C. E. Ayres's Reliance on T. H. Huxley: Did Darwin's Bulldog Bite?

In David Seckler's Thorstein Veblen and the Institutionalists, the proposition is advanced that “Ayres out-Veblens Veblen and out Deweys Dewey”. This commonly held view of the intellectual orientation of the prominent American institutional economist, Clarence Edwin Ayres, places him as an intellectual descendent of philosopher John Dewey's pragmatism, and economist Thorstein B, Veblen's institutionalist economics. Certainly such an outlook is not incorrect, but it is also not adequate if one is to achieve an understanding of Ayres. A careful check of the indexes of Ayres's major works shows that his references preponderantly go not to Dewey and to Veblen, but to Adam Smith and Charles Darwin, Moreover, it is to the latter that Ayres turned in his effort to overturn the former. However, Ayres in interpreting Darwin relied not upon Dewey and Veblen, but rather upon Thomas Henry Huxley, the British physician turned scientist, who because of his outspoken advocacy of Darwin's evolutionary biology became known as “Darwin's bulldog.”     

Less is more: A theory of minimalist luxury

We show theoretically that when high-quality, low-price counterfeits exist and are visibly indistinguishable from authentic products, the status-seeking wealthy may embrace a “less is more” purchasing strategy or what we refer to as the minimalist luxury strategy, to signal their status. These are the wealthy who have a high disutility of shopping for counterfeits. Specifically, in our model, only buyers know the authenticity of their own purchases. Because of this information asymmetry, these wealthy buyers may purposefully restrain from consuming luxury goods as a sacrifice of functional utility to stand out, a signaling strategy that the rest are not willing to mimic. Thus, “less” functional utility allows those status-seeking wealthy to enjoy “more” symbolic utility that the society bestows on their perceived status. This minimalist luxury strategy is in sharp contrast to Veblen's conspicuous consumption strategy, as well as to the maximalist luxury strategy proposed by Liu et al. We derive this minimalist luxury equilibrium, discuss how signaling in our context can differ from that of Veblen and Liu et al., and explore its managerial implications for the luxury goods industry.     

Ayres' Theory of Economic Progress: An Evaluation of Its Place in Economic Literature

A bstract . Clarence E. Ayres was unfortunate in certain of his critics; they missed the point. With the publication of a new edition of his classic. The Theory of Economic Progress , the time is ripe to re-evaluate Ayres' contributions. Ayres, like Thorstein Veblen before him, assimilated into economics the findings of other social science and humanistic disciplines, particularly anthropology. Both portrayed clearly the role in the economy of what Veblen called the matter-of-fact and Ayres 'technology,' The understanding of the role of technology and its extension in economic progress , implicit in Veblen, is made explicit by Ayres. Similarly the insight that certain entrepreneurial and financial activities which are ceremonial are non-essential to the technological process and hence dispensable is a contribution by Ayres to the one by Veblen that enables us to distinguish the scientific elements in economic theory from the theological.     

New light on Veblen's Work and Influence

A bstract . An important recent publication of writings by and about Thorstein Veblen , entitled Essays, Reviews, and Reports; Previously Uncollected Writings (1973), sheds new light on the social critic's work and influence. It was edited by Joseph Dorfman and includes a book by him entitled New Light on Veblen. Veblen's reviews are examined and evaluated. Dorfman's collection of material is surveyed, and it is seen that Veblen influenced an extremely wide range of important people besides the economists known as "institutionalists." The book will be an essential source for anyone who tries to assess the impact of Veblen on our culture , and it is also a monument to Dorfman's dedication to its subject.     

Veblen and the Political Economy of the Engineer

Abstract . Thorstein Veblen's case for a Technocracy, “The Engineers and the Price System,” has long posed an enigma: Why would a thinker as radical as Veblen align himself with a group as conservative as engineers? But engineers themselves had developed a political economy with important points in common with Veblen's analysis. Starting from their positions as technological experts in corporations, engineers came to believe that business methods were not efficient for production; this belief led them to develop systems of scientific management as an antidote to old-style management. Later, they expanded these ideas into a system of social management called Technocracy. This system of Technocracy represented an engineering effort at formulating an industrial democracy, with the cooperation of labor. Veblen was able to write a more systematic version of these ideas, because they fit in well with his own theoretical analysis.     

