Agent-based modeling and the sociology of money : a framework for the study of coordination and plurality

The institution of money can be seen as a foundational social mechanism providing communities with the ability to quantify the results of economic processes and collectively regulate independent activities of production and trade – money can be said, indeed, to constitute the micro-macro link in economics. As such, investigations of money’s role in the economy can be fruitfully combined with the tools of social simulation. This paper revisits some of the main positions taken in the contested landscape of monetary theory, evaluating how they might serve as a foundation for the development of a new generation of conceptual and empirical agent-based models.We start out by presenting a comparative review of the way different intellectual traditions in mainstream economics, heterodox economics, and economic sociology attempt to specify the nature of money as an institution and clarify its role in the economy. We extract the key "concepts of money" that each approach emphasizes, paying especially close attention to the contrast between the sociology of money and the microfoundations-related traditions in economics (focusing on "money is memory" models, search-theory and mechanism design). We then review the current literature applying agent-based modeling to questions surrounding the nature of money, assessing some of the main contributions from the perspectives of generative epistemology and of the key concepts identified above. We conclude by indicating different research directions in which we believe agent-based models, in combination with the sociology of money, still have the potential to provide new answers to old questions in monetary theory: by clarifying convergence processes related to money of account, by illustrating the formation of economic structure through symbolic mediation, by constructing tools for analyses of intersubjectivity and coordination, or by providing formal generalization to the social-monetary patterns that are currently being revealed in the wealth of empirical data originating from digital complementary currencies and new histories of money.info:eu-repo/semantics/publishedVersio

On Pre- and Post-Disciplinarity in (Cultural) Political Economy

For some time now we have been working both individually and together on a new approach to political economy that does not fit neatly into the standard ways of thinking about political economy as a discipline. Instead, we describe our shared approach as pre-disciplinary in its historical inspiration and post-disciplinary in its current intellectual implications. Of course, we are not alone in refusing disciplinary boundaries and decrying some of their effects. Indeed, there are many signs of increasing commitment among social scientists to transcending such boundaries to better understand the complex interconnections within and across the natural and social worlds. We advocate the idea of a 'cultural political economy' and suggest how it might transform understandings of recent developments in political economy. Before doing so, however, we will situate our proposals for cultural political economy in the broader context of exciting recent developments in political economy

Understanding Small Business Networking and ICTs: Exploring Face-to-Face and ICT-related opportunity creation mediated by Social Capital in East of England Micro-businesses

Small businesses that are sole traders or micro-businesses—with few, if any employees notoriously suffer from a ‘liability of smallness’ (Aldrich and Auster 1986), including poor access to various resources. However, many authors argue that the inherent problems of smallness can be overcome with networking and good network connections. Resources, the opportunities to access them and other benefits apparent from networks and networking are readily apparent in the literature. However, few articles, if any, have examined small business networking from the perspective of this study—using in-depth qualitative methods, the theoretical construct of social capital and exploring the increasing role of Information and Communication Technologies (ICTs) in networks and networking—as part of understanding a variety of entrepreneurial opportunities. This article provides much needed empirical insights on how and if ICTs support opportunity creation amongst small businesses within a spatial and social network perspective. Its ‘media ecology’ approach does not over-prioritise the role of ICTs, but instead examines their interrelationships with face-to-face contact—putting technology in its ‘place’. The article focuses on the notion of ‘opportunity creation’ from networks, since this is the outcome critical for the small businesses themselves in order to generate economic benefits for their business. It seeks to provide a higher level, outcomebased framework that helps specify the various sorts of opportunities created by networks for small businesses, based on original ethnographic material and findings from a case study of East of England micro-businesses

Bank regulation and the network paradigm : policy implications for developing and transition economies

Current issues in banking policy range from the need to construct basic institutions and incentive structures in transition economies, to the challenges posed by the increasingly complex interactions involved in contemporary banking. The authors of this report outline the basic regulatory framework needed to reduce bank failures, as shown by recent experience. Theoreticians note that banking increasingly displays network characteristics that may call for corrective action but make policy intervention ineffective or counterproductive. Networks are susceptible to externalities, redundancy, (ensuring that flows cannot be obstructed by blocking just one path), and a tendency to adapt to disturbances in a complex manner. Regulation is justified, but the complexity of the network makes successful interventions hard to design. Supervision has a role, and the authors outline the basic regulatory measures needed, but the blurring of boundaries between banking and the rest of the financial network has placed an upper bound on the effectiveness of supervision. The authors conclude that although bank failures--mitigated by deposit insurance to protect small savers--must be put up with in designing banking policy, the social cost of bank failure is not as high as is sometimes thought.Payment Systems&Infrastructure,Economic Theory&Research,Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Economic Theory&Research,Environmental Economics&Policies

