This is the second of two essays on the influences of Peter Drucker’s exposure to proponents of the Austrian School of economics on his writing and philosophical views. In the first essay, “On the Foundations of the Drucker Vision,” I review the major influences that appear to have shaped much of his thinking, focusing mainly on post-World War I European history and the development of the Austrian School. In this essay, I review Drucker’s writing with the objective of tracing the how his views have been shaped by these influences. I focus, in particular on Drucker’s views of classical economics, the profit motive, corporate purpose, the value imperative, corporate social responsibility, managerial ethics, corporate purpose, innovation, pension funds, and the market for corporate control. The over-arching objective of both essays is to provide clearer interpretation of the meaning of some of Drucker’s most important and frequently misunderstood contributions.
{"title":"The Drucker Vision: Corporations, Managers, Markets, and Innovation","authors":"Richard L. Smith","doi":"10.2139/ssrn.1459512","DOIUrl":"https://doi.org/10.2139/ssrn.1459512","url":null,"abstract":"This is the second of two essays on the influences of Peter Drucker’s exposure to proponents of the Austrian School of economics on his writing and philosophical views. In the first essay, “On the Foundations of the Drucker Vision,” I review the major influences that appear to have shaped much of his thinking, focusing mainly on post-World War I European history and the development of the Austrian School. In this essay, I review Drucker’s writing with the objective of tracing the how his views have been shaped by these influences. I focus, in particular on Drucker’s views of classical economics, the profit motive, corporate purpose, the value imperative, corporate social responsibility, managerial ethics, corporate purpose, innovation, pension funds, and the market for corporate control. The over-arching objective of both essays is to provide clearer interpretation of the meaning of some of Drucker’s most important and frequently misunderstood contributions.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123810878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article analyses the role of international supply chains as transmission channels of a financial shock. Because individual firms are interdependent and rely on each other, either as supplier of intermediate goods or client for their own production, an exogenous financial shock affecting a single firm, such as the termination of a line of credit, reverberates through the productive chain. The transmission of the initial financial shock through real channels is tracked by modelling input-output interactions. The paper indicates that when banks operate at the limit of their institutional capacity, defined by the capital adequacy ratio, and if assets are priced to market, then a resonance effect amplifies the back and forth transmission between real and monetary circuits. The paper illustrates the proposed methodology by computing a supply-driven indicator (IRSIC) and indirect demand-driven impacts on five interconnected economies of different characteristics: China, Japan, Malaysia, Thailand and the United States.
{"title":"International Trade and Real Transmission Channels of Financial Shocks in Globalized Production Networks","authors":"H. Escaith, Fabien Gonguet","doi":"10.2139/ssrn.1408584","DOIUrl":"https://doi.org/10.2139/ssrn.1408584","url":null,"abstract":"The article analyses the role of international supply chains as transmission channels of a financial shock. Because individual firms are interdependent and rely on each other, either as supplier of intermediate goods or client for their own production, an exogenous financial shock affecting a single firm, such as the termination of a line of credit, reverberates through the productive chain. The transmission of the initial financial shock through real channels is tracked by modelling input-output interactions. The paper indicates that when banks operate at the limit of their institutional capacity, defined by the capital adequacy ratio, and if assets are priced to market, then a resonance effect amplifies the back and forth transmission between real and monetary circuits. The paper illustrates the proposed methodology by computing a supply-driven indicator (IRSIC) and indirect demand-driven impacts on five interconnected economies of different characteristics: China, Japan, Malaysia, Thailand and the United States.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125129829","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper models a multilateral agreement on investment (MAI) as a coordination device. Multinational enterprises can invest in any number of countries. Without a multilateral investment agreement, expropriation triggers an investment stop by the single MNE. Under a multilateral agreement, expropriation leads to a joint reaction by all MNEs. Switching to such a regime increases worldwide FDI and raises the world interest rate. Distinguishing three groups of countries, we show that industrialized countries experience an outflow of capital but benefit overall due to an increase in repatriated profits. Middle income countries are likely to gain from increased inward FDI, whereas least developed countries lose because they receive less FDI. Our results explain the stylized fact that a multilateral investment agreement was opposed by least developed nations and certain groups in rich countries.
