The main goal of the article is a further development of the usage of income and comparable approaches to company valuation aimed at defining market capitalization sensitivity to value changing in the conditions of dynamization of internal and external business parameters. The relevance of the researched topic is determined by the importance of establishing the factors influencing the change in company market capitalization based on the synthesis of approaches to company valuation. To obtain the results of the (...) study, the following methods were used: structural and logical analysis – to improve the process approach to company valuation in the context of determining the impact of its change on market capitalization; discounted cash flow method (DCF-model) – to determine the value of the enterprise based on the income approach; comparable companies method – to determine the value of the company on the basis of a market approach; factor analysis method – to assess the impact of changes in value on company market capitalization; generalization and logical analysis – in conclusions building. The results of critical analysis of publications of domestic and foreign scientists on the application of company valuation methods identified the need of improvement the process approach to company valuation in the context of determining the impact of its change on the company market capitalization. To adequately assess company value, the use of a synthesis of income and market approaches is proposed. The implementation of the DCF-model and comparable companies valuation method while valuation of Private Joint-Stock Company “SKF Ukraine” allowed to establish that the greatest impact on the target metric (company market capitalization) has an average industry multiplier EV/EBITDA, terminal growth rate and weighted average cost of capital – 5.9 %, 3.2% and 2.7% respectively. The practical value of the results of the study is determined by the importance of forming a full analytical basis for establishing the attractiveness of the performance of joint-stock companies in the market and consolidating management decisionsin order to increase market capitalization. (shrink)

The relationship between carbon markets, especially voluntary ones, and climate justice is complex. While carbon markets are designed with positive intentions, such as supporting reforestation or renewable energy projects in developing countries, they can unintentionally exacerbate inequalities.

The Market Failures Approach (MFA) is one of the leading theories in contemporary business ethics. It generates a list of ethical obligations for the managers of private firms that states that they should not create or exploit market failures because doing so reduces the efficiency of the economy. Recently the MFA has been criticised by Abraham Singer on the basis that it unjustifiably does not assign private managers obligations based on egalitarian values. Singer proposes an extension to the (...) MFA, the Justice Failures Approach (JFA), in which managers have duties to alleviate political, social, and distributive inequalities in addition to having obligations to not exploit market failures. In this paper I describe the MFA and JFA and situate them relative to each other. I then highlight a threefold distinction between different types of obligations that can be given to private managers in order to argue that a hybrid theory of business ethics, which I call the MFA +, can be generated by arguing that managers have obligations based on efficiency and duties based on equality to the extent that these latter obligations do not lead to efficiency losses. This argument suggests a novel theoretical option in business ethics, elucidates the issues that are at stake between the MFA and the JFA, and clarifies the costs and benefits of each theory. (shrink)

A work of Vietnamese art crossed a million-dollar mark in the international art market in early 2017. The event was reluctantly seen as a sign of maturity from the Vietnamese art amidst the many existing problems. Even though the Vietnamese media has discussed the issues enthusiastically, there is a lack of literature from the Vietnamese academics examining the subject, and even rarer in from the market perspective. This paper aims to contribute an insightful perspective on the Vietnamese art (...) market, and hesitantly the Vietnamese art as well, through the lens of fake, forgery and copy artworks. 35 cases of fake, forgery and copy paintings were found on the news and from the experts' wisdom. Through the examples, we argue that the Vietnamese art market is a temporary reaction to the immaturely rising of the Vietnamese art and the economy. Therefore, the art market is unable to function healthily unless the Vietnamese art and the economy developed. (shrink)

We often encounter people who we believe are behaving immorally. We routinely try to change minds and often donate to charitable organizations that do the same. Of course, this does not always work. In a liberal, rights-based society, we have to tolerate this. But legal entitlements to act in ways that others find immoral are inefficiently allocated. For example, some meat-eaters value eating meat less than some vegetarians would be willing to pay them to stop. While many have written (...) about the limits of the market, market design, and abuse of right, few have considered the sale of these entitlements. This article proposes a market-based solution, encouraging the sale of these entitlements under certain conditions. This would lead to improvements both on an economic efficiency analysis and on a moral analysis. (shrink)

Ethical debates about assisted dying typically assume that only medical professionals should be able to provide patients with assisted dying. This assumption partially rests on the unstated principle that assisted dying providers may not be motivated by pecuniary considerations. Here I outline and defend a mixed provider model of assisted dying provision that contests this principle. Under this model, medically competent non-physician professionals could receive fees for providing assisted dying under the same terms and conditions as physicians can in those (...) jurisdictions where medically assisted dying is lawful. The mixed provider model blunts objections to assisted dying rooted in supposed clashes with medical values. In addition to generating a market likely to expand access to assisted dying, the mixed provider model would not create markets that are unjust because they are “noxious” in Satz’ sense or because they raise “semiotic” concerns about the value of human life. (shrink)

