Can the link between functional and personal income distribution enhance the analysis of inequality?

The aim of this paper is to present a framework which links functional and personal income distribution. In the first part of the paper, Piketty’s book “Capital in the XXI Century” is briefly reviewed. Piketty’s framework is discussed arguing that it can only partially explain levels and changes within personal income distribution. Piketty links the returns from capital r to the rate of growth of national income g in a very innovative way comparing them within a macroeconomic framework. He claims that when returns on capital rise more quickly than the overall economy and taxes on capital remain low, a vicious circle of ever-growing dynastic wealth and growing concentration of wealth takes place. However, the rise in the inequality of personal income distribution cannot only be explained by the rise of capital incomes. An analysis of the generation of personal incomes, and consequently of inequality, requires a suitable framework that links incomes at the macroeconomic level (national accounts) and incomes at the level of the individual/household. It is possible to set up this framework starting from individual endowments and their link to the productive structure: that is to what can be called the “generating function of personal income.” This function transforms personal endowments into personal earnings, given the productive structure, the technologies, and the market rules that determine the functional distribution. Personal income distribution and its inequality are linked to the functional one through the shares of capital and labor owned by each individual. The framework introduced here seems to be a suitable tool to account for the fact that personal income distribution is inextricably tied up to different sources of inequality in the distribution of national income. Sources come from institutional and productive structures (matrix Y), but also from the distribution of endowments and of individual/household entitlements (matrix S). This approach, we argue, allows for the assessment and evaluation of the effects of “ambitious new policies,” aimed at reducing poverty and inequality ex-ante, as suggested by Atkinson in his last book.     

Energy tourism: An emerging field of study

After conceptualizing the interrelationships between energy and tourism, the authors provide a definition of energy tourism as a new niche of industrial tourism, theorize on how it overlaps with other types of special interest tourism, and discuss specifics concerning its forms, locales, and possible societal impacts. Potential directions, along with research questions, for future research in the field of energy tourism are proposed. Then, the results of an explorative pilot study of energy tourism in the Czech Republic are presented to give a first insight into the proposed questions. Questionnaire surveys completed by tourists and operators of three energy tourism attractions – so-called Coal Safaris (guided tours through surface coal mines, observing minescapes and mining machinery in full operation), a nuclear power plant information centre, and Dragon Kite Festivals under wind turbines – have focused on exploring the motivations and perceived benefits of energy tourism for organizations; tourists' motivations for, and experience from, visiting; and any changes in attitudes towards current energy development dilemmas by visitors afterwards.     

Strategic Partnership Between Private Organizations and Universities： The Search for Regional Development Through Solutions for Hospital Management

The public power and the private enterprise, the main agents of national economic and social development, when cooperating strategically, promote increased functional efficiency of their activities. In order to highlight the relevance of such partnership, this article aims to analyze the potential of actions jointly developed by private organizations and Brazilian universities. The research problem is lined in the field of health, which hosted actions developed between the Federal University of Rio Grande do Norte （UFRN） and the Hospital Maternity Guiomar Fernandes （HMGF）, located in the city of Alexandria, in Rio Grande do Norte. The study emphasizes the shortcomings of this organization, the resolving power of the university in this scenario, and performs the analysis of the effects of this cooperation. The methodology used in this research was the case study in HMGF. With emphasis on fundraising and improving the informational management system, funding sources for projects of restructuring and expansion of the hospital were sought, as well as initiatives for developing hospital management softwares for small- and medium-sized organizations. As a result, the articulation between the university and the hospital provided the elaboration of a project for software development and the production of a project for physical restructuring and technological investment, aiming to expand the supply and quality of the hospital＇s services. The implementation of information systems, associated with investments in hospital infrastructure, providing increased efficiency in public assistance to the population, bringing both local and regional benefits, besides, providing the authorities with relevant data on the development of public policies.     

Maturity effects in the Mexican interest rate futures market

This study investigates the relationship between volatility and contract expiration for the case of Mexican interest rate futures. Specifically, it examines the hypothesis that the volatility of futures prices should increase as contracts approach expiration (the “maturity effect”). Using panel data techniques, the study assesses the differences in volatility patterns between contracts. The results show that although the maturity effect was sometimes present, the inverse effect prevails; volatility decreases as expiration approaches. On the basis of the premises of the negative covariance hypothesis, the study provides additional criteria that explain this behavior in terms of the term structure dynamics. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark 31:371–393, 2011     

Reinventing the gastronomic identity of Croatian tourist destinations

A unique and memorable gastronomic identity is an indispensable asset to any successful tourist destination. In this respect Croatia's tourism falls seriously short. Based primarily on “international” cuisine, the gastronomic offer of Croatian tourist destinations is predictable and conventional. This paper calls for a new, exciting gastronomic identity of Croatian tourist destinations founded on Croatia's exceptionally rich gastronomic heritage. Apart from the food offer itself, crucial to the success of this new identity will be its commodification and spectacularisation through the discursive practice of gastrospeak. Learning to appreciate and use gastrospeak will be an important future task for Croatian tourist destination management.     

