Despite the many advantages that mobile money o ers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this (...) study adopted an exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clientele, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. (shrink)

Abstract: This study examined performance aptitude of successful marketing executives’ in Deposit Money Banks in Nigeria. The specific objectives include: (i) to determine the influence of aptitude on both objective and subjective performance of marketing executives in Nigerian Deposit Money Banks and (ii) to determine how these 17 aptitude variables: quantitative/math ability, cognitive ability, intelligent quotient, conscientiousness, neuroticism, openness, agreeableness, sociability, persuasiveness, aggressiveness, persistence, empathy, age, gender, marital status, height and body size/weight influence performance of marketing executives in (...) Nigerian Deposit Money Banks. Quantitative survey research design methodology was adopted for the study. By gathering primary data from 334 bank marketing executives and 219 business managers using structured questionnaire and MANCOVA statistical tool for testing the hypotheses and analyzing the data, findings revealed that: aptitude has strong and positive influence on both objective and subjective performance of marketing executives in Nigerian Deposit Money Banks and (ii) all the aptitude variables mentioned above have strong and positive influence on both objective and subjective performance of marketing executives in Nigerian Deposit Money Banks except gender, marital status and height. It was recommended that bank managers should pay adequate attention to those aptitude variables that have strong positive influence on performance of marketing executives and de-emphasize expenditures on those that do not. (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)

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)

The ‘limits of markets’ debate broadly concerns the question of when it is (im)permissible to have a market in some good. Markets can be of tremendous benefit to society, but many have felt that certain goods should not be for sale (e.g., sex, kidneys, bombs). Their sale is argued to be corrupting, exploitative, or to express a form of disrespect. InMarkets without Limits, Jason Brennan and Peter Jaworski have recently argued to the contrary: For any good, as long as (...) it is permissible to give it for free, then it is permissible to give it for money. Their thesis has led to a number of engaging objections, and I leverage recent work on the nature of feasibility within political philosophy to offer a new challenge.I argue that feasibility offers a constraint on which markets can be permissibly implemented. Though it may be possible to create a morally acceptable version of an otherwise repugnant market, some of these markets may be infeasible, and so we are not permitted to implement them. After laying out this challenge, I consider several replies. They concern the relevance of feasibility, and whether any markets really are infeasible. This provides an opportunity to explore the dangers of pursuing the infeasible and with markets generally. I conclude by considering what might lead us to pursue these markets despite their infeasibility, or how knowledge of infeasibility may prove useful regardless. (shrink)

The evaluation of labour markets and of particular jobs ought to be sensitive to a plurality of benefits and burdens of work. We use the term 'the goods of work' to refer to those benefits of work that cannot be obtained in exchange for money and that can be enjoyed mostly or exclusively in the context of work. Drawing on empirical research and various philosophical traditions of thinking about work we identify four goods of work: 1) attaining various types (...) of excellence; 2) making a social contribution; 3) experiencing community; and 4) gaining social recognition. Our account of the goods of work can be read as unpacking the ways in which work can be meaningful. The distribution of the goods of work is a concern of justice for two conjoint reasons: First, they are part of the conception of the good of a large number of individuals. Second, in societies without an unconditional income and in which most people are not independently wealthy, paid work is non-optional and workers have few, if any, occasions to realize these goods outside their job. Taking into account the plurality of the goods of work and their importance for justice challenges the theoretical and political status quo, which focuses mostly on justice with regard to the distribution of income. We defend this account against the libertarian challenge that a free labour market gives individuals sufficient options to realise the goods of work important to them, and discuss the challenge from state neutrality. In the conclusion, we hint towards possible implications for today’s labour markets. (shrink)

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

Vietnam’s money and capital markets continue to see dramatic stages in the remaining months of 2011 due to high bank rates and also increasing foreign-exchange exposure faced by domestic enterprises.

Abstract: The study investigated the impact of Customer Relationship Management (CRM) on performance of deposit money banks in Abia State. The study adopted a random sampling technique which made it possible for all the workers to have equal opportunity to being selected as the representative sample based on the total population of the two hundred and ten (210), a normal confidence level of 95% and error tolerance of 5% was used. ANOVA showed a large F-statistics of 509.23 coupled with (...) a significant value of less than 0.005 which indicated that there was a 95% confidence interval that the difference was accepted. The regression gave the value 0.564. The value using 2-tailed analysis was flagged as being significant with a 0.001 sig. value. Equally implied that there was a more than 95% confidence interval. More so, Since the p-value 0.154 was greater than 0.059 that was (real 0.154 > rtab 0,059). Therefore, the researcher found that there was relationship between CRM practice and customer satisfaction of First bank and GT Bank Plc. in Abia state. Also that there was an influence of CRM practice on profitability in First Bank and GT Bank Plc. in Abia state. Finally that there was an influence of CRM practice on the market share of First bank and GT bank plc in Abia state. (shrink)