The market failures approach to business ethics has recently garnered substantial critical attention (see, e.g., Cohen and Peterson 2019; Moriarty 2020; Steinberg 2017; Hsieh 2017; von Kriegstein 2016; Smith 2018; Endorfer and Larue 2022; Singer 2018). Though precursors of this view can be found in the literature (e.g., McMahon 1981; Friedman 1970), it was Joseph Heath (2004, 2006, 2014, 2023) who developed the approach and gave it its name. The market failures approach (henceforth: MFA) is concerned with the (...) ethical obligations of managers of firms (Heath 2014, 69). Roughly, it holds that managers ought not to conduct their businesses in a way that exploits market failures. “Market failure” is a technical term, meaning any failure of the conditions of the first fundamental welfare theorem, sometimes called the “Pareto conditions” (see Arrow 1951). The theorem states that if the Pareto conditions hold, then the market equilibrium will use society’s scarce resources efficiently, meaning that no one could be made better-off without making anyone else worse off. Efficiency, according to Heath (2014, chapter 7), is the implicit morality of the market. We coordinate much of our shared activity using markets, Heath claims, because of their ability to produce efficient results. Markets are good forms of social organization, according to Heath, because they are the best way to promote our values given empirical facts about the frailties of human psychology and the informational constraints that we face. As such, managers ought not compromise the very conditions that justify a market economy by profiting from breakdowns in the market’s efficiency. Managers are permitted to maximize profits, so long as they do not violate the market’s norm of efficiency in so doing. This is because the fundamental justification for the profit motive is that it is necessary for the operation of the price system which is essential to the efficiency properties of markets. In this paper, I will argue that the MFA is more general than even Heath himself claims. The MFA describes the professional obligations of managers, but the view I develop, the generalized market failures approach, describes the obligations of all market participants. Since efficiency is the implicit morality of the market, it binds not just managers, but all market participants, including consumers, investors and workers. Market participants are permitted to maximize the benefit they gain from market interactions, as long as they do so in a way that does not take advantage of any market failures. Generalizing the MFA in this way has three benefits: first, we gain a unified understanding of the ethics of non-managerial market roles; second, we will develop an even better understanding of the duties of managers; finally, it gives us the resources to respond to some familiar objections to the MFA found in the literature. In the next section, I will further motivate the MFA and explain how this motivation can be easily generalized to other market roles. Importantly, one can avoid benefiting from a market failure in two distinct ways: by avoiding transactions that exploit market failures or by transacting in such markets and then remediating the harm done, by compensating those negatively affected by the market failure. This section concludes by discussing how the remediation duties are to be split between the transacting parties and how to identify the parties to whom compensation is owed. In section 3, I use the tools of the generalized MFA to develop a unified ethics of consumption, investment and labor, respectively. This is the basis of a grand abductive argument for the generalized MFA. The view is strongly supported by the fact that it provides attractive and unifying explanations of our obligations in domains as variegated as carbon offsetting, CEO compensation, the reparations white Americans owe to black Americans and occupational licensure. Section 4 briefly concludes. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. (...) Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

A recent report revealed a staggering 61% drop in the market value of carbon offsets, attributed to adverse findings from both the scientific community and the media. These findings have raised concerns about the effectiveness of carbon credit projects, leading investors to reduce their involvement or withdraw completely, thereby substantially decreasing the market’s overall value [1,2]. This reluctance among buyers is fueled by escalating skepticism about the actual environmental impact of these projects and concerns over potential (...) “greenwashing,” where companies misleadingly present their environmental practices as more eco-friendly than they are. (shrink)

In a market economy, human work is offered and sought in the labor market. It is valued because of the level of demand for it and the rarity of the required qualifications. At the same time, because of the different contexts and conditions, there are many labor markets that are defined as the professional labor markets, local labor markets, dual labor markets, and black and gray labor markets.

Ethical debates about assisted dying typically assume that only medical professionals should be able to provide patients with assisted dying. This assumption partially rests on the unstated principle that assisted dying providers may not be motivated by pecuniary considerations. Here I outline and defend a mixed provider model of assisted dying provision that contests this principle. Under this model, medically competent non-physician professionals could receive fees for providing assisted dying under the same terms and conditions as physicians can in those (...) juris- dictions where medically assisted dying is lawful. The mixed provider model blunts objections to assisted dying rooted in supposed clashes with medical values. In addition to generating a market likely to expand access to assisted dying, the mixed provider model would not create markets that are unjust because they are “noxious” in Satz’ sense or because they raise “semiotic” concerns about the value of human life. (shrink)

Aesthetics is thought of as not only a theory of art or beauty, but also includes sensibility, experience, judgment, and relationships. This paper is a study of Bernard Stiegler’s notion of Aesthetic War (stasis) and symbolic misery. Symbolic violence is ensued through a loss of individuation and participation in the creation of symbols. As a struggle between market values against spirit values human life and consciousness within neoliberal hyperindustrial society has become calculable, which prevents people from creating affective and (...) meaningful attachments to symbols in relation to our retentional apparatuses, technology and memory. Such tension can be thought of as a dissonance between overlapping domains of social life, private and public. New Media is a reflection of aesthetic dissonance, an experience such as being bored and entertained at the same time, between antagonistic experiences, values, and behavior. Moreover, new media is at once a medium of customizing aesthetic experience individually as well as the threat and practice of prioritizing calculability and modeling of consumer behavior in favor of capitalistic effectiveness, which results in the simultaneous categorization of an individual as a data point, putting those who do not fit an algorithm’s premises at a disadvantage. (shrink)

Given a 21st century context of sophisticated market economies and other Western influences such as Christianity, what similarities and differences are there between characteristic indigenous values of sub-Saharan Africa and China, and how do they continue to influence everyday life in these societies? Establishing that central to both non-Western, indigenous value systems are ideals of harmonious relationships, I compare and contrast traditional African and Chinese conceptions of harmony and analyze a number of respects in which an appeal to (...) this value affects contemporary political, economic and social interaction. (shrink)

Guardians of companion animals killed wrongfully in the U.S. historically receive compensatory judgments reflecting the animal’s economic value. As animals are property in torts law, this value typically is the animal’s fair market value—which is often zero. But this is only the animal’s value, as it were, to a stranger and, in light of the fact that many guardians value their animals at rates far in excess of fair market value, legislatures and (...) courts have begun to recognize a second value, the animal’s value to her guardian. What is this noneconomic value, and how should guardians be compensated for it? In Part 1, I propose a novel method to answer this question. My method includes a third, even more controversial, value: the animal’s value to herself. The idea that an animal could invest in herself faces many criticisms. In Part 2, I defend the claim by examining the mental capacities of dogs (Canis familiaris). I rebut the central objection—that dogs lack the psychological capacities required for self-investment—by showing that dogs are autonomous, think about their futures, and inhibit their desires in light of their goals. I close by suggesting that whereas the approach has conservative implications for the valuation of companion animals, it has radical implications for the valuation of agricultural animals. -/- Keywords: companion animals, animal law, legal theory, value theory, practical ethics, economic value, noneconomic value, intrinsic value, instrumental value, animal welfare, dogs, animal rights, capital value, self-investment value, autonomy, wrongful death, philosophy of animal law, animal minds, moral standing of animals, legal standing of animals, agency, prospection, canine neurobiology, bereavement, replaceability, non-ideal ethics . (shrink)

