There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I (...) argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

The objective of this paper is to examine the role of the banking system in the growth of the Vietnamese economy in the process of the transition that started in the early 1990s. An ARDL approach-based multivariate regression technique is applied to shed light on the impact on the growth of banking development, which is measured by broad money and bank credit. The empirical findings confirm a positive long-term effect of banking development on growth, reflecting the important role (...) of the banking system in a typical bank-based financial system in mobilizing and supplying capital to the economy, thus contributing to growth throughout the process of economic transition. The empirical findings also indicate a nonlinear effect and a diminishing marginal effect of banking development in the sub-period 2007–2020. The thresholds for the two measures of banking development are estimated to be around 107% and 101% of the GDP, respectively. This finding suggests that bank credit expansion needs to be closely controlled to be adaptive to the capital-absorptive capacity of the economy. To a certain extent, this finding is also an indicator of the ongoing extensive growth model adopted in Vietnam, which relies heavily on the quantity of invested capital. (shrink)

While Hume had a favorable opinion of the new commercial society, Reid envisioned a utopian system that would eliminate private property and substitute the profit incentive with a system of state-conferred honors. Reid’s predilection for a centralized command economy cannot be explained by his alleged discovery of market failures, and has to be considered in the context of his moral psychology. Hume tried to explain how the desire for gain that motivates the merchant leads to industry and frugality. These, (...) in their turn, benefit all society. Reid still saw the desire for money as a degenerate form of the desire for power. The contrast between Hume and Reid, however, has not to be taken too far. On some particular matters of economic policy, such as paper credit, Hume and Reid eventually came to similar views. (shrink)

This article introduces the concept of epistemic positioning to theorize the relationship between identity-based epistemic judgements and the reproduction of social inequalities, including those of gender and ethnicity/race, in the academia. Acts of epistemic positioning entail the evaluation of knowledge claims based on the speaker’s stated or inferred identity. These judgements serve to limit the scope of the knowledge claim, making it more likely speakers will be denied recognition or credit. The four types of epistemic positioning – bounding (reducing (...) a knowledge claim to elements of personal identity), domaining (reducing a knowledge claim to discipline or field associated with identity), non-attribution (using the claim without recognizing the author) and appropriation (presenting the claim as one’s own) – are mutually reinforcing. Given the growing importance of visibility and recognition in the context of increasing competition and insecurity in academic employment, these practices play a role in the ability of underrepresented groups to remain in the academic profession. (shrink)

This paper investigates how the credit incentive to engage in questionable research practices interacts with cumulative advantage, the process whereby high-status academics more easily increase their status than low-status academics. I use a mathematical model to highlight two dynamics that have not yet received much attention. First, due to cumulative advantage, questionable research practices may pay off over the course of an academic career even if they are not attractive at the level of individual publications. Second, because of the (...) role of bottleneck moments in academic careers, questionable research practices may be selected for even if they do not provide a benefit in expectation. I also observe that, within the model, the most successful academics are the most likely to have benefited from fraud. (shrink)

Prepublication peer review should be abolished. We consider the effects that such a change will have on the social structure of science, paying particular attention to the changed incentive structure and the likely effects on the behaviour of individual scientists. We evaluate these changes from the perspective of epistemic consequentialism. We find that where the effects of abolishing prepublication peer review can be evaluated with a reasonable level of confidence based on presently available evidence, they are either positive or neutral. (...) We conclude that on present evidence abolishing peer review weakly dominates the status quo. (shrink)

Vietnam has seen fast-rising debts, both domestic and external, in recent years. This paperreviews the literature on credit market in Vietnam, providing an up-to-date take on the domesticlending and borrowing landscape. The study highlights the strong demand for credit in both therural and urban areas, the ubiquity of informal lenders, the recent popularity of consumer financecompanies, as well as the government’s attempts to rein in its swelling public debt. Given thehigh level of borrowing, which is fueled by consumerism (...) and geopolitics, it is inevitable that theamount of debt will soon be higher than the saving of the borrowers. Unlike the conventional wisdom that creditors have more bargaining power over the borrowers, we suggest that—albeitlacking a quantitative estimation—when the debts pile up so high that the borrowers could not repay, the power dynamics may reverse. In this new politics of debt, the lenders fear to lose the money's worth and continue to lend and feed the insolvent debtors. The result is a toxic lending/borrowing market and profound lessons, from which the developing world could learn. (shrink)

