This article proposes the existence of a trade-off between time and violence in the production of illegal returns. The use of violence is perceived as a rational decision, subjected to cost (Increased severity of punishment) and benefit (reduced probability of conviction) considerations. The note examines the relations between violence and the attitude toward risk, and between violence and deterrence, emphasizing the role of prior detection of illegally carried weapons in combating violence.
“Navajo Economic Behavior” is an attempt to explain why development schemes on the Navajo Reservation have thus far failed. The main hypothesis is that these failures are the result of reliance on orthodox economic development theories of questionable relevance when applied to the Navajo. The reason such theories might not be appropriate is that they are based on assumptions regarding human behavior (maximation, and so forth) that do not apply to the Navajo with their unique cultural evolution. To illustrate the point, a brief review of the neoclassical economic model is offered and then compared to a model of Navajo economic behavior. The Navajo are shown to behave in a fashion somewhat different from the utility maximizing Anglo. The overlay of orthodox economic policy onto a unique Navajo economic system is shown to be the cause of confrontation and policy failure rather than stimulation of economic growth. The conclusion is that in an energy and resource scarce world, the Navajo with their ownership of such resources will be pushed further into the Anglo economic arena, despite cultural differences that may not make them comfortable there. Hence there exists the possibility of further failures of even the most well-intentioned economic growth schemes.
Most financial researchers utilize the shareholder wealth maximization model to explain corporate managerial behavior. It is empirically demonstrated that such a model cannot explain the degree of merger activity by banks—regulated entities— during a recent period. Empirical results suggest, however, that there is a link between degree of bank merger activity and bank prestige. Perhaps financial researchers could improve their explanatory models by incorporating “social wealth” factors along with “economic wealth” factors.
Do the personal characteristics of successful entrepreneurs differ from those of successful managers? This question is addressed using a random sample of Dutch firms. The personal characteristics of leaders of small firms, more adequately described as entrepreneurs, are compared with the leaders of larger firms, more adequately described as managers.
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