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Due to their common role as suppliers, small and medium‐sized enterprises (SMEs) are especially challenged by today's turbulent business conditions. In order to meet this…
Due to their common role as suppliers, small and medium‐sized enterprises (SMEs) are especially challenged by today's turbulent business conditions. In order to meet this challenge, short‐term Internet‐based enterprise co‐operations are regarded as an appropriate way to enhance the competitive strength of SMEs. Hence, the Institute of Machine Tools and Industrial Management (IWB) operates three so‐called competence networks for engineering (www.engineering‐net.de), rapid prototyping (www.rp‐net.de) and manufacturing (www.produktionsnetz.de) services. For the purpose of an applied research project, more than 80 participating SME suppliers were included in these specialised virtual markets, which are based on the core competencies of the co‐operating SMEs. Additionally, an Internet platform (www.virtueller‐markt.de) is used to enable customers to configure their specific cyber chains via the above‐mentioned competence networks. The present paper depicts how to establish and operate competence networks as well as how to configure cyber chains via these virtual markets.
The aim of this paper is to show that there is need for revitalization of the normative branch of political economy. The first part of this paper will deal with some…
The aim of this paper is to show that there is need for revitalization of the normative branch of political economy. The first part of this paper will deal with some methodological reservations against a participation of economists in a rational discussion of normative issues. The second and third parts will outline the approaches and problems of two unconventional schools of thought in present‐day economics which make attempts to strive for a reconciliation of positive and normative economics.
Behavioral finance research has almost exclusively investigated the decision making of lay individuals, mostly ignoring more sophisticated institutional investors. The…
Behavioral finance research has almost exclusively investigated the decision making of lay individuals, mostly ignoring more sophisticated institutional investors. The purpose of this paper is to better understand the relatively unexplored field of investment decisions made by pension fund trustees, an important subset of institutional investors, and identify future avenues of further exploration.
This paper starts by setting out the landscape in which pension fund trustees operate and make their decisions, followed by a literature review of the extant behavioral finance research applicable to similar situations.
Despite receiving training and accumulating experience in financial markets, these are limited and sparse; therefore, pension fund trustees are unlikely to be immune from behavioral biases. Trustees make decisions in groups, are heavily reliant on advice and make decisions on behalf of others. Research in those areas has uncovered many inefficiencies. It is still unknown how this specific context can affect the psychological effects on their decisions.
Given how much influence trustees’ decisions have on asset allocation and by extension in financial markets, this is a surprising state of affairs. Research in behavioral finance has had a marked influence on policy in the past and so we anticipate that exploring the decisions made within pension funds may have wide ramifications for the industry.
As far as the authors are aware, no behavioral research has empirically tested pension fund trustees’ decisions to investigate how the combination of group decisions, advice and surrogacy influence their decisions and, ultimately, the sustainability of our pensions.
1. Reason as the Source of Knowledge For medieval men, the existence of a personal and acting God was beyond any doubt. They were convinced that God intervenes into and…
1. Reason as the Source of Knowledge For medieval men, the existence of a personal and acting God was beyond any doubt. They were convinced that God intervenes into and interferes with the course of the world. The acting of God was a main factor for the explanation of natural phenomena. But with the passing of time, the understanding of nature improved and more and more phenomena could be explained by appeal to reason only and without recourse to actions of God. It became the general opinion that natural phenomena are subject to invariable natural laws. This clear departure from the God‐related understanding of nature happened when modern philosophy emerged in the 17th and 18th century. This modern philosophy saw nature as a mechanic construction. One of the leading philosophers of that period, Rene Descartes, argued that the laws of mechanics are the laws of nature. Descartes, the founder of rationalistic philosophy, was no atheist, but when he referred to God, it was only to become sure that what is clear (and rational) is also true.