{"title":"The Economics of a Multilateral Investment Agreement","authors":"Jiahua Che, Gerald Willmann","doi":"10.2139/ssrn.1360647","DOIUrl":"https://doi.org/10.2139/ssrn.1360647","url":null,"abstract":"This paper models a multilateral agreement on investment (MAI) as a coordination device. Multinational enterprises can invest in any number of countries. Without a multilateral investment agreement, expropriation triggers an investment stop by the single MNE. Under a multilateral agreement, expropriation leads to a joint reaction by all MNEs. Switching to such a regime increases worldwide FDI and raises the world interest rate. Distinguishing three groups of countries, we show that industrialized countries experience an outflow of capital but benefit overall due to an increase in repatriated profits. Middle income countries are likely to gain from increased inward FDI, whereas least developed countries lose because they receive less FDI. Our results explain the stylized fact that a multilateral investment agreement was opposed by least developed nations and certain groups in rich countries.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"302 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134477957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The goal of this paper is to discuss the potential of cluster theory to inform industry policy. The essay surveys recent literature published in Australia and in other OECD countries and draws out some of the key issues relevant to policy decisions. The discussion is organised in five sections. The first three sections lay the intellectual foundations by outlining the nature of the theory, identifying some of the strengths and weaknesses of the cluster approach, and highlighting the main contributions of the theory. Section four analyses the policy dimension of cluster theory, which is the main theme of the discussion, and in section five the focus turns to some of the practical issues that might affect policy development and implementation.
{"title":"Cluster Theory and Industry Policy: An Overview","authors":"Stanislav Bucifal","doi":"10.2139/ssrn.1486629","DOIUrl":"https://doi.org/10.2139/ssrn.1486629","url":null,"abstract":"The goal of this paper is to discuss the potential of cluster theory to inform industry policy. The essay surveys recent literature published in Australia and in other OECD countries and draws out some of the key issues relevant to policy decisions. The discussion is organised in five sections. The first three sections lay the intellectual foundations by outlining the nature of the theory, identifying some of the strengths and weaknesses of the cluster approach, and highlighting the main contributions of the theory. Section four analyses the policy dimension of cluster theory, which is the main theme of the discussion, and in section five the focus turns to some of the practical issues that might affect policy development and implementation.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130599168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The relationship between industrial structure and economic performance has long interested researchers in regional science, industrial economics, and economic development. Research on the subject, however, has largely overlooked the influence that regional industrial dominance-regional concentration within a specific industry-may have upon smaller local firms in that industry. This dissertation investigates the links between regional industrial dominance, agglomeration economies, and firm performance for selected U.S. industries, focusing on two main hypotheses: 1) plants in regional industries dominated by a few relatively large firms are less productive than establishments in the same industry located in other regions; 2) small establishments in dominated regional industries are less productive because they are limited in their ability to take advantage of regionally available external economies.Confidential micro-level data from the United States Census Bureau are used to estimate a cross-sectional production system at the plant level for three manufacturing sectors: rubber and plastics, metalworking machinery, and measuring and controlling devices. The models incorporate indicators of regional industrial dominance, spatially attenuating measures of agglomeration economies, and controls for other relevant establishment and regional characteristics. Estimating production functions at the establishment level serves to address many of the methodological drawbacks of earlier production function work and supports direct tests of the research hypotheses.The primary finding is that regional industrial dominance has substantial negative impacts on production, especially for small, dominated establishments. There is little evidence to support the second hypothesis that the diminished productivity of dominated businesses stems from reduced capacity to exploit localized agglomeration economies. The results demonstrate the importance of regional industrial dominance as a determinant of establishment productivity, and indicate that analysts and policymakers should examine regional industrial structure as a key component of the external environment that helps shape business performance and regional economic adaptability. Further research will be required to understand the precise mechanisms by which regional industrialdominance acts to influence economic performance and to guide the design of appropriate policies for economic development.
{"title":"Regional Industrial Dominance and Business Success: A Productivity-Based Analysis [Dissertation]","authors":"J. Drucker","doi":"10.2139/SSRN.1356249","DOIUrl":"https://doi.org/10.2139/SSRN.1356249","url":null,"abstract":"The relationship between industrial structure and economic performance has long interested researchers in regional science, industrial economics, and economic development. Research on the subject, however, has largely overlooked the influence that regional industrial dominance-regional concentration within a specific industry-may have upon smaller local firms in that industry. This dissertation investigates the links between regional industrial dominance, agglomeration economies, and firm performance for selected U.S. industries, focusing on two main hypotheses: 1) plants in regional industries dominated by a few relatively large firms are less productive than establishments in the same industry located in other regions; 2) small establishments in dominated regional industries are less productive because they are limited in their ability to take advantage of regionally available external economies.Confidential micro-level data from the United States Census Bureau are used to estimate a cross-sectional production system at the plant level for three manufacturing sectors: rubber and plastics, metalworking machinery, and measuring and controlling devices. The models incorporate indicators of regional industrial dominance, spatially attenuating measures of agglomeration economies, and controls for other relevant establishment and regional characteristics. Estimating production functions at the establishment level serves to address many of the methodological drawbacks of earlier production function work and supports direct tests of the research hypotheses.The primary finding is that regional industrial dominance has substantial negative impacts on production, especially for small, dominated establishments. There is little evidence to support the second hypothesis that the diminished productivity of dominated businesses stems from reduced capacity to exploit localized agglomeration economies. The results demonstrate the importance of regional industrial dominance as a determinant of establishment productivity, and indicate that analysts and policymakers should examine regional industrial structure as a key component of the external environment that helps shape business performance and regional economic adaptability. Further research will be required to understand the precise mechanisms by which regional industrialdominance acts to influence economic performance and to guide the design of appropriate policies for economic development.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114439097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper examines neoclassical measures to evaluate government policy in transition countries: 1) marginal factor prices and the return to capital, 2) growth rates and taxes, 3) inflation rates, and 4) debt/GDP ratios, related to international real business cycle and endogenous growth theory. It further postulates a way to consider the debt/equity position of the government, related to a risk-yield framework. This gives a potentially more useful indicator than the debt/GDP ratio alone. Empirically these measures are examined in an illustrative way for a set of Central European countries plus Germany and the US for comparison, for the period of 1990-1998, using an internally standardized data set from the on-line International Financial Statistics.