Dr. Seyed Mohammad Mohajer, author of this book, for the first time, on the subject of SEM (Student Experience Management) and TEM :(Teacher Experience Management), Expresses and writes In today’s competitive world in which men are looking for acquiring a better place for themselves and their properties, indeed it can be said that people who compete on a full scale in marketing and branding by learning knowledge and experience, are more successful. Apart from people, countries, cities, businesses, historical and religious (...) sites, companies, products, services, and even government agencies are endeavoring and competing to possess a better place and more profitability. In the meantime, universities, higher education institutions, and specialized schools such as Business Schools, Language Schools, Art Schools, etc are not exceptions. Contest in the digital and traditional area, simultaneously, and with a proper strategy and developing systematic advertising campaigns can make a university or higher education institutions a brand. Since the branding process, as its name implies, has a -ing (continuous), the process must be continual and running continuously. One of the most significant tools in higher education institutions branding is CEM (Client Experience Management) which includes SEM (Student Experience Management) and TEM (Teacher Experience Management). Valuing the main audiences, which are students and professors, and creating a distinctive and excellent experience in the educational environment either in a digital or in a traditional area, can lead to receive excellent feedback from these audiences and direct them to the brand layers that are Awareness, Knowledge, Attitude, Engagement, Satisfaction, Loyalty and the highest level that is Passion, which the same matter make the sense of constancy and belonging and conversion Trademark (Servicemark) a higher education institution to a Lovemark. But how this distinctive experience and feeling can be infused with the audiences? Undoubtedly, many solutions are recommended in this field, such as the use of sensory branding methods, but the important point here is who can create and improve this experience? Certainly, the University Staff has a key and very effective role in the mentioned process. However, the significant point is which employees can make this experience? The answer is very simple but key: Employees who first receive a good sense of working in a scientific and educational environment. Therefore, we are facing a phenomenon called SEM (Staff Experience Management), that is, university administrators and heads, before engaging in Client Experience Management, should seek to create a sense of satisfaction, belonging, and loyalty in the educational environment and grow their educational brand set, which its tools are certainly Employer Branding and Human Capital Management. By mentioning all the foregoing keywords, each of which is a deep concept in BRAND Building and Branding of higher education institutions discussion, we begin our main discussion, namely marketing and branding in higher education institutions. I hope you will be with us by the end of the book and experience a different studying the book, dear reader. Dr. Mohajer writes in his introduction: Be the best version of yourself I daresay all brand and branding concepts and definitions can be observed in the above sentence. whereof the brand, like a human, experiences all the before birth, birth, growth, maturity, wane and death processes, and since a real human being is always looking for growth and ascendancy, and this continuous process to reach the endpoint Life, thus the grown man is always looking to reach a higher point of his present and past. The most important tool in a human ascendancy or a brand is certainly an education. Either for a human or a brand, becoming a distinct brand goes through practical training. The above sentences are a summary of my little experience as Seyed Mohammad Mohajer in education and especially training in the brand management field. Certainly, the brand and education and the combination of these two words are the main and vital tools for the development of any country and human being. Now that I am the President of Tarjoman Oloom Higher Education Institute and the BrandAfarin international group, I consider it necessary as my social mission to start first from myself and with a better understanding of myself, then the great God and comprehending the universe; I announce to the cultured society that we seek to identify brilliant talents in the three areas of education, research and management consulting, and we warmly welcome intellectuals, professionals and individuals seeking individual and organizational growth. Also, by creating skill training courses in four specialized fields of management in the Business School, foreign languages ​​in the Language School of Art and Media in the Art School, and new technologies in the i4.0 School for people who can not afford to pay for the training tuition, We have created the chance to study at Tarjoman Oloom Higher Education Institute for free and then go to the business market. It would be my honor to contact me for more information and direct communication through my website www.mohajer.tvLinks to an external site. and my email info(at)mohajer.tv. Book Details: ISBN-13 : 979-8574963845 Paperback : 272 pages Language: : English ASIN : B08PJPQSK9 Paperback : 272 pages Author: Seyed Mohammad Mohajer, PhD. (President of Tarjoman Oloom Higher Education Institute) For more information on Marketing and Branding in Higher Education Institute, visit: https://www.amazon.com/dp/B08PJPQSK9Links to an external site. (shrink)

I argue that capitalism presents a threat to “democratic contestation”: the egalitarian, socially distributed capacity to affect how, why, and whether power is used. Markets are not susceptible to mechanisms of accountability, nor are they bearers of intentions in the way that political power-holders are. This makes them resistant to the kind of rational, intentional oversight that constitutes one of democracy’s social virtues. I identify four social costs associated with this problem: the vulnerability of citizens to arbitrary interference, the insensitivity (...) of markets to relevant interests, failures of trust in the market system, and the inhibition of social deliberation about matters of public concern. I make general two suggestions about how we might ameliorate these problems: First, as a way of introducing some measure of intentionality to large-scale patterns of business activity, the reconceptualization of such activity as participation in larger group actions; second, the development of deliberative bodies that bring together business actors, policy experts, and diverse citizens in an effort to better characterize and transmit the public values that business should serve. (shrink)

It has been commonplace to equate Foucault’s 1979 series of lectures at the Collège de France with the claim that for neoliberalism, unlike for classical liberalism, the market needs to be artificially constructed. The article expands this claim to its full expression, taking it beyond what otherwise would be a simple divulgation of a basic neoliberal tenet. It zeroes in on Foucault’s own insight: that neoliberal constructivism is not directed at the market as such, but, in principle, at (...) society, arguing that the value of this insight goes beyond the critique of a neoliberal present. The neoliberal rationale rather helps him to reveal a unique historical architecture, a latent approach to the social dissimilar to the one that has long predominated in the human sciences. The inversion of homo œconomicus in neoliberal theory amounted to the unearthing of a ‘social subject of interest’ within civil society. Such a subject, barely recognized by neoliberals who simply instrumentalize it for the sake of the market, demonstrates that the social is not necessarily the natural product of ethical subjects; that society may also need to be constructed. (shrink)

