a spirited defense of rational capitalism

... never be guaranteed as long as irrational “animal spirits” operated in a laissez-faire financial marketplace What was Keynes’s solution? He favored a gradual but comprehensive “socialisation of investment” ... study of the size and shape of hands, which he regarded as a primary clue to character He was so enamored of chirognomy—the reading of personality by the appearance of the hands—that he had casts ... and advance living standards, but can be likened to a casino or a game of chance “For it is, so to speak, a game of Snap, of Old Maid, of Musical Chairs a pastime in which he is victor who says...

Ngày tải lên: 09/08/2014, 20:20

Ngày tải lên: 20/02/2014, 16:20

... computer labs at the Methodology seminars (some of them will be mandatory)!!! Note also that you need at least 75% attendance in this course! • R, Matlab and Stata Specially important if you are interested ... a large extent applied and requires computer skills (statistical softwares, dealing with data, writing term papers, assignments, and finally thesis) 06/09/2012 / Adam Jacobsson …some more advice ... / Adam Jacobsson For more details and updated info… … about each course and the Master programme in general, see the homepage at www.ne.su.se …if you feel unsure about which courses to pick and...

Ngày tải lên: 08/03/2014, 05:20

... monthly salary of a professor at the major universities was US$100–120 This salary was much lower than a starting salary for many university graduates As a result, practically every professor had to ... for the approval of national standards for that field, based on the results of the pilot, and became a natural leader and a trendsetter in that area HSE followed a similar approach when introducing ... influence of HSE’s analytical materials on policy making However, the centralized character of management and the lack of external accountability not require systematic use and in-depth analysis of...

Ngày tải lên: 08/03/2014, 06:20

... economics and psychology have the same goals and rely on the same data facilitates three types of critiques of standard economics: Failure of Rationality: Economic models of choice fail to take account ... system associates peanuts with illness and she refuses them at reasonable prices While Al and Naucia both revealed an identical disutility, a neurally-detailed account tells us more Al has an inelastic ... to facilitate advocacy for therapeutic interventions The standard approach assumes a separation between the economist’s role as social scientist and the role that some economists may play as advisors...

Ngày tải lên: 08/03/2014, 08:20

... this kind of organizational capital functions very much like any other important capital asset And according to a number of studies, intangible assets such as organizational capital account for ... organizational relationships that have been developed in the organization Because it is embodied in social relationships, organizational capital may also be considered a kind of social capital ... When a business transforms its organization by installing the managerial practices and organizational features known as HPWS, it is making a very significant investment in organizational capital...

Ngày tải lên: 17/03/2014, 08:20

... decentralization is a plant-level variable) Management is the adoption share of the 16 management practices starred in Appendix Table A. I and discussed in Online Appendix A. I, averaged across all ... to operations manager, operations manager to the general manager, and general manager to the managing director would have five hierarchical levels Annual sales ($m) and Current assets ($m) are both ... procedures, and having visual aids around the factory Many of these are derived from the Japanese-inspired lean manufacturing revolution and are now standard across North America, Japan, and northern...

Ngày tải lên: 17/03/2014, 15:20

... III Archaic and Classical Magna Graecia Barbara A Barletta IV Classical Athens Olga Palagia V Late Classical Asia Minor: Dynasts and Their Tombs Peter Higgs VI Archaic and Classical Bronzes Carol ... currently preparing an annotated English translation of Winckelmann’s Critical Account of the Situation at Herculaneum Olga Palagia is Professor of Classical Archaeology at the University of Athens ... Poseidon of Livadhostra Athens, National Museum 70 Head of Zeus from Olympia Athens, National Museum 71 Head of warrior Athens, National Museum 72 Marble head of warrior from Aigina Athens, National...

Ngày tải lên: 23/03/2014, 11:21

... Such astute analysts as Schumpeter and Hebert are critical of Say as having a view of the entrepreneur as a static manager and organizer rather than as a dynamic bearer of risk and uncertainty ... use of mathematics or statistics in social science As early as 1791, de Tracy was writing that much of reality and human action is simply not quantifiable, and warned against the 'charlatan' application ... Economics, Say realized, was not based on a mass of inchoate particular statistical facts It was based, instead, on very general facts (jait generaux), facts so general and universal and so deeply...

Ngày tải lên: 09/04/2014, 15:19

... Such astute analysts as Schumpeter and Hebert are critical of Say as having a view of the entrepreneur as a static manager and organizer rather than as a dynamic bearer of risk and uncertainty ... use of mathematics or statistics in social science As early as 1791, de Tracy was writing that much of reality and human action is simply not quantifiable, and warned against the 'charlatan' application ... Economics, Say realized, was not based on a mass of inchoate particular statistical facts It was based, instead, on very general facts (jait generaux), facts so general and universal and so deeply...

