Dysfunctional aspects of contemporary financial markets: diagnosis and prescription

First, Veblen’s distinction between industrial and pecuniary employments with special regard to speculation and Keynes´ view of financial markets are introduced. Second, a dominant fundamentalist, market efficiency and a heterodox speculation paradigm of financial markets are distinguished. Third, eleven proposals for financial market reform (e.g. narrow banking) are proposed. Finally, it is asked: What are the methodological consequences of the financial crisis for the prevailing scientific and ideological habits of thought? A more hermeneutical and historical approach is necessary to which Reginald Hansen contributed in his important dissertation on the debate on method.     

Hardiness as a Moderator and Motivation for Operational Duties as Mediator: the Relation Between Operational Self-Efficacy,Performance Satisfaction,and Perceived Strain in a Simulated Police Training Scenario

Training of police officers is important in order to maintain an effective law enforcement community. The present study investigates the mediating effect of motivation for operational duties on the relation between operational self-efficacy and performance satisfaction as well as perceived strain during a simulated operational scenario. Moderating effects of personality hardiness on the same relations were also investigated. Personality hardiness as a moderator was found only for the relation between operational self-efficacy and performance satisfaction. A positive effect was found for high hardy subjects, and a negative effect was found for low hardy subjects. The results also showed a mediating effect of motivation for operational duties on both performance satisfaction and perceived strain. This could have implication for selection and training in the police force.     

'Good Faith' in the WTO Jurisprudence - Necessary Balancing Element or an Open Door to Judicial Activism?

The purpose of the article is two-fold: first, it seeks to clarifyand structure those contexts in which the principle of goodfaith has entered the WTO jurisprudence; and second, it presentsan analysis of the potential effects and risks accompanyingthis entrance, such as the allegation of judicial activism onthe part of the panels or the Appellate Body and the viabilityof a distinction between violation and non-violation cases.It attempts to define the framework within which a suitableconcept for the application of good faith must be found andexplores the conclusion that thus far the Appellate Body hasapplied good faith with the necessary caution. However, it cautionsthe necessity of avoiding an overbroad use of the concept andmandates the requirement for the judicial bodies to articulatemore clearly the content attributed to the concept in a particularcase and the legal consequences thereof than it has done thusfar. Finally this article urges the judicial bodies to avoidthe idea of an abstract obligation of good faith that adds somethingto the obligation under the WTO Agreements. This would accordwith the traditional international law understanding of whatthe application of the good faith principle implies.