Entrepreneurship and Decentralised Investment in a Planned Economy

Since the 1980s, authors of the Austrian School have argued that the problem of rational allocation in a planned economy is not computational or technical in nature (static optimisation, with given information) but a question of dynamic efficiency (innovation and the creation of new information), and that this would be impossible without market processes and free entrepreneurship. In this article, we argue to the contrary that a planned economy can effectively drive dynamic efficiency. We first reveal that the Austrian thesis on the impossibility of dynamic efficiency in socialist planning is based on tautological arguments, or on problems already solved by technological development. Secondly, we present an institutional formula for promoting innovative activities and entrepreneurship within a framework of social ownership of the means of production and social control of investment.

Private Property Rights, Dynamic Efficiency and Economic Development: An Austrian Reply to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process

The Austrian school economics and neo-Marxist theories both have been reviving in recent years. However, the current academic discussion lacks a debate between two schools of economics with diametrically opposed views. This paper is the first and an initial Austrian challenge to Neo-Marxist scholars Nieto and Mateo’s argumentation that cyber-communism and the Austrian theory of dynamic efficiency are consistent to enhance economic development. Their argument focuses on two issues: (a) the existence of circular reasoning in the Austrian theory of dynamic efficiency, and (b) dynamic efficiency and full economic development could be strongly promoted in a socialist system through new information and communication technologies (ICT) and the democratization of all economic life. While cyber-communism refers to cyber-planning without private property rights through ICT, dynamic efficiency refers to the entrepreneurs’ creative and coordinative natures. In this paper, first, we argue that the hypothesis that dynamic efficiency and cyber-communism is not compatible. Contrary to the above cyber-communist criteria, the Austrian theory of dynamic efficiency argues that to impede private property rights is to remove the most powerful entrepreneurial incentive to create and coordinate profit opportunities, the entrepreneurial incentives to create and coordinate profit opportunities are removed to identify human problems and the ability and willingness to solve them. Second, we argue that the cyber-communism system is inconsistent with economic development. In this regard, we explain how the institutional environment can cultivate or stifle dynamic efficiency and economic development. Having briefly outlined the central argument of Nieto and Mateo, we examine the institutional arrangement supporting cyber-communism. After that, we evaluate the implications of cyber-communism in the dynamic efficiency process. It becomes manifest that Nieto and Mateo’s accounts are too general to recognize the complexity of how economic development works.

An Eight-Channel Switching-Linear Hybrid Dynamic Regulator with Dual-Supply LDOs for Thermo-Optical Tuning

<div>A novel switching-linear hybrid dynamic regulator with dual-supply LDOs for thermo-optical tuning is presented in this brief. Compared with conventional designs, the proposed design leverages the intrinsic dual supplies to extend the operating range of the LDOs, and increases the thermo-optical tuning efficiency by reducing the dropout of the LDOs through dynamic voltage tracking. It can simultaneously regulate eight output channels and track 0.8 V_pp sinusoidal waveforms at different frequencies. Significant efficiency improvement of the proposed design is achieved for envelope signals with a small difference, which is common in thermo-optical tuning. Implemented in 130 nm CMOS process, the proposed design has a total chip area of 0.675 mm². The proposed design achieves a conversion efficiency of 88% at 1 V output driving a 200 ohms load. Its dynamic efficiency is about 80% when tracking 50 kHz sinusoidal signals.</div>

An Eight-Channel Switching-Linear Hybrid Dynamic Regulator with Dual-Supply LDOs for Thermo-Optical Tuning

<div>A novel switching-linear hybrid dynamic regulator with dual-supply LDOs for thermo-optical tuning is presented in this brief. Compared with conventional designs, the proposed design leverages the intrinsic dual supplies to extend the operating range of the LDOs, and increases the thermo-optical tuning efficiency by reducing the dropout of the LDOs through dynamic voltage tracking. It can simultaneously regulate eight output channels and track 0.8 V_pp sinusoidal waveforms at different frequencies. Significant efficiency improvement of the proposed design is achieved for envelope signals with a small difference, which is common in thermo-optical tuning. Implemented in 130 nm CMOS process, the proposed design has a total chip area of 0.675 mm². The proposed design achieves a conversion efficiency of 88% at 1 V output driving a 200 ohms load. Its dynamic efficiency is about 80% when tracking 50 kHz sinusoidal signals.</div>

Against Paretianism: A Wealth Creation Approach to Business Ethics

How should we distinguish between ethical and unethical ways of pursuing profit in a market? The market failures approach (MFA) to business ethics purports to provide an answer to this question. I argue that it fails to do so. The source of this failure is the MFA’s reliance on Pareto efficiency as a core ethical principle. Many ethically “preferred” tactics for seeking profit cannot be justified by appeal to Pareto efficiency. One important reason for this is that Pareto efficiency, as understood by the theory of welfare economics upon which the MFA relies, assumes a static conception of efficiency. This is a problem because many ethically “preferred” tactics can only be justified by appeal to dynamic efficiency considerations. I argue that, instead of Pareto efficiency, we should look to the value of wealth creation to understand the ethical constraints on how market actors may pursue profit.

Strategic management of the company's value based on the development of innovative and technological activities

В статье выделены тенденции постиндустриального способа производства и определены особенности их финансирования. Произведена оценка динамической эффективности инновационной деятельности на основе расчета показателя инновационной добавленной стоимости и коэффициента отдачи затрат на инновации в различных отраслях промышленного производства. Выявлены составляющие корпоративной финансовой стратегии и определен механизм обеспечения взаимосвязи между финансовой стратегией и финансовой политикой компании. Сделаны выводы, что необходимо предпринять российским компаниям для обеспечения устойчивого развития и конкурентных преимуществ. The article highlights the tendencies of the post-industrial mode of production and defines the features of their financing. The assessment of the dynamic efficiency of innovation activity is carried out on the basis ofcalculating the indicator of innovative value added and the rate of return on innovation costs in various industries. The components of the corporate financial strategy are identified and the mechanism for ensuring the relationship between the financial strategy and the financial policy of the company is determined. Conclusions are made of what needs to be done by Russian companies to ensure sustainable development and competitive advantages.

Old and New Development Economics: A Reassessment of Objectives

The “new development economics” (also called behavioral development economics) consists of microeconomic experimentation based on behavioral economics and randomized controlled trials. This approach would illuminate the close relationships between preferences, culture, and institutions and point to new political opportunities. This paper describes and analyzes the new development economics’s main components and argues that the new development economics is just like the old development economics in terms of its central assumptions, objectives, and recommendations. Despite the growing recognition that social, cultural, and institutional factors profoundly affect decision-making, old and new development economists generally lean toward the extreme reductionism of the neoclassical paradigm. It is observed that research on the essence of economic development has been neglected or treated inadequately in the school’s literature. It is suggested that the findings of the Austrian theory of dynamic efficiency, based on human action’s creative and entrepreneurial feature, may allow the development economics to overcome its analytical challenges.