The article provides a critical assessment of The Central Bank of the Russian Federation policy in response to the sanctions of the US, the EU, the UK, Switzerland, Japan, South Korea and a number of other countries. The effect of sanctions on the Russian economy and its financial market is viewed through the prism of credit, interest rate, and currency risk, and the risk of a decline in business activity. Special attention is paid to the inflationary component and (...) inflationary expectations of the Russian Federation, as well as to the forecasts for a decline in business activity in Russia. A critical assessment is given to the actions of the Central Bank of the Russian Federation and the economic bloc of the government of the Russian Federation as a whole in response to the sanctions of the civilized world, which disable the normal existence of the economy and the main purpose of which is not to destroy the economy of the Russian Federation but to ensure the end of hostilities on the European continent. The results of our study will be useful to everyone who studies the problems of the effect of economic sanctions on the resource-based economy and the processes of stimulating political decisions by economic methods. (shrink)

Marx claims that economic crisis is endemic to capitalism and will worsen as capitalism develops. The article situates Marx’s crisis theory within the discipline of political economy, explains its relationship to mainstream economics, charts economic crises that have happened since the 1840s, and explains Marx’s crisis theorem of the fall in the rate of profit. In conclusion, the 2008 economic crisis, and the notion of crisis in general, are speculatively considered. Special attention is given to the affective desire to (...) own a home, particularly as this is desire is developed by capitalism, in relation to the sub-prime mortgage credit crisis. (shrink)

Galiani discusses a subject much debated in the eighteenth century, namely, the nature of the currency. He also includes considerations of economic theory and political philosophy around the main motif. He supports the following theses of monetary theory: currency has the function of a sort of register of credits that every individual can have towards the warehouses of goods of which the society is supplied, and precisely in the measure of the contribution he has given to their supply; the metallic (...) currency has the merit, with respect to a hypothetical system of artificial accounting, to be safe from frauds and not to require a bureaucratic apparatus; the value of currency depends on the value of metals, not on legislative interventions. (shrink)

Cumulative cultural knowledge [CCK], the knowledge we acquire via social learning and has been refined by previous generations, is of central importance to our species’ flourishing. Considering its importance, we should expect that our best epistemological theories can account for how this happens. Perhaps surprisingly, CCK and how we acquire it via cultural learning has only received little attention from social epistemologists. Here, I focus on how we should epistemically evaluate how agents acquire CCK. After sampling some reasons why extant (...) theories cannot account for CCK, I suggest that things aren’t as bleak as they might look. I explain how agents deserve epistemic credit for how CCK is transmitted in cultural learning by promoting a central need of their social group: The efficient and safe transmission of CCK. A good initial fit exists between this observation and Greco’s knowledge-economy framework. Ultimately, however, Greco’s account doesn’t straightforwardly account for CCK because of its strict focus on testimony. I point out two issues in the framework due to this focus. The resulting view advocates giving epistemic credit to agents when they act to promote their communities’ epistemic needs in the right way and highlights the various ways in which agents come to do this. (shrink)

This brief systems back-casting of statistical post portems on the US economy documents the quantitative heuristic errors of financial decision-making; the need for sound monetary reform is explained.

This thesis consists of three papers examining determinants and implications of related party transactions (RPTs) in Vietnam, a transitional economy in South East Asia with features of concentrated state ownership and weak minority investor protection. Specifically, these papers describe RPTs and examine (i) the association between RPTs and state ownership, (ii) the association between the cost of corporate debt and RPTs, and the moderating role of state ownership on the association between the cost of debt and RPTs, and (iii) (...) the association between corporate tax avoidance and RPTs, and the moderating role of state ownership on this potential association. The first paper describes the nature and extent of RPTs in Vietnamese listed firms and examines the association between RPTs and state ownership. The results from this paper demonstrate that related party transactions are prevalent in Vietnam. Findings show that the presence of state ownership is related to a lower extent of RPTs. However, among firms with state ownership, the extent of RPTs is positively associated with percentage of state ownership. The second paper reveals that the cost of debt is higher in firms having a higher level of RPTs, implying that RPTs are viewed as a potential risk to firms from the point of view of lenders. However, the presence of state ownership can reduce the effect of RPTs on the cost of debt. The third paper provides evidence that firms with RPTs demonstrate more tax avoidance than their counterparts without RPTs. Further, among firms with RPTs, firms with a higher extent of related net credit and related sales are found to exhibit even higher levels of tax avoidance. However, the association between tax avoidance and RPTs is moderated by the presence of state ownership. Finally, in firms with RPTs, the presence of state ownership reduces tax avoidance measured by effective tax rates. (shrink)

