Christine Sypnowich (ed.)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199281688
- eISBN:
- 9780191603747
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281688.001.0001
- Subject:
- Political Science, Political Theory
This collection pays tribute to the highly influential work of Professor G.A. Cohen in the field of egalitarian political philosophy. He has a significant body of work spanning issues of Marxism and ...
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This collection pays tribute to the highly influential work of Professor G.A. Cohen in the field of egalitarian political philosophy. He has a significant body of work spanning issues of Marxism and distributive justice, consistently characterized by original ideas and ingenious arguments. The volume includes essays on a number of significant topics, reflecting the wide-ranging themes of Professor Cohen’s work, but united in their concern for questions of social justice, pluralism, equality, and moral duty.Less
This collection pays tribute to the highly influential work of Professor G.A. Cohen in the field of egalitarian political philosophy. He has a significant body of work spanning issues of Marxism and distributive justice, consistently characterized by original ideas and ingenious arguments. The volume includes essays on a number of significant topics, reflecting the wide-ranging themes of Professor Cohen’s work, but united in their concern for questions of social justice, pluralism, equality, and moral duty.
Samuel Scheffler
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199281688
- eISBN:
- 9780191603747
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281688.003.0007
- Subject:
- Political Science, Political Theory
This essay focuses on Cohen’s recent arguments for extending the scope of justice beyond Rawls’s formulation. It argues for the merits of Rawls’s argument that the primary subject of justice should ...
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This essay focuses on Cohen’s recent arguments for extending the scope of justice beyond Rawls’s formulation. It argues for the merits of Rawls’s argument that the primary subject of justice should be restricted to social institutions. It contends that whether or not one agrees with Rawls’s view of what should count as the subject of justice, Cohen is wrong to understand the upshot of this to be either a paltry measure of redistribution or the accommodation of the untrammelled pursuit of selfish interests.Less
This essay focuses on Cohen’s recent arguments for extending the scope of justice beyond Rawls’s formulation. It argues for the merits of Rawls’s argument that the primary subject of justice should be restricted to social institutions. It contends that whether or not one agrees with Rawls’s view of what should count as the subject of justice, Cohen is wrong to understand the upshot of this to be either a paltry measure of redistribution or the accommodation of the untrammelled pursuit of selfish interests.
Susan Hurley
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199281688
- eISBN:
- 9780191603747
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199281688.003.0008
- Subject:
- Political Science, Political Theory
This essay considers the implications of self-interest for equality in the context of the ‘luck egalitarian’ view that an individual’s wealth is justly owned only if it is the result of a responsible ...
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This essay considers the implications of self-interest for equality in the context of the ‘luck egalitarian’ view that an individual’s wealth is justly owned only if it is the result of a responsible choice. A possible response to Cohen’s argument against incentives might be that since individuals can choose to work harder on behalf of the disadvantaged, they are also partly responsible for, and entitled to, the extra wealth they produce. This view is rejected, noting that were the tax rate adjusted to accommodate responsibility for being productive, it would whittle away the benefits of productivity for redistributive purposes.Less
This essay considers the implications of self-interest for equality in the context of the ‘luck egalitarian’ view that an individual’s wealth is justly owned only if it is the result of a responsible choice. A possible response to Cohen’s argument against incentives might be that since individuals can choose to work harder on behalf of the disadvantaged, they are also partly responsible for, and entitled to, the extra wealth they produce. This view is rejected, noting that were the tax rate adjusted to accommodate responsibility for being productive, it would whittle away the benefits of productivity for redistributive purposes.
Paul Whiteley, Patrick Seyd, and Antony Billinghurst
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199242825
- eISBN:
- 9780191604140
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242828.003.0004
- Subject:
- Political Science, UK Politics
This chapter examines the pathways to Liberal Democrat Party membership. The recruitment process is discussed, followed by what it means for the average respondent to be a party member. The key issue ...