‘Dumping’ is a practice in international trade whereby a product is introduced into the commerce of another country at less than its ‘normal value,’ which might cause or threaten material injury to the domestic industry of the importing country. To address the practice of dumping and provide rules to deal with it, the World Trade Organization (WTO) adopted the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade (1994), known as the Anti-Dumping Agreement (ADA). (...) -/- The ADA sets out anti-dumping investigation procedures that importing countries must follow if they wish to impose anti-dumping measures, which are determined by comparing the normal value and the export price of the goods in question. However, not all countries are treated equally under these arrangements. Countries that are non-market economies (NMEs) are accorded special treatment provided by specific rules, including the option for investigating authorities to resort to surrogate prices in a third country for the purpose of establishing normal value. This application of surrogate prices is referred to as ‘NME treatment’. In the absence of an internationally recognised definition of an NME, each WTO Member has adopted its own definition and/or a list of NMEs. Vietnam, a WTO Member whose economy is moving from being centrally planned to being market-based, is considered an NME by both the United States (US) and the European Union (EU). This research investigates whether the non-market economy status of NMEs such as Vietnam disadvantages exporters in anti-dumping investigations and proceedings. The research analyses legal, procedural and other issues relating to the non-market economy status of NMEs in general and Vietnam in particular, in anti-dumping investigations and proceedings conducted by the US and the EU. The research uses a qualitative methodology design, by which data was collected primarily using desk-based study, supplemented by interviews with anti-dumping experts, Vietnamese exporters and government officials. It involves the examination of international law pertaining to anti-dumping, the US and EU anti-dumping laws and investigation procedures, analysis of the WTO anti-dumping dispute settlement procedures and related jurisprudence, as well as the analysis of Vietnam’s transition to a market economy. -/- The research has found that both the US and EU treat Vietnam as a NME and have developed their own specific methodologies for anti-dumping investigations on exports from Vietnam. Furthermore, it highlights the wide discretion of the US and the EU under their domestic laws in many stages of anti-dumping investigations. -/- The findings also show that the WTO Dispute Settlement Body generally considers the US and the EU practices to be consistent with the ADA provisions. However, certain US and EU practices were found to be inconsistent with the ADA, including ‘zeroing’, limited examination, surrogate country selection, and the imposition of the ‘entity-wide rate.’ Further, by applying these practices, investigating authorities might establish unpredictable normal values that may inflate the estimated dumping margins and ultimately lead to the imposition of a higher than appropriate anti-dumping duty. The analysis concludes that the NME status of countries such as Vietnam disadvantages them when facing claims of dumping. Finally, this thesis provides recommendations for Vietnamese exporters that will serve to improve their competence as defendants/respondents in anti-dumping investigations and proceedings and more effectively demonstrate the degree to which their operations are based on market-based principles. Recommendations are also provided to the Vietnam Government on ways in which it can support Vietnamese exporters in anti-dumping investigations and proceedings. (shrink)

Any plausibly just market exchange must balance two conflicting moral considerations: non-worseness (Wertheimer, 1999) and euvoluntariness (true voluntariness; Munger, 2011). We propose an analytical theory of just market exchange that partly resolves this conflict.

This paper addresses the field of economic measurements of the value of assets, carried out by the methods of independent expert evaluation. The mathematical principles of application, within a comparative methodical approach, of additive and multiplicative models for correcting the cost of single indicator of compared objects have been considered. The differences of mathematical basis of the compared models were analyzed. It has been shown that the ambiguity in the methodology of correction procedure requires studying the advantages and disadvantages (...) of known models, as well as the justification and elaboration of recommendations for their application. Possible forms of correction representation using several alternative units of measurement have been defined; formulas for their interconnection have been built. Analytic expressions have been derived that mathematically describe the algorithms for performing the evaluation correction procedure using various forms of correction representation. The influence of the correction execution model on the characteristics of uncertainty in the independent evaluation result has been analyzed. The scope of two possible types of correction introduction models has been determined. A specific numerical example was used to demonstrate the methodological advantages of using a multiplicative model when summarizing percentage corrections. The independence of the correction result on the sequence of correction introduction has been confirmed. It is proposed to use the selected measure of partial corrections as a criterion for the adequacy of the correction introduction model. It is proved that the result of the independent expert evaluation depends on the chosen model and does not depend on the sequence of correction introduction. The reported study results are important in terms of theory and practice since they make it possible to improve the accuracy and reliability of the result of independent expert evaluation. (shrink)

On the example of the analysis of the content of films-leaders of the box office box office, the value dynamics of the symbols of success is revealed as an objectively occurring sociocultural process in film communication. Cultural production and consumption are being rethought as the self-communication of society, which has sustainable trends. The connections of the sociocultural process of symbolizing success with communicative, semantic and semiotic processes have been studied. The specificity of the dialectical contradiction between sociocentric and personocentric (...) symbols of success is described. The theoretical provisions that reveal the structural and functional side of the socio-cultural process of symbolizing success are presented, its objectivity is proved on the example of the analysis of an array of films, the dominant tendencies in the halo of the cultural space of the general film market are determined. The book is addressed to scientists, students and teachers interested in cultural dynamics, social communication, the role of cinema in modern society. (shrink)

Work represents a significant part of a person's life. At working age, people spend much of their time divided between family, leisure and work, and the way a person relates to work conditions family, social and economic relationships. With the proliferation and diversification of occupations – a characteristic of modern societies – the world of work became a personal challenge, as it is no longer seen exclusively from the perspective of existential necessity – concerned about the needs for security and (...) livelihood – but to be now understood as a social phenomenon, with an exchange value through which market's goods and services can be reached. Thus, in contemporary society, work is perceived as something that is not determined, but a reality that involves the whole person and develops throughout life. Therefore, when considering how individuals relate to and value work, we identify the values underlying the mentality that shapes a society. Based on this principle, and according to the European Values Study, the present study intends to analyze the value of work in Portugal in the last three decades and place the results against the national average for the European Union. (shrink)

