(1996). The economic consequences of Bruno Latour. Social Epistemology: Vol. 10, Economic Metaphors in Science Studies, pp. 193-208. doi: 10.1080/02691729608578814.

This study investigates the impact of labor unionization on stock price crash risk. We find that labor unionization is negatively associated with stock price crash risk. Such negative relation is more pronounced when firms can intimate more credible evidence on unfavorable prospects and when firms face more powerful labor unions. Our findings are consistent with the notion that firms take strategic actions to reduce the bargaining advantages enjoyed by labor unions and that labor unions force firms to take less risky (...) investments and discontinue underperformed projects more timely, which leads to lower stock price crash risk. (shrink)

The recent wave of same-sex marriage legalization marks the most significant human rights progress in decades. Nevertheless, the valuation effects on corporate America are unclear. While the arguments supporting marriage equality are largely in the domain of law and sociology, many prominent business leaders are actively engaged in campaigns advocating marriage equality. This suggests that the LGBT civil rights movement of our generation might have valuation implications for corporate America beyond human rights equality. This paper investigates the market perception of (...) state-level same-sex marriage legalization by examining the short-window market reactions to firms headquartered in a state. We find positive market reactions to firms headquartered in states that legally recognize marriage equality. Further, we find that the market views companies more favorably in: first-mover states before the Supreme Court ruling of United States v. Windsor, and states that have stronger anti-discrimination laws for the LGBT community. Our findings complement prior research that focuses on the economic consequences of firm-level LGBT human rights policies by examining the state/nation-level legal impact, adding a new dimension to ethical practices that can have economic consequences. (shrink)

Inequality in the family is the most damaging of all forces in women’s lives. It is overtly preserved by religious, customary, and state laws that formally enshrine discrimination against women and is perpetuated by de facto lack of access to nominally protective systems and remedies. International law and its implementation mechanisms provide an arena for confronting resistance to gender equality in the family, calling states to account at the highest level as well as providing a platform for domestic advocacy. CEDAW (...) and the jurisprudence of its monitoring body, the Committee on the Elimination of Discrimination against Women, clearly state the paramount value of protecting the individual human rights of family members rather than maintaining family “protection” and privacy at the expense of the women within it. By ratifying, States theoretically commit themselves to this progressive position. However, the politics of state and community identity make for a more complex picture that includes multiple, sometimes overlapping, levels of acceptance and rejection. Taking as a case study the current initiative to adopt a new General Recommendation to address the economic consequences of family relations and their dissolution, this Article draws on the CEDAW Convention and the CEDAW Committee’s work to suggest a practical application of international standards to address the tangle of legal systems and identity that have disadvantaged women for centuries. Placing this initiative within the context of multiple family law regimes and the multicultural debate, the right to exit and the concept of freedom to associate and to disassociate are emphasized as crucial in confronting the phenomenon of discriminatory identitybased family legal regimes. The Article concludes with an illustration of the harmonization process required by the CEDAW Convention, taking the new General Recommendation as a model approach for meeting the international equality norms while preserving community or State identity. (shrink)

The thirteenth and fourteenth centuries in western Europe witnessed many dramatic political innovations and developments. One of the more striking of these phenomena was the territorial expansion of political units. Many local societies which had long maintained important degrees of independence or autonomy were during this period incorporated into larger political entities. By 1300 many of the rulers of western Europe were masters, if only nominally, of territories far vaster than those anyone had ruled since the heyday of the Carolingian (...) Empire around the year 800. (shrink)

Readily available data are used to provide relevant decision making information on the highly subjective issue of animal rights. Two examples of alleged crowding; cattle being finished in concrete lots, and broilers in confined operations were evaluated to determine the impact on producers and consumers from increasing space per animal. It is concluded that similar policy changes, such as doubling floor space, can lead to dramatic differences in economic impact depending on the industry affected. It is shown that (...) class='Hi'>economic analysis can provide valuable information in estimating the tradeoffs in moral issues. (shrink)