The authors of the scientific monograph have come to the conclusion that мanagement of socio-economic transformations of business processes requires the use of mechanisms to support of entrepreneurship, sectors of the national economy, the financial system, and critical infrastructure. Basic research focuses on assessment the state of social service provision, analysing economic security, implementing innovation and introducing digital technologies. The research results have been implemented in the different models of costing, credit risk and capital management, tax control, use (...) of artificial intelligence and blockchain. The results of the study can be used in the developing of policies, programmes and strategies for economic security, development of the agricultural sector, transformation of industrial policy, implementation of employment policy in decision-making at the level of ministries and agencies that regulate the management of socio-economic and European integration processes. The results can also be used by students and young scientists in the educational process and conducting scientific research on global challenges and creation scenarios for the development of socio-economic processes. (shrink)

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches the management of innovative development the economic entities in order to increase the efficiency of activity, to ensure competitiveness, to intensify innovation activity. Basic research focuses on assessing the competition of economic entities, internal control in organizations, analysis of credit risk, diagnostics of sources of funding for innovation, assessment of social innovation and human development factors. The research results have been (...) implemented in the different models of reengineering business process, development of alternative agriculture, the digital economy, knowledge management. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on an innovative basis. The results can also be used by students and young scientists in modern concepts and mechanisms for management of innovative development the economic entities in the context of efficient use the resource potential and improvement of innovation policy. (shrink)

Abstract: The emergence of women entrepreneurs and their contribution to the national economy is quite visible in India. Women’s entrepreneurship has been recognized during the last decade as an important untapped source of economic growth. According to of statistics women in India 2010, proportion of female main workers to total population in percentage is 16.65 in rural areas and 9.42 in urban areas this shows overall less contribution of women in work but more percentage of women workers in rural (...) areas. According to the quick result of the Fourth All India Census of MSMEs (2006-07), there are 26 million MSMEs in India which provides employment to about 60 million people. The sector contributes about 40 % GDP, beside 45% to the total manufacturing output and 40 % to the exports from the country. There could be many opportunities identification hidden inside the challenges for small business concerns. This paper examines various opportunities and challenges for Women Entrepreneurship Development in Micro Small and Medium Enterprise. More precisely the paper explores, rewards for starting a small business, myths about small businesses, new opportunities, four forms of entrepreneurship, identification practices among first generation and major challenges in small business. (shrink)

Although the country is endowed with abundant natural resources, rates of unemployment among the youth of Chad remain alarmingly high. Aim: To determine the factors which militate against the youth engaging in entrepreneurial activities in N’Djamena, the capital city of Chad. Method: A random sample 150 young Chadian entrepreneurs was selected from a research population which comprised all of the young entrepreneurs in N’Djamena who were registered on the databases of the FONAJ, a national fund which provides financial support to (...) young entrepreneurs in Chad, and the Trade and Personal Property Credit Register (TPPCR) of Chad. Results: the paper revealed that young entrepreneurs in Chad were faced with obstacles such as a lack of funding, a lack of support from the government for SMEs, and lack of encouragement and financial support from their families. Although there are programmes to assist young entrepreneurs, it was evident from the findings that many experience great difficulty in ensuring the success and sustainability of their businesses. Consequently, they still require additional support with respect to funding, equipment, and assistance and encouragement from their families, financial institutions, and the government, in order to achieve success in their businesses. The paper concludes with appropriate recommendations for both the government and the young entrepreneurs of N’Djamena to provide relevant insights into how the youth can best be integrated into the entrepreneurial sector in the interests of combating unemployment and enabling them to make a meaningful contribution to the growth of the national economy. Uniqueness: the paper validates the extent to which the current support systems mitigate the problems faced by youth entrepreneurs. (shrink)