Anthropologists have long discussed the ways in which their discipline has been entangled, consciously and unconsciously, with the colonized populations they study. A…
Anthropologists have long discussed the ways in which their discipline has been entangled, consciously and unconsciously, with the colonized populations they study. A foundational text in this regard was Michel Leiris' Phantom Africa (L'Afrique fantôme; Leiris, 1934), which described an African ethnographic expedition led by Marcel Griaule as a form of colonial plunder. Leiris criticized anthropologists' focus on the most isolated, rural, and traditional cultures, which could more easily be described as untouched by European influences, and he saw this as a way of disavowing the very existence of colonialism. In 1950, Leiris challenged Europeans' ability even to understand the colonized, writing that “ethnography is closely linked to the colonial fact, whether ethnographers like it or not. In general they work in the colonial or semi-colonial territories dependent on their country of origin, and even if they receive no direct support from the local representatives of their government, they are tolerated by them and more or less identified, by the people they study, as agents of the administration” (Leiris, 1950, p. 358). Similar ideas were discussed by French social scientists throughout the 1950s. Maxime Rodinson argued in the Année sociologique that “colonial conditions make even the most technically sophisticated sociological research singularly unsatisfying, from the standpoint of the desiderata of a scientific sociology” (Rodinson, 1955, p. 373). In a rejoinder to Leiris, Pierre Bourdieu acknowledged in Work and Workers in Algeria (Travail et travailleurs en Algérie) that “no behavior, attitude or ideology can be explained objectively without reference to the existential situation of the colonized as it is determined by the action of economic and social forces characteristic of the colonial system,” but he insisted that the “problems of science” needed to be separated from “the anxieties of conscience” (2003, pp. 13–14). Since Bourdieu had been involved in a study of an incredibly violent redistribution of Algerians by the French colonial army at the height of the anticolonial revolutionary war, he had good reason to be sensitive to Leiris' criticisms (Bourdieu & Sayad, 1964). Rodinson called Bourdieu's critique of Leiris' thesis “excellent’ (1965, p. 360), but Bourdieu later revised his views, noting that the works that had been available to him at the time of his research in Algeria tended “to justify the colonial order” (1990, p. 3). At the 1974 colloquium that gave rise to a book on the connections between anthropology and colonialism, Le mal de voir, Bourdieu called for an analysis of the relatively autonomous field of colonial science (1993a, p. 51). A parallel discussion took place in American anthropology somewhat later, during the 1960s. At the 1965 meetings of the American Anthropological Association, Marshall Sahlins criticized the “enlistment of scholars” in “cold war projects such as Camelot” as “servants of power in a gendarmerie relationship to the Third World.” This constituted a “sycophantic relation to the state unbefitting science or citizenship” (Sahlins, 1967, pp. 72, 76). Sahlins underscored the connections between “scientific functionalism and the natural interest of a leading world power in the status quo” and called attention to the language of contagion and disease in the documents of “Project Camelot,” adding that “waiting on call is the doctor, the US Army, fully prepared for its self-appointed ‘important mission in the positive and constructive aspects of nation-building’” a mission accompanied by “insurgency prophylaxis” (1967, pp. 77–78). At the end of the decade, Current Anthropology published a series of articles on anthropologists’ “social responsibilities,” and Human Organization published a symposium entitled “Decolonizing Applied Social Sciences.” British anthropologists followed suit, as evidenced by Talal Asad's 1973 collection Anthropology and the Colonial Encounter. During the 1980s, authors such as Gothsch (1983) began to address the question of German anthropology's involvement in colonialism. The most recent revival of this discussion was in response to the Pentagon's deployment of “embedded anthropologists” in Afghanistan and elsewhere in the Middle East. The “Network of Concerned Anthropologists” in the AAA asked “researchers to sign an online pledge not to work with the military,” arguing that they “are not all necessarily opposed to other forms of anthropological consulting for the state, or for the military, especially when such cooperation contributes to generally accepted humanitarian objectives … However, work that is covert, work that breaches relations of openness and trust with studied populations, and work that enables the occupation of one country by another violates professional standards” (“Embedded Anthropologists” 2007).3 Other disciplines, notably geography, economics, area studies, and political science, have also started to examine the involvement of their fields with empire.4
Max Weber called the maxim “Time is Money” the surest, simplest expression of the spirit of capitalism. Coined in 1748 by Benjamin Franklin, this modern proverb now has a…
Max Weber called the maxim “Time is Money” the surest, simplest expression of the spirit of capitalism. Coined in 1748 by Benjamin Franklin, this modern proverb now has a life of its own. In this paper, I examine the worldwide diffusion and sociocultural history of this paradigmatic expression. The intent is to explore the ways in which ideas of time and money appear in sedimented form in popular sayings.
