ADAM SMITH AND THE ROLE OF THE METAPHOR OF AN INVISIBLE HAND

Daniel Klein and Brandon Lucas's ‘In a Word or Two, Placed in the Middle: The Invisible Hand in Smith's Tomes’, following a vague hint by Peter Minowitz (2004) , offers original physical evidence that Smith ‘deliberately placed the phrase “led by an invisible hand”– at the physical centre of both his masterworks’. Further, it suggests that the invisible‐hand paragraphs are a response to Rousseau (1755 ); and that in ‘numerous and rich ways’, centrality holds ‘special and positive significance in Smith's thought’. This paper acknowledges the physical centrality of the invisible‐hand metaphor, but questions whether centrality alone gives weight to wider claims that the ‘invisible hand’ was Smith's ‘central idea’. It draws upon Smith's Rhetoric Lectures (1763), and argues that the invisible‐hand paragraphs in The Theory of Moral Sentiments and Wealth of Nations identify the actual objects of the invisible‐hand metaphor. This paper insists that Adam Smith is the most reliable source for revealing what he meant. In contrast, most modern attributions of special meaning to Adam Smith's use of the metaphor ignore Smith's teaching on the use of metaphors and, instead, make numerous, and often mutually exclusive, claims that Smith had a ‘doctrine’ of ‘an invisible‐hand’.     

An Exploratory Study of Regulatory Failure in the Australian Home Mortgage Market

Regulators have long been interested in protecting consumers borrowing for a home as it is likely the single greatest financial obligation they will undertake. In this paper we examine the approach taken in Australia to mandating the disclosure of simple comparison data to reduce the complexity involved in the home loan decision. This article highlights that while the form of the legislated disclosure significantly improves decision accuracy, the failure of the regulator to account for the consumer's purchase behavior and lenders' motivations has undermined its effectiveness. We provide a number of recommendations for how to rectify these failings, principally that regulators need to consider the role of borrower information search and lender motivation as part of any regulatory reform.     

Futures of Crisis,Futures of Urban Political Theory: Flooding in Asian Coastal Megacities

Coastal megacities across Asia have experienced devastating floods in recent years. Studies project dramatic increases in populations prone to chronic flooding and potential permanent inundation of densely populated urban areas in future decades. The uncertainties presented by future flood risks disrupt prevalent state visions of globalization‐driven prosperity. The emerging reality of a shift in relationship between water and urban settlements has begun driving recalibration of power relations around a range of issues, including longstanding contestations over infrastructure delivery, housing, land rights and political representation. Flood mitigation efforts have played out in debates over displacement and eviction, and distributional concerns about the costs and benefits of these initiatives. This article develops a conceptual framework for assessing the implications of projections of flood risk for urban political theory. The article begins by identifying political contestations that emerge around the varied ways water intersects with urban processes—through dynamics of permeability, flow and drainage, aquifers and pipes, and coastal defense. It then explores how projections of the crisis of flooding have reshaped three contemporary debates in urban politics: those around property rights and the question of ‘informality’; around neoliberalization and financialization; and around the rescaling of the state. Finally, it briefly deploys this framework to examine the case of Jakarta.     

Semi-quantitative risk assessment method for product management

The workshop presented a semi-quantitative risk assessment technique that can be used to judge the total risk on all undesired consequences/events for a product manufacturing operation. The technique requires an experienced team to judge risk utilizing a numerical rating system that, although arbitrarily chosen, is self consistent and provides a relative assessment of product manufacturing risk. Once calculated, the risk is compared to the product's net income for making risk management and product planning decisions. The workshop included an exercise where all participants could try the technique.     

Decision support for firm performance by real options analytics

This paper develops a real options decision support tool for raising the performance of the firm. It shows how entrepreneurs can use our intuitive tool quickly to assess the nature and type of action required for improved performance. This exploits our estimated econometric relationship between precipitators of entrepreneurial opportunities, time until exercise, and firm performance. Our 3D chromaticity plots show how staging investments, investment time, and firm performance support entrepreneurial decisions to embed, or to expedite, investments. Speedy entrepreneurial action is securely supported with this tool, without expertise in econometric estimation or in formulae for real options valuation.     

Mapping historical and contemporary agrarian transformations and capitalist infiltration in a complex upland environment: A case from eastern Nepal

The relationship that mountain communities have with global capitalism are complex, being mediated by a diverse topography and ecology, both of which provide opportunities for capital accumulation, while also isolating older, “pre‐capitalist” modes of production. This paper takes a case study valley from Nepal's eastern hills, tracing over two centuries of agrarian change and evolving interactions between “adivasi” and “semi‐feudal” economic formations with capitalism. In recent years, the expansion of markets, rising demand for cash, and climate stress have solidified migrant labour as a core component of livelihoods, and the primary mechanism of surplus appropriation from the hill peasantry. Through a focus on three altitudinal zones, however, it is demonstrated how the trajectory of this transformation, including the interactions with persisting pre‐capitalist formations, is mediated by both political–economic processes and the local agro‐ecological context.     

Are we operating effectively? A lean analysis of operating theatre changeovers

Hospital operating theatres are a critical but costly resource in healthcare processes. Their efficiency and utilisation impact upon hospital finances, clinical effectiveness and patient outcomes. Operations management techniques have now been applied widely to optimise flow. An important challenge is to balance the needs of process flexibility, efficiency and work standardisation with clinical requirements. This paper applies operations management methods to analyse elective orthopaedic surgery at five international hospitals to describe the issues that affect operating theatre productivity. It utilises an innovative method of video analysis to observe patient changeovers over 29 days of surgery and data is analysed to understand the causes of variability and waste. The findings suggest that processes which are standardised via operations management methodologies can improve productivity in a process that exhibits wide variation in practice. There are apparent trade-offs associated with efficiency and clinical concerns such infection control, that lead to different standard process archetypes being utilised. Recommendations for standardising patient changeovers are provided.     

Music to Your Brain: Background Music Changes Are Processed First,Reducing Ad Message Recall

Background music captures attention, evokes images, and creates ambience, but may interfere with processing of advertised messages, reducing recall. Brains are hardwired to process unexpected background sound changes first, automatically preempting processing of brand message elements and reducing recall. The degree of this recall reduction depends on the structural characteristics of the music, as well as the advertised brand. Backgrounds with more frequent harmonic and textural changes create more frequent distraction, reducing message recall. Faster tempos increase the frequency of those distractions. However, faster tempos also enable streaming of like distractions, improving message recall. In Experiment 1, backgrounds, varying in harmonic, textural, and temporal characteristics, were compared across ads for six brands. Message recall was higher for ads with backgrounds with less‐frequent change. Message recall from ads for new, unfamiliar brands suffered more from background music interference than from ads for established brands. In Experiment 2, background change frequency was reduced in two ads, holding all else constant, which improved message recall.     

Benevolence,nationalism and hegemony: fifty years of the National Parks and Access to the Countryside Act 1949

This paper reviews the National Parks and Access to the Countryside Act 1949 fifty years since its enactment. The Act is assessed in the light of fifty years of access policy and within the present context of political debates and manoeuvres over the ‘right to roam’. It is concluded that benevolence is still the prevailing attitude towards access provision, maintaining as it does the scope for alternative freedoms and opportunities to exploit land for consumptive practices such as leisure and recreation. As such, it is argued that the notion of the gift (Mauss, 1990) continues to dominate the provision of countryside access in England and Wales.