bluuebunny/crossref_metadata_2025 huggingface dataset:
Construcción de procesos de significación desde las estrategias expositivas en 1979. Un monumento a instantes radicales
Authors: Villamil Ivonne
Published: March 2021

A partir del caso de estudio de la exposición 1979, un monumento a instantes radicales, comisariada por Carles Guerra y que tuvo lugar en 2011 en La Virreina Centre de la Imatge en Barcelona, en este artículo se describe el proceso de construcción de los contenidos y los bloques discursivos a través de la selección y el ordenamiento de los materiales que conforman la muestra, mientras se aborda teóricamente el ámbito de los estudios de la cultura visual. De este modo, se resume la experiencia de observación, análisis e interpretación de procesos propios del ámbito de los estudios culturales.
Los niños de las campanas: testigos de un sujeto que habita el patrimonio visual y sonoro en los pueblos de Boyacá
Authors: Ramos Javier
Published: March 2021

En este breve artículo de reflexión se narra el recorrido por algunos pueblos de Boyacá, Colombia, en aras de detectar la relación entre las capillas doctrineras, sus campanarios y el impacto cultural y social que estos generan. El análisis y las conclusiones se concentran, especialmente, en los jóvenes que tocan las campanas, su concepto del tiempo y los comportamientos derivados de este fenómeno.
El precio del oro durante la Gran Recesión desde una perspectiva austriaca
Authors: González Francisco Saavedra
Published: March 2021

Since 2008 to 2013, years known as the Great Recession, gold has been one of the assets whose evolution has aroused more interest on the economic agents. Its theoretical and historic analysis from its origin, the most important facts that have affected its price since 1972, its market situation in 2013 and the factors that have been determinant in its price during the Great Recession are the main reasons of this article which, under the Austrian School point of view, guide us inexorably to this conclusion: the monetary system needs gold as backing; if a progressive approach to the classic gold standard is not done, gold will continue being one of the most efficient asset against the monetary inflation and endogenous uncertainty created by monetary and banking system. The economy and gold price evolution will depend on the decisions taken to afford these great system faults, and must be borne in mind their impact from monetary and economic point of view and also from the moral field.

Key words: Money, Central Banks, Refuge, Inflation, Devaluation, Production, Demand, Monetary Policy, Fiscal Policy.

JEL Classification: B53, D49, E39, E42, E58.

Resumen: El oro ha sido desde el año 2008 hasta el 2013, años conocidos como la Gran Recesión, uno de los activos cuya evolución más interés ha despertado en los agentes económicos. Su análisis desde el origen tanto a nivel teórico como histórico, los hechos más importantes que han afectado a su precio desde 1972, la situación de su mercado en 2013 y los factores que han sido determinantes de su precio durante la Gran Recesión son el motivo fundamental de este artículo que, a la luz de la Escuela Austriaca lleva inexorablemente a las siguiente conclusión: el sistema monetario necesita del oro como respaldo; y de no llevarse a cabo un progresivo acercamiento hacia el patrón oro clásico, el oro seguirá siendo uno de los activos más eficaces contra la inflación monetaria y la incertidumbre generada endógenamente por el sistema monetario y bancario. La evolución de la economía y la del precio del oro dependerá de las decisiones que se tomen para enfrentarnos a estos graves defectos del sistema, y deben tenerse en cuenta las consecuencias tanto desde el punto de vista monetario y económico, como desde el ámbito de la moral.

Palabras clave: Dinero, Bancos Centrales, Refugio, Inflación, Devaluación, Producción, Demanda, Política Monetaria, Política Fiscal.

Clasificación JEL: B53, D49, E39, E42, E58.
Hayek y San Juan Pablo II
Authors: Rivas León Gómez
Published: March 2021

Desde hace algunos años asistimos a un estimulante debate alre-dedor de la Doctrina Social de la Iglesia Católica y su mayor o me-nor entendimiento con el liberalismo económico. Creo haberles ya mencionado aquí ese interesante libro de los profesores Rodrí-guez Braun y Rallo (El liberalismo no es pecado), que juega con el título de otro famoso acerca ciertas incomprensiones sobre cuál deba ser el ámbito de la libertad de opinión de un cristiano respec-to a las actividades económicas, políticas, etc. (al que añado Libe-ralismo, catolicismo y ley natural, de Francisco José Contreras). Del mismo modo que también es conveniente explicar a ciertos acadé-micos particularmente laicistas qué significa el Magisterio de la Iglesia y cómo se entiende la diferencia entre las cuestiones de fe y la libertad de las conciencias en el día a día de los creyentes.

La Encíclica Caritas in Veritate (2009) de Benedicto XVI volvió a despertar estas discusiones, que más recientemente han vuel-to a suscitarse con la Exhortación Apostólica Evangelii Gaudium (2013) del Papa Francisco, escrita en un sentido bien distinto de los académicos documentos de su antecesor. Hace apenas un mes tenía lugar un concurridísimo seminario de AEDOS en torno a EG, donde se ponían bien de manifiesto las diferentes postu-ras sobre el tema; que pueden completar con la abultada docu-mentación que les ofrece la web del Centro Diego de Covarrubias apoyándose muchas veces en la mayor experiencia del Instituto Acton Argentina y otros thinktanks anglosajones.

