Hayek the Schmittian: contextualising Cristi's account of Hayek's decisionism in the age of global wealth inequality

That capitalism, in all its variants, produces material inequality is beyond dispute.What is less clear, however, is not only whether Hayek’s ‘equality of opportunities’is immune to the inegalitarian trend, but also whether liberalism itself is the occultsource of this outcome. This paper delves into this by offering a post-nationalcontextualisation and partial critique of Renato Cristi’s 1984 and 1998scholarship on Hayek’s decisionism. The aim is to investigate the relationshipbetween liberal thought and wealth inequality in light of the global-order projectand crisis in democratic decision-making procedures. This will uncover a clearzone of interaction between Hayek’s notion of legal liberty and Schmitt’ssovereignty that was not spotted by Cristi and that will shed new light on thedehumanising and inegalitarian essence of the universalisation of liberalism andits notion of ‘civilised economy’.

Transforming the SF-36 to account for death in longitudinal studies with three-year follow-up

BACKGROUND: Analyses of longitudinal health-related quality of life data often exclude participants who die, which limits the generalizability of the results. Methods to incorporate death as a valid score in the Medical Outcomes Study Short-Form (SF-36) have been suggested but need to be evaluated in other populations. OBJECTIVES: We sought to apply a method of transforming the SF-36 Physical Component Score (PCS) to include death. A transformation to estimate the probability of being "healthy" in 3 years, based on the current PCS value, will be developed and validated. SUBJECTS: Women in the Australian Longitudinal Study on Women's Health (ALSWH), ages 70-75 years at Survey 1 in 1996 (n = 12,432), were followed-up at 3 yearly intervals for 6 years. RESULTS: The transformation derived from the ALSWH data provides evidence that the methodology for transforming the PCS to account for deaths is sound. The 3-year equation provided good estimates of the probability of being healthy in 3 years and the method allowed deaths to be included in an analysis of changes in health over time. CONCLUSIONS: For longitudinal studies involving the SF-36 in which subjects have died, we support the recommendation that both the PCS and its transformed value which includes deaths should be analyzed to examine the influence of deaths on the study conclusions. Using study data to derive empirical parameters for the transformations may be appropriate for studies with follow-up intervals of other lengths.

Current account and capital mobility hypothesis: Evidence from the G-7

This paper investigates an intertemporal optimization model in order to analyze the current account of the G-7 countries, measured as the present value of the future changes in net output. The study compares observed and forecasted series, generated by the model, using Campbell & Shiller’s (1987) methodology. In the estimation process, the countries are considered separately (with OLS technique) as well as jointly (SURE approach), to capture contemporaneous correlations of the shocks in net output. The paper also proposes a note on Granger causality and its implications to the optimal current account. The empirical results are sensitive to the technique adopted in the estimation process and suggest a rejection of the model in the G-7 countries, except for the USA and Japan, according to some papers presented in the literature.

Some notes about the determination of current account equilibrium real exchange rate and the relation between real exchange rate and productive specialization

The objective of these notes is to present a simple mathematical model of the determination of current account real exchange rate as defined by Bresser-Pereira (2010); i.e. the real exchange rate that guarantees the inter temporal equilibrium of balance of payments and to show the relation between Real Exchange rate and Productive Specialization at theoretical and empirical level.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (‘light-touch’) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — i.e., by investors who have incentives to interpret information in a biased fashion in a systematic way. Thus, ‘fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in (excessively) ‘friendly-regulated’ and over-liquid financial market to learn from previous mistakes seems rather limited.

How the full opening of the capital account to highly liquid financial markets led Latin America to two and a half cycles of ‘mania, panic and crash’

Latin America has recently experienced three cycles of capital inflows, the first two ending in major financial crises. The first took place between 1973 and the 1982 ‘debt-crisis’. The second took place between the 1989 ‘Brady bonds’ agreement (and the beginning of the economic reforms and financial liberalisation that followed) and the Argentinian 2001/2002 crisis, and ended up with four major crises (as well as the 1997 one in East Asia) — Mexico (1994), Brazil (1999), and two in Argentina (1995 and 2001/2). Finally, the third inflow-cycle began in 2003 as soon as international financial markets felt reassured by the surprisingly neo-liberal orientation of President Lula’s government; this cycle intensified in 2004 with the beginning of a (purely speculative) commodity price-boom, and actually strengthened after a brief interlude following the 2008 global financial crash — and at the time of writing (mid-2011) this cycle is still unfolding, although already showing considerable signs of distress. The main aim of this paper is to analyse the financial crises resulting from this second cycle (both in LA and in East Asia) from the perspective of Keynesian/ Minskyian/ Kindlebergian financial economics. I will attempt to show that no matter how diversely these newly financially liberalised Developing Countries tried to deal with the absorption problem created by the subsequent surges of inflow (and they did follow different routes), they invariably ended up in a major crisis. As a result (and despite the insistence of mainstream analysis), these financial crises took place mostly due to factors that were intrinsic (or inherent) to the workings of over-liquid and under-regulated financial markets — and as such, they were both fully deserved and fairly predictable. Furthermore, these crises point not just to major market failures, but to a systemic market failure: evidence suggests that these crises were the spontaneous outcome of actions by utility-maximising agents, freely operating in friendly (light-touched) regulated, over-liquid financial markets. That is, these crises are clear examples that financial markets can be driven by buyers who take little notice of underlying values — investors have incentives to interpret information in a biased fashion in a systematic way. ‘Fat tails’ also occurred because under these circumstances there is a high likelihood of self-made disastrous events. In other words, markets are not always right — indeed, in the case of financial markets they can be seriously wrong as a whole. Also, as the recent collapse of ‘MF Global’ indicates, the capacity of ‘utility-maximising’ agents operating in unregulated and over-liquid financial market to learn from previous mistakes seems rather limited.

