The impact of Milton Friedman on modern monetary economics: Setting the record straight on Paul Krugman's “Who was Milton Friedman?”

Paul Krugman's essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman's economics and his legacy. In this paper, we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman's impact on modern monetary economics and on today's central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.     

应用分析技术管理银行风险

对银行业来说,当前是一个比较混乱而且艰难的时期.美围次贷危机的爆发波及金融业的各个领域,同时也激发了人们探寻如何避免类似危机,以及如何让金融机构快速恢复放贷的兴趣.对金融机构米说,发展的关键在于在买卖抵押或类似金融工具时更好地了解自己所面对的风险.做到这一点的最佳方法是通过技术来深入了解整个企业或资产组合存在的风险.     

PRODUCTIVE RECESSIONS AND JOBLESS RECOVERIES

We explore international variation in business cycle dynamics to gain insights into the recent pattern of robust productivity growth during downturns (productive recessions) and weak employment growth during recoveries (jobless recoveries) seen in some advanced economies. We find that sectoral change is associated with productive recessions but that labor market rigidity can impede reallocation and reduce the probability of a productive recession. We also find evidence of a link between productive recessions and jobless recoveries and that recessions dominated by reductions to employment, rather than changes in average employee hours, are more likely to be associated with jobless recoveries. (JELF44, E32)     

Knowledge exchange in networked organizations: does place matter?

While many studies of knowledge exchange have been undertaken in private and service organizations, government and R&D enterprises, few have studied scientific inter‐organizational collaborations. Furthermore, in the literature on international networks there has been a tendency to assume that knowledge exchange will be inevitably enhanced by global dispersion. Two linked dynamics deserving further study are the role of geographic proximity and the role of information and communication technologies in facilitating knowledge flow across international networks. Studies of intra‐ and inter‐firm knowledge transfer, managerial work values and cultural norms all point to China as being a fascinating counterpoint for the way knowledge exchange might occur in Europe. So in this study of the ATLAS collaboration, a ‘big science’ global network of 3,500 physicists, we explore the perceptions of two subgroups: UK physicists working in Europe and Chinese scientists based in Beijing and HeFei. Findings from 24 interviews and non‐participant observation reveal that face‐to‐face working at European Organization for Nuclear Research (Geneva) is not without its difficulties, but for a variety of sociocultural reasons, it is primarily the Chinese scientists who perceive themselves to be inhibited from full participation in effective knowledge exchange.     

Feminism and the Physical Cultural Studies Assemblage: Revisiting Debates and Imagining New Directions

Abstract

The relationship between feminism and PCS is complex and an exemplar of the politics of knowledge production. We begin this paper by detailing the evolving relationship between feminism and PCS, and identify two key ways that feminist sport scholars have responded to PCS. Whereas one group has rejected PCS outright, another is reappropriating PCS for their own purposes. Aligning with the latter, in the remainder of the paper we offer one of many possible imaginings of a feminist interpretation of the PCS assemblage. More specifically, we briefly outline how a feminist engagement with some of the key tenets of PCS facilitated new understandings of New Zealand women’s embodied experiences of netball, includingMāori women.In so doing, we reveal what a FPCS approach might look like in practice and highlight ways that feminist scholars have, and can continue to, contribute to the PCS agenda through embodied, theoretical, reflexive, political, contextual and culturally-specific research.     

International patent analysis as a tool for corporate technology analysis and planning

New, techniques of international patent anabsis are illustrated and resultsfrom preliminary validity tests of these techniques are presented. Indicators of technological activity, technological significance and commercial potential are constructed, and used to analyze fiber-based opto-electronic couplers and monoclonal-antibody-based diagnostic kits at the levels o f the technology, nation and firm. The international patent indicators are found to be closely correlated with R&D expenditures, scientific publications and new product introductions. They also relate to these indicators in ways that moke sense as specified in simple regression models of the innovation process. Comparisons of patent analysis results with expert opinion (for two process technologies) reveal that technology–level analyzes conform quite well with expert opinion, but national – and firm–level analyes vary from a low to a modest correlation with expert opinion. The authors conclude that the techniques can provide important information for corporate technology management, but that studies of additional technologies and further validity tests are needed.     

The Experience of Selling Experiences

In the experience economy, working conditions — that is, the experience of work — directly affect both job quality and the quality of the experience produced. We propose an alternative definition of job quality and apply this concept to a qualitative study of casino employees. Pay and benefits are crucial elements of sustainable livelihoods. But building a life also requires time away from the job, good health, and supportive institutions, including employers who treat their workers as human beings with complex lives. A good job reinforces, rather than undermines, a positive sense of identity.     

Checkmating the Consumer: Passive Consumption and the Economic Devaluation of Culture

Early neoclassical economics embodied a gendered symbolic system that devalued consumption and enabled economists to ignore a basic contradiction underlying their treatment of consumption. According to consumer-sovereignty dogma, the consumer determined which firms would survive by actively pursuing maximum individual utility. While this consumer retained the culturally masculine attributes of initiative and agency, consumption itself was devalued because, from a systemic point of view, it is not important which firms survive. At the macro level, consumption was marginalized through Say's law, which holds that excessive acquisition of commodities for consumption is potentially dangerous, because saving and investment drive the economy. The rise of mass consumption and Keynesian macroeconomics threw into question the cultural gendering of consumption – which had acquired feminine attributes like passivity and frivolity – and rendered the neoclassical devaluing of it increasingly untenable. The postwar, neoclassical synthesis and subsequent developments have reinstated the pre-Keynesian gendering of consumption and devaluation of culture.