The transformation from value determination to value realization: the logical dilemma of the Okishio theorem

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shengsheng Wang ◽  
Bangxi Li ◽  
Shan Gu
Keyword(s):  
Social Reproduction ◽  
Exchange Process ◽  
Research Progress ◽  
Content Type ◽  
Surplus Value ◽  
The Real ◽  
Dialectical Relationship ◽  
Value Determination ◽  
Value Realization ◽  
Rate Of Profit

PurposeDifferent from Marx's analysis of the dialectical relationship between the production and realization of surplus value, the Okishio theorem only shows one aspect of the contradictory movement of the total social capital, that is, the reverse effect of the realization of surplus value on the production of surplus value.Design/methodology/approachThe production of surplus value and the realization of surplus value are simplified into one process. This simplification eliminates the contradiction between the production and realization of surplus value, and the antagonistic contradiction between accumulation and consumption and the antagonistic production-distribution relationship in capitalist society are naturally covered up.FindingsTherefore, it cannot explain the actual expansion way of the falling general rate of profit as the historical development law of capitalism. Nevertheless, it should be noted that the Okishio theorem places the analysis of the general rate of profit back into the social reproduction model with department equilibrium, which points out the significance of wage income to the realization of surplus value and outlines the macro mechanism of the realization of surplus value reacting to the production of surplus value. It also strongly promotes the research progress of the law that the profit rate tends to decline.Originality/valueThe mistake of the Okishio theorem is that the exchange process in the labor market forms the real wage rate. It determines the production price of wage goods, which thereby determines that the production price of capital goods and general rate of profit, the production of surplus value and realization of surplus value are simplified into the same process, and only the value that can be realized is the real value.

Information security in the South Australian real estate industry

2014 ◽  
Vol 22 (1) ◽  
pp. 24-41 ◽  
Author(s):  
Deepa Mani ◽  
Kim-Kwang Raymond Choo ◽  
Sameera Mubarak
Keyword(s):  
Risk Management ◽  
Information Security ◽  
Real Estate ◽  
South Australia ◽  
Security Threats ◽  
The South ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Sector

Purpose – Opportunities for malicious cyber activities have expanded with the globalisation and advancements in information and communication technology. Such activities will increasingly affect the security of businesses with online presence and/or connected to the internet. Although the real estate sector is a potential attack vector for and target of malicious cyber activities, it is an understudied industry. This paper aims to contribute to a better understanding of the information security threats, awareness, and risk management standards currently employed by the real estate sector in South Australia. Design/methodology/approach – The current study comprises both quantitative and qualitative methodologies, which include 20 survey questionnaires and 20 face-to-face interviews conducted in South Australia. Findings – There is a lack of understanding about the true magnitude of malicious cyber activities and its impact on the real estate sector, as illustrated in the findings of 40 real estate organisations in South Australia. The findings and the escalating complexities of the online environment underscore the need for regular ongoing training programs for basic online security (including new cybercrime trends) and the promotion of a culture of information security (e.g. when using smart mobile devices to store and access sensitive data) among staff. Such initiatives will enable staff employed in the (South Australian) real estate sector to maintain the current knowledge of the latest cybercrime activities and the best cyber security protection measures available. Originality/value – This is the first academic study focusing on the real estate organisations in South Australia. The findings will contribute to the evidence on the information security threats faced by the sector as well as in develop sector-specific information security risk management guidelines.

The ingenious marketing of modern paintings

2014 ◽  
Vol 6 (2) ◽  
pp. 211-233
Author(s):  
Thomas M. Bayer ◽  
John Page
Keyword(s):  
Exchange Process ◽  
Art Market ◽  
Late Nineteenth Century ◽  
Data Sets ◽  
Content Type ◽  
Secondary Sources ◽  
Auction Houses ◽  
Art Dealers ◽  
The Media ◽  
Eighteenth And Nineteenth Centuries