{"title":"Evaluating Government Policy in Transition Countries","authors":"Max Gillman","doi":"10.2139/ssrn.1444764","DOIUrl":"https://doi.org/10.2139/ssrn.1444764","url":null,"abstract":"The paper examines neoclassical measures to evaluate government policy in transition countries: 1) marginal factor prices and the return to capital, 2) growth rates and taxes, 3) inflation rates, and 4) debt/GDP ratios, related to international real business cycle and endogenous growth theory. It further postulates a way to consider the debt/equity position of the government, related to a risk-yield framework. This gives a potentially more useful indicator than the debt/GDP ratio alone. Empirically these measures are examined in an illustrative way for a set of Central European countries plus Germany and the US for comparison, for the period of 1990-1998, using an internally standardized data set from the on-line International Financial Statistics.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124914530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sustainability has been accelerating around the globe due to the urban transformation for economic advancement. Areas of urban development, be it the transition from rural to urban or the land uses at urban/rural edge, require better sustainable designing from both urban and rural perspective to shape, manage and preserve the ecosystems people depend on.
Although the enhancement of architectural quality has been traditionally considered for ages, still a number of urban governments and political elites begin to acknowledge the link between sustainability and economy. One needs to recognize that an improved development can contribute to local economic regeneration. A re-imagined attempt towards it can attract investment and act as a catalyst for economic rejuvenation.
It is important how a city cultivates a new image of urban development that plays a crucial role in the transformation of the city as a service–based urban economy. A city’s sustainable urban development is not simply an expression of broader economic and socio-cultural changes, but plays a major role in shaping the external and internal image of the city.
This Study aims to look at economic growth from the perspective of sustainability. This research studies the economic growth at regional level and the sustainable urban factors that influence it. It also studies those technologies that better link sustainability and economic growth. This research concludes by assessing the role of sustainability in economic generation and how it can potentially make a positive contribution to the rejuvenation of a local economy.
{"title":"An Economic Perspective of a City: A Focus on Sustainability for Economic Advancement","authors":"J. Safrin Rex Dulcie, Jala Suhitha","doi":"10.31224/osf.io/x765v","DOIUrl":"https://doi.org/10.31224/osf.io/x765v","url":null,"abstract":"Sustainability has been accelerating around the globe due to the urban transformation for economic advancement. Areas of urban development, be it the transition from rural to urban or the land uses at urban/rural edge, require better sustainable designing from both urban and rural perspective to shape, manage and preserve the ecosystems people depend on.<br><br>Although the enhancement of architectural quality has been traditionally considered for ages, still a number of urban governments and political elites begin to acknowledge the link between sustainability and economy. One needs to recognize that an improved development can contribute to local economic regeneration. A re-imagined attempt towards it can attract investment and act as a catalyst for economic rejuvenation.<br><br>It is important how a city cultivates a new image of urban development that plays a crucial role in the transformation of the city as a service–based urban economy. A city’s sustainable urban development is not simply an expression of broader economic and socio-cultural changes, but plays a major role in shaping the external and internal image of the city.<br><br>This Study aims to look at economic growth from the perspective of sustainability. This research studies the economic growth at regional level and the sustainable urban factors that influence it. It also studies those technologies that better link sustainability and economic growth. This research concludes by assessing the role of sustainability in economic generation and how it can potentially make a positive contribution to the rejuvenation of a local economy.","PeriodicalId":147967,"journal":{"name":"ERPN: Economic Systems (Sub-Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121985968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：