Andreas Osiander
- Published in print:
- 2007
- Published Online:
- May 2008
- ISBN:
- 9780198294511
- eISBN:
- 9780191717048
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198294511.003.0004
- Subject:
- Political Science, International Relations and Politics
In the late pre-Reformation period, re-urbanization and increasing monetization impacting on what had become a profoundly rural civilization gave rise to political structures markedly different from ...
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In the late pre-Reformation period, re-urbanization and increasing monetization impacting on what had become a profoundly rural civilization gave rise to political structures markedly different from those of the pre-Christian Mediterranean world. The increasing availability of energy from water power and wind power was one important (and much underestimated) factor enabling economic growth. Another was the expansion of the monetary mass as a result of the establishment of a supralocal financial system (unknown to the ancient world) and the easy availability of credit. This helped to give the more important princes an increasing edge over lesser actors, at the same time that development was both furthered and impeded by conflicting cultural and ideological currents — as reflected in the thinking of such authors as Enea Silvio Piccolomini, Nicolaus Cusanus, Jean Bodin, Johannes Althusius, and Thomas Hobbes. Even 18th-century ‘absolute’ monarchies like the French or Prussian ones remained closer to the ‘heteronomous’ political structures of the pre-Reformation period than to today's state.Less
In the late pre-Reformation period, re-urbanization and increasing monetization impacting on what had become a profoundly rural civilization gave rise to political structures markedly different from those of the pre-Christian Mediterranean world. The increasing availability of energy from water power and wind power was one important (and much underestimated) factor enabling economic growth. Another was the expansion of the monetary mass as a result of the establishment of a supralocal financial system (unknown to the ancient world) and the easy availability of credit. This helped to give the more important princes an increasing edge over lesser actors, at the same time that development was both furthered and impeded by conflicting cultural and ideological currents — as reflected in the thinking of such authors as Enea Silvio Piccolomini, Nicolaus Cusanus, Jean Bodin, Johannes Althusius, and Thomas Hobbes. Even 18th-century ‘absolute’ monarchies like the French or Prussian ones remained closer to the ‘heteronomous’ political structures of the pre-Reformation period than to today's state.
EYAL ZAMIR and BARAK MEDINA
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195372168
- eISBN:
- 9780199776078
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195372168.003.05
- Subject:
- Law, Philosophy of Law
This chapter tackles a number of methodological and principled objections to the incorporation of deontological constraints into economic analysis. It discusses the claims that such incorporation ...
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This chapter tackles a number of methodological and principled objections to the incorporation of deontological constraints into economic analysis. It discusses the claims that such incorporation would adversely affect the normative neutrality of economic analysis; that monetizing deontological constraints faces insurmountable obstacles; that it would lead to setting too low thresholds for constraints; and that it is incompatible with the expressivist role of the law. It concludes that most of these objections are unpersuasive, and none is conclusive.Less
This chapter tackles a number of methodological and principled objections to the incorporation of deontological constraints into economic analysis. It discusses the claims that such incorporation would adversely affect the normative neutrality of economic analysis; that monetizing deontological constraints faces insurmountable obstacles; that it would lead to setting too low thresholds for constraints; and that it is incompatible with the expressivist role of the law. It concludes that most of these objections are unpersuasive, and none is conclusive.
Jean Andreau
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0011
- Subject:
- Classical Studies, European History: BCE to 500CE
This chapter examines monetization in early imperial Italy. Evidence from Vesuvian cities is compared with evidence from other sites. It is shown that in Graeco-Roman antiquity, coins were by far the ...
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This chapter examines monetization in early imperial Italy. Evidence from Vesuvian cities is compared with evidence from other sites. It is shown that in Graeco-Roman antiquity, coins were by far the common means of payment, but in the cities where there were bankers, bank accounts had a role to play. Coinage was not the only way to keep valuables. The evidence from the Vesuvian cities shows that we must recognize the importance of jewellery and precious metals, of gold and silver jewels, and of silver plate.Less
This chapter examines monetization in early imperial Italy. Evidence from Vesuvian cities is compared with evidence from other sites. It is shown that in Graeco-Roman antiquity, coins were by far the common means of payment, but in the cities where there were bankers, bank accounts had a role to play. Coinage was not the only way to keep valuables. The evidence from the Vesuvian cities shows that we must recognize the importance of jewellery and precious metals, of gold and silver jewels, and of silver plate.