Evidentemente, no voy a resolver este complejo asunto en unas pocas líneas (ni siquiera creo que haya una única solución para ese debate). Al revés, me permitirán que confunda un poco más los ánimos refiriéndome a un tercer Papa, Juan Pablo II (que la Iglesia elevará a los altares el próximo mes de abril). Juan Ramón Rallo lo citaba aquí ya el año 2005, a propósito de varias encícli-cas sobre cuestiones económicas, que marcaron un giro muy in-teresante en la Doctrina Social de la Iglesia. Es famosa, por ejem-plo, esta valiente y bastante incomprendida apuesta por el modelo capitalista «si por “capitalismo” se entiende un sistema económico que reconoce el papel fundamental y positivo de la empresa, del mercado, de la propiedad privada y de la consiguiente responsabi-lidad para con los medios de producción, de la libre creatividad humana en el sector de la economía» (Centesimus Annus, 1991).
Tullock’s Challenge: A Reconsideration of Constitutional Monarchy
Authors: Salter Alexander William , Hebert David J.
Published: March 2021

Tullock (2005, p. 160) notes that the perceived robust relationship between democracy and economic progress is due mostly to assumption, rather than analysis. Taking up Tullock’s challenge to consider the relationship bet - ween economic progress and other political forms, we re-assess the relation-ship between monarchy and economic progress. Our analysis specifically focuses on the possibility of a «monarchical» constitution creating the insti-tutions within which, compared to democracy, a larger social surplus can be enjoyed. After summarizing the existing conversation on monarchy vs. democracy, we outline a constitutional political economy of monarchy and apply it to the European country of Liechtenstein, which has enjoyed both rapid development and non-discriminatory governance under the kind of constitution we envision. We conclude by responding to anticipated objec-tions and proposing further avenues of inquiry on the political economy of monarchy.

Key words: Constitutional Political Economy, Democracy, Efficiency, Monarchy, Liechtenstein.

JEL Classification: H1, H77, P1.

Resumen: De acuerdo a Tullock (2005, p. 160) la sólida relación entre demo-cracia y progreso económico descansa más en supuestos que en análisis. Tomando el desafío de Tullock de considerar la relación entre progreso eco-nómico y diversas estructuras políticas, re-evaluamos la relación entre mo-narquía y progreso económico. Nuestro análisis se enfoca específicamente en la posibilidad de una «monarquía» constitucional que crea la instituciones en las cuales, comparado con una democracia, un mayor beneficio social es posible. Luego de resumir la conversación monarquía vs. democracia, pre-sentamos una política económica constitucional de la monarquía y la apli-camos al país europeo de Lichtenstein, que ha presentado un rápido desa-rrollo y una gobernanza no discriminatoria bajo el tipo de constitución que presentamos. Concluimos respondiendo a anticipadas objeciones y pro po - niendo siguientes caminos de investigación en el tema de la economía po-lítica de la monarquía.

Palabras clave: Economía Política Constitutional, Democracia, Eficiencia, Monarquía, Liechtenstein.

Clasificación JEL: H1, H77, P1.
Del derecho a la economía, y viceversa. El reencuentro desde el factor empresarial
Authors: Laurent Paul
Published: March 2021

Más allá de los discursos ecuménicos sobre la relación entre el de-recho y la economía, todavía las deformaciones constructivistas hacen que cada una de estas ciencias continúen dándose las espal-das. Es decir, estamos ante hermanos siameses que insisten en no verse las caras.

No obstante ello, el peso que la ciencia económica ha venido ad-quiriendo a lo largo de los últimos años (básicamente desde fi-nes del siglo XX) ha contribuido a una aproximación que nunca tu-vo que ser traumática. Pero lo es en la medida en que a lo largo de la última centuria la ciencia jurídica viró por la senda conductista que poco o nada tenía que ver con la esencia liberal del derecho.

En este último punto, la progresiva destrucción de lo que en su día Charles Beudant (en Le droit individuel et l’etat, 1891) deno-minó la science de la liberté fue diluyendo aquello que desde el siglo XVI la corriente iusnaturalista había pergeñado en su inten-to de recuperar el derecho romano republicano para engarzar-lo con una novedad aún más oscura e incomprendida: el indivi-duo. Ya solo será cuestión de auscultar lo que ese factor ha venido significando, siendo acaso el concepto de empresarialidad el que mejor lo sopese.

Tal es como el derecho y la economía se reencuentran, recupe-rando un cauce que en su día el constitucionalismo (el del siglo XIX) lo tuvo como propio. Así pues, será la rehabilitación de esta matriz eminentemente empírica de la economía y del derecho lo que trataremos a lo largo de este breve ensayo.
Teoría del intercambio. Propuesta de una nueva teoría de los cambios interpersonales basada en tres elementos más simples
Authors: Merino Jorge Bueso
Published: March 2021

We present a theory of interpersonal economic changes based on three simplest elements: Positive Sum Games, Zero-Sum Games, and Games «with subtraction». This proposal integrates Menger’s and Mises’s theories; it includes also the distinction made by Böhm-Bawerk between goods and promises. On such a ground we present a comprehensive explanation for the boom-burst cycle processes, and also for distinguishing where is it the damaging character related to monopoly.

Key words: Menger, Praxeology, Exchange, Credit Expansion, Monopoly.