The purpose of this investigation is to develop a new methodological basis for studying the market opportunities of the multinational corporation (MNC) on the basis of the synthesis of modern scientific methods for further forecasting their change. The results showed the degree of dependence of the effectiveness of business management on the trends in the field development and competitor’s actions, market access opportunities, the use of MNC opportunities, their strategic positions, and the totality of internal factors that determine (...) the profitability of activities. The practical value of the obtained results is to identify areas for increasing the efficiency of MNC business management and forecasting the dynamics of sales volumes of their products on the market. (shrink)

This study investigated the impact of investor psychological bias on a firm’s market value. In detail, we examined the effect of investor overconfidence (optimism) and loss aversion (pessimism) on firm market value. We also aimed to investigate the moderating effect of corporate governance on the relationship between investor behavior biases and firm market value. This study used a sample of 143 firms listed on the Saudi Stock Exchange over the period from 2012 to 2021. (...) The results suggest that investor overconfidence affects a firm’s value positively. On the other hand, loss aversion is negatively associated with the firm’s market value. Furthermore, we find that corporate governance (measured by board size and board independence) enhances the positive association between overconfidence and firm market value. In contrast, we find that corporate governance seems to marginally mitigate the negative effect of loss aversion. (shrink)

The contours of sustainable systems are defined according to communities’ goals and values. As researchers shift from sustainability-in-the-abstract to sustainability-as-a-concrete-research-challenge, democratic deliberation is essential for ensuring that communities determine what systems ought to be sustained. Discourse analysis of dialogue with Michigan direct marketing farmers suggests eight sustainability values – economic efficiency, community connectedness, stewardship, justice, ecologism, self-reliance, preservationism and health – which informed the practices of these farmers. Whereas common heuristics of sustainability suggest values can be pursued harmoniously, we discuss (...) how this typology reflects the more intricate project of balancing values in tension with one another. (shrink)

The financial turmoil of the past several years has caused many to question the integrity, stability, and very purpose of financial systems which, in today’s world, represent a unique blend of primarily capitalism but also aspects of socialism and collectivism as well. A key factor contributing to this sustained period of economic upheaval has been the uncertainty surrounding capital markets – the fuel that powers all modern economies. Capital markets have, in the minds of many, come to represent the embodiment (...) of greed, unrestrained egoism, and exploitation of the vulnerable – conceptions at complete odds with the central values of social justice as set forth in both Christian and Jewish primary sources: caring for the poor, protecting the weak, and the promotion of justice. -/- In this paper I argue that capital markets, rather than being a means for the powerful to exploit the weak, have in fact become a force for social good in the aggregate. Indeed capital markets are, in fact, a social contract and as such must be governed by a set of normative ethical principles – both self imposed, and imposed by government regulation. I explore the ethical difficulties that have led to the systemic problems and market failures that lead to not only this current financial crisis, but literally all financial crises over the past eight hundred years. Capital markets, left to their own devices and without both self and governmental oversight, quickly become hotbeds of manipulation and exploitation. In order for markets to function properly, principles of basic fairness must become normative. It is when capital markets become unfair and unjust, that they fail. Thus, these markets must be structured in such a way as to 1) promote Rawl’s “Justice as Fairness” principle and 2) align the interests of market participants to produce universally beneficial market efficiency and stability. -/- Finally, I propose concrete ways in which the power of capital markets may be harnessed to promote the central moral values of Christian tradition and be used by people of faith to promote the ideals of social justice. (shrink)

The paper deals with the topical issue of studying cyclic patterns in the economy and their practical application for the forecasts on the development of financial markets. The work aims to establish the features of the seasonal-cyclic patterns "The January barometer" and "The first five days of January" in the international financial markets in current conditions and to develop recommendations for the practical application of these patterns in the investment activities. The US stock market as an integral part of (...) the World financial market was chosen as a basis for research. The research was conducted by statistical processing of data on the values of the broad market index Standard & Poor's-500 for the period from 1950 to 2019. The study showed that the formation of forecasts about the annual growth or decline of the stock market index using the seasonal-cyclic patterns "The January barometer" and "The first five days of January" can show a high result in cases where the growth of the Standard & Poor's-500 index by the results of both the first five days of January and the results of the entire month of January of this year is a positive value. Otherwise, forecasting based on these instruments is not advisable. The best results (the forecast efficiency was 93.3%) were achieved with the joint application of both cyclic patterns. The practical application of the research results makes it possible to improve the efficiency of investment activities in international financial markets. (shrink)

In Free Market Fairness, John Tomasi tries to show that ‘thick’ economic liberties, including the right to own productive property, are basic liberties. According to Tomasi, the policy-level consequences of protecting economic liberty as basic are essentially libertarian in character. I argue that if economic liberties are basic, just societies must guarantee their fair value to all citizens. And in order to secure the fair value of economic liberty, states must guarantee that citizens of roughly similar dispositions (...) and talents are roughly equally able to use their economic liberties to develop and pursue a conception of the good. This, I will argue, is a very demanding standard that requires aggressive taxation and redistribution. (shrink)

Decision-making regarding healthcare expenditure hinges heavily on an individual's health status and the certainty about the future. This study uses data on propensity of general health exam (GHE) spending to show that despite the debate on the necessity of GHE, its objective is clear—to obtain more information and certainty about one’s health so as to minimise future risks. Most studies on this topic, however, focus only on factors associated with GHE uptake and overlook the shifts in behaviours and attitudes regarding (...) different levels of cost. To fill the gap, this study analyses a dataset of 2068 subjects collected from Hanoi (Vietnam) and its vicinities using the baseline-category logit method. We evaluate the sensitivity of Vietnamese healthcare consumers against two groups of factors (demographic and socioeconomic-cognitive) regarding payment for periodic GHE, which is not covered by insurance. Our study shows that uninsured, married and employed individuals are less sensitive to cost than their counterparts because they value the information in reducing future health uncertainty. The empirical results challenge the objections to periodic health screening by highlighting its utility. The relevance of behavioural economics is further highlighted through a look at the bounded rationality of healthcare consumers and private insurance companies in using and providing the service, respectively. (shrink)

