Heterogeneous Capital, Entrepreneurship, and Economic Organization

We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the notion that entrepreneurs will often have to experiment with capital assets to gauge the value of these assets when deployed in production.Austrian Economics, capital, knowledge

Original and Derived Judgment An Entrepreneurial Theory of Economic Organization

Recent work links entrepreneurship to the economic theory of firm using the Knightian concept of entrepreneurship as judgment. When judgment is complementary to other assets, and these assets or their services are traded in well-functioning markets, it makes sense for entrepreneurs to hire labor and own assets. The entrepreneur’s role, then, is to arrange or organize the human and capital assets under his control. We extend this Knightian concept of the firm by developing a theory of delegation under Knightian uncertainty. What we call original judgment belongs exclusively to owners, but owners may delegate a wide range of decision rights to subordinates, who exercise derived judgment. We call these employees “proxy-entrepreneurs,” and ask how the firm’s organizational structure — its formal and informal systems of rewards and punishments, rules for settling disputes and renegotiating agreements, means of evaluating performance, and so on — can be designed to encourage forms of proxy-entrepreneurship that increase firm value while discouraging actions that destroy value. Building on key ideas from the entrepreneurship literature, Austrian economics, and the economic theory of the firm we develop a framework for analyzing the tradeoff between productive and destructive proxy-entrepreneurship. We link this analysis to the employment relation and ownership structure, providing new insights into these and related issues in the economic theory of the firm.Judgment, entrepreneur, delegation, employment relation, ownership

Russia: turn to China?

After its relations with the West deteriorated massively in the course of the Ukraine crisis, Russia has been aligning itself increasingly towards China. This shift is most obvious in the strategic spheres of military and energy cooperation. Even if the immediate impacts on Germany and the European Union – caused by the dynamics in the relationship between these two major neighbours in the East – are limited, the development is of great relevance for international relations and the global order. It would therefore be wrong to underestimate the long-term ramifications. Germany and the European Union should counterbalance these nascent tectonic shifts with inclusive and multilateral cooperation and dialogue initiatives in the Euro-Asian region. Regional and global cooperation should be shaped by economic exchange, infrastructure expansion and the search for solutions to global problems. (author's abstract

Russlands Wende nach China

"Seitdem sich die Beziehungen zum Westen im Zuge der Krise um die Ukraine massiv verschlechtert haben, orientiert sich Russland verstärkt Richtung China. Diese Annäherung ist vor allem in den strategischen Bereichen Militär- und Energiekooperation zu beobachten. Auch wenn die unmittelbaren Auswirkungen auf Deutschland und die EU begrenzt sind, hat die Dynamik im Verhältnis der beiden großen Nachbarn im Osten globale und ordnungspolitische Relevanz. Deswegen darf ihre langfristige Tragweite nicht unterschätzt werden. Deutschland und die EU sollten diese sich abzeichnenden tektonischen Verschiebungen mit Hilfe inklusiver und multilateraler Kooperations- und Dialogansätze im euro-asiatischen Raum austarieren. Als Leitlinien für eine regionale und globale Zusammenarbeit müssten wirtschaftlicher Austausch, der Ausbau von Infrastruktur und die Bearbeitung globaler Probleme dienen." (Autorenreferat

Clinical Research: Evaluation of Healing Touch\u27s Effect on Coronary Artery Bypass Grafting (CABG) Recovery, a Randomized Study

This study is assessing the efficacy of Healing Touch on patients receiving Coronary Artery Bypass Grafting at St. Cloud Hospital. A single previous research study determined Healing Touch, when added to standard nursing care, can significantly reduce anxiety and length of stay in patients undergoing CABG procedures.https://digitalcommons.centracare.com/nursing_posters/1087/thumbnail.jp

Perspectives of patients and health-care professionals on physical activity of hospitalized patients