JEL Classification: A12, B41, B53, O12, O16, G01, L43.

Resumen: Se presenta una teoría de los cambios interpersonales basada en tres elementos más simples: juegos de suma positiva, juegos de suma cero, y juegos «con resta». Integra las teorías económicas de Menger, y de Mises, a la vez que retoma de Böhm-Bawerk la distinción (que se pretende crucial) entre bienes y promesas. Sobre dicha base se apunta hacia una explicación integral tanto de los procesos de auge artificial y recesión de los ciclos eco-nómicos, como del fenómeno del monopolio en tanto que dañino.

Palabras clave: Menger, Praxeología, Intercambio, Expansión del Crédito, Monopolio.

Clasificación JEL: A12, B41, B53, O12, O16, G01, L43.
The fractional reserve Banking diagram
Authors: Fuller Edward W.
Published: March 2021

Fractional reserve banking systems are inherently unstable. Fractional reserve banks create three types of risks when they make loans: liquidity risk, interest rate risk, and default risk. These risks interact to make fractional reserve banking systems unstable and prone to failure. This paper derives the Fraction­ al Reserve Banking Diagram. The diagram is used to illustrate liquidity risk, in­ terest rate risk, and default risk. Finally, the diagram is used to compare central banking, free banking, and 100 percent reserve banking.

Keywords: Fractional Reserve Banking, Central Banking, Free Banking, 100% Reserve Banking, Banking Panics

JEL Codes: E32, E43, E50, E52, E58, G21

Resumen: El sistema bancario de reserva fraccionaria es inherentemente ines­ table. Los bancos de reserva fraccionaria crean tres tipos de riesgos cuando conceden préstamos: riesgo de liquidez, riesgo de tipo de interés y riesgo de impago. Estos riesgos interactúan para hacer de la banca de reserva fraccio­ naria inestable y propensa a la quiebra. Este trabajo deriva el Diagrama de Banca de Reserva Fracciona. Este diagrama se utiliza para ilustrar el riesgo de liquidez, el riesgo de tipo de interés y riesgo de impago. Finalmente, se utiliza para comparar la banca central, el sistema de banca libre y la banca con co­ eficiente de reserva del 100%.

Palabras clave: Banca de reserva fraccionaria, Banca Central, banca libre, banca con coeficiente de reserva del 100%, pánicos bancarios.

Clasificación JEL: E32, E43, E50, E52, E58, G21
La visión schumpeteriana de la innovación. aportaciones y contradicciones
Authors: González Antonio Martínez
Published: March 2021

La economía neoclásica desarrolla de manera formal la metáfora de la «mano invisible» de Adam Smith, según la cual los intereses de cada individuo convergen hacia el interés colectivo —es decir, el máximo bienestar— a través del mecanismo intangible de la competencia.

La economía neoclásica se basa en el concepto de equilibrio: el mercado en competencia perfecta garantiza la asignación óptima de los recursos y la coordinación de las decisiones de cada agente atomizado se alcanza por medio de los precios. En el equilibrio, todas las empresas son iguales y los beneficios extraordinarios son nulos, es decir, el rendimiento del capital, o beneficio normal, es igual a la tasa de interés. Al tratar este tipo de beneficio como un coste, se suele hablar de beneficios nulos, pero en realidad son los beneficios por encima de la tasa de interés —es decir, los benefi-cios extraordinarios— los que son nulos en el equilibrio.

Así pues, la teoría neoclásica tradicional se ocupa casi exclusiva-mente de la situación de equilibrio en competencia perfecta, en la cual se supone que todos los datos de los distintos agentes económi-cos se han coordinado y ajustado entre ellos, mientras que en la rea-lidad, como indica Hayek (1945), el problema económico de la socie-dad es esencialmente el de adaptarse rápidamente a los cambios que se producen en determinadas circunstancias de tiempo y espacio. Consecuentemente, la competencia es un proceso dinámico, cuyas características esenciales son ignoradas por las rígidas hipótesis que se derivan del análisis estático de origen neoclásico. El concepto de eficiencia dinámica hace referencia también a la evolución de los mercados en el tiempo, el contexto de una visión cíclica del desarro-llo económico. Las variables del cambio tecnológico y de la innova-ción se vuelven endógenas, siendo directamente influenciadas por la actividad del empresario, cuyo papel es muy distinto del que éste desarrolla —anónimamente— en la teoría neoclásica.
This time is the same: like the housing bubble, the Fed is ignoring the shale bubble in plain sight
Authors: Stockman David
Published: March 2021

We are now far advanced into the third central bank generated bub-ble of the last two decades, but our monetary politburo has taken no notice whatsoever of its self-evident leading wave. Namely, the massive malinvestments and debt mania in the shale patch.

Call them monetary bourbons. It is no exaggeration to say that inhabitants of the Eccles Building deserve every single word of Talleyrand’s famous epithet: «They learned nothing and forgot nothing».

To wit, during the last cycle they claimed to be fostering the Great Moderation and permanent full employment prosperity. It didn’t work. When the housing and credit bubble blew-up, it washed out all the phony gains from the Greenspan/Bernanke printing spree. By the time the liquidation was finished in early 2010, there were 2 million fewer payroll jobs than there had been at the turn of the century.