This article presents a generic model for pricing financial derivatives subject to counterparty credit risk. Both unilateral and bilateral types of credit risks are considered. Our study shows that credit risk should be modeled as American style options in most cases, which require a backward induction valuation. To correct a common mistake in the literature, we emphasize that the market value of a defaultable derivative is actually a risky value rather than a risk-free value. Credit (...) class='Hi'>value adjustment (CVA) is also elaborated. A practical framework is developed for pricing defaultable derivatives and calculating their CVAs at a portfolio level. (shrink)

Michael Sandel’s latest book is not a scholarly work but is clearly intended as a work of public philosophy—a contribution to public rather than academic discourse. The book makes two moves. The first, which takes up most of it, is to demonstrate by means of a great many examples, mostly culled from newspaper stories, that markets and money corrupt—degrade—the goods they are used to allocate. The second follows from the first as Sandel’s proposed solution: we as a society should deliberate (...) together about the proper meaning and purpose of various goods, relationships, and activities (such as baseball and education) and how they should be valued. -/- Public philosophy is a different genre from academic philosophy, but that does not mean that it cannot be held to high standards. In my view, while this book does provide food for thought and food for conversation, it nevertheless has significant failings as a work of public philosophy rather than journalistic social activism on the model of Naomi Klein’s No logo (1999). (shrink)

With the transition of the pandemic-gripped labor market en masse to remote capabilities to avert from a national or international economic meltdown, a concern arises that many job seekers simply cannot fit into the new roles being developed and implemented. Beyond the loss of on-site work, the market is unable to reverse the loss of many roles that are, and have been, taken over by artificial (computer) intelligence systems. The “business-as-usual” mentality that many have come to associate with (...) pre-pandemic life supposedly took these losses into account, much to various societies’ detriment during this international crisis. And unlike at the turn of the millennium, the market has come to realize that it cannot function without advanced computer intelligence (CI) systems. Arguments can be made that humanity’s currently most sophisticated CI systems come nowhere near replicating the nuances that would prompt one to classify the system as being “human-like,” and that they will remain this way for the foreseeable future. However, what is conveniently ignored in this assessment is how not even three generations have passed since computer systems became an integral aspect of daily life. While the loss of work for humans as a result of this advancement of technology may not immediately reach concerning levels, it still begs the question of how society should react to a lack of non-specialized work and the value of “humanness” in the labor market. This work intends to explore these concepts and provide anticipatory guidance on how humanity should adapt. (shrink)

Corruption devours profts, people, and the planet. Ethical leaders promote ethical behaviors. We develop a frst-stage moderated mediation theoretical model, explore the intricate relationships between ethical leadership (member rated, Time 1) and employee ethical behaviors (leader rated, Time 3), and treat ethical climate and organizational justice (member rated,Time 2) as dual mediators and leaders’ moral attentiveness (leader rated, Time 3) as a moderator. We investigate leadership from two perspectives—leaders’ self-evaluation of moral attentiveness and members’ perceptions of ethical leadership. We theorize: (...) These dual mediation mechanisms are more robust for high moral leaders than low moral leaders. Our three-wave data collected from multiple sources, 236 members and 98 immediate supervisors in the Republic of Iraq, support our theory. Specifcally, ethical leadership robustly impacts organizational justice’s intensity and magnitude, leading to high employee ethical behaviors when leaders’ moral attentiveness is high than low. However, ethical leadership only infuences the ethical climate’s intensity but has no impact on the magnitude when leaders’ moral attentiveness is high than low. Therefore, organizational justice is a more robust mediator than the ethical climate in the omnibus context of leader moral attentiveness. Our fndings support Western theory and constructs, demonstrating a new theory for Muslims in Arabic’s emerging markets. Individual decision-makers (subordinates) apply their values (ethical leadership) as a lens to frame their concerns in the immediate (organizational justice and ethical climate) and omnibus (leader moral attentiveness) contexts to maximize their expected utility and ultimate serenity-happiness. Ethical leadership trickles down to employee ethical behaviors, providing practical implications for improving the ethical environment, corporate social responsibility, leader-member exchange (LMX), business ethics, and economic potentials in the global competitive markets. (shrink)

Critical theory has long resisted the notion that an “invisible hand” can operate within the real social dynamics of a free market. But despite the most radical desires of the socially critical imagination, the optimization of that “spontaneous order” or depersonalized way of ordering things known as “the economy” has become the dominant playing field and decisive electoral issue of modern politics. Within this broad contemporary context, Michel Foucault made a strange theoretical intervention that, to this day, continues to (...) baffle readers. During a lecture, he argued that Adam Smith’s invisible hand was, after all, truly and purposively, that is, for technical rather than ideological reasons, “invisible.” This article argues that there is a counter-positivism or tactical irony contained within the logic of such a controversial thesis; namely, that when one acknowledges that the principle of economic competition encourages an efficient self-organizing effect at all times, regardless of context, one is also immediately in a position to appreciate why the art of government should always maintain its political primacy over the spontaneous order of the market. (shrink)