The article presents an analysis of global trends in setting the inflation target and the acceptable corridor of inflation target fluctuations. Inflation targeting is an important attribute of the monetary regime of inflation targeting, its main quantitative parameter. The tendency of the inflation targeting regime in 70 countries all over the world are considered, of which 41 countries have official recognition by the International Monetary Fund (IMF) regarding the inflation targeting regime. It was found that most countries set the inflation (...) target at 5% or below, and the level of the corridor of fluctuations in relative terms hovers around 20-50% of the target value. The latest trends related to changes in the monetary policy of the European Central Bank have been studied, recommendations for determining the acceptable corridor of fluctuations of the inflation target in small and open economies on the example of Ukraine are provided. (shrink)

This paper studies the issue of financing the Space Industry at the State Level in the Postwar period as part of the country’s recovery plan, as one of the foremost critical zones of technological development and to ensure space security and defence. The European Space Agency (ESA) is, identified as the main player in the European space sector. It is determined that the current structure of ESA – Space 4.0 – provides for the success of European space activities in close (...) coordination with the needs of European societies and economies. Despite all the prospects, offered by the Space Industry, a number of barriers can hinder full participation in the space economy. These ‘barriers’ include the requirement of large capital investments, technological risk and longer de-velopment times. Public-private partnerships have been, identified, as an effective way to overcome these barriers, so the government should play an important role in pro-moting innovation through the space sector. The war in Ukraine, which began on Feb-ruary 24, 2022, once again, reminds us of the unique value, and critical use of outer space for security and defence purposes. From intelligence gathering and monitoring to the availability of communications. It is determined that the war already has serious consequences for the European space sector. The Space Industry of Ukraine is a critical component of the national economy of Ukraine because it is the motor of numerous imaginative changes in other segments of the economy and contributes to the improve-ment of social, political, financial and natural circles of society. In Ukraine, there's an incessant disappointment in the State to fulfil its commitments to the ventures in the Space Industry. In the conditions of full-scale, ‘war’ the Space Industry isa key element of national security and defence of Ukraine. The financing of the Space Industry at the State level in the post-war period is crucial as part of the country’s recovery plan. (shrink)

The aim of this paper is to investigate the current debate on the state of economics from a methodological perspective. We claim that the majority of contributions criticizing modern economics are not based on clear methodological principles and thus many of them are not correct. We show this with respect to such issues as the problem of realisticness of models and their assumptions, the role of mathematics in economics, the way we conceptualize the relation between economics (theory) and economy (...) (empiria), as well as the general problem of comparing theories. In doing so we use the research apparatus taken form the philosophy of science and also we benefit a lot from recent developments in the philosophy of economics. Finally, we show one of the paradoxes of that debate, namely that many critics of economics accuse economists of using the wrong language (mathematics) while they do not use proper language themselves while criticizing economics, namely the apparatus taken from the philosophy of science. (shrink)

Development of the world economy bears numerous negative phenomena, and require constant need to rebalance socioeconomic interests of nations, transnational subjects, and individuals. Socialisation is an important and effective tool for balancing social and individual; however, despite socialisation is evolving rapidly, its scientific and practical potential is not duly uncovered. In the article theoretical and methodological foundations of socialisation of economy is surveyed in the context of globalisation, and etymology, explanations, scope, historical phases of development, theoretical aspects and (...) practical forms of use, consequences and prospects are analysed. The term «socialisation» was determined as a multidisciplinary, used in many scientific fields, increasingly involving various areas of research and is understood as inclusion, adaptation and development of human being in society. It was determined that the economy socialisation is implemented in different fields and semantic structures, contains a large number of methodological tools, is involved at all management levels, and is primarily identified with the increasing role of social component in the life of human resources. The assumptions were made about the future transformation of this category in line with the identified predictive trends. (shrink)