Clarence E. Ayres and the Legacy of German Idealism

Abstract . Based on the Clarence E. Ayres (1891-1972) papers at the University of Texas, this study traces the continuity among thinkers such as Kant, Hegel, Veblen, Dewey, and Ayres; the latter was a leading institutional economist following Veblen's death. Publicly acknowledging his intellectual debt to Veblen and Dewey, Ayres drew from these men some idealistic assumptions as well as the historicism that is implicit in his technological determinism or instrumental theory of knowledge. Thorstein Veblen and John Dewey owed a great deal to the philosophical tradition of idealism, regardless of the devotion to naturalism in their systems. The origins of Ayres's technological theory of value are found in Veblen and Dewey writings and back of them the legacy of German idealism. The vital link was a mutual acceptance that freedom was expressed in a cultural and historical form, realized in human activity. It was a process.     

无形资产价值评估视角下的无形资产会计计价

文章以财政部发布的《资产评估准则———无形资产》为背景,评析了其在实践运用中的困惑及利弊。文章指出,运用成本法评估该项目特定时点的价值时应慎重辨别资产负债表内反映的无形资产各项目的价值基础。改变现行的会计确认和计量框架体系,现在可行的是增加“表外附注”部分的披露信息。     

'Radical Individualism' vs. Institutionalism, II: Philosophical Dualisms as Apologetic Constructs Based on Obsolete Psychological Preconceptions

A bstract . David Seckler , in his study of Veblen and the institutionalists , adopted a viewpoint which is a philosophical orientation least likely to enable him to know what Veblen and the institutionalists "really mean." He accepted a pantheon of philosophical dualisms— e.g., "Humanism" vs. "behaviorism,""normative" vs. "positive" — which Veblen and his followers reject, and particularly Mises's "methodological dualism" which would make science the study of ideal type individual actions instead of an experimental effort to understand the social processes of "cumulative causation" as they are found in the real world. Seckler's reliance on these obsolete psychological preconceptions of "radical individualism" causes him to neglect the powerful normative elements of Veblen's work. Yet it is precisely Veblen's normative methodology that gives rise to the "institutional dichotomy" in contemporary institutionalist thought.     

International Convergence of Accounting Practices: Choosing between IAS and US GAAP

This study examines reporting practices of a sample of foreign listed and domestic‐only listed companies from the United Kingdom, France, Germany, Japan and Australia to determine the extent to which companies voluntarily use “international” standards. Two types of use of non‐national standards in the consolidated accounts presented to the public are considered: adoption of “international” standards instead of national standards, and supplementary use where “international” standards are used in conjunction with national standards. “International” standards are defined as US GAAP or IAS (now IFRS). The study tests for a preference for either set of standards and considers the relationship of choice of regime with firm attributes. The results show significant voluntary use of “international” standards in all five countries and among foreign listed and domestic‐only listed companies. Companies using “international” standards are likely to be larger, have more foreign revenue and to be listed on one or more foreign stock exchanges. US GAAP is the predominant choice, but IAS are used by many firms in Germany and some in Japan. Firms listed in the United States' regulated markets (NYSE and NASDAQ) are more likely to choose US GAAP, but companies traded in the OTC market often select IAS. The study demonstrates for managers and regulators that there is considerable support for “international” standards, and that choice of IAS or US GAAP relates to specific firm characteristics which differ according to a firm's country of origin. Most use of “international” standards reflects individual countries' institutional frameworks, confirming the key role of national regulators and standard setters in assisting companies to achieve more comparable international reporting.     

A nexus analytic approach

While a great deal of the literature has been dedicated to statistical modeling to use illustrate conceptual models, one simple but important area, not adequately covered, is the exploration of the “causal nexus”. This is that usually unexplored area between a predictor variable and the criterion variable which may beg the question, “Why?”. That is, why is that indicator or predictor variable related to the criterion? Or, just how are they related? To explore the nexus a series of progressively more accurate hypotheses should be tested. This process is termed a “nexus analytic approach”. In this research note the process, the logic, and a form for its presentation is presented.     

