Are we overestimating the negative impact of higher food prices? Evidence from Ghana

Most studies of the welfare impact of higher food prices adopt Deaton's approach, based on the first‐order effect of prices changes using income and expenditure survey data. This paper explores the impact of higher maize and food prices in Ghana and considers the sensitivity of results to changes in several assumptions. If second‐order effects are included, incorporating household response to price changes, the welfare impact of food price increases is more positive, but only modestly so. However, if we assume that marketing margins are constant in real terms rather than proportional to prices, the welfare impact is substantially more positive. These findings highlight the need for more research on the behavior of marketing margins under volatile prices.     

Toward a Framework of Leader Character in Organizations

While the construct of character is well grounded in philosophy, ethics, and more recently psychology, it lags in acceptance and legitimacy within management research and mainstream practice. Our research seeks to remedy this through four contributions. First, we offer a framework of leader character that provides rigor through a three‐phase, multi‐method approach involving 1817 leaders, and relevance by using an engaged scholarship epistemology to validate the framework with practicing leaders. This framework highlights the theoretical underpinnings of the leader character model and articulates the character dimensions and elements that operate in concert to promote effective leadership. Second, we bring leader character into mainstream management research, extending the traditional competency and interpersonal focus on leadership to embrace the foundational component of leader character. In doing this, we articulate how leader character complements and strengthens several existing theories of leadership. Third, we extend the virtues‐based approach to ethical decision making to the broader domain of judgement and decision making in support of pursuing individual and organization effectiveness. Finally, we offer promising directions for future research on leader character that will also serve the larger domain of leadership research.     

Private Property and the Law of Nature in Locke's Two Treatises: The Best Advantage of Life and Convenience

The study of policy lies at the intersection of economics and ethics, dealing, to a great extent, with private property. Policy design therefore assumes an understanding of the relationship between property and human nature, a matter of great interest to John Locke. Locke's teaching, however, is far from clear, often composed of a set of dual arguments. Yet close attention to the dualistic arguments is revealing: the two objects Locke associates with property—life and convenience—correspond to the two bases upon which he grounds the right to property: labor and consent. His argument reflects the changing economic nature of property, and also provides insight into the poles within which people behave according to the Law of Nature. Thus, a full explication of the relationship between Locke's Law of Nature and doctrine of property illuminates the economic and ethical principles that ought to inform policymakers and analysts.     

Risks and spatial connectivity evidence from food price crisis in rural Indonesia

This paper examines the impact of the agricultural commodity price surge globally experienced in 2007/2008 and thereafter on income growth of agricultural producers and non-producers using recent panel data from Indonesia. First, during this period, producers experienced significantly higher earnings and total income growth than non-producers (narrowing their income gap). Second, the negative effect on non-producers’ real incomes was smaller in spatially well-connected areas, where, to mitigate the impact, private transfers (such as remittances) as well as employment incomes increased among non-producers. In contrast, government programs did not effectively cushion the income shock. Therefore, informal insurance was more effective than formal government-funded social protection programs to mitigate the crisis shock.