This document discusses governance of systemic financial risk and the importance of mindfulness. It provides context on the global financial crisis and issues that hindered identification of risks, including groupthink at the Federal Reserve and IMF. The document defines governance and reflexive governance, which calls into question the foundations of governance. It argues that cultivating mindfulness in individuals, organizations, science and governance can help address issues like cognitive biases and improve ability to identify and manage systemic financial risks. Examples are provided on applying mindfulness in clinical psychology, financial trading and social psychology to improve decision-making.
Leardership crisis in nigeria since independenceTANKO AHMED fwc
Nigeria is a nation polarized into sectional, religious and ethnic contestations leading to incessant crisis of leadership. The crisis of leadership in Nigeria reflects the national psyche of the Nigerian state as expressed by the political behaviour of its elites among others. This paper considers a framework of understanding the root causes and consequences of the incessant crisis of leadership in Nigeria and the implications of this crisis for national integration and nation-building. It identifies the way in which the Nigerian state was constituted, the divide and rule colonial policy, the ‘two publics’ mentality of its elites and the character of early nationalism as root causes of this crisis. It also proffers recommendations on the way forward including the sanctions against negative political behaviour, transcultural leadership and public enlightenment.
A new, more technocratic financial governanceJacopo Pendezza
This document discusses the emergence of a more technocratic approach to global financial governance. It argues that technical issues are increasingly being addressed by expert networks rather than traditional state-based institutions, focusing on cooperation over power dynamics. The analysis examines global finance regulation through a liberal internationalism theoretical lens, which emphasizes rational cooperation between states and the role of international institutions in managing interdependence. It provides context on globalization trends and conceptual frameworks for understanding governance and legitimacy at a global level before analyzing the forms and extent of contemporary financial globalization and the institutional mechanisms that govern it.
This document discusses the concept of "risk society" and how it has impacted social work. Some key points:
- Modern society is increasingly preoccupied with managing and avoiding risk. Governments and institutions try to develop sophisticated risk management systems to control social risks.
- Social work has embraced risk management frameworks like risk assessment, risk governance strategies, and performance targets to avoid blame. This has shifted social work's focus from social need to handling "high risk" clients and cases.
- The predominance of risk reconfigures social work according to an economic, instrumental rationality focused on managing and averting risk. This alters relationships within social work and reframes it as an executant role accountable in legal
In these slides you will learn about the role of Strategic Management in public sector its features, objectives, planning and much more about this topic.
Lecture 10 global governance and power over lifedavid roberts
Global governance involves the management of global political and economic issues in the absence of a world government. It expresses power over life in three ways - through material forms like economic and military power; by promoting masculine and patriarchal values; and by projecting liberal ideologies as neutral truths. Critics argue that global governance uses governmentality to exert power over planetary life through institutions and networks that disseminate liberal norms in order to manage and discipline global populations. Understanding global governance as technical, material and ideological reveals the structures and rationalities of power behind international phenomena.
This document provides an overview and analysis of monetary economics from the perspective of The Zeitgeist Movement. It defines key terms like economics, monetary systems, and capitalism. It then examines some of the core mechanisms and consequences of monetary economics, focusing on five attributes that are necessary to maintain the current economic system: 1) the need for perpetual cyclical consumption, 2) the abundance of scarcity, 3) the priority of profit, 4) the distortion of values, and 5) fiscal manipulation. It argues that these attributes inherently promote planned obsolescence, constant waste, and environmental destruction in the pursuit of economic growth. The document aims to provide an alternative view of economics that is more sustainable.
The document discusses the evolution of the concept of governance from the 1990s to 2000s. It summarizes that:
1. Governance expanded beyond just government to include the roles of citizens, organizations, and groups in pursuing collective goals.
2. Key factors that pushed the governance paradigm included development failures, environmentalism, globalization, and peacebuilding.
3. "Good governance" emerged as an international development principle promoting accountability, participation, predictability, transparency, and the rule of law.
4. Kofi Annan affirmed that good governance is essential for sustainable development and eradicating poverty.
Leardership crisis in nigeria since independenceTANKO AHMED fwc
Nigeria is a nation polarized into sectional, religious and ethnic contestations leading to incessant crisis of leadership. The crisis of leadership in Nigeria reflects the national psyche of the Nigerian state as expressed by the political behaviour of its elites among others. This paper considers a framework of understanding the root causes and consequences of the incessant crisis of leadership in Nigeria and the implications of this crisis for national integration and nation-building. It identifies the way in which the Nigerian state was constituted, the divide and rule colonial policy, the ‘two publics’ mentality of its elites and the character of early nationalism as root causes of this crisis. It also proffers recommendations on the way forward including the sanctions against negative political behaviour, transcultural leadership and public enlightenment.