Purpose – to differency in the franchise model implementation by tour operators in the European and Ukrainian markets. Design/Method/Approach. A theoretical approach is based on generalization, system and comparative analysis, content analysis, statistical, and graphical and tabular methods. Findings. The research characterized business franchising models of the largest multidisciplinary tour operators of mass tourism in Ukraine. The general conditions of performing tourist activity on the principles of business franchising for travel agencies are determined. The authors clarified the differences between business (...) franchising models in the European and Ukrainian markets. The mechanism of business multiplication and cooperation of opportunities aimed at promoting a tourist product on the target market defines the franchising. Originality/Value. The scientific novelty is to clarify the tourism activities conditions on a franchise basis in Europe and, in particular, in Ukraine, highlighting the franchise model features of the European business that are in a clearly defined vertically integrated management structure, strong national marketing management, corporate business support, longterm franchise agreements, and effective franchise system. Practical implications. The research practical results significance lies in travel agencies' possible application in deciding to join the franchise network and tour operators in addressing projected business risks diversification. Research limitattions / Future research. Due to the economic crisis in the tourism business, further research promising area is to find ways to stabilize the network business in tourism. The change in the financial condition of travel agencies after franchisee status obtain or termination is of interest. Paper type – theoretical. (shrink)

The notion of “worth” and “value” throughout human history was only partly dependent on economic reasons. Arrangements about what is considered an equivalent value/measure of wealth are the result of complex interdependencies of economic, social and cultural factors. For thousands of years people have used precious metals as universal equivalent and main measure of wealth; full-value metal money was, in fact, only reinforced by the authority of state (ruler) evidence of presence certain amount of precious metal. The (...) rejection of valuable coins and the provision of banknotes with precious metals (that is, the rejection of the gold and the silver standard) led to the fact that the circulating money signs in the society ceased to denote a concrete value, becoming an abstraction, putting the population in dependence on state’s monetary policy and financial stability of national economy. Bitcoin and its numerous alternatives arose as a response to the challenge of informatization, globalization and individualization of economic activity. This is an attempt to escape from control of state structures that are inclined to abuse their right to issue banknotes and to voluntaristic methods of managing the economy. To some extent, the cryptocurrencies reflect the nostalgia of market participants on the gold standard, which is surprisingly transformed into a complete denial of the materiality (including the metal substance) of money. This situation stimulates the search for new models for designation the equivalent value in the information society. (shrink)

According to the criterion of physical ability any state considers a person as a source of wealth and economic growth, industry and economic sector – as a personification of productive power and profit, and business – as a resource for productive activities and super income. Such a perception of an individual implies the existence of his three constituents, namely: the function of movement, the means of exchange activity, and, finally, the complex of motives to join the interaction environment and the (...) development environment. These constituents also define the motion trajectory of an individual who is involved in the reproductive process, and the result of such a movement expected by the society. At all stages of movement of an individual there are different environments which have leading value for him, such as education, family growth and bringing up, physical training and sport, communication and interaction which develop desire for learning, curiosity, inquisitiveness and other qualities. To trace the emergence of an individual as the product of bringing up, education, and activities, we have to examine the overall situation and the target system environment, which contributes to the development of physical abilities. The systems of physical education and development of physical abilities take the leading part in this environment; more and more people in post industrial society of our planet pay attention to these issues. However, many of the conceptual basics and the position of the perception of these systems and their significance for the individual, who has his own spiritual and cultural values, their role in providing vital activities are not studied enough yet. For example, a person’s entering into the environment of sports activities, which is based on his physical abilities, at any age transfers him into a group of factors of productive forces of the society and an individual becomes a business object. (shrink)

R&D collaborations between industry, government, civil society, and research ) have recently gained attention from R&D theorists and practitioners. In aiming to come to grips with their complexity, past models have generally taken a stakeholder-analytical approach based on stakeholder types. Yet stakeholder types are difficult to operationalise. We therefore argue that a processual model is more suited for studying the interaction in QHCs because it eschews matters of titles and identities. We develop such a model in which the QHC is (...) represented as a process of generating four types of value: research value, market value, political value, and societal value. We then apply this processual model in analysing real-life cases of friction in QHCs. Friction is seen, not as an interpersonal clash, but as a discrepancy between two or more value-creation processes that compete for limited resources. (shrink)

The Netherlands has been known as one of the pioneers in the sharing economy. At the beginning of the 2010s, many local initiatives such as Peerby, SnappCar, and Thuisafgehaald launched that enabled consumers to share underused resources or provide services to each other. This was accompanied by a wide interest from the Dutch media, zooming in on the perceived social and environmental benefits of these platforms. Commercial platforms such as Uber, UberPop and Airbnb followed soon after. After their entrance to (...) the market, the societal debate about the impact of these platforms also started to include the negative consequences. Early on, universities and national research and policy institutes took part in these discussions by providing definitions, frameworks, and analyses. In the last few years, the attention has shifted from the sharing economy to the much broader defined platform economy. (shrink)

The pervasiveness of AI-empowered technologies across multiple sectors has led to drastic changes concerning traditional social practices and how we relate to one another. Moreover, market-driven Big Tech corporations are now entering public domains, and concerns have been raised that they may even influence public agenda and research. Therefore, this chapter focuses on assessing and evaluating what kind of business model is desirable to incentivise the AI for Social Good (AI4SG) factors. In particular, the chapter explores the implications of (...) this discourse for SDG #17 (global partnership) and how this goal may encourage Big Tech corporations to strengthen multi-stakeholder partnerships that promote effective public-private and civil society partnerships and the meaningful co-presence of non-market and market values. In doing so, the chapter proposes an analysis of the sociological notion of "social license to operate" (SLO) elaborated in the mining and extractive industry literature and introduces it into the discourse on sustainable digital business models and responsible management of risks in the digital age. This serves to explore how such a social license can be adopted as a practice by digital business models to foster trust, collaboration and coordination among different actors - AI researchers and initiatives, institutions and civil society at large - for the support of SDGs interrelated targets and goals. (shrink)

Society, based on contract and voluntary exchange, is evolving, but remains only partly developed. Goods and services that meet the needs of individuals, such as food, clothing, and shelter, are amply produced and distributed through the market process. However, those that meet common or community needs, while distributed through the market, are produced politically through taxation and violence. These goods attach not to individuals but to a place; to enjoy them, individuals must go to the place where they (...) are. Land owners, all unknowingly, distribute such services contractually as they rent or sell sites. Rent or price is the market value of such services, net after disservices, as they affect each site. By distributing occupancies to those who can pay the highest price, land owners’ interests align with those of society. Without this, tenure would be precarious—by force or favor of politicians. The 18th-century separation of land from state, so little studied by historians, permitted the development of modern property in land. This change is perhaps “the greatest single step in the evolution of Society the world has ever seen.” When land owners realize that they market community services, they will organize to produce and administer them as well, and society will be made whole. (shrink)