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This chapter examines the pathways to Liberal Democrat Party membership. The recruitment process is discussed, followed by what it means for the average respondent to be a party member. The key issue of why people join the party is then considered. In examining motives for joining, two theoretical models of political participation are utilized: the civic voluntarism model and the general incentives model. Both resources and choices are important in explaining why people join the party. Members have more resources in the sense of higher incomes, better educational attainments, and higher status class characteristics than voters, but incentives are also important for influencing the decision to join the party. Thus, both models appear to be relevant in explaining why people join.Less
This chapter examines the pathways to Liberal Democrat Party membership. The recruitment process is discussed, followed by what it means for the average respondent to be a party member. The key issue of why people join the party is then considered. In examining motives for joining, two theoretical models of political participation are utilized: the civic voluntarism model and the general incentives model. Both resources and choices are important in explaining why people join the party. Members have more resources in the sense of higher incomes, better educational attainments, and higher status class characteristics than voters, but incentives are also important for influencing the decision to join the party. Thus, both models appear to be relevant in explaining why people join.
Felice Davidson Perlmutter
- Published in print:
- 1997
- Published Online:
- January 2009
- ISBN:
- 9780195110159
- eISBN:
- 9780199865635
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195110159.001.0001
- Subject:
- Social Work, Communities and Organizations, Social Policy
Using a case example of how Pennsylvania Blue Shield trained, hired, and retained several hundred welfare recipients on its work force, this book offers a success story and a broad discussion of ...
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Using a case example of how Pennsylvania Blue Shield trained, hired, and retained several hundred welfare recipients on its work force, this book offers a success story and a broad discussion of welfare reform, public policy, and corporate social responsibility. It also offers a practical explanation of the specific steps needed to establish such a program, including corporate tax incentives, business and government collaborations, and the special needs of welfare recipients. The book demonstrates that it is possible for corporate America to combine bottom-line goals with socially responsible goals.Less
Using a case example of how Pennsylvania Blue Shield trained, hired, and retained several hundred welfare recipients on its work force, this book offers a success story and a broad discussion of welfare reform, public policy, and corporate social responsibility. It also offers a practical explanation of the specific steps needed to establish such a program, including corporate tax incentives, business and government collaborations, and the special needs of welfare recipients. The book demonstrates that it is possible for corporate America to combine bottom-line goals with socially responsible goals.
William Dusinberre
- Published in print:
- 2008
- Published Online:
- January 2010
- ISBN:
- 9780195326031
- eISBN:
- 9780199868308
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195326031.001.0001
- Subject:
- History, American History: 19th Century
This book examines both the social and the political history of slavery. James Polk — President of the United States from 1845 to 1849 — owned a Mississippi cotton plantation with about fifty slaves. ...
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This book examines both the social and the political history of slavery. James Polk — President of the United States from 1845 to 1849 — owned a Mississippi cotton plantation with about fifty slaves. Drawing upon previously unexplored records, this book recreates the world of Polk's Mississippi plantation and the personal histories of his slaves, in what is arguably the most careful and vivid account to date of how slavery functioned on a single cotton plantation. Life at the Polk estate was brutal and often short. Fewer than one in two slave children lived to the age of fifteen, a child mortality rate even higher than that on the average plantation. A steady stream of slaves temporarily fled the plantation throughout Polk's tenure as absentee slavemaster. Yet Polk was in some respects an enlightened owner, instituting an unusual incentive plan for his slaves and granting extensive privileges to his most favored slave. By contrast with Senator John C. Calhoun, President Polk has been seen as a moderate Southern Democratic leader. But this book suggests that the president's political stance toward slavery — influenced as it was by his deep personal involvement in the plantation system — may actually have helped to precipitate the Civil War that Polk sought to avoid.Less
This book examines both the social and the political history of slavery. James Polk — President of the United States from 1845 to 1849 — owned a Mississippi cotton plantation with about fifty slaves. Drawing upon previously unexplored records, this book recreates the world of Polk's Mississippi plantation and the personal histories of his slaves, in what is arguably the most careful and vivid account to date of how slavery functioned on a single cotton plantation. Life at the Polk estate was brutal and often short. Fewer than one in two slave children lived to the age of fifteen, a child mortality rate even higher than that on the average plantation. A steady stream of slaves temporarily fled the plantation throughout Polk's tenure as absentee slavemaster. Yet Polk was in some respects an enlightened owner, instituting an unusual incentive plan for his slaves and granting extensive privileges to his most favored slave. By contrast with Senator John C. Calhoun, President Polk has been seen as a moderate Southern Democratic leader. But this book suggests that the president's political stance toward slavery — influenced as it was by his deep personal involvement in the plantation system — may actually have helped to precipitate the Civil War that Polk sought to avoid.
