This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this (...) publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. (shrink)

Do firms respond to changes in economic growth by altering their corporate social responsibility programs? If they do respond, are their responses simply neglect of areas associated with corporate social performance or do they also cut back on positive programs such as profit sharing, public/private housing programs, or charitable contributions? In this paper, we argue that because CSP-related actions and programs tend to be discretionary, they are likely to receive less attention during tough economic times, a result of (...) cost-cutting efforts. However, the various CSP performance areas vary in terms of their resource requirements and their influence on financial performance, which suggests that firms may respond differently depending on area. Consequently, in addition to examining CSP concerns separately from positive actions and programs, we also examine the influence of economic growth across the five areas of diversity, employee relations, the environment, product quality/safety, and the community. Based on data from 837 firms over 15 years, our results suggest that firms neglect some areas associated with CSP during economic downturns, resulting in increased concerns about community and employee relations, product safety/quality, and the environment. However, this relationship does not apply to positive actions and programs. Instead, firms tend to increase their positive CSP programs in areas such as diversity, employee relations, and the environment during periods of slow economic growth and reduce them when the economy picks up. We offer potential explanations for our findings and discuss their importance to research on CSP. (shrink)

The Sustainable Development Goal of the United Nations related to reduced inequalities calls for greater economic inclusion of the poor. Yet, how business leaders grant economic opportunities and development to the poor is significantly under-researched. Extending burgeoning responsible leadership theory that promotes paradox-savvy leadership for building inclusive ventures through various actors, this study introduces new concepts of inclusive leadership that foster the economic inclusion of the poor from Amartya Sen’s capability approach perspective. By studying how leaders include (...) the poor in social businesses, we provide a fresh perspective of inclusive leadership as a personalized empowering cycle of economic–social–economic inclusion to close the gaps between the rich and poor in business and society. This perspective provides new territories of diversity and inclusion research for reduced inequality. (shrink)

Panel data from 179 corporate foundations over a 9-year period were analyzed to examine how charitable giving was influenced by a recent economic slowdown. The results revealed that foundations sponsored by consumer-oriented firms reduced their support for charitable causes as economic conditions worsened. Foundations sponsored by industrial-oriented firms increased charitable contributions during the economic slowdown. The results were interpreted as being consistent with the proposed motivation for corporate giving. More specifically, it was assumed that charitable giving decisions (...) by foundations sponsored by consumer-oriented firms are consistent with a marketing-related objective to increase sales through corporate philanthropy. Foundations sponsored by industrial-oriented firms were assumed to make charitable giving decisions more from an altruistic perspective. To achieve maximum corporate benefits from charitable donations, it was recommended that corporate foundations develop a giving program that avoids the potential negative consequences associated with reducing foundation giving when the need for charitable contribution increases. (shrink)

In his sociological works Pareto developed a theory of cyclical social change within the general equilibrium framework. Building on an earlier propositional formalization, we translate Pareto's theory into a series of simultaneous equations and simulate the equation system. The dynamic behavior of the simulation is consistent with Pareto's predictions and demonstrates the internal logic of the theory.

Dans son rapport verbal sur Des crises commerciales et de leur retour périodique en France, en Angleterre et aux États-Unis pendant le 19e siècle, Louis Wolowski soulignait les analogies entre « corps social » et « organisme de l'homme ». Il poursuivait, que le corps social « a ses maladies, et il doit avoir son hygiène. Cette hygiène a ses règles et ses lois, et M. le docteur Juglar a su très habilement les exposer ». Depuis lors, l'influence des idées (...) médicales sur l'économie politique de - Économie et Marxisme – Nouvel article. (shrink)

This book presents the first full-length explanation in English of Heinsohn and Steiger's groundbreaking theory of money and interest, which emphasizes the role played by private property rights. Ownership economics gives an alternative explanation of money and interest, proposing that operations enabled by property lead to interest and money, rather than exchange of goods. Like any other approach, it has to answer economic theory's core question: what is the loss that has to be compensated by interest? Ownership economics accepts (...) neither a temporary loss of goods, as in neoclassical economics, nor Keynes's temporary loss of already existing, exogenous money as the cause of interest. Rather, money is created as a non-physical title to property in a credit contract secured by a debtor's collateral and the creditor's net worth. This book is an edited English translation of a highly successful German text, and offers the first book-length treatment of a theory which has received much interest since its first appearance in articles in the late 1970s. (shrink)

