Bad Money Research Articles

Don't throw good time after bad money

Don't throw good time after bad money

‘Disordered surroundings’: money and socio-economic exclusion in Western Kenya

AbstractThis article explores relations between ways of experiencing socio-economic disorder, strategies on how to deal with it, and monetary classifications that symbolize these ways and strategies. It assumes that we can learn something from the fact that the concept ofpesa makech(‘bitter money’) has been replaced with the much more diffuse notion ofpesa marach(‘bad money’) in Western Kenya during the last twenty-five years. This shift in how ‘negative forms’ of money are discursively marked indexes a change in the way in which the people of Kaleko, a small market centre in Western Kenya, conceptualize the disorder of their surroundings. Instead of interpreting disorder as an effect of events taking place inside their sphere of influence, residents of Kaleko now predominantly situate the cause of disorder in actions of external actors that are perceived as uncontrollable: the ‘economy’, money itself, politicians, members of other ethnic groups and untrustworthy Luo. This necessarily changes the ways in which disorder is tackled: whilepesa makech’s bitterness could be resolved by ‘sorting out’ (rieyo) the homestead's disorder, nowadays people employ other ways that aim at resolving disorder: upscalingrieyo’s potential to the Kenyan nation; ‘struggling’ (chandre) through disorder; and relativizingrieyo’s applicability.

A woman in a man’s world: La Banquière, money, transgression and the world of high finance

Money and finance, although central in our everyday life and crucial to the making of a film, are seldom the central topic of films. French cinema of the 1970s and early 1980s offers some significant mainstream films centring on the world of money and high finance, at a time when the value of money, since the severance of the gold-exchange standard in 1971, is no longer aligned to that of gold. This article focuses on La Banquière and the way money, finance and their representation inform the story and the film’s aesthetic choices. An historical drama inspired by the life of Marthe Hanau, a bisexual and pioneering Parisian banker of the 1920s, who became the source of one of the major financial and political scandals of the Third Republic, La Banquière features Romy Schneider in the lead role. A box-office success, the film is unique in showing a woman in a position of economic and political power. Just as in other films about the invisibility of large-scale transactions, money, when visible on screen, usually as banknotes or cheques, is bad money, the sign of a transgression of some kind, leading, paradoxically, to terrible consequences. This article offers an understanding of money represented on screen through the theoretical work of Jean-Joseph Goux.

The Bank of Amsterdam Through the Lens of Monetary Competition

We examine the experience of an innovative fiat money regime, introduced by the Bank of Amsterdam in the late seventeenth century and persisting until the downfall of the Dutch Republic in 1795. The pan-European competition among international monies occurred beyond the legal domain of any one political authority, or cluster of local authorities. Competition was not framed by legally derived spillovers, so bad money was shunned.

Horse Race Gambling and the Economy of ‘Bad Money’ in Contemporary Fiji

AbstractSince emerging in Fiji in 1964, betting on Australian horseracing has become an increasingly common pastime for Fijian men. A recently introduced urban practice, this type of gambling is associated with ‘modern’ social settings and is ideologically situated outside the traditional Fijian paradigm. It faces widespread condemnation as an economic pursuit, with cash circulated through the betting shops often being labelled ‘bad’ money. Paradoxically, this negative valuation of gambling also appears to be one of the most alluring aspects of it. As a public arena, the betting shops provide a social space in which Fijian men interact on the basis of overt egalitarianism, disorder, and rowdiness, principles and behavioural patterns largely discouraged within the traditional boundaries of the village. Gambling is subversive because money generated from these pursuits is unsuitable for the village economy and thus becomes available to spend freely on luxury goods, namely alcohol, tobacco, or take‐away food, all of which are otherwise largely inaccessible. Gambling on horse racing is consequently gaining increasing social importance for Fijian men who wish to negate the constraints of traditional village life and partake in social and economic activities governed by personal desires and consumption rather than traditional communalism. While commercial betting in Melanesia has largely been ignored by anthropologists, this paper proposes that it is a salient point of study for understanding the complex social dynamics that emerge at the interface of gendered and ethnic identities and tradition and modernity in Fiji.

