New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this (...) series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics. (shrink)

Michael A. PetersBeijing Normal University, Beijing, PR China;There is an ecology of bad ideas, just as there is an ecology of weeds– Gregory Bateson (1972, p. 492)While there are classical anteced...

Barnett and Block establish that not only are fractional reserve demand deposits fraudulent and create an Austrian Business Cycle , but that a certain type of mismatching between time deposits and the period for which the depository institution relends the deposited funds are also contrary to libertarian law. The question we address in the present paper is whether or not this type of disconnect between the period for which the ultimate lender committed funds and the ultimate borrower gained possession (...) thereof also necessarily start an Austrian Business Cycle. Even though this does not constitute an increase in the stock of money, we answer in the affirmative. (shrink)

We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.

Omnipresent calls for more women in university administration assume these women will prioritize using resources and power to increase female representation, especially in STEM fields where women are most underrepresented. However, empirical evidence is lacking for systematic differences in female versus male administrators’ attitudes. Do female administrators agree on which strategies are best, and do men see things differently? To answer this question, we explored United States college and university administrators’ opinions regarding policies, strategies, and structural changes in their organizations (...) designed to increase women professors’ representation and retention in STEM fields. A comprehensive review of past research yielded a database of potentially-effective, recommended policies (e.g., increasing emphasis on teaching, service, and administration during promotion reviews; stopping the tenure clock for childbearing; providing on-campus childcare; couples-hiring; sharing tenure lines; having more women chair search committees; setting gender quotas for promotion). A survey based on these recommended policies was sent to provosts, deans, associate deans, and department chairs of STEM fields at 96 public and private research universities (formerly called R1s) across the U.S. These administrators were asked to rate the quality and feasibility of each recommended policy; 474 provided data, of which 334 contained complete numerical data used in the analyses, so our results are based on a large, geographically diverse group of administrators at research universities. Our data revealed that female administrators perceived the 44 strategies to be higher in quality overall than did male administrators--but not higher in feasibility--with 9 policies perceived differently when rated by women versus men administrators, after imposing conservative statistical controls. There was broad general agreement on the relative rankings of the 44 policies in terms of their perceived quality. Overall, our national survey of U.S. administrators supported the assertion that placing women in administrative roles creates greater emphasis on the importance of enacting policies to attract and retain women in STEM. Topics of disagreement between women and men regarding strategy quality are important focuses of future policy and planning, because female administrators may have insights into how to retain women professors that male administrators do not share. (shrink)

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

The present article is a continuation of the debate two sets of authors have been engaging in regarding one type of maturity mismatching: borrowing short and lending long. All four authors had agreed that this practice can set up the Austrian Business Cycle; the present author denies that BSLL would be a legitimate commercial interaction in the free society; Bagus and Howden continue to maintain that it would be licit. Our main criticism of Bagus and Howden is a reductio ad (...) absurdum: that this opens them up to the charge of embracing the doctrine of market failure; this is something highly problematic for the two of them, since all four contributors to this debate are well-known supporters of laissez faire capitalism. (shrink)

“Due process of law” is arguably the most controversial and frequently-litigated phrase in the American Constitution. Although the dominant originalist view has long been that Fifth and Fourteenth Amendment’s Due Process of Law Clauses are solely “process” guarantees and don’t constrain the “substance” of legislation at all, originalist scholars have in recent years made fresh inquiries into the historical evidence and concluded that there’s a weighty case for some form of substantive due process. In this Article, we review and critique (...) these findings employing our theory of good-faith originalist interpretation and construction. We begin by investigating the “letter” of the Due Process of Law Clauses — that is, the original meaning of their texts. Next, to develop doctrine by which this meaning can be implemented, we identify the clauses’ original function — their “spirit” — of barring arbitrary exercises of power over individuals that rest upon mere will rather than constitutionally proper reasons. We contend that the original letter and spirit of the “due process of law” in both clauses requires federal and state legislators to exercise their discretionary powers in good faith by enacting legislation that is actually calculated to achieve constitutionally proper ends and imposes a duty upon both state and federal judges to make a good-faith determination of whether legislation is calculated to achieve constitutionally proper ends. Finally, we confront hard questions concerning the scope of the states’ reserved powers, acknowledging the flaws in the “police-power” jurisprudence associated with the so-called “Lochner era” and we delineate an approach that will better safeguard all “person(s)” against arbitrary power. By so doing, we assist state and federal legislators by providing clarity concerning the constitutionally proper ends that federal and state legislators can pursue; aid state and federal judges by equipping them to review legislators’ pursuit of those ends; and help members of the public by enabling them to monitor the performance of their legislative and judicial agents. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on (...) Barnett and Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

In this international and interdisciplinary collection of critical essays, distinguished contributors examine a crucial premise of traditional readings of Plato's dialogues: that Plato's own doctrines and arguments can be read off the statements made in the dialogues by Socrates and other leading characters. The authors argue in general and with reference to specific dialogues, that no character should be taken to be Plato's mouthpiece. This is essential reading for students and scholars of Plato.

v. 1. Medieval and early classical science.--v. 2. Classical and contemporary science.

