What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of exchanges. Second, it ultimately fails (...) to generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

In recent years, there has been an increasing interest in the development of well-founded conceptual models for Service Management, Accounting Information Systems and Financial Reporting. Economic ex- changes are a central notion in these areas and they occupy a prominent position in frameworks such as the Resource-Event Action (REA) ISO Standard, service core ontologies (e.g., UFO-S) as well as financial stan- dards (e.g. OMG’s Financial Industry Business Ontology - FIBO). We present a core ontology for economic exchanges inspired (...) by a recent view on this phenomenon. According to this view, economic exchanges are based on an agreement on the actions that the agents are committed to perform. This view enables a unified treatment of economic exchanges, regardless the object of the transaction. We ground our core ontology on the Unified Foundational Ontology (UFO), discussing its formal and conceptual aspects, instantiating it as a reusable OntoUML model, and confronting it with the REA standard and the UFO-S service ontology. (shrink)

This article argues that the (epi)genetic, cultural, symbolic, and environmental transmission channels are insufficient to explain the structure of modern human societies. Economic exchange of knowledge embodied in goods and services constitutes an additional transmission channel that makes more efficient use of limited human cognitive capacity. Economic exchange results in a gradual shift in societies from task-based division of labor to cognitive specialization. This shifts scarce cognitive resources away from production and into learning. It accelerates learning (...) and reinforces the drive towards specialization. Cognitive specialization may constitute another “major transition” towards a higher level of aggregation in human societies, with properties that differ from symbolic transmission. Collective control of individual market-based exchange is ensured by means of economic institutions that put a constraint on individual behavior. (shrink)

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired by a (...) recent ontological view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

This dissertation offers a historically sensitive, analytical account of the usage of economic reasoning in the emergence of the contemporary concept of justice. Using the works of Thomas Hobbes, John Locke, Adam Smith, and John Rawls as textual foci, the dissertation examines the way the practice of economic exchange has been understood as the site of asymmetric power relations and the way social inquiry into the economic sphere has been used to expose and criticize forms of (...) domination. The model of political economy that I uncover is quintessentially moral, rooted in social practices, and geared towards the unmasking of hidden forms of power relations. (shrink)

It is my hope that the book will be widely read and debated."--Axel Leijonhufvud, UCLA and the University of Trento "This is a major and controversial contribution to macroeconomics that cannot fail to make an impact in several areas.

Whether modern Protestant thinkers claim a direct inheritance to specific Reformers or not, they stand within a tradition that reveres grace as the preeminent moral standard, often at the expense of considerations of merit or desert. John Milbank and Kathryn Tanner exemplify such stances in their theological visions of economic exchange. I critique their positions by retrieving from John Calvin a more nuanced understanding of his outlook on deservingness, especially as it pertains to economic justice, and then (...) suggest a concept of desert that works concomitantly with grace to overcome the frequent rejection or neglect of the standard in Protestant ethics. (shrink)

Interfirm collaboration and trust are topics currently exciting research interest. The literature treats trust as a unitary concept, providing little understanding of those processes that create trust, or are employed by parties relying on trust. I suggest that two distinct forms of trust can be observed in economic exchanges: fragile trust and resilient trust. I define these kinds of trust, speculate on processes by which economic actors learn about them, and explore contexts in which they are likely to (...) be relied upon by economic actors. I conclude with a discussion of implications for practice and scholarship. (shrink)

Economic exchange constitutes the basis of many, but not all, aspects of human cooperation. The incentives overlap with, but remain distinct in important ways, from other fundamental aspects of cooperation, including the organization of collective violence for combat. The specific alignment of sometimes-conflicting goals helps inform the construction of political ideology.