Putting “Dirty Money” to Good Use

Among the ethical issues faced by many fundraising practitioners of non-government organizations worldwide is whether or not to raise monies from people or organizations whose practices of business or sources of income are morally questionable. Donor lists or potential funders of many a development organization usually include politicians, wealthy businessmen, and members of prominent families, if not the corporations owned by them. Often, these are the “prime targets” for fundraising campaigns because of their willingness to share and further the developmental mission of these NGOs, and because of their ability to provide substantial support. While many such benefactors are praiseworthy in their generosity and in their sense of social responsibility, there are, of course, some whose methods and sources of income are morally questionable. The possibility of illicit activity in the means by which these donors make a profit and obtain their income cannot be denied. Such can range from unjust labor practices to graft and corruption, illegal drug trade, gambling operations, and the like. The question then arises of the acceptability of using such “bad money” or money raised illicitly by others, and putting it to “good use” or towards a charitable organization’s noble ends. Naturally, the Church as a charitable and fundraising institution has not been immune to such an ethical dilemma. As time and again featured by the media, prominent Church-related individuals who are involved in work for the poor have supporters and benefactors who may include those in question. Some, like the Blessed Mother Teresa of Calcutta, the late Cardinal Sin, and the much awarded Tony Meloto of the Gawad Kalinga movement, are of the view that even monies from donors of ill repute can and should be received and put to good use. Others take the more conservative stance and try to avoid dependence on benefactors of questionable means and sources of income, while others conveniently turn a blind eye and will receive donations without wanting or bothering to know where these monies probably came from. This article will attempt to weigh the issue at hand using three frames of moral consideration, namely 1) cooperation with evil, 2) the appropriation of evil, and 3) the consideration of scandal. The first and third are among traditional principles in Catholic moral thought while the second is a more recently developed theory from the turn of the second millennium. All three will hopefully allow us to understand the pertinent considerations in addressing the question “Is it ethical for the Church to solicit and receive funds—to be used for unquestionably worthwhile purposes—from benefactors whose businesses or sources of income involve illicit activity?”

Gresham's Law, Conceptual Semantics, and Semiotics of Authoritarianism

The aim of this article is to explore to what extent the rule of economics commonly known as Gresham's law (“bad money drives out good money”) can be extrapolated to verbal language (“bad concepts drive out good concepts”). Consequently, the goal of this article is twofold. First, for Gresham's law to be applied simultaneously to money and language, its unfortunate (“good”/“bad”) and obscure (“drives out”) wording should be clarified. Second, one should identify the contexts in which the validity of the law could be assessed best, and run a very preliminary test. For this purpose, the circulation of the adjective (“hard”, “strong”, or “stable” in Russian) in the word combination (“hard currency”) in use in the Soviet Union in the 1920s and 1930s was scrutinized.

Confirming the New Orthodoxy: Martin Amis’s Money and Thatcherism

Research Article| March 01 2014 Confirming the New Orthodoxy: Martin Amis’s Money and Thatcherism Jackson Ayres Jackson Ayres Search for other works by this author on: This Site Google Twentieth-Century Literature (2014) 60 (1): 59–78. https://doi.org/10.1215/0041462X-2014-2008 Cite Icon Cite Share Icon Share Twitter Permissions Search Site Citation Jackson Ayres; Confirming the New Orthodoxy: Martin Amis’s Money and Thatcherism. Twentieth-Century Literature 1 March 2014; 60 (1): 59–78. doi: https://doi.org/10.1215/0041462X-2014-2008 Download citation file: Zotero Reference Manager EasyBib Bookends Mendeley Papers EndNote RefWorks BibTex toolbar search Search Dropdown Menu toolbar search search input Search input auto suggest filter your search Books & JournalsAll JournalsTwentieth-Century Literature Search Advanced Search The text of this article is only available as a PDF. © 2015 by Hofstra University2014 Article PDF first page preview Close Modal Issue Section: Essays You do not currently have access to this content.