The aim of the article. The aim of the article is to identify the components of social and economic systems life cycle. To achieve this aim, the article describes the traits and characteristics of the system, determines the features of social and economic systems functioning and is applied a systematic approach in the study of their life cycle. The results of the analysis. It is determined that the development of social and economic systems has signs of cyclicity (...) and is explained methodologically by the axiomatics, rules and laws. Understanding of circular patterns has been formed long ago and now is recorded by scientists monitoring the properties of natural and artificial environment of human activity. During the study, it was found out that in scientific literature there is no unified description of the life cycle elements of social and economic systems at personal, micro, meso, macro and global levels. The paper investigates the cyclical patterns in multilevel social and economic systems for a human, employee, family, product, company, city, industry, elite, macroeconomic indicators, humanity, global processes, global economic system and the Universe. It is noted that at grass-roots administrative levels of the global environment of a human life activity system, a thesis about the cyclicity of development and the stages of the life cycle is considered by a wide circle of scientists and is doubtless. On hierarchically higher management levels of the global environment of human activity system, the scientists noticed the similar patterns of the cyclical nature. Problematic and discussion questions about cyclic development of social and economic systems are identified: the uncertainty of the driving force source of repeated changes; the vague distinction between systemic (internal) and off-system (external) influence on development; the lack of a unified description of development nature at different managerial levels; the use of different descriptive terms for the same constituent elements of repeated changes (period, stage, phase, wave, cycle); the uncertainty of the number of repeated changes constituent elements; the absence of an identification mechanism of the exact time of changes in the constituent elements of repeated changes; the surface description of out-of-system period of the subjects activity («before-system» period of creation and «after-system» period of liquidation); attaching more importance to primary and less importance to ultimate component elements of the repeated changes; the lack of reliable mechanism for predicting and forecasting the dynamics of constituent components of repeated changes. It is noted that all social and economic systems are developed within repeated changes and they have the same attributes of cyclicity: the fluctuation of indicators is marked that characterize the condition of the subject; the presence of system (from creation to liquidation) and out-of-system (creation – «design» and liquidation – «disposal») periods are noted; the subjects are created by the actions of other subjects (that is, subjects do not arise «out of nowhere», but are the result of actions of other subjects – «constructors»); after cessation of subjects functioning, their resources are used by other subjects (that is, the subjects do not disappear «nowhere», and they are transformed into the resources of other subjects – «recovery»); a unidirectional life cycle from «birth» to «death» is observed in the subjects; the subjects do not have to undergo the whole life cycle (each time might be the last); the subjects display similar changes of the indicators during their activity; ascending, peak and descending fluctuations of indicators are observed in the subjects; minor fluctuations occur in the constituent elements; the subjects have individual nature of indicator fluctuations and duration of activity. Conclusions and directions of further researches. The scientific novelty of the study is identification structure of life cycle of social and economic system with definitions of: common («before-system state», «growth», «stabilization», «reduction», «after-system state») and specific («creation», «slow growth», «rapid growth», «growth stabilization», «short stabilization», «rapid reduction», «slow reduction», «liquidation») constituent elements of repeated changes; marginal borders of indicators; dynamics of constituent elements of life cycle; key points of changing nature of the indicators dynamics. Identification of the life cycle of social and economic systems characterizes potentially possible limits of their activity in time and provides the possibility of further research of aspects of the cyclical development for methodological basis formation and the development of applied measures of systemic development in the areas of marketing and management innovations. (shrink)

PART ONE The Evolutionary Metaphors in the Reconstruction of Economics The indiscriminate application of the term 'evolution' however, has led to some ...

Originally published in 1954, this volume describes and analyses the course of short-period fluctuations in the British economy between 1833 and 1842. Through concentrating on a relatively short space of time, the text is able to provide a rigorous examination of the evidence and also avoids the over-simplification inherent in comparing the history of fluctuations in different periods. A variety of sources are put under scrutiny, both 'literary' and statistical, reflecting a relative lack of surviving economic material from the (...) period. This, in turn, reflects a generally broad approach which is described by the author as 'quantitative-historical'. Concise and highly informative, this book will remain of value to anyone with an interest in nineteenth century and economic history. (shrink)

Interdisciplinary research is frequently viewed as an important component of the research landscape through its innovative ability to integrate knowledge from different areas. However, support for interdisciplinary research is often strategic rhetoric, with policy-makers and universities frequently adopting practices that favour disciplinary performance. We argue that disciplinary and interdisciplinary research are complementary, and we develop a simple framework that demonstrates this for a semi-permanent interdisciplinary research field. We argue that the presence of communicating infrastructures fosters communication and integration between disciplines (...) and the interdisciplinary research field to generate innovative knowledge. We apply this to the experience of economic history in Australia in the second half of the twentieth century to demonstrate the life cycle of a semi-permanent interdisciplinary research field. (shrink)

The article aims to define the management mechanism of complex, open dynamic systems with human participation. The following parts of the system life-cycle were identified and unified in the theoretical scope: general and specific compositional elements of repeating changes, marginal index boundaries, the dynamics of the compositional elements of the lifecycle, the key points of the change in the character of the index dynamics. In the practical scope, two common trends of socio-economical system life-cycle management are considered. The first trend (...) is the regulation of the comprising element ratio, which provides the increase in the duration of the maximally effective performance of a functioning system. The second trend is the regulation of the reproduction time of a new system. The systems life cycle aspects are investigated in almost all sciences and studied within many disciplines in the field of higher education. Therefore, deepening the mastery of scientific and methodological foundations of the life cycle of a complex open dynamic system is useful for any subject in everyday and practical activities. A human being – in the formation of own human capital. Families – when it is formed, the birth of children, the distribution of income and expenses. Companies – for efficient business activities. As well as local communities, local self-government bodies, public authorities and global entities within their profile activities. The results of the research provide the possibility of the development of applicable mechanisms for effectiveness and stability enhancement of managerial and entrepreneurial operation in business projects. (shrink)

