What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of (...) class='Hi'>exchanges. Second, it ultimately fails to generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

In recent years, there has been an increasing interest in the development of well-founded conceptual models for Service Management, Accounting Information Systems and Financial Reporting. Economic ex- changes are a central notion in these areas and they occupy a prominent position in frameworks such as the Resource-Event Action (REA) ISO Standard, service core ontologies (e.g., UFO-S) as well as financial stan- dards (e.g. OMG’s Financial Industry Business Ontology - FIBO). We present a core ontology for economic exchanges (...) inspired by a recent view on this phenomenon. According to this view, economic exchanges are based on an agreement on the actions that the agents are committed to perform. This view enables a unified treatment of economic exchanges, regardless the object of the transaction. We ground our core ontology on the Unified Foundational Ontology (UFO), discussing its formal and conceptual aspects, instantiating it as a reusable OntoUML model, and confronting it with the REA standard and the UFO-S service ontology. (shrink)

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired (...) by a recent ontological view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

1. A multidisciplinary group of scholars within the International Commission on Stratigraphy – known as the Anthropocene Working Group – recently recommended the Anthropocene as a new geological ep...

The financial crisis of 2008–2009 presents us with the opportunity to not only understand what has happened in the markets but also to reflect on the purpose of the marketplace. Drawing from expert economic analyses, we first assess the central lesson of the crisis—the failure of self-regulation by rational self-interest to moderate externalized risk in financial markets. Second, we ask the philosophical question occasioned by the crisis concerning the moral meaning of economic activity: Is market exchange solely for (...) the sake of self-interest? Reflecting on the poetry of Kahlil Gibran and engaging with the recent encyclical of Pope Benedict XVI, we turn our attention from political economy to moral economy: the relationships among market exchange, self-interest, and the common good—and, in particular, the prior conditions of market exchange and their moral significance for the present crisis. (shrink)

The five studies of this special section investigate the role of models and similar representational tools in interdisciplinarity. These studies were all written by philosophers of science, who focused on interdisciplinary episodes between disciplines and sub-disciplines ranging from physics, chemistry and biology to the computational sciences, sociology and economics. The reasons we present these divergent studies in a collective form are three. First, we want to establish model-exchange as a kind of interdisciplinary event. The five case studies, which are summarized (...) in Section 2 below, show the relevance of this kind. Arguing for the relative unity of these cases will, we hope, re-orient the current debate over interdisciplinarity so as to reflect more appropriately the importance of this kind. We discuss our view of the current state of the debate in Section 3. The evidence from these cases also helps us to develop a taxonomy of interdisciplinary model exchanges in Section 4da taxonomy, we would like to add, that might be useful for the discussion of interdisciplinary exchanges beyond the context of models and their transfer. The second reason for presenting these studies together is that they provide an important source of evidence for the philosophy of science. Over the last three decades, philosophy of science has increasingly differentiated into philosophies of various disciplines. This differentiation in our view has greatly increased our understanding of the scientific practices of the respective disciplines, including the epistemological and methodological standards and conventions on which these practices are based and by which they are evaluated. But it has also made it harder to compare these practices and standards across disciplines. The studies we present here are case studies of interdisciplinary exchange: they focus on the transfer, collaborative construction or parallel use of models and similar representational tools. They therefore provide a unique opportunity to investigate various disciplinary treatments of the same or at least similar representational tools. This allows the identification and comparison of different disciplinary practices and their underlying conventions as well as of the respective normative standards of their evaluation. By tracing the paths along which models travel between disciplines and research fields we can observe to which extent discipline-external practices associated with an adopted tool are retained or replaced by disciplineinternal practices. This generates invaluable information about both disciplinarity and interdisciplinarity. We develop this argument further in Section 5. The third reason for presenting these studies in collective form is that their philosophical analysis also has important normative implications for the notion of interdisciplinarity itself. Too often in the current (non-philosophical) discourse is interdisciplinarity cast as an exclusively integrative project: interdisciplinary exchange is often claimed to be successful only if the involved disciplines become mutually more integrated as a consequence of this process. In contrast to this, many of the cases presented here show that interdisciplinary exchange can be scientifically highly successful, even if at the end of the exchange disciplinary borders remain fully intact. Indeed, borders can be fruitfully crossed without any integration across these borders. Such considerations of divergence in scientific practices and tools offer arguments against a naïve plea for unitarian or non-pluralist versions of interdisciplinarity. Disciplinary divergences may have their justifications, and attempting exchanges that require the reduction of these divergences may consequently not be justified. We pursue this argument further in Section 6. (shrink)

Many social scientists think of exchange in terms far broader than philosophers. I defend the broader use of the term as well as the claim that meaningful human relationships are usefully understood as constituted by exchanges. I argue, though, that we must recognize that a great number of non-monetary and non-material goods are part of our daily lives and exchanges. Particularly important are emotional goods. I defend my view against the important objection that it demeans intimate relationships. As (...) an addendum, I also defend it against claims that economics cannot study such exchanges. (shrink)