Seeing with New Eyes

Creative Nursing 2013 has been about innovating: learning to think in new ways and anticipating instead of simply reacting to change. Futures Thinking framed our first issue; futurist Joel Barker showed how to conduct strategic exploration to address the future systematically. Other articles described a new paradigm of palliation in the care of individuals with dementia, practical and ethical challenges inherent in conducting research on patients, and the need for proactive awareness of the potential for error that dwells in the everyday chaos and complexity of our practice environments. "The Net Generation" addressed a segment of the nursing profession who have "never known a time when the Internet has not been a major presence in our lives" and the implications for care planning, the nursing process, and nonverbal communication.Issue #2, Cognitive Creativity, celebrated the life of the mind that characterizes our humanity. Creativity scholars Alfonso Montuori and Gabrielle Donnelly cited everyday creativity-a phenomenon that permeates every dimension of life- with particular emphasis on group and collaborative creativity. They shared with other scholars a recognition of the paradoxical nature of creativity. Our Outcomes feature reported on research into thinking styles and creativity preferences among nursing students and practicing nurses in Spain. Issue #2 contained a strong emphasis on creative ways to improve nursing education: incorporation of transdisciplinarity into curricula; a portrait of holistic nurse educators; helping master 's degree nursing students write clearly and relate to the literature in a personal way; and strategies for teaching nursing students intentional, accountable communication to increase safety.In Issue #3, Manifestations of Creativity, nursing scholar Daniel Pesut presented models of creative thinking, principles of directed creativity for quality improvement efforts, best practices for leading innovation in organizations, and self-assessment tools. From the Netherlands came a description of one of the most innovative programs we have ever featured in Creative Nursing: Buurtzorg-a nurse-led, nurse-run organization of self-managed teams that provide home care to patients in their neighborhoods. The Buurtzorg model is based on principles of trust, professionalism, creativity, simplicity, and collaboration. Other articles highlighted intrapreneurship, the role of social media in health care, integrating clinical reasoning into nursing curricula, an innovative implementation of a falls prevention program, the birth of a free clinic, and a moving account of a nurse's reconnection with a former patient many years after their nurse-patient relationship in an ICU.This current issue honors the goal of innovating: transformation. All transformation involves change, but not all change is transformative. Some change is retrograde and not in the positive sense of returning to a golden mean. There are names for the kind of change that does no good: backsliding, reverting to type, sinking to a new low, and bad money driving out good. No, true transformative change comes from innovation-seeing with new eyes.In this issue, nursing professors Patricia Freed and Dorcas McLaughlin from the School of Nursing at St. Louis University advocate for stimulating and supporting students' creative processes and impulses through story catching, embodied learning, and stimulating imaginations. The authors echo Hildegard Peplau in stating, "Failure to fully develop functions that have been associated with the right, creative brain could be an expensive error for a discipline which values the centrality of the nurse-patient relationship."Mental health professional Jeffrey Jamerson cites the narrative theory paradigm that our perception of the outside world is constructed within, through language and narrative-the internal and external conversations people have with themselves and others. Jamerson has developed a curriculum to help at-risk youth examine and then rewrite those conversations through expressive remix therapy. …

Bimetalismo, ouro, prata e Gresham: uma contribuição para o estudo da circulação de moeda-metálica no Brasil no século XVIII

A grande cunhagem de moedas de ouro no século XVIII contribuiu para elevar o nível de monetização do Brasil, mas não poderia solucionar definitivamente os problemas típicos de um sistema bimetálico, em particular aqueles decorrentes da lei de Gresham, segundo a qual "a moeda má expulsa de circulação a moeda boa". No início daquele século, a prata comprava mais ouro no mercado do que nas casas da moeda. Havia incentivo, portanto, de entesourar a prata, ou exportá-la. A partir da década de 1760, a queda na produção de ouro e o concomitante aumento da oferta de prata vinda de Buenos Aires reduziram a discrepância entre os valores oficiais e de mercado do ouro e da prata. No início do século XIX, em função da maior valorização de mercado do ouro, a prata estaria se tornando a "moeda má", prestes a expulsar a de ouro.