My approach is sociological in orientation and multidisciplinary in method. Drawing upon the works of Max Weber, Antonio Gramsci, Wolfgang Mieder, and Dean Wolfe Manders, I explore the global spread of Ben Franklin’s famed adage in three ways: (1) via evidence from the field of “paremiology” – that is, the study of proverbs; (2) via online searches for the phrase “Time is Money” in 30-plus languages; and (3) via evidence from sociological and historical research.
The conviction that “Time is Money” has won global assent on an ever-expanding basis for more than 250 years now. In recent years, this phrase has reverberated to the far corners of the world in literally dozens of languages – above all, in the languages of Eastern Europe and East Asia.
Methodologically, this study unites several different ways of exploring the globalization of the capitalist spirit. The main substantive implication is that, as capitalism goes global, so too does the capitalist spirit. Evidence from popular sayings gives us a new foothold for insight into questions of this kind.
This chapter provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. We provide a brief…
This chapter provides a comprehensive survey of the contributions of the Austrian school of economics, with specific emphasis on post-WWII developments. We provide a brief history and overview of the original theorists of the Austrian school in order to set the stage for the subsequent development of their ideas by Ludwig von Mises and F. A. Hayek. In discussing the main ideas of Mises and Hayek, we focus on how their work provided the foundations for the modern Austrian school, which included Ludwig Lachmann, Murray Rothbard and Israel Kirzner. These scholars contributed to the Austrian revival in the 1960s and 1970s, which, in turn, set the stage for the emergence of the contemporary Austrian school in the 1980s. We review the contemporary development of the Austrian school and, in doing so, discuss the tensions, alternative paths, and the promising future of Austrian economics.
Training in research ethics in higher education institutions tends to be increasingly focussed on operational instruction and how to navigate review processes. This has…
Training in research ethics in higher education institutions tends to be increasingly focussed on operational instruction and how to navigate review processes. This has largely come about as a result of the gradual extension of the ‘medical model’ of prospective ethics review to all research involving human participants over the last few decades. Often devolved to an administrator, the purpose of instruction in research ethics is sometimes reduced to form-filling techniques. While this may serve to facilitate researchers’ compliance with ‘auditable’ regulatory requirements, and to reassure risk-averse universities that they can demonstrate rigorous oversight, it does nothing to skill researchers in assessing the ethical implications of their own research. Mastering the skills to address and mitigate the moral dilemmas that can emerge during a research project involves more than having a pre-determined set of options for research practice. Changing their perception means enabling researchers to view themselves as ethical practitioners within a broader community of researchers. In this chapter we discuss the implementation of a university training programme that has been designed to improve both the moral character, and thus the moral competence of researchers. Using a virtue ethics approach, we employed case studies and discussion, backed up by provision of individualised advice, to help researchers to consider the moral implications of research and to improve their moral decision-making skills. Attendees reported greater engagement with the issues and increased confidence in facing ethical dilemmas in their own research.
Transaction cost economics is an important anchor for analyzing a wide range of economic and organizational issues and is complemented by various theories, resulting in a…
Transaction cost economics is an important anchor for analyzing a wide range of economic and organizational issues and is complemented by various theories, resulting in a perception shift of transaction governance structure from a polar classification toward a continuum (John & Reve, 1982; Heide & Miner, 1992; Hennart, 1993). Despite conceptual framework developments, empirical studies based on the continuum are scarce. This research is an initial effort toward TGS dimensionalization and operationalization and reviews theoretical developments since 1930, surveys empirical studies from 1982 to 2004, presents Williamson’s framework (1991), and proposes a set of items for instrument design.
This register of current research in social economics has been compiled by the International Institute of Social Economics. The register does not claim to be comprehensive but is merely an aid for research workers and institutions interested in social economics. The register will be updated and made more comprehensive in the future but this is largely dependent on the inflow of information from researchers in social economics. In order to facilitate this process a standardised form is to be found on the last page of this register. Completed forms, with attached sheets as necessary, should be returned to the compiler: Dr Barrie O. Pettman, Director, International Institute of Social Economics, Enholmes Hall, Patrington, Hull, N. Humberside, England, HU12 OPR. Any other comments on the register will also be welcome.