Never mind. The Fed simply doubled-down. Instead of expand-ing its balance sheet by 50%, as happened during the eight years between 2000 and 2008, it went into monetary warp drive, balloon-ing its made-from-thin-air liabilities by 5X in only six years.
Un banquero catalán que se paseó por el mundo y cambio españa
Authors: Consolación Luis Torr As
Published: March 2021

Dejo escrito Benjamin Disraeli que con respecto a la historia «mu-cha atención se ha prestado a los sistemas y muy poca a las perso-nas.» La Historia no puede ser únicamente el resultado de inter-pretaciones holísticas, resulta igualmente importante tener en consideración el papel que juegan personas concretas que, buscan-do alcanzar sus objetivos individuales a través del talento, la vo-luntad y el trabajo, transforman su época y marcan el camino para generaciones venideras.

En España, históricamente, se ha prestado más bien poca aten-ción a nuestros héroes, prueba de ello es la relativamente pequeña extensión de nuestro género biográfico y el prácticamente inexis-tente género epistolar o memorias de grandes políticos y empresa-rios de tiempos pretéritos. Sin embargo, en estos tiempos de des-concierto colectivo, poder disponer de puntos de anclaje férreos, especialmente en lo empresarial y económico, además de resultar moralmente gratificante, puede resultar esencial para no naufra-gar en momentos de gran zozobra colectiva como el actual.

En 1777, un año después de la declaración de Independencia de las trece colonias británicas en América o de la publicación de La riqueza de las naciones de Adam Smith, nace en Arenys de Mar el futuro empresario, naviero, banquero y benefactor ilustre Josep Xi-fré i Casas. Se trata de uno de tantos otros empresarios indianos catalanes que harán fortuna dentro y fuera de los dominios del entonces imperio español. Xifré se convertiría en el paradigma de todos ellos. Exponente claro de aquella generación que vivirá a ca-ballo entre el siglo XVIII y el XIX y sin la que es imposible entender la transformación profunda e importantísima que realizará Barce-lona y Catalunya en las postrimerías del siglo XIX en el ámbito económico y financiero y que, al mismo tiempo, constituye pieza esencial —aunque a menudo olvidada— para la correcta compren-sión y emergencia del ulterior movimiento político catalanista que desde entonces marcará de manera definitoria los avatares políti-cos de la península.
Business Cycle and Stability of China’s Financial and Monetary System
Authors: Wang William Hongson , García Antonio Vegas
Published: March 2021

The importance of China’s economy and the instability of China’s fi-nancial system are in the spotlight recently. This paper uses Austrian Business Cycle Theory to gauge the potential risks of China’s economy. The approach of this paper is a sector analysis, focusing on China’s monetary and financial system, shipping industry, and real estate industry, especially the state-owned enterprises in those sectors. We conclude that China’s central banking system is hurting China’s economy and we also propose reforms to overhaul the system, according to the perspective of praxeology and Austrian School Econom-ics.

Keywords: Austrian Business Cycle Theory, China’s banking system, China’s economy.

JEL Classification: B53, D8, E310, E32, E52, H12, N15, N27, N45, N65, O53, P11, R3, R4, Y10.

Resumen: La importancia de la economía china junto con la reciente inestabili-dad del sistema financiero de China, preocupan al resto del mundo. Este artí-culo usa la Teoría Austriaca del Ciclo Económico para identificar los riesgos potenciales de la economía de China. En este artículo realizaremos un análisis sectorial, enfocado en el sistema monetario y financiero de China, el sector de la construcción, la industria marítima y, en especial, las empresas estatales de dichos sectores. Concluimos que el actual sistema de banca central en China está dañando a su economía y proponemos soluciones desde la perspectiva de la praxeología y la Escuela Austriaca de Economía.

Palabras clave: Teoría austriaca del ciclo económico, sistema bancario chino, economía china.
Monetary Constitutionalism: Some Recent Developments
Authors: Hauwe Ludwig Van Den
Published: March 2021

The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically.

Keywords: Constitutionalism, Constitutional Political Economy, Monetary Con-stitution, Monetary Systems.

JEL Classification: B53, E02, E50, H40, P16.

Resumen: El volumen editado por Leland Yeager hace más de 50 años y pub-licado en 1962 con el título In Search of a Monetary Constitution, ha resultado ser notablemente premonitorio, ya que por aquella época iba a comenzar la Gran Inflación. Podría esperarse que, a raíz de la crisis financiera global y la Gran recesión, hubiese aumentado el interés por las cuestiones monetari-as-constitucionales y, efectivamente, este ha sido el caso. En este trabajo se intenta evaluar si, y hasta qué punto, se ha logrado un progreso científico en la definición de la naturaleza y las características de una constitución mone-taria para el mundo posterior a la crisis. Para ello se revisan críticamente algu-nas contribuciones recientes de la literatura.

Palabras clave: Constitucionalismo, Economía Política Constitucional, Con-stitución Monetaria, Sistemas Monetarios.

