F. A. Hayek vs. J. M. Keynes in Shackle's marginal gloss

The intellectual rivalry of F.A. Hayek and J.M. Keynes has recently caught the attention of historians of economic thought, journalists and the broad public. However, how was it viewed at the time? This article uses archival material in the form of marginal annotations made by G.L.S. Shackle to determine contemporary reading responses to the theoretical developments of the 1930s. Shackle’s unique reading style that includes legible, dated, annotations and the fact that a substantial part of his academic library survives, gives us a unique vantage point from which to explore anew this period of intellectual history

Contracting for the unknown and the logic of innovation

This paper discusses the components of contracts adequatefor governing innovation, and their microfoundations in the logic of innovative decision processes. Drawing on models of discovery and design processes, distinctive logical features of innovative decision making are specified and connected to features of contracts that can sustain innovation processes and do not fail under radical uncertainty. It is argued that if new knowledge is to be generated under uncertainty and risk, 'relational contracts', as usually intended, are not enough and a more robust type of contracting is needed and it is actually often used: formal constitutional contracts that associate resources, leave their uses rationally unspecified, but exhaustively specify the assignment of residual decision rights and other property rights, and the decision rules to be followed in governance. The argument is supported by an analysis of a large international database on the governance of multi-party projects in discovery-intensive and design-intensive industries

Come back Marshall, all is forgiven? : Complexity, evolution, mathematics and Marshallian exceptionalism

Marshall was the great synthesiser of neoclassical economics. Yet with his qualified assumption of self-interest, his emphasis on variation in economic evolution and his cautious attitude to the use of mathematics, Marshall differs fundamentally from other leading neoclassical contemporaries. Metaphors inspire more specific analogies and ontological assumptions, and Marshall used the guiding metaphor of Spencerian evolution. But unfortunately, the further development of a Marshallian evolutionary approach was undermined in part by theoretical problems within Spencer's theory. Yet some things can be salvaged from the Marshallian evolutionary vision. They may even be placed in a more viable Darwinian framework.Peer reviewedFinal Accepted Versio

UNIFYING PRACTICAL UNCERTAINTY REPRESENTATIONS: I. GENERALIZED P-BOXES

Pre-print of final version.International audienceThere exist several simple representations of uncertainty that are easier to handle than more general ones. Among them are random sets, possibility distributions, probability intervals, and more recently Ferson's p-boxes and Neumaier's clouds. Both for theoretical and practical considerations, it is very useful to know whether one representation is equivalent to or can be approximated by other ones. In this paper, we define a generalized form of usual p-boxes. These generalized p-boxes have interesting connections with other previously known representations. In particular, we show that they are equivalent to pairs of possibility distributions, and that they are special kinds of random sets. They are also the missing link between p-boxes and clouds, which are the topic of the second part of this study

Theatre and drama education and populism : the ensemble ‘family’ as a space for dialogic empathy and civic care

This article, understanding populism as an essentially undemocratic ideology, argues that the pro‐social theatre education approach of ensemble pedagogy can offer a model of educational practice which counters these anti‐democratic rhetorics by creating a shared space for the enactment of empathetic discourse. Via an ethnography of the UK Shakespeare Schools Foundation festival project, the notion of the theatre education ensemble ‘family’ as a model of civic caring is offered as an alternative, feminist ‘care perspective’ on civic and political rhetorics, in contrast to the patriarchal ‘justice perspectives’ which facilitate the reductive anti‐democratic rhetorics of populism. Thus, this article concludes that ensemble approaches to theatre education, viewed through this feminist pedagogy lens, hold rich potential for developing learners’ capacity to resist populism and act in socially hopeful ways