The paper outlines why and how political institutions, especially constitutional ones, matter for what decisions are made in the political process and thereby for how the economy functions. The main part contains a survey of empirical studies in this area. Among the things covered: the effects of political and economic freedom, not least property rights, on economic growth; how stricter budgetprocess rules affect tendencies for deficits; the role of electoral systems for shaping policies and affecting fiscal deficits; and (...) the effects of separation of powers – e.g., federalism and referenda – on government size.Ce papier retrace dans les grandes lignes pourquoi et comment les institutions politiques, notamment celles de nature constitutionnelle, importent pour les décisions prises au niveau politique et en conséquence sur la manière dont fonctionne l’économie. La majeure partie du papier consiste en un examen des études empiriques dans ce domaine. Parmi les choses analysées : les effets de la liberté politique et économique, en particulier les droits de propriété, sur la croissance économique ; comment des règles plus strictes lors de l’élaboration du budget influent sur la tendance au déficit ; le rôle des systèmes électoraux dans l’élaboration des politiques et dans la taille des déficits ; et les effets de la séparation des pouvoirs – par exemple fédéralisme et referenda – sur la taille du gouvernement. (shrink)

Past research suggests that although citizens are generally favorable to pro-environmental policies, their negative economic impact can be a relevant source of concern. In two studies, we investigated the agreement with messages highlighting the positive vs. negative economic impact of a pro-environmental policy, as a function of the framing of the policy itself in terms of local relevance and environmental impact. In Study 1, participants were citizens of different Italian regions. Results showed that reference to the local relevance (...) of the proposed policy increased the tendency to agree with loss-framed messages on the economic impact of the policy. In Study 2, participants were a sample of actual lakeside residents from the Garda Lake area in Italy. Results showed that reading messages promoting the policy through stressing the negative consequences of not implementing it increased the tendency to agree with a subsequent loss-framed message on the economic impact of the policy. This effect was more evident among participants with stronger place identity. Discussion focuses on the relevance of framing and matching effects in devising persuasive messages on the environmental and economic impact of pro-environmental policies. (shrink)

The unethical overuse of antibiotics to seek to achieve a shortening of the treatment period raises the cost of health services and poses a threat to humanity due to the gradual development of antibiotic resistance. Other consequences of our modern passion for antibiotics have appeared. Small concentrations of antibiotic residues in sewage waters slow down the metabolism of anaerobic microorganism thereby reducing the overall performance of the anaerobic fermentation used to detoxify and digest sewage and other collected organic wastes. (...) Reduced biogas yields represents a serious threat to the energy self-sufficiency of some waste-water treatment plants, so it might change them from energy producers into energy consumers. Morally justifiable production of renewable energy from bio-waste is also threatened by antibiotic residues that remain in the bio-waste. (shrink)

Over one-third of the white working class in America vote for Republicans. Some scholars argue that these voters support Republican economic policies, while others argue that these voters’ preferences on cultural and moral issues override their economic preferences. We draw on in-depth interviews with 120 white working-class voters to defend a broadly “economic” interpretation: for this segment of voters, moral and cultural appeals have an economic dimension, because these voters believe certain moral behaviors will help them (...) prosper economically. Even the very word “conservative” is understood as referencing not respect for tradition generally, but avoidance of debt and excessive consumption specifically. For many respondents, the need to focus on morality and personal responsibility as a means of prospering economically—what we call “walking the line”—accords with the rhetoric they associate with Republicans. Deindustrialization may have heightened the appeal of this rhetoric. (shrink)

Working women in the Caribbean and Latin America are more active in the labor market than their counterparts in most other regions of the world. Yet, they remain much less economically mobile than working men. Using research from a long-term study in Martinique, this article offers a new view of the cross-class construction of women's economic immobility. Research results suggest that irrespective of a woman's socioeconomic status, household structure, education, skills, or freedom from domestic chores, the organization of her (...) work is patterned in ways that preclude economic growth. When women try to “get ahead,” they invest more of their own time; men, by contrast, put others to work. I argue that these and other gender-based patterns of work organization and network management express a hidden but enduring legacy of a patriarchal value system. (shrink)

The field of economics proves to be a matter of metaphor and storytelling - its mathematics is metaphoric and its policy-making is narrative. Economists have begun to realize this and to rethink how they speak. This volume is the result of a conference held at Wellesley College, involving both theoretical and applied economists, that explored the consequences of the rhetoric and the conversation of the field of economics.

