Psychology of the Market and Economic Power (On Psychological Approach of Alan Greenspan to the Analysis of Economic Problems)

2011 ◽  
pp. 99-118
Author(s):  
Yu. Olsevich
Keyword(s):  
Economic Policy ◽  
Institutional Transformation ◽  
The Other ◽  
Economic Power ◽  
Psychological Approach ◽  
Market System ◽  
Economic Problems ◽  
Systemic Crisis ◽  
Micro Level ◽  
The One

The article analyzes the psychological basis of the theory and economic policy of libertarianism, as contained in the book by A. Greenspan "The Age of Turbulence", clarifies the strengths and weaknesses of this doctrine that led to its discredit in 2008. It presents a new understanding of liberalization in 1980-1990s as a process of institutional transformation at the micro and meso levels, implemented by politicians and entrepreneurs with predatory and opportunistic mentality. That process caused, on the one hand, the acceleration of growth, on the other hand - the erosion of informal foundations of a market system. With psychology and ideology of libertarianism, it is impossible to perceive real macro risks generated at the micro level, which lead to a systemic crisis, and to develop measures to prevent it.

scholarly journals Some problems of evolutionary epistemology: Hayek’s view on evolution of market

2012 ◽  
Vol 23 (3) ◽  
pp. 333-347
Author(s):  
Milos Krstic
Keyword(s):  
Cultural Evolution ◽  
Evolutionary Epistemology ◽  
The Other ◽  
Individual Freedom ◽  
Market System ◽  
The One

This paper aims to present Hayek?s view of cultural evolution as an important contribution to contemporary evolutionary epistemology. However, despite the importance of Hayek?s theory of cultural evolution, the tension between his concept of rational liberalism and evolutionary epistemology will be pointe out. This tension limits Hayek?s understanding of cultural evolution. Hayek?s conception of rational liberalism emphasizes the values of individual freedom and benefits of the market system. The term evolutionary epistemology includes the economic phenomena that occur without the participation of consciousness, on the one hand, and activities with the element of purposefulness and intelligibility, on the other.

The Political Construction of a Coordinated Political Economy

2020 ◽  
pp. 1-14
Author(s):  
Philip Manow
Keyword(s):  
Economic Policy ◽  
Welfare State ◽  
Economic Performance ◽  
Research Question ◽  
The Other ◽  
The Political ◽  
Central Research ◽  
Economic Policies ◽  
The One

The first chapter motivates the book’s central research question: how did the German variant of capitalism emerge, and what today is its central functioning logic? The chapter argues that past and recent accounts of Germany’s economic performance and economic policy have failed to fully explain how long-term stable economic coordination could have evolved in as large a country as Germany, and that this has also translated into an often biased view of Germany’s current economic policies. The chapter sketches the basic argument of the book—namely that the German welfare state was the prime means of economic coordination for unions and employers, labor and capital—and situates it in two relevant literatures: the Varieties of Capitalism literature on the one hand and the Comparative Welfare State literature on the other. The chapter also presents an overview of the book.

Facing Strangers in Need

2019 ◽  
Vol 11 (1) ◽  
pp. 15-30
Author(s):  
Nenad Miscevic ◽  
Keyword(s):  
A Priori ◽  
The Other ◽  
Refugee Crisis ◽  
Psychological Approach ◽  
Social Psychological ◽  
The Social ◽  
Decent Life ◽  
The One

What is the role of toleration in the present-day crisis, marked by the inflow of refugees and increase in populism? The seriousness of the crises demands efforts of active toleration, acceptance, and integration of refugees and the like. Active toleration brings with itself a series of very demanding duties, divided into immediate ones involving immediate Samaritan aid to people at our doors and the long-term ones involving their acculturation and possibilities of decent life for them. A cosmopolitan attitude can contribute a lot. In the context of a refugee crisis, cosmopolitanism is not disappearing but showing its non-traditional, more Samaritan face turned not to distant strangers, as the classical one, but towards strangers at our doors.We have conjectured that this work of active toleration can diminish the need for the passive one: the well-integrated immigrant is no longer seen as a strange, exotic person with an incomprehensible and unacceptable attitude, but as one of us so that her attitudes become less irritating and provocative. The social-psychological approach that sees integration as involving both the preservation of central aspects of the original identity and the copy-pasting of the new one over it offers an interesting rationale for the conjecture: once integrated, the former newcomer is perceived as one of ‘us’ and her views stop being exotic, incomprehensible and a priori unacceptable. Given the amount of need for toleration, and difficulties and paradoxes connected with its passive variety, the conjecture, if true, might be a piece of good news.Finally, we have briefly touched the question of deeper causes of the crisis. Once one turns to this question, the traditional cosmopolitan issues come back to the forefront: the deep poverty and unjust distribution on the one hand, and conflicts and wars on the other. Cosmopolitans have a duty to face these issues, and this is where active global toleration leads in our times.