The Tragic Consumer: A Nietzschean Reading of Irremediably Unsatisfactory Consumption

This essay criticizes the romantic ethic of consumption (Campbell, 1987) from the tragic perspective (Nietzsche, 2006). By tragic, we refer to the constant tension between Apollo and Dionysius (Nietzsche, 2006, p. 47). It is suggested that the romantic ethic of consumption, which orders our existence, is associated with Apollonian ideals, thus, creating a protective and individuating illusion against the chaotic, the amorphous, and the contradictory—characteristics associated with the Dionysian. What has been considered as the romantic-Apollonian ethic of consumption promises to satiate our desires (Campbell, 2006), even though this is not possible since incompleteness is inherent to the individual (Freud, 1996, 1997). This ethic may prove frustrating for some consumers since the satiation of wills has a transient effect and the individual therefore remains in a state of desire. In cases like these, an alternative to the romantic meaning would be the adoption of a tragic conception of consumption, a conception consubstantiated in the knowledge of its uselessness as a strategy to recover a lost completeness. Thus, this article describes the figure of the tragic consumer, the one who knows the chaotic side of the act of consuming, but who reaffirms his or her will, either consuming—since he perceives that there is no escape from the logic imposed by consumption—or by choosing to abandon specific categories of goods that do not respond to the reiteration of his will. As a practical instance for the development of this critique, we have reflected on the phenomenon of category abandonment (Suarez & Chauvel, 2012).     

Chinese Farmers in the Russian Far East and Local Rural Development

The Russian Far East (RFE) is still a backward region of Russia. Per capita agricultural output is lower than the national average. Chinese agricultural entrepreneurs are farming in the region. The business environment is challenging for both Chinese and Russians. We analyze possible ways for agriculture to develop in the RFE with Chinese agricultural entrepreneurs as the main agents of development. We discuss the investment environment in the RFE, the role and impact of Chinese agricultural entrepreneurs, their ability to assist in rural development, and the challenges they face. We examine the current state of agriculture in the RFE, the experience of Chinese and Russian farmers, and the impact of Chinese farmers on Russian farmers. Agriculture can improve in the RFE with better communication and better coordination mechanisms among governments and with more training to help businesses understand existing policies and regulations.     

Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions

This paper uses a unique data set of Latin American paintingsauctioned by Sotheby's between 1995 and 2002 to investigateseveral puzzles from the recent auctions literature. Our resultssuggest that: (i) the reputation of an artist and the provenanceof the artwork, often omitted variables in previous studies,seem to be more important determinants of the sale price ofa painting than more standard factors, such as medium and size,(ii) the opinion of art experts seems to be of limited use inpredicting whether or not an artwork sells at auction, (iii)there is little supporting evidence for the widespread notionthat the best or more expensive artworks tend to generate aboveaverage returns (the masterpiece effect), although (iv) thereis strong evidence in our data for the declining price anomalyor afternoon effect (that is, when heterogeneous products soldsequentially follow a decreasing pattern of prices.)     

Small and Medium-Sized Enterprises and IT Diffusion Policies in Europe

The main argument to justify an information technology (IT) diffusion policy for small and medium-sized enterprises (SMEs) is that IT could act as a catalyzer to the SMEs' growth, which is important because of the role played by these firms in innovation and regional development. However, due to the heterogeneity of SMEs, present IT diffusion policies in Europe are reaching only a limited number of these firms. The aim of this paper is to discuss the obstacles to the implementation of an IT diffusion policy for SMEs. The main arguments that justify a policy for IT diffusion in SMEs, and the main initiatives taken for IT diffusion in these firms in European countries are summarized. The shortcomings of present policies will be discussed, together with possibilities to increase IT diffusion in SMEs.     

Environmental sustainability orientation and performance of family and nonfamily firms

Despite the growing research evidence on the effect of environmental sustainability orientation (ESO) on firm outcomes, contingent factors that may influence the strength of this relationship have received little scholarly attention. In this study, we use insights from the literature on ESO and family business to introduce family status and firm age as moderators in the ESO‐performance linkage. Using time‐lagged data from 253 small and medium‐sized enterprises in Ghana, we found the impact of ESO on firm performance is amplified for nonfamily firms but not significant for family firms. Our evidence suggests it is stronger among older firms than younger ones. Implications and directions for future research are discussed.