Tato studie je recenzní statí ke knize Andrew MCGETTIGAN, The Great University Gamble: Money, Markets and the Future of Higher Education. London: Pluto Press, 2013. Klíčovým motivem studie je využití McGettiganovy analýzy technických aspektů reformy univerzitního systému započaté v Anglii na konci první dekády jednadvacátého století pro výklad vzestupu specifického režimu vzdělávání vyjádřeného v jazyce a logice „trhu a peněz". Vzestup tohoto režimu je interpretován s ohledem na procesy odpojování univerzitního prostředí od dosavadního vzdělávacího rámce spojeného s veřejnými zájmy. (...) Studium způsobů, jakými procházejí peníze zaváděným systémem vzdělávání, odkrývá novou podobu konfrontace klasických ideálů univerzitní výchovy s realitou masového vzdělávání. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

The study aimed to determine the personal financial management practices among selected personnel of the Bureau of the Treasury – Central Office. It used the descriptive method of gathering data. The respondents of the study consisted of 183 personnel from 35 divisions of the Bureau and selected through simple random probability sampling technique. The study shown that most of the respondents aged 26 to 35 years old, female, single, bachelor’s degree holder, rank and file workers, permanent employees, have been in (...) the agency for 5 years and below and with monthly compensation ranging from P15,001 – P30,000. In terms of financial planning, most of the respondents set their short and long-term financial goals. In terms of money management, most of the respondents saved so that they do not need to borrow from others. In terms of income and asset protection, most of the respondents considered uncertainties for their future. And in terms of investments, most of the respondents purchased government securities. The researcher recommended to utilize various social media platforms as an avenue for financial planning, start considering the use of credit management in the acquisition of their needs, understand the need of acquiring non-life insurance and start familiarizing themselves in the concept of the derivatives market. Also, the Bureau of the Treasury should initiate seminars/webinars about how to start writing a financial plan, effective ways in managing finances, the vital role of insurance and estate planning, and possible ways in earning money when investing on securities and derivatives. (shrink)

John Searle’s The Construction of Social Reality and Hernando de Soto’s The Mystery of Capital shifted the focus of current thought on capital and economic development to the cultural and conceptual ideas that underpin market economies and that are taken for granted in developed nations. This collection of essays assembles 21 philosophers, economists, and political scientists to help readers understand these exciting new theories.

We live in a world of crowds and corporations, artworks and artifacts, legislatures and languages, money and markets. These are all social objects — they are made, at least in part, by people and by communities. But what exactly are these things? How are they made, and what is the role of people in making them? In The Ant Trap, Brian Epstein rewrites our understanding of the nature of the social world and the foundations of the social sciences. Epstein (...) explains and challenges the three prevailing traditions about how the social world is made. One tradition takes the social world to be built out of people, much as traffic is built out of cars. A second tradition also takes people to be the building blocks of the social world, but focuses on thoughts and attitudes we have toward one another. And a third tradition takes the social world to be a collective projection onto the physical world. Epstein shows that these share critical flaws. Most fundamentally, all three traditions overestimate the role of people in building the social world: they are overly anthropocentric. Epstein starts from scratch, bringing the resources of contemporary metaphysics to bear. In the place of traditional theories, he introduces a model based on a new distinction between the grounds and the anchors of social facts. Epstein illustrates the model with a study of the nature of law, and shows how to interpret the prevailing traditions about the social world. Then he turns to social groups, and to what it means for a group to take an action or have an intention. Contrary to the overwhelming consensus, these often depend on more than the actions and intentions of group members. (shrink)

Purpose: Illicit financial flows are targeted by the United Nations’ (UN) Sustainable Development Goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws, and regulations that lack mechanisms to detect and penalize them. This paper investigates whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes. -/- Design/methodology/approach: To develop a more advanced version of the embezzler test in terms (...) of definitions and practical implementation methodology. -/- Findings: In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multi-stage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation, and tax evasion. -/- Originality: This is the first explicit test that has been presented to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes. -/- Research implications: Future research can employ the version of this test to stress test a large range of economic norms, laws, and regulations. -/- Practical/Social implications: This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws, and regulation. (shrink)

We live in times of an increasing polarization in which the margins of the political spectrum begin to dominate our social imagination again. While the neoliberal iteration of the capitalist project suggests an extreme individualism as the normative default position, the devastating impact of the globalized economy on many has reignited the pursuit of socialist alternatives. In this constellation, Simmel’s social theory of modernity can be a useful resource to undercut the return of the old battle between opposite economic systems. (...) This paper argues that two kinds of pluralism can be derived from his conceptualization of the social effects of the money economy. In contrast to one-size-fits-all concepts of freedom, Simmel embraces a social pluralism which acknowledges a plurality of cultural spheres as relevant for the self-actualization of modern individuals, attributing different combinations of independence and embeddedness to them. Moreover, he rejects the social extremes of socialism and individualism, since they fail to properly integrate individual freedom into the social whole without undermining it. Instead Simmel gives us the vision of a pluralist economy in which democratic worker’s cooperatives are combined with an overall liberal market to satisfy both the longing for community and the strive for individual distinction. (shrink)