This paper explores the intersection of time and relational economic sociology. Building on Viviana Zelizer’s relational framework, I argue that analyzing the temporal dimensions of exchange provides insight into how social ties gain meaning through economic practices. The paper shows time’s dual role as both an organizing structure bounding action, and a dynamic element that actors leverage to shape transactional contexts. As structure, time offers culturally-available templates like schedules and rhythms that facilitate coordination and signify predictable social (...) meanings befitting particular relational categories. Yet time also constitutes relational work itself; strategic timing, duration, pacing, and sequencing of interactions signal context, manage expectations, and sustain bonds amidst entanglements. Synchronization through temporal agency prevents mismatches between transactions and social contexts that could strain ties. This agency in time ranges from passive adherence to dominant structures to active assertions of power resistance, enabling both domination and defiance across economic contexts. Analyzing shared temporal infrastructure within circuits of commerce further illuminates how actors distinguish those spheres of exchange at various scale from the impersonal market. Ultimately, incorporating temporality strengthens relational economic sociology by identifying a key mechanism through which practices of exchange become relationally meaningful. (shrink)

Interfirm collaboration and trust are topics currently exciting research interest. The literature treats trust as a unitary concept, providing little understanding of those processes that create trust, or are employed by parties relying on trust. I suggest that two distinct forms of trust can be observed in economic exchanges: fragile trust and resilient trust. I define these kinds of trust, speculate on processes by which economic actors learn about them, and explore contexts in which they are likely to (...) be relied upon by economic actors. I conclude with a discussion of implications for practice and scholarship. (shrink)

The social sciences, and particularly economics, play an important role in business. This article reviews the account of the interdisciplinary conversation between Catholic Social Teaching and the social sciences (especially economics) over the last century, and describes Benedict XVI’s development of this account in Caritas in Veritate . Over time the popes recognized that the technical approach of economics was a barrier to fruitful collaboration between economics and Catholic Social Teaching, both because the economic approach is reductionist, and because (...) modern social science is skeptical of comprehensive accounts of human nature. Through an appeal to charity in truth, one can deduce from Caritas in Veritate that economists, along with business and management theorists, need to take seriously the project of reflecting on and promoting true human goods in society. To love the person one must reflect on what is truly good for the person; to discover the true good of the person, one must love the person. (shrink)

(1994). Exchange on professionalization as marginalization: The American home economics movement and the rhetoric of legitimation. Social Epistemology: Vol. 8, No. 2, pp. 123-132.

Males and females of a number of animal species divide labor and provide jointly for offspring. Males may provide food, for example, while females protect defenseless young. This exchange is unlikely, however, unless a prior partnership has been established in which a female practices fidelity in exchange for a male’s provisioning activity. The formation of the trading partnership is itself an exchange, and economic theory can help explain when and why there are mutual gains from trading (...) fidelity for resources. Environmental factors determine the potential gains from trade while evolved psychological mechanisms influence the extent to which gains are realized. (shrink)

Savage Exchange: Han Imperialism, Chinese Literary Style, and the Economic Imagination. By Tamara T. Chin. Harvard-Yenching Institute Monograph Series, vol. 94. Cambridge, Mass.: Harvard University Asia Center, Harvard University Press, 2014. Pp. xvi + 363. $49.95, £36.95, €45.00.

Since the transition to democracy in the early 1990s, economic research and instruction in South Africa have become far more quantitative and technically sophisticated. In this paper, I trace and discuss reasons for these developments, and I argue that this quantification of economics should not be at the expense of exchanges with qualitative data that fail the criterion of being representative, or with other disciplines that are less quantitative. With South Africa’s complex history, persistent inequality and considerable cultural diversity, (...) economics has much to gain from interdisciplinary collaboration and mixed methods research. (shrink)

In this paper we analyse the concept of coerced exchange (and partly of voluntary exchange inasmuch as the absence of coercion is its necessary condition), which is of utmost importance to economic theory in general and to the Austrian School of Economics in particular. The subject matter literature normally assumes that a coerced action occurs under threat. Threats in turn can be studied from the perspective of speech act theory, which is concerned with the speaker’s intentions. Ultimately, (...) our goal is to provide a descriptive (i.e. non-moralized) definitions of threat and coercion, based on the analysis of the coercer’s intentions. If successful, we would be in a position to present such an account of coerced and voluntary exchanges that is compatible with both speech act theory and the Austrian methodology. Although we focus on the Austrian School of Economics, we believe that our investigations might impact on economic theory in general. We also criticize a rights-based account of coercion employed in the research practice of some neo-Austrians and based on the libertarian ethic of property rights. (shrink)

