Hegel's Criticism of Newton's Physics: A Reconsideration"

The persisting conception of Hegel's criticism of Newton's physics as an irrational or at least hopelessly exaggerated one partly has its roots mainly in Hegel's terminology and in his style. This does not mean that a mere translation of Hegel's arguments into any contemporary philosophical language be sufficient to immediately convince every Newtonian scientist. However, a non-Hegelian way of rephrasing the core of Hegel's anti-Newtonian philosophy of nature can help to understand to which extent the latter does satisfy any scientist's criteria for a rational and self-consistent theory. To demonstrate this is the central aim of my talk, which is structured as follows: In the first part, I'm trying to highlight basic features of Hegel's criticism of Newton's optics and celestial mechanics, eventually focussing on his concept of a "sense of nature". This part has the character of a review. Second -­ and that is supposed to be the "reconsideration" part of my paper -­ I'll try to highlight the fundamental difference between Newton's and Hegel's ideas of natural laws and of the relation between mathematics and physics. Third, the metaphysical background of this difference will be analyzed. It is by the analysis of this metaphysical background that I hope to render Hegel's criticism of Newton's scientific revolution more understandable

Risk Premia in General Equilibrium

This paper shows that non-linearities imposed by a neoclassical production function alone can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant, and asset market implications improve substantially when we allow for non-normalities in the form of rare disasters. We employ analytical solutions of dynamic stochastic general equilibrium models, including a novel solution with endogenous labor supply, to obtain closed-form expressions for the risk premium in production economies. In contrast to endowment economies, the curvature of the policy functions affects the risk premium through controlling the individual’s effective risk aversion.risk premium, continuous-time DSGE

Welcome address: Alois Posch on behalf of the Austrian presidency for the European Union (A)

In Austria, organic farming has been playing an important role in the national agricultural policy. Thus, Austria has advocated to foster the development of organic farming also at the level of the EU. It is the aim of the Austrian Presidency to support the European Commission in its actions. Like other EU countries, Austria is trying to make use of the Action programme for organic farming in the best possible way for the further development of organic farming. The rural development programme is playing a central role in this process. The compensatory payments for environmental services comprise the largest part of the agri-environmental programme. About 25 % of this budget are paid to organic farms. The recognised environmental services are the reason why organic farming makes up for a large part in the implementation of the sustainability strategy, the biodiversity strategy and Natura 2000 objectives. Among other things, the following activities are also means to support organic farming: Farmers’ initiatives regarding innovation, processing and marketing. Other important aspects are extension, subsidisation of investments, public relations and efficient self-management of the Austrian organic farmers’ association BIO AUSTRIA. Apart from the subsidisation of rural development, the support of research is also very important, like it is in our host country Denmark. I am convinced that this meeting will contribute essentially to the further development of organic farming

Boon or curse? A contingent view on the relationship between strategic planning and organizational ambidexterity

Numerous scholars have attempted to explain which factors allow for organizational ambidexterity. Strategic planning, as a possible antecedent, has not been considered so far. This is surprising because strategic planning is among the most widely used strategic decision-making tools in management practice and one of the most extensively studied concepts in management research. In addition, prior research has demonstrated the potential of strategic planning to impact innovation-related outcomes—both positively and negatively. Here, we investigate the association between strategic planning and organizational ambidexterity using a survey of 217 senior executives. We highlight the importance of considering how executives use strategic planning. Our results support the hypothesis that strategic planning's positive or negative association with organizational ambidexterity is contingent on other organizational factors. Our findings reveal that strategic planning is only positively associated with organizational ambidexterity when leaders' innovation orientation is extraordinarily high. We further contextualize this interaction effect by considering the environmental uncertainty perceived by the top management. This work contributes to the literature by examining the antecedents of organizational ambidexterity

Natural Volatility, Welfare and Taxation

Cyclical components are analytically computed in a theoretical model of stochastic endogenous fluctuations and growth. Volatility is shown to depend on the speed of convergence of the cyclical component, the expected length of a cycle and on the altitude of the slump. Taxes affect these channels and can therefore explain cross-country differences and breaks over time in volatility. With exogenous sources of fluctuations, a special case of our model, decentralized factor allocation is efficient. With endogenous fluctuations and growth, decentralized factor allocation is inefficient and (time-invariant) taxes can (de-) stabilize the economy. No unambiguous link exists between volatility and welfare.endogenous fluctuations and growth, welfare analysis, taxation, stochasticcontinuous time model, poisson uncertainty

On the non-causal link between volatility and growth

A model highlighting the endogeneity of both volatility and growth is presented. Volatility and growth are therefore correlated but there is no causal link from volatility to growth. This joint endogeneity is illustrated by working out the effects through which economies with different tax levels differ both in their volatility and growth. Using a continuous-time DSGE model with plausible parametric restrictions, we obtain closedform measures of macro volatility based on cyclical components and output growth rates. Given our results, empirical volatility-growth analysis should include controls in the conditional variance equation. Otherwise an omitted variable bias is likely.Tax effects, Volatility measures, Poisson uncertainty, Endogenous cycles and growth, Continuous-time DSGE models