A new, more technocratic financial governanceJacopo Pendezza
This document discusses the emergence of a more technocratic approach to global financial governance. It argues that technical issues are increasingly being addressed by expert networks rather than traditional state-based institutions, focusing on cooperation over power dynamics. The analysis examines global finance regulation through a liberal internationalism theoretical lens, which emphasizes rational cooperation between states and the role of international institutions in managing interdependence. It provides context on globalization trends and conceptual frameworks for understanding governance and legitimacy at a global level before analyzing the forms and extent of contemporary financial globalization and the institutional mechanisms that govern it.
This document discusses the concept of "risk society" and how it has impacted social work. Some key points:
- Modern society is increasingly preoccupied with managing and avoiding risk. Governments and institutions try to develop sophisticated risk management systems to control social risks.
- Social work has embraced risk management frameworks like risk assessment, risk governance strategies, and performance targets to avoid blame. This has shifted social work's focus from social need to handling "high risk" clients and cases.
- The predominance of risk reconfigures social work according to an economic, instrumental rationality focused on managing and averting risk. This alters relationships within social work and reframes it as an executant role accountable in legal
In these slides you will learn about the role of Strategic Management in public sector its features, objectives, planning and much more about this topic.
Lecture 10 global governance and power over lifedavid roberts
Global governance involves the management of global political and economic issues in the absence of a world government. It expresses power over life in three ways - through material forms like economic and military power; by promoting masculine and patriarchal values; and by projecting liberal ideologies as neutral truths. Critics argue that global governance uses governmentality to exert power over planetary life through institutions and networks that disseminate liberal norms in order to manage and discipline global populations. Understanding global governance as technical, material and ideological reveals the structures and rationalities of power behind international phenomena.
This document provides an overview and analysis of monetary economics from the perspective of The Zeitgeist Movement. It defines key terms like economics, monetary systems, and capitalism. It then examines some of the core mechanisms and consequences of monetary economics, focusing on five attributes that are necessary to maintain the current economic system: 1) the need for perpetual cyclical consumption, 2) the abundance of scarcity, 3) the priority of profit, 4) the distortion of values, and 5) fiscal manipulation. It argues that these attributes inherently promote planned obsolescence, constant waste, and environmental destruction in the pursuit of economic growth. The document aims to provide an alternative view of economics that is more sustainable.
The document discusses the evolution of the concept of governance from the 1990s to 2000s. It summarizes that:
1. Governance expanded beyond just government to include the roles of citizens, organizations, and groups in pursuing collective goals.
2. Key factors that pushed the governance paradigm included development failures, environmentalism, globalization, and peacebuilding.
3. "Good governance" emerged as an international development principle promoting accountability, participation, predictability, transparency, and the rule of law.
4. Kofi Annan affirmed that good governance is essential for sustainable development and eradicating poverty.
Este documento trata sobre la historia, evolución y técnicas del surf. Explica que el surf se originó en las islas polinesias hace más de 500 años y se popularizó en Hawái y California en el siglo XX. Describe los diferentes estilos de tablas y maniobras básicas como el "take off", "bottom turn" y "aéreo". También menciona variantes como el bodyboard y longboard y reconocidos surfistas pioneros.
El documento describe figuras de mazapán hechas con gran detalle y realismo, incluyendo cabello, expresiones y posturas, que aunque fueron hechas para repostería se ven tan reales que es difícil darles un mordisco. Incluye también la definición de mazapán e imágenes adicionales de figuras como una niña, mellizos naciendo de un huevo y la pregunta de si no parecen hermosas.
Este documento presenta una propuesta pedagógica para brindar apoyo a niños con enfermedades terminales que están internados en hospitales. El objetivo general es apoyarlos moralmente mediante actividades recreativas y de motivación. Se incluyen secciones sobre VIH, cáncer, leucemia y enfermedades raras en niños. La metodología incluye estudios de caso, historias de vida y entrevistas. La propuesta consiste en charlas con padres, apoyo del maestro y visitas de compañeros al hospital para elevar el ánimo
This document provides information about API Water Fun, a company located in Fulda, Germany that creates water features and attractions. It summarizes some of their main products including wave pools, waterslides, torrent rivers, and the API Play & Spray ground feature. The document also briefly discusses the history and technology behind their pneumatic wave generator, and notes that API Water Fun has created over 500 water attractions in 38 countries since 1967.
1) El documento analiza el concepto moderno de democracia desde el siglo XVII hasta el XX. Destaca las aportaciones de teóricos como Locke, Montesquieu y otros que fueron despojando a la democracia de su carácter peyorativo y acercando el modelo institucional a la democracia representativa frente a la democracia directa de la antigua Grecia.