Proponents of the rule of law argue about whether that ideal should be conceived formalistically or in terms of substantive values. Formalistically, the rule of law is associated with principles like generality, clarity, prospectivity, consistency, etc. Substantively, it is associated with market values, with constitutional rights, and with freedom and human dignity. In this paper, I argue for a third layer of complexity: the procedural aspect of the rule of law; the aspects of rule-of-law requirements that have to do (...) with "natural Justice" or "procedural due process." These I believe have been neglected in the jurisprudential literature devoted specifically to the idea of the rule of law and they deserve much greater emphasis. Moreover procedural values go beyond elementary principles like the guarantee of an unbiased tribunal or the opportunity to present and confront evidence. They include the right to argue in a court about what the law is and what its bearing should be on one's situation. The provision that law makes for argument is necessarily unsettling, and so this emphasis on the procedural aspect highlights the point predictability should not be regarded as the be-all and end-all of the rule of law. (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)

To Aaron Pacitti and Michael Cauvel–whose journal article, “Rent-Seeking Behavior and Economic Justice: A Classroom Exercise” broadly argues that “understanding the [complexities] of rent-seeking behavior helps fill the gap between economics and politics”–the varieties of rent are wide and, therefore, can only be described in their category-specific positions. I will discuss three of these categories in more detail below, but for now, I propose that a useful working grasp of economic rent involves “the amount paid to the owner of a (...) factor of production over the cost that is to be necessarily incurred on utilizing such elements in the production process.” In math terms, ‘economic rent’ equals the agreed-upon-amount paid by the consumer (when that amount far exceeds the market value of the product) minus the cost spent by the producer to make the product (when that cost is far below the typical amount to produce the product). Originally, the concept of economic rent concerned land ownership and the production of natural goods. Two major economists, Adam Smith and David Ricardo, offered insights into the general makeup and logic of what they called, the rent of land and simply rent, respectively. (shrink)

Misreadings of Derrida's Of Grammatology were prevalent from the time of its debut, up to the present day. For fifty years, Derrida's generalised textuality has been misread as though he meant there was nothing outside text in the traditional sense. This misreading always serves to re-institute notions of linear temporal progress, either among self-styled avant-garde authors who would like to break with past traditions, or among self-styled conservatives who hope to repeat them. If the binaries that divide these works from (...) past texts are undecidable, the ground for such temporal progress disappears, along with the divisions by which we create linear narratives of history. The misreading of Derrida is an attempt to exorcise this undecidability and regain the intellectual and market value of novelty or repetition. (shrink)

This paper focuses on the question of filtration through the perspective of “too much information”. It concerns Western society within the context of new media and digital culture. The main aim of this paper is to apply a philosophical reading on the video game concept of Selection for Societal Sanity within the problematics of cultural filtration, control of behaviors and desire, and a problematization of trans-individuation that the selected narrative conveys. The idea of Selection for Societal Sanity, which derives from (...) the first postmodern video game Metal Gear Solid 2: Sons of Liberty (2001), is applied into a philosophical framework based on select concepts from Bernard Stiegler’s writing and incorporating them with current events such as post-truth or fake news in order to explore the role of techne and filtration within social organizations and individual psyches. Alternate forms of behavior, which contest cultural paradigms, are re-problematized as tension between calculability and incalculability, or market value versus social bonding. (shrink)

Inspired by the text entitled The Collapse of the Fact/Value Dichotomy and Other Essays (2004) of Hilary Putnam, the volume focuses on the theory and practice of knowledge, but one can legitimately extend it to other fields, most especially in aesthetics. Certain observable features in the fields of aesthetics, practice and artistic creation show that old evaluation criteria may now be obsolete. This is because upon further consideration, the definition of value remains opaque : should the artwork be (...) judged according to its moral value, its market value, or its formal value ? To side with or against the concept of value in art and aesthetics does not preclude a certain number of differences concerning the very nature of what is meant by value. If traditionally the ‘fact’ was the work, taken in all its tangibility, currently the materiality of the object no longer seems to play such a major role. Art is increasingly populated by so-called ‘immaterial’ or ‘ephemeral’ works and is therefore rarely, or badly, quantifiable according to old aesthetic and economic evaluation criteria. The progressively pragmatic contextualization of works within the social space puts forward a new definition of aesthetic value, no longer eternal and ideal, but rather anchored in the sensible and the politico-economic issues of a culturally specific situation. The current changes too support the idea that the question of ‘value’ and its confrontation with the concept of ‘fact’ is urgent. What role do artistic practices and aesthetic theories play ? A role of emancipation, of liberation, escape, or transformation ? Or on the contrary, could art become another means to subject individuals to the status quo ? As can easily be noticed, the question of maintaining or rejecting the dichotomy of facts and values is at the heart of the most pressing issues. (shrink)

The current economic/political system, neoliberalism, has touched every aspect of life globally. The doctrine of neoliberalism consists of three central propositions, that the market is real and part of the natural universal law; that unlimited economic growth is both possible and even desirable; and that human nature is coincident with market values and based solely on self-interest. All three of these propositions are seriously flawed and have caused immense human suffering and staggering environmental destruction. This paper is a (...) reminder of the failures of neoliberal policy and an appeal for change to a new institutional arrangement in which development trumps economic growth. This position is in contrast to Francis Fukuyama’s end-of-history thesis. He alleges there are no economic/political ideologies to compete with neoliberalism, the “TINA principle: There Is No Alternative”: the West has won. It is time to reintroduce Henry David Thoreau’s, and to a lesser extent, Adam Smith’s moral economies. Both have encourgaging insights, often overlooked by current academic economists, which could figure prominently in the conception of a new economy. (shrink)