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

In this paper we propose an Ontology of Commercial Exchange (OCE) based on Basic Formal Ontology. OCE is designed for re-use in the Industrial Ontologies Foundry (IOF) and in other ontologies addressing different aspects of human social behavior involving purchasing, selling, marketing, and so forth. We first evaluate some of the design patterns used in the Financial Industry Business Ontology (FIBO) and Product Types Ontology (PTO). We then propose terms and definitions that we believe will improve the representation of contractual (...) obligations, sales processes, and their associated documents. A commercial exchange, for instance, involves mutual agreement to reciprocate actions, such as transferring money, performing a service, or transferring goods. (shrink)

The purpose of this paper is to think about the various methods of attempting to make money in the capital markets (“investing”). I suggest that though running a betting system on a Roulette wheel is silly, running a betting system on the capital markets may be a good idea.

A scarcity mindset is considered to impact consumer behaviors. Our research aimed to examine the moderating effect of the scarcity mindset on the relationship between mental accounting and hedonic (vs. utilitarian) consumption. We conducted an online experimental design (mental accounting: windfall gains vs. hard-earning gains; consumption: hedonic products vs. utilitarian products) and verified our hypotheses in two distinct samples: a student sample and an adult sample. Our results showed that consumers who received windfall gains tended to use it for hedonic (...) consumption rather than utilitarian consumption. Intriguingly, such an effect was insignificant under a high level of a scarcity mindset but significant under a low level of the scarcity mindset. Moreover, consumers who received hard-earning gains tended to spend the money on utilitarian (vs. hedonic) consumption. However, we did not detect the impact of the scarcity mindset on such effects. Our research suggested an asymmetric effect of the scarcity mindset on hedonic (vs. utilitarian) consumption under two different mental accounts. It highlights the important role of the scarcity mindset in consumer behaviors, which leaves avenues for future research to understand marketing promotion strategies for distinct products. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On (...) the other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

