Capital in the Twenty-First Century: Reinterpreting the fundamental contradiction of capitalism

At a theoretical level this article discusses Piketty’s hypothesis that the distribution of income and wealth tends to become more concentrated over time when the rate of return on capital is greater than the growth rate of real output. We develop a post Keynesian model of growth and distribution showing that once capital is differentiated from wealth, the increase in income and wealth concentration actually occurs when the rate of valorization of financial and real estate assets is greater than the growth rate of real output, and that this situation may be triggered by financial liberalization.     

The Thirteenth‐Century Economics of Thomas Aquinas

In the Middle Ages, discourse on economics, such as it was, proceeded for the most part as an application of theological doctrine. But economic analysis as an independent discipline per se was taking shape in thirteenth‐century scholasticism. This is shown by a review of relevant sections of Thomas Aquinas’ Summa theologiae regarding property rights and the division of labour; wealth and income policies; consumer protection and fair trade; and the distinction between usurious and licit financial returns.     

Problems in Demand Estimation For a New Technology

It is difficult to estimate demand for a new product or service when a prelaunch test market is not practical. This is often the case for products that incorporate advanced technology. In this article, Robert Thomas reviews 29 different research methodologies used to measure demand for a new telecommunications service. He found several problems in how the research was designed and executed and offers a number of suggestions for improving the accuracy of demand estimates.     

Impact of internal and external environmental stability on the existence of determinant buying rules

The environment of the buying center is conceptualized as having two components. One is external to the buying center but internal organization. The other is external to both the buying center and the organization. The stability of these environments explains a significant amount of variation in the existence of organizational rules that determine the outcomes of organizational buying decisions. A comparison of global and attribute- specific measures of environmental stability indicates the environmental attributes that underlie respondents' global judgements about stability.     

Classifying a customer as a national account

A recent article [Stevenson and Page, Industrial Marketing Management 8, 94–100 (1979)] addressed the issue of how industrial marketers determine if their firms can use national account marketing. Once that decision is made, a next logical step is to determine which customers should be classified as national accounts. This article discusses appropriate classification criteria that industrial marketers can use to make such decisions. The information presented here is based on a study of national account marketing.     

One step ahead: Thornton versus Longe

This Paper addresses the intriguing issue of whether William Thomas Thornton plagiarized Francis Longe's (1866) pamphlet denouncing the classical wage fund doctrine. In doing so, the paper comprehensively reviews all of the corroborative evidence surrounding the plagiarism allegation laid against Thornton, drawing particular attention to a little known letter to The Times written by Thornton, in an effort to clear his good name of any impropriety. It is the conclusion of this paper that Thornton has no case to answer; the evidence not only from Thornton's own early work on wages and trade unions, together with additional corroborative evidence suggests that far from having plagiarized Longe's (1866) work, Thornton apticipated many of his ideas.     

Comparative industrial advertising: The content and frequency

Comparative advertising is the pratice of comparing two or more named or unnamed products in an advertisement. The purpose of this study was to examine the use of comparative advertising in widely circulated industrial publications. The study examined approximately 2100 full-page advertisements in major trade publications for the years 1970, 1975, and 1980. It was found that comparative advertising is not the dominant format for industrial journal advertising. Further, there was a significant decrease in the use of comparative advertising from 1975 to 1980. Nevertheless, when industrial advertisers use comparative advertising, they tend to rely more frequently on implied comparisons rather than on the more aggressive, strictly comparative format. Also, industrial marketers seem to be more inclined to stress product features rather than price, distribution, or promotion when using comparative advertising.     

Men of Steel Meet the Market: Interpreting Firm Behavior in Russia’s Metallurgy Industry

In Capital in the Twenty-First Century, Thomas Piketty (2014) explains growing income inequality via the difference between the rate of return on capital and the growth rate of the economy: the “r > g” inequality. Even if it is true that r > g leads to increasing inequality, nearly every school of economic thought predicts that r will fall as the economy grows. Thus, for Capital (2014) to be a comprehensive theory of inequality, a more adequate theory of r is required. I term this the “Piketty Problem.” I offer a solution to this problem from an institutionalist perspective.     

Estimating Market Growth for New Products: An Analogical Diffusion Model Approach

There has been a lot of interest in diffusion models as a basis for prelaunch estimates of the sales of new products, and indeed there have been several models developed that have achieved fairly good acceptance by new product managers. One of the limitations of such models, however, has been the requirement that a sales history for the new product, even a short one from a test market, for example, be available to derive the parameters of the model. For some types of products—consumer durables, services, industrial products, for example—a sales history isn't available. In this article, Professor Robert Thomas suggests some steps toward the development of models that incorporate the attractive features of diffusion models. His approach is to use, in a systematic way, the sales histories of products that can be considered to have analogous features from a buyer's point of view. He illustrates the approach by forecasting the sales of a new service.     

Work and leisure in Thomas More’s Utopia

Relationship between work and leisure lays at the core of Thomas More’s political concerns and his vision of a Utopian society, but received little systematic research attention. This article addresses a question that has been often raised – whether Utopia expresses More’s views or is just a jest, since it in so many ways conflicts with his subsequent political stands and pronouncements. The article examines More’s vision of work and leisure within the context of his evolving social and political views and England’s political, economical and confessional challenges of the sixteenth century. The article proposes that the prospect of leisure offered in Utopia has been often simplified and the practice of a six-hour workday should not overshadow the fact that Utopians were expected to work 329 days a year and their leisure life was strongly regimented. The article suggests that, after being published, Utopia assumed its own life which foreshadowed both the challenges as well as some ominous aspects of future real-life Utopias. As a prophecy of a system of social justice and enlightened leisure Utopia failed, but it drew attention to the inherent dilemma of achieving a socially desirable and politically sustainable balance of work and leisure. More’s tragic end should not veil the relevancy of More’s intent (if not the solution) of bridging the gap between work and leisure – a task that remains remarkably salient today.