Property rights and competing for the affections of Demos: The Impact of the 1867 Reform Act on stock prices

The 1867 Reform Act in Britain extended the electoral franchise to the skilled but propertyless urban working classes. Using stock market data and exploiting the fact that foreign and domestic equities traded simultaneously on the London market, this paper finds that investors in British firms reacted negatively to the passage of this Act. We suggest that this finding is consistent with investors foreseeing future alterations of property rights arising from the pressure that the large newly enfranchised group would bring to bear on government policy. We also suggest that our findings appear to be more consistent with the Tory political competition explanation for the Act rather than the Whig threat-of-revolution explanation.

Risk: A Study of Its Origins, History and Politics

Over a period of several centuries, the academic study of risk has evolved as a distinct body of thought, which continues to influence conceptual developments in fields such as economics, management, politics and sociology. However, few scholarly works have given a chronological account of cultural and intellectual trends relating to the understanding and analysis of risks. Risk: A Study of its Origins, History and Politics aims to fill this gap by providing a detailed study of key turning points in the evolution of society's understanding of risk. Using a wide range of primary and secondary materials, Matthias Beck and Beth Kewell map the political origins and moral reach of some of the most influential ideas associated with risk and uncertainty at specific periods of time. The historical focus of the book makes it an excellent introduction for readers who wish to go beyond specific risk management techniques and their theoretical underpinnings, to gain an understanding of the history and politics of risk.

“ Humanitarian Competition: An Intellectual History in Perspective”.

Competition has become the mantra for survival in a globalised world where meaningful existence is fraught with demands, which go beyond the material to the immaterial ‘byte-size’. This has been exemplified by our obsession with illusions of immediate fame and fortune. This paper contextualises and extends the debate about the role of competition in general. Here the four major myths of competition are explored and deconstructed, from a Darwinian perspective to a more demonstrably engaged perspective on ‘capabilities’ (Sen, 1999). The second section deals particularly with the key debates, theories that influenced Tsunesaburo Makiguchi’s seminal ideas of ‘humanitarian competition’ in 1903. The final part of the paper seeks to decipher the relevance of the key ideas of ‘humanitarian competition’ as proposed by Dr Daisaku Ikeda in his 2009 peace proposal. Here the transition from competition to cooperation is explored by tying together the key principles of global coexistence enunciated by both Makiguchi and Ikeda in the context of expanding spiritual influence by the forces of culture, morality and virtue. To engage with humanitarian competition calls for a major shift from hard power to soft power, from subordination to one of engagement. In other words this concept advances the Buddhist principle of peaceful co-existence, or Panchsheel, as a norm for human behaviour of love, kindness, sacrifice and peace through cooperation, where equality and mutual benefit are critical. Humanitarian competition provides the essential framework to establish a new world order as highlighted by both Makiguchi and Ikeda.

Residential consumption of gas and electricity in the U.S.: The role of prices and income

We study the residential demand for electricity and gas, working with nationwide household-level data that cover recent years, namely 1997-2007. Our dataset is a mixed panel/multi-year cross-sections of dwellings/households in the 50 largest metropolitan areas in the United States as of 2008. We estimate static and dynamic models of electricity and gas demand. We find strong household response to energy prices, both in the short and long term. From the static models, we get estimates of the own price elasticity of electricity demand in the -0.860 to -0.667 range, while the own price elasticity of gas demand is -0.693 to -0.566. These results are robust to a variety of checks. Contrary to earlier literature (Metcalf and Hassett, 1999; Reiss and White, 2005), we find no evidence of significantly different elasticities across households with electric and gas heat. The price elasticity of electricity demand declines with income, but the magnitude of this effect is small. These results are in sharp contrast to much of the literature on residential energy consumption in the United States, and with the figures used in current government agency practice. Our results suggest that there might be greater potential for policies which affect energy price than may have been previously appreciated. (C) 2011 Elsevier B.V. All rights reserved.