Scott Barrett
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199286096
- eISBN:
- 9780191602832
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199286094.003.0014
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter briefly summarizes the book, by developing ten key points.
This chapter briefly summarizes the book, by developing ten key points.
A. B. Atkinson
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198292166
- eISBN:
- 9780191595875
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292163.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical ...
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The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical reform of the income tax and social security systems has generated wide interest. The book reviews different areas of public economics: the theory of optimum taxation, public choice theory, general equilibrium analysis of incidence, numerical tax‐benefit modelling, and econometric studies of work incentives. The author does not argue for or against the basic income proposal but believes that it should be on the agenda for serious discussion.Less
The book provides an introduction to the key ideas of public economics. For this purpose, it takes as a case study the proposal for a basic income financed by a flat tax on all income. This radical reform of the income tax and social security systems has generated wide interest. The book reviews different areas of public economics: the theory of optimum taxation, public choice theory, general equilibrium analysis of incidence, numerical tax‐benefit modelling, and econometric studies of work incentives. The author does not argue for or against the basic income proposal but believes that it should be on the agenda for serious discussion.
Alan Wertheimer
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199743513
- eISBN:
- 9780199827145
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199743513.001.0001
- Subject:
- Philosophy, Political Philosophy
Clinical research requires that some people be used and possibly harmed for the benefit of others. What justifies such use of people? This book provides an in-depth philosophical analysis of several ...
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Clinical research requires that some people be used and possibly harmed for the benefit of others. What justifies such use of people? This book provides an in-depth philosophical analysis of several crucial issues in the ethics of clinical research. Much writing on the ethics of research with human subjects assumes that participation in research is a distinctive activity that requires distinctive moral principles. In most contexts, we allow people to choose the activities in which they engage. By contrast, people are permitted to participate in research only after IRBs determine that it is appropriate for them to do so. Although we assume that consent to participate in research must be preceded by an elaborate disclosure of information, we make no such assumption in many other areas of life. Although it is thought to be morally problematic to provide financial inducements to prospective subjects, we make no such assumptions when we hire people as loggers, fishermen, and fire fighters. Although we readily accept the “off-shoring” of manufacturing, many regard the off-shoring of medical research with great skepticism. This book seeks to widen the lens through which we consider such issues. When we do so, we will find that many standard principles of research ethics are difficult to defend.Less
Clinical research requires that some people be used and possibly harmed for the benefit of others. What justifies such use of people? This book provides an in-depth philosophical analysis of several crucial issues in the ethics of clinical research. Much writing on the ethics of research with human subjects assumes that participation in research is a distinctive activity that requires distinctive moral principles. In most contexts, we allow people to choose the activities in which they engage. By contrast, people are permitted to participate in research only after IRBs determine that it is appropriate for them to do so. Although we assume that consent to participate in research must be preceded by an elaborate disclosure of information, we make no such assumption in many other areas of life. Although it is thought to be morally problematic to provide financial inducements to prospective subjects, we make no such assumptions when we hire people as loggers, fishermen, and fire fighters. Although we readily accept the “off-shoring” of manufacturing, many regard the off-shoring of medical research with great skepticism. This book seeks to widen the lens through which we consider such issues. When we do so, we will find that many standard principles of research ethics are difficult to defend.