We invite systematic consideration of the metaphors of cycles and circulation as a long-term theme in the history of the life and environmental sciences and medicine. Ubiquitous in ancient religious and philosophical traditions, especially in representing the seasons and the motions of celestial bodies, circles once symbolized perfection. Over the centuries cyclic images in western medicine, natural philosophy, natural history and eventually biology gained independence from cosmology and theology and came to depend less on strictly circular forms. As potent (...) ‘canonical icons’, cycles also interacted with representations of linear and irreversible change, including arrows, arcs, scales, series and trees, as in theories of the Earth and of evolution. In modern times life cycles and reproductive cycles have often been held to characterize life, in some cases especially female life, while human efforts selectively to foster and disrupt these cycles have harnessed their productivity in medicine and agriculture. But strong cyclic metaphors have continued to link physiology and climatology, medicine and economics, and biology and manufacturing, notably through the relations between land, food and population. From the grand nineteenth-century transformations of matter to systems ecology, the circulation of molecules through organic and inorganic compartments has posed the problem of maintaining identity in the face of flux and highlights the seductive ability of cyclic schemes to imply closure where no original state was in fact restored. More concerted attention to cycles and circulation will enrich analyses of the power of metaphors to naturalize understandings of life and their shaping by practical interests and political imaginations. (shrink)

Business cycle theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academics and graduate students of economics with a compact and accessible exposition of business cycle theory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of (...) their appearance and highlighting their differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material. (shrink)

This paper tests a novel implication of the original version of prospect theory (Kahneman and Tversky, 1979): that choices may systematically violate transitivity. Some have interpreted this implication as a weakness, viewing it as an anomaly generated by the ‘editing phase’ of prospect theory which can be rendered redundant by an appropriate re-specification of the preference function. Although there is some existing evidence that transitivity fails descriptively, the particular form of non-transitivity implied by prospect theory is quite distinctive and hence (...) presents an ideal opportunity to expose that theory to test. An experiment is reported which reveals strong evidence of the predicted intransitivity. It is argued that the existence of this new form of non-transitive behaviour presents a fresh theoretical challenge to those seeking descriptively adequate theories of choice behaviour, and a particular challenge to those who seek explanations within the conventional economic paradigm of utility maximisation. (shrink)

This volume is divided into three major parts, each of which symbolizes a new virtuous circle that is added to the previous one in order to foster the dissemination of humanistic management among corporations and social institutions. After an introductory chapter explaining the concept of humanistic management and the plan behind this research project, the first part of the book is devoted to education. The authors address pedagogical strategies that can be used in higher education to introduce students to HM. (...) In turn, the second part of the book focuses on the implementation of HM in corporations, while the third presents an approach for measuring and monetizing the social value generated by corporations through their economic activities. In the closing chapter, the editors illustrate how the three parts of the book can be combined to generate virtuous cycles in corporations. (shrink)

Real business cycle theory, as exemplified by Fischer Black's Business Cycles and Equilibrium, posits that business cycles are due to random?technology shocks,? and not to monetary, fiscal or other government policies. Rational expectations and complete markets are supposed to enable decision makers to avoid the costly mistakes that would otherwise result from policies that distort incentives to borrow and invest. This paper questions the assumptions of rational expectations and complete markets from an Austrian?school perspective. It argues that decision (...) makers economize on information costs by basing their plans at least in part on the actual prices observed in the course of doing business, and that government regulations have impinged on the evolution of markets, leaving them far from complete. (shrink)

Innovative theories and policy proposals originating in the economics profession have diffused globally over the past several decades, but these models and policy programs transform as they spread. Existing models of change based on the concept of “paradigm shifts” capture the transformation of the economics profession at a high level of abstraction, but analysis of more concrete policy changes and associated ideas requires developing theory at a lower level of abstraction. I propose a field theoretic model of change based on (...) the concept of cycles of polarization and settlement. According to this model, settlements are characterized by multiple cross-cutting axes of competition and debate in a professional field. Moments of contention emerge when field entrepreneurs successfully build professional movements, resulting in polarization. However, contention is episodic and followed by the emergence of “centripetal forces” which lead a gradual return to the center. I develop this model by examining the case of monetary economics and policy in Latin America, a critical case for studies of the policy influence of economic ideas and experts. (shrink)

The award-winning engineer, Air Force lieutenant colonel, and author of F.I.R.E offers a road map for designing winning new products, services, and business models, and shows how to avoid complexity-related pitfalls in the process. With a foreword by design guru Don Norman.Humans make things every day, whether it's composing an e-mail, cooking a meal, or constructing the Mars Rover. While complexity is often necessary in the development process, unnecessary complexity adds complications. The Simplicity Cycle provides the secret to striking the (...) proper balance. Dan Ward shines a light on how complexity affects the things we make for good or ill, taking us on a journey through the process of making things, with a particular focus on identifying and avoiding complexity-related pitfalls.The standard development process involves increasing complexity to improve the outcome, Ward explains. The problem comes when the complexity starts getting in the way--but often we don't know where that point is until we pass it. He suggests a number of techniques for identifying the problem and fixing it, including how to overcome several types of wrongheaded thinking--such as the idea that complexity and quality are the same. In clear, compelling language, and using his trademark mix of examples from research, personal experience, and pop culture, Ward offers a universal concept, visually described with a single, evolving diagram.Ideal for business leaders and technologists, The Simplicity Cycle is helpful for anyone looking to simplify and improve everything we do, whether we work in an office, at home, or at the Pentagon. (shrink)

