The marketing of diversity in the inner city: tourism and regulation in Harlem

This article brings regulation theory and the broader post‐Fordist debate together with an empirical study of the emergence and consequences of tourism in Harlem. It shows that the valorization of cultural diversity, as well as under‐served markets, has helped reposition this formerly unmarketable area in relation to city, state and capital markets. Moreover, as development occurs, the nature of regulation pertaining to Harlem begins to change. The author argues that the failure to disaggregate – to link the elements of the restructuring economy to outcomes for specific areas and residents, leads to an overly pessimistic view. Tourism‐based development may act as an equalizing force, helping to rebalance the uneven urban spatial development characteristic of Fordism and symbolized by the social isolation and concentrated poverty of the racial ghetto in the US. The role of cultural capital as the engine of growth in Harlem, has meant that revitalization promotes cultural differentiation along with standardization. Overall, cultural tourism requires substantial civic engagement. This gives the community control, but at the same time disciplines and stabilizes. Urban tourism thus incorporates a new mode of regulation, making for greater social/political and economic inclusion, but with the associated costs as well as benefits. Cet article allie la théorie de la régulation et le débat plus large du post‐Fordisme, à une étude empirique sur l'apparition et les conséquences du tourisme à Harlem. Il montre que la valorisation de la diversité culturelle, de mäme que les marchés sous‐approvisionnés, ont aidéà repositionner cette zone auparavant sans attrait commercial dans une relation avec les marchés de la ville, de l'État et des capitaux. En outre, avec l'expansion, la nature de la régulation propre à Harlem a commencéà changer. L'absence de désagrégation – qui associe les éléments de l'économie en restructuration aux résultats en faveur de zones et résidents particuliers – conduit à une vision des plus pessimiste. Toutefois, un essor basé sur le tourisme peut avoir une force compensatrice, aidant à rééquilibrer l'aménagement spatial urbain inégal, caractéristique fordienne symbolisée par l'isolement culturel et la pauvreté concentrée dans les ghettos raciaux aux Etats‐Unis. Le rôle du capital social en tant que moteur de croissance d'Harlem s'est traduit par une revitalisation favorisant à la fois différenciation culturelle et normalisation. Le tourisme culturel implique surtout un engagement civique réel, celui‐ci donnant la maä'trise à la communauté, tout en apportant discipline et stabilité. Le tourisme urbain amène donc un nouveau mode de régulation, créant une meilleure inclusion socio‐politique et économique, mais avec les coûts (et avantages) associés.     

Narcissism in organizational contexts

The literature on narcissism in organizational contexts is reviewed. We begin by describing the context of narcissism and several relevant theoretical approaches to understanding it. We next describe research on narcissism in a range of organizational topics, from leadership to meta-organizational issues. We conclude by highlighting several reoccurring themes involving the role of narcissism in organizational contexts, with an emphasis on articulating directions for future research.     

Unbiasedness and Market Efficiency Tests of the U.S. Rice Futures Market

This study examines short-run and long-run unbiasedness within the U.S. rice futures market. Standard OLS, cointegration, and error-correction models are used to determine unbiasedness. In addition, the forecasting performance of the rice futures market is analyzed and compared to out-of-sample forecasts derived from an additive ARIMA model and the error-correction model. The results of our unbiasedness tests and the forecasting performance of the rice futures market provide supporting evidence that the U.S. long-grain rough rice futures market is efficient. The results have important price risk management and price discovery implications for Arkansas and U.S. rice industry participants.     

Review of Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy

Business Economics -     

Product/Market Innovations: A Study of Top Management Involvement Among Four Cultures

Over the years, many authors have stressed that successful new product development requires the support of top management. Harvey Hegarty and Richard Hoffman explore this involvement through survey data obtained from top managers employed by a cross-cultural sample of organizations. Reported influence on innovations varied by the respondents' functional specialties rather than their cultural backgrounds. However, both the use of strategic management activities and their association with influence on innovations were found to vary across cultures.     

A vector error-correction forecasting model of the US economy

Any research or policy analysis in economics must be consistent with the time-series properties of observed macroeconomic data. Numerous previous studies reinforce the need to specify correctly a model’s multivariate stochastic structure. This paper discusses in detail the specification of a vector error correction forecasting model that is anchored by long-run equilibrium relationships suggested by economic theory. The model includes six variables––the CPI, the GDP price index, real money balances (M1), the federal funds rate, the yield on long-term (10-year) government bonds, and real GDP––and four cointegrating vectors. The accuracy of VECM model forecasts for individual, univariate time series during for the 1990s is comparable to forecasts made by government agencies and private forecasters, perhaps because many forecasters share a similar implicit, long-run steady-state growth model of the economy. Judged by multivariate statistics that account for forecast-error covariance, VECM forecasts are found to be somewhat more accurate than a naïve random-walk alternative.     

Economic progress of black women

While black women are much closer to earnings parity with white women than is true for black relative to white men, such a comparison is misleading since it ignores maximization of utility (including leisure) by households (not individuals) and sex discrimination.     

What is necessary for corporate moral excellence?

At the beginning of this essay I sketch a solution to the question of how we can predicate moral properties, such as moral excellence, to the corporation. This solution suggests that there are at least two necessary criteria for corporate moral excellence: (1) a moral corporate culture and (2) the moral autonomy of the individual within the corporate culture. I put forward guidelines for the development of both and argue for their necessary interdependence. W. Michael Hoffman is Director of the Center for Business Ethics and Chair of the Philosophy Department at Bentley College, Waltham, Massachusetts, U.S.A. His most important publications are Business Ethics: Readings and Cases in Corporate Morality (McGraw-Hill, 1984), Proceedings of five national conferences in Business Ethics, Kant's Theory of Freedom and articles in various professional periodicals and anthologies.     

The path to process data

Analysis of transformation processes is a potent tool for the understanding of materials utilization, energy consumption, environmental pollution and the productivity of capital and labour. This paper introduces process analysis with emphasis on the need for physical rather than monetary data. Some uncoordinated data gathering activities relevant to process analysis are examined. Two prototype process databases are described to illustrate ways of approaching process analysis and it is noted that a process database is necessary for the next generation of economic models. Although there is as yet little progress in assembling the organization to coordinate the building of such a database, some strategies for the future are proposed.