The objective of this paper is to analyse, from a philosophical perspective, the 16th and 17th Century models of currency, as well as their influence on the types of society in which the models developed. For this, the author values the study by the French philosopher Michael Foucault Words and Things on this matter and the principal foundations of Ludwig von Bertalanffy´s systems theory. The 17th Century model of currency is based on the notion of a system of exchange. The (...) notion of a system of exchange represents a transformation of great significance, upon which the principal characteristics of our current globalised era are founded, not only in economic life, but also in relation to an understanding of the world that it implies. Furthermore, the notion of a system of exchange was the step before the current model of electronic payments of the digital era, in which large transactions (and also large data transfers) take place by pressing a button. The principal idea of the paper is that these economic practices hold the key to deepen a philosophical and historical comprehension of concepts such as globalisation. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate “an eco-surplus (...) business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

The relationship between economics and the philosophy of natural science has changed substantially during the last few years. What was once exclusively a one-way relationship from philosophy to economics now seems to be much closer to bilateral exchange. The purpose of this paper is to examine this new relationship. First, I document the change. Second, I examine the situation within contemporary philosophy of science in order to explain why economics might have its current appeal. Third, I consider some of the (...) issues that might jeopardize the success of this philosophical project. (shrink)

Economic theory is the science that studies the actions of people in the process of choosing rare resources for the production, exchange, distribution and consumption of goods and services. Economic theory is a science that studies the laws of development of the economic system arising from the production and appropriation of goods and services in all spheres of social reproduction, as well as those aspects of the evolution of the national consciousness of the spirit of the people, (...) its culture, psychology, morality and behavior that affect the process economy. (shrink)

The article gives a definition of the technical and economic potential of the application of the deforming broaching process. Research of the consequences of introducing deforming broaching into technological processes at manufacturing enterprises is carried out on the basis of application of system resource and matrix approach. On the basis of the performed researches, a methodological basis for the economic evaluation of the results of applying deforming broaching on the pro-duction has been developed. The article has improved the (...) well-known scientific and methodological foundations for the determination of technical and economic results of the application of deforming broaching due to the complex identifica-tion of production-organizational decisions - in technical and forms of evaluation in economic spheres. The developed approach gives an opportunity to more accu-rately assess the economic effect of introducing deforming broaching on the min-ing, metallurgical and machine building industries. It can be used to assess the economic effect of introducing other process parts processing. (shrink)

We first survey the Catholic social justice tradition, the foundation on which Caritas in Veritate builds. Then we discuss Benedict’s addition of love to the philosophical virtues (as applied to economics), and how radical a change that makes to an ethical perspective on economics. We emphasise the reality of the interpersonal aspects of present-day economic exchanges, using insights from two disciplines that have recognized that reality, human resources and marketing. Personal encounter really is a major factor in (...) class='Hi'>economic exchanges in professional services, such as law and medicine. Finally, we examine the prospects for an economics of gratuitousness at a level higher than the individual, that is, for businesses devoted to social ends more than profit. -/- . (shrink)

The problem of measurement in economic models and the possibility of their quantum-mechanical description are considered. It is revealed that the apparent paradox of such a description is associated with a priori requirement of conformity of the model to all the alternatives of free choice of the observer. The measurement of the state of a trader on a stock exchange is formally defined as his responses to the proposals of sale at a fixed price. It is shown that an (...) analogue of Bell's inequalities for this measurement model is violated at the most general assumptions related to the strategy of the trader and requires a quantummechanical description of the dynamics of his condition. In the framework of the theory of weak continuous quantum measurements, the equation of stock price dynamics and the quantum-mechanical generalization of the F. Black and M. Scholes model for pricing options are obtained. The fundamental distinctions between the obtained model and the classical one are discussed. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable the new strategy for engaging the business sector in humankind's mission to heal nature. The presentation is just a primitive concept, which will be calibrated further in the coming months.

From the mid-1960s until the late 1980s, the well-known general philosophies of science of the time were applied to economics. The result was disappointing: none seemed to fit. This paper argues that this is due to a special feature of economics: it possesses ‘orientational paradigms’ in high number. Orientational paradigms are similar to Kuhn’s paradigms in that they are shared across scientific communities, but dissimilar to Kuhn’s paradigms in that they are not generally accepted as valid guidelines for further research. (...) As will be shown by several examples, orientational paradigms provide economics with common points of reference that support its epistemic coherence and make scientific discourse more easily possible across school boundaries. With the help of systematicity theory, a newer general philosophy of science, one can further elucidate the role of orientational paradigms with regard to scientific progress. (shrink)

Part 1 of this exchange consists in a critique by Smith of Searle’s The Construction of Social Reality focusing on Searle’s use of the formula ‘X counts as Y in context C’. Smith argues that this formula works well for social objects such as dollar bills and presidents where the corresponding X terms (pieces of paper, human beings) are easy to identify. In cases such as debts and prices and money in a bank's computers, however, the formula fails, because these (...) are cases of what he calls ‘free-standing Y terms’, since there is here no X which can count as the corresponding Y. In his response in Part 2, Searle argues that Smith’s critique rests on three misunderstandings: 1. in wrongly presupposing that Searle is trying to analyze the nature of what he calls “social objects”, rather than of social facts; 2. in thinking that the counts as formula is intended as a definition, rather than as a mere mnemonic; and 3. in neglecting the naturalism of Searle’s account. (shrink)

The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything intrinsic to (...) this form of local community currency that leads it to be more inclusive, egalitarian and fair. (shrink)

