Property Rights in Work: Capitalism,Industrialism, and Democracy

Insulating people from the effects of the crisis has left intact the habits of thought and the basic institutional structure. The continued reign of pecuniary values leaves intact the Goldman Rule: pursue profitable opportunities regardless the effects on others. Within a culture dominated by pecuniary values, profitable opportunities present a coercive force. Laissez-faire policies allow profitable pursuits without restraint. Subprime mortgages offered an opportunity to tap a new source of profits, namely, the increase in housing prices. Many financial institutions engaged in unscrupulous actions to convert household wealth into corporate profits. Efforts to reign in the industry remain wanting.     

Knowledge Questions: Hayek,Keynes and Beyond

This paper discusses the knowledge problem in terms of both the use and generation of knowledge. This is analyzed in the context of Hayek's failure to respond to the Keynes Challenge—the claim that markets fail to produce relevant knowledge—by suggesting that in the aftermath of The General Theory he was not well-positioned to address that problem. Ironically, his post-World War II work in cognitive psychology, The Sensory Order, offers a theory of the generation of knowledge which can provide a useful analogy for understanding the generation of market-level knowledge.     

Socio-Technical Dynamics in the Development of Next Generation Mobile Network: Translation Beyond 3G

This paper traces the translation processes associated with the mobilization of resources and industrial agency in the development of a next generation mobile network in Korea. To explain the socio-technical dynamics, the sociology of translation is used. The paper provides a story of a translation of strategy and related activities using Callon's four moments of translation. The story illustrates how, during the translation process, 4G strategies have been formed, shaped, and enhanced.It describes the process of technology adoption and developing stories by highlighting the co-evolving nature, diversity, and interface which constitute the next-generation network environment. It provides insight into the Korean mobile environment by offering a socio-technical analysis of 4G development and how it involves the dynamics of industry, regulation, and technology. The study suggests that the sociology of translation may be a promising explication of technological change and innovation.     

Beyond Balassa and Samuelson: real convergence,capital flows,and competitiveness in Greece

To better understand the convergence process prior and since the European financial and debt crisis, we scrutinize the role of capital flows for competitiveness in Greece and a set of six other euro area member countries (Portugal, Latvia, Estonia, Lithuania, Slovenia and the Slovak Republic). For this purpose the paper extends the seminal Balassa–Samuelson model by international capital markets with a particular focus on their impact on national wage policies. Capital flows are assumed to be able to invert the traditional direction of transmission of real wage increases from the tradable sector to the non-tradable sector and to make real wages increase beyond productivity increases. The augmented Balassa–Samuelson model is extended to trace cyclical deviations of real exchange rates from the productivity-driven equilibrium path. Panel estimations for the period from 1995 to 2013 reveal correlations in line with the Balassa–Samuelson effect, if Greece is excluded from the panel. For Greece, this in turn implies indication in favour of a credit-driven real wage increases beyond productivity increases what we call a “pseudo” Balassa–Samuelson effect.     

全球化时代的政府与企业--以两岸经贸关系为例

本文考察了地方激励因素在海峡两岸经济互动中的重要性.作者认为,全球化力量业已改变了政府的权力和海峡两岸经济交往中的政企关系.首先,对于不同水平和不同部门的政府机构,在分析时应当加以区分.其次,与早期的两岸经济交往相比,台湾企业在建立全球化联盟开发大陆市场方面,扮演着更加独立的角色.最后,政治因素仍然在企业与政府的互动发挥着关键因素.