Rejoinder to Huemer on Animal Rights

Heumer and I debate animal rights, utilitarianism, libertarianism, morality and philosophy. We agree that suffering is a problem, and diverge, widely, on how to deal with it. I maintain that this author’s reputation as a libertarian, let alone an intellectual leader of this movement, is problematic. Why? That is because libertarianism, properly understood, is a theory of intra-human rights; this philosophy says nothing about right from an extra-human perspective, Heumer to the contrary notwithstanding. That is to say, he is improperly importing into the freedom philosophy considerations extraneous to it.

Exploring Perceptions of Religion and Science among Turkish Academics

The religiosity of academics has been studied for over a decade. With few exceptions, this research has been conducted on American “elite” scientists, and data from non-Western countries is lacking. Drawing from psychological and sociological literature, the present exploratory study investigates the religiosity of Turkish academics (N = 361) and their perceptions on the relationship between religion and science, and associated variables such as interpretation of the Quran, and belief in evolution and creationism. Moreover, we address criticism directed at previous research by probing for different God concepts among believing academics. Although cultural differences can be identified, the results generally support the idea that academics are less religious with 54% identifying as “less religious” or “not religious,” compared to 24.2% self-identifying as “religious” or “extremely religious.”

Unbound: Ethics, Law, Sustainability, and the New Space Race

We are witnessing a new space race. A half century after the last Moon landing, and after a decade during which the United States could not launch its own astronauts to Earth orbit, there is new energy in the space activity. China has huge ambitions to rival or eclipse America as the major space power, and other countries are developing space programs. However, perhaps the greatest excitement attaches to the entrepreneurs who are trying to create a new business model for space travel based initially on tourism, and eventually, on colonizing the Moon and Mars and harvesting resources from asteroids. This paper presents a snapshot of the new space race and the rich men behind it, and it looks at some of the ethical and legal issues raised by this activity. The methodology is to consider the stated ambitions of the men leading private space companies, compare and contrast the space endeavor with earlier episodes of exploration and transportation innovation, review the regulatory environment for outer space, and consider two divergent scenarios for the future. Opinions are divided on whether commercial space flight is an expensive indulgence or potentially a way to find sustainability solutions for our life on Earth. It is concluded that the new space race can be characterized as unbounded: in ambition, in terms of laws and regulations, and in terms of ethical constraints on the activity.

Reconciling the Irreconcilable: A Property Rights Approach to Resolving the Animal Rights Debate

Libertarianism is understood to be a “deontological theory of law” that purportedly applies exclusively to humans. According to some libertarians, however, “one of the greatest weaknesses of libertarian theory” is that there are no provisions outlawing the abuse and torture of animals even though this seems to be one of “the most heinous acts it is possible to do”. Moreover, a few of these libertarians go even further and claim that this legal philosophy of non-aggression should actually be extended to include other animals. The purpose of this paper is to reconcile this seemingly irreconcilable situation by arguing that it is a “continuum problem” and offering a principled, libertarian compromise that resolves the animal rights debate using the non-aggression principle (NAP) and private property rights.

Public Debt Management and The Country’s Financial Stability

The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors.

Investments of Polish Family Businesses

In this paper the authors address the issue of investments made by family businesses. Their study attempted to verify the level of investments made by Polish family businesses in comparison with the level of investments made by Polish non-family businesses. The study focused on the analysis of investment flows of Polish listed companies included in the WIG index for the years 2006-2018. A total of 233 companies were analyzed, including 177 non-family businesses and 56 family businesses. The results corroborated the argument that Polish listed non-family businesses invest much more money than family businesses. It was also observed that only a small percentage of companies in both groups invest their finances in research and development.

Financialization of Commodity Market

The aim of the article is to present possible consequences caused by the development of commodity market financialization understood by the influence of financial investor’s speculation. Also the task of elaboration is to outline the existence of financial factors in the price creation process of commodities. The existing impact of financialization on the volatility of commodity prices significantly modifies the market. The results of the research and analyzes carried out indicate a similarity in the behavior of the markets of commodities. The situation results from the redistribution of the risk of financial investors who having a few goods in the investment portfolio, next to large transaction volumes affect the unification of price trends. Price shaping factors are being transformed. The decrease importance of supply or consumption in the context of the commodities market changes its form. The growing influence of investors who create numerous speculations transforms the market. Trade in futures contracts affects the level of commodities prices.

Differences in End-Customer Power Prices Across the EU – Reasons and Challenges for the Future

Many years have passed since the first liberalization processes in the electricity sectors the in European Union that were performed in order to establish a single market for electricity. In practice, convergence between neighbouring market areas was established mainly between the Member States in Central-Western Europe, while other countries have allowed for only limited levels of competition. As a consequence, many market areas remain illiquid and consumers pay relatively higher prices for the energy they consume. The final bill is further increased through financing the increasingly ambitious climate agenda, gradually leading to social opposition against ever-growing prices. The aim of this article is to provide examples of differences in market functioning in Member States, leading to discrepancies in average energy costs for end consumers. The consequences of different levels of market concentration, infrastructure investments and renewable generation subsidization are analysed using publicly available statistics. Careful literature review is also performed before the conclusions are presented.

Assessment of the Financial Condition of Knowledge Based Economy Entities – an Example of Polish Video Game Sector

The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way.

Financial Factors Influencing the Development of Product Innovations in Polish Small and Medium Enterprises

The development of product innovations in small and medium enterprises is determined mainly by their financial capabilities. These enterprises usually encounter financial problems when it comes to the introduction of product innovations. Therefore, managers should manage the company’s finances in the way that will enable them using all available means to solve these problems. This means that they ought to use external financial resources to a greater extent (not only in the form of loans). The article focuses on the financial conditions for the development of product innovations in small and medium enterprises, while other forms of innovation are omitted. Product innovations are given the highest priority by mentioned companies. The analysis covered the years 2010-2017. The case study allowed to present changes in this most important form of activity for enterprises in the SME sector during the analyzed period For the purpose of this paper, large companies have also been included in the study in order to extend the comparative base. . In the article there were used data published by GUS, NBP, PARP, Eurostat. The article presents the following thesis: The innovative activity of Polish enterprises takes mainly the character of product innovations, which often require large financial outlays. Two hypotheses were used to verify the thesis: HPT1: The increase in the outlays of enterprises on technical progress and on research and development works (R&D) leads to companies' own the development of product innovations. HPT2: The resources are the main source of financing for product investments. Due to the greater capacity of large companies to spend on R&D, they are more active in product innovation than small companies, whose financial resources are significantly limited. Broader implementation of product innovations in SMEs requires wider access to finance and greater involvement of many participants. In order to be able to take advantage of all possible opportunities to renew the production programme, the company should ensure appropriate internal and external integration in the management of the process.