Internet Gambling: An Overview of Psychosocial Impacts

Technological innovation has always played a role in the development of gambling behaviour, primarily through providing new market opportunities. Early prevalence studies of Internet gambling in the UK, Canada and the US have shown that Internet gambling is not a cause for concern at present However, this seems likely to change as more people start to use the Internet for leisure activities. After a brief overview of gambling technologies and deregulation issues, this paper examines the impact of technology on gambling by highlighting salient factors in the rise of Internet gambling (i.e., accessibility, affordability, anonymity, convenience, escape immersion/dissociation, disinhibition, event frequency, asociability, interactivity, and simulation). The paper also overviews some of the main social impacts surrounding Internet gambling, such as protection of the vulnerable, Internet gambling in the workplace, electronic cash, and unscrupulous operators. Recommendations for Internet gambling operators are also provided

Internet gambling: an overview of psychosocial impacts

Technological innovation has always played a role in the development of gambling behaviour, primarily through providing new market opportunities. Early prevalence studies of Intemet gambling in the UK, Canada and the US have shown that Intemet gambling is not a eause for concern at present. However, this seems likely to change as more people start to use the Internet for leisure activities. After a brief overview of gambling technologies and deregulation issues, this paper examines the impact of technology on gambling by highlighting salient factors in the rise of Intemet gambling (i.e., accessibility, affordability, anonymity, convenience, escape immersion/dissociation, disinhibition, event frequency, asociability, interactivity, and simulation). The paper also overviews some of the main social impacts surrounding Intemet gambling, such as protection of the vulnerable, Intemet gambling in the workplace, electronic cash, and unscrupulous operators. Recommendations for Internet gambling operators are also provided

Regional science policy and the growth of knowledge megacentres in bioscience clusters

Changes in epistemology in biosciences are generating important spatial effects. The most notable of these is the emergence of a few Bioscience Megacentres of basic and applied bioscience (molecular, post-genomic, proteomics, etc.) medical and clinical research, biotechnology research, training in these and related fields, academic entrepreneurship and commercial exploitation by clusters of drug discovery start-up and spin-off companies, along with specialist venture capital and other innovation system support services. Large pharmaceutical firms that used to lead such knowledge generation and exploitation processes are becoming increasingly dependent upon innovative drug solutions produced in such clusters, and Megacentres are now the predominant source of such commercial knowledge. Big pharma is seldom at the heart of Megacentres such as those the paper will argue are found in about four locations each in the USA and Europe, but remains important for some risk capital (milestone payments), marketing and distribution of drugs discovered. The reasons for this shift (which is also spatial to some extent) are as follows: first, bioscientific research requires the formation of collaboratory relationships among hitherto cognitively dissonant disciplines molecular biology, combinatorial chemistry, high throughput screening, genomics, proteomics and bioinformatics to name a few. Second, the canonical chance discovery model of bioscientific research is being replaced by rational drug design based on those technologies because of the need massively to reduce search costs and delivery timeframes. Third, the US and to some extent European 'Crusade against Cancer' and other pathologies has seen major increases in basic research budgets (e.g. to $27.3 billion in 2003 for the US National Institutes of Health) and foundation expenditure (e.g.$1billion in 2003 by the UK's Wellcome Trust; $1 billion approximately by the top ten US medical foundations, and a comparable sum from corporate foundations). Each of these tendencies weakens the knowledge generation role of 'big pharma'and strengthens that of Megacentres. But the process also creates major, new regional disparities, which some regional governances have recognised, causing them to develop responsibilities for regional science policy and funding to offset spatial biases intrinsic in traditional national (and in the EU, supranational) research funding regimes. Responses follow a variety of models ranging from market following to both regionalised (decentralising by the centre) and regionalist (ground-up), but in each case the role of Megacentres is justified in health terms. But their role in assisting fulfilment of regional economic growth visions is also clearly perceived and pronounced in policy terms.