Peter van Minnen
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0012
- Subject:
- Classical Studies, European History: BCE to 500CE
The textual evidence for Egypt is unique for the Roman Empire. Papyrus documents allow us to trace developments in the economy over time. However, papyrologists have not yet digested the information ...
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The textual evidence for Egypt is unique for the Roman Empire. Papyrus documents allow us to trace developments in the economy over time. However, papyrologists have not yet digested the information in such a way that economic historians can take it from there. There are also major gaps in what the documents tell us. Finally, in the interpretation of the findings we cannot avoid making assumptions about the nature of the Egyptian economy in the Roman period. This chapter first looks at some general trends and then focuses on trends in agriculture before going into investment. It is argued that the agrarian economy between the 1st and the 3rd centuries AD was increasingly monetized, followed by a ‘significant reduction’ in monetization after the inflation of 275, with a gradual re-monetization of the agrarian economy asserting itself from the 4th century onwards after the introduction of the solidus.Less
The textual evidence for Egypt is unique for the Roman Empire. Papyrus documents allow us to trace developments in the economy over time. However, papyrologists have not yet digested the information in such a way that economic historians can take it from there. There are also major gaps in what the documents tell us. Finally, in the interpretation of the findings we cannot avoid making assumptions about the nature of the Egyptian economy in the Roman period. This chapter first looks at some general trends and then focuses on trends in agriculture before going into investment. It is argued that the agrarian economy between the 1st and the 3rd centuries AD was increasingly monetized, followed by a ‘significant reduction’ in monetization after the inflation of 275, with a gradual re-monetization of the agrarian economy asserting itself from the 4th century onwards after the introduction of the solidus.
W. V. Harris
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0001
- Subject:
- Classical Studies, European History: BCE to 500CE
This introductory chapter presents an overview of the succeeding chapters. Topics covered include the use of bullion as money, reasons for the spread of coinage, credit money, money supply, economic ...
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This introductory chapter presents an overview of the succeeding chapters. Topics covered include the use of bullion as money, reasons for the spread of coinage, credit money, money supply, economic growth, monetization, monetary integration across the Roman Mediterranean, and the choice of metals.Less
This introductory chapter presents an overview of the succeeding chapters. Topics covered include the use of bullion as money, reasons for the spread of coinage, credit money, money supply, economic growth, monetization, monetary integration across the Roman Mediterranean, and the choice of metals.
Richard Seaford
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0004
- Subject:
- Classical Studies, European History: BCE to 500CE
In 6th century BC, the advanced Greek city-states were rapidly and pervasively monetized, largely through the introduction of coinage. It has been suggested that this monetization was a crucial ...
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In 6th century BC, the advanced Greek city-states were rapidly and pervasively monetized, largely through the introduction of coinage. It has been suggested that this monetization was a crucial factor in the genesis and in the preoccupations both of Presocratic philosophy and of Athenian tragedy. This chapter relates the monetization of Athens first to the development of polis festivals under the tyrants and then to the form and content of tragedy, which came into being in a polis festival of Dionysos.Less
In 6th century BC, the advanced Greek city-states were rapidly and pervasively monetized, largely through the introduction of coinage. It has been suggested that this monetization was a crucial factor in the genesis and in the preoccupations both of Presocratic philosophy and of Athenian tragedy. This chapter relates the monetization of Athens first to the development of polis festivals under the tyrants and then to the form and content of tragedy, which came into being in a polis festival of Dionysos.
J. G. Manning
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0006
- Subject:
- Classical Studies, European History: BCE to 500CE
This chapter discusses the use of money in Ptolemaic Egypt in relation to the development of the state. The aim is to summarize some recent work and to set the process of monetization into a broader ...
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This chapter discusses the use of money in Ptolemaic Egypt in relation to the development of the state. The aim is to summarize some recent work and to set the process of monetization into a broader context of state development. Topics covered include the history of ‘money’ in Egypt, the Ptolemaic economy, coin as ‘code’ on Ptolemaic Egypt, and money and the Ptolemaic state. It argues that the economic power of the state is the crucial element in the history of monetization, and state power to demand taxes in coin and payments into state banks were keys to the process.Less
This chapter discusses the use of money in Ptolemaic Egypt in relation to the development of the state. The aim is to summarize some recent work and to set the process of monetization into a broader context of state development. Topics covered include the history of ‘money’ in Egypt, the Ptolemaic economy, coin as ‘code’ on Ptolemaic Egypt, and money and the Ptolemaic state. It argues that the economic power of the state is the crucial element in the history of monetization, and state power to demand taxes in coin and payments into state banks were keys to the process.