Krishnendu Ghosh Dastidar, Hiranya Mukhopadhyay, and Uday Bhanu Sinha (eds)
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198073970
- eISBN:
- 9780199081615
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198073970.001.0001
- Subject:
- Economics and Finance, Microeconomics
Anjan Mukherji, arguably one of India's most distinguished economists, is known for his research on the stability of the Walrasian tatonnement, its relation to the weak axiom of revealed preference, ...
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Anjan Mukherji, arguably one of India's most distinguished economists, is known for his research on the stability of the Walrasian tatonnement, its relation to the weak axiom of revealed preference, the effect of choice of the numeraire and its relation to the Edgeworth-Uzawa barter process. Two of his recent papers, ‘Global Stability Conditions on the Plane: A General Law of Demand’ (2007) and ‘The Stability of a Competitive Economy: A Reconsideration’ (2008), have yielded especially interesting results. This book explores various aspects of economic theory and quantitative techniques as well as their applications and relevance to policymaking. Chapters deal with a wide range of topics such as Markovian equilibria in a dynamic general equilibrium model with heterogeneous consumers, monotone Markov models, multiple equilibria in a dynamic two-country model, observability of chaotic economic dynamics in the Matsuyama model, a simple exposition of learning by doing in endogenous growth theory, economic growth and the quality of teachers in a public education system, wealth effects, investment-led growth cycles, distraction and incentives, liquidity preference and information, coordination in teams, decomposition of accident loss and efficiency of negligence rule, international cartels and spheres of influence, price competition in a mixed duopoly, recommended play versus costly punishments in a laboratory public goods game, and India's monetary policy accommodation during the global crisis. It also examines private investment in human capital and industrial development, focusing on the Indian software industry, and arranged marriage, co-residence and female schooling in India.Less
Anjan Mukherji, arguably one of India's most distinguished economists, is known for his research on the stability of the Walrasian tatonnement, its relation to the weak axiom of revealed preference, the effect of choice of the numeraire and its relation to the Edgeworth-Uzawa barter process. Two of his recent papers, ‘Global Stability Conditions on the Plane: A General Law of Demand’ (2007) and ‘The Stability of a Competitive Economy: A Reconsideration’ (2008), have yielded especially interesting results. This book explores various aspects of economic theory and quantitative techniques as well as their applications and relevance to policymaking. Chapters deal with a wide range of topics such as Markovian equilibria in a dynamic general equilibrium model with heterogeneous consumers, monotone Markov models, multiple equilibria in a dynamic two-country model, observability of chaotic economic dynamics in the Matsuyama model, a simple exposition of learning by doing in endogenous growth theory, economic growth and the quality of teachers in a public education system, wealth effects, investment-led growth cycles, distraction and incentives, liquidity preference and information, coordination in teams, decomposition of accident loss and efficiency of negligence rule, international cartels and spheres of influence, price competition in a mixed duopoly, recommended play versus costly punishments in a laboratory public goods game, and India's monetary policy accommodation during the global crisis. It also examines private investment in human capital and industrial development, focusing on the Indian software industry, and arranged marriage, co-residence and female schooling in India.
Simon Domberger
- Published in print:
- 1998
- Published Online:
- November 2003
- ISBN:
- 9780198774570
- eISBN:
- 9780191596148
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198774575.003.0012
- Subject:
- Economics and Finance, Microeconomics
This concluding chapter contains some lessons from experience and conclusions regarding what is already known about contracting out, and how much more still needs to be found out. Four ‘lessons’ from ...