The article analyzes the dependence of the phenomenon of education on the type of civilization in space of which the life of the world community takes place. It is based on the interaction of social institutions of the market, science and education. It “proceeds” on the surface by the division of social labor, which generates a specific form of social system of education in dependence on the social division of labor in specific socio-economic conditions. To reproduce effectively its structural (...) and functional parameters, the author suggests resorting to the paradigm of the «life cycle of educational systems in the context of a civilizational approach» based on the use of cognitive analysis. Its advantage is only that the concept «grasps» the phenomenon of education as a whole. This means that the phenomenon of civilization education is studied as a social institution and social system of the industrial society. To analyze the dynamics of knowledge change, two methodological conditions must be used: to apply the civilizational approach and the paradigm of the life cycle of social systems, since this phenomenon has a long-lasting dimension in space and time; the meaning of educational content at each stage of industrial civilization life is distinguished: natural knowledge prevailed at the stage of its origin; at the stage of growth - technical knowledge that corresponded to the essence of civilization itself; at the stage of maturity - scientific knowledge turned into ideologues of social development, which led to the emergence of technocratism and “drove” the planetary community into a dead end; at the stage of decline - technological knowledge led to the loss of mainstream guide of social development and began the catastrophic destruction of the social organism of the planet, which entails a change in the type of civilizational development; the solution is seen in the rise of the planetary community into the space of informational civilization, the transition of education to mastering methodological knowledge corresponds to it. (shrink)

In this chapter, we discuss a specific kind of progress in economics, namely, progress that is pushed by the repeated use of mathematical models in most sub-branches of economics today. We adopt a functional account of progress to argue that progress in economics occurs via the use of what we call ‘common recipes’ and the use of model templates to define and solve problems of relevance for economists. We support our argument by discussing the case of twentieth-century business cycle research. (...) By presenting this case study in detail, we show how model templates are not only re-applied to different phenomena. We also show how scientists come up with them in the first place and how – once they are considered less useful – they are replaced with new ones. Finally, our case also illustrates that it is not only the mathematical structure that is re-used but that such a re-use also requires a shared conceptual vision of core properties of the phenomenon. If that vision is not shared anymore among economists, a model template can become useless and has to be replaced – sometimes through overcoming resistance – with a different one. (shrink)

Ageing populations are a major consideration for socio-economic development in the early twenty first century. This demographic change is mainly seen as a threat rather than as an opportunity to improve the quality of human life, especially in Europe, where ageing has resulted in a reduction in economic competitiveness. Economic Foundations for Creative Ageing Policy mixes the silver economy, the creative economy, and the social economy to construct positive solutions for an ageing population. Klimczuk covers theoretical analyses (...) and case study descriptions of good practices to suggest strategies that could be internationally popularized. Contents: Foreword by Harry R. Moody Foreword by Kathrin Komp Introduction 1. Old Age as a Stage in the Life Course and the Life Cycle 2. Forms of Older People’s Capital 3. Creativity and Ageing: Concepts and Controversies 4. Mixed Economy and Multisectoral Approach to Population Ageing 5. Silver, Creative, and Social Economies as Positive Responses to Population Ageing 6. Benefits at the Interface Between Economic Systems Conclusion Afterword by Lukasz Tomczyk. (shrink)

A conceptual and mathematical model of a social community behavior in a choice situation under a veil of ignorance, where two alternative policies—Rawlsian maximin and Harsanyian utilitarianism—can be implemented through the aggregation of individual preferences over these two policies, is constructed and investigated. We first incorporate in our conceptual model psychological features such as risk-aversion and prosocial preferences that likely underlie choices of welfare policies. We secondly develop and select the mathematical model presented it by means of an autonomous system (...) of ordinary differential equations. A qualitative analysis of this system global phase-plane behavior shows possible tendencies of community development under social choices over Rawlsian or utilitarian societies depending on psychological parameters such as risk aversion and prosocial preferences. (shrink)

Some important correlations between medium-term economic cycles (7–11 years) known as Juglar cycles and long (40–60 years) Kondratieff cycles are presented in this paper. The research into the history of this issue shows that this aspect is insufficiently studied. Meanwhile, in our opinion, it can significantly clarify both the reasons of alternation of upswing and downswing phases in K-waves and the reasons of relative stability of the length of these waves. It also can provide the certain (...) means for forecasting. The authors show that adjacent 2–4 medium cycles form the system the important characteristic of which is the dynamics of economic trend. The latter can be upswing (active) or downswing (depressive). The mechanisms of formation of such medium-term trends and changing tendencies are explained. The presence of such clusters of medium cycles (general duration of which is 20–30 years) determines to a large degree the long-wave dynamics and the characteristics of its timing. Thus, not medium-term J-cycles depend on the character of K-wave phase as Kondratieff supposed, but the character of the cluster of J-cycles determines significantly the character of K-wave phases. (shrink)