From surface to deep corporate entrepreneurship

This article will first describe and analyze two very different patterns of entrepreneurship found in large American companies studied by the author. “Surface entrepreneurship” denotes the pattern of entrepreneurial activity found in companies where entrepreneurship was seen as an important business objective that management was trying to promote and accomplish. In contrast, “deep entrepreneurship” denotes the pattern found in companies where entrepreneurship was an important shared value. European firms currently being studied combine elements from these two patterns. These studies suggest the fundamental questions that must be addressed to promote entrepreneurship. Some answers in the form of recommendations to management are presented.     

Does the presentation reform of R&D expenses in China ease financial constraints in corporate innovation?

Focusing on a sample of 9387 observations in China over the period 2016−2019, this paper empirically examines whether the presentation reform of R&D expenses that is changed from notes to income statements, mitigates corporate financial constraints of Chinese listed companies. Findings offer evidence that the financial constraints of firms decrease after the policy change, which is owing to the alleviation of information asymmetry. Further analysis reveals that the effect of the presentation reform on financial constraints is less prominent among companies that are state-owned, audited by the “Big four” and of higher institutional ownership. Overall, our study provides evidence supporting the influences of the format reform of financial reports and has implications for information users, regulators, and standard setters.     

Karol Wojtyła’s Katolicka Etyka Społeczna as Precursor and Hermeneutic Key to Pope John Paul II’s Economic Teaching

The highly anticipated publication of Karol Wojtyła’s Katolicka etyka społeczna (KES) in 2018 provides a novel and important basis for understanding the economic thinking of Pope John Paul II. The text is comprised of Wojtyła’s extensive lecture notes from the 1950s on the topic of Catholic social teaching and spans almost 500 pages. KES illustrates the future pope’s deep concern for economic justice as a young priest and his ambivalence towards capitalism, which persisted throughout his papacy. Given the size of KES, this article selectively focuses on Wojtyła’s treatment of topics of continuing relevance: the right of the Church to pronounce on economic matters; private property and the “social mortgage” on it; inequality, the just distribution of resources, and the “option for the poor”; the moral assessment of capitalism and Marxism; the dignity of labor and workers’ rights; and the role of conflict in promoting the common good. I contend that KES is consonant with the later papal teaching of John Paul II on economic justice and that it provides a hermeneutic key to understanding it. Furthermore, I argue that the “radicalism” of Karol Wojtyła on matters of economic justice in KES coheres with papal social teaching from Pope Paul VI through that of Pope Francis.     

Machine learning in M4: What makes a good unstructured model?

The Makridakis Competitions seek to identify the most accurate forecasting methods for different types of predictions. The M4 competition was the first in which a model of the type commonly described as “machine learning” has outperformed the more traditional statistical approaches, winning the competition. However, many approaches that were self-labeled as “machine learning” failed to produce accurate results, which generated discussion about the respective benefits and drawbacks of “statistical” and “machine learning” approaches. Both terms have remained ill-defined in the context of forecasting. This paper introduces the terms “structured” and “unstructured” models to better define what is intended by the use of the terms “statistical” and “machine learning” in the context of forecasting based on the model’s data generating process. The mechanisms that underlie specific challenges to unstructured modeling are examined in the context of forecasting, along with common solutions. Finally, the innovations in the winning model that allowed it to overcome these challenges and produce highly accurate results are highlighted.     

The origins,development and future directions of data envelopment analysis approach in transportation systems

Over the last two decades, application of Data envelopment analysis (DEA) in transportation problems have gained considerable research attention. This paper presents a literature review and classification of the applications of DEA in transportation systems (TSs). First by classifying 40 papers from 2007 to 2018, the origins of DEA in transportation problems have been reviewed. Then the development and an overall view of DEA applications in TSs have been presented. We have classified the applications of DEA into six different contexts. In each context, published papers have deeply been analyzed. Content of analysis includes “Number of published papers during the time”, “target journals”, “countries”, “keyword frequency”, “most cited papers”, “map of most co-cited publications”. More important, we reported the “inputs and outputs variables” used in each paper. Further “a review of the selected papers” and “gaps/future research directions” have been given within each cluster. The results show that DEA is one of the most useful approach in evaluating TSs for policy makers. On the other hand, DEA can help the decision makers in transportation especially regarding environmental factors, sustainable development and eco-design. Finally, we proposed subjects for future researches including guidance for new studies in the field of DEA applications in TSs.     