David Kessler and Peter Temin
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.003.0008
- Subject:
- Classical Studies, European History: BCE to 500CE
This chapter examines the role of money as a standard of value. It argues that monetization in the sense of using monetary measures was virtually universal in the early Roman Empire. This assertion ...
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This chapter examines the role of money as a standard of value. It argues that monetization in the sense of using monetary measures was virtually universal in the early Roman Empire. This assertion verges on the obvious in view of recent compilations of Roman prices. It further argues that there was unified monetary integration across the whole Mediterranean in the early Roman Empire. This claim is made through an examination of wheat prices.Less
This chapter examines the role of money as a standard of value. It argues that monetization in the sense of using monetary measures was virtually universal in the early Roman Empire. This assertion verges on the obvious in view of recent compilations of Roman prices. It further argues that there was unified monetary integration across the whole Mediterranean in the early Roman Empire. This claim is made through an examination of wheat prices.
Alan Bowman and Andrew Wilson
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199562596
- eISBN:
- 9780191721458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199562596.003.0001
- Subject:
- Classical Studies, European History: BCE to 500CE
This chapter discusses the definitions and characteristics of the economic processes and trends in the Roman Empire, and outlines the methods by which quantification of data in written and ...
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This chapter discusses the definitions and characteristics of the economic processes and trends in the Roman Empire, and outlines the methods by which quantification of data in written and archaeological sources can lead to a better understanding of economic integration, growth, and decline in the period c.100 BC to AD 350. These are then further analyzed in the context of a number of economic institutions and practices, including economic policy, monetization, trade, markets, commerce, investment, industrial production, technology, specialization of the labour force, and education. It suggests how we can identify a series of indicators of trends, which may be different in different regions, that can yield an idea of how the Roman economy compares with earlier and later periods of the classical world and with other cultures and empires.Less
This chapter discusses the definitions and characteristics of the economic processes and trends in the Roman Empire, and outlines the methods by which quantification of data in written and archaeological sources can lead to a better understanding of economic integration, growth, and decline in the period c.100 BC to AD 350. These are then further analyzed in the context of a number of economic institutions and practices, including economic policy, monetization, trade, markets, commerce, investment, industrial production, technology, specialization of the labour force, and education. It suggests how we can identify a series of indicators of trends, which may be different in different regions, that can yield an idea of how the Roman economy compares with earlier and later periods of the classical world and with other cultures and empires.
Eugene A. Hammel and Aaron Gullickson
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199280681
- eISBN:
- 9780191602467
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280681.003.0012
- Subject:
- Economics and Finance, Economic History
This study of maternal mortality on the Croatian-Bosnian border in the eighteenth and nineteenth centuries shows that the chance of death in childbirth was sensitive to major changes in the social ...
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This study of maternal mortality on the Croatian-Bosnian border in the eighteenth and nineteenth centuries shows that the chance of death in childbirth was sensitive to major changes in the social and economic system. Death was more likely when men were called to military duty, in military rather than civil parishes even in peacetime, and over time as wage labour increased and as economies of scale were lost as the joint household system decayed. The unifying factor in all of these influences is the withdrawal of male labour from family farming, placing greater burdens on pregnant and parturient women and on those other women who might nurture them.Less
This study of maternal mortality on the Croatian-Bosnian border in the eighteenth and nineteenth centuries shows that the chance of death in childbirth was sensitive to major changes in the social and economic system. Death was more likely when men were called to military duty, in military rather than civil parishes even in peacetime, and over time as wage labour increased and as economies of scale were lost as the joint household system decayed. The unifying factor in all of these influences is the withdrawal of male labour from family farming, placing greater burdens on pregnant and parturient women and on those other women who might nurture them.
Giovanni R. Ruffini
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199891634
- eISBN:
- 9780199980048
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199891634.003.0007
- Subject:
- Classical Studies, African History: BCE to 500CE, Asian and Middle Eastern History: BCE to 500CE
This chapter examines Nubian economic and fiscal issues. Old Nubian accounts show patterns in the gold and silver payments that are consistent with an exchange rate between the two metals. This rate ...
