AN ARBITRAGE INTERPRETATION OF CLASSICAL OPTIMIZATION

The paper mathematically develops the heuristic idea that the first-order necessary conditions for a classical constrained optimization problem are equivalent to a market being arbitrage-free - with the Lagrange multipliers being the arbitrage-free market prices. The arbitrage notions start with the multiplicative Kirchhoff's Voltage Law and then generalize to matrix algebra. The basic result shows the normalized arbitrage-free «market prices» (the Lagrange multipliers) resulting from a classical constrained optimizaton problem can always be obtained as a ratio of cofactors. The machinery also gives an economic interpretation of Cramer's Rule as a competitive equilibrium condition.     

THE TERMS OF TRADE IN THE PRESENCE OF RE-EXPORT TRADE: SOME FURTHER DEVELOPMENTS(*)

Abstract. In this paper we examine the measure of terms of trade changes, adjusted to take re-export trade into account, proposed by Lloyd and Sandilands (1985), and introduce two additional (but very basic) complications: a positive rate of growth and substitutability between imports and the domestic factor(s). We show that in such cases one can no longer establish a precise analogy with the traditional measure, and argue that the very notion of « a terms of trade change » becomes somewhat ambiguous. As an alternative view, we derive a measure of the impact of international price changes on what will be called « trade augmented » productivity; such a measure will be based on the movements of the wage-rate of profit frontier.     

A MARSHALLIAN PERSPECTIVE OF KEYNES' GENERAL THEORY*

This article originates from a perceived contradiction between modern interpretations of Keynes' General Theory and the origin of his theory. There can be no doubt that the discussion of the microeconomic foundations of Keynes' theory is dominated by neo-Walrasian approaches, while, in the perspective of the history of economic analysis, Keynes' theoretical origin was Marshallian, rather than Walrasian. Recent contributions on the microfoundations of Keynes' aggregate supply and demand analysis stress the Marshallian prospect by tracing out how Keynes' analytical apparatus can be reconstructed on the basis of Marshall's theory of the competitive firm (cf. C. Casarosa [1981], S. Parrinello [1983], A. Asimakopulos [1984]). This article will support the Marshallian perspective from a macroeconomic point of view. Instead of a reconstruction, a «backtracking device» will be pursued: How would Marshall have formulated a macroeconomic model which might have been Keynes' referential framework from which he moved away when he realized the restrictions and defects of this model? This backtracking device seems to be suitable because Marshall's writings offer a good deal of theoretical elements which can be used in connection with a general equilibrium perspective, although Marshall himself « (.) never felt the need to model the workings of the economic system as a whole» (R. Clower [1975], p. 4). The first part of the article explores Marshall's writings in order to furnish the modelling of the macroeconomic perspective with a conceptual framework. The second part studies the working of the macroeconomic model and in the last part it will be argued that the consumption function, taken by itself, was not an entirely new idea. In addition, it will be substantiated that the consumption function gained conceptual significance in connection with Keynes' changing the theory of profit determination.     

DOXASTIC INFORMATION PARTITIONS,AND AN ANTI-NO-TRADE THEOREM (*)

Partitions of the set of states of nature are the traditional information structures in decision theory. In a multi-person context, common knowledge of the choices, such as it occurs in a trade, implies common knowledge of relevant information: hence a well-known impossibility theorem for trade based on differing belief can be obtained. A new set theoretic axiomatization of the beliefs held by decision makers allows here for the construction of doxastic, i.e. possibly incorrect instruments of measurement of the »outside« world, and allow traders to »agree to disagree«.     

A THEORETICAL ANALYSIS OF SISMONDI'S TABLEAU ECONOMIQUE

This paper submits Sismondi's calculation example presented in his paper of 1824 («On the Balance of Consumption and Production») in the form of an input-output table. This paper also examines Sismondi's argument concerning technological progress and under-consumption. The effect of an increase in labour productivity in one particular sector on the economy as a whole is analysed in the framework of a simple reproduction system. Subsequently the model is applied to a growth economy, and the difficulty of attaining balanced growth in Sismondi's system is discussed.     

