Remarks on models of currency crises and the existance of multiple equilibria

The aim of this paper is a reconsideration of some features of first and second generation models of currency crises and some conclusions from these models. In particular, theoretical justification for the existence of multiple equilibria is put under discussion in a broader context of uncertainity and expectations. The role that different assumptions concerning government and monetary authority’s behaviour play in the determination of the results of first generation models is analyzed and thedeterministic character of these models which does not allow for multiple equilibria is explained. An explanation is suggested why equilibria can be in practice unstable when the rule of central bank’s (government’s) behaviour is not clear as it is in the models. The structure of a second generation model is analyzed with an intention to explain that for the existence of multiple equilibria there must be a convincing justification based on the game theory which the second generation lacks. It is also pointed out that an equilibrium may not exist at all. It is argued in this paper that in the world of rational expectations and perfect foresight a change of an equilibrium is possible only due to an external shock. Vulnerability of a fixed exchange rate to shocks is thus an important issue. Consequently, some features of an economy and economic policy which make fixed exchange rate vulnerable to external shocks are discussed.

Faces of irrationality in Euripides: on Medea's Irrationality

In Nascimento (2015) I criticized the thesis defended in Irwin (1983) according to which two of the most famous characters in Euripides’ plays, Phaedra and Medea, could be said to exemplify akratic behavior and, in the case of Phaedra, even to explain it. In that article, I’ve pointed out several weakness in these thesis in order to justify my disagreement. I also suggested that, although there was no reason why we should stop looking for examples and explanations of akratic behavior in Euripides’ plays, that should not be the only kind of irrational behavior we ought to be interested in finding there. In this paper, I argue that Medea actually instantiates a form of irrational behavior that is different from akratic behavior. The argument that follows is divided in four parts. After a brief introduction (section I), I clarify what sort of irrationality I believe to be instantiated by Medea’s behavior using Michael Bratman’s theory of plan stability (section II). Then, I analyze Euripides’ text in order to show why I think we should say that Medea does display that kind of irrationality (section III). The paper concludes with a brief summary of the argument (section IV)

An Architectural Approach to Ensuring Consistency in Hierarchical Execution

Hierarchical task decomposition is a method used in many agent systems to organize agent knowledge. This work shows how the combination of a hierarchy and persistent assertions of knowledge can lead to difficulty in maintaining logical consistency in asserted knowledge. We explore the problematic consequences of persistent assumptions in the reasoning process and introduce novel potential solutions. Having implemented one of the possible solutions, Dynamic Hierarchical Justification, its effectiveness is demonstrated with an empirical analysis

Medellin and Originalism

In Medellín v. Texas, the Supreme Court permitted Texas to proceed with the execution of a Mexican national who had not been given timely notice of his right of consular notification and consultation in violation of the United States’ obligations under the Vienna Convention on Consular Relations. It did so despite its finding that the United States had an obligation under treaty law to comply with an order of the International Court of Justice that Medellín’s case be granted review and reconsideration. The international obligation, the Court found, was not domestically enforceable because the treaties at issue were not self-executing. The five Justices who signed the Chief Justice’s Majority opinion, including the Court’s self-proclaimed originalists, thus joined an opinion that construed the Constitution’s Supremacy Clause without any serious consideration of its language or the history of its drafting, ignoring evidence of the Supremacy Clause’s original meaning cited by the dissenting Justices. This Article explores the meaning of originalism in the context of the Court’s Medellín decision and contends that the Majority’s opinion, while perhaps defensible on other grounds, cannot be reconciled with any identifiable version of originalism. Rather it is best understood as a decision reflecting the conservative Majority’s political commitment to favor principles of U.S. sovereignty and federalism over compliance with international obligations, even when the consequences of such a commitment is to enable state governments to undermine the foreign policy decisions of the political branches of the federal government. Ultimately, however, the Article concludes that Medellín’s case never should have come before the Court. The President has a duty to “take Care that the Laws be faithfully executed.” The Court determined that the Bush administration did not satisfy this duty by issuing an Executive Memorandum directing states to comply with the judgment of the International Court of Justice. That being the case, the President now must comply with his Take Care Clause duties by working with Congress to make certain that federal law compels compliance with the International Court of Justice’s judgment. Indeed, this Article contends that the Medellín case is emblematic of the U.S. executive branch’s broader failure to ensure that all treaties requiring domestic implementation are in fact implemented so as to avoid placing the United States in violation of its international obligations

Let's get dangerous – A review of current scholarship in public relation history

Public relations history is on a rising plane of research and publication. Borrowing from Soviet Premier Khrushchev’s 1956 comment that “Historians are dangerous and capable of upsetting everything”, the commentary argues that it needs to be more challenging, more critical, and seeking other voices. There is a strengthening debate over public relations’ historiography which needs to extend to all countries and types of public relations practice and theory

Grit

Many of our most important goals require months or even years of effort to achieve, and some never get achieved at all. As social psychologists have lately emphasized, success in pursuing such goals requires the capacity for perseverance, or "grit." Philosophers have had little to say about grit, however, insofar as it differs from more familiar notions of willpower or continence. This leaves us ill-equipped to assess the social and moral implications of promoting grit. We propose that grit has an important epistemic component, in that failures of perseverance are often caused by a significant loss of confidence that one will succeed if one continues to try. Correspondingly, successful exercises of grit often involve a kind of epistemic resilience in the face of failure, injury, rejection, and other setbacks that constitute genuine evidence that success is not forthcoming. Given this, we discuss whether and to what extent displays of grit can be epistemically as well as practically rational. We conclude that they can be (although many are not), and that the rationality of grit will depend partly on features of the context the agent normally finds herself in. In particular, grit-friendly norms of deliberation might be irrational to use in contexts of severe material scarcity or oppression

State of New York Public Employment Relations Board Decisions from October 29, 1976

10_29_1976_PERB_BD_DecisionsOCR.pdf: 55 downloads, before Oct. 1, 2020

Inducing breach of contract: one tort or two?

IT is said to be a tort for D intentionally to induce C to break C’s contract with P. Where this occurs, P has an action in tort against D, quite apart from P’s action for breach of contract against C. But the rationale for this tort is controversial, and its legitimacy has been doubted by a number of commentators

Accounting for knowledge embedded in physical objects and environments : the role of artefacts in transferring knowledge

The intention to investigate the role of artefacts (objects and environments) in codifying, embedding and disseminating knowledge was inspired by an awareness that organisations across all sectors are increasingly being asked not only to provide products in the first instance, but also to support them throughout their service life. Thus a move from product-delivery to product-service designs is suggested. This paper considers ways in which knowledge can be embedded into the physical properties of artefacts and how this can consequently aid the dissemination and management of knowledge in and across stages of life cycles. A literature review and fieldwork based on an ethnomethodological approach are used to investigate this topic. Accounts of the situated meaning of artefacts within social processes are obtained using ethnographic armchair research. Unique adequacy is used to achieve an understanding of how people make sense of artefacts. The initial findings of the current research show that knowledge can be embedded or encoded into the physical properties of artefacts and that this can be successfully transferred from artefact to user