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"Value (Economics)"
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Is There a Culture War? Conflicting Value Structures in American Public Opinion
This article examines the “culture war” hypothesis by focusing on American citizens’ choices among a set of core values. A geometric model is developed to represent differences in the ways that individuals rank-order seven important values: freedom, equality, economic security, social order, morality, individualism, and patriotism. The model is fitted to data on value choices from the 2006 Cooperative Congressional Election Study. The empirical results show that there is an enormous amount of heterogeneity among individual value choices; the model estimates contradict any notion that there is a consensus on fundamental principles within the mass public. Further, the differences break down along political lines, providing strong evidence that there is a culture war generating fundamental divisions within twenty-first century American society.
Journal Article
The blue line imperative : what managing for value really means
\"A groundbreaking guide to making profitable business decisions. Do you wonder why your value initiatives aren't providing the payoff you'd hoped for? Could it be because you've been thinking about value all wrong? According to the authors of this groundbreaking guide, there's a very good chance that you have. Using examples from leading companies worldwide, they explain why every decision a company makes either creates value or detracts from it, and why, if they hope to survive and thrive in today's increasingly competitive global marketplace, company leaders must make value-creation the centrepiece of every business decision. Authors Kaiser and Young have dubbed this approach \"Blue-Line Management,\" (BLM), and in this entertaining, highly accessible book, they delineate BLM principles and practices and show you how to implement them in your company. Explains why the failure to properly define and assess value often makes it difficult for the people who manage businesses to effect long-term success Offers guidelines for making the satisfaction of customer needs and wants--i.e. value creation--the driver of all business activities The authors are respected academics at INSEAD, the world's largest and most respected graduate business school, with campuses in Europe, Asia and the Middle East \"-- Provided by publisher.
Book
RACIAL CAPITALISM
Racial capitalism — the process of deriving social and economic value from the racial identity of another person — is a longstanding, common, and deeply problematic practice. This Article is the first to identify racial capitalism as a systemic phenomenon and to undertake a close examination of its causes and consequences. The Article focuses on instances of racial capitalism in which white individuals and predominantly white institutions use nonwhite people to acquire social and economic value. Affirmative action doctrines and policies provide much of the impetus for this form of racial capitalism. These doctrines and policies have fueled an intense legal and social preoccupation with the notion of diversity, which encourages white individuals and predominantly white institutions to engage in racial capitalism by deriving value from nonwhite racial identity. Racial capitalism has serious negative consequences both for individuals and for society as a whole. The process of racial capitalism relies upon and reinforces commodification of racial identity, thereby degrading that identity by reducing it to another thing to be bought and sold. Commodification can also foster racial resentment by causing nonwhite people to feel used or exploited by white people. And the superficial process of assigning value to nonwhiteness within a system of racial capitalism displaces measures that would lead to meaningful social reform. In an ideal society, racial capitalism would not occur. Given the imperfections of our current society, however, this Article proposes a pragmatic approach to dismantling racial capitalism, one that recognizes that progress must occur incrementally. Such an approach would require a transition period of limited commodification during which we would discourage racial capitalism. Moreover, we would ensure that any transaction involving racial value is structured to discourage future racial capitalism. I briefly survey some of the various legal mechanisms that can be deployed to discourage racial capitalism through limited commodification. Ultimately, this approach will allow progress toward a society in which we successfully recognize and respect racial identity without engaging in racial capitalism.
Journal Article
Entropy economics : the living basis of value and production
\"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds. Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes--an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen's theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography. Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder\"-- Provided by publisher.
BOOK
Economic freedom, culture, and growth
How do economic freedom and culture impact economic growth? This paper argues that culture, as measured by the World Values Surveys, and economic institutions associated with economic freedom are both independently important for economic prosperity, but the strength of their impact can be better understood only when both are included in the growth regression. Our results indicate that economic freedom is more important than culture for growth outcomes, suggesting substitutability between the two. We posit that culture is important for growth when economic freedom is absent, diminishing in significance once economic freedom is established.
Journal Article
The economics of inaction
In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management.
InThe Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases.
This authoritative book will be essential reading for graduate students and researchers in macroeconomics.
eBook
What money can't buy : the moral limits of markets
\"Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay? In What Money Can't Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets? In recent decades, market values have crowded out nonmarket norms in almost every aspect of life---medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be? ... What is the proper role of markets in a democratic society---and how can we protect the moral and civic goods that markets don't honor and that money can't buy?\"--Back cover.
Book
Examining the Value Creation of Capital Expenditure and R&D Investments in Indian Listed Firms: A Study Utilizing Economic Value Added (EVA)
This study examines the effects of Capital Expenditure (CAPEX) and Research & Development Expenditure (R&D), on firm value, as determined by Economic Value Added (EVA). The study covers 982 Indian-listed firms from the manufacturing and service industries. The results have been estimated using fixed effects, and random effects models for the accuracy of the estimations. The findings of this study reveal varied results in the short and long run for both manufacturing and service firms. The manufacturing companies have a negligible short-term impact of CAPEX on firm value (investment year), but a strong and positive link develops over an extended period (Years 1 to 3 post-investment). On the other hand, R&D in manufacturing companies has no significant short- or long-term effect. There is no significant impact of CAPEX in service firms in the short run, R&D initially has a negative impact on EVA, but with time, CAPEX and R&D favorably impact EVA. The results of this study have implications for both managers and investors. Creating long-term value for stakeholders is every manager's job. Since the idea of the distinction between the cost of capital and the return on capital invested (ROIC) first emerged, the concept of value creation has endured. We show how excess revenue over cost of capital results in value creation in investment spending choices by using the EVA metrics and how It may be necessary for investors to consider the greater strategic advantages that come from R&D and CAPEX, especially for those who have a long-term perspective.
Journal Article