Analysis of Adverse Selection for Motivation Mechanism in Engineering Project Cost Management

When the principal-agent contracts for design, supervision and construction of an engineering project are signed, the agent and the principal have hidden information. By means of tendering and negotiation, etc., it selects an agent offering a lower quotation which leads to Bad money drives out good, that is, commonly termed adverse selection problem. This study starts from the discussion of adverse selection and introduces a motivation mechanism to motivate the agent to exert initiative strategies more efficiently so that the agent can expose its hidden information automatically. The study also analyzes the project principal-agent strategies and finally uses a calculation example to demonstrate that the motivation mechanism in this study is efficient in inducing the agent to tell the truth, which aids the principal in selecting an agent with higher operational level.

Akerlof's Bad Theory of Lemons

Does bad money drive out good money? Yes. Do bad products drive out good products? Maybe. Do bad theories drive out good theories? Absolutely No. This paper demonstrates that Akerlof's thesis is derived from an extreme form of utility function. With a more general indifference curve, this paper overturns Akerlof's conclusion of bad products driving out good ones.

Gresham′s law in audiology field

Introduction: Gresham's law says bad money drives out bad money out of circulation. Need for the study: In context of audiological practice Gresham's law would state that with advent of more recent and costlier versions of test procedures and management options for the hearing loss, the older and cheaper ones would be replaced. This is not desirable in a developing country like India. Aim of the study: Gresham's Law says Bad money drives out the good money out of circulation. The aim of the study was to study the current trend practised by the audiologists in India and to examine whether Gresham's law is manifesting in the same. Methods: Two groups were taken. Group A (N1 = 42) consisted of practising audiologists, and group B (N2 = 26) consisted of audiologists in academic staff position. The survey questionnaire consisted of questions about the audiological practices with ten point Lickerts scale. Results: Essentiality of certain newer versions of assessment and management were rated higher by practicing audiologists than staff heads and professionals in academic field. Conclusion: The study revealed the rising trend amongst audiologists to use more updated versions in the assessment as well as intervention as against use of older, low cost versions of assessment and management options suggesting manifestation of Gresham's Law in audiological practice. Implication: The working audiologists should be cautious against following the protocol blindly and they should apply their acumen using readily available equipments and not rely heavily only on latest equipments especially in developing country like India.

If bad money is a collective bad, isn't good money a collective good?

During the current crisis we have discovered that a sick monetary and financial system and bad money are a collective bad. But if that is the case, then is it not reasonable to consider a sound monetary and financial system and good money to be a collective good? One of the reasons economists have not taken up this simple idea is that they have treated money as too homogenous a phenomenon – apart from the fact that economics has never been able to satisfactorily explain why money exists at all. In addition, the great majority of economists were unprepared for the world financial crisis and for the crisis of the euro because they have neglected three basic lessons of economics. By distinguishing different levels of interaction between economic and political agents, I will show that the idea of money as a private good (excludable and rival) with positive and negative externalities cannot fully account for either the positive or the negative effects of money. The concept of money as a collective good (non excludable and non rival) also has its defects. Money as a club good (excludable and non rival) comes closer to accounting for its peculiarities. But the global character of money leads me to conclude that it is better analyzed as a common pool good (non excludable and non rival), at least at the level at which attempts are undertaken to stabilize the world monetary and financial system. I apply Elinor Ostrom’s work on common pool resources to the analysis of money, and in particular of the euro and its vicissitudes. This throws more light on the nature and functions of money, and perhaps even on its existence. There is,however, one crucial difference between the problems of the sustainable natural resources that Ostrom studies and the sustainability of money. Natural resources, if not overused to complete exhaustion, may replenish themselves without human intervention, a process that may be stimulated by an adequate governance system. In the case of social or cultural resources such as money (which is a “social construct”), however, the governance system is part of the resource itself. This leaves intact, but complicates, the relationship between the stock or pool (which in the case of money is trust) that produces a flow of products (monetary and financial services). In order for the stock to be maintained and to continue yieldingits services (so: to be a renewable resource), continuous investments are needed.This is a central idea in Friedrich von Hayek’s capital theory, which may be used to improve Ostrom’s analysis. So, in order to return to a sound global monetary and financial system, and to save the euro, we should invest in trust. How this can be done is a largely unexplored domain, but I will show that the way European politicians have been acting during the euro crisis is exemplary of how not to solve this problem. Getting the global and the European monetary and financial systems back on track is a complex problem of collective action, which - as Ostrom has shown - is at the centre ofthe governance of all common pool goods. The story of the euro is a perfect illustration.