Clasificación JEL: B53, E02, E50, H40, P16.
The Non-Aggression Principle: a Short History
Authors: Fuller Edward W.
Published: March 2021

This paper traces the historical origins of the non-aggression princi- ple. The central thesis of this paper is that a large and diverse group of history’s most eminent thinkers have expressed ideas very similar to the non-aggression principle. The rudiments of the principle were known to the ancient Egyptians around 2000 BC, the ancient Hindus around 1500 BC, and the ancient Hebrews around 1000 BC. Around 500 BC, the ancient Chinese and Greek philosophers expressed the underlying logic of the principle. Cicero came close to articulating the principle in its modern form. Thomas Aquinas reasserted something strikingly similar to non-aggression after the Dark Ages, and the scholastic philosophers carried the idea into the early modern period. During the seventeenth century, the non-aggression principle rose to the pinnacle of Western philosophy.

JEL Classification: B11, B12, K00, P14

Keywords: Non-aggression principle, ethics, libertarianism

Resumen: Este artículo traza los orígenes históricos del principio de no agresión. La tesis central es que un amplio y diverso grupo compuesto por algunos de los pensadores más importantes de la historia ha expresado ideas muy similares al principio de no agresión. Los rudimentos de dicho principio eran conocidos por los antiguos egipcios hacia el 2000 a. C., por los hindúes hacia el 1500 a. C., y por los antiguos hebreos hacia el 1000 a. C. Hacia el 500 a. C., los antiguos chinos y los filósofos griegos expresaron la lógica subyacente del principio. Cicerón se acercó a la articulación del principio en su forma mod- erna. Tomás de Aquino reafirmó algo sorprendentemente similar a la no agresión después de la Edad Oscura, y los teólogos católicos llevaron la idea hasta el periodo moderno. Durante el siglo XVII, el principio de no agresión se elevó al pináculo de la filosofía occidental.

Clasificación JEL: B11, B12, K00, P14

Palabras clave: Principio de no agresión, ética, libertarianismo

“No one may threaten or commit violence (“aggress”) against another man’s person or property. Violence may be employed only against the man who commits such violence; that is, only defen- sively against the aggressive violence of another. In short, no vio- lence may be employed against a nonaggressor.”

— Murray N. Rothbard 1974, 116 “The use of coercion can be justified only where this is neces- sary to secure the private domain of the individual against inter- ference by others … coercion should not be used to interfere in that

private sphere where this is not necessary to protect others.”

— Friedrich Hayek 1976, 221
Unblocking Progress in Austrian Economics: Response to Skousen
Authors: Block Walter
Published: March 2021

Skousen is to be congratulated for creating an entirely new con- cept in economics, GO. There are not many social scientists of whom such a claim can be made, so this constitutes a gigantic accomplishment on his part.
There are other instances of this phenomenon: Menger, Aus- trian Economics; Rothbard, libertarianism; Buchanan and Tullock, Public Choice; Coase and Posner, Law and Economics; Milton Friedman, monetarism, the negative income tax, school vouchers; Wenzel, Private Property Society. Of course, we all stand on the shoulders of those who came before us. None of these people invented anything entirely out of the whole cloth. There are always predecessors for all scholars. For example, the School of Salamanca in many ways foreshadowed Austrian economics. But the fact that Skousen can even be mentioned in such august company is an indication of his creativity. Of course, there are many and serious reservations that can be launched at some of these,1 and Skousen is no exception to this rule, as I show in this present response.
The present paper is a rejoinder to Skousen (2017) which was, in turn, a critique of Barnett and Block (2016), hence “BnB”. It is organ- ized as follows, and I pattern my response to Skousen accordingly:
A. Skousen reiterates his position. B. He takes to task BnB on the following grounds. 1. BnB maintain that GO has taken the profes- sion by “storm”, and these authors err in this assertion; 2. Skousen attributes to BnB the claim that Austrian economists must reject aggregate data and upbraids BnB for this; 3. he reiterates his posi- tion on the “consumer spending” myth; 4. Skousen thinks the BnB critique of the Hayek triangle is misplaced; 5. BnB maintained that Skousenʼs GO amounts to no more than measuring vertical inte- gration; Skousen demurs; 6. BnB charged him with double count- ing; Skousen attempts to rebut this charge. I follow this organization of Skousenʼs interspersed with my commentary. In section III, I reiterate several criticisms of BnBʼs, on which Skousen has failed to comment. I conclude in section IV.
COMMON OBJECTIONS TO MISES’ THOUGHT (II). Individualism and particular aspects of his economic vision
Authors: Montealegre Ruy
Published: March 2021