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This chapter examines Nubian economic and fiscal issues. Old Nubian accounts show patterns in the gold and silver payments that are consistent with an exchange rate between the two metals. This rate matches the exchange rate between gold and silver currencies then used in Islamic Egypt. This suggests that the Nubian economy was monetized and that its currency market was integrated with that of its neighbors. This conclusion gives us a way to examine the relative price of land in Nubia. The land prices in the Nubian sales, when compared to the price of goods in Egypt, suggest that Nubian land was cheap. This is an intriguing conclusion given the apparent purpose of the Old Nubian accounts. Further patterns in those accounts?for instance, the repetition of specific payment amounts?suggest that they record taxes and rents on land. The result is a system similar to that of Byzantine Egypt, where rent and taxes are collected and recorded without distinction between them. Given the prominence of Nubia’s highest officials in these sales, we are likely dealing with land purchased for investment income. Comparing our rent payments against prices in Egypt shows a favorable rate of return.Less
This chapter examines Nubian economic and fiscal issues. Old Nubian accounts show patterns in the gold and silver payments that are consistent with an exchange rate between the two metals. This rate matches the exchange rate between gold and silver currencies then used in Islamic Egypt. This suggests that the Nubian economy was monetized and that its currency market was integrated with that of its neighbors. This conclusion gives us a way to examine the relative price of land in Nubia. The land prices in the Nubian sales, when compared to the price of goods in Egypt, suggest that Nubian land was cheap. This is an intriguing conclusion given the apparent purpose of the Old Nubian accounts. Further patterns in those accounts?for instance, the repetition of specific payment amounts?suggest that they record taxes and rents on land. The result is a system similar to that of Byzantine Egypt, where rent and taxes are collected and recorded without distinction between them. Given the prominence of Nubia’s highest officials in these sales, we are likely dealing with land purchased for investment income. Comparing our rent payments against prices in Egypt shows a favorable rate of return.
Henry Phelps Brown
- Published in print:
- 1988
- Published Online:
- November 2003
- ISBN:
- 9780198286486
- eISBN:
- 9780191596773
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286481.003.0005
- Subject:
- Economics and Finance, Public and Welfare
Much more is required than faith in the equality of man before egalitarianism can offer itself even as a notion of policy; at least three conditions may be specified. First, personal resources must ...
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Much more is required than faith in the equality of man before egalitarianism can offer itself even as a notion of policy; at least three conditions may be specified. First, personal resources must be reduced to and summed up in a common unit, such as money––monetization must occur. Second, administrative means should exist with which to transfer resources––taxation that can cream off the higher incomes and forms of social benefit to raise the lower incomes; each of these must be capable of adjustment to the circumstances of the individual taxpayer or beneficiary. Third, there must be fellow feeling, which goes beyond recognizing that different persons have equal rights under the law, or deploring the contrast between riches and poverty: it means accepting an identity of interest and concern between each and all. This chapter explores in its three sections how each of these three conditions came closer to realization in the course of the eighteenth century.Less
Much more is required than faith in the equality of man before egalitarianism can offer itself even as a notion of policy; at least three conditions may be specified. First, personal resources must be reduced to and summed up in a common unit, such as money––monetization must occur. Second, administrative means should exist with which to transfer resources––taxation that can cream off the higher incomes and forms of social benefit to raise the lower incomes; each of these must be capable of adjustment to the circumstances of the individual taxpayer or beneficiary. Third, there must be fellow feeling, which goes beyond recognizing that different persons have equal rights under the law, or deploring the contrast between riches and poverty: it means accepting an identity of interest and concern between each and all. This chapter explores in its three sections how each of these three conditions came closer to realization in the course of the eighteenth century.
Howard Bodenhorn
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780195147766
- eISBN:
- 9780199832910
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195147766.003.0010
- Subject:
- Economics and Finance, Economic History
In an effort to encourage immigration and expand commercial agriculture, several southern states created and subsidized plantation banks designed to monetize agricultural economies and provide ...