During the current financial crisis, the need for an alternative to a laissez-faire ethics of capitalism (the Milton Friedman view) becomes clear. I argue that we need an order ethics which employs economics as a key theoretical resource and which focuses on institutions for implementing moral norms. -/- I will point to some aspects of order ethics which highlight the importance of rules, e.g. global rules for the financial markets. In this regard, order ethics (“Ordnungsethik”) is the complement of the (...) German conception of “Ordnungspolitik” which also stresses the importance of a regulatory framework. This framework is needed not to tame the market, but to make it more profitable in the long run. -/- The conception of order ethics relies heavily on contractarianism, especially on James Buchanan’s work. Unlike many other conceptions of ethics, it does not start with an aim to achieve, but rather with an account of what the social world – in which ethical norms have to be implemented – is like. Our social world is different from the pre-modern one. Pre-modern societies played zero-sum games in which people could only gain significantly at the expense of others. And the types of ethics that we are still used to today have been developed within these pre-modern societies. -/- Modern societies, by contrast, can be characterised – by economists and other social theorists alike – as societies with continuous growth. This growth has only been made possible by the modern competitive market economy which enables everyone to pursue his own interests within a carefully devised institutional system. In this system, positive sum games are played, which makes it in principle possible to improve the position of every individual at the same time. Most kinds of ethics, however, resulting from the conditions of pre-modern societies, ignore the possibility of win-win-situations and instead require us to be moderate, to share, to sacrifice, as this would have been functional in zero-sum games. These conceptions distinguish – in more or less strict ways – between self-interest and altruistic motivation. Self-interest, more often than not, is ultimately seen as something evil. -/- Such an ethics cannot be functional in modern societies. Ethical concepts lag behind. Within zero-sum games, it was necessary to call for temperance, for moderate profits, or for a condemnation of lending money at interest. Within positive-sum games, however, the morally desired result of a social process cannot be brought about by changes in motivation, by switching from ‘egoistic’ to ‘altruistic’ motivation. The second theoretical element introduced by order ethics is the distinction between actions and rules, which was already mentioned. Traditional ethics concerns actions: It calls directly for changes in behaviour. This is a consequence of pre-modern conditions as reconstructed before: People in the pre-modern world were only able to control their actions, not so much however the conditions of their actions. In particular, rules like laws, constitutions, social structures, the market order, and also ethical norms have remained stable for centuries. In modern societies, this situation has changed entirely. The rules governing our actions have increasingly come under our control. -/- In this situation, ethics has to focus on rules. Morality must be incorporated in incentive-compatible rules. Direct calls for changes in behaviour without changes in the rules lead only to an erosion of compliance with moral norms. Individuals that continue to behave ‘morally’ will be singled out, because the incentives have not been changed. Moral norms which are to be justified cannot require people to abstain from pursuing their own advantage. People abstain from taking ‘immoral’ advantages only if adherence to ethical norms yields greater benefits over the planned sequence of actions than defection in the single case. Thus ‘abstaining’ is not abstaining in the long run, it is rather an investment in expectations of long-term benefits. By adhering to ethical norms, I become a reliable partner for interactions. The norms do indeed constrain my actions, but they simultaneously expand my options in interactions. And people consent to rules only if these rules hold greater advantages for them, at least in the long run. -/- In general, ethics cannot require people to abandon their individual calculation of advantages. However, it may suggest improving one’s calculation, by calculating in the long run rather than in the short run, and by taking into account the interests of our fellows, as we depend on their acceptance for reaching an optimal level of well-being, especially in a globalized world full of interdependence. -/- The problem of implementation can now be placed at the beginning of a conception of order ethics, justified with reference to the conditions of modern societies I have sketched. Under the conditions of pre-modern societies, an ethics of temperance had evolved that posed simultaneously the problems of implementation and justification. The implementation of well-justified norms or standards could then be regarded as unproblematic, because the social structures allowed for a direct face-to-face enforcement of norms. Pre-modern societies not only favored an ethics of temperance, they also had the instrument of face-to-face-sanctions within their smaller and non-anonymous communities. This instrument is no longer functional in modern anonymous societies, and so we have to face up to the problem of implementation right at the start of our ethical conception. Simultaneously, an order ethics relies on the implementation of sanctions for enforcing incentive-compatible rules. In modern societies, rules and institutions, to a large extent, must fulfil the tasks that were, in pre-modern times, fulfilled by moral norms, which in turn were sanctioned by face-to-face sanctions. Norm implementation in modern societies thus works by setting adequate incentives in order to prevent the erosion of moral norms, which would happen if ‘moral’ actors were systematically threatened with exploitation by other, less ‘moral’ actors. -/- This conception of order ethics is then elaborated further in the area of business ethics. -/- . (shrink)

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

Mirvac chief executive Susan Lloyd-Hurwitz, not one usually associated with sympathy for tenants on the rental market, said earlier this year that ‘renting in Australia is generally a very miserable customer experience…the whole industry is set up to serve the owner not the tenant’ Her observation is basically correct and the solution she offers is to change the current situation where small investors, supported by generous government tax concessions, provide effectively all of the country’s private rental housing. Lloyd-Hurwitz wants (...) Mirvac, a property group currently managing over $15 billion of assets, to become an apartment landlord that would own not one or several properties like small investors currently do but rather thousands of properties to rent out. The proposal is for Mirvac to build apartment blocks and then, instead of selling individual apartments, rent them out on long-term or indefinite leases. This build-to-rent housing scheme would of course make the real estate–investment company a great deal of money. At the same time it would do very little to alleviate the current housing crisis. Such schemes are a nonstarter for people who want the security, stability and independence of home ownership, which is a very Australian aspiration that is increasingly becoming unobtainable not only for those experiencing homelessness, but also for the poor and middle-class. Those of us who care about finding a real solution to the housing crisis would do well to consider how we got into this situation in the first place, and then consider how this might inform what we do next. The following then, traces some of the historical and philosophical roots of our understanding of property and their institutionalisation via various levels of government, especially in the Australian context. (shrink)