2) Locke desarrolla una teoría del contrato social que sienta las bases del liberalismo y la democracia, como la igualdad natural
The document provides information for Dominican citizens returning to reside permanently in Dominica. It outlines the eligibility requirements and documents needed for returning resident status and associated tax concessions. Key concessions include duty-free import of household and personal effects, tools of trade, and one vehicle. The process for clearing imported items through customs and registering vehicles is also described.
El documento habla sobre dominios e internet hosting. Explica que un dominio es la identificación de un grupo de dispositivos en internet y que el registro de dominios permite traducir direcciones IP a nombres más fáciles de recordar. También describe los diferentes tipos de hosting como compartido, VPS y dedicado, así como organizaciones relacionadas como ICANN y LACTLD. Finalmente, recomienda varias empresas que ofrecen servicios de dominio y hosting.
El documento describe un campus deportivo para estudiantes de secundaria que ofrece varias actividades deportivas como baloncesto, fútbol y natación con el objetivo de introducir a los estudiantes a los deportes y fomentar una motivación hacia la práctica deportiva de manera lúdica y respetando sus edades y niveles. El campus se dirige a estudiantes entre 11 y 15 años y se llevará a cabo en las instalaciones del Colegio Helios.
The document summarizes various aspects of tigers including their physical features, habitat, diet, subspecies, and life cycle. Tigers have stripes that help them camouflage and can kill strong animals. They have large claws and weigh up to 440 pounds. Tigers mark their private territories and hunt prey from tall grass or behind rocks, attacking when within 30 feet. The Malayan tiger was discovered to be a separate subspecies from the Indochinese tiger in 2004. Female tigers roar to attract males, and while often rough, tigers can also be calm and gentle at times.
Emprender en Argentina: 8 creencias y algunas experienciasRoberto Allende
La charla se centra en dos preguntas a las cuales se intenta responder desde la perspectiva de un emprendedor cordobes: Que significa emprender en Argentina. Que habilidades tiene que tener un emprendedor.
Este documento describe los pasos para construir un sitio web de comercio electrónico exitoso, incluyendo consideraciones de hardware, software, bases de datos, pruebas e implementación, presupuesto y elementos de diseño clave. Explica que se deben tomar decisiones sobre el equipo, programas y almacenamiento de datos, y realizar pruebas antes de implementar el sitio. También destaca la importancia del mantenimiento continuo y la promoción para garantizar el éxito a largo plazo.
The document is a cover letter and CV for Jacques Engelbrecht applying for a position. The summary is:
Jacques has over 15 years of experience in maintenance, production management, and offshore operations. He has successfully developed maintenance plans, completed management programs, and obtained production management qualifications. He is now seeking a new opportunity to apply his skills.
Informe sobre ecommerce durante el Black Friday y el Cyber Monday realizado p...Inicia Marketing
Este documento proporciona un análisis de la campaña de Black Friday y Cybermonday en España en 2015. Algunas de sus conclusiones clave son: (1) las ventas alcanzarán los 1.172 millones de euros, un 10,6% más que en 2014; (2) el Black Friday 2015 representará un 6,4% del total del consumo online en España; y (3) el 69% de los comercios electrónicos encuestados llevarán a cabo una campaña especial de descuentos durante este período.
El Shih Tzu es una raza de perro pequeña originaria de China que fue criada para parecerse a los leones, según la cultura china. Fueron muy apreciados como perros guardianes y su nombre significa "perro león" en chino. El Shih Tzu tiene un pelaje largo y suave, ojos grandes y una cabeza pequeña en proporción a su cuerpo. Es una raza leal, cariñosa y sociable que tiende a llevarse bien con otros perros y niños.
The Special Valuation Branch (SVB) investigates import transactions between related parties to determine if the relationship influenced the invoice price. Importers related to their supplier per the Customs Valuation Rules must register with SVB. SVB examines factors like identical goods prices, deductive value, computed value, or residual method to determine the proper assessable value. Importers must submit documents responding to SVB questionnaires, and assessments are provisional until SVB makes a final ruling, which generally lasts 3 years before renewal is required.
Risk Management Lessons From The Current Crisis Ppt2003Barry Schachter
The document discusses risk management lessons that can be learned from the current financial crisis. It argues that viewing risk management failures as firm-specific issues and proposing regulatory fixes focused on individual firms is misguided. Instead, risk management should be seen as an adaptive system across an interconnected network of firms. Systemic problems are better addressed by allowing endogenous adaptations to emerge rather than imposing uniform rules that could reduce diversity and flexibility.
The document discusses subjective aspects of economy from individual and societal perspectives. At the individual level, it discusses semiotics, relative deprivation, and motivation. At the societal level, it examines the philosophy gap in socioeconomic theories, equilibrium perturbations in markets, and media influence on reality construction. The key point is that economic behavior and well-being are subjective and influenced by non-economic factors like social relationships, personal growth, and cultural norms shaped by communication.
