Private Property and Economic Calculation: A Reply to Andy Denis

Two years ago, in an article in this journal, Andy Denis revisited and added to the Socialist Calculation Debate, one of the 20th century’s greatest debates in economic theory. Denis argued that Austrian economists draw unsupported conclusions from their argument in claiming that private rather than several property is necessary for economic calculation. We note in this article that Denis’ argument rests on two key points: first, that the legal owners of capital, or the capitalists, play a purely passive role in the resource allocation process, and, second, that it is the managers who bear the entire burden of speculative decision making and economic calculation. We then proceed to criticize both points. Key to our argument is the fundamental insight of Austrian economics that the market is an open-ended process of discovery, coordination and value creation, where resource ownership and allocation is impossible to sever from entrepreneurship due to the inherent uncertainty of the future. We argue that, from the Austrian market process perspective, economic calculation indeed requires private property, and not simply several control, because entrepreneurship under competitive discovery must be subject to both the lure of profit and the risk of loss.     

An IPPS (inclusion probability proportional to size) sampling scheme

Abstract  In this paper a sampling scheme for selecting a sample of size two is formulated where the inclusion probability of a population unit is proportional to its size.     

Imputation of Missing Values in the Fundamental Data: Using MICE Framework

Revolutionary developments in the field of big data analytics and machine learning algorithms have transformed the business strategies of industries such as banking, financial services, asset management, and e-commerce. The most common problems these firms face while utilizing data is the presence of missing values in the dataset. The objective of this study is to impute fundamental data that is missing in financial statements. The study uses ‘Multiple Imputation by Chained Equations’ (MICE) framework by utilizing the interdependency among the variables that wholly comply with accounting rules. The proposed framework has two stages. The initial imputation is based on predictive mean matching in the first stage and resolving financial constraints in the second stage. The MICE framework allows us to incorporate accounting constraints in the imputation process. The performance tests conducted on the imputed dataset indicate that the imputed values for the 177 line items are good and in line with the expectations of subject matter experts.

     

Impulse buying: A systematic literature review and future research directions

This paper performs a comprehensive analysis of academic research on impulse buying following a systematic literature review approach. Drawing on the TCCM framework suggested by Paul and Rosado-Serrano, we synthesize the impulse buying literature and develop a future research agenda. Accordingly, this review synthesizes impulse buying research in terms of theory development, context, characteristics, and methodologies to examine the development of the literature over time. This systematic review shows that impulse buying research is fragmented and still developing due to its transition from a traditional retail environment into different online channels. Furthermore, this paper proposes a conceptual framework based on the literature synthesis, presenting antecedents and mediators of impulse buying behaviour. Finally, this review identifies overlooked areas in impulse buying literature and provides insightful directions to advance research in the domain. Overall, this research effort makes a significant contribution to consumer behaviour literature, specifically to impulse buying literature.     

Answering key questions on green consumption: A qualitative study among Indian youth

The main objectives of this study are to (a) comprehend the definition of green consumption, (b) identify the products that are considered green by consumers, (c) understand the reasons behind green product consumption, and (d) decipher the possible implications of consuming green. To achieve these objectives, information‐rich young consumers were depth interviewed. Subsequently, thematic maps were developed using thematic analysis technique. In that, three major themes emerged as (a) personal factors, (b) social factors, and (c) environmental factors. These findings have implications primarily for scholars as this paper advances prior literature on the theory of planned behavior by looking at green consumption through the lens of young Indians. Also, it has implications for marketers as they may formulate strategies to market their green products on the basis of the factors identified in the paper.     

Capital Theory and the Process of Inter-Temporal Coordination: The Austrian Contribution to the Theory of Economic Growth

Appreciation of the necessity of the inter-temporal coordination of heterogeneous capital goods is the chief contribution of Austrian economics to the theory of economic growth. Austrian theory illustrates why an institutional environment of freely formed prices predicated on private property is essential for economic growth. This leads Austrians to have a unique take on Solow growth theory, the financing gap model, national economic planning, and aggregative development measures.     

Making Ethical Judgements: A Cross-Cultural Management Study

This article reports the results of a cross-cultural empirical study across seven countries which investigates the differences in the way managers structure their ethical judgements regarding the loyalty of a corporation to its employees, the loyalty of employees to the corporation, and the loyalty of employees towards their co-workers. Managers' ethical judgements from the East Asian tiger countries of Japan, Korea and Hong Kong are compared with those from the Anglo countries of the United States and Australia, and with those from the transitional countries of Asiatic Russia and Poland. An adapted version of the well documented Reidenbach-Robin instrument is used, and its cross-cultural application investigated. As hypothesized, cross-cultural differences were indicated for both the structure and content of managers' ethical judgements, which have important implications for the way organizations are effectively managed both nationally, regionally and internationally. Weaknesses in the a priori constructs of the research instrument were also indicated, and recommendations made for future development of methodology in this area.     

The Effectiveness of Sales Promotion Tools among Indian Consumers: An Empirical Study

Marketers use sales promotions to boost sales. Sales promotion tools vary in their effectiveness to elicit different sales responses. Companies have a specific goal when they choose to use any promotional tool. Many researchers believe that sales promotions are zero sum game. Unlike in the West, in India brand loyalists outnumber price buyers by 200%. This paper investigates the effectiveness of select sales promotional tools in generating different buying behaviors. The study reveals that sales promotions, in India, do not help in category expansion. They are effective measures for inducing brand switching, stock piling, and purchase acceleration.     

Trade Openness,Structural Change and Total Factor Productivity

The impact of trade openness on growth of total factor productivity (TFP) is investigated. Given the differences in tradability of goods across sectors as well as the ongoing structural change, we examine whether trade openness has had a differential impact on TFP growth of the three main sectors of an economy. While the positive impact of openness on TFP growth for the aggregate economy is confirmed, openness has had no appreciable impact on the growth of TFP in the agricultural and industrial sectors. We find that the positive effect of openness on TFP growth for the economy as a whole was mostly due to the positive relationship between the two variables for the services sector. Further, we conclude that the lack of a general consensus in past studies could be due to their neglect of structural change and temporal factors when analyzing the trade-TFP nexus.