We review the psychological literature on the organization of valence, discussing theoretical perspectives that favor a single dimension of valence, multiple valence dimensions, and positivity and negativity as dynamic and flexible properties of mental experience that are contingent upon context. Turning to the neuroscience literature that spans three levels of analysis, we discuss how positivity and negativity can be represented in the brain. We show that the evidence points toward both separable and overlapping brain systems that support affective processes depending (...) on the level of resolution studied. We move from large-scale brain networks that underlie generalized processing, to functionally specific subcircuits, finally to intraregional neuronal distributions, where the organization and interaction across levels allow for multiple types of valence and mixed evaluations. (shrink)

Brief thumbnail sketches capture group interest and show the relevance of ethical considerations in real life situations. Bill Bain has considerable experience of business and is currently a PhD student at the Management School of London University's Imperial College, 53 Prince's Gate, Exhibition Road, London SW7 2PG.

State Medical Boards (SMBs) can take severe disciplinary actions (e.g., license revocation or suspension) against physicians who commit egregious wrongdoing in order to protect the public. However, there is noteworthy variability in the extent to which SMBs impose severe disciplinary action. In this manuscript, we present and synthesize a subset of 11 recommendations based on findings from our team’s larger consensus-building project that identified a list of 56 policies and legal provisions SMBs can use to better protect patients from egregious (...) wrongdoing by physicians. (shrink)

I have before me a letter dated January 5, 2000 from Bradford Wilson, the executive director of the NAS. It begins, “I really enjoyed your contribution to the recent symposium in the January issue of First Things, so much so that I’ve also decided to invite you to join the NAS. Many of your fellow contributors including Robert George, Jeffrey Satinover, and Father Neuhaus are among our current members, and I think you’d find it well worth your while if you (...) joined ranks with us yourself.”. (shrink)

Contemporary thinkers who address the problem of causal relations generally favor Hume’s analysis, although some periodically manifest interest in Aristotle’s exposition as an important and viable alternative. Few, however, find among the many philosophers who came between Aristotle and Hume any worthwhile contributor to the development of this problematic. Some might note, for example, Nicholas of Autrecourt as a medieval precursor of Hume, but this merely keeps the discussion fluctuating between the same two poles. This essay aims to call attention (...) to a different and intermediate view, not hitherto noted, that was proposed in the High Middle Ages by Thomas Aquinas. It argues that Aquinas made a significant advance beyond Aristotle in his analysis of antecedent causation, and thereby made possible the certification of some elements in Hume’s analysis, without subscribing to its more extreme results. In so doing, moreover, Aquinas adumbrated some problems in contemporary analytic discussions of the causal relationships between events, and consequently may shed light on their solution. (shrink)

Microbial ecology is flourishing, and in the process, is making contributions to how the ecology and biology of large organisms is understood. Ongoing advances in sequencing technology and computational methods have enabled the collection and analysis of vast amounts of molecular data from diverse biological communities. While early studies focused on cataloguing microbial biodiversity in environments ranging from simple marine ecosystems to complex soil ecologies, more recent research is concerned with community functions and their dynamics over time. Models and concepts (...) from traditional ecology have been used to generate new insight into microbial communities, and novel system-level models developed to explain and predict microbial interactions. The process of moving from molecular inventories to functional understanding is complex and challenging, and never more so than when many thousands of dynamic interactions are the phenomena of interest. We outline the process of how epistemic transitions are made from producing catalogues of molecules to achieving functional and predictive insight, and show how those insights not only revolutionize what is known about biological systems but also about how to do biology itself. Examples will be drawn primarily from analyses of different human microbiota, which are the microbial consortia found in and on areas of the human body, and their associated microbiomes (the genes of those communities). Molecular knowledge of these microbiomes is transforming microbiological knowledge, as well as broader aspects of human biology, health and disease. (shrink)

The study of the Second Sophistic is a relative newcomer to the Anglophone field of classics, and much of what characterizes it temporally and culturally remains a matter of legitimate contestation. This Handbook offers a diversity of scholarly voices that attempt to define the state of this developing field. Included are chapters that offer practical guidance on the wide range of valuable textual materials that survive, many of which are useful or even core to inquiries of particularly current interest (e.g., (...) gender studies, cultural history of the body, sociology of literary culture, history of education and intellectualism, history of religion, political theory, history of medicine, cultural linguistics, intersection of the classical traditions and early Christianity). (shrink)

A summary of basics for student and seminarian.

