Oxford University Press's
Academic Insights for the Thinking World
By Robert F. Hurley
Greg Smith’s March 14, 2012 op-ed piece in the New York Times, “Why I am Leaving Goldman Sachs” is a familiar story for those who follow the betrayal and repair of trust. Smith tells a story of his frustration and disillusionment at Goldman changing from a culture that valued service to clients to one that rewarded those who made the most money for the firm even if it betrayed client interests.
By Corey Robin
Inspired by all this libertarian talk, I dug out an old piece of mine from 2002, in the Boston Globe, that talks about a little known fact: many workers in the United States aren’t able to exercise their right to pee on the job—due to lack of government enforcement—and it wasn’t until 1998 (!) that they even got that right, thanks to the federal government. The piece pivots from there to a more general discussion about coercion in the workplace and its history.
By Robert Jensen
In many developing countries, women often leave school, marry and start having children at a young age. For example, in India, less than half of girls aged 11-18 are enrolled in school. By age 18, nearly 60 percent of women are married and over a quarter have given birth. These outcomes are powerful indicators of the low social and economic progress of women, and may have consequences for poverty and income growth. It is therefore important to understand what factors can help improve these outcomes.
By Edward Zelinsky
Public pension plans should not invest in private equity deals. These deals lack both transparency and the discipline of market forces. Private equity investments allow elected officials to assume unrealistically high rates of return for public pension plans and to make correspondingly low contributions to such plans. This is a recipe for inadequately funded pensions, an outcome good for neither public employees nor taxpayers.
By Mia Gray, Linda Lobao, and Ron Martin
“There is a paradox at the heart of our lives. As Western societies have got richer, their people have become no happier” (Layard, 2005). Layard has not been alone in questioning the relationship between economic growth and well-being. Theoretically, empirically, and politically, there is increasing dissatisfaction with growth as the main indicator of well-being. As such, there is renewed interest in analysing the institutions and conventions through which the economy and society are measured and understood.
This is the very time to remind ourselves of the achievements of the EU, because if we are to make sensible choices about where we go from here, we will need to have a clear idea of both its successes and its failures.
By Edward Zelinsky
On a personal level, I enjoyed the news reports that Governor Romney holds assets worth tens of millions of dollars in his individual retirement account (IRA). These reports confirm a central thesis of The Origins of the Ownership Society, namely, the extent to which defined contribution accounts, such as IRAs and 401(k) accounts, have become central features of American life.
Every year, 90% of Americans give money to charities. There is at least one capital campaign to raise $25 million or more underway in virtually every major population center in North America. Smaller capital campaigns are even more numerous, with phone-a-thons, door-to-door drives, and mail solicitations increasing in popularity. Despite the ubiquity of fund-raising, we still have an imperfect understanding of the motivations for giving and the welfare implications for the giver. One may wonder: what moves all of these people to donate? Is such generosity necessarily welfare-enhancing for the giver?
By Hanna Oldsman
In Voltaire’s Candide, the title character wanders through a life of brutal executions and natural disasters and angry mobs, and yet believes that he lives in the best of all possible worlds. When I think of misguided optimism, I think of those who are disinclined to do anything to change the world or their lives because (a) they believe all things serve some greater good or (b) they optimistically and passively wait for their god(s), or the people around them, to change their lives for the better.
By Jerald Jellison
Despite your legal training, you’ve decided to pursue a career in business. This career change will immediately raise a red flag for business employers. Your answer can make or break your chance of employment. Why do you want to work in business rather than law? The question is especially vexing if your heart has been set on working as an attorney. That’s the reason you went to law school. Even today, if you a law firm offered you a job, you’d choose it over business. But, legal jobs are scarce in this economy.
By Edward Zelinsky
As every baseball fan knows, Albert Pujols has signed a ten year, $254 million contract with the Los Angeles Angels. Pujols, a three-time MVP who has hit 445 home runs so far in his major league career, deserves every penny he is paid. The competition for Pujols demonstrated meritocracy and markets at their best.
By Johan F. M. Swinnen
After two centuries of consolidation and closing down of small breweries, a counter-revolution is under way. Fed up with the lack of variety and the control of large brewing holdings over their favorite drinks, beer lovers have taken their beverage back into their own hands. All over the world, new beers and breweries are emerging every day. What started as the micro-brewery movement in the USA has spread to other countries and created a remarkable turnaround in convention.
By Louis René Beres
“Eat the rich.” This palpably unappetizing sign can still be seen at certain Occupy Wall Street demonstrations. Although obviously silly at a literally gastronomic level, the uncompromising message’s sub-text remains deeply serious. Above all, it reaffirms the steadily hardening polarities of growing class warfare in the United States. Plainly, America’s Edenic myth of “equality” continues to unravel before the sobering and relentless statistics of a continuously-entrenched plutocracy.
It all began in November of 2010 when the military regime decided to release opposition leader and Nobel Peace Prize winner Aung San Suu Kyi who, since 1989, had been on house arrest under charges of attempting to divide the military.
By Nigel Boardman
An organisation should also be alert to the increased risk of bribery in deals which involve any form of competitive process (such as the auction of a business) and those in which completion depends on obtaining governmental or administrative consents. In this regard, it is important to note that, while corporate hospitality which seeks to improve the image of a business does not necessarily attract liability, “facilitation payments” are an offence under the Bribery Act.
By Edward Zelinsky
Media reports have indicated that New York Governor Andrew Cuomo has been considering the use of public pension funds to finance the replacement of the Tappan Zee Bridge and to underwrite other infrastructure investments in the Empire State. This is a bad idea, harmful both to the governmental employees of the Empire State and to New York’s taxpayers. Using public pension monies in this fashion trades the immediate benefits of public construction for the long-term cost of underfunded public retirement plans.