Formalism, logic and reality: a Keynesian analysis

It is the purpose of this paper to elaborate on the argumentthat formalism is non-neutral; analyses which today would bedescribed as informal turn into something quite different whenformalised. The reasons for non-neutrality refer to the choiceof assumptions or axioms, the choice of method, the type oflogic employed and closure. Focusing on the last three of these,the paper addresses the question of how to move from resultsobtained with formal methods under conditions of closure tothe reality one is attempting to model. We explore the needfor provisional closure to analyse open systems and for a rangeof methods to complement formal modelling in the attempt tounderstand the complex reality of an economic system.     

GRAMPIES: A new breed of consumers comes of age

The aging of the world's population, and the qualities those people bring to the over-60 market, have created a new breed. GRAMPIES, Growing Retired Active Monied People In an Excellent State, no longer constitute a dull and destitute gerontocracy, but an exciting target and challenge for the world's marketers.     

An empirical investigation of salespeople’s performance,effort and selling method during a sales contest

This article examines goal theory in conjunction with sales contests. Specifically, the study examines goal difficulty, goal clarity, and goal acceptance and their association with performance, effort and selling method. The results of the study are based on a sales contest of a Fortune 500 industrial sales organization. A theoretical base for goal theory is reviewed. Results indicate that difficult goals and increased acceptance of goals are important attributes in a sales contest. Other results are presented and managerial implications are discussed.     

VARIETY OF METHODOLOGICAL APPROACH IN ECONOMICS

Abstract.  It has been argued by some that the distinction between orthodox economics and heterodox economics does not fit the growing variety in economic theory, unified by a common methodological approach. On the other hand, it remains a central characteristic of heterodox economics that it does not share this methodological approach, but rather represents a range of alternative methodological approaches. The paper explores the evidence, and arguments, for variety in economics at different levels, and a range of issues which arise. This requires in turn a discussion of the meaning of variety in economics at the different levels of reality, methodology, method and theory. It is concluded that there is scope for more, rather than less, variety in economic methodologies, as well as within methodologies. Further, if variety is not to take the form of 'anything goes', then critical discussion by economists of different approaches to economics, and of variety itself, is required.     

The effect of stock splits on clientele: Is tick size relevant?

We explore whether the relation between stock splits and clientele is driven by binding tick sizes. We find little evidence that firms adjusted prices to maintain similarly binding tick sizes as the NYSE reduced tick sizes. Furthermore, though splits that increase the extent to which tick sizes are binding are associated with greater increases in spreads, these splits experience similar changes in measures related to clientele, including trade size, breadth of individual and institutional ownership, and analyst following. We find little evidence supporting theories, such as spread-induced sponsorship, that rely on binding tick sizes to link splits and clientele.     

Positioning Southwest Airlines through employee branding

As the field of employee branding has begun to unfold, more and more executives have become interested in how this process can help them achieve a competitive advantage for their organizations. This article explains how employee branding works and how it can be utilized to position the organization in the minds of customers, employees, and other stakeholders. A contextual analysis of its use as a source of sustainable competitive advantage at Southwest Airlines is presented. Finally, key success factors are identified for those who wish to make employee branding a strategic focus within their organizations.     

Replicating Walrasian equilibria using markets for membership in labor-managed firms

In standard models of the labor-managed firm, labor is misallocated in the short run. This problem can be eliminated by introducing a market for membership in each firm. These markets substitute for the capitalist labor market and support equilibria isomorphic to Walrasian equilibria. Such LMFs resemble familiar Ward-Domar-Vanek LMFs by ensuring that firm sizes are optimal for ex post members, but they also have the property that firm sizes are optimal for workers endowed with ex ante membership rights.     

Developing Inclusive Communities of Learners in Technology Education: Practical Craft Skills - Facilitator or Hindrance

This paper examines the rationale for the Woodworking Skills section of a course on Practical Craft Skills which forms part of the new technology curriculum in Scottish Schools. Introduced with the intention of making technology subjects more accessible to a wider range of pupils, the subject has potential for contributing to a more inclusive environment in secondary schools. The practical nature of the subject, moreover, should, in theory at least, have been able to contribute particularly well to the development of a community of practice (Wenger, 1998).In education, however, practice does not always reflect theory nor reality reflect the rhetoric. This paper examines the assumptions underlying the pedagogy and assessment methods outlined in the rationale for the subject in relation to current theory and concludes that a valuable opportunity for creating an inclusive community of learners has been missed. Whilst the paper focuses on the Woodworking Skills area of the course, other areas reflect a similar framework.