Este documento trata sobre la historia, evolución y técnicas del surf. Explica que el surf se originó en las islas polinesias hace más de 500 años y se popularizó en Hawái y California en el siglo XX. Describe los diferentes estilos de tablas y maniobras básicas como el "take off", "bottom turn" y "aéreo". También menciona variantes como el bodyboard y longboard y reconocidos surfistas pioneros.
El documento describe figuras de mazapán hechas con gran detalle y realismo, incluyendo cabello, expresiones y posturas, que aunque fueron hechas para repostería se ven tan reales que es difícil darles un mordisco. Incluye también la definición de mazapán e imágenes adicionales de figuras como una niña, mellizos naciendo de un huevo y la pregunta de si no parecen hermosas.
Este documento presenta una propuesta pedagógica para brindar apoyo a niños con enfermedades terminales que están internados en hospitales. El objetivo general es apoyarlos moralmente mediante actividades recreativas y de motivación. Se incluyen secciones sobre VIH, cáncer, leucemia y enfermedades raras en niños. La metodología incluye estudios de caso, historias de vida y entrevistas. La propuesta consiste en charlas con padres, apoyo del maestro y visitas de compañeros al hospital para elevar el ánimo
This document provides information about API Water Fun, a company located in Fulda, Germany that creates water features and attractions. It summarizes some of their main products including wave pools, waterslides, torrent rivers, and the API Play & Spray ground feature. The document also briefly discusses the history and technology behind their pneumatic wave generator, and notes that API Water Fun has created over 500 water attractions in 38 countries since 1967.
1) El documento analiza el concepto moderno de democracia desde el siglo XVII hasta el XX. Destaca las aportaciones de teóricos como Locke, Montesquieu y otros que fueron despojando a la democracia de su carácter peyorativo y acercando el modelo institucional a la democracia representativa frente a la democracia directa de la antigua Grecia.
2) Locke desarrolla una teoría del contrato social que sienta las bases del liberalismo y la democracia, como la igualdad natural
The document provides information for Dominican citizens returning to reside permanently in Dominica. It outlines the eligibility requirements and documents needed for returning resident status and associated tax concessions. Key concessions include duty-free import of household and personal effects, tools of trade, and one vehicle. The process for clearing imported items through customs and registering vehicles is also described.
El documento habla sobre dominios e internet hosting. Explica que un dominio es la identificación de un grupo de dispositivos en internet y que el registro de dominios permite traducir direcciones IP a nombres más fáciles de recordar. También describe los diferentes tipos de hosting como compartido, VPS y dedicado, así como organizaciones relacionadas como ICANN y LACTLD. Finalmente, recomienda varias empresas que ofrecen servicios de dominio y hosting.
El documento describe un campus deportivo para estudiantes de secundaria que ofrece varias actividades deportivas como baloncesto, fútbol y natación con el objetivo de introducir a los estudiantes a los deportes y fomentar una motivación hacia la práctica deportiva de manera lúdica y respetando sus edades y niveles. El campus se dirige a estudiantes entre 11 y 15 años y se llevará a cabo en las instalaciones del Colegio Helios.
The document summarizes various aspects of tigers including their physical features, habitat, diet, subspecies, and life cycle. Tigers have stripes that help them camouflage and can kill strong animals. They have large claws and weigh up to 440 pounds. Tigers mark their private territories and hunt prey from tall grass or behind rocks, attacking when within 30 feet. The Malayan tiger was discovered to be a separate subspecies from the Indochinese tiger in 2004. Female tigers roar to attract males, and while often rough, tigers can also be calm and gentle at times.
Emprender en Argentina: 8 creencias y algunas experienciasRoberto Allende
La charla se centra en dos preguntas a las cuales se intenta responder desde la perspectiva de un emprendedor cordobes: Que significa emprender en Argentina. Que habilidades tiene que tener un emprendedor.
Este documento describe los pasos para construir un sitio web de comercio electrónico exitoso, incluyendo consideraciones de hardware, software, bases de datos, pruebas e implementación, presupuesto y elementos de diseño clave. Explica que se deben tomar decisiones sobre el equipo, programas y almacenamiento de datos, y realizar pruebas antes de implementar el sitio. También destaca la importancia del mantenimiento continuo y la promoción para garantizar el éxito a largo plazo.
The document is a cover letter and CV for Jacques Engelbrecht applying for a position. The summary is:
Jacques has over 15 years of experience in maintenance, production management, and offshore operations. He has successfully developed maintenance plans, completed management programs, and obtained production management qualifications. He is now seeking a new opportunity to apply his skills.