This book shows that global population ageing is an opportunity to improve the quality of human life rather than a threat to economic competitiveness and stability. It describes the concept of the creative ageing policy as a mix of the silver economy, the creative economy, and the social and solidarity economy for older people. The second volume of Economic Foundations for Creative Ageing Policy focuses on the public policy and management concepts related to the use of the opportunities (...) that are created by population ageing. Klimczuk covers theoretical analyses and case study descriptions of good practices to suggest strategies that could be internationally popularized. Each chapter includes exercises and assignments for both students and those who are likely to apply the presented concepts in practice. Contents: Foreword by Richard Adler Foreword by Dominic Campbell Introduction 1 The Politics of Ageing and the Challenges of Ageing Populations 2 Understanding Public Policy on Ageing 3 Sociological and Gerontological Perspectives on Ageing, Creativity, and the Third Age 4 Diversity of Ageing Policy Concepts 5 The Emergence of the Creative Ageing Movement 6 Aims and Challenges of the Creative Ageing Policy 7 Principles, Governance, and Coproduction of the Creative Ageing Policy 8 Organizational Forms and Management for the Building of Creative Capital of Older People Conclusion Afterword by Andreas Hoff and Kurt Lüscher Afterword by Suchandrima Chakraborty Afterword by Jorge Felix. (shrink)

The occurrence of business cycles is a feature of every economic system, so they were also observed in Poland. The article is an attempt to assess the structure and most important morphological features of the business cycles in Poland’s economy, taking into account how they were influenced by the consequences of the financial crisis 2007+ and COVID-19 pandemic. In the study the authors used the concept of deviation cycles which makes it possible to characterize the components (...) of the business cycle’s structure, i.e. identification of its turning points, particular phases and most important morphological features (i.e. duration of phases and the whole cycle, amplitude of fluctuations). The most significant empirical indicators which characterize the real cyclical processes, i.e. GDP, consumption and investment, were the subject of statistical analyses. (shrink)

"This book contains ideas to develop interdisciplinary and transdisciplinary views on economy and society. It aims to disseminate heterodox ideas on various subjects related to economics and global society. The book is organised in six parts. Part 1 contains the key lectures of Backhaus on the concept of state sciences and of Klamer on the importance of culture for economics. Parts 2- 6 contain successively contributions in the areas of economic paradigms and theories, population and society, corporate issues, environment, (...) and international relations. Examples of the content are: - the changes of family life cycles due to the rise of non-traditional households; - subjective and objective inflation rates after the introduction of the Euro; - the economics of genetic engineering; - the contribution of foreign direct investment to the economic development of host countries; - the inaccuracy of economic models applied in places characterized by extreme income disparities; - the improvement of political and corporate governance; - evolutionary thinking and emission trading; - freedom and order in the European Union; - the reform of social policy in Europe. The book provides interesting creative multi-disciplinary ideas with respect to various topical issues concerning the contemporary global society. It is highly recommended for economists and social scientists in search of broad views on social science and society.". (shrink)

Does a board with greater gender diversity make better investment decisions? Drawing on Austrian economic cycle theory and work groups theory, we argue that such board openness will help male board members to overcome gender biases, discrimination, and conflicts; integrate different perspectives under the economic cycle and crisis; and foster an environment in which better decisions are made. The results of an empirical study of 14,609 firm-quarter observations from 1,555 listed firms in China between 2007 and 2009 strongly (...) support our arguments. We find that a Chinese board is more likely to accept female directorship during an economic crisis than during an economic prosperity stage. Boards with greater gender diversity are more likely to make tough, counter-cyclical investments to improve firm performance during a crisis. Our study enriches the board decision-making literature by exploring the impacts of board gender diversity on firm performance within the context of an economic crisis. The results of our study also carry significant managerial implications for overcoming gender stereotypes, biases, and prejudices on a board. (shrink)

In this article, we first question the cogency of the strict delimitation of the object of study of economics in real business cycle theory and investigate its methodological and ontological consequences in the light of Roy Bhaskar's transcendental realism. We discuss the limits of real business cycle theory for detecting regularities, as well as the possibility of refuting conjectures. Finally, we show that our conclusions can be generalized to economic theories relying on the notion of general equilibrium.

Originally published between 1925 and 1997 the volumes in this set: Discuss the Impacts of Profitability, Business Cycles and the Capital Stock on Productivity; Evaluate various approaches to managing the uncertainty inherent in the future course of the interest rate cycle; Examine the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US; Determine what statistical and other information is needed to formulate both the objects and the means of government (...) class='Hi'>economic policy; Ask what theoretical tools should be used in order to clarify the issues of economic policy; Examine the sociological aspects of the business cycle. (shrink)

This article advances sustainability towards a new logic that favors the flourishing of Sustainable Development Goals (SDGs) and well-being from North to South. It presents a Global Dual-Perspective (GDP) and a Dynamic Equilibrium Framework (DEF) that inform sustainability, management, and international business with a paradoxical view of the SDGs and a strengthened analysis that outlines the role of multinational enterprises (MNEs) in addressing the SDGs within and across the North–South. This article reveals that organizations will effectively unleash virtuous cycles (...) of SDGs and well-being when confronting and juxtaposing environmental, health, social, economic, and law-oriented goals. Furthermore, virtuous cycles will be more successful when splitting and integrating short- and long-term conflicting goals within and across the North–South to fuel systemic resilience and sustainable development. (shrink)

Rosser's thoughtful and careful review of my book on business cycles reflects a different methodological stance than my own. I believe that economic theory and macroeconomics cannot escape using the concept of risk, even though, as Rosser points out, risk is not a simple unidimensional magnitude in many circumstances. I view the rational expectations assumption as a useful way of presenting a theory, rather than as a descriptive account of real‐world expectations.