Introduction -- Unintended consequences -- The origin of money -- Segregation -- The invisible hand -- The origin of money reconsidered -- Models and representation -- Game theory and conventions -- Conclusion.

Global Economic Ethic is a stunning set of principles. However, in this response I shall raise some questions concerning its implementation. First, from the perspective of a global Western-based transnational corporation, there are ambiguities in the principles and implementation in practice. Second, from a non-Western cultural perspective, one has to to think about whether and how these principles could be interpreted in different non-European/non–North American cultural settings. Finally, the biggest challenge is whether or how we as individuals, as executives (...) and managers, and as part of the global community work to change political climates of corruption, domination, patronage, and protectionism, climates that hinder or preclude going forward with the adoption and operationalization of these principles everywhere. (shrink)

In this paper I describe and analyze an economic situation involving two competitive organizations. I put forth the argument that because of the systemic nature of decision making relative to managing the requirements of utilizing a descriptive equation that determines how many people an economic system can support, that even if all the players in the situation act ethically, the results will still be harmful, and necessarily so, to the system and to many innocent people. I will demonstrate (...) that harming innocent people is required and morally defensible given the choices available. The best one can do is slow down the increase in disutilities and possibly operate the system within a range of acceptable behavior that minimizes the resulting harm to innocent people, even if we cannot entirely remove this harm. In this context ethics becomes the study of the acceptable as opposed to the preferable. (shrink)

Despite the frequency of stillbirths, the subsequent implications are overlooked and underappreciated. We present findings from comprehensive, systematic literature reviews, and new analyses of published and unpublished data, to establish the effect of stillbirth on parents, families, health-care providers, and societies worldwide. Data for direct costs of this event are sparse but suggest that a stillbirth needs more resources than a livebirth, both in the perinatal period and in additional surveillance during subsequent pregnancies. Indirect and intangible costs of stillbirth are (...) extensive and are usually met by families alone. This issue is particularly onerous for those with few resources. Negative effects, particularly on parental mental health, might be moderated by empathic attitudes of care providers and tailored interventions. The value of the baby, as well as the associated costs for parents, families, care providers, communities, and society, should be considered to prevent stillbirths and reduce associated morbidity. (shrink)

Property rights are the rules governing ownership in society. This Element offers an analytical framework to understand the origins and consequences of property rights. It conceptualizes of the political economy of property rights as a concern with the follow questions: What explains the origins of economic and legal property rights? What are the consequences of different property rights institutions for wealth creation, conservation, and political order? Why do property institutions change? Why do legal reforms relating to property (...) rights such as land redistribution and legal titling improve livelihoods in some contexts but not others? In analyzing property rights, the authors emphasize the complementarity of insights from a diversity of disciplinary perspectives, including Austrian economics, public choice, and institutional economics, including the Bloomington School of institutional analysis and political economy. (shrink)

The purpose of the paper is to determine the state of automotive corporations financial stability and to generalize the consequences of its violation for their activity and the global economy as a whole. Methods. The theoretical and methodological basis of the research is the scientific works in the field of corporate finance management and strategic development that studied analyzing and evaluating the financial stability of corporate companies, maintaining their financial stability in the medium and long term, official statistics data (...) of United Nations Conference on Trade and Development, financial statements of corporations Toyota Motor Corporation (Japan), Mercedes-Benz (Germany) and Tesla Motors (USA), own research results. The methodological basis of the study is a set of general scientific and special methods used to achieve the research goal: theoretical generalization, analysis and synthesis – in studying the content of scientific works on the research of financial stability of corporate companies and maintaining their financial stability; observation – to obtain primary information about the state of the world automotive market; the method of coefficient analysis and typing the situations – to assess the financial stability of automotive corporations; analytical – in determining the economic consequences of financial stability violation of automotive corporations; causation – to obtain final conclusions. Results. This article deals with the development of automotive industry in the world. The financial stability of leading automotive corporations is evaluated. The economic consequences of financial stability violation of automotive corporations are summarized. Financial strategies to improve the financial stability of automotive corporations are proposed. Practical value. The results of the study may be useful to the United Nations Conference on Trade and Development, the financial management of Toyota Motor Corporation, Mercedes-Benz and Tesla Motors. Value / originality – the state of financial stability of automotive corporations is determined and the consequences of its violation for their activity and the world economy as a whole are generalized. Further research should be directed towards the development of project measures to improve the financial stability of automotive corporations in the world. (shrink)