Purpose – This paper aims to analyze the evolution of the marketing of paintings and related visual products from its nascent stages in England around 1700 to the development of the modern art market by 1900, with a brief discussion connecting to the present. Design/methodology/approach – Sources consist of a mixture of primary and secondary sources as well as a series of econometric and statistical analyses of specifically constructed and unique data sets that list nearly more than 50,000 different sales of paintings during this period. One set records sales of paintings at various English auction houses during the eighteenth and nineteenth centuries; the second set consists of all purchases and sales of paintings recorded in the stock books of the late nineteenth-century London art dealer, Arthur Tooth, during the years of 1870/1871. The authors interpret the data under a commoditization model first introduced by Igor Kopytoff in 1986 that posits that markets and their participants evolve toward maximizing the efficiency of their exchange process within the prevailing exchange technology. Findings – We found that artists were largely responsible for a series of innovations in the art market that replaced the prevailing direct relationship between artists and patron with a modern market for which painters produced works on speculation to be sold by enterprising middlemen to an anonymous public. In this process, artists displayed a remarkable creativity and a seemingly instinctive understanding of the principles of competitive marketing that should dispel the erroneous but persistent notion that artistic genius and business savvy are incompatible. Research limitations/implications – A similar marketing analysis could be done of the development of the art markets of other leading countries, such as France, Italy and Holland, as well as the current developments of the art market. Practical implications – The same process of the development of the art market in England is now occurring in Latin America and China. Also, the commoditization process continues in the present, now using the Internet and worldwide art dealers. Originality/value – This is the first article to trace the historical development of the marketing of art in all of its components: artists, dealers, artist organizations, museums, curators, art critics, the media and art historians.

Potential for optimising organisational structures in the technical due diligence for real estate transactions in Germany

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yannis Steffen Oetken ◽  
Christian Hofstadler ◽  
Felix Meckmann
Keyword(s):  
Real Estate ◽  
Transaction Management ◽  
Due Diligence ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
Theoretical Approaches ◽  
Transaction Process ◽  
Organisational Structures

PurposeThe individual levels involved in real estate management are thoroughly discussed in the literature. This paper provides a structured meta-analysis of the different theoretical approaches in German-speaking countries. It also investigates the integration of transaction management and technical due diligence into the concepts of organisation theory. In this process, the interfaces are analysed and optimised models are developed for transferring the technical due diligence findings to the operational level.Design/methodology/approachInterviews with transaction management experts were conducted based on a narrative literature review. These interviews shed light on how the components of transaction management and due diligence are integrated into the transaction process, with a particular focus on technical due diligence. They also provide insights into how the related results are taken into account in relation to the transaction, and how they are transferred into the operational phase.FindingsIt becomes apparent that the role of transaction management is not clearly defined and delimited in the structural model of the real estate industry. Technical due diligence findings are usually transferred to the operation of the property via several, manual interfaces with corresponding losses of knowledge. The related models derived and developed for the purpose of operational optimisation define the role of transaction management against a technical background and identify the interfaces to be considered.Practical implicationsThe significance of transaction management for subsequent operations is discussed and elaborated on. More specifically, transferring safety-relevant, high-priority findings from the technical due diligence exercise plays a crucial role for the modelling stage. On the implementation level, the derived models serve as a basis for customising the internal organisational structure.Originality/valueIn Germany, there has hardly been any research into the involvement of technical experts in the real estate transaction process to date. This paper provides initial approaches to optimising organisational structures and sustainably integrating technical due diligence findings into real estate operations.

Doctoral capital and well-being amongst Australian PhD students: exploring capital and habitus of doctoral students

2021 ◽  
Vol 121 (3) ◽  
pp. 322-336
Author(s):  
Wayne Usher ◽  
Brittany A. McCormack
Keyword(s):  
Doctoral Students ◽  
Social Reproduction ◽  
Methodological Approach ◽  
Well Being ◽  
Cross Sectional ◽  
Content Type ◽  
Social Reproduction Theory ◽  
Self Confidence ◽  
The Right ◽  
Australian Universities