Ngày tải lên: 09/04/2014, 18:48

... including rational voters, parties, and politicians in the models In political economics, rational agents populate the markets and participate in politics The assumption of rational behavior allows an ... the Handbook chapters, in particular Alberto Alesina, Alan Auerbach, David Austen-Smith, David Baron, Roel Beetsma, Tim Besley, Francesco Daveri, Daniel Diermeier, Mathias Dewatripont, Avinash ... profound and radical changes in society To understand the evolution of institutions, pure and abstract analysis should thus be integrated with a historical approach Such a positive analysis of...

Ngày tải lên: 11/06/2014, 12:59

... Nature and Causes of the Wealth of Nations It was a fat book with a long title destined to have gargantuan global impact The author was Dr Adam Smith, a quiet, absent-minded professor who taught ... Enlightenment and an advocate of commercial civilization and economic liberty For centuries, the average real wage and standard of living had stagnated, while almost a billion people struggled against ... which at the time meant gold and silver The primary goal of every nation was always to aggressively accumulate gold and silver, and to use whatever means necessary to so “The great affair, we always...

Ngày tải lên: 09/08/2014, 20:20

... philanthropy, all part of the Aristotelian “golden mean” and “good life.” But Adam Smith would have no part of Aristotle’s scorn of moneymaking and his denunciation of monetary trade and retail commerce as ... to avarice and fraud, even “social strife, ecological damage, and the abuse of power” (Lux 1990) Is not The Wealth of Nations an unabashed endorsement of selfish greed and vanity? How could Adam ... 508) Adam Smith Makes a Famous Remark During the American Revolution, Adam Smith was approached by a citizen who was alarmed by the defeat of the British at Saratoga in 1777 “The nation must be...

Ngày tải lên: 09/08/2014, 20:20

... journalist, was an indefatigable advocate of free trade and laissez-faire policies, a passionate opponent of socialism, and an unrelenting debater and statesman Bastiat was unrivaled in exposing fallacies, ... notions of a labor theory of value and the exploitation of workers under free-enterprise capitalism Theirs was the famous school of “laissez faire, laissez passer” (leave us alone, let goods pass) and ... laissez-faire school of Jean-Baptiste Say and Frédéric Bastiat advanced the Smithian model to new heights, but it was not to last, as the classical model of Thomas Robert Malthus, David Ricardo,...

Ngày tải lên: 09/08/2014, 20:20

... or 30% Marx divided the value of the final product into two forms of capital, constant capital (C) and variable capital (V) Constant capital repre- KARL MARX LEADS A REVOLT AGAINST CAPITALISM 85 ... number of violent and eccentric characters The main character, Ou- KARL MARX LEADS A REVOLT AGAINST CAPITALISM 73 lanem, is an anagram for Manuelo, meaning Immanuel or God (Payne 1971, 57–97) In a ... property of all emigrants and rebels Centralization of credit in the hands of the state by means of a national bank with state capital and an exclusive monopoly Centralization of the means of communication...

Ngày tải lên: 09/08/2014, 20:20

... KARL MARX LEADS A REVOLT AGAINST CAPITALISM 95 of hope, peace, abundance, leisure, and aesthetic expression for the “full” human being Could Marxist socialism create the abundance and variety ... contemporary social issues, I find Marx’s commentary on the evolutionary role of capitalism valuable in my own work as a financial economist In chapter of Capital, he begins with a discussion of the barter ... spell of Harold Laski and John Maynard Keynes, and finally converted to KARL MARX LEADS A REVOLT AGAINST CAPITALISM 101 Marxism! From then on, the debonair Sweezy made every effort to make Marxism...

Ngày tải lên: 09/08/2014, 20:20

... natural law rather than political policy Marshall’s path-breaking 1890 textbook introduced graphs of supply and demand, mathematical formulas, quantitative measurements of “elasticity” of demand, ... works of Walras, Pareto and Edgeworth initially upheld Adam Smith’s vision of a beneficial capitalism, but their unrealistic assumptions made it difficult to sustain a free-market defense Both Walras ... generation of economists to finish the job It was now time to stand back and take a look at this brand-new model of modern capitalism Critics such as Thomas Carlyle and Karl Marx had assaulted...

Ngày tải lên: 09/08/2014, 20:20

... Albert Einstein Medal in 1971 There’s even an annual award named after him, the Paul A Samuelson Award, given for published works in finance His articles have appeared in all the major (and many ... Ricardian vice and Walrasian equilibrium analysis to an extreme, devoid of any empirical work (See chapters and 4.) For his popular and scientific works, the academic community has awarded Samuelson ... survived a half-century of dramatic changes in the world economy and the economics profession: peace and war, boom and bust, inflation and deflation, Republicans and Democrats, and an array of new economic...

Ngày tải lên: 09/08/2014, 20:20

... became how to dismantle the socialist state and reestablish capitalism and the culture that goes with it The watchwords became denationalization, privatization, deregulation, and flat tax rates ... clearest possible proof that capitalism organizes the material affairs of humankind more satisfactorily than socialism: that however inequitably or irresponsibly the marketplace may distribute goods, ... postwar period, Bauer waged a lonely battle against foreign aid, comprehensive central planning, and nationalization According to Bauer, state planning was neither benevolent nor sustainable,...

Ngày tải lên: 09/08/2014, 20:20