Citation:Christodoulou, Marina. “Technopolis as the Technologised Kingdom of God. Fun as Technology, Technology as Religion in the 21st Century. God sive Fun.” Cahiers d'études germaniques N° 74, 2018. La religion au XXIe siècle - Perpectives et enjeux de la discussion autour d'une société post-séculière. Études reunites par Sébastian Hüsch et Max Marcuzzi, 119-132. -/- -------- -/- Neil Postman starts his book Technopoly: The Surrender of Culture to Technology (1993)1 with a quote from Paul Goodman’s New Reformation: “Whether or not it (...) draws on new scientific research, technology is a branch of moral philosophy, not of science.” (Postman 1993: motto; Goodman 2010: 40). I would extend Postman’s Technopoly to Technopolis, to give it more of a presence in time and space. Hence, I will use the term Technopoly when I am referring to Postman; the term Technopolis is my own. -/- In his book From Faith to Fun: The Secularisation of Humour, Russel Heddendorf argues that humour is a technology (Heddendorf 2009: 32-34), as it is understood and theorized by Neil Postman in Technopoly. Russel Heddendorf also argues that “Technopoly” is a term correlated with Wittgenstein’s use of the term “worldview” (Weltanschauung) (Heddendorf 2009: 11). -/- I would like to draw on these thoughts to propose that Technopoly (or Technopolis) could be the secularized Kingdom of God, namely that Technology is the Religion of the 21st century, and that Fun is a paradigm of such a Technology / Technique. God is yet another technique or Technology of and in Technopoly. -/- The godless individual in the 21st century, I will argue, is as much a believer as the faithful in the Sacred Religion (term used in opposition to Secular or rather Technological or Technologized Religion, which is Fun). He believes in Fun (as a post-modern form of pleasure), as much as the believer believes, or more accurately, believed in God. In the 21st century, the faithful in Sacred Religion believes in a fun God, as opposed to the serious God of the past. Fun is turning into the Technologized Religion for all; for the faithful in Godly / Sacred Religion, as well for as the unfaithful. Fun (pleasure, humour) is the definitive qualia of 21st century pleasure. The mechanics of Fun make it absolutely functional for controlling people; as Aldous Huxley wrote in Brave New World, people “are controlled by inflicting pleasure” (cited in Heddendorf 2009: 158). Now, indulging in pleasure is having Fun. In the 21st century, nobody is unfaithful, nobody disputes God, because God has been manufactured into Fun. We are living in the most religious century of all. -/- The commodity of God, now inextricably blended into work and leisure ethics and culture, is as unavoidable as survival. You don’t work, you don’t survive, you don’t exist. You work, you are entitled to leisure, or free time – the time (“busy-time”) when you are busy is work. The free time of leisure (“fun-time”) is a time for fun (pleasure). The time dedicated to Fun is culturally (capitalistically) pre-defined; no moment is actually free, each moment that is sold as free is to be bought with Work Time tokens –which is money. Believe is Enjoy. Happiness, achieved through pleasure, and pleasure through Fun, and Life as Play, is the recipe for Teleology in the 21st century. -/- The Technological God (Fun), as the Sacred God before him, is sovereignty’s technique or a social “mode of release”: demonstrations, marches, petitions, freedom of speech, citizen and human rights vindications, are “modes of release”, so that the next day, feeling relieved and released that you are working for a better life and a better world, you can wake up cheerfully to walk to your workplace, feeling it will change because of your marching, or your petition, or your speech, or the mass you attended, or the prayer you said yesterday. Thus life continues unchanging, through postponing hope; the tension of the tragedy is always released (lysis) in catharsis: refreshment for the next day of work. Art, especially cinema, (namely, simulated life) follows the same cathartic principles as real life. Thus, you can keep coping, and hoping in the meantime is of much help. Religion, Art, Science, Therapy, and Technology are all technologies used to market life, sell it or lend it, and humans are buying it back. Fun is free to produce, and expensive to buy. (shrink)

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

This study examines the inner workings of credit and debt in the sex industry in Ho Chi Minh City, the megalopolis of Southern Vietnam. It argues that credit is widely available to financially excluded sex workers, but that this availability comes with tight constraints. As one sex worker put it bluntly, ‘it is easy to borrow, but it is hard to repay.’ This tension summarizes the financial lives of indoor and outdoor sex workers who borrow money from the informal (...) credit market to fund consumption and make ends meet. (shrink)

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

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics in (...) the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. (shrink)

This book is a collection and reworking of research done by Pascal Salin since around 1990. Salin is an economist in the tradition of the Austrian school of economics. He emphasizes the centrality of individual choice in an uncertain world in which individual actions interact to produce spontaneous orders. But he is no mere conduit of established ideas. He also offers his own highly original insights honed after a lifetime as an economist, one who has earned the respect in which (...) he is now held by his peers worldwide. The book makes delightful reading. Salin covers a lot of ground in this book, mostly within the topics indicated by the title, though in the final two chapters he goes beyond these and into the foundations of economic science. The book is divided into five parts: (1) firms, markets and competition, (2) globalization and international economic problems, (3) monetary integration, (4) money, finance and economic policies, and (5) foundations of economic theory. (shrink)

This introductory chapter provides a general framework for thinking about the relationship between wealth and power. It begins by situating the topic in the history of political thought, modern social science, and recent political philosophy, before putting forward an analytical framework. This has three elements: first, the idea of liberalism's public/private divide: a division between a power-wielding state from which wealth should be absent, and a market economy from which power should be absent; second, the two ways the division (...) can be transgressed by the power of the wealthy: by the wealthy subverting the power of the state and by directly exercising power within the economy; and third, the four different approaches to responding to the transgression, either aiming to reassert the public/private divide or to move beyond it. (shrink)

