The epithet “Austrian” in “Austrian economics” is applied to the work of economists as far apart in time as Carl Menger, whose Grundsätze der Volkswirthschaftslehre (Principles of…
Abstract
The epithet “Austrian” in “Austrian economics” is applied to the work of economists as far apart in time as Carl Menger, whose Grundsätze der Volkswirthschaftslehre (Principles of Political Economy) first appeared in 1871, and Ludwig Lachmann, Israel Kirzner and Murray Rothbard, writing a century or more later. It would be vain to attempt to define Austrian economics by a set of beliefs, commonly held by its adherents. There is much to be said for following Zuidema (1987), who prefers to speak of “styles” rather than “schools”. This implies that there need be no clear‐cut dividing lines between Austrians and the rest of the economics fraternity and that not all those dubbed “Austrian” are necessarily “typically” Austrian all of the time. There certainly seems to be a style of reasoning that can be seen as specifically Austrian. Some of the components of a “style” mentioned by Zuidema are:
In the development of the science of economics, two periods of major importance can be distinguished — the middle of the eighteenth century and the last 30 years of the nineteenth…
Abstract
In the development of the science of economics, two periods of major importance can be distinguished — the middle of the eighteenth century and the last 30 years of the nineteenth century. In the former period, the heyday of the Enlightenment, it was recognised that the domain of production, distribution and market exchange should be studied as an important aspect of the social order. In that short period the foundations were laid for a more or less autonomous science of economics. It took about a century, however, to establish economics as a separate science with its own institutions: its own departments in the universities, its own language, its own journals, its own congresses, its own standards to distinguish the initiates from the laymen. That tour de force was accomplished in the last three decades of the nineteenth century. It was the introduction of marginalism that gave economics its special modern flavour. Carl Menger can justly be seen as one of the founding fathers of economics in its twentieth‐century garb.
Suppose that an isolated colonist has just reaped his grain crop. The yield is five full sacks. He destines each sack for a specific purpose: the first sackful of grain must serve…
Abstract
Suppose that an isolated colonist has just reaped his grain crop. The yield is five full sacks. He destines each sack for a specific purpose: the first sackful of grain must serve him to survive, the second one to keep him in full strength, the third will serve as fodder for his poultry, enabling him to enrich his diet with meat. He plans to use the fourth for distilling corn brandy, a luxury to him. For lack of better he destines the fifth sackful of grain for feeding his parrots: their antics amuse him. So, unmistakably, the five uses are of diminishing importance to him.
Huub J. M. Ruël and Robin Visser
In a globalized world where emerging markets are more important than ever, there is an increasing pressure on international businesses and governments to work together. The set of…
Abstract
Purpose
In a globalized world where emerging markets are more important than ever, there is an increasing pressure on international businesses and governments to work together. The set of facilities known as commercial diplomacy combines the interests of both by highlighting new markets and investment opportunities.
Methodology/approach
In this chapter, we present a literature review based on 56 relevant publications to assess what we currently know of this important activity.
Findings
The results indicate that research on commercial diplomacy consists of many subtopics, resulting in a patchy understanding of the topic as a whole.
Research limitations/implications
We discuss why integrative research focusing on the business–government relationship and the organization and the value of commercial diplomacy are needed from an international business perspective.
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It is suggested that, to be successful, innovation teams should be small and consist of people with key expertise who want to participate and develop new solutions within their…
Abstract
It is suggested that, to be successful, innovation teams should be small and consist of people with key expertise who want to participate and develop new solutions within their organisations. When it comes to conducting innovation work, I suggest shared leadership may be a factor influencing success. In this chapter, a theoretical framework is presented on the shared leadership of innovation teams. The key to establishing shared leadership in innovation teams is to plan for it as the team is created, not after the team has already been formed, as this may result in various problems in the intended innovation project. The proposed framework details key aspects to consider; some of which are related to external factors such as management and resources, and some to internal factors such as the team’s size, competencies, and their ability to develop norms and ways of working together. The proposed framework is applicable for managers, innovation leaders, and team members, and contributes to previous research on shared leadership and innovation leadership. Further research on the proposed framework is suggested.
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Members of the Austrian school held particular views on capital. In this essay the development of Austrian theorising on capital is assessed and contrasted with what has been…
Abstract
Members of the Austrian school held particular views on capital. In this essay the development of Austrian theorising on capital is assessed and contrasted with what has been presented as the Neoclassical view. So far as this subject is concerned it was Böhm‐Bawerk, among the older members of the Austrian school, who became widely known as the main contributor (partly because some of his work was translated early).
Thijs Zuidema and Hans Ten Kate
This article deals with the determination of the benefits ofenvironmental assets, involving an application for noise. In determiningthese benefits the so‐called Cost of Illness…
Abstract
This article deals with the determination of the benefits of environmental assets, involving an application for noise. In determining these benefits the so‐called Cost of Illness Method is applied. An important part of the research is the estimation of the relationship between environmental pollution (noise) and the number of lost workdays. This relationship is estimated by using the Lisrel technique with latent variables. The empirical results show that, for the sample concerned, a relationship between noise and lost workdays does not exist. The research also shows that noise causes annoyance and that annoyance influences people′s wellbeing negatively.
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This chapter reviews recent developments in sustainability regarding cities of the world. Using the approach of a literature review, this chapter highlights sustainability…
Abstract
This chapter reviews recent developments in sustainability regarding cities of the world. Using the approach of a literature review, this chapter highlights sustainability innovations in the context of cities. The chapter identifies several indexes which assess quality of life (QOL) or prosperity in cities of the world. One web-based index which relies heavily on the inputs of citizens around the world is Numbeo. The literature review identifies ways cities have pursued climate change mitigation through encouragement of electrical vehicles and alternative modes of transportation. Innovations that have become controversial in cities are also identified. Analysis of Numbeo suggests this index shows promise of future value for researchers interested in city QOL—specifically its pollution perceptions index. As urbanization continues with more than half of the world's population now residing in cities, interest in the sustainability of cities will intensify. Sustainability indexes for cities are now being developed. Analysis of Numbeo's novel approach to gauging the pollution of cities through the reports of hundreds of thousands of individuals living around the world suggests that this approach holds promise for future development. While other disciplines have taken focus on city sustainability, this is the first study within the domain of marketing research to provide an overview of city sustainability for marketing researchers and to analyze a new way of measuring a component of city QOL—perceptions of city pollution. Results suggest that valuable results will likely be forthcoming as researches continue developing city sustainability measures and indexes in the future.