How do altruistic links affect allocative behavior and wellbeing? Can the processes of transmission and probable acquisition of parental traits result in a stable equilibrium where all agents are altruists? Why do children furnish their parents with attention and care? Does the timing of the intergenerational transfer of the family's productive asset affect the recipient's incentive to acquire human capital? Why do migrants remit? Altruism and Beyond provides answers to these and related questions. In addition, it traces some of the (...) market repercussions of the intrafamilial, intergenerational, and intragroup transfers and exchanges that it models. (shrink)

Economics is privileged in contemporary government policy such that all human transactions are seen as economic forms of exchange. Education has been discursively restructured according to the logic of the market, with education policy being increasingly colonised by economic policy imperatives. This paper explores some of the consequences of this reframing which draws upon metaphors from industrial and business domains. This paper examines a significant dimension of teaching that currently has marginal presence in official discourse: social contingency. (...) We argue that social contingency is characterised by a variety of distinctive features that include unpredictability, relationality and ethical demands. The significance of social contingency is highlighted by a comparison with industrial production, which is organisationally contingent, and craft production, which is characterised as materially contingent. We argue that the different nature of contingency in these domains makes them inappropriate as metaphors for teaching. We explore the nature of social contingency and some of the practical and ethical consequences of the failure to articulate this in official discourse. Its absence in such discourse is illustrated by consideration of competence statements in the Initial Teacher Education context. We argue that the neglect of social contingency is founded on assumptions of teacher sovereignty that are both philosophically and ethically unsustainable. (shrink)

"Law and Economics has become an established field worldwide and it may be argued that it is one of the few examples of a successful interdisciplinary project. This book explores whether, or to what extent, that interdisciplinarity has indeed been a success. It provides insights on the foundations and methods, achievements and challenges of Law and Economics, at a time when both the continuing challenges to academic economics and the growth of empirical legal studies raise questions about the identity and (...) possible further developments of the project. Through a combination of reflections on long-term trends and detailed case studies on current developments, contributors to this volume analyse whether and in which sense Law and Economics is a successful interdisciplinary endeavour. Inspired by insights from the philosophy of social sciences, the book shows how concepts travel between legal scholarship and economics, how they change meanings when applied elsewhere, how economic theories and models inform, and transform, judicial practice, and addresses whether the transfers of knowledge between economics and law are symmetrical exchanges between the two disciplines"--. (shrink)

Aristotle’s economic thinking in the Nicomachean Ethics 5.5 and Politics 1 provides one of the earliest analyses of the economic nature exchange. Establishing the significance of Aristotle in this area has often led modern commentators to equate Aristotle’s descriptive analysis of use and exchange to the definitions of use-value and exchange-value as it is found in Karl Marx. In this article, I show that Aristotle’s understanding of use and exchange is qualitatively different from this (...) interpretation, focusing in particular on the ethical nature of use and how, for Aristotle, exchange is an extension of practical deliberation. (shrink)

1. A multidisciplinary group of scholars within the International Commission on Stratigraphy – known as the Anthropocene Working Group – recently recommended the Anthropocene as a new geological ep...

At the end of the eighteenth century and beginning of the 19th, Spain and the Italian States contributed to the development of European agricultural science and the improvement of manufacturing. They collaborated with each other and reworked the most advanced models of France, Central Europe and Great Britain. Despite their somewhat less prosperous economic status, they demonstrated great originality in research and experimentation. In this process, botanical knowledge served as a starting point for a new epistemological path. Through three (...) case studies – the botanists Antonio José Cavanilles and Domenico Nocca, and the agriculturist Filippo Re – my article analyses how Spanish and Italian naturalists and learned individuals contributed to forming the concept of ‘economic botany’ through the exchange of seeds, plant specimens, books, journals, and – more in general – opinions, becoming germinal forces in a large transnational network. (shrink)

We applaud Boyer & Petersen for the advancement of an ultimate explanation of the dynamics of folk-economic beliefs and the political actions linked to them. To our mind, however, key inference systems regulating societal interaction and resource distribution evolved for more core relations than those of proportionate exchange, and situational factors are not the only constraints on how such systems produce economic beliefs.