Informe sobre ecommerce durante el Black Friday y el Cyber Monday realizado p...Inicia Marketing
Este documento proporciona un análisis de la campaña de Black Friday y Cybermonday en España en 2015. Algunas de sus conclusiones clave son: (1) las ventas alcanzarán los 1.172 millones de euros, un 10,6% más que en 2014; (2) el Black Friday 2015 representará un 6,4% del total del consumo online en España; y (3) el 69% de los comercios electrónicos encuestados llevarán a cabo una campaña especial de descuentos durante este período.
El Shih Tzu es una raza de perro pequeña originaria de China que fue criada para parecerse a los leones, según la cultura china. Fueron muy apreciados como perros guardianes y su nombre significa "perro león" en chino. El Shih Tzu tiene un pelaje largo y suave, ojos grandes y una cabeza pequeña en proporción a su cuerpo. Es una raza leal, cariñosa y sociable que tiende a llevarse bien con otros perros y niños.
The Special Valuation Branch (SVB) investigates import transactions between related parties to determine if the relationship influenced the invoice price. Importers related to their supplier per the Customs Valuation Rules must register with SVB. SVB examines factors like identical goods prices, deductive value, computed value, or residual method to determine the proper assessable value. Importers must submit documents responding to SVB questionnaires, and assessments are provisional until SVB makes a final ruling, which generally lasts 3 years before renewal is required.
Risk Management Lessons From The Current Crisis Ppt2003Barry Schachter
The document discusses risk management lessons that can be learned from the current financial crisis. It argues that viewing risk management failures as firm-specific issues and proposing regulatory fixes focused on individual firms is misguided. Instead, risk management should be seen as an adaptive system across an interconnected network of firms. Systemic problems are better addressed by allowing endogenous adaptations to emerge rather than imposing uniform rules that could reduce diversity and flexibility.
The document discusses subjective aspects of economy from individual and societal perspectives. At the individual level, it discusses semiotics, relative deprivation, and motivation. At the societal level, it examines the philosophy gap in socioeconomic theories, equilibrium perturbations in markets, and media influence on reality construction. The key point is that economic behavior and well-being are subjective and influenced by non-economic factors like social relationships, personal growth, and cultural norms shaped by communication.
Employee engagement in russia 09 2012 preview. what corporate culture is notAwara Direct Search
This document discusses what corporate culture is not by critiquing common misconceptions. It argues that corporate culture is not about abstract "soft" concepts, but is rather a reflection of business leaders' implemented decisions. It also critiques Geert Hofstede's cultural dimensions theory for being nonsensical and irrelevant in understanding corporate culture, arguing that his concepts like "uncertainty avoidance" are more influenced by market economies versus planned economies. The document stresses that corporate culture is shaped by business practices prescribed through management decisions, not deep-rooted cultural influences.
The beer game - a production distribution simulationTristan Wiggill
A presentation by Michael D. Ford CFPIM, CSCP, CQA, CRE, CQE, Principal, TQM Works Consulting, USA delivered during the 38th annual SAPICS event for supply chain professionals in Sun City, South Africa.
The Beer Game was developed by Jay Forrester at MIT’s Sloan business school in the early 1960s. It is a simple yet realistic simulator of the supply chain and is used as a teaching tool for systems dynamics. It has been played all over the world by thousands of people ranging from high school students to chief executive officers and government officials. Each participant plays a role in the production and distribution of a product, in this case “beer”.
This two-day program teaches behavioral finance principles through lectures from renowned experts. Participants will learn how behavioral factors influence investment decisions and how to develop strategies that incorporate behavioral insights. Topics include financial bubbles, earnings manipulation, implementing behavioral approaches, and avoiding decisions with large downside risks. The program enables attendees to better understand investor behavior and market responses.
1) The article summarizes recent research on interpersonal perception and its implications for administration. It finds that perception is subjective and influenced by factors within the perceiver like needs, values, and expectations.
2) Forming first impressions of others can be inaccurate because people rely on limited information and jump to conclusions. Common errors include stereotyping, halo effects, projection, and perceptual defense.
3) Understanding the subjective nature of perception and common perceptual biases can help administrators avoid errors in judging others and form more accurate impressions.
This document provides an overview of organizational behavior concepts including:
1. Definitions of organizational behavior focusing on understanding individual and group behavior to improve organizational effectiveness.
2. Frederick Taylor's scientific management approach which studied work efficiency and developed techniques like standardized jobs and piece-rate pay.
3. The contingency approach which recognizes there is no universal solution and behaviors depend on situational factors like culture and technology.
4. Key aspects of communication including encoding messages, decoding, potential for distortion, and the importance of feedback.
