Market process(es) and (un)knowledge

By extending an underdeveloped idea of Lachmann, I show that the Austrian theory of the market process à la Kirzner is unable to explain the diversity of market processes because it neglects the imperfect inter-market mobility of factors of production. I show that by taking into account the imperfect mobility of capital equipment and the associated reshuffling costs, it is possible to formulate a set of empirically testable implications about the unfolding of the market process. Furthermore, I show that reshuffling costs shape the context in which the learning process takes place and that the epistemic assumption of structural opacity on which the Austrian theory of the market process relies is not incompatible with the epistemics assumption of structural transparency of neoclassical economics. These epistemic assumptions can be seen as the two poles of a “knowledge spectrum”, from potential omniscience to sheer ignorance.     

The Effects of Consumer-Directed Health Plans on Health Care Spending

We use unique data from an insurer that exclusively offers high-deductible, "consumer-directed" health plans to identify the effect of plan features, notably employer contributions to the spending account, on health care spending. Our results show that the marginal dollar contributed by the employer to the spending account is entirely spent on outpatient and pharmacy services. In contrast, out-of-pocket spending was not responsive to the amount the employer contributes to the spending account. Our results represent the first plausibly causal estimates of the components of consumer-driven health plans on health spending. The magnitudes of the effects suggest important health care spending consequences to higher employer contributions to spending accounts. Our findings are most directly relevant to health reimbursement arrangement plan designs, though our results are still of value to health savings account plan designs.     

Teaching quality enhancement using value-chain instruction system design

This study focuses on creating learning value by applying process reengineering as the central concern of instruction design. It also applies the concept of total quality management, which includes learner satisfaction levels, teaching service levels, and learner response potential, to develop value-chain instruction system design (VCISD). The purpose of the study is to raise the quality of education by reconstructing the content and procedures of teaching. To determine if the proposed instruction system design is superior to traditional methods, this study uses empirical research to validate the effectiveness of VCISD. Results show that VCISD had positive effects on students’ learning outcomes in terms of listening comprehension and reading comprehension. Students also attained higher satisfaction levels in terms of the use of teaching material/teaching aids in class, the depth of teaching content, the breadth of teaching content, the liveliness of teaching content, and the coherence and continuity of teaching content.     

Finance,energy and the decoupling: an empirical study

This paper investigates the empirical and theoretical basis of the decoupling between energy throughput and economic growth, with a critical view of the use of the decoupling concept as a policy priority. We provide an analysis of the historical trends of the metabolic pattern of European economies over a period of 18 years focusing on the changes in energy throughput and financial assets. The results show that energy consumption per hour of labor has remained constant, suggesting that no significant changes in production processes or technology have taken place in the productive sectors of the economy. The contribution of this paper is to establish a bridge between the economic analysis of financialization and the societal metabolism analysis of the economic process from a biophysical point of view. We argue that this bridge is crucial to draw attention to the biophysical consequences of financialization (a relative decoupling) and critically assess the pertinence of policies aimed at encouraging the decoupling in the context of increasing inequality.     

Theories of the Firm and the Relationship between Different Perspectives on the Division of Labour

This paper explores the tension between the organisational learning, market and hierarchies rationales for the firm. It is not clear, from the organisational learning and market-hierarchies literatures, what role exists for the different approaches. The paper suggests that this reflects the fact that each paradigm is premised on a particular notion of the division of labour but, at the same time, does not recognise that the division of labour is multifaceted. The paper suggests one possible approach to reconcile the various rationales for the firm. To do this, the different paradigms are placed in the context of different growth patterns that support different conceptions of the division of labour.     

The visual history of the Tableau Économique

This article looks at the history of the Tableau Économique from a visual point of view. It shows that Quesnay invented the Tableau to formalize visually his economic theory, and that he used different versions of the Tableau (‘Zigzag’, ‘Précis’ and ‘Formule’) for reasons of visual rhetorics. Accordingly, the visual history of the Tableau clarifies several problems identified by previous ‘ecommentors’. The paper concludes that the history of the Tableau as an image cannot be equated with that of Quesnay's abstract economic model without missing the Tableau Économique's raison d'être.     

Can Financial Economics Cure Cancer?

Funding for early-stage biomedical innovation has become more difficult to secure at the same time that medical breakthroughs seem to be occurring at ever increasing rates. One explanation for this counterintuitive trend is that increasing scientific knowledge can actually lead to greater economic risk for investors in the life sciences. While the Human Genome Project, high-throughput screening, genetic biomarkers, immunotherapies, and gene therapies have made a tremendously positive impact on biomedical research and, consequently, patient lives, they have also increased the cost and complexity of the drug development process, causing many investors to shift their assets to more attractive investment opportunities. This suggests that new business models and financing strategies can be used to reduce the risk and increase the attractiveness of biomedical innovation so as to bring new and better therapies to patients faster.

     

Import penetration and returns to tasks: recent evidence from the Peruvian labour market

This paper provides original evidence on the impact of import penetration on wages of individuals performing manual/cognitive task-intensive jobs in the Pe     

Real-world evidence of improved healthcare utilization in patients with schizophrenia or schizoaffective disorder after early treatment of paliperidone palmitate once-monthly treatment in Hong Kong

Background: Very few data are available to demonstrate the economic benefit of early paliperidone palmitate once-monthly long-acting injectable (PP1M) treatment in patients with schizophrenia or schizoaffective disorder.

Methods and materials: This study has retrospectively compared the healthcare utilization and associated costs of pre- and post-PPIM treatment in 413 patients with schizophrenia or schizoaffective disorder recruited from three major public hospitals providing psychiatric services in Hong Kong. Patients were categorized into early treatment (≤3 years since diagnosis) and chronic (>3 years) groups, and also whether they were receiving polypharmacy (POP).

Results: It was found that patients who were started on early therapy with no POP had the most favourable outcomes. Overall results of the entire cohort, including both early and late treatments, indicate that there was a slight increase in annual in-patient days (IP) per patient and outpatient visit (OP) by 3.18 and 1.87, respectively, and a decrease in emergency room visit (ER) of 0.9 (p?p?p?p?Conclusions: From the 413 patients studied, potential annual savings is higher by early administration of PPIM in patients with NP. Analysis using multivariate linear regression based on generalized estimating equations and sensitivity analysis using a linear mixed model supported the findings.