Fictitious Capital and Crises

This paper is concerned with chapters 25-35 of Part V, The Division of Profit into Interest and Profit of Enterprise, of Volume 3 of Capital. These chapters may be properly grouped in an ideal Part to be possibly titled "Credit and Crises, or Money Capital and Fictitious Capital" and is referred to in this paper as 'the unidentified Part'. This Part should be strictly considered as a follow-up of Part IV, The Transformation of Commodity Capital and Money Capital into Commodity-Dealing Capital and Money-Dealing Capital (Merchant's Capital) in the sense that while the former deals with the role played by merchant's capital, and particularly by money-dealing capital, the latter deals with the obstruction or perversion inflicted on this role by money capital being turned into fictitious capital by an improper use of credit. The paper is structured in three ideal sections. The aim of the first section is to clear the debris of 'the unidentified Part' and to reconstruct Marx's own thinking about the nature and role of credit and of fictitious capital in relation to the concept of merchant's capital and to the phenomenon of crises. On the contrary, the second section, which is mostly focused on different forms versus different sets of crises, highlights some contradictions in Marx's unsystematic treatment of the relations between financial and real crises. The third section is derived from the arguments set out in the previous two sections. Its aim is to assess Marx's similarity with Keynes on the matter of 'money as money' and of financial crises. Its conclusion (which is also the conclusion of the paper) is that this similarity, however strong with regard to the role of money as a store of value, is bound to collapse if Marx's law of the falling rate of profit is believed to be true. For in this case the fictitious-capital theory of crises developed in 'the unidentified Part' acquires a secondary importance while financial crises come to be viewed as a typical effect, rather than as the cause, of real crises

The Materiality of Absence:Organizing and the case of the incomplete cathedral

This study explores the role of absences in making organizing possible. By engaging with Lefebvre’s spatial triad as the interconnections between conceived (planned), perceived (experienced through practice) and lived (felt and imagined) spaces, we challenge the so-called metaphysics of presence in organization studies. We draw on the insights offered by the project of construction of Siena Cathedral during the period 1259– 1357 and we examine how it provided a space for the actors involved to explore their different (civic, architectural and religious) intentions. We show that, as the contested conceived spaces of the cathedral were connected to architectural practices, religious powers and civic symbols, they revealed the impossibility for these intentions to be fully represented. It was this impossibility that provoked an ongoing search for solutions and guaranteed a combination of dynamism and persistence of both the material architecture of the cathedral and the project of construction. The case of Siena Cathedral therefore highlights the role of absence in producing organizing effects not because absence eventually takes form but because of the impossibility to fully represent it

Researcher self‐care and caring in the research community

This paper seeks to begin a discussion on researcher self‐care in response to the state of contemporary academia, which sees increasing issues of academic stress and anxiety, and the growing use of facile metrics. Specifically, we wish to explore the potential a critical engagement with self‐care poses for ourselves as academics and the communities of which we are a part – what kinpaisby (2008) refers to as the “communiversity.” Our central argument is that self‐care may be regarded as a radical act that can push against the interests of the neoliberal university. We illustrate how researcher self‐care can be engaged as a reflexive process that operates to create and inform change within our communities through recognising ourselves as networked actors, rather than self‐contained individuals as the neoliberal ideology would have us believe. This paper is intended as an opening towards a much larger discussion regarding academia – of the communities, work environments, and “impacts” we wish to be a part of and how to begin working towards realising these

Primary and secondary markets

The analytical starting point determines the course of a theoretical investigation and ultimately the productiveness of an approach. The classics took production and accumulation as their point of departure, the neoclassics exchange. Exchange implies behavioral assumptions and notions like rationality, optimization, and equilibrium. It is widely recognized that this approach has led into a cul-de-sac. To change a theory means to change its premises or, in Keynes’s words, to ‘throw over’ the axioms. The present paper swaps the standard behavioral axioms for structural axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock of commodities. These stocks constitute the demand and supply side of secondary markets. The pricing in these markets is different from the pricing in the primary markets. Realized appreciation in the secondary markets is different from income or profit. To treat primary and secondary markets alike is therefore a category mistake. Vice versa, to take a set of objective propositions as analytical starting point yields a comprehensive and consistent theory of market exchange and valuation