PurposeThe Higher Degree Research (HDR) journey is known for its difficulties, complexities and challenges (Lees-Deutsch, 2020), with many students experiencing multi-faceted issues and concerns (Skopek et al., 2020). Therefore, the purpose of this research is to investigate the relationships that exist between variables, vulnerability factors and doctorial capital of candidates (n = 532) studying at Australian universities (2019).Design/methodology/approachA quantitative cross-sectional correlational research design and Bronfenbrenner's socio – ecological framework (personal, home, university, community) was utilised to collect participants' (n = 532) descriptive statistics. Bourdieu's social reproduction theory was used as a lens to examine how experiences, across the PhD candidature, are influenced by several psychosocial factors and doctoral capital.FindingsFrom such a dual methodological approach, the findings from this study suggests that (1) age, (2) gender, (3) nationality, (4) financial/work status, (5) years of PhD and (6) attending postgraduate (PG) student events, go to significantly (p < 0.001) impact (positively and negatively) on students' experiences and correspondingly, impacts on their self-confidence, motivation and mental health and well-being status.Research limitations/implicationsResearch limitations are related to the recruitment of more doctoral students across more Australian universities. Further research is required from HDR supervisors, so as to “balance” the experiences of the PhD journey in higher education.Practical implicationsIn order to succeed in academia and HDR programs, students need to identify with and develop the “right kind of capital” to successfully navigate fields of social and scholarly play. Investigating how the participants perceive their social and scholarly habitus is seen as crucial in helping students to develop positive dispositions relevant to being a doctoral student.Social implicationsThe concept of doctoral capital and well-being, amongst Australian PhD students, is under researched and requires further investigation as a precursor to developing more specific policy designs aimed at providing heightened positive learning environments/HDR programs tailored to support doctoral students.Originality/valueWhilst reforms to improve PhD experiences are well established across the international literature (Geven et al., 2018; Skopek et al., 2020), evidence for Australia is largely missing. It is envisaged, that findings from this research will further assist in the development of quality policies that would go to provide effective services and support for doctoral students within Australian universities.

Company directors' disqualification proceedings following the failure of FSA‐regulated firm

2008 ◽  
Vol 16 (1) ◽  
pp. 111-115
Author(s):  
Joanna Gray
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
The Real ◽  
Legal Regimes ◽  
Company Directors ◽  
Regulated Firm ◽  
Business Sectors

PurposeThe purpose of this paper is to report on the company directors' disqualification proceedings following the failure of FSA‐regulated firm.Design/methodology/approachThe paper outlines the facts surrounding the decision and comments on the ruling.FindingsIt was found that this whole question of overlapping laws in highly complex and regulated business sectors is a real one and is set to become a growing problem for courts to manage and boards to predict.Originality/valueThe paper highlights the real, practical problems that can arise when different legal regimes criss‐cross the same factual domain.

Mind the “academician-practitioner” gap: an experience-based model in the food and beverage sector

2014 ◽  
Vol 17 (4) ◽  
pp. 319-335 ◽  
Author(s):  
Alessio Cavicchi ◽  
Cristina Santini ◽  
Lucia Bailetti
Keyword(s):  
Olive Oil ◽  
Case Studies ◽  
Ad Hoc ◽  
Value Added ◽  
Interdisciplinary Approach ◽  
Research Process ◽  
Longitudinal Case Study ◽  
Content Type ◽  
The Real ◽  
Food And Beverage