LABOR VALUES AND THE IMPUTATION OF LABOR CONTENTS*

In a recent article (Econometrica 1983), Peter Flaschel presented an empirical procedure for the calculation of labor values in joint production. This procedure was based on a disaggregation of production processes. The concept of «market value» (average value) was then used to determine values on the basis of the single technology which resulted from the disaggregation. In the first part, the formalism of market value is directly applied to the case of joint production, and the conditions for the existence of positive solutions are discussed. We demonstrate that these conditions are quite general, and are not related to conditions concerning the existence of any equilibrium. In this analysis, we substitute the concept of « nonreductivity » for the traditional notion of productivity of the technology. The second part of the article considers the problems involved in procedures of disaggregation. In the third part we discuss the main results obtained, stressing the importance of the difference between values and prices.     

Cultural cluster coopetition: A look at the Montreal circus world

We explore the relevance of the « coopetition » concept within Montreal's circus sector and the Montréal Complètement Cirque's festival in particular. Our analysis is based on the cluster phenomena found in coopetition studies, which is a strategy used by companies in the technology sector. We formulate propositions that suggest these collaborative practices allow reduce tensions related to the innovation and creative processes' intrinsic uncertainty and also moderate the effects of a firms' limited resources. These practices are also related to public policies aimed at ensuring the sector's sustainability, the existence of interpersonal relations, and the need for more visibility on the sector and its actors. Copyright © 2017 ASAC. Published by John Wiley & Sons, Ltd.     

Gibt es geplanten Verschleiß? Eine Antwort auf die Kritik von Hillmann in ZVP, 1, 1977/1

The author of the criticized study here replies, demonstrating by examples the critic's misinterpretations of his original statements. The role of the criterion »durability« in designing an optimal product is discussed. The author then demonstrates that fashion cannot be created by the producer alone, but that it is a result of a process of social interaction which has proved impossible to control for hundreds of years.     

Mode coopétition dans un cluster culturel? Le cas du secteur circassien montréalais

We explore the relevance of the « coopetition » concept within Montreal's circus sector and the Montréal Complètement Cirque festival in particular. Our analysis is based on the cluster phenomena found in coopetition studies, which is a strategy used by companies in the technology sector. We formulate propositions that suggest these collaborative practices allow reduce tensions related to the innovation and creative processes' intrinsic uncertainty and also moderate the effects of a firms' limited resources. These practices are also related to public policies aimed at ensuring the sector's sustainability, the existence of interpersonal relations, and the need for more visibility on the sector and its actors. Copyright © 2017 ASAC. Published by John Wiley & Sons, Ltd.     

UNIQUENESS OF PERIODIC ORBITIS IN LIENARD-TYPE BUSINESS-CYCLE MODELS

We study three different versions of the Kaldor's 1940 Business-Cycle Model (¹³, and we show that they can all be reduced, through suitable changes of variables, to a planar dynamical system of Lienard-type. By applying a classical result due to A. Filippov (⁸) and a quite recent theorem of the Chinese mathematician Zhang Zhi Fen (¹⁹, it is easily proved that our systems present a unique attracting limit-cycle encircling the only existing equilibrium. Our analysis does not require any extra hypothesis regarding the symmetry of the investment and saving functions, except the «classical» ones and those needed to reducing the system to Lienard form. It extends, so far, a few previous results obtained by H.W. Lorenz (¹⁶) on the very same model.     

CHOICE OF TECHNIQUES AND THE THEOREM OF OKISHIO

This paper discusses the sufficiency of the »viability condition« of Okishio's theorem for signalling profit improving choice of techniques. Some counter-examples are given for linear technologies with joint production. Technological change which conform to the prediction of the theorem - choices made on the basis of the viability condition lead to higher average rate of profit - is called regular, and sufficient conditions for regularity are specified.     

The case against Microsoft: An ethical perspective

This paper discusses the complex Microsoft anti-trust trial and the company 's questionable behavior during the browser wars with Netscape.It reviews the essentials of the legal case against Microsoft along with the company 's efforts to refute the charges against it, including the presumption of monopoly power. After laying the groundwork by providing conceptual background on the notion of fair competition, the paper turns to an ethical analysis of Microsoft 's conduct. We conclude that Microsoft 's behavior was excessively opportunistic during the browser wars.The company did not compete constructively or positively, but instead sought to undermine the competitive process.It also developed biased software code that tilted the playing ?eld in its direction.These actions caused harm to the company 's stakeholders by obstructing consumer choice and impeding innovation.     

