an assessment framework to analyze the viability of a potential innovation

Design a test pilot for evaluating the launch of new innovations within an organization

Article
Publication date: 1 April 1977

THE Reference Department of Paisley Central Library today occupies the room which was the original Public Library built in 1870 and opened to the public in April 1871…

Abstract

THE Reference Department of Paisley Central Library today occupies the room which was the original Public Library built in 1870 and opened to the public in April 1871. Since that date two extensions to the building have taken place. The first, in 1882, provided a separate room for both Reference and Lending libraries; the second, opened in 1938, provided a new Children's Department. Together with the original cost of the building, these extensions were entirely financed by Sir Peter Coats, James Coats of Auchendrane and Daniel Coats respectively. The people of Paisley indeed owe much to this one family, whose generosity was great. They not only provided the capital required but continued to donate many useful and often extremely valuable works of reference over the many years that followed. In 1975 Paisley Library was incorporated in the new Renfrew District library service.

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Library Review, vol. 26 no. 4
Type: Research Article
ISSN: 0024-2535

Article
Publication date: 1 June 1995

Michael Hudson

Focuses on Roscher′s generalities in the financial realm. Roscherpostulated a secular decline in interest rates and an evolution ofcredit towards increasingly productive…

452

Abstract

Focuses on Roscher′s generalities in the financial realm. Roscher postulated a secular decline in interest rates and an evolution of credit towards increasingly productive applications. Although Roscher′s theories were plausible, questions whether he got his causes and effects right. If not, of what use was his historical methodology as a predictive quasi‐science? Points out that Roscher, like his contemporaries, failed to anticipate the proliferation of war debt and other public debt, consumer debt, corporate takeover financing and other non‐productive uses of credit. Concludes by comparing Roscher′s ideas with those of his contemporaries, and analysing the reasons why plausible economic forecasts failed to anticipate the experience of the twentieth century.

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Journal of Economic Studies, vol. 22 no. 3/4/5
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 February 1986

Declan M. Barry and Michael W. Hudson

Downtime data have been acquired from a 1980 MW capacity coal‐fired power station. These data refer to a pulverised fuel system which comprises ten mills, each of which…

Abstract

Downtime data have been acquired from a 1980 MW capacity coal‐fired power station. These data refer to a pulverised fuel system which comprises ten mills, each of which, for the purpose of reliability analysis, has six sets of components liable to failure. The majority voting of the mills was a seven‐out‐of‐ten system. Individual unit failure patterns are determined using a family of exponential models and are used to provide total group reliability patterns, and a computerised alogorithm for analysis of the voting system is developed. A methodology for scheduling majority vote equipment working with non‐symmetrical overhaul downtimes is presented.

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International Journal of Quality & Reliability Management, vol. 3 no. 2
Type: Research Article
ISSN: 0265-671X

Book part
Publication date: 17 June 2009

Simon Stander

One of the main functions of the absorptive class is to minimize the impact of economic crisis within a given national economy and where possible to shift the impact of…

Abstract

One of the main functions of the absorptive class is to minimize the impact of economic crisis within a given national economy and where possible to shift the impact of economic crisis to less-developed or developing economies or indeed to another advanced economy. Hence the absorptive class displays the same feature of capitalism: it is simultaneously both national and international. This process of absorption is not done consciously, of course. It is the way the system has come to operate. Had the system not done so, capitalist economies would have lost a great degree of its capacity for resilience in the face of recurrent crises. Since the industrial revolution gathered momentum in England in the eighteenth century and spread rapidly to a limited number of countries in the world, economic crisis has been commonplace, threatening the very fabric of the economies created by the system. Economic crisis is taken to mean a severe disjuncture between production and consumption, marked by a reduction in economic growth. Depending on one's theoretical position economic crisis is caused by over-production or under-consumption or by some combination of the two. Adam Smith who published An Enquiry into the Wealth of Nations just about at the onset of the industrial revolution in England believed that any disjuncture between glut and scarcity was an effect of wrong-minded intervention by government. Left alone market forces would always tend toward the elimination of gluts. Thus, want of employment (the word unemployment was to be invented a 100 years later), so dangerous to the social fabric, would be avoided and capital accumulation would take place steadily in an unimpeded way. However, by the early nineteenth century, the British economy seemed to fluctuate ever more wildly than it had done in less industrial times, and as the urban population grew, such instability was especially feared by the ruling classes in Britain and, later, in Germany, the United States, France and Italy. Clearly, policy intervention by governments took place to manage such crises and the governments sought increasingly to achieve financial and price stability, and in Britain for instance this culminated in the Bank Charter Act of 1844, having 10 years previously introduced legislation aimed at achieving labour mobility with the infamous Poor Law Amendment Act.

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Why Capitalism Survives Crises: The Shock Absorbers
Type: Book
ISBN: 978-1-84855-587-7

Book part
Publication date: 26 November 2019

Marie Josephine Bennett

Freddie Mercury rose to fame as the lead singer of the UK pop group Queen. The group started working on tracks for their fourteenth studio album, Innuendo, in early 1989…

Abstract

Freddie Mercury rose to fame as the lead singer of the UK pop group Queen. The group started working on tracks for their fourteenth studio album, Innuendo, in early 1989, and the album was finally released in February 1991. Progress on recording was slow as Mercury, who had been diagnosed with AIDS, was unable to work for more than a few days at a time. Innuendo became the final Queen album to be released during Mercury’s lifetime, and ‘The Show Must Go On’ is its final track. Its placing is arguably significant, given that both Mercury and the remaining band members must have assumed that this would be the last album that they would record together. In this chapter, I present an analysis of the song’s music and lyrics, along with the music video that accompanied the single release, with reference to Mercury’s illness and his wish to contribute vocals for as long as he possibly could, knowing the seriousness of his condition meant that this would be one of his last recordings.

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Music and Death: Interdisciplinary Readings and Perspectives
Type: Book
ISBN: 978-1-83867-945-3

Keywords

Article
Publication date: 1 August 2000

Michael Hudson

Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed…

1772

Abstract

Seeks to define the proper role for mathematics to play in economic theorizing by spelling out its limits. Specifically, has the mathematization of economics contributed to its narrowing of scope since the anti‐classical reaction of the 1870s? If so, is mathematics inherently narrow? Or does the modern, and often other‐worldly, treatment follow from the particular way in which mathematics has been applied? To describe “bad” mathematical economics, one must state what kinds of problems its formulations tend to exclude. This paper focuses on “equilibrium” analysis that rules out such real‐world phenomena as instability and economic polarization, thereby diverting attention from the actual structural problems at work.

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Journal of Economic Studies, vol. 27 no. 4/5
Type: Research Article
ISSN: 0144-3585

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Abstract

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Corbynism: A Critical Approach
Type: Book
ISBN: 978-1-78754-372-0

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