Commonly accepted dictates of morality clash with the a priori laws of free economic competition. These divergent directives — that stem from the essence of their sources and cannot be changed or negated without altering their sources — contradict each other and so set up conflicts of the most fundamental kind in men's psyches (or souls). In addition, this clash of moralities implies a most serious question respecting real freedom under a system of so-called free-enterprise. For, if in order (...) to thrive, we must perform actions that at the same time violate our own moral self respect, we cannot call ourselves free. (shrink)

ABSTRACT The little-studied presidency of Benjamin Harrison offers valuable insights into the surprising role that political ideas can play in government. Harrison was a highly qualified president who demonstrated energetic leadership and political skill, but whose ideological commitment to the Republican party as a quasi-sacred enterprise overrode other important considerations, thereby contributing to one of the greatest economic catastrophes in U.S. history: the Depression of 1893-1897. His ideas about the Republican party were forged in its early years, when it (...) led the political battle against slavery; but when Harrison became president, the party’s interests in trade protectionism, veterans’ pensions, and silver drove him to support policies that eventually sent the economy into a tailspin from which it took years to recover. (shrink)

Since Thomas Kuhn’s The Structure of Scientific Revolutions (1962), historians and philosophers of science have paid increasing attention to the implications of disciplinarity. In this chapter we consider restrictions posed to interdisciplinary exchange between ecology and economics that result from a particular kind of commitment to the ideal of disciplinary purity, that is, that each discipline is defined by an appropriate, unique set of objects, methods, theories, and aims. We argue that, when it comes to the objects of study in (...) ecology and economics, ideas of disciplinary purity have been underwritten by the artificial-natural distinction. We then problematize this distinction, and thus disciplinary purity, both conceptually and empirically. Conceptually, the distinction is no longer tenable. Empirically, recent interdisciplinary research has shown the epistemological and policy-oriented benefits of dealing with models which explicitly link anthropogenic (i.e., “artificial”) and non-anthropogenic factors (i.e., “natural”). We conclude that, in the current age of the Anthropocene, it is to be expected that without interdisciplinary exchange, ecology and economics may relinquish global relevance because the distinct and separate systems to which each “pure” science was originally made to apply will only diminish over time. (shrink)

Several of the Middle East’s traditional economic institutions hampered its political development by limiting checks on executive power, preventing the formation of organized and durable opposition movements, and keeping civil society weak. They include Islam’s original tax system, which failed to protect property rights; the waqf, whose rigidity hampered the development of civil society; and private commercial enterprises, whose small scales and short lives blocked the development of private coalitions able to bargain with the state. These institutions contributed to (...) features that sustain autocracies and keep democracies unstable: high corruption, low trust, widespread nepotism and high tolerance for law-breaking. (shrink)

Gregor Betz explores the following questions: Where are the limits of economics, in particular the limits of economic foreknowledge? Are macroeconomic forecasts credible predictions or mere prophecies and what would this imply for the way economic policy decisions are taken? Is rational economic decision making possible without forecasting at all?