Toward an ‘International Business’ Paradigm of Endogenous Growth: Multinationals and Governments as Co-Endogenisers

Endogenous growth theory has recently originated in economics. Building on this theory, this paper conceptualises the phenomenon of endogenous growth in terms of some new ideas developed in the field of international business (IB), especially Dunning's eclectic paradigm and his notion of macro-organisation policy. These ideas have so far not been linked to the notion of endogenous growth. At the same time, mainstream economics has not made much progress in exploring the MNC-government relationships through which growth-inducing 'mechanics' are created, a topic of great importance in IB. Both MNCs and governments complement each other in facilitating an efficient matching of ownership-specific assets (notably knowledge) with location-specific advantages through Dunning's OLI mechanism, thereby enabling the developing host countries to realise potential growth in an intensified manner, a new mode of endogenous growth that counteracts the law of diminishing returns. The phenomenon of MNC-cum-governmentdriven endogenous growth will be conceptualised.     

INVESTMENT AND GROWTH IN THE JOHANSEN PUTTY-CLAY MODEL. A TECHNICAL NOTE(*)

The »paradoxical« result in Leif Johansens putty-clay model, that savings and investment do not seem to matter for growth, is examined. Using a growth-accounting framework it is shown that investment efforts generally influence output growth, but this influence is not revealed in a proper way when the investment ratio is fixed. Interpreted in a one-country case, the existence of a positive relationship between the propensity to invest and the growth rate of output is demonstrated.     

Corporate Social Responsibility and Marketing Communications Within Stores: A Case Study of U.K. Food Retailers

ABSTRACT

The U.K. Government has argued that more transparency in the ways that companies address and manage environmental, economic, and social issues can help improve relationships with employees, customers, and other stakeholders and U.K.'s large food retailers are increasingly keen to report their commitment to CSR. This paper offers a preliminary examination of the extent to which the U.K.'s major food retailers currently use CSR as a means of communicating with customers within their stores.     

Information and Noise in U.K. Futures Markets

This paper examines the extent to which futures price changes are driven by noise and information for three U.K. futures contracts by utilizing T. Andersen's (1996) specification of the mixture of distributions hypothesis. Use of the generalized method of moments approach demonstrates that the link between futures volume and volatility can be attributed to the flow of information. More importantly, it is shown that price movements are dominated by informed rather than noise trading for the FTSE‐100, the Long Gilt, and the Brent Oil futures contracts. The results suggest that further regulation based on the notion that noise traders dominate futures trading is unwarranted. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:711–731, 2004     

EU's competition policy and the GE‐Honeywell merger fiasco: Transatlantic divergence and consumer and regulatory issues

This article discusses and analyzes the European Union's (EU's) competition policy and the 2001 General Electric‐Honeywell merger fiasco within the areas of global business and transatlantic issues. Based on a brief literature review of marketing, competition policy/antitrust law, vertical/horizontal integration, and global business, the article tries to explain those conditions that led to this failed merger. It is expected that in the coming years, the EU's competition policy and the United States' antitrust law will continue to differ and may create problems for those multinationals seeking large‐scale mergers and acquisitions in North America and Europe. © 2005 Wiley Periodicals, Inc.     

中印古典戏剧理论比较--以《舞论》和《闲情偶寄》为中心

文章以宏观研究与微观研究相结合的方式，对中印古典戏剧理论的发展历程做简要梳理，以《舞论》和《闲情偶寄》为中心，从戏剧本质论、戏剧语言论、戏剧编导论和戏剧观众论四个方面进行深入的比较分析，发掘与阐释中印古典戏剧理论间的相通性和差异性，以达到认识他人与自我、互相交流的目的和相映成趣、相得益彰的效果。     

THE EXPLORATION AND PRODUCTION OF A LONG-LIVED NATURAL RESOURCE(*)

This paper, a synthesis of previous work by the author, examines both the exploration and the production decisions of a firm in a durable natural resource industry, and finds that monopoly power leads to a slowing in the rate of extraction and a reduction in the exploration rate. Thus in a durable resource industry such as gold, the effect of monopoly is multi-plied: less of the resource will be « discovered », and the stock of the re-source will be extracted more slowly so that early-period prices may be kept above the competitive level.     

A NONLINEAR BUSINESS CYCLE MODEL IN DISCRETE TIME

The paper develops a simple multiplier-accelerator model of a market economy, where the strength of the accelerator relationship between current investment and past output depends on the state of the economy. It is found that the greater the values of the multiplier and the accelerator, the more persistent and aperiodic («chaotic») would be the cyclical behaviour of the economy.