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This concluding chapter contains some lessons from experience and conclusions regarding what is already known about contracting out, and how much more still needs to be found out. Four ‘lessons’ from the contracting theory and experiences discussed in the book are worth noting: first, one of the most powerful effects of the switch from in‐house production to external supply is the change in incentives; second, there is a link that is not always clearly visible between the way that contractual arrangements are implemented and the benefits that are subsequently derived; third, contracts are relationships, and as such are governed by the factors that affect all relationships; and last, contractual relationships can be thought of as lying along a spectrum that runs from spot transactions at one end to vertical integration at the other.Less
This concluding chapter contains some lessons from experience and conclusions regarding what is already known about contracting out, and how much more still needs to be found out. Four ‘lessons’ from the contracting theory and experiences discussed in the book are worth noting: first, one of the most powerful effects of the switch from in‐house production to external supply is the change in incentives; second, there is a link that is not always clearly visible between the way that contractual arrangements are implemented and the benefits that are subsequently derived; third, contracts are relationships, and as such are governed by the factors that affect all relationships; and last, contractual relationships can be thought of as lying along a spectrum that runs from spot transactions at one end to vertical integration at the other.
Neil MacCormick
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780198268772
- eISBN:
- 9780191713071
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198268772.001.0001
- Subject:
- Law, Philosophy of Law
The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do ...
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The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do reasons relate to actions at all, as incentives and in explanations? What are values, how do they relate to human nature, and how do they enter practical reasoning? How do the concepts of ‘right and wrong’ fit in, and in what way do they involve questions of mutual trust among human beings? How does our moral freedom — our freedom to form our own moral commitments — relate to our responsibilities to each other? How is this final question transposed into law and legal commitments? This book explores these questions, vital to understanding the nature of law and morality. It presents an account of practical reason. It also offers a reinterpretation of Kant's views on moral autonomy and Adam Smith's on self-command, marrying Smith's ‘moral sentiments’ to Kant's ‘categorical imperative’.Less
The concept of practical reason is central to contemporary thought on ethics and the philosophy of law — acting well means acting for good reasons. Explaining this requires several stages. How do reasons relate to actions at all, as incentives and in explanations? What are values, how do they relate to human nature, and how do they enter practical reasoning? How do the concepts of ‘right and wrong’ fit in, and in what way do they involve questions of mutual trust among human beings? How does our moral freedom — our freedom to form our own moral commitments — relate to our responsibilities to each other? How is this final question transposed into law and legal commitments? This book explores these questions, vital to understanding the nature of law and morality. It presents an account of practical reason. It also offers a reinterpretation of Kant's views on moral autonomy and Adam Smith's on self-command, marrying Smith's ‘moral sentiments’ to Kant's ‘categorical imperative’.
Scott Barrett
- Published in print:
- 2007
- Published Online:
- October 2011
- ISBN:
- 9780199211890
- eISBN:
- 9780191695827
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199211890.001.0001
- Subject:
- Economics and Finance, International
Climate change, nuclear proliferation, and the threat of a global pandemic have the potential to impact each of our lives. Preventing these threats poses a serious global challenge, but ignoring them ...
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Climate change, nuclear proliferation, and the threat of a global pandemic have the potential to impact each of our lives. Preventing these threats poses a serious global challenge, but ignoring them could have disastrous consequences. How do we engineer institutions to change incentives so that these global public goods are provided? This book provides an introduction to the issues surrounding the provision of global public goods. Using a variety of examples to illustrate past successes and failures, the book shows how international cooperation, institutional design, and the clever use of incentives can work together to ensure the effective delivery of global public goods.Less
Climate change, nuclear proliferation, and the threat of a global pandemic have the potential to impact each of our lives. Preventing these threats poses a serious global challenge, but ignoring them could have disastrous consequences. How do we engineer institutions to change incentives so that these global public goods are provided? This book provides an introduction to the issues surrounding the provision of global public goods. Using a variety of examples to illustrate past successes and failures, the book shows how international cooperation, institutional design, and the clever use of incentives can work together to ensure the effective delivery of global public goods.