An Outsider's View: Alexis de Tocqueville on Aristocratic Society and Politics in 19th Century England

1980 ◽  
Vol 12 (2) ◽  
pp. 122-131 ◽  
Author(s):  
David Spring
Keyword(s):  
19Th Century ◽  
The Other ◽  
Great Power ◽  
Alexis De Tocqueville ◽  
Economic Power ◽  
First Impression ◽  
The Subject ◽  
Special Quality ◽  
The One ◽  
The 19Th Century

This brief account of Tocqueville's ideas on aristocratic society and government in England is intended to serve as a sort of introduction to the longer papers that follow in this symposium. For some years the subject of English aristocratic power in the 19th century—especially in connection with the First and Second Reform Acts—has been much discussed. The discussion has dwelt on such questions as whether the aristocracy grew or declined in power, whether the Reform Acts made for a growth or loss of power, whether aristocratic leadership knew precisely what it was doing, and so on. So far this discussion has been carried on, so to speak, exclusively from the inside: that is, in terms of contemporary English events and ideas. In Tocqueville, who was both an Anglophile and an informed and penetrating observer of England from the 1830s until his death in 1859, we have a distinguished outsider. His ideas are always interesting for their own sake. For this symposium they have the added merit of touching on some of its central themes. On occasion, his ideas may strike the reader as exaggerated, ambiguous, even inconsistent, certainly without system. But they are usually suggestive, and merit the historian's serious attention.Tocqueville's first impression of the English aristocracy was one of great power—a power rooted in its monopoly of landowner ship. As he saw it, the contrast between the French landowning aristocracy and the English was that between an aristocracy, on the one hand, that was land poor, and an aristocracy, on the other hand, that was richly endowed in land. Tocqueville also saw that if landed property did not always lead to economic power—since agriculture did not pay that well—it had a special quality, as compared to other forms of wealth, which was bound to lead to political power.

scholarly journals “You Are First a Chinese Citizen, Then A Consumer”: Presenting and Balancing Identities Online as Chinese International Tourists

2021 ◽  
Vol 17 (4) ◽  
pp. 58-81
Author(s):  
Fangheyue Ma
Keyword(s):  
Social Media ◽  
National Identity ◽  
Multiple Identities ◽  
The Other ◽  
Product Reviews ◽  
Broad Audience ◽  
Chinese Tourists ◽  
Micro Level ◽  
The One ◽  
Chinese Citizen

This paper is based on the analysis of 261 video and word posts collected from four popular social media sites on which Chinese tourists shared their consumption-related experiences during and after the trip. It investigates Chinese international tourists’ diverse presentations of self to a broad audience online through explaining their shopping experiences and product reviews. Tourists are expected to balance multiple identities carefully when they project themselves online as consumers—on the one hand, they present themselves as global consumers and trendsetters who are strategic and savvy; while on the other hand, they still need to preserve and even emphasize their national identity as Chinese patriots. Providing the much-lacking qualitative insight, this study enhances our understanding of international tourists and their consumption behaviors, the construction and presentation of a digital self, and how globalization operates at the micro-level.

scholarly journals Polskie firmy na tle zagranicznych korporacji w dobie globalizacji

2006 ◽  
Vol 9 ◽  
pp. 170-180
Author(s):  
Stanisław Sala
Keyword(s):  
Global Economy ◽  
Transnational Corporations ◽  
Developed Countries ◽  
The Other ◽  
Economic Power ◽  
Less Developed Countries ◽  
Dynamic Development ◽  
Catch Up ◽  
The One ◽  
Qualitative Changes

