What Economists Do about Values

The paper explores the way the work of classic institutionalist authors can inform modern nonprofit economics. From the Veblenian perspective, nonprofit organization is explained as an institutional consequence of the pecuniary-industrial dichotomy. The Ayresian theoretical system is used to highlight nonprofit organization as a particular form of the progressive weakening of the institution of private property in response to technological imperatives. Based on these arguments, the societal meaning of nonprofit organization is shown to be in realizing instrumental value that is unattainable through pecuniary ceremonial behavior embodied in the for-profit sector. At the same, in line with the Veblenian analysis of American universities, the ability of nonprofit firms to attain instrumental value is recognized as potentially limited by the corrupting effects of the embedding pecuniary culture.     

A taxonomy of manpower—educational planning models

In the last decade the literature has recorded several works concerned with the applications of network flow-like models to the area of manpower planning, and specifically the management manpower training program to assure that supply will meet the demand. Because the system which these models attempt to describe and/or decisions which they prescribe are rather complex in the real world, each of these models has imbedded in them certain simplifying assumptions. On the other hand, each incorporates different aspects of what is real. This paper develops a taxonomy of the landmark developments in this area. The taxonomical schema is then used to unify the models in consideration of the decision factors used. The schema envisions a general model containing all the factors which are explicitly or implicitly considered in the existing literature as being germane. The schema lends itself to both the identifying of those models which might be of interest and not available in the literature on the one hand and it shows in bold relief the similarities and differences between existing models.     

Chapter 11 and Asbestos: Encouraging Private Enterprise or Conspiring to Avoid Liability?

This paper explores the American bankruptcy system -- especially the Chapter 11 code -- which since 1978 has allowed insolvent companies the opportunity to restructure and reorganise with the benefit of court protection from creditors. Particular attention is focused on asbestos companies, such as Johns--Manville, which have been among the most consistent and controversial filers for bankruptcy under Chapter 11. The history of asbestos and Chapter 11 is explored, against the backdrop of the burgeoning asbestos crisis, caused by increasing mortality and litigation. Some of the business and ethical issues involved are highlighted by examining in detail a recent bankruptcy (Federal Mogul/T&N in 2001) that has implications in both Britain and America. Chapter 11 bankruptcy is evaluated, particularly in the light of the trend towards similar mechanisms of insolvency in the UK, Europe and the rest of the world. It is concluded that, certainly as regards the experience with asbestos, Chapter 11 offers an inefficient and inequitable method of rehabilitating or rescuing failing businesses.     

Evaluating a method of integrating generic skills with accounting content based on a functional theory of meaning

This paper documents and evaluates an intervention designed to integrate the learning of selected generic skills, particularly analytical thinking and written communication skills, with the learning of accounting content. The method used was to scaffold practice in analytical thinking skills through specially designed writing activities. Content‐focused learning materials adapted from task‐types currently used to teach language skills were used to facilitate the analysis and interrelation of accounting concepts, principles and problems in interpersonal communicative contexts typical of actual accounting practice. The materials, in three assignments, were designed to incorporate: (i) selected generic skills, taken from those listed by the professional accounting bodies; (ii) writing, both as communication and as an instrument for analytical thinking and learning; (iii) knowledge of accounting concepts and principles; and (iv) awareness of the interpersonal dimensions of professional communication. Overall, students showed improved learning outcomes, with improvements of 19 percentage points for non‐Australian students over the three assignments. We were also able to show significant positive relationships between the assessments of assignments 2 and 3 and performance in the knowledge‐based final examination. Improvements in the quality of learning were shown in students’ improved ability to assess their own work.     

Gardiner C. Means's institutional and post-Keynesian economics

In this tribute to the work of Gardiner Means, we shall argue that his influence has been on a par with that of Keynes on economists of an unorthodox persuasion. It is argued that his pioneering work in studying the modern corporation as an institution that needs to be fully understood, renders him a first-rate institutionalist. Intriguingly, it is also suggested that his interest in the microeconomic foundations of macroeconomic performance are suggestive of post-Keynesian concerns.     

Drivers’ acceptance of automatic speed limiters: implications for policy and implementation

It has been suggested that speed limiters will have the most impact on vehicle speeds and hence road safety in general. Whilst it is technically feasible to develop a functional speed control system, it may be more difficult to design a system that drivers actually wish to use. It is essential that drivers’ acceptability towards speed limiters is gauged in order to establish the most effective way to implement the system. The research reported here used a variety of techniques to evaluate acceptability and concluded that although drivers perceive speed limiters to be effective in reducing accidents, there is a need to change perceptions about possible impacts on comfort and safety.