In this article, some of the most common objections to Misesian thought will be assessed from a Catholic theological perspective. Beginning with an analysis of the most frequent criticisms advanced against his rationalism, it will proceed to examine those directed against Mises’ conception of liberty and individualism. Finally, a review and evaluation of some of the most relevant objections to his economic understanding will be presented. Dwelling into the, more o less conscious, depths of all the philosophical, cultural, psychological or, even, religious assumptions of Mises’ vast thought, in order to fully tease out his ontological or moral foundations, would probably be not only beyond the reach of the present article but of any one single article, and hence is not attempted. Its scope is much more modest. It pretends to analyze these objections from a praxeological perspective, limiting itself to bring into better focus the possible incompatibility or incongruity, if these indeed exists, of Mises’ thought with freedom and reason.
Keywords: Mises, theology, objections, freedom, reason.
JEL Classification: A13, B53, P16, P16, Z12, Z13.
Resumen: Este artículo se propone examinar algunas de las objeciones más comunes al pensamiento miseano desde una perspectiva teológica católica. Se iniciará con un análisis de las críticas más frecuentes sobre su racionalismo, para, luego, analizar las dirigidas contra su concepción de la libertad y del individualismo, respectivamente. Se abordarán ulteriormente las críticas más relevantes que han sido dirigidas contra la moralidad de algunos aspectos de su visión económica. En las siguientes páginas, no se pretende descender hasta las profundidades, más o menos conscientes, de todos los presupuestos filosóficos, culturales, psicológicos o, incluso, religiosos del pensamiento miseano, tamizando, de esta manera, completamente sus fundamentos ontológicos o morales. Su alcance es mucho más modesto. Pretende un análisis de estas objeciones desde una perspectiva praxeológica, limitándose a señalar la posible incompatibilidad o incongruencia, si es que existen, del pensamiento miseano con la libertad y la razón.
Palabras claves: Mises, teología, críticas, libertad, razón.
Clasificación JEL: A13, B53, P16, P16, Z12, Z13.
INFLUENCE OF LIQUIDITY ON FIRM PROFITABILITY, A CASE OF INVESTMENT FIRMS LISTED IN NAIROBI SECURITIES EXCHANGE (NSE), KENYA
Authors: Mogaka Joshua
Published: March 2021

ABSTRACT
Liquidity and firm profitability are the critical indicators of the performance of firms in any given sector. Liquidity ratios such as current ratio, cash ratio and quick acid test ratio are used to measure the ability of a firm and meet its short-term maturing obligations. Margin of safety is determined by the level of the ratio. Profitability ratio are concerned with the relative profit and efficiency of utilization of service resources of a business. This study was guided by three specific objectives; the correlation between the current ratio and profitability of investment firms listed in (NSE),Kenya, the correlation between the quick acid test ratio and profitability of investment firms listed in (NSE),Kenya and the correlation between the cash ratio on profitability of investment firm listed in NSE Kenya .Return on Assets (ROA) and Return on Investment (ROI) were used as measures of the performance of listed investment firms in (NSE),Kenya. The
study adopted a descriptive research design. The population of the study consisted all the investment firms listed in (NSE).The sampling technique was non-probability sampling technique for the all the investment firms listed in (NSE).The secondary data in the form of the annual reports and Accounts for the years 2014-2018 were be used. Simple correlation analysis was used to test the hypothesis at 10% level of significance. Analysis of data was tabulated and presented using frequency tables' percentages and explanations. A multi linear regression model was used to establish the relationship between independent and Dependent variables. The overall findings of the study indicated that: There is no significant positive correlation .between cash ratio and profitability; there was no definite significant correlation between acid-test ratio and profitability; there was a significant positive correlation between current ratio and
profitability. The researcher recommends that corporate entities should not pursue extreme liquidity policies at the expense of their profitability, that is, they should strike a balance between Liquidity and profitability.
Key Words: Liquidity, Profitability, Performance, Margin of Safety, ROA, ROI
Effect of clay content on strength and permeability of plastic loess-cement
Authors: Tchakalova Boriana
Published: March 2021

Plastic soil-cement is a type of soil stabilization used for the treatment of natural soil to improve its engineering properties. It is a hardened material prepared by mixing soil and Portland cement at a water content higher than optimum, usually near the liquid limit, without compaction at optimum water content to maximum dry density. In Bulgaria, this soil stabilization technique has been applied in foundation works in collapsible loess ground in order to replace a part of the collapsible layer, to increase the bearing capacity of the soil base and/or to isolate the geoenvironment from migration of pollutants.
The aim of the current paper is to examine the effect of the clay content of the loess soil on the strength and permeability of plastic loess-cement. Results from the investigation indicate that the mechanical and hydraulic properties of the plastic loess-cement highly depend on the presence of clay fraction.
Non-White Migration, Welfare Levels, and the Political Process: A Reply
Authors: Cebula Richard J.
Published: March 2021

In a recent issue of this Review, Premus and Weinstein (7, p. 11) allege to “. .. correct the specification and identification errors in …” a paper on welfare levels and non-white migration patterns which I (2) had earlier published in another journal. Premus and Weinstein (hereafter P-W) first critique my paper and then offer a “corrected” model upon which they base certain policy implications. The purposes of this reply are, first, to critique the model and results in the P-W paper and, second, then to offer an alternative model on non-white migration and welfare.
A Note on the Determinants of Inter-Metropolitan Migration
Authors: Cebula Richard J. , Davis Margaret N.
Published: March 2021

The objective of this note is to examine empirically the impact on geographic mobility of explicitly including geographic living costs in the migration decision calculus. This study is directed toward an analysis of migration patterns in the United States. Specifically, the study examines net migration over the 1960-1970 period to some 36 Standard Metropolitan Statistical Areas (SMSA’s) in the United States for which adequate living-cost data are available.
Desirability Of Climate and the Spatial Allocation of Migrants: A Statistical Inquiry
Authors: Renas Stephen M. , Kumar Rishi
Published: March 2021