Arad Reisberg
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199204892
- eISBN:
- 9780191709487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199204892.003.0007
- Subject:
- Law, Company and Commercial Law
This chapter is concerned with costs and fees in derivative actions in the context of incentives for such litigation. It explores the critical role of costs and fees in initiating and maintaining ...
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This chapter is concerned with costs and fees in derivative actions in the context of incentives for such litigation. It explores the critical role of costs and fees in initiating and maintaining derivative actions. Section 6.2 briefly explicates the economics of derivative action litigation. As part of this, the US rules on derivative action fees are examined. After rehearsing the common law recognition of the problems of the impecunious shareholder in the form of indemnity costs orders, Section 6.3 exposes major flaws in the operation of these orders. In response, possible solutions to rectify the funding problem are examined and assessed in the next chapter. Section 6.4 concludes.Less
This chapter is concerned with costs and fees in derivative actions in the context of incentives for such litigation. It explores the critical role of costs and fees in initiating and maintaining derivative actions. Section 6.2 briefly explicates the economics of derivative action litigation. As part of this, the US rules on derivative action fees are examined. After rehearsing the common law recognition of the problems of the impecunious shareholder in the form of indemnity costs orders, Section 6.3 exposes major flaws in the operation of these orders. In response, possible solutions to rectify the funding problem are examined and assessed in the next chapter. Section 6.4 concludes.
Clair Brown, Michael Reich, Lloyd Ulman, and Yoshifumi Nakata
- Published in print:
- 1998
- Published Online:
- October 2011
- ISBN:
- 9780195115215
- eISBN:
- 9780199854820
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195115215.001.0001
- Subject:
- Business and Management, International Business
This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national ...
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This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national economic institutions. The authors address a number of key questions about employer–employee relations. How have major Japanese manufacturing companies been able to convert the assurance of “lifetime” employment security into a source of superior employee efficiency and adaptability, when job and income security have been feared as a source of “shirking” and wage inflation in the U.S.? How have higher economic and real wage growth rates been associated with greater equality in earned income distribution in Japan, when the incentive role of income inequality to worker effort and savings has been stressed in the U.S.? How could the Japanese emphasis on employment security in the firm be reconciled with greater price stability and lower unemployment than in the U.S.? This work analyses elements such as employee training and involvement programs, wage behavior as an incentive system and an alternate channel of savings, and synchronous wage determination (shunto) at work in the Japanese economy, which provide for such successes. It also explores the costs that have been associated with these Japanese accomplishments, as well as who must bear them. Finally, it examines the outlook for these distinctive Japanese institutions and practices in a period of slower growth and economic “maturity.” Based on a research project carried out in both countries, it concludes with the lessons that each country can learn much from the employment practices of the other.Less
This book provides an integrated and detailed analysis of the components of firm human resources systems in the U.S. and Japan. It examines the relationship between company practices and national economic institutions. The authors address a number of key questions about employer–employee relations. How have major Japanese manufacturing companies been able to convert the assurance of “lifetime” employment security into a source of superior employee efficiency and adaptability, when job and income security have been feared as a source of “shirking” and wage inflation in the U.S.? How have higher economic and real wage growth rates been associated with greater equality in earned income distribution in Japan, when the incentive role of income inequality to worker effort and savings has been stressed in the U.S.? How could the Japanese emphasis on employment security in the firm be reconciled with greater price stability and lower unemployment than in the U.S.? This work analyses elements such as employee training and involvement programs, wage behavior as an incentive system and an alternate channel of savings, and synchronous wage determination (shunto) at work in the Japanese economy, which provide for such successes. It also explores the costs that have been associated with these Japanese accomplishments, as well as who must bear them. Finally, it examines the outlook for these distinctive Japanese institutions and practices in a period of slower growth and economic “maturity.” Based on a research project carried out in both countries, it concludes with the lessons that each country can learn much from the employment practices of the other.