GOOD MONEY DRIVES OUT BAD: A NOTE ON FREE COINAGE AND GRESHAM'S LAW IN THE CHINESE HAN DYNASTY

ABSTRACT Gresham's law states only one precondition: in the world of metal coins, if there is a fixed rate of exchange between good and bad money, then bad money will drive out good. We argue, however, that when there is no fixed exchange rate between good and bad money, and when the government encourages free coinage, then it is possible for good money to drive out bad. We use these two preconditions to explain why the sizhu coins were successful during the reign of Emperor Wen (179–157 BC) under his free coinage policy. Our analysis of their metal composition and their weights confirms that the sizhu coins minted under a free coinage policy had a better metal content those produced under a central minting policy. This supports our argument that in certain circumstances Gresham's Law will be reversed.

Gresham’s law in environmental protection

Under incomplete environmental enforcement, the high-cost (less efficient) firm may strategically violate the environmental standard, causing the low-cost (more efficient) firm to exit the market—a phenomenon similar to Gresham’s law in which bad money drives out good money. Tightening environmental regulation without increasing probability and penalties helps the high-cost firm to drive the low-cost firm out of the market. This explains why serious pollution and inefficient production co-exist in developing economies.

Understanding Early Monetary Developments by Applying Economic Laws: The Monetary Approach to the Balance of Payments, Gresham's and Thiers' Laws

The present paper demonstrates that certain early monetary developments observed in the West since the Peloponnesian War about 400 B.C., but also in China can only e explained with the help of three economic theories called Law”, “Thiers' Law” and “The Monetary Approach to the Balance of Payments”. By doing so it is shown that “economic laws” have not only been working for hundreds of years, but also that several observed phenomena can only be explained by applying them. Gresham's Law states that, given fixed exchange rates among two kinds of money, bad money will drive out good money. By contrast, Thiers' Law (a name coined by me, in the literature it is also called the Anti-Gresham Law) states that with flexible exchange rates and sufficiently significant differences in the rates of inflation of two currencies good money will drive out the bad one. Because of this an undervaluation of the more inflating currency develops, its purchasing power is lower abroad than at home. Finally the Monetary Approach to the Balance of Payments starts by looking at the balance of payments - and for Antiquity we should rather restrict this to the balance of trade - by taking into account that surpluses or deficits of the balance of payment have to be financed by extending credit or monetary flows, for otherwise they cannot occur. Since international credits can be neglected in classical times, this means that deficits of the balance of trade have to be financed by an outflow of coins or sometimes gold, silver or copper. The empirical evidence for the working of these laws quoted stretches from antiquity to modern times.

Bad Money Drives Out Good: Forebodings of a Corporatized American Radiology—The 2009 Eugene Caldwell Lecture

1481 The tiger we’ve been riding is the extraordinary growth in imaging utilization over the past decade, from roughly 267 million procedures to over 470 million projected in 2008 [1]. Although there appears to be some leveling off during this recession, and in response to payer initiatives, the expectation is for resumption of accelerated growth early in the next decade as new applications of advanced imaging continue to come on line. In fact, imaging has been growing faster than any other physician-supplied service. The growth rate far outstrips general inflation and is greatest for advanced procedures such as CT, MRI, and PET [2]. While increasing imaging utilization has enriched radiologists both intellectually and financially, it also has generated at least two significant problems. The first is that greater use has brought considerable scrutiny of imaging by payers. Imaging is the “tall poppy,” the one most likely to draw attention and be lopped off. Witness the Deficit Reduction Act of 2005, which lowered outpatient technical payments for advanced imaging, and a recent Centers for Medicare and Medicaid Services proposal to outsource, limiting imaging use to radiology benefits management firms. The threat of reduced prices for imaging over time is promoting both an emphasis on improving efficiencies through new organizational structures and more aggressive activity on the part of these new business models. The other problem caused by the increase in utilization has drawn much less attention. There is a mismatch between increases in imaging use and manpower growth. The actual mismatch is even more serious than it would appear because it’s not just the number of procedures that is increasing. Imaging examinations are growing more complex. There are more images per examination than ever before and more information per image. This means that the amount of imaging work per Bad Money Drives Out Good: Forebodings of a Corporatized American Radiology—The 2009 Eugene Caldwell Lecture