How important is climate as a factor influencing people’s migration decisions? Although the number of scholarly studies dealing with the determinants of migration has grown substantially in recent years, the role of climate as a determinant of migration has not received the attention that it deserves. Only a few studies have examined in some detail the effect of climatic conditions on people’s decisions to migrate. These studies have found that climate does play an important role in determining the spatial allocation of migrants. Still, several issues concerning the role of climate on the migration decision remain unexplored. The purpose of this paper is to examine some of these issues. In addition to determining which climate variables significantly affect migration flows, we assess the relative sensitivity of migration to climatic versus nonclimatic factors. Also, our statistical results are used to rank various locations according to the desirability of their climates.
U.S. Regionalism: Evolution of an Era
Authors: Newman Monroe
Published: March 2021

It is now more than thirty years since the United States formally committed itself to a policy of seeking maximum employment. Since the passage of the Employment Act in 1946, myriad actions have been taken to try to achieve the goals of economic efficiency and equity that that Act establishes. In numerous ways, that law marked a watershed in national domestic policy by making it an obligation of the Federal government consciously to seek means to those goals. Sub-national economic development policy has been one expression of striving toward the goals established by the Act.
Three Models of Net Metropolitan Migration
Authors: White Michael J.
Published: March 2021

A major shortcoming of existing research on human migration is its lack of comparability. Widely different sets of explanatory variables, demographic groups, geographic units, and sample sizes have been used. Often the absence of explicit disciplinary theory makes it difficult to interpret these findings or make any confident generalizations or predictions about population shifts. In response to this weakness, this paper examines patterns of age-race specific net migration of males between United States metropolitan areas for I960 to 1970 using three models of migration, each of which has a distinct conceptual underpinning. The first model draws on several neoclassical economic perspectives, the second discusses the influence of non-traded goods, and the third derives and tests an ecological model of migration.
Regional Growth Differential in Manufacturing Employment: The Case of the Province of Ontario, Canada
Authors: Andrikopoulos Andreas A.
Published: March 2021

It is the purpose of this paper to formulate testable hypotheses concerning the shift components of manufacturing employment in the province of Ontario, Canada. Like many other relevant studies, the one set out in this paper draws upon several elements that have been utilized elsewhere. It does, however, break away from the traditional approaches in the sense that it introduces new explanatory variables of the shift components and, additionally, provides a thorough investigation of the growth components of employment on an industry-by-industry basis using time-series data.
Systematic Assessment Biases and Effective Property Tax Differentials
Authors: Levin Sharon
Published: March 2021

The purpose of this paper is to present some findings on the causes and magnitudes of systematic biases in the assessment of single-family residences between and within neighborhoods of a multi-jurisdictional assessment district. Previous studies have confined their analyses to a single municipality and assessment district. This paper draws a distinction between intentional and unintentional biases in the process and the resulting horizontal and vertical inequities. Further, the effect of assessment variation on effective property tax differentials is also examined.
A Regional Analysis of U.S. Agricultural and Manufacturing Labor Market
Authors: Cheng Juei Ming
Published: March 2021

The purpose of this study is to identify and estimate the underlying structural demand and supply relations for farm and manufacturing labor forces on a regional basis, and to use these relationships in interpreting the wage disparities and labor supply conditions among the regions between farm and manufacturing sectors. Defined specifically, this paper constructs a simultaneous equation model for the labor market, and uses econometric techniques to point out differences in factors and conditions which affect the demand for and supply of labor among the regions and between the sectors. Using cross-sectional data by state for 1950 and I960, the focus is on the classic case of the differences between the South and the non-South.
An Inquiry into the Demand for Aircraft Noise Abatement
Authors: McDougall Gerald S.
Published: March 2021

The purpose of this investigation is to provide insights into household responses to aircraft noise pollution by estimating the implicit demand, as revealed by residential site choice and therefore property values, for aircraft noise abatement (i.e., noise related environmental quality). Given this demand relation it is possible to estimate the compensating variation associated with noise pollution differentials; that is the amount households are willing to pay for an increase in environmental quahty associated with a reduction in aircraft noise.
The Determinant’s of Florida Tourist Flows: A Gravity Model Approach
Authors: Durden Garey C. , Silberman Jonathan
Published: March 2021

This paper presents a model for predicting the number of tourists entering Florida per time period by state of origin. The model developed is essentially a gravity interaction model of tourism flows. Data are cross-sectional by state of tourist origin from four years, 1964, 1965, 1967, and 1968. These particular years were chosen for analysis because they represent time periods for which tourist travel may be separately estimated by all modes, by automobile and by airplane.
An Urban-Regional Employment Demand Model
Authors: Babcock Michael W.
Published: March 2021

Previous research has developed the regional impact of various expenditure policies on economic growth. However, there are limitations to these models. This paper builds upon the literature to develop a local employment demand model. The model served as the basis for detailed occupation demand forecasts for the state of Illinois.
City-Suburb Variations in Housing Consumption and Production Patterns
Authors: Martin Randolph C.
Published: March 2021

This paper presents some empirical evidence relating to differences in housing consumption and production patterns between central cities and suburbs for a small group of U.S. urbanized areas. Richard Mutb has observed a strong tendency for the average value of bousing consumed per household to increase with distance from the Central Business District (CBD) for a sample of cities. He also finds a negative relationship between the average value of bousing produced per square mile and distance for the same group of cities. The intent here is to determine whether or not these relationships are continuous across corporate boundaries. Are the types of patterns observed for cities also applicable to entire metropolitan areas or is there a tendency for suburbs to have different consumption- distance and production-distance relationships? And, if there are differences, how can they be explained?
The Quality of Life and Migration of the Elderly
Authors: Cebula Richard J.
Published: March 2021