Purpose – This purpose of this paper is to introduce a research model inspired by the basic principles of experiential research and apply it to the food and beverage industry. Thinkers and doers often do not speak the same language: many scholars have pursued the goal of reducing the gap between academicians and practitioners by introducing new research models or adapting existing ones. Two case studies with wine and olive oil producers illustrate how the model works and highlight its applicability. Background literature is provided to support the model. Design/methodology/approach – In defining the model, we have followed several steps. First, we searched the literature to identify research needs and insights that might be useful in formulating the model. Second, we constructed a model following some procedural steps suggested in the literature. Third, we tested a model to verify its applicability and functionality. The paper is structured as follows: the first section explores the issue of academic–practitioner collaboration to identify the obstacles to effective collaboration and to define possible benefits from reducing the gap. The second section presents background literature on methodologies for enhancing cross-profession collaboration. Finally, the model is described and two case studies are described to flesh out how the model works. Findings – According to our experience and research results, this model is, paraphrasing Phillips (1987), “warrantable” because it proposes continuous reflection to improve the alignment between thinkers and doers: this method of conducting research is objective and bridges the gap between researchers and practitioners. Because this model centres on experience, participant behaviours and beliefs can be elicited about a host of nondurable goods. Having entrepreneurs put themselves in the consumers’ position, and providing them the results of their experiment can be considered the real value added of this approach. The model proposed in this paper opens a wider perspective in qualitative research, and the two case studies demonstrate that it is particularly flexible for adaptation to various businesses. Research limitations/implications – More case studies could be useful to demonstrate the validity of this model. Particularly, a longitudinal case study aiming at collecting data about the participants’ feedback in the long run could help in understanding the deep value of the proposed model. Practical implications – While this paper illustrates two applications of the model with entrepreneurs and managers of the wine and olive oil industry, this model offers potential for analysis not only in the food and beverage sector but all fast-moving consumer goods sectors, as it can be adapted to techniques other than sensory analysis once researchers have confirmed that they fit with the aim of the research and the peculiarities of the problem observed. Social implications – Tools and methodologies must be chosen according to the type of business the problem refers to, and, while this presents a considerable challenge in organizing ad hoc research teams, it also offers an opportunity for an interdisciplinary approach and an exchange of knowledge and skills from different research fields. In this case, the choice of research methodology is much more driven by the real needs that emerge from the phenomenon observed, rather than by the researchers’ specific skills. Originality/value – This paper has helped us broaden our perspective on research and has encouraged us to reflect on critical issues such as validity of a research process and usefulness of research. Some questions about the role of research in relation to practitioners are still open, but we think that this work has the merit of further highlighting the importance of bridging the gap between researchers and practitioners during research, and the usefulness being flexible and open-minded when carrying out an investigation.

scholarly journals Financial and economic stability as ‘two sides of a coin’

2015 ◽  
Vol 7 (4) ◽  
pp. 327-353 ◽  
Author(s):  
Muhammad Ali Nasir ◽  
Mushtaq Ahmad ◽  
Ferhan Ahmad ◽  
Junjie Wu
Keyword(s):  
Economic Growth ◽  
Exchange Rate ◽  
Financial Stability ◽  
Strong Association ◽  
Price Stability ◽  
Economic Stability ◽  
Data Set ◽  
Content Type ◽  
The Real ◽  
Stability And Instability

Purpose – The purpose of this paper is to provide a different context for considering issues of financial stability and instability, with reference to economic growth and price stability in particular. Design/methodology/approach – This paper pursued an empirical exploration of six pillars of financial stability, based on a data set for the UK extending from 1985 (Q1) to 2008 (Q2), through the construction of a vector error correction model, including an impulse response function analysis. Findings – The findings show a strong association between the financial and economic stability even in a non-crisis regime. This includes, for example, a strong association exists between the stock market and the real economy; exchange rate appreciation may not provide for long-term real economic growth; inflation does not contribute to real economic growth, both the sensitivity of the economy to yields and a significant lag in transitional effects from financial markets to the real sector; a positive role of credit creation within a non-crisis regime; exchange rate appreciation affects purchasing power; and potential points of linkage between sovereign debt activity and general price levels. Research limitations/implications – The findings should be considered in the context of a concept of the economy as fundamentally dynamic and subject to complex cumulative processes. Practical implications – The findings indicate there is a role for state oversight and intervention within a non-crisis regime based on the complexity of possible interactions that may undermine financial and price stability, with consequences for their association with economic growth. Originality/value – The study provides a new perspective for considering issues of financial stability and instability.

scholarly journals A "Primeira Versão" da Teoria da Crise de Marx: a queda da massa de mais-valia social e o limite interno absoluto do capital

2019 ◽  
Vol 49 (1) ◽  
pp. 163-203
Author(s):  
Nuno Miguel Cardoso Machado
Keyword(s):  
Surplus Value ◽  
Capitalist Economy ◽  
Organic Composition ◽  
The Absolute ◽  
The Law ◽  
Rate Of Profit ◽  
Composition Of Capital