In “Toward an Ontology of Commercial Exchange” [11], we proposed human readable definitions for terms that are central to an ontology of commercial exchange. This paper furthers that project in two ways. First, the definitions have been modified to be compatible with the Common Core Ontologies (CCO). CCO is used in a wide variety of domains including the industrial and military domains. Having a commerce ontology compatible with CCO allows data about the exchange of goods relevant to those domains to (...) be tagged with compatible ontologies. Second, we propose preliminary formalizations of these definitions, with the aim of informing the creation of an ontology which can be used to assist in reasoning over businessrelated data. (shrink)

A failed market, or asymmetric information, is a well-known economic concept. This phenomenon can be witnessed in a variety of markets. However, the repercussions of information asymmetry are thought to be more substantial in the stock market. Because, in addition to measurable economic impact, knowledge asymmetry harms trust. The Vietnamese stock market has experienced several successes since its creation, yet it still has many restrictions typical of a young market. The numerous violations of the subjects on the market (...) in recent years reflect those restrictions. Information issues, or more broadly, information asymmetry, are primarily responsible for these errors. The goal of this study was to analyze and assess the degree of information asymmetry in the Vietnamese stock market during a five-year period (2018 – 2022). The author tests the information asymmetry effect using GARCH models for VN-Index data and measures Adverse Selection Component (ASC) using the Glosten & Harris model for the 100 largest capitalization companies on the Ho Chi Minh City Stock Exchange (HOSE). The findings demonstrate information asymmetry, and the ASC value for the entire study period is 89.53%. This empirical finding serves as the foundation for formulating suitable policy recommendations for every market participant, aiding in the growth of a productive, equitable, open, and transparent Vietnamese stock market. (shrink)

Economic diversification has been the glamour of successive administrations in Nigeria, especially amidst the dwindling oil-revenue in recent years, which has resulted from the fluctuations in world crude oil prices. This study aims at investigating the impact of diversifying the economy on the economic growth in Nigeria. Secondary data on GDP growth rate as a proxy for economic growth, non-oil GDP as a proxy for GDP diversification, non-oil export as a proxy for export diversification, investment and exchange (...) rate, between 1981 and 2016, were adopted in the study. An econometric approach of Ordinary Least Squares (OLS) was adopted to empirically analyze the collected data and the result revealed that non-oil gross domestic product impacted positively and significantly on economic growth while exchange rate had an inverse but significant nexus on economic growth in Nigeria, within the period covered in the study. However, non-oil export and investment impacted positively but insignificantly on economic growth in Nigeria. The study recommends the encouragement of increased productivity in the real sector as well as the adoption of stable and favourable exchange rate policies by the government in order to accelerate economic growth in Nigeria. (shrink)

Since Thomas Kuhn’s The Structure of Scientific Revolutions (1962), historians and philosophers of science have paid increasing attention to the implications of disciplinarity. In this chapter we consider restrictions posed to interdisciplinary exchange between ecology and economics that result from a particular kind of commitment to the ideal of disciplinary purity, that is, that each discipline is defined by an appropriate, unique set of objects, methods, theories, and aims. We argue that, when it comes to the objects of study in (...) ecology and economics, ideas of disciplinary purity have been underwritten by the artificial-natural distinction. We then problematize this distinction, and thus disciplinary purity, both conceptually and empirically. Conceptually, the distinction is no longer tenable. Empirically, recent interdisciplinary research has shown the epistemological and policy-oriented benefits of dealing with models which explicitly link anthropogenic (i.e., “artificial”) and non-anthropogenic factors (i.e., “natural”). We conclude that, in the current age of the Anthropocene, it is to be expected that without interdisciplinary exchange, ecology and economics may relinquish global relevance because the distinct and separate systems to which each “pure” science was originally made to apply will only diminish over time. (shrink)

Status of the national currency of Ukraine exchange rate has been characterized as unstable in recent years. Herewith, the Government has not implemented decisive measures on its stabilization, as a rule, underestimating the importance of the Hryvnia exchange rate stability for the successful economic growth in terms of socio-economic transformations. It should also be noted that in modern conditions among scientific and methodical approaches to the State exchange rate formation mechanisms some uncertainty regarding basic and additional tools for (...) such regulatory activities allocation is still persist. The problem relevance is exacerbated by the lack of effective policy (coordination between the NBU and the Government actions) regarding the national currency stabilization as an indispensable prerequisite for an effective macroeconomic development. These circumstances determine the importance of factors influencing the national currency exchange rate and its regulation tools research, as well as new organizational and economic mechanisms for the national currency exchange rate in Ukraine stabilization identification. In the emerging market economy conditions formation of the efficient State currency exchange-rate regulation system provides an opportunity not only to stabilize its exchange rate in different socio-economic conditions, but to create the basis for improvement the country economic development as a whole. Given this, the issue of effective tools for the national currency exchange-rate regulation by the state determination is of theoretical, practical and methodological significance. This emphasizes the relevance of further scientific-methodological and practical principles in-depth development for the national currency exchange-rate regulation. (shrink)

One of the important assets that Gutenberg’s printing press gifted to modern political economies is the ability to print paper money. The common man usually thinks that paper money is the real money, while in fact it is only a promissory note promising the bearer of the note the payment of the same amount (in coins, if not in gold) by the Reserve Bank. In the past, however, governments did deny such payment in exchange of the notes and one government (...) even made the holding of gold by the citizens as illegal. (shrink)