L’idée la plus répandue est que dans les années 40 Hayek délaissa l’économie en général et la théorie du cycle des affaires en particulier. En fait, Hayek est demeuré fidèle à ses idées sur ce dernier point. Sa théorie du cycle économique diffère de celle de Mises : Hayek a mis l’accent sur les perturbations endogènes qui donnent naissance aux cycles. Selon Hayek et Wicksell, le système bancaire ne parvient pas à arrêter cette expansion illusoire. Les derniers travaux de (...) Hayek sur la concurrence et la monnaie sont dans la lignée de son objectif de stabilisation monétaire. Il ne propose pas une théorie du cycle des affaires mais plutôt une théorie à propos de l’absence de cycles, une théorie de l’anti-cycle.The most commonly held idea is that in the 1940s Hayek lost interest in economics in general and in trade cycle theory in particular. Hayek did not change his mind on this subject. His trade cycle theory differs from Mises’one: Hayek puts the stress on the endogenous disturbance at the beginning of the trade cycle. According to both Hayek and Wicksell, the banking system fails to stop the false expansion. His late works on competition and money remain in line with his objective of monetary stabilization. Hayek does not present a trade cycle theory but rather a theory about the absence of a cycle, an anticycle theory. (shrink)

Trust is critical to the development and maintenance of collaborative and cohesive relationships in societies, broadly, and in organizations, specifically. At the same time, trust is highly dependent on the social context in which it occurs. Unfortunately, existing research involving trust remains somewhat limited to a particular set of developed economies, providing a window to explore a culture's stage of economic development as a key contextual determinant of trust within organizations. In this article, we review the state of the (...) scholarship on trust and identify those qualities of trust that are common in organizations at similar stages of economic development, referred to as its etic aspects. We then also distinguish those elements of trust that are, to the contrary, culturally specific or emic in nature. We structure our discussion around the “life cycle of trust” (i.e., the creation, maintenance, and postfracture repair of trust) and consider unique factors in its application to developing economies. In doing so, we ground our examination in expository examples through field experience in Haiti. We conclude with the proposal of a framework for future research oriented toward the resolution of remaining theoretical and empirical queries as they relate to trust in developing economies. (shrink)

The article presents a verbal and mathematical model of medium-term business cycles (with a characteristic period of 7–11 years) known as Juglar cycles. The model takes into account a number of approaches to the analysis of such cycles; in the meantime it also takes into account some of the authors' own generalizations and additions that are important for understanding the internal logic of the cycle, its variability and its peculiarities in the present-time conditions. The authors argue that (...) the most important cause of cyclical crises stems from strong structural disproportions that develop during economic booms. These are not only disproportions between different economic sectors, but also disproportions between different societal subsystems; at present these are also disproportions within the World System as a whole. The proposed model of business cycle is based on its subdivision into four phases: – recovery phase (which could be subdivided into the start sub-phase and the acceleration sub-phase); – upswing/prosperity/expansion phase (which could be subdivided into the growth sub-phase and the boom/overheating sub-phase); – recession phase (within which one may single out the crash/bust/acute crisis subphase and the downswing sub-phase); – depression/stagnation phase (which we could subdivide into the stabilization subphase and the breakthrough sub-phase). The article provides a detailed qualitative description of macroeconomic dynamics at all the phases; it specifies driving forces of cyclical dynamics and the causes of transition from one phase to another (including psychological causes); a special attention is paid to the turning point from the peak of overheating to the acute crisis, as well as to the turning point from the downswing to recovery. The proposed mathematical model of Juglar cycle takes into account the following effects that are typical for the market economy: • positive feedbacks between various economic processes; • presence of a certain inertia, time lags in reactions of the economic subsystem to the change in conditions; • amplification by the financial subsystem of positive feedbacks and time lags in the economic subsystem; • excessive reaction to changing conditions during the acute crisis sub-phase. The authors suggest that the current crisis turns out to be rather similar to classical Juglar crises; however, there is also a significant difference, as the current crisis occurs at a truly global scale. Yet, due to this truly global scale of the current crisis, the possibilities of regulation with the national state's measures have turned out to be ineffective,whereas the suprastate regulation of financial processes hardly exists. It is shown that all these have led to the reproduction of the current crisis according to a classical Juglar scenario. (shrink)

This 1988 book presents a historical investigation of the theoretical development of contemporary Equilibrium Business Cycle Theory. The author examines the central features of the EBCT by tracing both the history of business cycle theory and the history of econometrics. These historical analyses make clear two central principles of the EBCT: its optimization foundation and its economic strategy. Following along these lines, the author argues that the EBCT succeeds the tradition of the Austrian cycle theory that attempted to incorporate (...) the cycle with classical equilibrium doctrine. He further argues that the EBCT's econometric strategy is only a child of the Cowles commission method. Investigating interwar macroeconomics in very readable style, this book brings the period back into the heart of macroeconomic thinking. (shrink)

