{"title":"Exchanging Obligations: Accounting for All Forms of Capital","authors":"D. Blockley","doi":"10.1177/02601079221081717","DOIUrl":"https://doi.org/10.1177/02601079221081717","url":null,"abstract":"Economics and engineering have much in common since both are concerned with making decisions to act, based on evidence from many sources including science. An analysis of financial trading from an engineering-systems perspective leads to a theory of obligations as a means of capturing natural, social and human capital. The treatment is based on an analogy between gravitational and electromagnetic fields of forces and fields of human interactions. An ‘obligation’ is defined as an underived unit of ‘stuff’ analogous to gravitational ‘mass’ or electromagnetic ‘charge’ in a field of interacting processes. Identifying the forces generated in the field of human obligations will help create new policy and practical interventions. These should be designed (as engineers’ design) systems to maximise net worth that includes a wide set of natural and social assets, such as biodiversity, air quality and reduced inequality. JEL: Q50, Q01, E00, E60, O11, O14, C60","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49641301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Causal Entropic Forces, Narratives and Self-organisation of Capital Markets","authors":"Romain Bocher","doi":"10.1177/02601079211039321","DOIUrl":"https://doi.org/10.1177/02601079211039321","url":null,"abstract":"The intersubjective markets hypothesis is revisited with respect to causal entropic principles. While the financial system is assumed to naturally evolve towards uncertainty, a spontaneous and unstable form of order emerges, thanks to narratives, leading to self-organised criticality. This article also includes a discussion about main hypotheses in finance, about the link between volatility spikes and entropy, and, finally, about the important role of narratives as forms of collective intelligence. JEL: D40, D50, D53, D70, D80","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43755756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How A Social Enterprise Wanes: The Transaction Costs of Credible Commitments at Etsy.com","authors":"Alejandro Agafonow, Marybel Perez","doi":"10.1177/02601079211038239","DOIUrl":"https://doi.org/10.1177/02601079211038239","url":null,"abstract":"This article fathoms how a social enterprise wanes by applying the construct of imperative credible commitments from transaction cost economics to the case of Etsy.com, an online marketplace created to connect artisans and craftwork enthusiasts. In the absence of imperative credible commitments, Etsy’s social mission was bound to change, leaving the company’s major stakeholders without safeguards to protect the perpetuation of the transactions that Etsy was created to serve. The construct of credible commitments has proved to be fertile in understanding issues of political and economic transition, yet its relevance to puzzle out the corporate world has been underestimated. To bridge this gap, we have recourse to the analogy between disabling the discretion of monarchs and executives to prevent them from reneging on commitments. Hence, by building on political economy academics’ attention is drawn to strategies that, despite existing in the corporate world, have rarely been perceived as important by management and economics scholars.","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49174169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Concept of Two Authors: Commons and Williamson on Transactions","authors":"S. Guedes, R. Jerônimo","doi":"10.1177/02601079211037482","DOIUrl":"https://doi.org/10.1177/02601079211037482","url":null,"abstract":"The idea of transactions in social sciences was conceived by John Rogers Commons in the beginning of the 1920s, representing a mental instrument capable of describing capitalism and its peculiarities. On the other hand, Oliver Williamson’s approach in late 1970s reduced the concept to the mere transfer of goods and services in institutions that are or are not guided by the price system. The aim of this article is to present the characteristics of these two different approaches to the concept of transactions, evidencing the role of epistemological aspects and investigative purposes (referred to relevant research context and problem originated in it) as the causes of its metamorphosis. John Commons’ effort to build up a concept not only capable of transcending the idea of exchange but also of giving a totalising perspective to the interpretation of capitalism is emptied in Williamson’s appropriation of the term. By utilising Commons’ conception of transactions and trying to subsume it to his ‘general theory of transaction costs’, Williamson limits its scope and meaning, adjusting it without producing rupture with the neoclassical economy. This article tries to catch the vicissitudes of this concept found in both authors. JEL: B15, B25, B31","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46799003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A New Institutional Economic Perspective on Alternative Governance Mechanisms at the Local Government Level","authors":"J. Wallis, S. Rizvi","doi":"10.1177/02601079211036841","DOIUrl":"https://doi.org/10.1177/02601079211036841","url":null,"abstract":"The ‘new institutional economics’ (NIE) can go a long way towards comprehending the emerging complexities of local government. As local bodies seek to forge collaborative partnerships with other organisations, they have to decide whether to solve horizontal co-ordination problems through market, hierarchy or network mechanisms. NIE can show that where other governance mechanisms are incomplete or subject to high transaction costs, trust and co-operation can informally develop through the process by which network interactions become embedded within each other. We show how this approach can be revised to take into account the expressive dimension of behaviour in hope-based networks whose members are bound together not so much by structures of resource dependence as by the hope and trust they place in the advancement of common goals. JEL: L38","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46452179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Separation Theorems in Econometrics and Psychometrics: Rasch, Frisch, Two Fishers and Implications for Measurement","authors":"W. Fisher","doi":"10.1177/02601079211033475","DOIUrl":"https://doi.org/10.1177/02601079211033475","url":null,"abstract":"In 1959, Ragnar Frisch prompted Georg Rasch to formalise a separability theorem that