ArgumentToday's models of temporal discounting are the result of multiple interdisciplinary exchanges between psychology and economics. Although these exchanges did not result in an integrated discipline, they had important effects on all disciplines involved. The paper describes these exchanges from the 1930s onwards, focusing on two episodes in particular: an attempted synthesis by psychiatrist George Ainslie and others in the 1970s; and the attempted application of this new discounting model by a generation of economists and psychologists in the 1980s, which (...) ultimately ended in thediversity of measurements disappointment. I draw four main conclusions. First, multiple notions of temporal discounting must be conceptually distinguished. Second, behavioral economics is not an integration or unification of psychology and economics. Third, the analysis identifies some central disciplinary markers that distinguish modeling strategies in economics and psychology. Finally, it offers a case of interdisciplinary success that does not fit the currently dominant account of interdisciplinarity as integration. (shrink)

Ian Maitland defends sweatshop labor on the grounds that “A wage or labor practice is ethically acceptable if it is freely chosen by informed workers” (he calls his view “the Classical Liberal Standard,” CLS). I present several examples of economic exchanges that are mutually beneficial and satisfy the requirements of the CLS, but, nonetheless, are morally wrong. Maitland’s arguments in defense of sweatshops are unsuccessful because they depend on the flawed “CLS.” My paper criticizes Maitland’s arguments in defense of (...) sweatshops, but I do not claim that his conclusions are false—I do not claim to have shown that the labor practices Maitland defends are morally wrong. I argue that some of the disagreements about sweatshops between Maitland and his critics depend on disagreements about the answers controversial questions in ethical theory. In the absence of definitive answers to those questions , there are no decisive arguments for or against Maitland’s view about sweatshops. (shrink)

The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with (...) the thoughts of F. A. Hayek. (shrink)

This essay studies Genesis 12:10–13:2 with a literary close reading approach that takes seriously the text’s literary, historical and theological constituent elements. After a brief history of interpretation, it situates the narrative in its historical context, which is followed with a narrative critical reading of the text. The analysis of the text unveils the dissimulations of Abram, who manipulated his wife, Sarai, into thinking her beauty posed a threat to him, while his primary motive rested with the pursuit of (...) class='Hi'>economic gain in the face of the severe famine that had impoverished him in Canaan. Abram also succeeded in making Pharaoh believe that Sarai was his sister, on which account he exchanged her for material again. This analysis affords insight into the insecurity, anxiety, feelings of alterity of immigrant populations in their liminal conditions, the mistrust of immigrants by the state and host communities, and the ensuing power play with its concomitant perils. Through these, the passage speaks anew to contemporary communities of faith in view of the prevalent and ever-increasing migratory trends of the 21st century. (shrink)

Extant business ethics literature available for application to international business demonstrates some variety but no comprehensive principles. While the domains of both international business and business ethics are expanding, they are also becoming increasingly divergent. At the same time, the primacy accorded to the multinational enterprise in both fields ignores the socio-cultural and political embeddedness of economic activities, and multiple agencies in international business (individuals, firms, nations, etc.). Some international business theorists have offered the view that international exchange (...) should be the central building block for theories on international business. In this paper, it is argued that international exchange could be the fundamental unit of analysis for international business ethics as well. The potentially unifying features of exchange norms and ethical principles leads the author to develop some core exchange ethics principles that are tested on three recent international business practices. (shrink)