Using behavioural science to get closer to the consumer.Ipsos France
The document discusses how the lens used to view behavioral science is often out of focus. It summarizes various perspectives from fields like economics, psychology, and neuroscience on decision-making and behavior. It argues that viewing behavior through the overlap of these perspectives, focusing on people seeking to maximize outcomes, avoid negative emotions, and minimize effort, provides a clearer picture of how behavioral mechanisms shape decisions in context. This balanced view of the three forces can help design more effective ways to influence real-world behavior across various industries.
This document summarizes a study that analyzed the determinants of financial behavior in young Indonesian investors' decisions to invest in Islamic stocks. The study examined the effects of three determinants: heuristics, herding, and prospects. It surveyed 141 young investors aged 17-25 in 6 major Indonesian cities. The study found that heuristics had a positive and significant effect on investment decisions, while herding and prospects had a positive but not significant effect. The document provides background on behavioral finance and its key theories of prospect theory and heuristics. It also defines investment decision-making and the role of psychology in financial behavior.
Unit 3 Organanizational behavr and topics.pptxhonakjannu789
This document discusses organizational behavior and the nature and scope of the field. It notes that organizations touch nearly every aspect of life and are essential in modern society. Organizational behavior draws from various social sciences like psychology, sociology, anthropology, and political science to study individual and group behavior in organizational contexts. Perception is an important topic, as it influences how people interpret and act in organizations. Successful managers understand perception and try to gain accurate perspectives from different points of view to make informed decisions. Diversity management programs also aim to leverage diversity while addressing perceptual biases.
Personality Theory Is A Complex Process That Can Be...Alison Hall
This document discusses several key factors that can influence a person's personality:
- Nature vs nurture: Personality can be influenced by both innate/natural traits as well as environmental/nurturing factors such as parenting. Negative parenting can increase behavioral issues in children.
- The unconscious: Some aspects of personality may develop through unconscious processes that individuals are unaware of, such as memories and dreams shaping traits.
- Developmental factors: A person's interactions with parents and how they respond to parental behaviors can influence the development of their temperament and personality traits from a young age.
Similar to Mindful governance of systemic financial risk (12)
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
3. Governance
The “characteristic processes by which
society defines and handles its
problems. In this general sense,
governance is about the self-steering of
society."
Voß et al. (2007)
“We shall here define governance as the
process of steering society and the
economy through collective action and
in accordance with some common
objectives.” – Torfing et al. (2012)
Mindless
Torfing et al. (2007)
Thoughtless, careless, heedless,
inattentive, neglectful, rash, irreflective
Mindful
Aware, observant, thoughtful,
cognisant, attentive, conscious 3
6. Contagion channels – From incubation to symptoms
Valuation
Leverage
Funding
Margin calls
Uncertainty
Social psychology
Credit quality
Interactions among these
factors magnify systemic risks
European Central Bank (2008)
6
7. Zooming in – The complex contagion channel of RMBS-CDO-CDO2
Financial Crisis Inquiry Commission [FCIC] (2011) 7
8. Effects on growth, markets, banks, credit, and households
Internal Monetary Fund (2009a, 2009b) 8
9. The cost of the financial crisis in the U.S. in terms of output loss
*Atkinson, Lutrell, and Rosenblum (2013)
Scenario 2: Return to trend output per working-age adult*
9
14. Fitch et al. (2009)
Unemployment by age group Long-term unemployment (> 2 yrs)
Villar (2013)
Growing inequality
Increasing poverty
1
2
OECD (2013a)
Long-term effects on the population
Mental health and debt
4 3
14
16. BULLARD – “My sense is that the level of systemic risk associated
with financial turmoil has fallen dramatically. For this reason, I think
the FOMC should begin to de-emphasize systemic risk worries. […]
My sense is that, because the turmoil has been ongoing for some time,
all of the major players have made adjustments […]. They have done
this not out of benevolence but out of their own instincts for self-preservation.
[…] I say that the level of systemic risk has dropped
dramatically and possibly to zero.”
LACKER – “I want to commend President Bullard’s discussion of
systemic risk. […] To invoke the notion of systemic risk to support a
particular policy course requires […] some theory, some coherent
understanding of the way you think the world works. The Committee
might be surprised that the literature provides only relatively tenuous
rationales—I think is a fair judgment—for policy intervention. To
invoke the notion of systemic risk to support a particular policy course
requires theory.”
MISHKIN – “I have to disagree very strenuously with the view that,
because you have been in a “financial stress” situation for a period of
time, there is no potential for systemic risk. In fact, I would argue that
the opposite can be the case.”
BERNANKE – “Systemic risk is an old phenomenon. There are
literally dozens and dozens of historical episodes that are suggestive of
that phenomenon. There is also an enormous theoretical literature.”