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In an effort to encourage immigration and expand commercial agriculture, several southern states created and subsidized plantation banks designed to monetize agricultural economies and provide long‐term mortgage credit. These experiments typically failed, not because of the inherent inconsistency between issuing short‐term liabilities and holding long‐term assets, but due to unfortunate timing. Most were established in the mid‐1830s and could not establish themselves prior to the panics of 1837 and 1839. Other southern and western states allowed free banking, which was neither particularly good nor bad. Still other states built branch banking networks that performed well in good times and bad, largely because their small numbers encouraged intrabank and interbank cooperation.Less
In an effort to encourage immigration and expand commercial agriculture, several southern states created and subsidized plantation banks designed to monetize agricultural economies and provide long‐term mortgage credit. These experiments typically failed, not because of the inherent inconsistency between issuing short‐term liabilities and holding long‐term assets, but due to unfortunate timing. Most were established in the mid‐1830s and could not establish themselves prior to the panics of 1837 and 1839. Other southern and western states allowed free banking, which was neither particularly good nor bad. Still other states built branch banking networks that performed well in good times and bad, largely because their small numbers encouraged intrabank and interbank cooperation.
Michael Weinstein and Ralph Bradburd
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231158367
- eISBN:
- 9780231535243
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231158367.001.0001
- Subject:
- Business and Management, Strategy
The Robin Hood Foundation is a charitable organization focused on alleviating poverty in New York City. One of the book's authors is the foundation's senior vice president. In that role he developed ...
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The Robin Hood Foundation is a charitable organization focused on alleviating poverty in New York City. One of the book's authors is the foundation's senior vice president. In that role he developed its metrics-based approach, called “relentless monetization,” to ensure that the money the foundation receives and grants is used most effectively. The other author has served as long-time consultant to Robin Hood on matters of metrics. This book shows how to implement the Robin Hood approach and explains how any nonprofit organizations or philanthropic donor can use it to achieve the greatest benefit from every philanthropic dollar. Drawing on extensive knowledge, the text devotes specific chapters to the difficulties most frequently encountered by donors trying to measure the benefits of their initiatives. This book provides straightforward, targeted advice for funding “smart” nonprofit programs.Less
The Robin Hood Foundation is a charitable organization focused on alleviating poverty in New York City. One of the book's authors is the foundation's senior vice president. In that role he developed its metrics-based approach, called “relentless monetization,” to ensure that the money the foundation receives and grants is used most effectively. The other author has served as long-time consultant to Robin Hood on matters of metrics. This book shows how to implement the Robin Hood approach and explains how any nonprofit organizations or philanthropic donor can use it to achieve the greatest benefit from every philanthropic dollar. Drawing on extensive knowledge, the text devotes specific chapters to the difficulties most frequently encountered by donors trying to measure the benefits of their initiatives. This book provides straightforward, targeted advice for funding “smart” nonprofit programs.
Jan N. Bremmer and Andrew Erskine
- Published in print:
- 2010
- Published Online:
- September 2012
- ISBN:
- 9780748637980
- eISBN:
- 9780748670758
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9780748637980.003.0010
- Subject:
- Classical Studies, Ancient Religions
This chapter offers a new interpretation of the opening of the famous Hymn to Zeus in Aeschylus’ tragedy the Agamemnon (160-6) with its reference to weighing in the divine scales. Zeus is imagined as ...
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This chapter offers a new interpretation of the opening of the famous Hymn to Zeus in Aeschylus’ tragedy the Agamemnon (160-6) with its reference to weighing in the divine scales. Zeus is imagined as beyond equivalence with all the commodities that can be put on the (cosmic) balance. The Greek polis was the first thoroughly monetised society in history, and Aeschylus’ conception of Zeus has been influenced (here and in other passages) by the all-pervasive omnipotence of abstract (monetary) value. Aeschulus sees the world as pervaded by the unity of opposites, an idea also associated with Heraclitus and Pythagoreanism.Less
This chapter offers a new interpretation of the opening of the famous Hymn to Zeus in Aeschylus’ tragedy the Agamemnon (160-6) with its reference to weighing in the divine scales. Zeus is imagined as beyond equivalence with all the commodities that can be put on the (cosmic) balance. The Greek polis was the first thoroughly monetised society in history, and Aeschylus’ conception of Zeus has been influenced (here and in other passages) by the all-pervasive omnipotence of abstract (monetary) value. Aeschulus sees the world as pervaded by the unity of opposites, an idea also associated with Heraclitus and Pythagoreanism.
Michael M. Weinstein and Ralph M. Bradburd
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231158367
- eISBN:
- 9780231535243
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231158367.003.0005
- Subject:
- Business and Management, Strategy
This chapter examines the notion of present discounted value (PDV). Funders prefer benefits that accrue immediately to identical benefits that accrue in the future. There are three rationales for the ...
