...The Reader’s Digest condensed version of The Road to Serfdom The Road to Serfdom FRIEDRICH A. HAYEK The condensed version of The Road to Serfdom by F. A. Hayek as it appeared in the April 1945 edition of Reader’s Digest The Institute of Economic Affairs First published in Great Britain in 1999 in the ‘Rediscovered Riches’ series by The Institute of Economic Affairs 2 Lord North Street Westminster London sw1p 3lb Reissued in the ‘Occasional Paper’ series in 2001 This condensed version of The Road to Serfdom © Reader’s Digest, reproduced by kind permission The Road to Serfdom is published in all territories outside the USA by Routledge. This version is published by kind permission. All other material copyright © The Institute of Economic Affairs 1999, 2001 Every effort has been made to contact the copyright holders associated with this edition. In some cases this has not been possible. The IEA will be pleased to include any corrections in the next edition. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. A CIP catalogue record for this book is available from the British Library. isbn 0 255 36530 6 Many IEA publications are translated into...
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...| The Abuse of Keynes’ Theory of Government Spending | And Why Government Spending Needs to Stop | | Chase Cooper | 12/13/2012 | Political Economy Dr.Ramos Abstract: The goal of my research paper is to analyze and present how John Maynard Keynes’ theory on government spending is being abused by the American government insofar that the American government is not following the guidelines and foundations that premised Keynes’ theory, and instead are picking the parts of the theory that allow them to spend at unsustainable levels, creating problems that, one way or another, eventually have to be resolved. My research will prove how the American government is conducting fiscal policy in a way that abuses Keynes’ theory on government spending, and, as a result, why Keynes would not support the American government in their spending endeavors, despite using his theory as their justification. I will be critiquing the application of Keynes’ theory from the Austrian, specifically the works of Friedrich A. Hayek, and Monetarist perspectives, supported by arguments given by Milton Friedman. Section 1: Keynes’ Theory on Government Spending John Maynard Keynes published his famous work, The General Theory of Employment, Interest, and Money, in 1936, during the Great Depression. Economies all over the world were suffering severely from the Great Depression, and there was little hope of economic recovery in the near future. Keynes agreed with the classical economist’s notion...
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...Valerie Hernandez 12/5/14 Prof. Scott Brown Research Paper The Hollywood entertainment industry has typically treated as well as portrayed homosexuals as subject of negative stereotypes. When Gay representation was introduced to popular culture, the gay, lesbian, bisexual, and transgender community was oppressed from the start. Later, film and television attempted to create well-rounded homosexual characters but focused in depicting gay stereotypes and how they shaped the public's impression of the gay community. These stereotypes created a non-threatening sissy gay and a warrior lesbian. Throughout history, heterosexual men are seen to be strong and proud of their masculinity and homosexuals have been perceived as lacking masculinity and feminine. Gay characters started to emerge in the 1990’s in both television and movies. Ellen DeGeneres and her character Ellen Morgan coming out under much scrutiny on the TV show ‘Ellen,’ which eventually led to her own talk show. The movie The Birdcage, with Robin Williams was about a gay cabaret owner and his drag queen companion. Gays and lesbians have been around for a long time, especially in Hollywood, but more people started to come out in the 90’s. With the popularity of shows like Will and Grace, which feature leading gay characters, as well as the show Friends, Ross Gellar’s lesbian ex-wife Carol, marries her partner and happily co-parents her son with Ross. Over a period of time we are slowly seeing gay, lesbian, and bi-sexual...
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...Entrepreneurship Entrepreneurship is the act and art of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.[1] According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." [2] And in recent years has been documented by scholars such as David Audretsch to be a major driver of economic growth in both the United States and Western Europe. "As well, entrepreneurship may be defined as the pursuit of opportunity without regard to resources currently controlled...
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...Ethics 22 November 2011 Dow Corning and the Silicone Breast Implants The pressures society places on women’s physical appearances can and often has created a psychological weakness on many women’s state of mind and physical well-being. On average people spend in excess of seven billion dollars per year on plastic surgery. The obsession American women have come to believe is normal concerning their physical beauty drives women to plastic surgeons by the millions each year. Women like Selma Hayek, Pamela Anderson, and Dolly Parton are all in essence physical role models for the average woman. Many companies have created products that are used to enhance the female physic from the inside out. This writing will explore the lengths a company will go to in order to gain profit from women who are desperate to enhance their physical appearance. In addition, the ethical practices of a certain company that were set aside to maintain revenues and side step litigation are examined within this paper. The Dow Corning Corporation was once thought to be a stellar company in terms of its ethical business practices. The Dow Corning Corporation was established in 1897 by a Canadian Chemist named Herbert Henry Dow (Dow Corning Breast Implants, 2011). Dow Corning Corporation rapidly became one of the few major manufacturing producers that made silicone products. Considering the fact that the Dow Corning Corporation is the second largest manufacturer of chemicals in the world and the greatest...