We examined the relationship between leader behavioral integrity and leader behavioral courage using data from two studies. Results from Study 1, an online experiment, indicated that behavioral manifestations of leader behavioral integrity and situational adversity both have direct main effects on behavioral manifestations of leader courage. Results from Study 2, a multisource field study with practicing executives, indicated that leader behavioral courage fully mediates the effects of leader behavioral integrity on leader performance and leader executive image. Implications of these findings (...) and future directions are discussed. (shrink)

Organizational ethics—defined as the alignment of an institution’s practices with its mission, vision, and values—is a growing field in health care not well characterized in empirical literature. To capture the scope and context of organizational ethics work in United States healthcare institutions, we conducted a nationwide convenience survey of ethicists regarding the scope of organizational ethics work, common challenges faced, and the organizational context in which this work is done. In this article, we report substantial variability in the structure of (...) organizational ethics programs and the settings in which it is conducted. Notable findings included disagreement about the activities that comprise organizational ethics and a lack of common metrics used to assess organizational ethics activities. A frequently cited barrier to full engagement in these activities was poor institution-wide understanding about the role and function of organizational ethics resources. These data suggest a tension in the trajectory of organizational ethics’ professionalization: while some variability is appropriate to the field’s relative youth, inadequate attention to definitions of organizational ethics practice and metrics for success can impede discussions about appropriate institutional support, leadership context, and training for practitioners. (shrink)

This essay focuses on what I shall call “cosmopolitan altruism”—the motivationally effective desire to assist needy or endangered strangers. Section I describes recent research that confirms the existence of this phenomenon. Section II places it within interlocking sets of moral typologies that distinguish among forms of altruism along dimensions of scope, interests risked, motivational source, and baseline of moral judgment. Section III explores some of the relationships between altruism—a concept rooted in modern moral philosophy and Christianity—and the understanding of virtue (...) and friendship characteristic of Aristotelian ethical analysis. Finally, Section IV argues that cosmopolitan altruism does not represent moral progress simpliciter over other, less inclusive views, and that the widening of moral sympathy to encompass endangered strangers entails significant moral costs. (shrink)

Research using economic decision-making tasks has established that direct reciprocity plays a role in prosocial decision-making: people are more likely to help those who have helped them in the past. However, less is known about how considerations of mutual exchange influence decisions even when the other party’s actions are unknown and direct reciprocity is therefore not possible. Using a two-party economic task in which the other’s actions are unknown, study 1 shows that prosociality critically depends on the potential for mutual (...) exchange; when the other person has no opportunity to help the participant, prosocial behavior is drastically reduced. In study 2, we find that theories regarding the other person’s intentions influence the degree of prosociality that participants exhibit, even when no opportunity for direct reciprocity exists. Further, beliefs about the other’s intentions are closely related to one’s own motivations in the task. Together, the results support a model in which prosociality depends on both the social conditions for mutual exchange and a mental model of how others will behave within these conditions, which is closely related to knowledge of the self. (shrink)

Responding to volatile criticisms frequently leveled at Leo Strauss and those he influenced, the prominent contributors to this volume demonstrate the profound influence that Strauss and his students have exerted on American liberal democracy and contemporary political thought. By stressing the enduring vitality of classic books and by articulating the theoretical and practical flaws of relativism and historicism, the contributors argue that Strauss and the Straussians have identified fundamental crises of modernity and liberal democracy.

This book is a major contribution to the current theory of liberalism by an eminent political theorist. It challenges the views of such theorists as Rawls, Dworkin, and Ackerman who believe that the essence of liberalism is that it should remain neutral concerning different ways of life and individual conceptions of what is good or valuable. Professor Galston argues that the modern liberal state is committed to a distinctive conception of the human good, and to that end has developed characteristic (...) institutions and practices - representative governments, diverse societies, market economies, and zones of private action - in the pursuit of specific public purposes that give unity to the liberal state. These purposes guide liberal public policy, shape liberal justice, require the practice of liberal virtues, and rest on a liberal public culture. Consequently the diversity characteristic of liberal societies is limited by their institutional, personal, and cultural preconditions. (shrink)

This book is the first detailed reconstruction of the late work of John Rawls, who was perhaps the most influential philosopher of the twentieth century. Rawls's 1971 treatise, A Theory of Justice, stimulated an outpouring of commentary on 'justice-as-fairness,' his conception of justice for an ideal, self-contained, modern political society. Most of that commentary took Rawls to be defending welfare-state capitalism as found in Western Europe and the United States. Far less attention has been given to Rawls's 2001 book, Justice (...) as Fairness: A Restatement. In the Restatement, Rawls not only substantially reformulates the 'original position' argument for the two principles of justice-as-fairness but also repudiates capitalist regimes as possible embodiments. Edmundson further develops Rawls's non-ideal theory, which guides us when we find ourselves in a society that falls well short of justice. (shrink)

The use of mathematical models to support decision making is proliferating in both the public and private sectors. Advances in computer technology and greater opportunities to learn the appropriate techniques are extending modeling capabilities to more and more people. As powerful decision aids, models can be both beneficial or harmful. At present, few safeguards exist to prevent model builders or users from deliberately, carelessly, or recklessly manipulating data to further their own ends. Perhaps more importantly, few people understand or appreciate (...) that harm can be caused when builders or users fail to recognize the values and assumptions on which a model is based or fail to take into account all the groups who would be affected by a model's results. This volume provides a setting for a dialogue about ethics and shows the need to continue and define a vocabulary for exploring ethical concerns. It will become increasingly important for model builders and users to have a clear and strong code of ethics to guide them in making the ethical decisions they surely will have to face. (shrink)

War After September 11 considers the just aims and legitimate limits of the United States' response to the terrorist attacks of September 11, 2001.