Starve all the lawyers: four theories of the just price

The only “sense in which we can meaningfully talk about just wages or just prices”, said Friedrich Hayek, is for wages and prices “determined in a free market without deception, fraud or violence”. Conversely, after reviewing three theories of the just price, this paper proposes a classical liberal theory of the just price, called the “catallactic” theory, according to which our understanding of just prices must account for the background institutions of markets. Some transactions could not happen in a market without a certain theory of just prices and such transactions will feed into our understanding of markets, hence making just prices a de facto reality.     

Cost-effectiveness of once-weekly semaglutide versus dulaglutide and lixisenatide in patients with type 2 diabetes with inadequate glycemic control in Sweden

Abstract

Aims: This analysis evaluated the cost-effectiveness of once-weekly semaglutide vs glucagon-like peptide-1 receptor agonists (GLP-1 RAs) in patients with type 2 diabetes (T2D) uncontrolled on metformin or basal insulin in Sweden.

Materials and methods: This cost-effectiveness analysis (CEA) was conducted using the Swedish Institute of Health Economics (IHE) Diabetes Cohort Model. Analyses were conducted from the Swedish societal perspective over a time horizon of 40?years. For patients uncontrolled on metformin, dulaglutide was the comparator, and data from the SUSTAIN 7 clinical trial was used. For patients uncontrolled on basal insulin, lixisenatide was chosen as the comparator and data was obtained from a network meta-analysis (NMA).

Results: The results show that, in patients with inadequate control on metformin, semaglutide 1.0?mg dominated (i.e. provided greater clinical benefit, and was less costly) dulaglutide 1.5?mg. In patients with inadequate control on basal insulin, semaglutide 1.0?mg dominated lixisenatide. The reduction in costs is largely driven by the reduction in complications seen with once-weekly semaglutide.

Limitations and conclusions: It is likely that this analysis is conservative in estimating the cardiovascular (CV) cost benefits associated with treatment with once-weekly semaglutide. In patients inadequately controlled on basal insulin, the analyses vs lixisenatide were based on results from an NMA, as no head-to-head clinical trial has been conducted for this comparison. These CEA results show that once-weekly semaglutide is a cost-effective GLP-1 RA therapy for the treatment of T2D in patients inadequately controlled on metformin or basal insulin, addressing many current clinician, patient, and payer unmet needs in Sweden.     

Skateboarding beyond the limits of gender? Strategic interventions in Sweden

Sweden prides itself as a country where young women can enjoy gender equality. Yet many young women skateboarders still experience discomfort when skateboarding in public spaces. We argue that diverse strategies are required to intervene in the intransigent problem of gender inequality in the male-dominated sport of skateboarding. We discuss two intertwined strategies adopted in Swedish skateboarding contexts, strategic visibility and strategic entitlement. Strategic visibility is premised on making girls a special case, separated from the boys, and therefore highly visible. The other intervention goes beyond the limits of gender, aiming to achieve strategic entitlement, which takes-for-granted girls’ participation and competence. Drawing from ethnographic data, we explore the paradoxical spaces of these interventions, identifying the benefits and risks of each strategy. We conclude that both strategies are important, yet the latter breaks new ground. Strategic entitlement, which constructs skateboarding girls as ordinary and indistinguishable from boys, no longer constructs gender as a limiting factor. Interventions to promote gender equality should include strategies that seek to go beyond gender and strategies that acknowledge the significance of gender. We need to keep experimenting with and researching the unintended consequences of all strategies for challenging and changing male dominance in sport and leisure.     

Einzelbesprechungen

Ohne Zusammenfassung     

Family size and child outcomes: Is there really no trade-off?

We study the impact of family size on intermediate and long-term outcomes using twin births as an exogenous source of variation in family size in an unusually rich dataset. Similar to recent studies, we find no evidence of a causal effect on long-term outcomes and show that not taking selection effects into account will likely overstate the effects. We do, however, find a small but significant negative impact of family size on grades in compulsory and secondary school among children who are likely to be vulnerable to further restrictions on parental investments.     

Entrepreneurs Seeking Gains: Profit Motives and Risk Aversion in Inventors’ Commercialization Decisions

Direct evidence has been lacking on entrepreneurs’ response to individual‐specific opportunities, and recent work suggests that entrepreneurship may be a non‐profit‐seeking activity and that entrepreneurs evaluate risk oddly. We model heterogeneous inventors and inventions, outside opportunities, sunk and nonsunk costs, and risk, to guide data analysis. We use assessment data from a center paid to assess the inventions’ economic potential. Inventors’ choices whether to commercialize their inventions and later whether to remain in production were consistent with profit‐seeking motives and risk aversion.     

Environmental Valuation – To Use or Not to Use? A Comparative Study of the United States and Europe

Valuation methods have been used for five main purposes in environmental decision-making. Cost–benefit analysis (CBA) of projects, CBA of new regulations, natural resource damage assessment, environmental costing, and environmental accounting. The relatively lower importance attached to economic efficiency in environmental decision-making in most European countries compared to the U.S.A., both legally and in practice, might account for our general finding that there are very few valuation studies in Europe which have served as a decisive basis for environmental policy and regulations. However, with EU's goal to establish environmentally adjusted national accounts and to apply CBA to environmental policy and regulations, time seems ripe for an increased use of valuation techniques in Europe.