Economics Publications (UMKC)
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Items in this collection are the scholarly output of the Department of Economics faculty, staff, and students, either alone or as co-authors, and which may or may not have been published in an alternate format.
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Item Trade, environment and development : an ecological economics perspective(Interdisciplinary Doctoral Student Council at the University of Missouri-Kansas City, 2012) Dasgupta, PoulomiThe growing importance of international trade has resulted in many debates concerning growth and the consequent impact on environment. This paper will critically analyze the impact of international trade on environment in developing countries. In addition, the paper will also compare the two approaches to evaluate the impact of economic activities including trade on environment. These two approaches are environmental economics and ecological economics. A case will then be made in favor of ecological economics as a more applicable approach for developing countries when evaluating environmental impact of trade.Item Gardiner C. Means and the 1980s Shareholders' Attempted Revolution(Interdisciplinary Doctoral Student Council at the University of Missouri- Kansas City, 2008) Pham, XuanGardiner C. Means was one of the first twentieth-century economists to have noticed the concentration of corporate power in the hands of managers. He believed that this power arrangement caused production inefficiency and inappropriate resource allocation. Means advocated for the redistribution of control among four groups of stakeholders—consumers, workers, managers, and shareholders. He believed an equitable distribution of economic power will increase macroeconomic stability and growth. During the 1980s Deal Decade, shareholders and corporate raiders attempted to take power away from the managers by mean of hostile takeovers. The shareholders did not succeed because managers retaliated by erecting legal barriers to protect themselves. I argue that the shareholders' revolution failed because shareholders did not heed Means' advice. If the shareholders had been more willing to share power with workers and consumers, they could have defeated the managers.Item Backdating Stock Options: A Primer in Social Irresponsibility(Interdisciplinary Doctoral Student Council at the University of Missouri- Kansas City, 2008) Christensen, KurtBackdating stock options refers to the falsification of stock issuance documentation by corporate officials in order to receive a favorable stock price. A lower stock price provides assurance of a greater payoff once the option is exercised and sold. This paper argues that backdating stock options is representative of the intrinsic nature of those controlling the corporate form. Stock options are granted as an incentive of corporate ownership; however, corporate officials have circumvented this intent through the use of the backdating mechanism. Using a Veblenian analysis, it is presumed that backdating stock options represents another common practice of pecuniary coercion by those controlling “Captains of Industry and Finance” who have separated themselves from the instincts of ownership and workmanship. Current commentary focuses on the need to reinvigorate the social and political spheres with a desire to adapt to the ways of the business sphere.Item Heterodox Microfoundations: A Methodological Appraisal(Interdisciplinary Doctoral Student Council at the University of Missouri- Kansas City, 2007) Jo, Tae-HeeThis paper examines underlying methodological commitments in orthodox and heterodox approaches to micro and macro. Identifying methodological advantages and drawbacks of existing microfoundations, macrofoundations, and mesofoundations, I uphold the need for the heterodox microfoundations of macroeconomics which is centered on the casual mechanisms of an economic system. By this, we are capable of analyzing micro- and macroreality which are recursively interrelated. In addition, the fallacy of macroreductionism and central-reductionism can be avoided. One way of articulating the heterodox microfoundations is to utilize a circular production input-output matrix of a capitalist system combined with the price system. Such a framework is consistent with heterodox economics at the methodological and theoretical level.