This paper proposes that goods (the things exchanged in financial transactions and an object of study in economics) should be individuated according to a two-place relation constituted by an object and a description. Several of the problems in contemporary philosophy of economics involve shifting focus from objects to descriptions, while certain phenomena central to micro-economics, market regulation, and political economy require consideration of one of the two places. The paper argues thatby considering both constituents in a relation, many of those (...) issues can be more effectively addressed, communicated, and even resolved. The issues that may be so resolved include the seminal discussions of transformable goods, or goods whose existenceor relevant properties are impacted by their means of acquisition (e.g., buying, giving, awarding, etc.). The two-place approachto individuation shows how the cases of transformable goods can be more effectively addressed without incurring problematicmetaphysical commitments which may spiral out into confusion in the ethical and social scientific literature. The paper thenargues that the two-place approach can be leveraged into more fruitful discussion in microeconomics and the ongoing literature inthe metaphysics and ethics of markets. -/- . (shrink)

On 11 March 2020, the World Health Organization declared a pandemic of the COVID-19 coronavirus disease that was first recognized in China in late 2019. Among the primary effects caused by the pandemic, there was the dissemination of health preventive measures such as physical distancing, travel restrictions, self-isolation, quarantines, and facility closures. This includes the global disruption of socio-economic systems including the postponement or cancellation of various public events (e.g., sporting, cultural, or religious), supply shortages and fears of the (...) same, schools and universities closure, evacuation of foreign citizens, a rise of unemployment, changes in the international aid schemes, misinformation, and incidents of discrimination toward people affected by or suspected of having the COVID-19 disease. The pandemic has brought to the fore unpreparedness in critical areas that require attention, amid prospects and challenges. Moreover, considerable reorganization efforts are required with implications for assets, resources, norms, and value systems. COVID-19 is challenging the concept of globalization and stimulating responses at the levels of local and regional socio-economic systems that lead to the mobilization of assets that have been unrecognized earlier on, such as various forms of economic capital, social capital, cultural capital, human capital, and creative capital. For example, through digital channels, local groups are forming to create schemes of support for physical and mental wellbeing. These emerging exchanges lead to various social and technological innovations by building on skills and assets that are less important in the free-market economy, such as empathy, skills for crafts, making and fixing; locally grown microgreens; and micromanufacturing. Isolation and local living are also making it much harder to ignore the civic responsibilities towards communities, meant as individuals, vulnerable groups, and local businesses. Whilst the pandemic is limiting physical participation, this challenging time is uncovering alternative ways of mutual support, which may create long-term benefits for socio-economic systems, including environmental and biodiversity protection, reduction of the air pollution, and climate action. The pandemic’s threat to public health will hopefully be overcome with implications for disruption for an extended period that we are unable to forecast at this stage. It is key to focus on studies recognizing the activities and interventions leading to the recovery of socio-economic systems after the pandemic. Reflecting and planning on how societies and economies will go back to “business as usual” requires new forms of communication and cooperation, imaginative design thinking, new styles of management, as well as new tools and forms of participation in various public policies. Many questions related to the care of the vulnerable, economic restart, and the risk of future pandemics, to mention but a few, are already occupying the academic, scientific, experts, and activist communities, who have started to imagine the “new normal.”. (shrink)

Given the higher advantages attributed to larger mitigation scenarios, expecting better natural conservation outcomes and economic returns from national- and global-scale impact mitigation mechanisms seems reasonable. However, such scenarios can hardly happen if the current eco-deficit cultures remain prevailing. If we can build eco-surplus mindsets among a majority of populations on Earth, especially private sectors, not only impact mitigation mechanisms at a global scale but also the semi-conducting principle of monetary and environmental values exchange will be successfully adopted and (...) implemented. (shrink)

The collective monograph «Determinants of Innovation and Investment Development of Multisectoral Entrepreneurship, Tourism and Hospitality Industry» is devoted to the 20th anniversary of the Educational and Scientific Institute of Economics and Law of Cherkasy Bohdan Khmelnytsky National University and is a continuation of the research tradition on the development of entrepreneurship, innovation, finance, competition, accounting and auditing problems, tourism, hotel and restaurant business. The results of the scientific research presented in the collective monograph show the achievements of the representatives of (...) various scientific schools, allow analyzing the experience gained and, considering current economic and political realities, contribute to the scientific substantiation of the prospects for the development of entrepreneurship, tourism industry, hotel and restaurant economy, enrich the intellectual potential of higher schools. The topics of sections and subsections identify the problem issues of innovation, investment and information technology in entrepreneurship, consider the competitive environment in the field of entrepreneurship, investigate the financial-economic and social problems, various directions of tourism industry development, declared by the World Economic Forum jointly with the World Tourism Organization (UN WTO). Particular attention is paid to the development of new trends in the hotel and restaurant business. A common task for scientists, educators, and employers in the conditions of international environmental instability is the formation and dissemination of new knowledge to achieve ambitious goals concerning the entrepreneurship development of tourism, hotel and restaurant business. The proposed discussion of current issues, experience and recommendation exchange will contribute to problem solving, research intensifying in the specified areas of activity. An important component of the modern economics is entrepreneurship; and the intensification of entrepreneurial activity should ensure overcoming of economic crises and their social and economic consequences, and determine the dynamic progress of a society and future welfare of people. It is entrepreneurship that is considered in many economically developed countries as a defining condition for a social and economic prosperity. Entrepreneurial activity involves all branches of economy including industrial, humanitarian and service areas. Therefore, it is necessary to study the key factors for the development of entrepreneurial activity in Ukraine. The current problems of entrepreneurship, tourism, hotel and restaurant business are extensively investigated by both domestic and foreign scholars. A number of researches focuses on these problems. Without diminishing the importance of their contribution to science, the need for further research and improvement should be noted. Therefore, in the monograph, special attention is paid to the state support of business structures, the regulation mechanisms of entrepreneurship, tourism, hotel and restaurant business, social sphere and interaction of market and state institutions, etc. The research was carried out using the developed scientifically substantiated methodological approaches based on the scientific developments of leading foreign and domestic scientists, which allowed proposing the specific directions of entrepreneurship development in the fields of economy, tourism, hotel and restaurant business. The unique nature of the monograph is not only its scientific significance, but also its practical application; since the substantiated positions, measures, proposals for the further transformation of economic processes in Ukraine and in the world have practical value. (shrink)