Abstract Marx's theory of crisis is usually associated with the law of the tendential fall in the rate of profit presented in volume three of Capital. According to Marx, the rising organic composition of capital - the fact that variable capital grows in absolute terms, but falls relatively because of the faster growth of constant capital - results in the fall of the general rate of profit, which undermines the reproduction of capital. In this article I will argue that: i) there is a "first version" of Marx's theory of crisis, outlined especially in the Grundrisse, which ascribes the secular crisis of the capitalist economy to the absolute decline of living labour and, therefore, to the falling mass of socially produced surplus-value; ii) only this "first version" of the theory of crisis allows the absolute internal limit of capital to be deduced consistently.

Hardware-in-the-loop simulation for real-time software verification of an autonomous underwater robot

2016 ◽  
Vol 4 (3) ◽  
pp. 163-181
Author(s):  
Pouria Sarhadi ◽  
Reza Nad Ali Niachari ◽  
Morteza Pouyan Rad ◽  
Javad Enayati
Keyword(s):  
Software Engineering ◽  
Real Time ◽  
Autonomous Systems ◽  
Systems Design ◽  
Development Stage ◽  
Underwater Robot ◽  
Real Time System ◽  
Content Type ◽  
The Real ◽  
Time Performance

Purpose The purpose of this paper is to propose a software engineering procedure for real-time software development and verification of an autonomous underwater robotic system. High performance and robust software are one of the requirements of autonomous systems design. A simple error in the software can easily lead to a catastrophic failure in a complex system. Then, a systematic procedure is presented for this purpose. Design/methodology/approach This paper utilizes software engineering tools and hardware-inthe-loop (HIL) simulations for real-time system design of an autonomous underwater robot. Findings In this paper, the architecture of the system is extracted. Then, using software engineering techniques a suitable structure for control software is presented. Considering the desirable targets of the robot, suitable algorithms and functions are developed. After the development stage, proving the real-time performance of the software is disclosed. Originality/value A suitable approach for analyzing the real-time performance is presented. This approach is implemented using HIL simulations. The developed structure is applicable to other autonomous systems.

Dynamic interactions between stock markets and the real economy

2016 ◽  
Vol 11 (4) ◽  
pp. 715-746 ◽  
Author(s):  
Nikiforos T. Laopodis ◽  
Andreas Papastamou
Keyword(s):  
Economic Development ◽  
Stock Market ◽  
Methodological Approach ◽  
Financial System ◽  
Cointegration Analysis ◽  
Policy Implications ◽  
Real Economy ◽  
Dynamic Interactions ◽  
Content Type ◽  
The Real

Purpose The purpose of this paper is to re-examine the relationship between a country’s aggregate stock market and general economic development for 14 emerging economies for the period from 1995 to 2014. Design/methodology/approach The methodological approach of the paper is multifold. First, the authors use cointegration analysis to determine the simple dynamics among the variables. Second, the authors utilize vector autoregression analysis to study the dynamics among the variables for the 14 countries. Third, the authors employ panel analysis to determine common variations among the variables and across countries. Findings When examining the linkage between the stock market and economic development, proxied by gross domestic product growth or with gross fixed capital formation growth, the authors did not find a meaningful relationship between them. However, when the authors included additional control variables strong, dynamic interactions between the two magnitudes surfaced. Specifically, it was found that the stock market is positively and robustly correlated with contemporaneous and future real economic development and, thus, it directly contributed to a country’s economic development either through the production of goods and services or the accumulation of real capital. Thus, it can be inferred that the stock market alone is not capable of boosting economic development in these countries unless being part of a comprehensive financial system (which includes banks) as well as investment in real capital. Research limitations/implications The policy implications are clear. Government authorities must recognize that the stock market alone is not a driver of economic development and that a sound, efficient financial system (which includes banks) must be present in order to contribute and foster economic development. Originality/value The study is original in the sense that it examines various financial and economic variables to determine the degree of (or dynamic interactions among) the stock market and the real economy for each and all emerging markets in the sample.

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