On the Use and Abuse of Thorstein Veblen in Modern American Sociology, I: David Riesman's Reductionist Interpretation and Talcott Parsons' Pluralist Critique

A bstract . The analyses and applications of Thorstein Vehlen's social theory by David Riesman and Talcott Parsons are found to be deficient. Riesman's study of Veblen lacks viability because the reductionist methodology he uses psychologizes and sociologizes Veblen rather than examines the theoretical import of his work. Parsons is wrong in denying the originality of Veblen's work and in treating him as an eccentric Utopian. Thus the paradigmatic and ideological bias of both Riesman and Parsons preclude a proper understanding and use of such Veblenian concepts as status emulation and conflict.     

A relative mobility table

In this paper a tool of representation of the relative mobility is presented, that couples to the ordinary mobility table as a means of representation of the absolute mobility. From the statistical point of view it is connected to the tradition of “ransacking” mobility tables through odds ratios (Goodman, 1969), whereas the sociological inspiration came from the work of Goldthorpe (1980) on relative mobility. The first section presents the underlying logic and the simple computations involved in the construction of the “relative mobility table” and shows the main properties of the coefficients (“generalized odds ratios”) here used for the study of the “mobility regime”. The second section discusses some other uses of the ralative mobility table data.     

Supply chain relationships: Exploring the linkage between inter-organisational adaptation and learning

This paper aims to advance the process dimension of inter-organisational adaptation that takes places in supply chain relationships, building upon learning literature. Therefore, it summarizes and disentangles the different debates on inter-organisational adaptation and learning in the literature and establishes the theoretical linkage between both concepts. Two dyadic case studies show that the learning processes that underlie inter-organisational adaptations may be comprehensively classified based upon the direction of learning, resulting in “learning from” versus “learning with”, and based upon the span of learning, resulting in “incidental learning” versus “incremental learning”. The experiential nature of learning provides an explanation for the reinforcing character of inter-organisational adaptation, which is an alternative to the explanations presented in literature on supply chain relationships.     

Analyzing companies' interactions with the Sustainable Development Goals through network analysis: Four corporate sustainability imperatives

The alignment between corporate strategies and the Sustainable Development Goals (SDGs) can be an indicator of long-term sustainability success. But which types of companies are most, and which are least, aligned with the SDGs? This paper scores how 67 economic activities—as a proxy for companies' operations and the goods or services they deliver—interact with 59 SDG targets. It then uses network analysis to define which activities are most and least aligned with the SDG Agenda. The results reveal four types of corporate activities, each having a strategic sustainability imperative: (i) “core activities” predominantly generate positive, while having few negative, impacts on the SDGs, challenging companies to scale their contributions to further align with the SDG Agenda; (ii) “mixed activities” have moderate/high degrees of both negative/positive impacts, posing a decoupling imperative; (iii) “opposed activities” provide few benefits yet cause significant adverse impacts, implying that companies must transform in order to better align with the SDGs; and (iv) “peripheral activities” have immaterial positive and negative impacts, creating an imperative to explore innovative avenues for creating SDG contributions. Detailed network graphs are presented that map companies' interactions with the SDGs and guide the creation of corporate sustainability strategies. Policy implications include the potential for using companies' activities as a lever for adopting a “nexus approach” to the SDGs.     

Veblen's Theory of Institutional Change: An Explanation of the Deregulation of Japanese Financial Markets

A bstract In his 1915 essay "The Opportunity of Japan," Thorstein Veblen theorized that traditionai Japanese institutions would undergo evolutionary change as Japan exploited borrowed industrial technology and became integrated into the global business enterprise system. This article explains the recent liberalization of Japanese financial markets which followed Japan's rise to economic prominence within the context of Veblen's theory of institutional development of the enterprise system. The Japanese process of financial deregulation is reviewed, Veblen's predictions Japan are presented and an explanation provided for the liberalization of Japanese financial markets .