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...Miracle: The Wisely Chosen Economic Policies and The Economic Trend of 20th Century Van Nguyen Keystone College Abstract: Asian economic miracle refers to three groups of East Asian countries making miracle in transforming their economies from the third world to the first world ranking. There are three generations of Asian miracle. Starting with Japan, the first generation of what called Asian miracle, following with the second generation including South Korea, Hong Kong, Singapore, and Taiwan, and final generation consists of some Southeast Asian countries such as Thailand, Malaysia. This paper is going to talk about the second generation of Asian economic miracle. By showing their economic achievement, illustrating their economic policies, and analyzing how the economic trend of 20th century reflected on those policies, this paper will argue that Asian miracle was the result of the wise choices of how to manage an economy. Furthermore, developing countries should learn the lessons of how to choose the right economic policies to make economic miracle. Asian Economic Miracle: The Wisely Chosen Economic Policies and The Economic Trend of 20th Century Introduction According to the East Asian Miracle (EAM, World Bank, 1993), “East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990 the twenty-three economies of East Asia grew faster than all other regions...
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...Awareness About Dyslexia I chose this topic – Awareness About Dyslexia as my term paper because dyslexia caught my attention since I had watched the movie entitled “Every Child Is Special” in one of my major subjects with Mrs. Winona E. Sanque just last year. As the main character, Ishan, never had a chance to be understood by his family, teachers, classmates, and friends. Being sent to a very exclusive school for boys far away from his home, there he also experienced maltreatment and embarrassments. Until one day, an Art substitute teacher came along to his life and change it as well as to all people around him so to me. But this desire of mine in knowing more about dyslexia had been finalized when I read an article in Developmental Reading book entitled “On Being Seventeen, Bright, and Unable to Read” by David Raymond. I start to accept and understand them heartfully. So as I make this term paper I would like to impart my awareness to others as well as they read my researched information I gathered. I. Definition of Dyslexia Dyslexia is a term that refers to many reading disabilities thought to be the result of a disorder in the central nervous system. But most of people began to use the term to describe a broad range of reading problems, and even spelling and writing problems. II. Kinds of Dyslexia There are several types of dyslexia that can affect the child's ability to spell as well as read. "Trauma dyslexia" usually occurs after some form of brain trauma...
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...of CSR approach taken by Apple Inc. 5.5 Key dilemmas within CSR challenges 5.5.1. Labour and human rights 5.5.2. Workers’ health and safety 5.6 CSR tactics at Apple Inc. 6 Conclusion 7 References Word Count: 2837 1 Executive Summary Corporate social responsibility (CSR) has been highly regarded by most corporations. However, the exact reason why corporations implement CSR initiatives is often very vague and confusing to others. This paper will explore in depth how international corporations are motivated to incorporate CSR into the business strategies and how they deal with it. Based on academic references, the report firstly outlined the CSR background as well as some theory and key debates about CSR. Then, the methodology was summarized. After that, the case study of Apple Inc. was used to demonstrate the reasons for implementing CSR initiatives in depth. Following that, the types of dilemmas the company faced, the CSR approach and tactics it used were analyzed. Finally, a conclusion was drawn at the end of the paper. 2 CSR Background 2.1 Definition of CSR In accordance with European Commission (2001), the modern corporate social responsibility (CSR) is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.” However, there are some changes in the meaning and...
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...Academy of Management Learning & Education, 2005, Vol. 4, No. 1, 75–91. ........................................................................................................................................................................ Bad Management Theories Are Destroying Good Management Practices SUMANTRA GHOSHAL Advanced Institute of Management Research (AIM), UK and London Business School The corporate scandals in the United States have stimulated a frenzy of activities in business schools around the world. Deans are extolling how much their curricula focus on business ethics. New courses are being developed on corporate social responsibility. Old, highly laudatory cases on Enron and Tyco are being hurriedly rewritten. “What more must we do?”, the faculty are asking themselves in grave seminars and over lunch tables (Bartunek, 2002). Business schools do not need to do a great deal more to help prevent future Enrons; they need only to stop doing a lot they currently do. They do not need to create new courses; they need to simply stop teaching some old ones. But, before doing any of this, we—as business school faculty—need to own up to our own role in creating Enrons. Our theories and ideas have done much to strengthen the management practices that we are all now so loudly condemning. vested interests, which are dangerous for good or evil” Keynes (1953: 306). This is precisely what has happened to management. Obsessed as they are with the “real world” and sceptical...
