The false promise of technological determinism: the case of enterprise resource planning systems

According to software vendors and consultants, Enterprise Resource Planning systems (ERPs) transform the nature, structure and management of work regardless of organisational context. This paper contests this technologically deterministic view of organisational change by demonstrating the role that discourse plays in the social construction of ERPs.     

Monetary policy in interdependent economies: A game theoretic approach Matthew B. Canzoneri and Dale W. Henderson MIT Press, 1991, 133 pp.

This article reviews the recent book by Matthew Canzoneri and Dale Henderson on international monetary policy. The review discusses the basic model used by the authors to illustrate the welfare losses that arise as a result of non-cooperative behavior and the proposed solutions for moving closer to the socially optimal cooperative solutions. The proposed solutions are then examined in detail and the reviewer asks whether these solutions accurately describe the way he believes cooperation has occurred in the last two decades. Finally, this work is compared to recent research on policy cooperation that does not have game-theoretic foundations.     

ESTIMATION AND SELECTION BIAS IN MEAN-VARIANCE PORTFOLIO SELECTION

Much research has focused on the problem of selecting portfolios without the benefit of parametric measures of risk and return. In this paper, a Monte Carlo technique is used to isolate the extent and nature of the problems introduced by this practice. The technique is employed in the context of classical statistical methodology without permitting short sales. It is shown that using estimators of expected return and risk not only obscures parametric values, but also affects portfolio composition in the Markowitz framework. In this study, these two components of bias are isolated and measured.     

The economic performance of cities: A Markov-switching approach

This paper examines the determinants of employment growth in metro areas. To obtain growth rates, we use a Markov-switching model that separates a city's growth path into two distinct phases (high and low), each with its own growth rate. The simple average growth rate over some period is, therefore, the weighted average of the high-phase and low-phase growth rates, with the weight being the frequency of the two phases. We estimate the effects of a variety of factors separately for the high-phase and low-phase growth rates. Growth in the high phase is related to both human capital and industry mix, while growth in the low phase is related to industry mix only, specifically, the relative importance of manufacturing. Overall, our results strongly reject the notion that city-level characteristics influence employment growth equally across the phases of the business cycle.     

Money and capital

The effects of money (anticipated inflation) on capital formation is a classic issue in macroeconomics. Previous papers adopt reduced-form approaches, putting money in the utility function, or imposing cash in advance, but using otherwise frictionless models. We follow instead a literature that tries to be explicit about the frictions making money essential. This introduces new elements, including a two-sector structure with centralized and decentralized markets, stochastic trading opportunities, and bargaining. These elements matter quantitatively and numerical results differ from findings in the reduced-form literature. The analysis also reduces a gap between microfounded monetary economics and mainstream macro.     

‘MODERATION IN ALL THINGS’: INTERNATIONAL COMPARISONS OF GOVERNANCE QUALITY

Comparative measures of aspects of government in different countries are a rapidly growing industry. This paper offers a broad‐ranging critique of the state of the art. The two central questions are (a) How do currently available international measures of governance gain attention from non‐expert audiences, and (b), How understandable are they likely to be to these audiences?’ Findings from a range of relevant literature are brought to bear on three prominent sets of international measures, and conclusions are drawn.     

On mandatory labeling of animal welfare attributes

This paper assesses US resident support for mandatory labeling of animal welfare information on pork and egg products and outlines policy considerations for assessment prior to implementing any mandatory labeling policies regarding animal welfare practices. Results suggest consumers support mandatory labeling indicating use of gestation crates (stalls) and laying hen cages. Estimates suggest consumers would be willing to pay about 20% higher pork and egg prices to obtain this production practice information. Demographic and latent perception drivers of this support are highlighted. Multiple issues that warrant consideration prior to imposing mandatory labeling are discussed revealing lines of corresponding future research.     

Voting rules and the success of connected lending in 19th century New England banks

How well do decision-making processes within firms serve as control mechanisms? The voting rules governing loan approval in early 19th century New England banks are analyzed to find out. These banks exhibited high levels of lending to directors and their associates. Some theories of corporate governance argue that this could lead to increased managerial opportunism. However, a model shows that banks that require more votes to be won in the loan approval process prevent projects with private gains and social costs. The historical data are consistent with the idea that higher levels of consensus raised the profitability of banks.     

Towards A Critique of Managerialism: the Contribution of Simone Weil*

This paper seeks to make a contribution to the critical literature on management and, more particularly, to the critique of managerialism. This is achieved via a consideration of the hitherto neglected writing of Simone Weil (1909–43) on management, work and organizations. Following an introduction to this work, attention is focused on Weil's notion of oppression, and detailed consideration is given to the conceptualization of management as a form of oppression. the bulk of the paper elaborates the significance of Weil's work for the critique of contemporary forms of managerialism. In particular, the development of new forms of managerial expertise, and the phenomenon of self-management, are analysed as forms of oppression. It is suggested that Weil offers the basis of a non-relativist post-Marxist form of ethically grounded critique in the field of management studies.