Abstract: Ensuring the proactive detection of transaction risks is paramount for financial institutions, particularly in the context of managing credit scores. In this study, we compare different machine learning algorithms to effectively and efficiently. The algorithms used in this study were: MLogisticRegressionCV, ExtraTreeClassifier,LGBMClassifier,AdaBoostClassifier, GradientBoostingClassifier,Perceptron,RandomForestClassifier,KNeighborsClassifier,BaggingClassifier, DecisionTreeClassifier, CalibratedClassifierCV, LabelPropagation, Deep Learning. The dataset was collected from Kaggle depository. It consists of 164 rows and 8 columns. The best classifier with unbalanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%,Recall100.0% and the (...) F1-score 100.0%. However, the best classifier with balanced dataset was the LogisticRegressionCV. The Accuracy 100.0%, precession 100.0%, Recall 100.0% and the F1-score 100.0%. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced-form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The recent wave of generative AI (GAI) systems like Stable Diffusion that can produce images from human prompts raises controversial issues about creatorship, originality, creativity and copyright. This paper focuses on creatorship: who creates and should be credited with the outputs made with the help of GAI? Existing views on creatorship are mixed: some insist that GAI systems are mere tools, and human prompters are creators proper; others are more open to acknowledging more significant roles for GAI, but most conceive (...) of creatorship in an all-or-nothing fashion. We develop a novel view, called CCC (collective-centered creation), that improves on these existing positions. On CCC, GAI outputs are created by collectives in the first instance. Claims to creatorship come in degrees and depend on the nature and significance of individual contributions made by the various agents and entities involved, including users, GAI systems, developers, producers of training data and others. Importantly, CCC maintains that GAI systems can sometimes be part of a co-creating collective. We detail how CCC can advance existing debates and resolve controversies around creatorship involving GAI. (shrink)

The notion of credit plays a central role in virtue epistemology and in the literature on moral worth. While virtue epistemologists and ethicists have devoted a significant amount of work to providing an account of creditable success, a unified theory of credit applicable to both epistemology and ethics, as well as a discussion of the general form it should take, are largely missing from the literature. Our goal is to lay out a theory of credit that seems (...) to underlie much of the discussion in virtue epistemology, which we dub the Cake Theory. We argue that given the goals that virtue epistemologists and ethicists who discuss moral worth have, this theory is problematic, for it makes credit depend on the wrong facts. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

Vietnam’s forests are at risk - carbon offset schemes could be the best chance of saving them, say Dr. Quan-Hoang Vuong and Minh-Hoang Nguyen. The value of forests is deeply ingrained in Vietnamese culture. Rừng vàng, biển bạc” [“forests of gold and seas of silver”] is both a metaphor for Vietnam, and a description of its natural wealth. The phrase is everywhere, from political speeches to daily conversation, as is Nhất phá sơn lâm, nhì đâm hà bá [“the worst crime (...) is to destroy the mountains and forests, the second worst is to kill the river”]. Deforestation is a Vietnamese taboo. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The transition economy of Vietnam enjoyed remarkable achievements in the first 20 years of economic renovation (Doi Moi) from 1986 to 2006. Notably, the economy grew at an average annual rate of 7.5% in 1991-2000 period. Vietnam’s Amended Constitution 1992 recognized the role of private sector in the economy. U.S.-Vietnam Trade Bilateral Agreement (US-BTA) was signed in 2001. The country's stock market made debut trading in 2000. Vietnam became a member of Association of Southeast Asian Nations (ASEAN) (...) in 1995, then proceeded to full membership of the World Trade Organization in 2007, following which registered foreign direct investment (FDI) reached an all-time high of US$71.7 billion in 2008. Together with the impressive economic achievements, Vietnam also saw its diplomatic and political status constantly improved in the international arena. The country has established diplomatic relations with more than 170 countries in the world, strategic partnerships with 12 important economies, both developed and emerging, namely China, Japan, Russia, India, England, France, North Korea, Italy, Germany, Indonesia, Malaysia and Thailand. The country also successfully hosted important events including the Asia Pacific Economic Cooperation (APEC) in 2006. (shrink)

Since the transparency approach to introspection need not posit a dedicated mechanism specialized for detecting one’s own mental states, its economy is often viewed as a major advantage by both proponents and opponents. But sometimes economy comes at the cost of relying on controversial views of the natures of mental states. Perceptual experience is a case in point. For example, Alex Byrne’s account relies on the view that experience constitutively involves belief, and Matthew Boyle’s account relies on the (...) view that experience constitutively involves a form of implicit consciousness of experience. In this paper, I develop a transparency account of our access to our experiences that retains the benefit of economy while avoiding the cost of relying on controversial views of the nature of experience. I start by discussing Byrne’s and Boyle’s accounts. I focus on the problems that lead them to hold the controversial views they do, and raise some challenges to their solutions. I then develop my own account. I argue that when you attend to an object, your experience gives you justification to believe that you see the object (under some descriptions). I close by highlighting some advantages of my account. I argue that it (1) can solve the problems facing Byrne and Boyle without relying on controversial views of the nature of experience; (2) respects the idea that there is something special about our access to our minds; and (3) can be generalized to other cases of introspection. (shrink)