Federal Reserve (2014)
-
-
+
+
What the FOMC 8/8 tells us
Appelbaum (2014)
Sharf (2014)
Federal Reserve (n.d.) 16
17. Greenspan: “I found a flaw”
Mr. GREENSPAN. “[…] those of us who have looked to
the self-interest of lending institutions to protect
shareholders equity, myself especially, are in a state
of shocked disbelief.”
Mr. GREENSPAN. “I found a flaw in the model that I perceived is the critical
functioning structure that defines how the world works, so to speak. “
Chairman WAXMAN. “In other words, you found that your view of the world, your
ideology, was not right, it was not working.”
Mr. GREENSPAN. “Precisely. That’s precisely the reason I was shocked, because I had
been going for 40 years or more with very considerable evidence that it was working
exceptionally well.”
The Financial Crisis and the Role of Federal Regulators (2008)
17
Lanman and Mathews (2008)
Hearing by the House Oversight Committee, 23 Oct 2008
18. On ideology in economics
“As everyone knows, however, there is with us
another source of confusion and another
barrier to advance: most of us, not content
with their scientific task, yield to the call of
public duty and to their desire to serve their
country and their age, and in doing so bring
into their work their individual schemes of
values and all their policies and politics - the
whole of their moral personalities up to their
spiritual ambitions.”
“But there exist in our minds preconceptions
about the economic process that are much
more dangerous to the cumulative growth of
our knowledge and the scientific character of
our analytic endeavours because they seem
beyond our control in a sense in which value
judgments and special pleadings are not.
Though mostly allied with these, they deserve
to be separated from them and to be discussed
independently. We shall call them Ideologies.”
Schumpeter (1949)
18
19. World views, mindsets, groupthink
“if the Federal Reserve […] is not capable of
confronting this type of problem, I think it is telling us
something about the nature of the problem which
itself is incapable of being handled in the way we all
would like”
Alan Greenspan, Congressional hearing Oct 2008
“I stood up at a Fed meeting in 2005 and said, ‘How
many anecdotes [on mortgage fraud] makes it real? ...
How many tens [of] thousands of anecdotes will it
take to convince you that this is a trend?”
Margot Saunders, National Consumer Law Centre
Patricia McCoy called it the ‘classic Fed mindset’: “If
you cannot prove that it is a broad-based problem that
threatens systemic consequences, then you will be
dismissed”
Patricia McCoy, Fed Consumer Advisory Council
FCIC (2011)
@Federal Reserve
19
20. World views, mindsets, groupthink
@International Monetary Fund
“The IEO found that the IMF’s ability to identify
the mounting risks was hindered by a number
of factors, including a high degree of groupthink;
intellectual capture; and a general mindset that a
major financial crisis in large advanced
economies was unlikely. Governance
impediments and an institutional culture that
discourages contrarian views also played
important roles.”
“What is it that despite continued prodding and
nudging by evaluations and investigations into
the Fund’s workings makes this organisation so
resistant to change?”
Independent Evaluation Office (2011)
20
21. Governance: “the process of steering society and the economy through collective action and
in accordance with some common objectives.”
Possible sources of failure:
Torfing et al. (2012)
• The process and outcomes of ‘steering’
• The way collective action is decided, conducted, and who it affects
• The nature of the common objectives and how they are determined
• The impossibility to reflect on governance and its underlying assumptions and
premises
Reflexive governance: “Reflexive governance refers to the problem of shaping societal
development in the light of the reflexivity of steering strategies – the phenomenon that
thinking and acting with respect to an object of steering also affects the subject and its ability
to steer.”
“Reflexive governance thus implies that one calls into question the foundations of
governance itself, that is, the concepts, practices and institutions by which societal
development is governed, and that one envisions alternatives and reinvents and shapes
those foundations.”
Voss, Bauknecht, and Kemp (2006)
A crisis of governance?
21
24. Mindfulness is an approach “to reduce cognitive vulnerability to
stress and emotional distress”
Two-component model of mindfulness
“The first component involves the
self-regulation of attention so
that it is maintained on immediate
experience, thereby allowing for
increased recognition of mental
events in the present moment.“
“The second component involves
adopting a particular orientation
toward one’s experiences in the
present moment, an orientation
that is characterized by curiosity,
openness, and acceptance.”
Bishop et al. (2004)
Mindfulness in clinical psychology
24
25. Mindfulness in financial trading
Goal: Translate key elements of
mindfulness into the domain of
financial decision-making and
developing approaches to online
delivery of mindfulness training.
Study showed that less experienced
traders had lower ability to regulate
their levels of emotional arousal
during stressful trading than more
experienced traders.
The fact that more experienced
traders had learned to regulate their
emotions pointed to emotion
regulation as a skill that could be
trained.
Studies using physiological sensors
with student participants identified
mindfulness as a valid technique
for managing emotional arousal.
