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The deteriorating relationship between humans and the environment is a cause for our concern. On one hand, the human influence on nature has resulted in global climate change and a decline in the health of the world's oceans. On the other hand, it is evident that humans cannot adapt to new ecological conditions, as evidenced by new diseases. Is there any way out of the crisis?

The purpose of the chapter is to explore peace economics in the perspective of an organic worldview. Peace economics are discussed on two levels – the level of individual economic actor and the macro level related to the systemic interplay between economic actors. The main argument is that a change from shallow authenticity and competition towards deep authenticity and cooperation presupposes a paradigmatic shift from a mechanical to an organic worldview. Such a change in mindset should be supported by introducing peace economics in the curriculum on different levels of education. In an education for peace-building there should be a focus on what constitutes true personal development in the sense of obtaining more ‘inner’ peace as well as more peaceful interpersonal interactions. On the ‘outer’ spheres, the need for equity and joint projects is fundamental. The concept of equity emphasizes mutuality, equality and co-creative responsibility.

Uncertainty was a lifetime preoccupation for J. M. Keynes. The notion of uncertainty features prominently in his economic writings and implicitly in his fellowship dissertation, A Treatise on Probability. A substantial interpretative literature has arisen on the nature of the conceptualisation of uncertainty and epistemic roots of Keynes’s discussion of the importance of expectations in the General Theory. Much of this literature has approached Keynes’s discussion from a variety of different perspectives exploring the nexus of Keynes’s contribution to the history of economic thought, philosophy, the foundations of probability, economics, psychology and contemporary economic events and analysis. Substantial light has been shed on Keynes’s discussion.

This study provides a comprehensive framework of adaptation in triadic business relationship settings in the service sector. The framework is based on the industrial network approach (see, e.g., Axelsson & Easton, 1992; Håkansson & Snehota, 1995a). The study describes how adaptations initiate, how they progress, and what the outcomes of these adaptations are. Furthermore, the framework takes into account how adaptations spread in triadic relationship settings. The empirical context is corporate travel management, which is a chain of activities where an industrial enterprise, and its preferred travel agency and service supplier partners combine their resources. The scientific philosophy, on which the knowledge creation is based, is realist ontology. Epistemologically, the study relies on constructionist processes and interpretation. Case studies with in-depth interviews are the main source of data.

This chapter proposes a vector autoregressive VAR model with structural shocks (SVAR) that are identified using sign restrictions, and whose distribution is subject to time varying skewness. The authors also present an efficient Bayesian algorithm to estimate the model. The model allows tracking joint asymmetric risks to macroeconomic variables included in the SVAR, and provides a structural narrative to the evolution of those risks. When faced with euro area data, our estimation suggests that there has been a significant variation in the skewness of demand, supply and monetary policy shocks. Such variation can explain a significant proportion of the joint dynamics of real GDP growth and inflation, and also generates important asymmetric tail risks in those macroeconomic variables. Finally, compared to the literature on growth- and inflation-at-risk, the authors find that financial stress indicators are not enough to explain all the macroeconomic tail risks.

We examine the informational roles of trades and time between trades in the domestic and overseas US Treasury markets. A vector autoregressive model is employed to assess the information content of trades and time duration between trades. We find significant impacts of trades and time duration between trades on price changes. Larger trade size induces greater price revision and return volatility, and higher trading intensity is associated with a greater price impact of trades, a faster price adjustment to new information and higher volatility. Higher informed trading and lower liquidity contribute to larger bid–ask spreads off the regular daytime trading period.

Identification of shocks of interest is a central problem in structural vector autoregressive (SVAR) modeling. Identification is often achieved by imposing restrictions on the impact or long-run effects of shocks or by considering sign restrictions for the impulse responses. In a number of articles changes in the volatility of the shocks have also been used for identification. The present study focuses on the latter device. Some possible setups for identification via heteroskedasticity are reviewed and their potential and limitations are discussed. Two detailed examples are considered to illustrate the approach.

Business cycle theory is normally described as having evolved out of a previous tradition of writers focusing exclusively on crises. In this account, the turning point is seen as residing in Clément Juglar's contribution on commercial crises and their periodicity. It is well known that the champion of this view is Schumpeter, who propagated it on several occasions. The same author, however, pointed to a number of other writers who, before and at the same time as Juglar, stressed one or another of the aspects for which Juglar is credited primacy, including the recognition of periodicity and the identification of endogenous elements enabling the recognition of crises as a self-generating phenomenon. There is indeed a vast literature, both primary and secondary, relating to the debates on crises and fluctuations around the middle of the nineteenth century, from which it is apparent that Juglar's book Des Crises Commerciales et de leur Retour Périodique en France, en Angleterre et aux États-Unis (originally published in 1862 and very much revised and enlarged in 1889) did not come out of the blue but was one of the products of an intellectual climate inducing the thinking of crises not as unrelated events but as part of a more complex phenomenon consisting of recurring crises related to the development of the commercial world – an interpretation corroborated by the almost regular occurrence of crises at about 10-year intervals.