The present paper seeks to contribute to the literature by investigating the impact of quality of life variables on the migration of the elderly. The uniqueness of this paper rests primarily on its concern with a particular age group of migrants, the “elderly,” defined here as “all persons 65 years of age or older.”
Partisan Determinants of Federal Highway Grants
Authors: Hankins William B. , Goetzke Frank , Hoover Gary
Published: March 2021

Using data from the Department of Transportation’s Federal Highway Administration, we examine whether political ideology and political alignment affect how much a state receives in per-capita highway funding. For the period 1994 - 2008, we find evidence that Republican-dominated House of Representatives delegations received more highway funding per capita compared with Democratic delegations, especially in states with below average urban population shares. Overall, the distribution of highway spending during this time period appears to have been determined by political, rather than deterministic, considerations. In a way, it is consistent with how the Interstate Highway Sy
Input-Output Agglomeration: A Temporal Analysis
Authors: Blair John P.
Published: March 2021

This paper attempts to clarify aspects of agglomeration. The thesis is that, because of a wide-spread neglect of the temporal dimension, the role of input-output linkages in the agglomeration process has been inadequately understood.
Stability of Regional Share Components?
Authors: Kuehn John A.
Published: March 2021

This comment presents an additional test of the stability of regional share components in total and by industrial sectors for the periods 1940-50, 1950-60, and 1960-70. Employment data by industrial sectors were obtained from the U.S. Censuses of Population for all 372 counties in Arkansas, Kansas, Missouri, and Oklahoma. This four state area included most of the Ozarks Economic Development Region. Disaggregation by county and industrial sectors was considered appropriate because the utility of predictive models increases with disaggregation and because analysis of averages and aggregated data may encounter biases and problems of statistical inference. Regional shares by industry were calculated using national growth rates as the base so that regional shares represent the amounts by which each industry’s growth exceeded or fell below the same industry’s national growth rate.
Is Out-Migration Affected by Economic Conditions: An Abstract
Authors: Miller Edward
Published: March 2021

This paper reports on an investigation of the effects of economic variables on gross out-migration rates from states 1955-1960 utilizing controls for the propensity to migrate.
Employment, Population, and Income Growth in the South, 1960-1970: A Comment
Authors: Niemi Jr. Albert W.
Published: March 2021

This comment discusses the analysis and results in Haren (1973).
An Experiment in Computer-Aided Instruction in Regional Economics: Comment
Authors: Haworth Joan G.
Published: March 2021

This paper discusses Nicholas (1973).
Employment Change Patterns: Some Empirical Tests: Comment
Authors: Grant Clayton
Published: March 2021

This paper is a comment on Ashby (1973).
Reducing Regional Income Differentials with Capital Transfers in the Self-Management Economy: Yugoslavia, 1947-1965: Comment
Authors: Woltemade Uwe Jan
Published: March 2021

This paper is a comment on Mazek and Hocevar (1973).
Income Distribution and Regional Policy: The Case of Appalachia: Comment
Authors: Grimes Jr. A. Ray
Published: March 2021

This paper is a comment on Gunther and Leathers (1973).
Estimation of the Value of Travel Time: Models Considering Binary and Multi Mode Choice
Authors: Kraft John , Kraft Arthur
Published: March 2021

Recent empirical investigations into the mode choice decisions of travelers has resulted in the estimation of the value which individuals placed on time spent in travel. In most cases the individual’s choice among competing travel modes is based on the cost and the time characteristics of the modes under consideration. The individual’s value of travel time is then allowed to influence his mode choice decision. Many of the past mode choice models contained two deficiences. First, the time and cost characteristics of the modes did not reflect the complete cost and time associated with the journey, but considered only the ticket cost and the time spent on the particular mode. Second, in the past most of the mode choice models computed the value placed on travel time in a binary choice situation.
Some Problems with Accessibility Standards: A Comparison of Household Preferences to Standards for Work, Shopping, and School Trips
Authors: Kaiser Edward J. , Bulter Edgar W. , McAllister Ronald J. , Thibeault Russell W.
Published: March 2021

Empirically measured accessibility preferences of a national sample of metropolitan households are compared to three time distance standards recommended by the American Public Health Association and generally accepted within the urban planning profession. Data analyses suggest that accessibility desires are related to actual trip time to work, shopping center, and elementary school and to broader measures of residential satisfaction. However, the commonly accepted maximum time distance standards are in adequate measures of people’s accessibility desires. Preliminary attempts to account for the variation in accessibility desires left unexplained by the standards are made by dividing the total sample into more homogeneous sub-groups, but this approach largely failed. The purpose of this paper is to compare the empirically measured accessibility preferences of a national sample of metropolitan households to three accessibility standards generally accepted within the planning profession.
Regional Environmental Quality: An Optimal Industry Mix to Minimize Pollution: Comment
Authors: Throckmorton H. Bruce
Published: March 2021

This paper is a comment on Meadows and Hite (1973).
Recreation: Economic Development Impact and Seasonality: Comment
Authors: Elrod Robert H.
Published: March 2021

This paper is a comment on Garbacz (1973).