When charitable matching occurs, both the person initially offering the matching donation and the person taking up the offer may well feel they have done something better than if they had donated on their own without matching. They may well feel they deserve some credit for the matched donation as well as their own. Can they both be right? Natural assumptions about charitable matching lead to puzzles that are challenging to resolve in a satisfactory way.

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

This study contributes to the micro-credit literature by addressing the lack of philosophical dialogue concerning the issue of trust between micro-credit NGOs and rural poor women. The study demonstrates that one of the root causes of NGOs’ contested roles in Bangladesh is the norm that they use (i.e., trust) to rationalize their micro-credit activities. I argue that Bangladeshi micro-credit NGOs’ trust in poor village women is not genuine because they resort to group responsibility sustained through aggressive (...) surveillance. I maintain so by drawing on a trust-based theoretical framework that uses various philosophical insights. Drawing on the same conceptual framework, I also contend, somewhat softening the previous claim, that if micro-credit trust is trust at all, it is at most strategic, not generalized. For being strategic, it has many undermining effects on local social solidarity norms, rendering Bangladeshi micro-credit NGOs and strategic trust an odd couple with no moral compass. To bring forth the moral impetus in micro-credit activities, I lay out some recommendations intended for organizations, managers, and policymakers, consistent with normative corporate social responsibility initiatives. However, further studies can be initiated based on this paper, suggesting its importance for future research. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and (...) Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

To deserve credit for doing what is morally right, we must act from the right kinds of motives. Acting from the right kinds of motives involves responding both to the morally relevant reasons, by acting on these considerations, and to the morally relevant individuals, by being guided by appropriate attitudes of regard for them. Recent theories of the right kinds of motives have tended to prioritize responding to moral reasons. I develop a theory that instead prioritizes responding to individuals (...) (through appropriate attitudes of regard for them) and argue that it better accounts for the basic features of the right kinds of motives – what we most fundamentally care about in judging whether persons deserve moral credit. (shrink)

The practice of assigning authorship for a scientific publication tends to raise two normative questions: 1) ‘who should be credited as an author?’; 2) ‘who should not be credited as an author but should still be acknowledged?’. With the publication of the revised version of The European Code of Conduct for Research Integrity (ECCRI), standard answers to these questions have been called into question. This article examines the ways in which the ECCRI approaches these two questions and compares these approaches (...) to standard definitions of ‘authorship’ and ‘acknowledgment’ in guidelines issued by the International Committee of Medical Journal Editors (ICMJE) and the World Association of Medical Editors (WAME). In light of two scenarios and the problems posed by these kinds of ‘real-world’ examples, we recommend specific revisions to the content of the ECCRI in order not only to provide a more detailed account of the tasks deserving of acknowledgment, but to improve the Code’s current definition of authorship. (shrink)

This article addressed historical aspects of the political economy involving sustained forest ecology in Sierra Leone as a whole, with emphasis on the Freetown Peninsula and its surrounding communities. Attention is paid to cultural, social and economic aspects involving forest livelihoods of residents on the Freetown Peninsula and far afield. The term 'Political Economy' is used in this situation to denote the relationship between the economics of people's livelihoods and public policy (in relation to the management of legislative (...) procedures) in ensuring that resources in the forest environment is sustainably managed to cater for the livelihood needs of people in Sierra Leone, while at the same time maintaining a balance in protecting the forest ecosystems. The paper has provided a critical review of the political economy of forest ecology in the country on the basis of scholarly discourses, and its applicability in adapting to the fragile political administrative management Sierra Leone have (and is continuing to) experienced. (shrink)

