ECONOMIC AFFAIRS最新文献

{"title":"Monetary system stability as a precondition for local and international order","authors":"Paul Tucker","doi":"10.1111/ecaf.12642","DOIUrl":"https://doi.org/10.1111/ecaf.12642","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"204-217"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488289","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":"May contain lies: How stories, statistics and studies exploit our biases – and what we can do about it By Alex Edmans. Penguin Random House. 2024. pp. 310. £18.99 (hbk). ISBN: 978-0241630167. £9.99 (ebk). ISBN: 978-0241630174","authors":"Andy Mayer","doi":"10.1111/ecaf.12649","DOIUrl":"https://doi.org/10.1111/ecaf.12649","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"441-444"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488091","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":"Do social justice fallacies imply social justice is a fallacy?","authors":"Kaveh Pourvand","doi":"10.1111/ecaf.12637","DOIUrl":"https://doi.org/10.1111/ecaf.12637","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"414-422"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488277","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":"Rebuilding the Roman imperial currency in nineteenth century Britain","authors":"George Maher","doi":"10.1111/ecaf.12641","DOIUrl":"https://doi.org/10.1111/ecaf.12641","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"378-385"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488278","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 did Britain come to this? A century of systemic failures of governance By Gwyn Bevan. LSE Press. 2023. 326 pp. £26.00 (pbk). ISBN: 978-1911712107. Free (PDF). ISBN: 978-1911712114","authors":"Christopher Snowdon","doi":"10.1111/ecaf.12629","DOIUrl":"https://doi.org/10.1111/ecaf.12629","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"429-431"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488282","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":"Seven crashes: The economic crises that shaped globalisation By Harold James. Yale University Press. 2023. 376 pp. £20.00 (hbk). ISBN: 978-0300263398. £12.34 (ebk). ISBN: 978-0300271492","authors":"Geoffrey Wood","doi":"10.1111/ecaf.12632","DOIUrl":"https://doi.org/10.1111/ecaf.12632","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"432-435"},"PeriodicalIF":1.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488283","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":"Not following the script: When institutional development is uneven","authors":"Ryan H Murphy","doi":"10.1111/ecaf.12650","DOIUrl":"https://doi.org/10.1111/ecaf.12650","url":null,"abstract":"<p>Three characteristics of developed twenty-first century countries are high levels of state capacity, democracy, and economic freedom. This article compares countries that lack one of the characteristics with countries that have more even levels of institutional development. Countries which lack democracy use other means to secure political legitimacy, and those without strong states are geographically concentrated in Latin America and eastern Europe. Those without liberalised economic institutions are an idiosyncratic group that have unconventional historical paths. These findings speak to the prospects for development outside the liberal democratic path, the nature of development in the absence of a state, and unexplored determinants of economic freedom.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"338-352"},"PeriodicalIF":1.0,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12650","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141488509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The new paternalism does not replace older wisdom","authors":"Erik W Matson","doi":"10.1111/ecaf.12648","DOIUrl":"10.1111/ecaf.12648","url":null,"abstract":"&lt;p&gt;The Berlin and Lewis epigraphs draw out the moral psychology of paternalism. The paternalist, enlightened as he is, sees past your empirical shell and into the true essence of your being. Setting aside the protestations of the shell that you mistake for yourself, he steers you towards the good. The steering might involve violence, but that is a small price to pay in the grand scheme of things. Nobody enjoys being flogged for heresy; but eliciting conversion is worth the pain. The convicted paternalist persists in his drive to serve the good with the approval of his own conscience.&lt;/p&gt;&lt;p&gt;The liberal tradition rejects paternalism and exalts the dignity and freedom of the individual person. We have been gifted by our Creator with the inalienable rights to life, liberty, and the pursuit of happiness, Thomas Jefferson asserted. Each should be free, Adam Smith said, to pursue his interest in his own way. The question of the good is too discursive, in most cases, to warrant violence against those with differing opinions. And in any event, we ought to presumptively respect human freedom and agency per se, regardless of whether someone follows a life path that we approve.&lt;/p&gt;&lt;p&gt;The liberal rejection of paternalism notwithstanding, a new species of paternalism has in recent decades reared its head in the West. This new paternalism has come forth on the wings of inferences from laboratory experiments and surveys, in cognitive psychology and behavioral economics, about the extent of human rationality. Evidence, it is claimed, has accumulated that we human beings are consistently poor reasoners: we are “predictably irrational” (Ariely, &lt;span&gt;2010&lt;/span&gt;). Instead of properly calculating probabilities when assessing risks and making decisions, it has been discovered that we rely on a range of mental short cuts or heuristics. The heuristics work sometimes, but they systematically lead us to make avoidable mistakes in, for example, financial decisions (Tversky &amp; Kahneman, &lt;span&gt;1974&lt;/span&gt;). We “think fast” when apparently we should be “thinking slow” (Kahneman, &lt;span&gt;2011&lt;/span&gt;). Irrationalities are said to abound in other areas, too. The salience of the present, for example, leads us to overestimate the benefits of present pleasures and underestimate the pain of future costs (Laibson, &lt;span&gt;1997&lt;/span&gt;; Read &amp; van Leeuwen, &lt;span&gt;1998&lt;/span&gt;). Our ‘present bias’ erodes our self-control and subverts our goals. We save too little, smoke too much, and repeatedly renege on our New Year's resolutions.