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...discussion Papers Discussion Paper 2007-3 March 1, 2007 Transaction Cost Economics: An Introduction Oliver E. Williamson University of California, Berkeley Abstract: This overview of transaction cost economics is organized around the “Carnegie Triple” – be disciplined; be interdisciplinary; have an active mind. The first of these urges those who would open up the black box of economic organization to do so in a modest, slow, molecular, definitive way, with the object of deriving refutable implications and submitting these to empirical testing. The second recommends that the student of economic organization be prepared to cross disciplinary boundaries if and as this is needed to preserve veridical contact with the phenomena. The injunction have an active mind is implemented by being curious and asking the question “What is going on here?” The paper concludes with a discussion of operationalization. JEL: D2, D73, D86, L2 www.economics-ejournal.org/economics/discussionpapers © Author(s) 2007. This work is licensed under a Creative Commons License - Attribution-NonCommercial 2.0 Germany Transaction Cost Economics: An Introduction Oliver E. Williamson This overview of transaction cost economics differs from prior overviews to which I have contributed in two respects: it presumes little previous knowledge of the transaction cost economics (hereafter TCE) literature; and it is organized around the “Carnegie Triple” – be disciplined; be interdisciplinary; have an active...
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...side (e.g., flows) is easier to measure in other instances. We suggest that financial reporting would benefit from a willingness to pay attention to, and find compromise between, both sides of these tensions; forcing a choice of one over the other does not serve to improve financial reporting. Keywords: conceptual tensions; stocks-flows; ex ante-ex post; conventions-economic features; design-evolution. JEL Classification: M40. INTRODUCTION I n the developing of financial reporting, accountants have had to repeatedly deal with some basic conceptual tensions that arise due to the very nature of accounting transactions and events. These tensions have colored and influenced debates on reporting controversies over the past century. In this paper, we identify and analyze four such sources of tension. For the sake of concreteness, we cite several illustrative examples of specific financial reporting controversies in This comment was developed by the Financial Accounting Standards Committee of the...
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...vaccines to third world countries and end massive generations-long death tolls attributed to preventable diseases. The diseases that these vaccines prevent had been eradicated in the United States and Western Europe for decades. Why, then, are people willing to allow their children to go unvaccinated in first world nations? Cognitive dissonance may hold the answer to this question. Ian and Linda Williams are educated parents in Auckland, New Zealand, who refused to vaccinate their son, Alijah. This decision would be life-altering. The family was caught up in the recent anti-vaccine movement, promoted heavily by celebrities like Robert F. Kennedy, Jr., Jim Carrey, and Jenny McCarthy - one of the most famous opponents to vaccine use. This paper will delve into the shocking story of one family’s regrettable decision to not vaccinate their child and the possible social psychological phenomena that led to their decision. What is Cognitive Dissonance? Cognitive dissonance theory “assumes that we feel tension, or a lack of harmony, when two simultaneously accessible thoughts or beliefs are...
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...A Direct Test of the Theory of Comparative Advantage: The Case of Japan Author(s): Daniel M. Bernhofen and John C. Brown Reviewed work(s): Source: Journal of Political Economy, Vol. 112, No. 1 (February 2004), pp. 48-67 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/10.1086/379944 . Accessed: 10/02/2012 10:27 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to Journal of Political Economy. http://www.jstor.org A Direct Test of the Theory of Comparative Advantage: The Case of Japan Daniel M. Bernhofen and John C. Brown Clark University We exploit Japan’s sudden and complete opening up to international trade in the 1860s to test the empirical validity of one of the oldest and most fundamental propositions in economics: the theory of comparative advantage. Historical evidence supports the assertion that the characteristics of the Japanese economy at the time were compatible with the...
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...reputational mechanisms, the possibility of provision by private not-for-profit firms, as well as political patronage and corruption, are brought into play. 1 What kinds of goods and services should be provided by government employees as opposed to private firms? Should government workers make steel and cars in government-owned factories? Should teachers and doctors be publicly employed or should they work for private schools and practices? Should garbage be picked up by civil servants or employees of private garbage haulers? Should the whole economy be "socialized"? Although these are age-old questions in economics, the answers economists give to them, as well as the reasons for arriving at these answers, have been changing. In this paper, I describe some recent ways of thinking about government ownership. Half a century ago, economists were quick to favor government ownership of firms as soon as any market inequities or imperfections, such as monopoly power or...
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...Systems Department London School of Economics and Political Science London, United Kingdom Preamble It is common for speakers at computer security conferences to tell audiences that 'they should do' this, and 'should do' that. The word 'should' is regularly thrown about as some jumbled-up mixture of efficiency and ethics, without any justification of the imperative. This paper will concentrate on the ethical issues, and so it will quickly dispose of 'efficiency,' leaving detailed argument for another time. Then, taking the devil's advocate position, it will focus on demolishing the certainty behind the ethical obligation, by questioning the role of ethics in society in general, but specifically in computer security. Indeed this paper will claim that an unsuspected morality and ritual lies behind many real-world security choices and much so-called 'objective' academic analysis. Furthermore, it will propose that such moralistic positions are highly problematic, and that all recommendations phrased in terms of virtue rather than pragmatism be treated as highly suspect. This polemical paper formed the basis of a keynote address given at the 5th Computer Security Conference, held in Las Vegas on the 20th-21st April 2006. 4 Angell, JISSec adfh The quest for efficiency, where any form of redundancy is viewed as 'inefficiency to be eliminated,' is a perverse and decadent view. It was anticipated by Northcote Parkinson (1986), when he warned that "perfection...
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