Towards an Economy of Higher Education

This paper draws a distinction between ways thinking and acting, and hence of policy and practice in higher education, in terms of different kinds of economy: economies of exchange and economies of excess. Crucial features of economies of exchange are outlined and their presence in prevailing conceptions of teaching and learning is illustrated. These are contrasted with other possible forms of practice, which in turn bring to light the nature of an economy of excess. In more philosophical terms, and to expand on the picture, economies of excess are elaborated with reference, first, to the understanding of alterity in the work of Emmanuel Levinas and, second, to the idea of Dionysian intensity that is to be found in Nietzsche. In the light of critical comment on some current directions in policy and practice, the implications of these ways of thinking for the administrator, the teacher and the student in higher education are explored

The prospects for the water management framework in the Douro, Portugal

The implementation of the Water Framework Directive (WFD) has represented a unique opportunity to enhance the regulatory capacity of public agencies and restore the ecological condition of water bodies in the European Union. This paper examines the experience of translating the new Directive into practical policy-making in the Douro River Catchment in the north of Portugal. Regional development and the evolution of water management are initially described, which then inform the assessment of the achievements and failures of the new regulatory regime. The higher level of concern for environmental impacts and the integration of responses that follow the WFD can be identified as positive steps in the direction of resolving lasting water management problems. However, the translation of the Directive into national legislation has also reinforced techno-bureaucratic practices and politico-economic centralisation, as well as led to various forms of contestation and protest. It is suggested that two main reasons account for those difficulties: the sociospatial rigidity (i.e. the fragmented and static understanding of ecological and social interactions) and the monotonic categorisation of water management issues (i.e. upfront decisions with limited scope for innovation and creativity at the local level). Overall, the success of the WFD seems to fundamentally depend on the ability to perceive the broader socionatural complexity of water management and on the pursuit of more effective forms of negotiation and social inclusion

Regulation lite: the rise of emissions trading

Emissions trading is the governmentally - promoted hope for a sustainable world. In different contexts, trading regimes display varying potential – both in absolute terms and in comparison with other regulatory instruments. Emissions trading, however, is a device that raises urgent issues regarding its objectives, cost-effectiveness, fairness, transparency, and legitimacy. Its use places emphasis on its ‘acceptability’ and the virtues of regulation that is ‘lite’ because it is non-threatening to the most powerful interests. Emissions trading is resonant with assumptions that are highly contentious - notably that it is acceptable because it involves no losers, or because, in desperate global circumstances, we have no choice but to use it. There is a need to confront the difficult issues presented by emissions trading; to face the challenges of combining ‘market’ and ‘democratic’ systems of legitimation; and to avoid taking refuge in all too comfortable beliefs in cumulative checks and balances

Financial literacy and pension investment decisions

The call for enhanced financial literacy amongst consumers is a global phenomenon, driven by the growing complexity of financial markets and products, and government concerns about the affordability of supporting an ageing population. Worldwide, defined benefit pensions are giving way to the risk and uncertainty of defined contribution superannuation/pension funds where fund members now make choices and decisions that were once made on their behalf. An important prerequisite for informed financial decision-making is adequate financial knowledge and skills to make competent investment decisions. This paper reports the findings of an online survey of the members of a large Australian public sector-based superannuation fund and shows that although respondents generally understand basic financial matters, on average, their understanding of investments concepts, such as the relationship between risk and returns, is inadequate. These results highlight the need for education programs focusing specifically on developing fund members’ investment knowledge and skills to facilitate informed retirement savings decisions