The last financial crisis combined with some recent social trends (like growing inequality or environmental problems) inspired many contemporary economists to the re-evaluation of actual economic knowledge in the search for solutions to these problems. Modern economic schools (especially heterodox ones) stress the meaning of ethical issues in economics more often. The thesis of the paper is that this revival of the ethical face of present economics depends very strongly on the changing assumptions of human nature within economics (...) and other disciplines which work alongside economics, such as social psychology or business ethics, for instance. In order to prove the thesis, the paper provides an evaluation of current economic schools, especially within the heterodoxy, in search of their ethical aspects, and presents them as a result of the changing assumptions about human beings within those schools. This ethical dimension of human beings manifests itself in different ways, which can be perceived as a result of it being based on different ethical schools and different psychological and philosophical assumptions about human nature. Therefore, the paper also considers the current developments of the view on human beings in contemporary schools of economic ethics. (shrink)

Ultrasociality refers to the social organization of a few species, including humans and some social insects, having a complex division of labor, city-states, and an almost exclusive dependence on agriculture for subsistence. We argue that the driving forces in the evolution of these ultrasocial societies were economic. With the agricultural transition, species could directly produce their own food and this was such a competitive advantage that those species now dominate the planet. Once underway, this transition was propelled by the (...) selection of within-species groups that could best capture the advantages of (1) actively managing the inputs to food production, (2) a more complex division of labor, and (3) increasing returns to larger scale and larger group size. Together these factors reoriented productive life and radically altered the structure of these societies. Once agriculture began, populations expanded as these economic drivers opened up new opportunities for the exploitation of resources and the active management of inputs to food production. With intensified group-level competition, larger populations and intensive resource exploitation became competitive advantages, and the “social conquest of Earth” was underway. Ultrasocial species came to dominate the earth's ecosystems. Ultrasociality also brought a loss of autonomy for individuals within the group. We argue that exploring the common causes and consequences of ultrasociality in humans and the social insects that adopted agriculture can provide fruitful insights into the evolution of complex human society. (shrink)

The domain of “folk-economics” consists in explicit beliefs about the economy held by laypeople, untrained in economics, about such topics as, for example, the causes of the wealth of nations, the benefits or drawbacks of markets and international trade, the effects of regulation, the origins of inequality, the connection between work and wages, the economic consequences of immigration, or the possible causes of unemployment. These beliefs are crucial in forming people's political beliefs and in shaping their reception of (...) different policies. Yet, they often conflict with elementary principles of economic theory and are often described as the consequences of ignorance, irrationality, or specific biases. As we will argue, these past perspectives fail to predict the particular contents of popular folk-economic beliefs and, as a result, there is no systematic study of the cognitive factors involved in their emergence and cultural success. Here we propose that the cultural success of particular beliefs about the economy is predictable if we consider the influence of specialized, largely automatic inference systems that evolved as adaptations to ancestral human small-scale sociality. These systems, for which there is independent evidence, include free-rider detection, fairness-based partner choice, ownership intuitions, coalitional psychology, and more. Information about modern mass-market conditions activates these specific inference systems, resulting in particular intuitions, for example, that impersonal transactions are dangerous or that international trade is a zero-sum game. These intuitions in turn make specific policy proposals more likely than others to become intuitively compelling, and, as a consequence, exert a crucial influence on political choices. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also (...) have moral justification. Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

Little research has focused on college students'' attitudes toward advertising''s ethical, economic, and social consequences over the last two decades. Exploring and tracking the attitudes of college students toward advertising is important, however, for several reasons. College students represent an important segment of consumers for many marketers, negative attitudes toward advertising on the part of college students could lead to their support for restrictive regulation in the future, and there are potentially negative consequences concerning the effects of (...) advertising that college students uniquely share with other youth markets. The results of this study – a differentiated replication of an earlier study of college students in the late 1970s – indicate the salience of various beliefs that help determine attitudes toward advertising and provide a useful benchmark for future studies. The implications of the study''s findings for advertising practice and future regulation are discussed. (shrink)

The existence of a meaningful distinction between economic rights and “other rights” has been a cornerstone of constitutional law for the past sixty years. During this period, the federal courts consistently have taken the position that Congress is free to abuse citizens’ economic liberties, but is not permitted to interfere with such other, noneconomic “rights” as freedom of expression, freedom of assembly, and freedom of religion.