The financial crisis of 2008–2009 presents us with the opportunity to not only understand what has happened in the markets but also to reflect on the purpose of the marketplace. Drawing from expert economic analyses, we first assess the central lesson of the crisis—the failure of self-regulation by rational self-interest to moderate externalized risk in financial markets. Second, we ask the philosophical question occasioned by the crisis concerning the moral meaning of economic activity: Is market exchange solely (...) for the sake of self-interest? Reflecting on the poetry of Kahlil Gibran and engaging with the recent encyclical of Pope Benedict XVI, we turn our attention from political economy to moral economy: the relationships among market exchange, self-interest, and the common good—and, in particular, the prior conditions of market exchange and their moral significance for the present crisis. (shrink)

An interpretation of Bernard Lonergan's argument for the Exchange Structure Model as it was originally constructed in "For a New Political Economy." The text reveals the steps whereby Lonergan established a fully dynamic foundation for macroeconomics. The author argues that Lonergan's two-circuit approach offers a paradigm shift in the procedures of economic modeling.

Economic rights - rights to use, possess, exchange, and otherwise dispose of property - are at the centre of some of the most important and fundamental disputes in Western moral and political theory. This book provides a fresh look at assumptions that are sometimes overlooked in debates about capitalism, socialism and the welfare state. Essays in this book by internationally renowned academic lawyers, economists, and philosophers, explore what sort of economic rights people ought to have, how they (...) ought to be conceived of and grounded, and the consequences that would ensue were one system or another set up to ensure them; the related question of the nature of various economic systems and how well they do at guaranteeing such rights are also discussed. (shrink)

In this work the authors present a general theory of bureaucracy and use it to explain behaviour in large organizations and to explain what determines efficiency in both governments and business corporations. The theory uses the methods of standard neoclassical economic theory. It relies on two central principles: that members of an organization trade with one another and that they compete with one another. Authority, which is the basis for conventional theories of bureaucracy, is given a role, despite reliance (...) on the idea of trade between bureaucracies. It is argued, however, that bureaucracies cannot operate efficiently on the basis of authority alone. Exchange between bureaucrats is hampered because promises are not enforceable. So trust and loyalty between members of bureaucratic networks play an important part. The authors find that vertical networks promote efficiency while horizontal ones impede it. (shrink)

A Dutch 'folk theorem' holds that 'from exchange it comes to tears'. This seems to contradict the basic idea found in economics that exchange and trade can make both sides better off. We show that the 'folk theorem' has a better theoretical foundation than sometimes thought, as it is vindicated by the equilibrium of an exchange game with two-sided asymmetric information. We, then, explain the practical value of such 'folk wisdom' in the real world by showing why (...) players might be unlikely to learn such an equilibrium strategy. (shrink)

The legal regime of the Economic and Monetary Union (EMU) is differentiated in two ways. While the rules on economic union apply with few exceptions to all member states, most Treaty provisions on monetary union are applicable only to those member states that have introduced the common currency. The Treaty on the Functioning of the European Union (TFEU) establishes a system of overlapping competences consisting primarily of measures adopted by the member states. During the initial phase of the (...) European Economic Community (EEC), exchange‐rate fluctuations or flexible exchange rates obstructed the development of a workable capital market. The Treaty of Lisbon provides that the European Union is to establish a monetary union whose currency is the euro. The TFEU provides for institutional and procedural mechanisms aimed at protecting the stability of the common currency. The euro has become a stable and internationally recognized currency. (shrink)

Economics has long been the ‘dismal science’. The crisis in classical political economy at the end of the nineteenth century produced radically differing intellectual responses: Marx’s reconstitution of value theory on the basis of his dialectical method, the marginalists’ development of subjective value theory, and the historical school’s advocacy of inductive and historical reasoning. It is against this background that economics was established as a discrete academic discipline, consciously modelling itself on maths and physics and developing its focus on theorising (...) exchange. This entailed extraordinary reductionism, with humans regarded as rational, self-interested actors, and class, society, history and ‘the social’ being excised from economic analysis. On the basis of this narrowing of its concerns, particularly from the 1980s onwards, economics has sought to expand its sphere of influence through a form of imperialism which seeks to apply mainstream economic approaches to other social sciences and sees economics as ‘the universal grammar of social science’. The implications of this shift are discussed in Ben Fine and Dimitris Milonakis’s two volumes, where they analyse the fate of the social, the political and the historical in economic thought, and assess the future for an inter-disciplinary critique of economic reason. (shrink)