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This chapter examines the notion of present discounted value (PDV). Funders prefer benefits that accrue immediately to identical benefits that accrue in the future. There are three rationales for the premise: impatience, aversion to risk, and compound interest. As funders quantify the impact of their interventions, whether by Relentless Monetization (RM) or some other framework, they can ignore with impunity uncertain benefits that might accrue generations into the future. In the real world, the computation of PDVs requires that we make some choices: the interest rate, the assumed inflation rate, and the pattern of the stream of benefits over time, including the length of time that the benefits will last. Properly discounting future benefits as part of RM is all in the interest of making better choices in allocating resources. It follows that a funder's choice of discount rate must be made with care and that a funder should use a consistent discount rate when assessing the benefits of the various interventions it could fund.Less
This chapter examines the notion of present discounted value (PDV). Funders prefer benefits that accrue immediately to identical benefits that accrue in the future. There are three rationales for the premise: impatience, aversion to risk, and compound interest. As funders quantify the impact of their interventions, whether by Relentless Monetization (RM) or some other framework, they can ignore with impunity uncertain benefits that might accrue generations into the future. In the real world, the computation of PDVs requires that we make some choices: the interest rate, the assumed inflation rate, and the pattern of the stream of benefits over time, including the length of time that the benefits will last. Properly discounting future benefits as part of RM is all in the interest of making better choices in allocating resources. It follows that a funder's choice of discount rate must be made with care and that a funder should use a consistent discount rate when assessing the benefits of the various interventions it could fund.
Jean Bingen
- Published in print:
- 2007
- Published Online:
- September 2012
- ISBN:
- 9780748615780
- eISBN:
- 9780748670727
- Item type:
- chapter
- Publisher:
- Edinburgh University Press
- DOI:
- 10.3366/edinburgh/9780748615780.003.0017
- Subject:
- Classical Studies, Archaeology: Classical
The Macedonian conquest of Egypt in 332 BCE and the following Ptolemaic monarchy brought Greek economic habits to a country with only limited previous exposure to them, particularly a high degree of ...
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The Macedonian conquest of Egypt in 332 BCE and the following Ptolemaic monarchy brought Greek economic habits to a country with only limited previous exposure to them, particularly a high degree of monetisation of economic activity. The Egyptian economy was largely agricultural, with a significant part managed by the estates of temples, which in turn were closely connected to the civil administration. The fiscalisation of activities like beekeeping and oil manufacture added layers of administration and intermediation, while forcing the use of money and creating needs for finding patrons who could offer protection against excessive demands. Egyptians were drawn into a Greek system that tried to manage their work more rationally, while at the same time extracting part of their surplus.Less
The Macedonian conquest of Egypt in 332 BCE and the following Ptolemaic monarchy brought Greek economic habits to a country with only limited previous exposure to them, particularly a high degree of monetisation of economic activity. The Egyptian economy was largely agricultural, with a significant part managed by the estates of temples, which in turn were closely connected to the civil administration. The fiscalisation of activities like beekeeping and oil manufacture added layers of administration and intermediation, while forcing the use of money and creating needs for finding patrons who could offer protection against excessive demands. Egyptians were drawn into a Greek system that tried to manage their work more rationally, while at the same time extracting part of their surplus.
Michael M. Weinstein and Ralph M. Bradburd
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231158367
- eISBN:
- 9780231535243
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231158367.003.0010
- Subject:
- Business and Management, Strategy
This chapter discusses the six purposes of Relentless Monetization (RM): shared vocabulary for internal deliberations, communication with grantees, transparency, diagnosis, ranking grants, and ...