This paper challenges the first Gettier counterexample to the tripartite account of knowledge. Noting that 'the man who will get the job' is a description and invoking Donnellan's distinction between their 'referential' and 'attributive' uses, I argue that Smith does not actually believe that the man who will get the job has ten coins in his pocket. Smith's ignorance about who will get the job shows that the belief cannot be understood referentially, his ignorance of the coins in his pocket (...) shows that it cannot be understood attributively. An explanation for why Smith appeared to have justified true belief is given by distinguishing between 'belief' and 'belief in truth'. Smith believes the sentence 'the man who will get the job has ten coins in his pocket' to be true (he mistakenly believes that Jones will get the job, of whom he knows that he has ten coins in his pocket) (hence his 'belief'), the sentence is true (hence 'truth'), and he has sufficient reason to assent to it (hence his 'justification'). But he does not believe the proposition expressed. Hence he does not know it either. (shrink)

The concept of work can be understood as a purposeful human activity, which is focused on the processing of natural goods, items and/or information by using tools to meet tangible and intangible needs. Work is the usage of instruments to support the existence of humankind and the social world. Domestic work refers to work of domestic help, which applies to employees, usually individuals who work and often live in the house of the employer. Emotional labor takes place in the public (...) sphere as a social and economic exchange sold for wages during interactions with customers or coworkers. Emotional labor requires certain emotions to be displayed and expressed in line with organizational aims. (shrink)

Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neo-republicanism is inherently hostile to markets, while neo-republicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. I argue here that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands (...) such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. I reveal how competition restrains—and in the limit, even eradicates—market power and thereby helps us realize “market freedom,” i.e., freedom as non-domination in the context of economic exchange. Finally, I show that such freedom necessitates “Anglo-Nordic” economic policies. (shrink)

Siyaves Azeri (2020) quite well shows that arithmetical thinking emerges on the basis of specific social practices and material engagement (clay tokens for economic exchange practices beget number concepts, e.g.). But his discussion here is relegated mostly to Neolithic and Bronze Age practices. While surely such practices produced revolutions in the cognitive abilities of many humans, much of the cognitive architecture that allows normative conceptual thought was already in place long before this time. This response, then, is an attempt (...) to sketch the deep prehistory of human cognition in order to show the inter-social bases of normative thought in general. To do this, I will look first to the work of Vygotsky and Leontiev, two often neglected psychologists whose combined efforts culminate in a developmental account of human cognitive origins. Then, I will review some key insights from the contemporary comparative psychologist Michael Tomasello—whose project is admittedly a Vygotskian one—in order to further shed light on the social-practical basis of abstract thought, of which mathematical cognition is surely a part. (shrink)

This paper argues that Jacques Derrida and Meister Eckhart both construe love as a gift that is entirely free of economic exchange, and both conclude on this basis that love cannot be grasped or identified. In my reading, Eckhart and Derrida do not rule out consideration of one’s own well-being, but their accounts do entail that calculated self-protection is external to love. For this reason, they suggest, lovers should not expect to balance love against a prudential restraint: although both (...) demands are indelible, they function at different levels. A gift of this sort is ineluctably dangerous, but Derrida and Eckhart suggest that unsettling darkness must be endured in order to preserve the possibility of love. (shrink)

Core-periphery imbalances and regional disparities figure prominently on the agenda of several disciplines, which result from their enormous impact on economic and social development around the world. In sociology, international relations, and economics, this concept is crucial in explanations of economic exchange. There are few countries that play a dominant role in world trade, while most countries have a secondary or even a tertiary position in world trade. Moreover, when we are discussing global, continental, regional, and national economies, (...) we can present regions and even smaller territorial units which have higher wages than some underdeveloped areas within the same larger area in focus. Such regional inequalities and injustices are the main themes of the core-periphery model, which focuses on tendencies of economic activities to concentrate around some pivotal points. It seeks to explain the spatial inequalities or imbalances observable on all levels or scales by highlighting the role of horizontal and vertical relations between various entities from the level of towns and cities to the global scale. The existence of a core-periphery structure implies that in the spatial dimension, the socioeconomic development is usually uneven. From such a geographical perspective, the regions known as the "core" are advanced in various areas, while other regions described as the "periphery" serve as a social, economic, and political backstages, backyards, and supply sources or - in some cases - are even subject to degradation and decline. Furthermore, the level of development has a negative correlation with distance from the core. The economies of the states that have gone through various stages of development at the earliest and with the fastest pace have become wealthy core regions and growth poles. Those countries and regions where these processes have been slower become or remain the poor periphery. (shrink)

