How well is Austrian business cycle theory corroborated by empirical evidence? This question is addressed by examining the contraction of 1990–1991 and the expansion leading up to it. An overview of the Austrian theory of the business cycle permits the identification of several empirical propositions implied by the theory. Empirical data for several economic variables are examined for consistency with the patterns suggested by the theory. The evidence suggests a muted Austrian cyclical process at work in conjunction with other factors (...) during the time period studied. (shrink)

The paper distinguishes two types of entrepreneurial activity in terms of their institutionally relevant contexts. Type 1 entrepreneurship refers to catallactic activity in which coordinating mechanisms, operating via the exchange of property rights, generates market prices. We identify Type 2 entrepreneurship with noncatallactic processes.The paper argues that scientific activity, despite exhibiting characteristics congenial to the economic way of thinking, cannot be generally studied as a catallactic process under prevailing institutional arrangements. Recent changes in the institutional context of science, however, suggest (...) a widening scope for treating science as a market activity.Cet article fait la distinction entre deux types d’activité entrepreneuriale suivant les contextes institutionnels où ils apparaissent. Le premier type d’activité entrepreneuriale s’inscrit dans un cadre catallactique où les mécanismes de coordination opérant à travers l’échange des droits de propriété génèrent les prix marchands. Le second type d’activité entrepreneuriale que nous identifions relève de processus non catallactiques. L’article soutient que, même si elle présente des caractéristiques qui pourraient relever de la pensée économique, l’activité scientifique telle qu’elle est pratiquée dans les conditions institutionnelles actuelles, ne peut en général pas être étudiée comme un processus catallactique.Cependant, les changements récents dans le contexte institutionnel de la science suggèrent la possibilité grandissante d’envisager la science comme une activité marchande. (shrink)

We treat science as a Hayekian social order whose distinctive emergent characteristic is the generation of knowledge. We model modern science as an institutional form that principally relies on publication with citation and its effects on individual reputation in order to study the possible effects of funding on science. We develop a taxonomy of three broad categories of effect: those having to do with the direction followed by scientific activity, those involving the operational and financial stability of both the physical (...) institutions integral to scientific work and the scientists themselves, and those due to distortions of the basic knowledge-generating procedures of science. It is argued that, while directional effects of funding are ubiquitous, destabilizing and distorting effects are much more likely to emerge when funding sources are concentrated than when they are decentralized. Further, when funding is accompanied by regulatory oversight, the possibilities for distortion are significantly increased. Examples of such effects actually occurring under the current U.S. funding regime are discussed. (shrink)

How are the demands of morality related to the needs, interests, and projects of people? Are they a burden, or are they good for us? Are they nothing but arbitrary impositions, or should we expect them to be justified? And will the answers to these questions tell us why and whether we should be moral? In this short, accessible text, William Nelson poses these questions in a form appropriate for beginning students and treats them in a way that both (...) they and their teachers will appreciate. In the company of major figures from the history of ethics, Nelson explores the key issues surrounding topics like egoism, altruism, the good life, and the requirements of morality. A special strength of his presentation is the way he demonstrates how the views of these historical figures prefigure the theories espoused by different schools of contemporary thought. Students get not only the historical positions in terms of which contemporary debates are framed but also up-to-date discussions of utilitarianism, contractualism, problems of collective action, and the relations between virtue and duty-based theories. Nelson's own view that morality is not a single subject matter enables him to show how each of the historical traditions has a role to play in a coherent and defensible pluralistic account of morality. At the core of this pluralism is a commitment to the democratic view that morality must not merely serve practical human purposes, but it must also be justified to the people it governs. Imaginative and insightful, intelligent and informed, this is an excellent first text for students of ethics and the history of ethics. (shrink)

According to many believers there is no end to the enlightening things that may be truly said about God. Perhaps there is no end for them either to the useful ways of dividing these things up into illuminating classes. But as fairly traditional theists we suggest a need to stress two basic classes as two indispensable sides to a traditional theist’s coin. We suggest that neglect or rejection of either side can debase the currency under philosophical investigation, can lead a (...) philosopher—or at least his puzzled readers—into costly muddles about the analysis or evaluation of religious discourse and claims. (shrink)

Normal 0 false false false MicrosoftInternetExplorer4 During the Philippine-American War of 1899-1902, the United States Army’s most difficult, and renowned, counterinsurgency campaign was waged on the island of Samar. The Samareño insurgents had a well developed infrastructure and were merciless with those who collaborated with the Americans. The Samarnons made extensive use of the island’s rough terrain with heavy forest cover, and raised funds from the island’s hemp merchants. The Americans defeated the insurgents by separating them from the population. This (...) was achieved through food restrictions, a strict policy of non-neutrality forcing the people to choose between them or the insurgents, by concentrating the population in camps, by providing benefits to those who cooperated with them, and through skillful use of intelligence to dismantle the insurgent infrastructure. This campaign may have been an excellent demonstration of the principles of counterinsurgency warfare but it inflicted substantial abuses upon the Samarnons and caused long term damage to the island’s economy. Given the atrocities associated with the campaign, and its detrimental effects upon the island’s economy, one must truly wonder if it provides lessons worth learning. (shrink)

Whether one should accept a principle like DDE cannot be settled independent of one's more general moral theory. In this, I take it, I agree with Professor Boyle, though I do not think he has shown that DDE has a role only in his particular form of absolutism. Still, since his theory does require DDE, an important question is what the alternatives are – whether we must choose between this absolutism and either utilitarianism or intuitionism. A form of contractualism, the (...) requirements of which derive to a large extent from institutionally or conventionally established rights, is sketched here as an attractive alternative. It does not lead, so far as I can see, to DDE. Keywords: authority, contractualism, rights CiteULike Connotea Del.icio.us What's this? (shrink)