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Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action.
Bankruptcy has long been the standard approach to reorganizing failing corporate entities. In recent years, bailout, whereby a governmental entity takes charge of the reorganization, has appeared as an alternative. At the enterprise level, there is a Coase-like invariance proposition at work in which a failing concern is replaced by a going concern under either process. Significant differences arise once we move beyond the point of reorganization. The choice between bankruptcy and bailout is fundamentally a choice between alternative arrangements for corporate governance, and not about transforming failing concerns into going concerns because this will happen under either arrangement. We argue that political entanglement in corporate restructuring will tend to preclude the entrepreneurial discovery process. We recount the recent American auto and financial industry bailouts, highlighting how each episode was guided by political considerations, which served to distract the restructuring process from discovering those opportunities that market-based restructuring would have discovered.
The coral reef inhabiting tubeworms from the Marshall Islands have been studied by few authors mainly by samplings in Enewetak Atoll. We report several new records of serpuline and spirorbine tubeworms from Enewetak Atoll as well as from Kwajalein, Utirik and Rongelap Atolls. Twenty-one species of Serpulinae and seven species of Spirorbinae are described and illustrated with line drawings, colour and/or scanning electron microscopy photographs. Neodexiospira turrita nom. nov. is proposed to replace Neodexiospira preacuta. Enewetak Atoll still represents the most species-rich atoll in the Marshall Islands but this is most likely the result of a greater sampling effort in this atoll for the last few decades.
Growth of strained semiconductors can lead to self-assembly of interesting structures such as quantum dots. Simulation of this growth requires an accurate and efficient model for the interactions of lattice mismatched materials. We present a potential for calculating the bond energies in a diamond-like crystal of silicon and germanium. With this potential we predict the strain profiles in an embedded quantum dot and discuss the mechanisms of island formation.
Narrow-Line Seyfert 1 (NLS1) class of active galactic nuclei (AGNs) is generally radio-quiet, but a small percent of them are radio-loud. The recent discovery by Fermi/LAT of high-energy γ-ray emission from 4 NLS1s proved the existence of relativistic jets in these systems. It is therefore important to study this new class of γ-ray emitting AGNs. Here we report preliminary results about the observations of the July 2010 γ-ray outburst of PMN J0948+0022, when the source flux exceeded for the first time 10−6 ph cm−2 s−1 (E > 100 MeV).
Constitutional theorizing typically employs a bi-level analytical framework wherein the choice of rules precedes the actions that people pursue within those rules. Constitutions are thus products of planning and are prior to the spontaneous ordering that characterizes market processes. This paper explores an alternative conceptual framework wherein rules and actions are coeval and not sequential. Hence, constitutions are subject to spontaneous ordering just as are ordinary market processes. All societies necessarily possess constitutional frameworks that frame the actions of participants; however, those frameworks are not fully settled prior to action but rather evolve through action, which means, in turn, that constitutions, like societies, are living entities and not background precepts against which societal life evolves.
We report on the detection of a strong, organized magnetic field in the helium-variable early B-type star HR 7355 using spectropolarimetric data obtained with ESPaDOnS on CFHT by the MiMeS large program. We also present results from new V-band differential photometry obtained with the CTIO 0.9m telescope. We investigate the longitudinal field, using a technique called Least-Squares Deconvolution (LSD), and the rotational period of HR 7355. These new observations strongly support the proposal that HR 7355 harbors a structured magnetosphere similar to that in the prototypical helium-strong star, σ Ori E.