Max Weber and Economic Sociology

A bstract .   Peukert (2004 ) argues that Weber's work is only of limited relevance to present-day economic sociology because it incorporates "a rather narrow and static understanding of rationality and the economy." This article disputes that claim. It is argued that Weber differentiates between economic and sociological perspectives on the economy through incorporating uncertainty into the latter. Hence Weber's economic sociology develops the distinction between "before" and "after" perspectives on action, incorporates expectations, and defines capital with reference to time and uncertainty. Furthermore, Weber's analysis of formal rationality presupposes uncertainty. Weber's economic sociology thus assumes a dynamic economy, where uncertainty is prevalent, and formal rationality can reduce uncertainty. Peukert's analysis thus (a) fails to consider Weber's differentiation between economic and sociological investigations, and (b) does not engage with Weber's knowledge of Austrian economics.     

The Resumption of Whaling by Iceland and the Potential Negative Impact in the Icelandic Whale-watching Market

Whale-watching tourists were surveyed to determine their opinion on whether they would visit, to go whale-watching, in a country that conducted whale-watching operations: 79% of whale-watchers in the study area said they would boycott a country that conducted hunts for cetaceans, and a further 12.4% stated that although they would visit a country conducting whaling operations, they would not partake in a whale-watching trip in that country (i.e. 91.4% of whale-watchers would not go whale-watching in a country that hunted whales). The results of this study are of great significance to the whale-watching industry in Iceland (currently estimated to be directly worth over US$12 million per annum), a country whose government has stated its wish to resume commercial whaling in 2006, and 'scientific' whaling prior to this date.     

UK Charity Retailing: Managing in a Newly Professionalised Sector

The charity retail sector has seen unprecedented growth in the UK over the past ten years. Alongside this growth charities have become progressively professionalised and commercialised and have begun to adopt strategies developed in commercial retail contexts. This paper unpacks this process of professionalisation examining exactly what it constitutes on the ground. It then goes on to consider in turn how this new professionalism has impacted on store managers. The paper closes in considering the challenges represented by these requirements and offers some suggestions for future research.     

The timing of pay

There exists large and persistent variation in not only how, but when employees are paid, a fact unexplained by existing theory. This paper develops a simple model of optimal pay timing for firms. When workers have self-control problems, they under-save and experience volatile consumption between paychecks. Thus, pay whose delivery matches the timing of workers' consumption needs will reduce wage costs. The model also explains why pay timing should be regulated (as it is in practice): although the worker benefits from a timing profile that smoothes her consumption, her lack of self-control induces her to attempt to undo the arrangement, either by renegotiating with her employer or by taking out payday loans. Regulation of pay timing and consumer borrowing is required to counter these efforts, helping the worker help herself.     

The consumption of gambling in everyday life

This paper is concerned with the escalation of gambling in the UK and the consequences this has for the consumer. Reasons why people consume risk through the medium of gambling are provided with social factors, presented here, as important variables that have influenced this consumption. The National Lottery in the UK is highlighted as the most recent example that provides the context for this escalation in the consumption of gambling. The paper then presents research data obtained from reformed problem gamblers and describes the social ills associated with their compulsive gambling behaviour traits and their worries over the impact that gambling has on the individual and the community. The paper suggests that there will be an increase in the number of problem gamblers as a result of the increasing exposure of the consumer towards many forms of gambling.     

Cross-Subsidization in Telecommunications

The Telecommunications Act and FCC and state commission orders have made the proper consideration of cross-subsidization increasingly important. This article briefly surveys the economics literature on cross-subsidization. Caveats regarding the application of the theory to telecommunications, including cross-elastic effects, zero economic profit assumptions, and mistaken identification of loop costs as common production costs, are discussed. The patterns of cross-subsidy and claims of their existence in the industry are considered. The FCC's recent orders are discussed in the context of the relevant economics literature.     

Lessons for Asia?: European experiences—in American perspective—in legitimizing market integration

The European Union has reached a deeper level of market integration than any other region. In many ways its success parallels the integration of national-level markets, particularly in the broadly similar continental project of the United States. This paper asks whether the EU and US cases hold any lessons for the pursuit of market integration in East Asia, and reaches two positive conclusions. First, the two Atlantic continental markets display a common content of institutions and policies that helped generate broad legitimacy for market integration. Secondly, while there is wide debate over the historical mechanisms that produced successful “embedded” market integration in the EU and the US, several of these mechanisms may be reproducible in East Asia.     

An evaluation of the Investors in People Standard

The authors describe the Investors in People Standard and explain the process which organisations need to complete to gain the accolade Investor in People. A postal survey with 455 respondents is described and findings given. A total of 17 case studies were also conducted, as were seven interviews with key agencies in this field. The authors conclude that there is evidence of positive perception of the impact of human resource development (HRD) on organisational performance and that there is a common acceptance of certain strategies as best practice. There is also evidence that the adoption of a systematic process to adjusting training and development to business strategies results in a more normative commitment to employee development.     

An experimental investigation of accounting information’s influence on the individual giving process

In this study, we experimentally investigate accounting information’s role in the individual donation process. Specifically, we manipulate the presence of service efforts and accomplishments (SEA) information in conjunction with a typical fundraising request. We then investigate whether donors obtain comparative financial accounting information for the purpose of maximizing donation efficiency.In our experiment, potential donors felt that fundraising requests containing SEA disclosures were more informative than typical fundraising pleas. In addition, supplementing a standard fundraising request with summary SEA information significantly increased (1) the quality perception of the requesting charitable organization and (2) the percentage of potential donors who claimed they would donate to the requesting organization in the future. However, SEA information did not translate into increased actual giving in our study.Our experiment next offered actual donors the opportunity to obtain comparative financial information for the purpose of verifying efficient giving (i.e., donors could compare the soliciting organization to a similar organization). Although the majority of actual donors were unwilling to obtain this information, the vast majority of those viewing financial accounting information donated to the organization with the highest program-spending ratio. As such, our results support two seemingly opposed contentions: (1) only a minority of individual donors request and use financial information, however, (2) there is a need for increased accuracy of not-for-profit expense classification.     

Effects of Regulations on Expected Catch, Expected Harvest, and Site Choice of Recreational Anglers

The use of public lands and waterways is often subject to environmental regulations designed to limit the depletion of resource stocks. Such regulations may influence expectations of quality, destination choice, and consumer surplus. This paper examines the effects of environmental regulations on recreational anglers. The empirical application develops a joint model of expected catch and expected harvest in conjunction with a random utility model of site choice. Findings for Maine anglers indicate that regulations have sizable effects on catch and harvest, site choice, and welfare.