Bad money: reckless finance, failed politics, and the global crisis of American capitalism

In his acclaimed book Theocracy, Kevin Phillips warned of the perilous interaction of debt, financial recklessness, and the spiking cost (and growing scarcity) of oil - warnings that are proving to be frighteningly accurate. Now, in his most significant and timely book yet, Phillips takes the full measure of this crisis. They are part of what he calls 'bad money' - not just the depreciated dollar, but also the dangerous attitudes and the flawed products of wayward mega-finance. His devastating conclusion: In its hubris, the financial sector has hijacked the American economy and put our very global future at risk - and it may be too late to stop it.

2008 Rho Chi Lecture: One Easy Piece

of the classic movies of modern film making, Five Easy Pieces, starred the incomparable Jack Nicholson as counterculture hero cum pianist. Using the piano as a metaphor for rebellion against societal barriers to individual freedom and honest expression, Mr. Nicholson's character embarked on a quixotic pursuit to play 5 classic works on the piano. Mastering these pieces was intended to demonstrate, symbolically at least, that his version of reality was superior to the version embraced by mainstream America. In the end, of course, exactly the opposite occurred, as his deranged view of reality proved to be incompatible with any version of normal or with the tolerance levels of modern society. And so stand before you offering my version of reality to mainstream pharmacy under the title One Easy Piece. You will judge whether my piece is melodic or deranged, but be assured, am deeply honored to be the 2008 Rho Chi Lecture Award recipient and for your consideration of my remarks. Rho Chi is an academic organization, indeed the academic organization in pharmacy. Our motto is rooted in Rene' Descartes' proof that the world we perceive is factual, not chimeric, and is expressed as I think, therefore am. In that tradition am asking us to revisit our Cartesian roots and think about the reality of our lives as pharmacy educators, to ask What is an academic program in pharmacy? To most of us the immediate response will be familiar: an academic program in pharmacy is a collection of coursework, facilities, faculty, administrative policies, budget, operating procedures, and other resources organized into a curriculum for pharmacy students. To assure minimum quality, these resources must be structured to meet standards and guidelines of an accrediting body, the American Council on Pharmaceutical Education (ACPE). We are all well aware of that periodic exercise to assure minimum quality, ie, the self-study process followed by site-visit report and Council thumbs up or thumbs down. As a survivor of 6 self-study exercises while a faculty member and/or dean at a school of pharmacy, as an occasional site-visit team member representing ACPE, and as a participant in accreditation matters for other health professions, have reluctantly concluded that we have lost our way in assuring minimum standards in pharmacy education. Let me put it in the starkest possible terms: our approach to defining an academic program is fatally flawed. base my conclusion in equal parts upon the current (2007) Standards for Accreditation of Doctor of Pharmacy Programs and the recent experience of accrediting new academic programs. It is clear to me the current approach causes us to focus excessively, if not exclusively, on individual elements of the curriculum while ignoring the all-important context in which that curriculum is delivered. In summary believe our approach is fundamentally flawed because we have come to view an academic program in pharmacy as simply a delivery system for curriculum elements. Our current system of ambiguous standards and piecemeal check-offs constitute the error in logic known as reductio ad absurdum, ie, we have reduced all the curriculum pieces into an irreducible minimum, but in the process we have lost sight of a unifying goal. In a previously published commentary observed that the current (2007) PharmD accreditation standards deleted pharmaceutical care as the foundation of pharmacy practice and education. (1) In place of pharmaceutical care, an institution is now invited to advance its preferred philosophy of practice and education, and lacking any enforceable boundaries on practice philosophy, almost any approach is acceptable. Not surprisingly this leads to a circumstance where almost any curriculum is acceptable. Economists have described this condition by the phrase bad money drives out good money. Briefly, this means when gold coins and counterfeit (eg, copper) coins are mingled in the marketplace, gold coins will disappear in preference to counterfeits because people will understandably horde gold but exchange copper. …