Adorno and Levinas argue from distinct yet intersecting perspectives that there are pathological forms of freedom, formed by systems of power and economic exchange, which legitimate the neglect, exploitation and domination of others. In this paper, I examine how the works of Adorno and Levinas assist in diagnosing the aporias of liberty in contemporary capitalist societies by providing critical models and strategies for confronting present discourses and systems of freedom that perpetuate unfreedom such as those ideologically expressed in possessive (...) individualist and libertarian conceptions of freedom. (shrink)

A review of Geoffrey B. Saxe, Cultural Development of Mathematical Ideas. Saxe offers a comprehensive treatment of social and linguistic change in the number systems used for economic exchange in the Oksapmin community of Papua New Guinea. By taking the cognition-is-social approach, Saxe positions himself within emerging perspectives that view cognition as enacted, situated, and extended. The approach is somewhat risky in that sociality surely does not exhaust cognition. Brains, bodies, and materiality also contribute to cognition—causally at least, and (...) possibly constitutively as well (as argued by Clark & Chalmers; Renfrew & Malafouris). This omission necessarily excludes the material dimension of numeracy. (shrink)

Sanctions such as those applied by the United Nations against Yugoslavia, or rather the actions of implementing and maintaining them, at the very least implicitly purport to have moral justification. While the rhetoric used to justify sanctions is clearly moralistic, even sanctions themselves, as worded, often include phrases indicating moral implication. On May 30, 1992, United Nation Security Council Resolution 757 imposed a universal, binding blockage on all trade and all scientific, cultural and sports exchanges with Serbia and Montenegro. (...) In addition to expressing the usual "concern' and "dismay" regarding various events, the language of this Resolution also includes, on three occasions, unmistakably moral language "deploring" failures in meeting the demands of earlier resolutions.' There is no question that sanctions have political, economic, military and trategic consequences for the sanctioned state, perhaps exactly as desired by the sanctioning party. However, the question raised in this essay is whether in addition to these consequences, sanctions also produce morally reprehensible consequences that undermine their often-cited moral justification. If so, international economic sanctions are an immoral means of achieving primarily political goals. Six morally significant consequences are: 1) The unethical, elevated susceptibility of the sanctioned to olitical (and other forms of) manipulation, 2) the inherent and unjust paternalism in the process of sanctioning, 3) the abandonment of strict moral criteria on virtually all levels of evaluation, primarily inside the sanctioned country, but also in sanctioning states best exhibited in the attitudes toward the sanctioned, 4) the general decline in moral consciousness, 5) the subsequent rise of many forms of violence within the sanctioned state in connection with the increase in lawlessness, and a general decline of expectations in all areas of life, and 6) the continual, arbitrary redefining of conditions for a final lifting of sanctions. In light of this moral phenomenology we shall argue that sanctions, lacking in moral justification, are simply a means for achieving the mentioned immoral goals. Furthermore, the argument will be that sanctions are a form of siege and, as such, an act of war, requiring the sort of justification that would be needed to justify a war. (shrink)

This article is devoted to the study of directions of financial safety of Ukrainian agricultural enterprises through the assessment of indicators economic activity and analysis of the export potential of agricultural products. The financial indicators of economic activity of Ukrainian agricultural enterprises, which affect the ensuring of financial safety, are determined. The activity of large Ukrainian agricultural enterprises in terms of their capitalization and formation of own capital are studied. Analyzed the commodity structure of exports agricultural products of (...) Ukrainian agricultural enterprises and determined the amount of foreign exchange earnings from EU countries. Due to economic-statistical and mathematical tools, a study of the dependence of GDP and the euro on foreign exchange earnings from exports of agricultural products of Ukrainian agricultural enterprises to the EU countries. Offered the scheme of directions of maintenance of financial safety of the agricultural enterprises of Ukraine in the context of internal environment of activity of economic entities and stabilization of macroeconomic indicators of the country. (shrink)

Although the controversy between Malthus and Ricardo has long been considered to be an important source for the history of economic thought, it has hardly been the object of a careful study qua controversy, i.e. as a polemical dialogical exchange. We have undertaken to fill this gap, within the framework of a more ambitious project that places controversies at the center of an account of the history of ideas, in science and elsewhere. It is our contention that the dialogical (...) co-text is essential for reconstructing the meaning and the evolution of science. In the present paper we try to substantiate this contention by means of a pragma-rhetorical study of this particular controversy. First, we reconstruct, through an analysis of a chunk of the correspondence, a micro-level of specific moves and countermoves which constitute a sequential structure within which also meta-scientific and meta-controversial considerations play a role. We then move to a macro-level of analysis, looking for recurrent patterns of argumentation. Finally, we draw epistemological conclusions on the nature of rationality and progress as manifested in actual scientific controversies. (shrink)

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a value-added negative tax (VANT) (...) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