There have long been calls from industry for guidance in implementing strategies for sustainable development. The Circular Economy represents the most recent attempt to conceptualize the integration of economic activity and environmental wellbeing in a sustainable way. This set of ideas has been adopted by China as the basis of their economic development, escalating the concept in minds of western policymakers and NGOs. This paper traces the conceptualisations and origins of the Circular Economy, tracing its meanings, and exploring (...) its antecedents in economics and ecology, and discusses how the Circular Economy has been operationalized in business and policy. The paper finds that while the Circular Economy places emphasis on the redesign of processes and cycling of materials, which may contribute to more sustainable business models, it also encapsulates tensions and limitations. These include an absence of the social dimension inherent in sustainable development that limits its ethical dimensions, and some unintended consequences. This leads us to propose a revised definition of the Circular Economy as “an economic model wherein planning, resourcing, procurement, production and reprocessing are designed and managed, as both process and output, to maximize ecosystem functioning and human well-being”. (shrink)

Leising and colleagues propose a 10-step checklist that they argue will facilitate “a better personality science.” Although we agree with many of the proposed steps, whether the checklist separates “good research” from bad is an empirical matter. A critical component of Leising and colleagues’ steps toward improving scientific standards in personality center around consensus building. There are several critical ways in which the methods for building consensus in psychology could have unintended negative consequences. Creating a better science requires a shift (...) in academia’s reward structures. The current system rewards producing more publications with little reference to contributions to those publications. CRediT offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. Finally, the target article is the latest to join in calling for more formal theory. If psychology is to improve theory, then psychologists must be trained in theory. These systemic issues are pervasive and cannot be fixed without changing the evaluation system of academia and subsequently the reward system that supports it. Including the CRediT taxonomy in CVs offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could (...) be positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

The publication was carried out on the initiative and assistance of the Project “Green Decisions of Business - Unity for Sustainable Development”, which is implemented by the Dnipropetrovsk Regional Organization of Employers, in partnership with the Dnipropetrovsk Regional Council, the Dnipropetrovsk Investment Agency with the support of the Program for the Promotion of Green Modernization of the Ukrainian Economy, implemented by the German Society for International Cooperation (GIZ) GmbH. The monograph is devoted to the study of various aspects of (...) the development of the "green" economy both globally and locally. The theoretical foundations of the development of the "green" economy, the features of the functioning of the markets for "green" goods and services, the world experience in the development of the "green" economy, the prospects for the development of the "green" economy at the local and regional level are substantiated. The collective monograph will be interesting for the general public: students, teachers, scientists, businessmen, officials, government officials. (shrink)

The state of national economies development varies and is characterized by many indicators. Economically developed countries are known as doubtless leaders that are in progress and form political stability, social and economics standards, scientific and technical progress and determine future priorities. It is worth mentioning that the progressive development of national economies in conditions of globalization can take place only in case of the increase of their intellectualization level, through saturation of people`s life, economic relations and production by brain activity, (...) knowledge, creativity, innovation, culture, ethical considering of the historical heritage. The main aim of the research is national economies intellectualization evaluating in globalization conditions. In order to gain this aim, the following tasks were defined: to identify existing indices of the national economies intellectualization level evaluation, develop the authors’ methodological approach to the national economies intellectualization level, determine the areas of measurement results application. While conducting the research, systematic approach, the methods of analysis, synthesis, grouping, abstracting, generalization, imaginary experiment and grounding were used. In the modern world, there are a large number of indicators which characterize differences in intellectual state of the national economy. When comparing the state of national economies intellectualization, the problems arise with different number of countries, duplication of indicators, disproportionate number of the components of indicators, various years of publication, etc. Therefore, to ensure comparability, we choose four general indicators – the index of human development, the global innovation index, the global competitiveness index and the knowledge economy index. Using these indices, we do the research and determine the state of national economies intellectualization in the world economy. According to the calculated results, as of 2013, we have divided 190 national economies by level of intellectualization into five groups: countries with the highest (30 countries), high (30 (countries), low (30 countries), the lowest (35 countries) and the countries with uncertain state of intellectualization (65 countries). The leaders in the state of intellectualization are Switzerland, Sweden, The Netherlands, Finland and the USA. The countries with the highest level of intellectualization serve as an example to all other countries of the world. These countries are characterized by developed market economy; a dominant position in the international economy, which allows actively engaging own and imported resources in the economic turnover; the shift of the center of gravity of economic activity into the services sector and the dominance of service economy; the greatest exhaustion of sources and factors of industrial development; advanced post-industrial development. The economic policy of the first group of countries has a decisive influence on the state and dynamics of the global economy, defining the main directions of its scientific and technological development and structural adjustment. The average index of the national economy intellectualization (AINEI), calculated by the authors, shows the place of each country in the world community as to their intellectual capital. Considering the continued deployment of R&D progress, the growing role of high-tech production and the complexity of social and economic relations, AINEI can serve as a reliable indicator of the macroeconomic environment intellectualization state. Therefore, the following organizations, bodies and individuals can use the comparative results of this study: the international organizations while developing international economic development programs; the state authorities of the countries in foreign and domestic policy forming; companies that create innovative and investment policy; migrants, tourists and persons who perform professional and transit activity for the formation of human potential and capital; scientists and teachers who develop mechanisms of intellectualization. (shrink)