&lt;/p&gt;&lt;p&gt;Each of us predictably fails to pursue the good &lt;i&gt;as we ourselves understand it&lt;/i&gt;. And we do so across a wide set of domains.&lt;/p&gt;&lt;p&gt;The new paternalism proposes to use knowledge of our decision-making processes to steer us towards what we ourselves judge to be good. Part of the steering involves the regulation of ‘choice architecture’. This refers to the framing of choice options in a situation to render certain options salient to the chooser, and ","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"386-393"},"PeriodicalIF":1.0,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12648","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141367517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Denmark: The epitome of ‘innovism’?","authors":"Stefan Kirkegaard Sløk-Madsen,&nbsp;Henrik Mogensen Nielsen","doi":"10.1111/ecaf.12652","DOIUrl":"10.1111/ecaf.12652","url":null,"abstract":"&lt;p&gt;Why do some societies go from poverty to prosperity? This question should occupy all socially conscious social scientists, particularly as we have seen successful societies experience unprecedented growth in living standards all over the world, beginning in the West roughly around 1750 (McCloskey, &lt;span&gt;2010&lt;/span&gt;, &lt;span&gt;2021&lt;/span&gt;; Mokyr, &lt;span&gt;2008&lt;/span&gt;, &lt;span&gt;2016&lt;/span&gt;). This development has been called the ‘great enrichment’ and Denmark is a prime example of this (McCloskey, &lt;span&gt;2021&lt;/span&gt;). GDP per capita grew from $2,031 in 1820 to $52,133 in 2022 (in 2011 dollars; Bolt &amp; van Zanden, &lt;span&gt;2020&lt;/span&gt;).&lt;/p&gt;&lt;p&gt;Why did the great enrichment occur when and where it did? Several explanations exist. Institutionalists such as Nobel laureate Douglass North (&lt;span&gt;1990&lt;/span&gt;) hold good institutions to be the main explanation. Other theories emphasise exploitation of people and resources, both domestic and foreign. Modern trade theorists argue that free trade can create wealth, which can lead to liberty which again leads to further innovation. In Denmark, population homogeneity has been argued to explain it too. Recently, though, a new explanation, that of ‘innovism’, has gained momentum. This concept, coined by the economic historian Deirdre McCloskey, suggests that the root cause of the wealth of nations is creativity fostered by classical liberal ideas about dignity and liberty, rather than simply accumulation of capital.&lt;/p&gt;&lt;p&gt;McCloskey claims that while institutional arrangements similar to what can be described as capitalistic can be observed through time, the sheer magnitude of improvement observed in the period from approximately 1750 onwards, and particularly, in north-western Europe, calls for a new explanation: innovism. She highlights the implementation of ideals fostering human action with incentives for idea dissemination and entrepreneurship as the key explainer of the great enrichment, more so than materialism or state design. As she concludes: “Innovism, that is, is a matter of creativity, which depends on liberty” (McCloskey, &lt;span&gt;2023&lt;/span&gt;, p. 29). In other words, the accumulation of ideas, rather than capital, becomes the key factor. This article investigates whether Denmark's impressive enrichment is indeed best explained by innovism, especially when coupled with Paul Romer-style thinking about technological ideas as infinite resources (Jones, &lt;span&gt;2019&lt;/span&gt;), or by competing theories such as exploitation or institutional design.&lt;/p&gt;&lt;p&gt;Our article is based mainly on the research behind the book &lt;i&gt;Danish Capitalism in the 20th Century: A Business History of an Innovistic Mixed Economy&lt;/i&gt; (Sløk-Madsen, &lt;span&gt;2022&lt;/span&gt;). We think that this piece is a necessary add-on to help better understand Denmark's narrative of economic development, but it is necessary for another reason too. If, as we argue, Denmark's remarkable success is indeed explained by policy choices supporting innovism, with very few pre-exist","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"394-401"},"PeriodicalIF":1.0,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12652","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141368217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Rewarding performance through sustainability-linked bonds","authors":"Anne-Marie Anderson,&nbsp;Richard Kish","doi":"10.1111/ecaf.12636","DOIUrl":"10.1111/ecaf.12636","url":null,"abstract":"<p>Green bonds and the broad category of environmental, social, and governance (ESG) debt are market initiatives designed to tie environmental goals to the funding mechanism of the firm. Although there is an evolving certification process for green and social bonds, it does not currently include monetary consequences for a deviation from the proposed green uses of the funding. This article provides an overview of the green/social bond market to highlight these shortcomings. After a review of the green bond literature, we note the shortcomings of the existing debt market and illustrate the benefits of sustainability-linked bonds (SLB), which reward incremental improvements in relevant performance indicators.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 2","pages":"294-319"},"PeriodicalIF":1.0,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12636","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}