Background: A lack of physical activity during hospitalization can lead to adverse outcomes like complications and loss of physical function. More insight into factors that influence physical activity during a hospital stay is needed to develop strategies to change the mobility culture in hospitals. Objective: To give an overview of factors that influence physical activity of patients by exploring the perspectives of both patients and health-care professionals regarding physical activity during hospital stay. Method: Semi-structured interviews with patients and health-care professionals were conducted at a university hospital in the Netherlands. Patients were interviewed about their daily activities during their hospital stay and the factors that were of influence. Health-care professionals were asked about their perceptions regarding their responsibilities in promoting physical activity during hospitalization. Results: In total eight patients and nine health-care professionals participated. Patients and health-care professionals stated that low physical activity levels were mostly caused by a poor physical status, patients’ expectations to lie in bed during hospitalization, and the lack of knowledge on the importance of physical activity. Lack of time was the main barrier for health-care professionals to promote physical activity. Conclusion: Physical activity is not yet seen as a structural part of hospital care by both patients and health-care professionals, and does not have priority within current daily routines. To increase physical activity levels of hospitalized patients, more knowledge and tools should be available for both patients and health-care professionals

Heterogeneous capital, entrepreneurship, and economic Organization

We outline an Austrian approach to economic organization based on the entrepreneur and the Austrian idea of capital as heterogeneous and time-dimensioned, tow themes associated with Israel Kirzner's contributions. We provide a novel interpretation of capital heterogeneity based on the notion of attributes, argue that attributes are costly to measure and that this links directly to the theory of economic organization. In particular, we develop insights in economic organization based on the notion that entrepreneurs will often have to experiment with capital assets to gauge the value of these assets when deployed in production

Austrian Capital Theory and the Link Between Entrepreneurship and the Theory of the Firm

Several writers link entrepreneurship to asset ownership, trying to incorporate the theory of entrepreneurship into the theory of the firm. The critical link, we argue, is capital heterogeneity. Transaction cost, property rights, and resourcebased approaches to the firm assume that assets, both tangible and intangible, are heterogeneous; arranging these assets to minimize contractual hazards, to provide efficient investment incentives, or to exploit competitive advantage is conceived as the prime task of economic organization. None of these approaches, however, is based on a systematic theory of capital heterogeneity. In this paper we outline the approach to capital developed by the Austrian school of economics and integrate it into an entrepreneurial theory of the firm. We refine Austrian capital theory by defining capital heterogeneity in terms of subjectively perceived attributes, that is, the functions, characteristics, and uses of capital assets. Such attributes are not given, but have to be discovered by means of entrepreneurial action. Thinking of entrepreneurship as the organization of heterogeneous capital provides new insights into the emergence, boundaries, and internal organization of the firm, and it suggests testable implications about how and where entrepreneurship is manifested. Keywords: Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries, internal organization. JEL Codes: B53, D23, L

An Entrepreneurial Theory of Economic Organization

Recent work links entrepreneurship to the economic theory of firm using the Knightian concept of entrepreneurship as judgment. When judgment is complementary to other as-sets, and these assets or their services are traded in well-functioning markets, it makes sense for entrepreneurs to hire labor and own assets. The entrepreneur’s role, then, is to arrange or organize the human and capital assets under his control. We extend this Knightian concept of the firm by developing a theory of delegation under Knightian uncertainty. What we call original judgment belongs exclusively to owners, but owners may delegate a wide range of decision rights to subordinates, who exercise derived judgment. We call these employees "proxy-entrepreneurs," and ask how the firm’s or-ganizational structure — its formal and informal systems of rewards and punishments, rules for settling disputes and renegotiating agreements, means of evaluating perform-ance, and so on — can be designed to encourage forms of proxy-entrepreneurship that increase firm value while discouraging actions that destroy value. Building on key ideas from the entrepreneurship literature, Austrian economics, and the economic theory of the firm we develop a framework for analyzing the tradeoff between productive and de-structive proxy-entrepreneurship. We link this analysis to the employment relation and ownership structure, providing new insights into these and related issues in the eco-nomic theory of the firm. Keywords: Judgment, entrepreneur, delegation, employment relation, ownership. JEL Codes: B53, D23, L

A consensus genetic map of sorghum that integrates multiple component maps and high-throughput Diversity Array Technology (DArT) markers

Background: Sorghum genome mapping based on DNA markers began in the early 1990s and numerous genetic linkage maps of sorghum have been published in the last decade, based initially on RFLP markers with more recent maps including AFLPs and SSRs and very recently, Diversity Array Technology (DArT) markers. It is essential to integrate the rapidly growing body of genetic linkage data produced through DArT with the multiple genetic linkage maps for sorghum generated through other marker technologies. Here, we report on the colinearity of six independent sorghum component maps and on the integration of these component maps into a single reference resource that contains commonly utilized SSRs, AFLPs, and high-throughput DArT markers