The article reveals a conceptual basis of the cryptocurrency functioning. The main types of cryptocurrencies are featured and analyzed as well as their general strengths and weaknesses. Based on the price dynamics correlation analysis of some cryptocurrency types, a general low level of dependence between digital assets is established. The main functions of the cryptocurrency are formulated in the form of transformed money functions. Also, additional functions of cryptocurrencies are defined on the basis of their innovative nature, as well (...) as the role in the modern financial system and world economic relations. (shrink)

Comment en arrive-t-on à proposer comme oeuvre d’art une relation sexuelle tarifée avec un collectionneur? En 2003, l’artiste en art conceptuel et performeuse américaine, Andrea Fraser, commettra l’impensable de « coucher » avec un collectionneur afin de critiquer le milieu et surtout le marché de l’art contemporain. L’article qui suit propose une analyse thématique de l’aspect sexuel et éthique de cette oeuvre intitulée Untitled. Il sera d’abord question des significations possibles de cette performance et ses questionnements artistiques plus autoréférentiels. Je (...) compte ensuite aborder plus précisément la position trouble de la subjectivité de l’artiste qui oscille entre une posture d’objet sexuel et d’artiste. De même, le texte fera état de la position novatrice que l’oeuvre présente sur les enjeux éthiques du travail du sexe en déconstruisant les arguments paternalistes généralement invoqués pour criminaliser le travail du sexe. Et finalement, j’aborderai la question de savoir comment la nature sexuelle de l’oeuvre vient désacraliser à la fois l’art et la sexualité, et par le fait même critiquer l’idée que la sexualité soit le siège de la subjectivité. En désacralisant ainsi la sexualité, je postule qu’Untitled offre la possibilité de concevoir le travail du sexe de manière plus neutre.How can a sexual act in exchange of money with an art collector be offered as a work of art? In 2003, performer and conceptual artist Andrea Fraser committed the unthinkable of sleeping with an art collector in order to critique the contemporary art milieu and market. The following article proposes a thematic analysis of sexual and ethical components of this work of art entitled Untitled. I will first discuss possible meanings of such a performance and its artistic considerations. I will then address more precisely the troubled position of the artist’s subjectivity, which vacillates between a sexual object and an artist. Moreover, the article will highlight the innovative position presented by this work of art on ethical issues regarding sex work by deconstructing paternalistic claims generally used to support the criminalization of sex work. Finally, I will discuss how the sexual nature of this work of art comes to desecrate art, along with sexuality, thereby criticizing the idea that sexuality is the main site of subjectivity. Through this desecration of sexuality, I argue that Untitled offers the possibility to apprehend sex work in a more neutral way. (shrink)