The central thesis of my article is that people live a life worthy of a human being only as self-ruling members of some autarchic (or self-governing) communities. On the one hand, nobody is born as a self-ruling individual, and on the other hand, everybody can become such a person by observing progressively the non-aggression principle and, ipso facto, by behaving as a moral being. A self-ruling person has no interest in controlling her neighbors, but in mastering his own impulses, needs, (...) wishes, desires, behaviors, etc. Inasmuch as he is an imperfect being who lives in an imperfect world, he needs to share certain interests, beliefs, values, customs and other characteristics with other people, i.e. to be involved in some communities. Depending on the following four criteria – the regulatory principle, the essential resources, the specific feedback and the fundamental values –, the countless and manifold human communities can be grouped in three categories: (1) affinity communities, (2) economic communities, and (3) civic communities. In other words, every community or human behavior has an affinity, an economic, and a civic dimension. If a civic community is merely a state shaped society, it can be called a political community. All communities are intrinsically variable. Throughout time, they ceaselessly change their composition, values, interpersonal processes and relations, territory, etc. Interestingly enough, the variability is unanimously recognized and accepted in affinity and communities economic, but is denied or abusively interpreted in the case of state shaped societies. If we confuse two types of order − cosmos and taxis – and two types of rule – nomos and thesis –, as well as we exaggerate the importance of certain type of community we bring some social maladies, namely the traditionalism, the commercialism and the civism, (with the worst form of it – the politicality). Whatever the communities they are involved in, all persons relate (implicitly or explicitly) to the libertarian non-aggression principle, living their life in strict accordance with the logical implications of the position they adopt. People who respect the non-aggression axiom necessarily manifest self-control, consideration for the life and property of the others, commitment to offer value for value, love of freedom and a high level of individual responsibility. By contrast, people who violate this axiom – the villains and the statists – invariably strive to control their neighbors, behave as parasites or predators, prefer forced exchanges, reject the personal responsibility (at most accepting the idea of social responsibility), and apply double moral standards. The first category of people generates a libertarian civic discourse as a spontaneous order, and the second creates a political/ statist civic discourse as a result of the human design and will to power. As a spontaneous order, the libertarian civic discourse implies free involvement, peaceful coordination, free expression, free reproduction of ideas and the power of one. Every communication performance in the frame of the libertarian civic discourse is important and has relevant results. All participants to the libertarian civic discourse are automatically members of some self-governing communities (at least members of the general libertarian community). The most important thing for these communities is to be connected to a communicational infrastructure which would make possible free involvement, free expression and the free reproduction of ideas. Inasmuch as today democracy means the tyranny of majority and participatory democracy the tyranny of majority plus the power of vested (and illegitimate) interests, only the emergence of self-governing communities by libertarian discourse offers us a little hope. It’s high time to fall in love (again) with liberty and to embrace the non-aggression principle. We don’t have to create a perfect world, but we can strive to develop our human nature. (shrink)

From the comparison of the Grundrisse (1857-58) manuscripts with Marx's subsequent writings, it is clear that the so-called « deduction » of fundamental economic categories follows two distinctive patterns, one of which is close to ordinary logical analysis, the other being inspired by Hegel's dialectics of essence. This duality is reflected in the double meaning of the concept of « presupposition » (Voraussetzung) and, finally, in the simultaneous endorsement by the Grundrisse of two labour-value theories, one of which is (...) Smithian-like, the other is Ricardian. Marx's reinterpretation of economic value as an « immanent measure », i.e., his claim that commodities are measured by each other when exchange takes place, should help to bridge the gap between the two theories. However, such reinterpretation is shown to be inadequate ; as a result, Marx's account of value should be seen as internally inconsistent. (shrink)

Efficient markets are alienating if they inhibit us from recognizably caring about one another in our productive activities. I argue that efficient market behaviour is both exclusionary and fetishistic. As exclusionary, the efficient marketeer cannot manifest care alongside their market behaviour. As fetishistic, the efficient marketeer cannot manifest care in their market behaviour. The conjunction entails that efficient market behavior inhibits care. It doesn’t follow that efficient market behavior is vicious: individuals might justifiably commit to efficiency because doing so serves (...) the common good. But efficient market systems nevertheless have significant opportunity costs. The discussion yields a range of desiderata for non-alienated economic organization. (shrink)

Tourism sector has been considered as the crucial sectors of many different countries of the world. And sustainable tourism brings enormous scope as a rapid growing economic sector on the basis of foreign exchange earnings and generation of employment opportunity and thereby elevating poverty from the country. The central aim of this study is to investigate the role of sustainable tourism in alleviating poverty from developing countries, especially the northern part of Bangladesh. For this purpose, the different tourism sites (...) have been selected that are situated in Rajshahi region like Padma Garden, Varendra Museum and Shaheed Kamruzzaman Zoo. Rajshahi, the major tourist destination region in Bangladesh which is very beautiful and flourished that has a great chance to contribute country’s infrastructure and economic development. This study conducts a survey on 200 respondents in three different places of Rajshahi through the structured questionnaires, observation, interview and literature review. An exploratory research method was employed because the nature of the study was descriptive due to the fact that most of the respondents were illiterate or semi illiterate. Besides IBM SPSS Statistics 20 is being used to analyze the data. Through the factor analysis and other measurements tools this study expatiates the social, cultural, economic, environmental and other factors which touching the sustainability of Rajshahi and also provide recommendations about the required steps that needs to be taken into account to palliate and to manage the drawbacks of tourism to make Rajshahi as a sustainable tourism destination. Besides it reveals the relationship between tourism development and poverty alleviation in Bangladesh. The study also suggested few ways by which existing tourism can be promoted and well developed in Bangladesh thereby ensuring sustainable tourism development (STD) and economic growth. (shrink)