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This chapter discusses the six purposes of Relentless Monetization (RM): shared vocabulary for internal deliberations, communication with grantees, transparency, diagnosis, ranking grants, and measuring the performance of the funder (in addition to that of the grant). Subjecting grant making to the rigor of RM changes the nature of grant-making discussions. Rather than loose talk about inspirational executive directors or creative missions, staff relies on a shared vocabulary that centers on outcomes-based evidence. Moreover, RM allows funders to make the algorithms it uses to assign mission-relevant value to interventions available for external scrutiny. RM's use of benefit/cost ratios in grant making can be likened to the use of SAT scores in college admissions. Lastly, the Robin Hood Foundation requires its program officers to compare the estimated benefit/cost ratio before the grant was made to the benefit/cost ratio after the grant year is over.Less
This chapter discusses the six purposes of Relentless Monetization (RM): shared vocabulary for internal deliberations, communication with grantees, transparency, diagnosis, ranking grants, and measuring the performance of the funder (in addition to that of the grant). Subjecting grant making to the rigor of RM changes the nature of grant-making discussions. Rather than loose talk about inspirational executive directors or creative missions, staff relies on a shared vocabulary that centers on outcomes-based evidence. Moreover, RM allows funders to make the algorithms it uses to assign mission-relevant value to interventions available for external scrutiny. RM's use of benefit/cost ratios in grant making can be likened to the use of SAT scores in college admissions. Lastly, the Robin Hood Foundation requires its program officers to compare the estimated benefit/cost ratio before the grant was made to the benefit/cost ratio after the grant year is over.
Michael M. Weinstein and Ralph M. Bradburd
- Published in print:
- 2013
- Published Online:
- November 2015
- ISBN:
- 9780231158367
- eISBN:
- 9780231535243
- Item type:
- chapter
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231158367.003.0013
- Subject:
- Business and Management, Strategy
This book has demonstrated how Relentless Monetization (RM) provides a sound basis by which to practice smart philanthropy. RM offers a straightforward and transparent way to compare the value of one ...
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This book has demonstrated how Relentless Monetization (RM) provides a sound basis by which to practice smart philanthropy. RM offers a straightforward and transparent way to compare the value of one philanthropic option against another, thereby providing a means for squeezing the most benefit from every philanthropic dollar—that is, a means for making smart philanthropic decisions. Although the book has documented the use of RM by the Robin Hood Foundation, the fundamental principles fully apply to other philanthropic purposes. The power of RM lies in its consistent and persistent application of benefit/cost analysis. But although the arithmetic of benefit/cost ratios is essential, providing funders and nonprofit organizations a powerful diagnostic tool by which to assess and improve their activities, RM is bigger than arithmetic. It is more than chasing high ratios. It works best when supplemented by rich observation.Less
This book has demonstrated how Relentless Monetization (RM) provides a sound basis by which to practice smart philanthropy. RM offers a straightforward and transparent way to compare the value of one philanthropic option against another, thereby providing a means for squeezing the most benefit from every philanthropic dollar—that is, a means for making smart philanthropic decisions. Although the book has documented the use of RM by the Robin Hood Foundation, the fundamental principles fully apply to other philanthropic purposes. The power of RM lies in its consistent and persistent application of benefit/cost analysis. But although the arithmetic of benefit/cost ratios is essential, providing funders and nonprofit organizations a powerful diagnostic tool by which to assess and improve their activities, RM is bigger than arithmetic. It is more than chasing high ratios. It works best when supplemented by rich observation.
Joel Mokyr
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780195074772
- eISBN:
- 9780199854981
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195074772.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter summarizes Chinese achievements in technological innovations. It applies physical and environmental factors to a comparative study between China and Europe. The chapter notes that the ...
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This chapter summarizes Chinese achievements in technological innovations. It applies physical and environmental factors to a comparative study between China and Europe. The chapter notes that the greatest enigma in the history of technology is the failure of China to sustain its technological supremacy, and further notes that, in the centuries before 1400, the Chinese developed an amazing technological momentum, and moved, as far as these matters can be measured, at a rate as fast as, or even faster than, Europe. It observes that many of their innovations eventually found their way to Europe, either by direct importation or independent reinvention. However, the chapter notes that China's technological progress slowed down, and ultimately came to a full stop. Its economy continued to expand, but growth was mostly of the Smithian type, based on an expansion of internal commerce, monetization, and the colonization of the southern provinces.Less
This chapter summarizes Chinese achievements in technological innovations. It applies physical and environmental factors to a comparative study between China and Europe. The chapter notes that the greatest enigma in the history of technology is the failure of China to sustain its technological supremacy, and further notes that, in the centuries before 1400, the Chinese developed an amazing technological momentum, and moved, as far as these matters can be measured, at a rate as fast as, or even faster than, Europe. It observes that many of their innovations eventually found their way to Europe, either by direct importation or independent reinvention. However, the chapter notes that China's technological progress slowed down, and ultimately came to a full stop. Its economy continued to expand, but growth was mostly of the Smithian type, based on an expansion of internal commerce, monetization, and the colonization of the southern provinces.