In view of the twentieth anniversary of the Socium i Vlast’journal, on the day of the Russian science, a round table was held in the Chelyabinsk branch of the Russian Presidential Academy of National Economy and Public Administration in order to discuss topical issues of crisis dynamics and risks in the context of new global challenges. Below the main materials of the report based on the results of interdisciplinary research series as exemplified by the Chelyabinsk region are presented. The report (...) discusses the following issues: the economic dynamics of crisis processes, the analysis of trends variability, the assessment of the total income of organizations and individuals, the classification of development scenarios, the visualization of trajectories when analyzing the “picture of changes”. The issues of assessing the risks and prospective development scenarios are associated with the consideration and influence of the conditions of prolonged instability on it. (shrink)

Stimulating innovation and growth in the so-called ‘creative economy’ is a current policy objective for national regulators. One policy lever traditionally applied to the creative sector is intellectual property, in particular the scope and term of protection offered by copyright. Opposition to expansion and further enclosure of the copyright public domain was previously articulated in terms of access to a commons of information. Since the Hargreaves Review of Intellectual Property in 2011, copyright reform in the UK context is increasingly framed (...) in the language of economics. This paper reviews two prevailing economic theories shaping how policy makers discuss the public domain in debates about IP reform: a welfare economics approach which weighs increases in producer and consumer surplus under different policy configurations and an economics of innovation approach which considers the value of the public domain as a reservoir of ideas for individuals and firms. I argue that economic definitions should be augmented by a consideration of the democratic requirement of access to information. The consequences of this re-figuration of the public domain for the public interest and access to information are discussed. (shrink)

Economics plays a key role in human rights issues as decision-makers weigh the incentives associated with choosing how to use scarce resources in the context of committing or escaping human rights violence. This textbook provides an introduction to the microeconomic analysis of human rights utilizing economics as a lens through which to examine social topics including capital punishment, violence against women, asylum seeking, terrorism, child abuse, genocide, and hate. Whether analyzing the decisions made in capital punishment cases, the causes and (...) consequences of genocide, or the impact of terrorist acts on domestic and international decision-making, the science of economics provides tools and a systematic method of analysis and policy recommendation. This key text presents a method for integrating the social sciences of economics and human rights to create new opportunities for the investigation of social issues. Within each chapter, readers gain a fundamental understanding of a specific human rights issue, the decision-makers and the decision-making process involved, and the benefits and costs leading to the decisions. Experts on each issue, drawn from a variety of fields, contribute to each chapter and present first-hand accounts and different perspectives on each issue. The detailed analyses and accounts provided also explore the potential incentives involved in the prevention and termination of human rights violations. Aiming to further economic inquiry and enhance interdisciplinary research, this textbook serves as a multi-purpose guide for a range of readers. Students, researchers, and educators, as well as those working in organizations supporting victims of human rights violations and policy-makers facing human rights challenges, will find this book informative and engaging. (shrink)

Markets can often be harsh in compelling people to make unpalatable economic choices any reasonable person would not take under normal conditions. Thus, workers laid off in mid-career accept lower-paid jobs that are beneath their professional experience for want of better alternatives. Economic migrants leave their families and cross borders in search of a livelihood. These are examples of economic compulsion. These economic ripple effects have been virtually ignored in ethical discourse because they are generally accepted (...) to be the very mechanisms that generate the market's much-touted allocative efficiency. Albino Barrera argues that Christian thought on economic security offers an effective framework within which to address the consequences of economic compulsion. (shrink)

The author analyzes the successful strategy of overcoming financial breakdown in the case study of Iceland. The aim of the article is to verify a hypothesis that the Icelandic model could become a panacea for future crises? A document analysis method is applied to present essential indicators such as GDP and trade balance. With the use of a source analysis method, the collapse of the financial sector is determined as the main cause of the slump. The systematization of crisis events (...) is introduced and deepened by the social and political situation. Changes in the state’s condition after the crash are provided and future forecasts about economic development are discussed. As a summing up, the author disapproves of the hypothesis that the Icelandic model of overcoming the financial breakdown as a panacea for future crises, pointing out that it is only applicable for specific cases and cannot be seen as a magical remedy for every kind of crisis. (shrink)