Die Bedeutung eines Dollars: Erhaltungssätze und die gesellschaftliche Theorie des Werts in der Ökonomie

The article demonstrates that both the classical and the neoclassical theory of value are a transformation of conservation principles of the Physics of their time into Economics. Instead of basing value on nature, the author tries to emphasize a social theory of value that connects to early American institutionalism, which presents value as a contingent and socially constructed phenomenon

Markets

Markets abound in media - but a media theory of markets is still emerging. Anthropology offers media archaeologies of markets, and the sociology of markets and finance unravels how contemporary financial markets have witnessed a media technological arms race. Building on such work, this volume brings together key thinkers of economic studies with German media theory, describes the central role of the media specificity of markets in new detail and inflects them in three distinct ways. Nik-Khah and Mirowski show how the denigration of human cognition and the concomitant faith in computation prevalent in contemporary market-design practices rely on neoliberal conceptions of information in markets. Schröter confronts the asymmetries and abstractions that characterize money as a medium and explores the absence of money in media. Beverungen situates these inflections and gathers further elements for a politically and historically attuned media theory of markets concerned with contemporary phenomena such as high-frequency trading and cryptocurrencies

Adam Smith’s Green Thumb and Malthus’ Three Horsemen: Cautionary tales from classical political economy

This essay identifies a contradiction between the flourishing interest in the environmental economics of the classical period and a lack of critical parsing of the works of its leading representatives. Its focus is the work of Adam Smith and Thomas Malthus. It offers a critical analysis of their contribution to environmental thought and surveys the work of their contemporary devotees. It scrutinizes Smith's contribution to what Karl Polanyi termed the "economistic fallacy," as well as his defenses of class hierarchy, the "growth imperative" and consumerism. It subjects to critical appraisal Malthus's enthusiasm for private property and the market system, and his opposition to market regulation. While Malthus's principal attraction to ecological economists lies in his having allegedly broadened the scope of economics, and in his narrative of scarcity, this article shows that he, in fact, narrowed the scope of the discipline and conceptualized scarcity in a reified and pseudo-scientific way

Media Policy Norms for a Europe in Crisis

Europe is in crisis. Millions of its citizens are living in poverty and subject to sustained programmes of austerity that are widening the gap between rich and poor. Communicative possibilities are squeezed by the realities of media market behaviour: public service broadcasters are facing challenges of legitimacy and funding while established news outlets are increasingly distrusted by audiences. Despite the scale of the crisis, however, there appears to be little appetite amongst media researchers to develop a professional or policy response that rises to the challenge and attempts to offer necessary solutions. This article reflects on existing policy norms and suggests that we need fresh ones that better articulate how best to respond to neoliberalisation and both communicative and economic crisis. Rhetorical commitments to democracy, free speech, privacy and transparency are being squeezed by a more pragmatic emphasis on efficiency and competition, leaving little room for more expansive ambitions of social justice and equality. By focusing on several case studies, the article argues that we need more radical policy frames to confront the serious attacks we are facing on the public media and the public interest more generally

The Stakes in Bayh-Dole: Public Values Beyond the Pace of Innovation

Evaluation studies of the Bayh-Dole Act are generally concerned with the pace of innovation or the transgressions to the independence of research. While these concerns are important, I propose here to expand the range of public values considered in assessing Bayh-Dole and formulating future reforms. To this end, I first examine the changes in the terms of the Bayh-Dole debate and the drift in its design. Neoliberal ideas have had a definitive influence on U.S. innovation policy for the last thirty years, including legislation to strengthen patent protection. Moreover, the neoliberal policy agenda is articulated and justified in the interest of “competitiveness.” Rhetorically, this agenda equates competitiveness with economic growth and this with the public interest. Against that backdrop, I use Public Value Failure criteria to show that values such as political equality, transparency, and fairness in the distribution of the benefits of innovation, are worth considering to counter the “policy drift” of Bayh-Dole