Palawan is a land of promise, and of paradox. On maps, it appears on the edge of the Philippines, isolated. Indeed, it is a kind of last frontier. Its population remained tiny for centuries, the government offering homestead land in the 1950s practically for free to attract migrants from outside. The Palawan State University was established by law in 1965, but did not become operational until 1972. A commercial airport did not exist until the 1980s, and for many years, flights (...) were limited. Yet Palawan is one of the oldest sites of human habitation in the Philippines with the famous Tabon Cave human fossils. The oldest bone fragment here has been dated to be about 47,000 years. We know, too, that trade with China goes back several centuries. Today, Palawan seems to be making up for lost time with new commercial investments pouring in at breakneck speed. In particular, outsiders have rediscovered its potentials around logging, mining, fisheries, and tourism. This has caused concern among individuals and civil society organizations who want sustainable development, and see the commercial developments mainly as extractive, not just of natural resources but of the human. There’s very cheap labor available. And when potential investors marvel about cheap land, they’re actually talking about displacing earlier settlers, including indigenous people, from their lands. A subtle but still insidious aspect of the exploitation of human resources is a transformation of the very concept of human development. Using the rhetoric of modernity, residents in Palawan are reorienting the way they view themselves as well as their families and friends. The value of a human being now hinges on how they look, and the desired appearance is defined from the outside, as we see in this anthology of research reports coming from the Chemical Youth project of the University of Amsterdam and the University of the Philippines Diliman. We read about the importance of fair skin as a projection of cleanliness, of high social status (meaning someone not engaged in manual labor and therefore not exposed to the sun). We read of how “femininity” is defined around body contours, and cosmetics, and how hormones are used by male-to-female transgenders. We go beyond the visual, reading about the importance of controlling or enhancing body odors among tour guides, who interestingly are especially concerned about the bad odor management of their foreign customers, using car perfumes to keep their work manageable and we learn how difficult it is for security guards to stay alert during their long shifts. Energy drinks and cigarettes help them perform their duties. All these transformations through what the French philosopher and historian Michel Foucault has called “technologies of the self” are as paradoxical as Palawan. On the surface, the products—which are technologies—seem to be mainly in the realm of the self but are, in reality, pushed, through marketing, from the outside, in contexts of inequality and exploitative labour relations. Personal aspirations are not personal but are for predefined standards of modernity, related to work-related demands and expectations. The self must be made presentable to the tourist, to the customers in malls, and to those who may threaten the properties that young people protect. It is not surprising that these transformations become problematic for the “self.” The skin whiteners, the hormones, the body deodorants, and the energy drinks are expensive and can distort budgetary priorities. The money for tonic drinks, for example, could well go into more nutritious food. The tragedy, too, many of the products used are of doubtful safety and efficacy. Even the energy drinks have much too high levels of caffeine that can cause cardiac palpitations. Cosmetics and the skin whiteners imported from China and unregistered with the Food and Drug Administration may contain toxic chemicals like mercury. But even registered skin whiteners can be problematic, their so-called “skin-whitening effect” coming about because they take away the upper layers of the skin, leaving behind a red glow (seen as “whitening”) which is actually inflammation. The whitened skin fails to protect against the sun, leading to adverse effects such as black spots. Ultimately though, the problems come with the very definition of the self. As the reports show, young people use the chemicals with some ambivalence, knowing how expensive they are and experiencing some of the undesirable side effects. There is, too, doubt about whether what they’re doing is indeed “good,” captured by how IP women will put on cosmetics only when they’re away from home and about to go to work. The cosmetics have to be removed before they return home because they are not socially acceptable. The research reports are not for Palawan alone. It must make us more critical and discerning as we revisit concepts of development and exploitation, modernity and tradition, self and community. The chemicals, in many ways, are like the products used in precolonial barter trade. For the Chinese, the beeswax and the sea cucumbers, for the inhabitants of Palawan the ceramics, represented faraway lands. To have those products gave prestige. Today, the skin whiteners and tonic drinks and other chemicals described in this anthology represent modernity with promises of not just of a more attractive self, but of better jobs, a better life. We are proud to have worked with the Palawan State University, and the people of Palawan, to gather powerful narratives that will now challenge the outside, the purveyors of modernity, to be more critical and discerning, the chemicals now to be seen not just as stuff applied to the biological body, but as powerful shapers of social bodies. (shrink)

The Pfizer-BioNTech coronavirus vaccine is 90 percent effective in protecting against COVID-19. It would not have been possible without the tireless effort of Professor Katalin Karikó, a scientific innovator fitting the mold of dynamic inventor Arthur Diamond presents in his book, Openness to Creative Destruction Sustaining Innovative Dynamism. Not only did Professor Karikó persist in her beliefs in the therapeutic potential of synthetic messenger RNA over the course of four decades, but she did so despite the criticisms of other scientists (...) and despite lack of financial backing for large parts of her career. Professor Karikó is a good example of the unconventional picture that Diamond paints of entrepreneurs in a specific version of market capitalism he terms, innovative dynamism. Specifically, she is an example of someone who does not hold prevailing academic theories in too high a regard and instead privileges her tacit knowledge (knowledge gained from years of working with mRNA in the lab) to persist believing in the potential of a therapy that now could quite literally save the world. Most surprisingly, she, like most of the entrepreneurs surveyed in the book, seem not primarily motivated by profit, though the money their projects eventually attract is integral to disseminating their creative ideas to the masses. -/- Are the many examples offered by Diamond that are similar to Professor Karikó’s story evidence against the long-standing suspicion that there is something morally damning in the self-interested motivations of innovative entrepreneurship? Is it the case that others would have inevitably pursued the cure that Karikó pursued, regardless of economic system? In light of COVID-19 and other high-pressure situations, ought we to care how we constrain the innovators who develop solutions? Diamond’s case for the economic system, innovative dynamism, seeks to answer these and other important questions concerning our political and cultural treatment of innovators and entrepreneurs. This review critically assesses his efforts. I make my case by first reviewing the major argumentative structure of the book, then I summarize and evaluate the three major themes Diamond presents in the book: (1) what is innovative dynamism and who are its competitors, (2) what are the major benefits of innovative dynamism, (3) who is the innovative entrepreneur and how do we support him or her? (shrink)

The market for environmental, social and governance (ESG) rating and data is expected to grow immensely in the next decades. This brief zooms in both on the integration of ESG risks into “traditional” operations of Credit Rating Agencies (CRAs) as well as on the emergence of a market exclusively dedicated to ESG rating. As will become clear, the market for ESG ratings suffers from serious shortcomings, a lack of transparency and standardisation, significant biases and conflicts of interests, (...) and a dependence on large, oligopolistic, credit rating agencies. (shrink)

Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, (...) you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. The Element also defends money-pump arguments from the standard objections to this kind of approach. This title is also available as Open Access on Cambridge Core. (shrink)

