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Friedrich Hayek’s business cycle theory withered throughout the 1930s as he admitted that its underlying model of Böhm-Bawerkian roundaboutness was incomplete and inadequate. In 1934, Hayek started a two-volume book on capital theory, completing only one volume in 1941. Curiously, Hayek ( 2009) cites John Hicks’s (1939) Value and Capital but not the financial measure of roundaboutness that Hicks suggested as a substitute for Böhm-Bawerkian roundaboutness. In 1967, in “The Hayek Story,” Hicks criticized the inexplicable lags. Hayek maintained his view that consumption was sticky and responded to Hicks with a mound-of-honey analogy. Nevertheless, Hayek maintained that his business cycle theory was fundamentally correct and continued to hope that others might someday discover a capital structure theory to undergird it. Toward fulfilling Hayek’s hope, we suggest augmenting the canonical stages of production with a sequestered-capital stage where products are invented, productized, and inventoried prior to launch, uncoordinated by observable prices.
In this article, David Chandler challenges the often dismissive interpretation of Catherine Johnson’s hugely successful Mamma Mia! (1999) as a sunny, upbeat, lightweight musical. Johnson’s earlier dramatic work was of a more serious cast, and returned repeatedly to scenes of damaging, often exploitative, intergenerational desire. This interest continues in Mamma Mia! though commercial imperatives meant it had to be suppressed and displaced. As Sophie, the heroine, secretly meets the three middle-aged men who could be her father, but who have no idea she may be their daughter, the danger that they may be sexually attracted to her – one of them quickly labels her a ‘minx’ – becomes a subter ranean force shaping the fates of most of the central protagonists and the final surprise irresolution of the paternity plot. Intergenerational relationships blossom in Mamma Mia!, but they are treated differently from the relationships between couples of similar ages. David Chandler is a professor in the English Department at Doshisha Univ er sity, Kyoto. His background is in literary Romanticism, but since 2008 he has also pub lished widely on the history of musical theatre in Britain. He is a director of Retrospect Opera.
Framing tulipmania in terms of sequestered capital – capital whose quantities, usages and future yields are hidden from market participants – offers a richer and more straightforward explanation for this famous financial bubble than extant alternatives. Simply put, the underground planting of the tulip bulbs in 1636 blindfolded seventeenth-century Dutch speculators regarding the planted quantities and their development and future yields. The price boom began in mid November 1636, coinciding with the time of planting. The price collapse occurred in the first week of February 1637, coinciding with the time of bulb sprouting – signaling bulb quantities, development and future yields. Also consistent with our explanation is the initial price collapse location, in the Dutch city of Haarlem, where temperature and geography favored early sprouting and sprout visibility.
It is taken as a truism that today we live in a globalized and interconnected world, but what has been less analyzed are the implications that this has for liberal modernist understandings of political and ethical responsibility. Particularly problematic today is the distinction between public political responsibility and personal moral responsibility. The boundaries between the public and the personal, and the political and the ethical, appear much less clear in a world in which we are all more interconnected and interdependent. This blurring is crucial to understanding the emergence of new paternalist approaches to international regimes. Paternalist approaches imply that some actors have a duty of responsibility or a duty of care for others. In formal paternalist regimes this duty is formalized in law and formal powers and responsibilities are constituted (see the Introduction to this volume). New paternalism claims concern an informal understanding of a duty of care and can thus be made over a wide range of issues or problems, including concerns over the environment. The key point of this chapter is to highlight that this approach implies a very different technique of governance that works on the basis not of assumptions of direct duties and responsibilities but of indirect ones.
The paternalist duty of responsibility for others is less likely to be applied directly through formal political and legal authorization but indirectly through consideration of the unintended outcomes of policy frameworks and social interactions. However, it is important to analyze these discussions of more mediated forms of policy influence which are both part of the process of reshaping and legitimizing the paternalist discourse of international policy responsibilities and the duty of governance over others. Whereas direct paternal duties involve governance over the other and deny to the other the formal rights of equality and autonomy, indirect paternal duties involve a different technique of governance, operating on the basis of a reflexive, responsive governance of the self through a new sensitivity or awareness of the embedded, relational consequences that our self-governance has for others.
New paternalism puts the other at the center of the ethico-political duties of international regimes and international actors but does not imply the problematic claims of Western moral and political superiority, nor incur the resistance, which old paternalist techniques of governance incite (see Autesserre, Chapter 5, this volume).
This collective case study examined how and why specific organizational decision-making processes transpired at 2 large suburban county health departments in lower New York State during their response to Hurricane Sandy in 2012. The study also examined the relationships that the agencies developed with other emerging and established organizations within their respective health systems.
In investigating these themes, the authors conducted in-depth, one-on-one interviews with 30 senior-level public health staff and first responders; reviewed documentation; and moderated 2 focus group discussions with 17 participants.
Although a natural hazard such as a hurricane was not an unexpected event for these health departments, they nevertheless confronted a number of unforeseen challenges during the response phase: prolonged loss of power and fuel, limited situational awareness of the depth and breadth of the storm’s impact among disaster-exposed populations, and coordination problems with a number of organizations that emerged in response to the disaster.
Public health staff had few plans or protocols to guide them and often found themselves improvising and problem-solving with new organizations in the context of an overburdened health care system (Disaster Med Public Health Preparedness. 2016;10:436–442).
Large numbers permeate political life, and students of political science can expect to encounter a wide range of numbers in newspaper articles, course readings, and statistics. Recent research in cognitive psychology demonstrates that American adults make systematic errors when comparing numbers in the millions, billions, and trillions. Political decisions made by voters often require weighing large quantities that range across many orders of magnitude, which is difficult without at least a basic understanding of relative magnitudes. If students also lack an understanding of large numbers, professors cannot meaningfully teach them about political phenomena involving such magnitudes. The authors designed and tested an exercise to improve students’ accuracy in dealing with large magnitudes, which had immediate and sustained effects on their political judgments about information involving large numbers.