john holden, Cultural Value and the Crisis of Legitimacy (image via

John Holden – Cultural Value and the Crisis of Legitimacy

“The ‘cultural system’ faces a crisis of legitimacy. At local government level culture is suffering extreme funding cuts, the recent Arts Council England (ACE) Peer Review uncovers a rift between ACE and its Whitehall department, and individual organisations continue to stagger from one damning headline to the next. These are the current symptoms of a deeper problem that has dogged culture for the last 30 years.

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Norbert Bolz – On the Management of Cultural Meaningfulness

Compensating the Burdens of Modernization

In the following I will attempt to make culture recognizable as a compensation of modern society. I assume we agree that our society is unmanageably complex, our technologies overburden us and the human standard no longer provides us with an orientation in our world. Culture offers compensation for these extreme demands. It promises us an escape from complexity and it offers us symbols of unity.

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David C. McClelland – The Achieving Society

“This book grew out of an attempt by a psychologist, trained in behavioral science methods, to isolate certain psychological factors and to demonstrate rigorously by quantitative methods that these factors are generally important in economic development. The scope of such an enterprise turned out to be truly alarming for one whose background in the social sciences was slight to begin with.

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Joseph Schumpeter – Methodological Individualism

Having disposed of the queries associated with the hypothesis of value and with the problem of human motivation, all we still need to prove is that our assumptions are based on the possession of wealth by the individual. This is bound to evoke some criticism because, in this day and age, tha validity of the individualistic concept is strongly queried.

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Thomas K. McCraw | Schumpeter’s Business Cycles as Business History

“Schumpeter chose the title Business Cycles not only because the topic was then fashionable (it was the central economic puzzle of the time, and had been even before the Great Depression), but also because he wanted to emphasize the economic ebb and flow that defines capitalism. “Cycles,” he writes in his preface, “are not, like tonsils, separable things that might be treated by themselves, but are, like the beat of the heart, of the essence of the organism that displays them.”

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elroy dimson market efficiency

Dimson & Mussavian – A Brief History of Market Efficiency

“The concept of efficiency is central to finance. Primarily, the term efficiency is used to describe a market in which relevant information is impounded into the price of financial assets. This is the primary focus of the articles reviewed here. Sometimes, however, economists use this word to refer to operational efficiency, emphasising the way resources are employed to facilitate the operation of the market. Most of this review is concerned with the former definition, namely the informational efficiency of financial markets. At the end of this paper, we also consider the microstructure of financial markets.

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Morgen Witzel A short history of efficiency

Morgen Witzel – A Short History of Efficiency

“Efficiency is generally considered to be one of the great management virtues. From scientific management to business process re-engineering, there has been a sustained concentration on efficiency as a core business value, with a strongly assumed link between efficiency on the one hand and productivity and profitability on the other. The theory is a simple one: efficient businesses survive while inefficient ones go to the wall.

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