continues today to serve as the basis of a wide range of theoretical and applied developments in psychological and social measurement. Previously unnoted are the influences on Rasch exerted by Frisch’s concerns for data autonomy, model identification and necessary and sufficient conditions. Although Rasch acknowledged Frisch’s prompting towards a separability theorem, he did not acknowledge any substantive, intellectual debt to him, nor to Irving Fisher, but only to Ronald Fisher. Rasch appears to have developed a special interest in sufficiency and identified models when studying with Frisch in 1935, and in 1947, when Rasch accompanied Tjalling Koopmans to the University of Chicago and the Cowles Commission for Research in Economics. I. Fisher’s separation theorem continues to be relevant in econometrics, and interest in Rasch’s separability theorem is growing as the measurement models based on it are adopted in metrological theory and practice. The extensive interrelations between measurement science, metrological standards and economics suggest paths towards lower transaction costs and more efficient markets for individualised exchanges of human, social and natural capital. Equally, if not more, surprising are the implications for a poetic art of complex, harmonised relationships played out via creative improvisations expressed using instruments tuned to shared scales. JEL: B41, C10, C13, C20, C42, D70, E60, H54, I11, I21, I31, P11","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45949066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Tribalism and Finance","authors":"Oasis Kodila-Tedika, Simplice A. Asongu","doi":"10.1177/02601079211033469","DOIUrl":"https://doi.org/10.1177/02601079211033469","url":null,"abstract":"<p>We assess the correlations between tribalism and financial development in 60 countries using data averages from 2000 to 2010. The tribalism index is used to measure tribalism whereas financial development is measured from perspectives of financial intermediary and stock market developments. The long-term finance variable is stock market capitalisation while short-run variable is private and domestic credit. We find that tribalism is negatively correlated with financial development and the magnitude of negativity is higher for financial intermediary development relative to stock market development. The findings are particularly relevant to African and Middle Eastern countries where the scourge of tribalism is most pronounced.</p><p><b>JEL: E62, H11, H20, G20, O43</b></p>","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138514614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Intersubjective Markets Hypothesis","authors":"Romain Bocher","doi":"10.1177/02601079211032109","DOIUrl":"https://doi.org/10.1177/02601079211032109","url":null,"abstract":"This study aims to introduce a new theoretical framework for capital markets understanding, reconciling findings from various disciplines such as anthropology, psychology, biology, statistics and physics. Assuming intersubjectivity to be the main driver of interactions between participants, the concept of market narrative is defined as subculture (or ideology) that influences the way investors react to both external events and endogenous dynamics. The new hypothesis is consistent with properties such as self-organisation, speculation, dependency, unboundedness, nonlinearity, dialogic and criticality. JEL: D40, D50, D53, D70, D80","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/02601079211032109","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44607008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Weight Status and Depression in Italy: Evidence from the Second Wave of the European Health Interview Survey","authors":"Adriana Barone, C. Barra","doi":"10.1177/02601079211032110","DOIUrl":"https://doi.org/10.1177/02601079211032110","url":null,"abstract":"This study tests the association between weight status and depression in Italy using the Second Wave of the European Health Interview Survey (EHIS2) microdata, which also provide information on weight/height and eight depressive symptoms. Using a probit regression, the empirical results show a strong positive association between weight status, proxied by body mass index, and sleep troubles and eating disorders, with females suffering more than males. In addition, low interest is negatively associated with medium and high sources of income, while depressive mood and sense of failure are negatively associated with employment status. Individuals in midlife (45–54 years old) suffer from all depressive symptoms more than those in other age classes, with females suffering more than males, with the exception of low interest and depressive mood. Furthermore, individuals with a higher level of education have a lower likelihood of suffering from all depressive symptoms. These findings suggest that policies aimed at reducing obesity rates could also reduce new and emerging types of depressive symptoms correlated with overweight/obesity, such as sleep troubles and eating disturbances. JEL: J24, I12, I1, C25","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48521471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Do Human Resource Management Practices Affect Innovation of Small- and Medium-sized Enterprises in a Transition Economy?","authors":"Vu Hoang Nam, H. Luu","doi":"10.1177/02601079211032119","DOIUrl":"https://doi.org/10.1177/02601079211032119","url":null,"abstract":"Small- and medium-sized enterprises (SMEs) are one of the engines for inclusive economic growth. Yet little is known about the contribution of human resource management (HRM) practices to the success of SMEs. This study empirically examines how HRM practices determine different categories of innovation of SMEs in the context of a transition economy. Using a longitudinal dataset and applying the instrumental variable methodology to correct for endogeneity problems, our study uncovers that HRM practices positively affect the quality of employed human and physical capital assets of SMEs. More importantly, we find that that HRM practices significantly contribute to the launch of new products and improvement of existing products. In addition, we also find that the adoption of HRM practices facilitate labour productivity and value added. Taken together, these findings highlight that HRM practices are a strategic resource for innovation and development of SMEs in transition economies by rewarding them with higher-quality capital assets. JEL: L25, O15, O31","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48753576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}