This article presents the role and the importance of Polish Transnational Corporations (TC) to global economy. Dynamic development of TC can be observed since the beginning of 70s of the 20thcentury. Nowadays TC have huge economic power which generates large profits. Many times incomes of TC are bigger than the value of GDP of less developed countries. Activity of TC is very controversial. On the one hand, present TC should be treated as an answer to qualitative changes which have taken place mainly in the sphere of telecommunication and means of transport, on the other hand, they are the motive power of these changes.Polish corporations are very small in comparison with the foreign ones. We have noticed a great disproportion of worth in comparison with corporations which are on the list of the global 1000 or 2000 biggest-worth corporations on the rising market. If Polish corporations want to catch up with the foreign ones, they must considerably increase the speed of their development.

scholarly journals Questioning rationality: the case for risk consumption

2016 ◽  
Author(s):  
Maria Isabel Clímaco ◽  
Luís Moura Ramos
Keyword(s):  
Addictive Behavior ◽  
Policy Implications ◽  
Time Preferences ◽  
The Other ◽  
Rational Addiction ◽  
Psychological Approach ◽  
Standard Assumption ◽  
New Developments ◽  
The One ◽  
Theory Framework

The standard assumption of rational, forward looking behavior has been heavily questioned given the impossibility of understanding some risk consumption behaviors within such a framework. The Becker and Murphy theory of rational addiction made a start on this debate fostering new refinements within the original rational theory framework as well as promising approaches based on the latest developments of cognitive science.This paper makes an overview confronting two main approaches highlighting their different time preferences assumptions. On the one hand the debate assumes rationality even in extreme situations of risk consumption - addictive behavior. On the other, new developments in the explanation of habits and addictive behaviours take an economic-psychological approach into consideration and have substantially different policy implications.

scholarly journals Dual Sector Inflation in Pakistan

1983 ◽  
Vol 22 (3) ◽  
pp. 191-210
Author(s):  
Usman Afridi ◽  
Asgiiar Qadir
Keyword(s):  
Standard Deviation ◽  
Economic Analysis ◽  
Confidence Level ◽  
Analytical Tool ◽  
The Other ◽  
Economic Index ◽  
Statistical Index ◽  
Entire Sample ◽  
Economic Problems ◽  
The One

In this note we point out the importance of using the standard deviation, S, in economic analysis. not merely as an indicator of confidence level for prediction, but also as a basic analytical tool. It is shown that new insights into economic problems may be obtained by giving closer attention to this statistical index, in addition to the other more commonly used indices. If the standard deviation for an economic index is too high. it may be more appropriate to dispense with the one index for the entire sample and break the sample into two or more parts, each of which has a reasonable standard deviation.

scholarly journals Reading Keynes’s policy papers through the prism of his Treatise on Probability: information, expectations and revision of probabilities in economic policy

2021 ◽  
Author(s):  
Sylvie Rivot
Keyword(s):  
Decision Making ◽  
Probability Theory ◽  
Economic Policy ◽  
Financial Markets ◽  
The Self ◽  
The Other ◽  
Policy Recommendations ◽  
The Great Depression ◽  
The One ◽  
Probability Information

When scholars investigate the legacy of Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections between Keynes’s probability theory, his conception of decision-making under uncertainty and the theory of the functioning of the macroeconomic system that derives from it - through the marginal efficiency of capital, the preference for liquidity and the self-referential functioning of financial markets. By contrast, the paper aims to investigate the connections between Keynes’s probability theory on the one hand, and his economic policy recommendations on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements.

Fiscal Reforms in a Country's Competitiveness Development

2018 ◽  
pp. 265-287
Author(s):  
Mária Janošková ◽  
Adriana Csikósová ◽  
Katarína Čulková
Keyword(s):  
Economic Policy ◽  
Economic Model ◽  
The State ◽  
The Other ◽  
State Budget ◽  
Public Finances ◽  
Political Ideas ◽  
Other Hand ◽  
Fiscal Reforms ◽  
The One

The chapter attention is given to fiscal reforms in Slovakia. Reform measurements and their impact on the state budget have been investigated in selected areas of the economy. Reforms are always lively discussed issue. On the one hand, they are reasoned by expert arguments, but also by political ideas and emotions. On the other hand, we must see that the reforms affect all citizens, mainly children, students, workers, unemployed and pensioners. The chapter contains a brief overview of the most important reforms in the years 2002-2006 as well as preliminary impacts on the economy, inhabitants and public finances. The aim of this chapter is to describe the fiscal reforms in Slovakia, to bring close principles that were behind the changes and to evaluate their influence on the country's competitiveness. The aim is to show how economic policy and reforms have changed the socio-economic model in Slovakia and what results it has brought.

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