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In Defense of the Real Bills Doctrine

PublikationArtikel (med peer review)
Företagandets villkor, Per Hortlund, Real bills doctrine, Valuta

Sammanfattning

For over seventy years, the question of what caused the Great Depression in the United States (1929–1933) has been one of the most debated economic issues. Since Friedman and Schwartz (1963), the cause has prominently been attributed to monetary mismanagement by the Fed, which let the money stock contract and thus failed to act as a lender of last resort. Recently, some authors have seen this contraction as a necessary consequence of the gold standard, which “fettered” the Fed’s hands making it unable to respond to increased currency demands (Bernanke 1993, Eichengreen 1992 and 2002, Temin 1989 and 1994, Wheelock 1992). In the previous issue of Econ Journal Watch, Richard Timberlake takes issue with this view. In my judgment, Timberlake successfully argues against “golden fetters” and exonerates the gold standard. But there is a secondary aspect of Timberlakes’s article. Timberlake blames the Great Contraction on the Fed’s adherence to the so-called Real Bills Doctrine.

Hortlund, P. (2006). ”In Defense of the Real Bills Doctrine.”Econ Journal Watch, 3(1): 73-87.


Liknande innehåll

The openness of open innovation in ecosystems
Artikel (med peer review)Publikation
Öberg, C., & Alexander, A.
Publiceringsår

2019

Sammanfattning

Open innovation has rendered increased interest both in practice and research, and has expanded from dyadic transfers of ideas, to ecosystem levels. Knowledge is at the heart of open innovation, and this paper describes and discusses knowledge-transfer linkages for open innovation. It does so based on a literature review. The paper links together open innovation research with general management research to categorise and discuss linkages among parties in terms of their openness and how they relate to knowledge management. Conclusions indicate that openness needs to be considered in different dimensions that also links to different knowledge management outcomes. The paper’s contribution consists of how it connects open innovation research to the general management literature, and how it builds a practical understanding of how linkages between firms can be categorised to aid firms to consider which mechanisms they may choose and why.

Municipally Owned Enterprises as Danger Zones for Corruption? How Politicians Having Feet in Two Camps May Undermine Conditions for Accountability
Artikel (med peer review)Publikation
Bergh, A., Erlingsson, G., Gustafsson, A. & Wittberg, E.
Publiceringsår

2019

Publicerat i
Sammanfattning

The market-inspired reforms of New Public Management have been particularly pronounced in Swedish local government. Notably, municipally owned enterprises (MOEs) have rapidly grown in numbers. Principal-agent theory gives rise to the hypothesis that the massive introduction of MOEs has impacted negatively on the conditions for accountability in Swedish local government. To study this, social network analysis was employed in mapping networks for 223 MOEs in 11 strategically chosen municipalities, covering a total of 732 politicians. The analysis reveals substantial overlaps between principals (representatives of the ultimate stakeholders, citizens) and agents (the boards of the MOEs). Hence, corporatization of public services seems to imply worrisome entanglements between the politicians who are set to steer, govern, and oversee MOEs on the one hand, and the board members of MOEs on the other. The increasing numbers of MOEs may therefore have adverse effects on accountability in important and growing parts of Swedish local government.

The role of business networks for innovation
Artikel (med peer review)Publikation
Öberg, C.
Publiceringsår

2019

Sammanfattning

A business network consists of directly and indirectly connected companies, where social and economic ties help to understand these connection. Innovations could be seen to relate to business networks in two ways: they may result from interaction between business partners, or they would need to fit into, or through changes to interaction patterns among various business partners, be fitted into new or current business networks. In the literature on innovation, the incremental, radical, or disruptive characteristics of the innovations are frequently described as degrees of newness. This paper categorizes characteristics of business networks based on their role to create various types of innovations, and based on the various types’ consequences for the business network. The empirical part of this paper is based on six case-study examples from interviews performed by the author. The findings suggest links between the type of innovation, and the role of the network and network consequences. The paper contributes to previous research through discussing the role of business networks for various types of innovation. Furthermore, the paper contributes to previous research through indicating the various types of innovations’ consequences for the business network. Most previous research on business networks and innovation only concerns itself with how various parties participate in idea generation and co-development of innovations, while the consequences for the business network is not described extensively.

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