Primary power distribution systems planning taking into account reliability, operation and expansion costs

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Cryptic sexual populations account for genetic diversity and ecological success in a widely distributed, asexual fungus-growing ant

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

On an Active Control for a Structurally Nonlinear Mechanical System, Taking Into Account an Energy Pumping

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

A note on the attenuation of the sommerfeld effect of a non-ideal system taking into account a MR damper and the complete model of a DC motor

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Bats from Fazenda Intervales, Southeastern Brazil: species account and comparison between different sampling methods

Assessing the composition of an area's bat fauna is typically accomplished by using captures or by monitoring echolocation calls with bat detectors. The two methods may not provide the same data regarding species composition. Mist nets and harp traps may be biased towards sampling low flying species, and bat detectors biased towards detecting high intensity echolocators. A comparison of the bat fauna of Fazenda Intervales, southeastern Brazil, as revealed by mist nets and harp trap captures, checking roosts and by monitoring echolocation calls of flying bats illustrates this point. A total of 17 species of bats was sampled. Fourteen bat species were captured and the echolocation calls of 12 species were recorded, three of them not revealed by mist nets or harp traps. The different sampling methods provided different pictures of the bat fauna. Phyllostomid bats dominated the catches in mist nets, but in the field their echolocation calls were never detected. No single sampling approach provided a complete assessment of the bat fauna in the study area. In general, bats producing low intensity echolocation calls, such as phyllostomids, are more easily assessed by netting, and bats producing high intensity echolocation calls are better surveyed by bat detectors. The results demonstrate that a combined and varied approach to sampling is required for a complete assessment of the bat fauna of an area.

A procedure to estimate parameters of a line segment taking into account its representation through pi circuits: Theoretical development

The objective of this paper is to show an alternative methodology to estimate per unit length parameters of a line segment of a transmission line. With this methodology the line segment parameters can be obtained starting from the phase currents and -voltages in receiving and sending end of the line segment. If the line segment is represented as being one or more pi circuits whose frequency dependent parameters are considered lumped, its impedance and admittance can be easily expressed as functions of the currents and voltages at the sending and receiving end. Because we are supposing that voltages and currents at the sending and receiving end of the tine segment (in frequency domain) are known, it is possible to obtains its impedance and admittance and consequently its per unit length longitudinal and transversal parameters. The procedure will be applied to estimate the longitudinal and transversal parameters of a small segment of a single-phase line that is already built.

A procedure to estimate parameters of a line segment taking into account its representation through π circuits: Theoretical development

The objective of this paper is to show an alternative methodology to estimate per unit length parameters of a line segment of a transmission line. With this methodology the line segment parameters can be obtained starting from the phase currents and voltages in receiving and sending end of the line segment. If the line segment is represented as being one or more π circuits whose frequency dependent parameters are considered lumped, its impedance and admittance can be easily expressed as functions of the currents and voltages at the sending and receiving end. Because we are supposing that voltages and currents at the sending and receiving end of the line segment (in frequency domain) are known, it is possible to obtains its impedance and admittance and consequently its per unit length longitudinal and transversal parameters. The procedure will be applied to estimate the longitudinal and transversal parameters of a small segment of a single-phase line that is already built. © 2006 IEEE.

Is the equivalence principle doomed forever to Dante's Inferno on account of quantum mechanics?

It is commonly assumed that the equivalence principle can coexist without conflict with quantum mechanics. We shall argue here that, contrary to popular belief, this principle does not hold in quantum mechanics. We illustrate this point by computing the second-order correction for the scattering of a massive scalar boson by a weak gravitational field, treated as an external field. The resulting cross-section turns out to be mass-dependent. A way out of this dilemma would be, perhaps, to consider gravitation without the equivalence principle. At first sight, this seems to be a too much drastic attitude toward general relativity. Fortunately, the teleparallel version of general relativity - a description of the gravitational interaction by a force similar to the Lorentz force of electromagnetism and that, of course, dispenses with the equivalence principle - is equivalent to general relativity, thus providing a consistent theory for gravitation in the absence of the aforementioned principle. © World Scientific Publishing Company.