Randy E. Barnett
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198297291
- eISBN:
- 9780191598777
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297297.003.0008
- Subject:
- Political Science, Political Theory
The incentive problem concerns ensuring that persons have an adequate incentive to make choices reflecting the knowledge to which they have access and to discover new information. This problem is ...
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The incentive problem concerns ensuring that persons have an adequate incentive to make choices reflecting the knowledge to which they have access and to discover new information. This problem is addressed by the rights of first possession, freedom from contract, and freedom to contract. The rule of law also addresses the incentive problem by providing a set of legal precepts that do not change too frequently and can therefore be relied upon. To preserve the incentives created by justice and the rule of law, takings must be compensated by requiring the perpetrator of the transfer to make restitution to the victim. The incentive problem created by public goods is less serious than some suppose and free riding can usually be addressed in a number of ways without the need for nonconsensual rights transfers.Less
The incentive problem concerns ensuring that persons have an adequate incentive to make choices reflecting the knowledge to which they have access and to discover new information. This problem is addressed by the rights of first possession, freedom from contract, and freedom to contract. The rule of law also addresses the incentive problem by providing a set of legal precepts that do not change too frequently and can therefore be relied upon. To preserve the incentives created by justice and the rule of law, takings must be compensated by requiring the perpetrator of the transfer to make restitution to the victim. The incentive problem created by public goods is less serious than some suppose and free riding can usually be addressed in a number of ways without the need for nonconsensual rights transfers.
Robert D. Cooter and Ariel Porat
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151595
- eISBN:
- 9781400850396
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151595.001.0001
- Subject:
- Law, Comparative Law
Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would ...
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Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would reduce the cost and frequency of accidents, contract law would lubricate transactions, and restitution law would encourage people to benefit others. Unfortunately, the incentives in these laws lead to too many injuries, too little contractual cooperation, and too few unrequested benefits. This book explains how law might better serve the social good. In tort law, the book proposes that all foreseeable risks should be included when setting standards of care and awarding damages. Failure to do so causes accidents that better legal incentives would avoid. In contract law, the book shows that making a promise often causes the person who receives it to change behavior and undermine the cooperation between the parties. It recommends several solutions, including a novel contract called “anti-insurance.” In restitution law, people who convey unrequested benefits to others are seldom entitled to compensation. Restitution law should compensate them more than it currently does, so that they will provide more unrequested benefits. In these three areas of law, the book demonstrates that better law can promote the well-being of people by providing better incentives for the private regulation of conduct.Less
Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would reduce the cost and frequency of accidents, contract law would lubricate transactions, and restitution law would encourage people to benefit others. Unfortunately, the incentives in these laws lead to too many injuries, too little contractual cooperation, and too few unrequested benefits. This book explains how law might better serve the social good. In tort law, the book proposes that all foreseeable risks should be included when setting standards of care and awarding damages. Failure to do so causes accidents that better legal incentives would avoid. In contract law, the book shows that making a promise often causes the person who receives it to change behavior and undermine the cooperation between the parties. It recommends several solutions, including a novel contract called “anti-insurance.” In restitution law, people who convey unrequested benefits to others are seldom entitled to compensation. Restitution law should compensate them more than it currently does, so that they will provide more unrequested benefits. In these three areas of law, the book demonstrates that better law can promote the well-being of people by providing better incentives for the private regulation of conduct.
John D. Martin, J. William Petty, and James S. Wallace
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780195340389
- eISBN:
- 9780199867257
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340389.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder ...