This article examines the relationship between economic rationality and the possibility of a moral science of business ethics. The purpose of this inquiry is to consider whether a universal and non-controversial moral science of business ethics can be defined satisfactorily, and linked to economic rationality of managers and other stakeholders of firms operating in market economies. Economic rationality connotes economic efficiency, meaning a strictly instrumental maximization of actor utility from limited resources. This rationality is a universal (...) and value free (or value neutral) axiom: actors should and generally will be rationally efficient. Utilitarianism accepting aggregation across values is the moral framework associated with market exchange. Business ethics is about normative valuation of motives, actions, and consequences. This article argues that the common foundation across relevant ethical frameworks – moral common sense, Kantianism, virtue theory, religion as a belief system, and utilitarianism – is a first or axiomatic principle of no harm without acceptable justification. A moral science of business ethics proceeds from this no harm axiom. (shrink)

The five studies of this special section investigate the role of models and similar representational tools in interdisciplinarity. These studies were all written by philosophers of science, who focused on interdisciplinary episodes between disciplines and sub-disciplines ranging from physics, chemistry and biology to the computational sciences, sociology and economics. The reasons we present these divergent studies in a collective form are three. First, we want to establish model-exchange as a kind of interdisciplinary event. The five case studies, which are (...) summarized in Section 2 below, show the relevance of this kind. Arguing for the relative unity of these cases will, we hope, re-orient the current debate over interdisciplinarity so as to reflect more appropriately the importance of this kind. We discuss our view of the current state of the debate in Section 3. The evidence from these cases also helps us to develop a taxonomy of interdisciplinary model exchanges in Section 4da taxonomy, we would like to add, that might be useful for the discussion of interdisciplinary exchanges beyond the context of models and their transfer. The second reason for presenting these studies together is that they provide an important source of evidence for the philosophy of science. Over the last three decades, philosophy of science has increasingly differentiated into philosophies of various disciplines. This differentiation in our view has greatly increased our understanding of the scientific practices of the respective disciplines, including the epistemological and methodological standards and conventions on which these practices are based and by which they are evaluated. But it has also made it harder to compare these practices and standards across disciplines. The studies we present here are case studies of interdisciplinary exchange: they focus on the transfer, collaborative construction or parallel use of models and similar representational tools. They therefore provide a unique opportunity to investigate various disciplinary treatments of the same or at least similar representational tools. This allows the identification and comparison of different disciplinary practices and their underlying conventions as well as of the respective normative standards of their evaluation. By tracing the paths along which models travel between disciplines and research fields we can observe to which extent discipline-external practices associated with an adopted tool are retained or replaced by disciplineinternal practices. This generates invaluable information about both disciplinarity and interdisciplinarity. We develop this argument further in Section 5. The third reason for presenting these studies in collective form is that their philosophical analysis also has important normative implications for the notion of interdisciplinarity itself. Too often in the current (non-philosophical) discourse is interdisciplinarity cast as an exclusively integrative project: interdisciplinary exchange is often claimed to be successful only if the involved disciplines become mutually more integrated as a consequence of this process. In contrast to this, many of the cases presented here show that interdisciplinary exchange can be scientifically highly successful, even if at the end of the exchange disciplinary borders remain fully intact. Indeed, borders can be fruitfully crossed without any integration across these borders. Such considerations of divergence in scientific practices and tools offer arguments against a naïve plea for unitarian or non-pluralist versions of interdisciplinarity. Disciplinary divergences may have their justifications, and attempting exchanges that require the reduction of these divergences may consequently not be justified. We pursue this argument further in Section 6. (shrink)