It can be hard to see where money fits in the world. Money seems both real and imaginary, since it has obvious causal powers, but is also, just as obviously, something humans have just made up. Recent philosophical accounts of money have declared it to be real, but for very different reasons. John Searle and Francesco Guala disagree over whether money is just whatever acts like money, or just whatever people believe to be money. (...) In developing their accounts of institutions as a part of social reality, each uses money as a paradigm institution, but they disagree on how institutions exist. Searle argues that the institution of money belongs to an ontological level separate from the physical world, held up by the collective intentions of a group, while Guala claims that money is a part of the ordinary physical world and is just whatever performs a “money-like function” in a group, regardless of what that group believes about it. Here, we argue that any purely functional account like Guala’s will be unable to capture the distinctive phenomenon of money, since monetary transactions are defined by the attitudes transactors hold toward them. Money will be obscured or misidentified if defined functionally. As we go on to show by examining recent work by Smit et al., belief in money does not require taking on all of Searle’s ontological commitments, but money and mental contents will stand or fall together. (shrink)

Modern money theory is a conjecture concerning fiscal spending and the nature of money. I show that modern money theory provides two interesting insights into distributive justice that have not been addressed in the recent Anglo-American distributive justice literature: (i) that the nature of a sovereign fiat currency allows for some distributive conflicts to be avoided; and (ii) that recent Anglo- American distributive justice theories assume that the economy is at capacity. Based on this, I consider if (...) the policy results of modern money theory can help foster a sense of justice. (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)

In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to the (...) class='Hi'>money pump problem in particular. I argue here that this reasoning is incorrect, and that Gustafsson’s synchronic argument is faulty on independent grounds. Specifically, it is based on a false analogy between the derivation of a synchronic ordinal ranking from a transitive series of pairwise comparisons, and the putative derivation of such a ranking from an intransitive series. The latter is not possible under the assumption of revealed preference theory, and is highly improbable even if that assumption is rejected. Moreover, Gustafsson’s argument raises issues of fidelity to the historical texts that must be addressed. I conclude that the money pump, and cyclical choice more generally, are necessarily diachronic; and therefore that the two best-known diachronic solutions to the money pump problem remain relevant. (shrink)

The advent of virtual currencies such as bitcoin raises a pressing question for lawmakers, regulators, and judges: should bitcoin and other virtual currencies be classified as money or currency for legal and regulatory purposes? I examine two different approaches to answering this question—a descriptive approach and a normative approach. The descriptive approach says that bitcoin and other virtual currencies should be classified as money or currency just in case they really are money or currency, whereas the normative (...) approach says that this question of classification should be answered on the basis of substantive normative considerations. I argue against the descriptive approach and in favor of the normative approach. (shrink)

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)

The study of Enrici et al. (2023) in Ecology and Society [1] is one of a few in-depth discussions of the significance of money on how people (including academics, politicians, and residents) understand the impact of humans on the environment. These insights are critical, especially given the urgency of understanding anthropogenic influences on the ecosystem in the face of the unpredictable dangers of climate catastrophe.

So-called money pump arguments aim to show that intransitive preferences are irrational because they will lead someone to accept a series of deals that leaves his/her financially worse off and better off in no respect. A common response to these arguments is the foresight response, which counters that the agent in question may see the exploitation coming, and refuse to trade at all. To obviate this response, I offer a “deluxe money pump argument” that applies dominance reasoning to (...) a modified money pump case. (shrink)

As the current COVID-19 pandemic lingers on with its fallout agonizing several economies on the globe, a number of policy instruments have been summoned by governments to cope with the looming recession. Among those instruments is the contentious “helicopter money”, which has received the endorsement of multiple economists while many others consider it a too risky tactic to follow. This paper is going to discuss the suitability of implementing “helicopter money” in the context of Vietnam during economic crises, (...) particularly with a focus on the ongoing novel coronavirus-induced economic downturn. The author also makes an attempt to clarify certain challenges that Vietnamese legislators should better study carefully if “helicopter money” is ever to be deployed, as well as the circumstances and extent of such deployment. (shrink)

The meaning of “information and communication technologies (ICT)”, “market of information and communication technologies” were clarified in the article. Components and priority areas for capital investment in the ICT market were determined. The relativity of relationship between the placement of supercomputers in the countries and their level of innovation was revealed. The tendencies of world ICT market development were defined. The place of Ukraine in the world ICT market was established.

Money represents a future commodity ownership. However, the only way of keeping this ownership rightful, hence decentralized, is to price commodities in metarepresented money. Any otherwise priced future ownership will not remain rightfully decentralized. This article explains why, by deriving the concepts, first of generic money, then of privately concrete money, and finally of metarepresented money from direct commodity exchange.

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely (...) technical results of disciplines like computer science and economics. Note: this article is the first entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)