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The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Simply put, the failures of some of our nation's most venerable financial institutions have called into question the very premise of value-based management (VBM). Moreover, by being paid out at a time when rank-and-file employees, suppliers, and other corporate stakeholders are suffering, excessive CEO compensation has produced public outrage. This book provides an up-to-date look at value-based management and finds that the underlying concept is as sound today as ever. One finding, however, is that, as initially practiced, VBM was often short sighted and thus needs to evolve if it is to continue to flourish. In particular, this book promotes a marriage of traditional VBM with the growing trend toward corporate social responsibility (CSR), a combination termed value(s)-based management. The case is made that CSR is much more than a feel-good concept; rather, it can make good business sense if practiced in a strategic manner. Ultimately, the book concludes that evidence supports the finding that, by embracing a program of corporate social responsibility, a firm can make the pie bigger, thus providing a win-win situation in which both the shareholders and other stakeholders benefit.Less
The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Simply put, the failures of some of our nation's most venerable financial institutions have called into question the very premise of value-based management (VBM). Moreover, by being paid out at a time when rank-and-file employees, suppliers, and other corporate stakeholders are suffering, excessive CEO compensation has produced public outrage. This book provides an up-to-date look at value-based management and finds that the underlying concept is as sound today as ever. One finding, however, is that, as initially practiced, VBM was often short sighted and thus needs to evolve if it is to continue to flourish. In particular, this book promotes a marriage of traditional VBM with the growing trend toward corporate social responsibility (CSR), a combination termed value(s)-based management. The case is made that CSR is much more than a feel-good concept; rather, it can make good business sense if practiced in a strategic manner. Ultimately, the book concludes that evidence supports the finding that, by embracing a program of corporate social responsibility, a firm can make the pie bigger, thus providing a win-win situation in which both the shareholders and other stakeholders benefit.
Martine Quinzii
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780195065534
- eISBN:
- 9780199855063
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195065534.003.0007
- Subject:
- Economics and Finance, Financial Economics
The general equilibrium analysis presented in this book shows that there are even more problems in using marginal cost pricing with increasing returns technologies than has been discussed at the time ...
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The general equilibrium analysis presented in this book shows that there are even more problems in using marginal cost pricing with increasing returns technologies than has been discussed at the time of the “marginal cost pricing controversy,” but also that, in some circumstances, the problems can be solved. The earlier literature raised objections to the income redistribution induced by financing the deficit of public firms through income taxes, and questioned the incentives that a subsidized public firm would have to minimize costs. Once a good can be produced with increasing returns, its total production should be supervised by a central agency to avoid inefficient use of different units of production. Such an agency cannot rely on equalization of marginal costs to ensure productive efficiency. In cases where the economies of scale in the production of a good are large enough to justify its production by a public sector, it seems unlikely that there exist alternative techniques available to the private sector to produce small quantities at the same marginal cost.Less
The general equilibrium analysis presented in this book shows that there are even more problems in using marginal cost pricing with increasing returns technologies than has been discussed at the time of the “marginal cost pricing controversy,” but also that, in some circumstances, the problems can be solved. The earlier literature raised objections to the income redistribution induced by financing the deficit of public firms through income taxes, and questioned the incentives that a subsidized public firm would have to minimize costs. Once a good can be produced with increasing returns, its total production should be supervised by a central agency to avoid inefficient use of different units of production. Such an agency cannot rely on equalization of marginal costs to ensure productive efficiency. In cases where the economies of scale in the production of a good are large enough to justify its production by a public sector, it seems unlikely that there exist alternative techniques available to the private sector to produce small quantities at the same marginal cost.
George J. Mailath and Larry Samuelson
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780195300796
- eISBN:
- 9780199783700
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195300796.003.0001
- Subject:
- Economics and Finance, Behavioural Economics
This chapter introduces the basic unifying principle of work in repeated games and reputations, namely that continuation play in repeated interactions can be used to create intertemporal incentives ...
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This chapter introduces the basic unifying principle of work in repeated games and reputations, namely that continuation play in repeated interactions can be used to create intertemporal incentives (incentives that could not arise in an isolated interaction). The prisoners’ dilemma, oligopoly and “product-choice” game illustrate.Less
This chapter introduces the basic unifying principle of work in repeated games and reputations, namely that continuation play in repeated interactions can be used to create intertemporal incentives (incentives that could not arise in an isolated interaction). The prisoners’ dilemma, oligopoly and “product-choice” game illustrate.