The world never stands still. There is always a Brownian movement of economic subjects and objects on the face of it. But, if we have been visualizing this movement over a relatively long period of time, then we can distinguish the acceleration and increase in the volume of movements along individual commodity routes, the growth and formation of new subjects of international economic relations. From time to time, "accelerators" of this movement appear, either in the form of new (...) types of energy to service production, or technologies to simplify the exchange and distribution of benefits. The market, controlled by the "invisible hand", is gradually taking over the whole world, and some new goods appear to meet the needs. We use technologies and devices described in unreal fantasy plots of classical literature already today in real life. The speed of change is exciting on the one hand and is frightening on the other hand. In the modern world, it would seem, everything is mobile. The quality and cost of transportation has no longer been a physical obstacle to any exchange and travel. The forms of modern financial transactions for service international economic relations, their speed and coverage are impressive. Enterprises, in terms of capitalization, exceed the national incomes of states and do not have spatial territorial boundaries, being the main players in international economic relations along with states, their associations and international organizations. Digitalization is no longer a challenge for society, but our present. It seems sometimes that the world allegedly wants to slow down the further development of mankind and creates obstacles in the form of wars, epidemics and crises. Such obstacles become challenges for the development of economic entities of all levels. Change always creates unexpected opportunities for someone and insurmountable restrictions for other one. Change always leads to a redistribution of forces. Changes are needed to overthink the nature and direction of movement. Changes are the certain reorganization of the world economic system. The world is always on the verge of changes. What will they be this time? (shrink)

This analysis examines economic collectivization, which is one of the problems in modern economic studies, and reconstruction efforts through a Marxian economic approach with an emphasis on meritocracy. This analysis highlights criticism of modern economic approaches which tend to be abstract, ignore practical aspects of economics, and ignore social problems. The Marxian economic approach is seen as an alternative that prioritizes use-value in economics rather than simply exchange-value. Through Marxian meritocracy, it is hoped that collaboration (...) between econometrics analysts and human resources can produce more relevant economic analysis, consider forgotten social aspects, and support sustainable economic collectivization. (shrink)

The novel coronavirus (COVID-19) has imperatively shaken the behavior of the global financial markets. This study estimated the impact of COVID-19 on the behavior of the financial markets of Europe and the US. The results revealed that the returns of the S&P 500 index have been greatly affected by a lockdown in the US owing to COVID-19. However, the health crisis generated due to the novel coronavirus significantly decreased the stock returns of the Nasdaq Composite index. The results also showed (...) that the economic crisis generated from the pandemic in Spain has had more impact on the IBEX 35 as compared to the health crisis itself. On the other hand, in the long-run, Italy’s stock markets are more affected by the health crisis as contrasted with the economic crisis, while, in the short-run, both lockdown conditions and economic instability lower the stock returns of FTSE MIB. The UK stock markets witnessed that in the short-run, deficiency of health management systems imperatively damaged the stock returns of the London Stock Exchange. The investigation revealed that deficiency of health systems and lockdown conditions have imperatively damaged the structure of financial markets, inferring that sustainable development of these nations is at risk due to COVID-19. The study suggested that governments should allocate more of their budget to the health sector to overcome a health crisis in the future. (shrink)

Although social scientists have identified diverse behavioral patterns among children from dissimilarly structured families, marketing scholars have progressed little in relating family structure to consumption-related decisions. In particular, the roles played by members of single-mother families—which may include live-in grandparents, mother’s unmarried partner, and step-father with or without step-sibling(s)—may affect children’s influence on consumption-related decisions. For example, to offset a parental authority dynamic introduced by a new stepfather, the work-related constraints imposed on a breadwinning mother, or the imposition of adult-level (...) household responsibilities on children, single-mother families may attend more to their children’s product preferences. -/- Without a profile that includes socio-economic, behavioral, and psychological aspects, efficient and socially responsible marketing to single-mother households is compromised. Relative to dual-parent families, single-mother families tend to have fewer resources and less buying power, children who consume more materialistic and compulsively, and children who more strongly influence decision making for both own-use and family-use products. Timely research would ensure that these and other tendencies now differentiate single-mother from dual-parent families in ways that marketers should address. Hence, our threefold goal is (1) to consolidate and highlight gaps in existing theory applied to studying children’s influence on consumption-related decision making in single-mother families, and (2) to propose a hybrid framework that merges two theories conducive to such research, and (3) to identify promising research propositions for future research. (shrink)

100 years after creating the Federal Reserve System (FED), whose legality and modus operandi remains questionable, there is time to rethink the national and also international payment system as a whole. The key element of existing economic relationships is the money that makes barter-free exchange possible. But monetary economics is only one aspect of more common political framework designed and established for retention of power. Such egoistic political interest proves its own relevancy and exerts ideological pressure on economic (...) thought that consequently forms economic and political institutions. In an effort to breake a rule, and to end the circuit of capitalistic self-fullfilling prophecy, a different economic model based on joint ownership (userization) is taken into consideration. This manuscript gives explanatory statements on userization and substantiates its advantageous social and environmental appropriateness. (shrink)