Alternative Perspectives on Post-Keynesian Price Theory

We present an overview of recent developments in methodological and epistemological discussion in post-Keynesian work. We use these developments as a basis for judging various contributions to the post-Keynesian literature on pricing, in particular the arguments presented by Lee in recent issues of this journal, whilst acknowledging the positive contribution of Lee's work, we argue that his critique of post-Keynesian pricing theory is flawed and that his 'empirical pricing model' is consequently ill-founded.     

Monitoring the future. Building an early warning system for the Dutch Ministry of Justice

To determine the sustainability of the policy, an Early Warning System (EWS) has been developed for the Dutch Ministry of Justice. An EWS is used to monitor various developments and to place them within the perspective of future scenarios. Without actually predicting the future, this makes it possible to determine which scenario is the most relevant at any given moment, allowing the department to adapt its policies. Regular modifications to the EWS make it possible to monitor in the direction of which scenario society appears to be moving. This creates a path to the future with which the sustainability of (new) policies can be tested periodically.     

Connectivity and work dominance: Panacea or pariah?

Does technologically-supported work connectivity help young managers and professionals under the age of 45 deal with the pressing demands of their work, or does the presence of work-connecting technologies exacerbate the tendencies of this talent force to engage in more work and longer working hours? Utilizing both surveys and follow-up focus group interactions, this study found that while work-connecting technologies permitted a greater range of options regarding when and where work was done, this same connectivity provided constant availability to work and often drove expectations that more must be done, thereby increasing the likelihood of longer work hours and—surprisingly—leading to a diminished sense of flexibility. Study participants offer insights regarding the thought processes behind these outcomes. Perspectives on how emerging leaders and their organizations can effectively manage and achieve the potential of enhanced connectivity are provided. A four-phased approach is recommended. First, we discuss key cultural dynamics. Second, the role of organizational expectations and practices is emphasized. Third, we consider a set of responsibilities for organizational leaders, whose actions and cues provide the most vivid clarity for young managers attempting to decide where to draw the work/life balance line. Finally, the challenge and responsibility of personal accountability is presented. Consideration of a work paradigm that reorients our thinking about traditional “face time,” and strives to bridge the gap between the potential and pervasive impact of work-connecting technologies, is also included.     

Changes over time in the return to education in urban China: Conventional and ORU estimates

Studies of the return to education in urban China have reported that this has increased over time, and that females typically have a higher return than males. In this paper we adopt a framework provided by the over education/required education/under education literature, and the decomposition developed by Chiswick and Miller (2008), to investigate the reasons for these findings. The finding by Chen and Hamori (2009), from analysis of data for 2004 and 2006, of the return to schooling for males exceeding that for females, is also examined using this decomposition.     

JUSTIFYING A POLICY MIX FOR POLLUTION CONTROL: A REVIEW OF ECONOMIC LITERATURE

Abstract This paper provides a review of economic studies analysing the use of multiple policies – a so‐called policy mix – to cope with single pollution problems. To guide and structure the review, an analytical framework is developed and applied. The framework integrates transaction costs into the analysis of pollution problems and policies to overcome them. Moreover, it understands a pollution externality not only as a market failure but more generally as the failure of private governance structures. Based on this insight, two rationales for using a policy mix are identified. First, a policy mix may help to correct for multiple reinforcing failures of private governance structures, such as pollution externalities and technological spillovers. Second, a policy mix can be employed if the implementation of single first‐best policies brings about high transaction costs, e.g. when marginal pollution damages are heterogeneous or polluters are unlikely to comply with the policy. For each rationale, the relevant literature is presented. Based on the review, avenues for future research are identified.     

Supporter Influence on Club Governance in a Sports League; a “Utility Maximization” Model

The article formalizes a seminal suggestion of Sloane ( 1971 ), studying a sports league in which club objectives are multi‐argument utility functions defined over profits, win percentages and fan (=supporter) welfare, thus combining the three objectives that have been addressed separately in previous models. Particular focus is on the consequences of increasing the utility weight on fan welfare, to capture the recent increasing supporter involvement in club governance in UK football. Positive consequences are unambiguously higher attendances, with more nuanced affects on ticket prices and player expenditure. A normative consequence is that positive profits for club owners indicate social sub‐optimality.