The present yearbook (which is the fourth in the series) is subtitled Trends & Cycles. It is devoted to cyclical and trend dynamics in society and nature; special attention is paid to economic and demographic aspects, in particular to the mathematical modeling of the Malthusian and post-Malthusian traps' dynamics. An increasingly important role is played by new directions in historical research that study long-term dynamic processes and quantitative changes. This kind of history can hardly develop without the application (...) of mathematical methods. There is a tendency to study history as a system of various processes, within which one can detect waves and cycles of different lengths – from a few years to several centuries, or even millennia. The contributions to this yearbook present a qualitative and quantitative analysis of global historical, political, economic and demographic processes, as well as their mathematical models. This issue of the yearbook consists of three main sections: (I) Long-Term Trends in Nature and Society; (II) Cyclical Processes in Pre-industrial Societies; (III) Contemporary History and Processes. We hope that this issue of the yearbook will be interesting and useful both for historians and mathematicians, as well as for all those dealing with various social and natural sciences. (shrink)

Nikolay Kondratieff is known primarily for his theory of long cycles. However, it is worth recalling that he was among the first who started to investigate the nature of different economic cycles and their systematic interaction. Actually the primary classification of cycles into short, medium and long belongs to Kondratieff.

As the transaction cost theory of the firm was taking shape in the 1970s, another important movement in economics was emerging: a revival of the ‘Austrian’ tradition in economic theory associated with such economists as Ludwig von Mises and F. A. Hayek . As Oliver Williamson has pointed out, Austrian economics is among the diverse sources for transaction cost economics. In particular, Williamson frequently cites Hayek , particularly Hayek’s emphasis on adaptation as a key problem of economic organisation (...) . Following Williamson’s lead, a reference to Hayek’s ‘The Use of Knowledge in Society’ has become almost mandatory in discussions of economic organisation . However, there are many other potential links between Austrian and transaction cost economics that have not been explored closely and exploited.This article argues that characteristically Austrian ideas about property, entrepreneurship, economic calculation, tacit knowledge, and the temporal structure of capital have important implications for theories of economic organisation, transaction cost economics in particular. Austrian economists have not, however, devoted substantial attention to the theory of the firm, preferring to focus on business-cycle theory, welfare economics, political economy, comparative economic systems, and other areas. Until recently the theory of the firm was an almost completely neglected area in Austrian economics, but over the last decade, a small Austrian literature on the firm has emerged. While these works cover a wide variety of theoretical and applied topics, their authors share the view that Austrian insights have something to offer students of firm organisation. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 2-15 [Access article in PDF] Economic Aspects of Social and Environmental Violence John B. Cobb Jr. Claremont School of Theology I When we think of violence, what first comes to mind are violent acts by individuals or groups against other individuals. We think of rapes and murders, lynchings and muggings, beatings and armed robberies. We want the police to protect us from this violence. (...) Unfortunately, we know that police are tempted, in turn, to employ their power in violent ways, chiefly against those guilty of crimes, but sometimes against the innocent. The cycle of violence on the part of individuals and groups goes on.Bad as this violence is, it is worse when the state, instead of restricting it, supports and requires it. Political authorities have always exercised violence against their own people, especially those they suspected of being threats to their power. But in the twentieth century, state violence reached previously unheard of levels. For the sake of building a communist society, Stalin killed millions and imprisoned millions more. The Nazis undertook to purify Germany of Jews, gypsies, and other undesirables through extermination undertaken through bureaucratic processes.We Americans do not think of ourselves as having employed state power in any such way. We know that national power was used violently to drive Native Americans off their land down through the nineteenth century. We know that southern states used their power to enforce segregation and protect whites who engaged in violent acts against blacks in order to maintain total white domination over them. But we now think of the national government much more as the protector of human rights. This is not entirely false.We tend not to recognize, however, the amount of violence the national government is exercising in the wars against crime and drugs. In order to reduce individual violence as well as drug use, we have created a prison population of two million. One-fourth of all the prisoners in the world are in the United States, most of them jailed for nonviolent crimes. Although drug use is more or less equally spread among ethnic and economic groups, most of those imprisoned for this crime are poor and ethnic minorities. In the name of law and order, enormous violence is inflicted by the United States against the people of its ghettos. [End Page 3]In this same century war also took on new dimensions. It has been waged against entire populations instead of armies. The aim at total destruction came to its fullest expression when twice the United States dropped atomic bombs on Japan.World War II has made all of us sadly aware of the horrors of state violence. It has turned us against nationalism. We are appalled as we see nationalism raise its ugly head again in the former Soviet Union and especially in the former Yugoslavia. When ethnic groups undertake to destroy each other, our moral condemnation is unambiguous. Personal, group, and state violence remains a problem, but at least the wrong involved in this is widely understood.In all civilization there has been another kind of violence—economic. In much of history economic violence has been closely related to the forms noted above. The rich have been able to impose their will on the poor because they could employ persons to exercise violence for them and they could influence state action. We see this glaringly in the "goon squads" employed by the wealthy in some Latin American countries to intimidate and kill those who protest their actions. These goon squads often work closely with the military power of the state.We know that in this country as well, wealth reduces the chance of conviction for crimes. It also buys influence in government. On the whole the United States government throughout history has supported the interests of those with money. Today the power of wealth in the political process is clearly evident. We recognize that this situation is corrupt, but we do not ordinarily think of it as a form of violence. This is because the violent consequences are indirect, and we are... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate RaworthYoko NagaseKate Raworth, Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. London: Random House Business Books, 2017. 372 pp. £20. ISBN 9781847941374.Question: Is this a book about utopia? Answer: Yes, indeed; it is a book about a twenty-first-century utopia represented by the Doughnut.The author presents a vision of a pragmatic utopia, represented by the (...) inside of her Doughnut that is both distributive and regenerative. According to the author, a distributive economy is "one whose dynamics tend to disperse and circulate value as it is created, rather than concentrating it in ever-fewer hands." A regenerative economy is "one in which people become full participants in regenerating Earth's life-giving cycles so that we thrive within planetary boundaries" (156).The emphasis on the fair distribution of income, wealth, and means of production is an ideal pursued by famous utopians, from perfectly equal distribution of everything in Thomas More's Utopia to very libertarian position of "whatever he has justly made he has a right to keep" by H. G. Wells.1 The distributive Doughnut community aims to enable individuals to be, in Amartya Sen's words, "healthy, empowered and creative—so that they can choose to be and do things in life that they value" (43). This ideal of individuals' rights to choose their life and to realise their ends is the centerpiece of libertarians' ideal society.2 The Doughnut, however, leans heavily toward democratic socialism. Arguments for redistributive measures such as a universal basic income and taxes on land and wealth put forward by the author go beyond promoting equal opportunity and emphasize the necessity of economic means to make the best out of the opportunities (164, 180, 200). [End Page 528]The issue of sustainability at the global level is a concept that does not appear in the classical utopian literature, even though the idea of living happily in perpetuity is very much the tenet of many classical utopian societies. Given the extent of the geographical knowledge that existed by the time Wells explored his idea of a utopia, he was no longer able to set it in some not-yetdiscovered place on Earth like his predecessors did—hence the adaptation of "another planet."3 But this setup had nothing to do with the concept of the ecological limit of Earth. Pre-nineteenth-century utopians would be familiar with the contents of the Doughnut's foundation, the inner shell that consists of the social and economic factors such as food, health, education, and housing. However, the outer shell of the Doughnut is very twenty-first century, enclosing the nine planetary boundaries of the Doughnut as a life-support system, such as ozone layer depletion, ocean acidification, biodiversity loss, and climate change (44–48).The author points out that we need to get a grip on understanding how we belong in the world. Instead of relying on the power of words as George Orwell's Thought Police, the author takes full advantage of the power of the visual, by drawing the Doughnut as a map for a new economy and society.4 If studying economics is tantamount to "mastering the mother tongue of public policy" (287), Doughnut Economics is a critical introduction to and the foundation of economic, environmental, and social policymaking.Rather than utopias as purely thought exercise by Plato or More, Raworth, like David Hume, presents a model of a utopia that is meant to be achievable.5 The economics of the Doughnut does not depend on any unrealistic assumptions of human nature. The author proposes means to reaching inside the Doughnut without abolishing the market system or private property rights. But a strong emphasis is placed on additional redistributive policies and regulations that are deemed critical toward sustainability. This position is consistent with that of the former chancellor of Germany who reportedly said that she "wanted as much market economics as possible, but as much state intervention as necessary."6 In promoting the open-source circular economy movement, the author wonders if it may seem "unfeasibly utopian" (231). Yet given the pace... (shrink)