In this note, we consider a Merton model for default risk, where the firm’s value is driven by a Brownian motion and a compound Poisson process.

A short review of the literature on the business initiative of 'Economy of Communion', plus a summary of the articles published in this issue.

It is widely acknowledged in the literature in social epistemology that knowledge has a social dimension: we are epistemically dependent upon one another for most of what we know. Our knowledge can be, and very often is, grounded on the epistemic achievement of somebody else. But what about epistemic aims other than knowledge? What about understanding? Prominent authors argue that understanding is not social in the same way in which knowledge is. Others can put us in the position to understand, (...) but when we understand something, this accomplishment is to be credited mainly if not entirely to us, as it is due to the successful exercise of our own cognitive abilities. In this paper, I show that the social dimension of understanding closely resembles the social dimension of knowledge. I distinguish between three different ways in which a subject can depend upon another subject for (either the acquisition or the possession of) a certain epistemic good. I then argue that all these kinds of epistemic dependence apply to knowledge and understanding alike. If I am right, understanding is not (always) an achievement to be (mainly) credited to the single epistemic agent who understands. (shrink)

One of the key challenges of social policy in Poland in the early 21st century is to adapt its management to the requirements of a service economy. Essential conditions for the mixed economy of welfare have been already created after adjustments of the subsystems of national social policy during the first years of membership in the European Union since 2004. Labour market policies already include the relationships between providers from the public sector, the commercial sector, and the non-governmental (...) sector. However, the tasks and services of individual entities and institutions still lack coordination and integration. This paper focus on the examples of possibilities for their development by combining the activation policy with concepts of the governance and welfare mix. The paper presents the results of the author’s research on the implementation of welfare mix solutions in the field of professional activation of the unemployed people in Poland. Two case studies are included the implementation of outplacement programs that are based on the cooperation between different entities; and the cooperation between the public employment services and non-governmental employment agencies in the activation of people with disabilities in the labour market. Moreover, basic concepts of ongoing reforms of active labour market policies in Poland were discussed. The summary contains the practical recommendations and possible directions for further research in the field of integration of employment services. (shrink)

Drèze and Sen are not entirely right in their apparent glorification of the roles of nongovernmental organizations in Bangladesh in An Uncertain Glory: India and Its Contradictions because they leave out and/or de-emphasize some important issues, especially those that are related to the problematic trusting relationship between nongovernmental organizations in Bangladesh and rural poor women. Nongovernmental organizations’ use of trust disturbs social solidarity in rural Bangladesh mainly because of their massive supervision mechanism that they undertake to sustain the so-called trusting (...) relationship between them and their debtors. The massive supervision mechanism damages social solidarity also because it creates a tension between local norms and nongovernmental organizations’ neoliberalist values of “discipline, efficiency and competitiveness,” which nongovernmental organizations try to inject into villagers by their numerous social engineering programs, which are state’s responsibility. Nongovernmental organization monitoring has some psychological impacts on their clients that also contribute to shaking social solidarity. The absence of a proper trusting relationship between nongovernmental organizations and rural poor women reduces the capabilities of the latter as a result of which Drèze and Sen’s glorification of Bangladeshi nongovernmental organizations and Sen’s capabilities approach are in tension. However, there are strategies that Bangladeshi nongovernmental organizations should employ to address the issues raised due to their massive supervision mechanism. (shrink)