Presents an account and technical assessment of Marx's economic analysis in Capital, with particular reference to the transformation and the surplus-value doctrine, the reproduction schemes, the falling real-wage and profit rates, and the trade cycle. The focus is on criticisms that Marx himself might have been expected to face in his day and age. In addition, it offers a chronological study of the evolution of that analysis from the early 1840s through three 'drafts': documents of the late 1840s, the (...) Grundrisse of 1857–1858, and the Economic Manuscripts of 1861–1863. It also provides three studies in application, focusing on Marx's 'evolutionary' orientation in his evaluation of the transition to communism and his rejection of 'egalitarianism' under both capitalist and communist regimes; his evolving perspective on the role of the industrial 'entrepreneur'; and his evolving appreciation of the prospects for welfare reform within capitalism. (shrink)

IntroductionLarge corporations—from Apple to Volkswagen—are powerful; whereas their customers are much less powerful. But many observers believe that information and communication technologies are giving consumers weapons to level the playing field. Is this really true?From Theory to the Reality of Economic PowerTechnology and economic power share one characteristic: economic theory has long ignored them.Starting with the industrial revolution, technology has been the first driver of economic growth. But it is only a couple of centuries later that (...) economic theory gave it the place it deserves—as an engine of economic cycles.In classical economic theory, economic power did not exist. Market mechanisms excluded it—many suppliers sell to many buyers without any mutual influence and without any say on price. The only exception was monopolies, and their power was evil.The emergence of the modern corporation, the multiplication of oligopolies, and the Depression were all needed to slowly dem. (shrink)