Peffer et al. (2012)
Fenton-O’Creevy et al. (2011)
xDelia project
25
26. Mindfulness in social psychology
“Mindfulness is a flexible state
of mind in which we are actively
engaged in the present,
noticing new things and
sensitive to context.”
“When we are in a state of mindlessness,
we act like automatons who have been
programmed to act according to the sense
our behaviour made in the past, rather
than the present.“
Langer (2000).
“Most of the reigning theories held that human
behaviour was the product of rational, calculated
thought”
“Langer showed that instead of cognition
determining behaviour, thinking – and sometimes the
absence of it – often emerges from behaviour.”
Source: Feinberg (2010)
“Mindfulness without mediation” – Ellen Langer
26
27. Mindfulness in leadership
“Mindful leaders…
• …are preoccupied with possibility of something going wrong
• …know that bad news does not move upwards
• …lie awake at night worrying
• …feel 'chronic unease'
• …go an find out for themselves”
Source: Preview to mindful leadership training by Prof. Andrew Hopkins (http://goo.gl/pFVa68)
Andrew Hopkins
27
29. The organisational perspective on crises
Congressional hearings, the FCIC, and academic writings on the financial
crisis have largely ignored insights and lessons from organisational
research into change and crises. Important themes from that literature
are:
• Normal accident theory
• High reliability organisations
• Organisational learning
• Sense making
• Safety drift
• Normalisation of deviance
• Resilience engineering
• Mindful organisations
29
31. CAIB: History, organisation, culture
“The Board recognized early on that the accident was
probably not an anomalous, random event, but rather
likely rooted to some degree in NASAʼs history and the
human space flight programʼs culture. Accordingly, the
Board broadened its mandate at the outset to include an
investigation of a wide range of historical and organizational
issues. […] this report, in its findings, conclusions, and
recommendations, places as much weight on these causal
factors as on the more easily understood and corrected
physical cause of the accident.”
Cultural traits and organizational practices
detrimental to safety were allowed to develop, including:
• reliance on past success as a substitute for
sound engineering practices
• organizational barriers that prevented effective
communication of critical safety information
and stifled professional differences of opinion
• lack of integrated management across program
elements
• the evolution of an informal chain of command
and decision-making processes that operated
outside the organisationʼs rules.
MINDFUL of key mechanisms leading to organisational failure
Columbia Accident Investigation Board
CAIB (2003)
31
32. FCIC: Choice, responsibility, blame
“These conclusionsmust be viewed in the context of human nature and individual and
societal responsibility.
• First, to pin this crisis on mortal flaws like greed and hubris would be simplistic. It
was the failure to account for human weakness that is relevant to this crisis.
• Second, we clearly believe the crisis was a result of human mistakes,
misjudgements, and misdeeds that resulted in systemic failures for which our
nation has paid dearly.”
“We do place special responsibilitywith the public leaders
charged with protecting our financial system. […] These
individuals sought and accepted positions of significant
responsibility and obligation.”
“But as a nation, we must also accept responsibility for what
we permitted to occur. Collectively, but certainly not
unanimously, we acquiesced to or embraced a system, a set
of policies and actions, that gave rise to our present
predicament.”
“This is our collective responsibility. It falls to us to make
different choices if we want different results.”
“If we do not learn from history, we are unlikely to fully recover from it.”
But how?
No reference to any of the highly relevant organisational literature
LESS MINDFULL of key mechanisms leading to organisational failure
Financial Crisis Inquiry Commission
FCIC (2011)
32
33. The ignorance of what is going on is
organisational and prevents any attempt
to stop the unfolding harm. Then, what
can be done?
• “organizations must go beyond the
easy focus on individual failure to
identify the social causes in
organizational systems, a task
requiring social science input and
expertise.”
• Target leaders, culture, and signals
“normalisation of deviance means that people within the
organization become so much accustomed to a deviant
behaviour that they don't consider it as deviant”
“[…] for years preceding both [space shuttle] accidents, technical
experts defined risk away by repeatedly normalizing technical
anomalies that deviated from expected performance”
Asymmetry of proof requirement
Prove there is a problem versus prove there is no problem
At one point the key [NASA] engineer said, «You know, I can’t prove
it. I just know it’s away from goodness in our data base.» But in that
culture, that was considered an emotional argument, a subjective
argument, it was not considered a strong quantitative data
argument in keeping with the technical tradition at that time.”
the ‘classic Fed mindset’: “If you cannot prove that it is a broad-based
problem that threatens systemic consequences, then you
will be dismissed”
Patricia McCoy, Fed Consumer Advisory Council
Lessons
for the
GFC?
Normalisation of deviance
Diane Vaughan
Starbuck and Farjoun (2005)
CAIB (2003), FCIC (2011).
Starbuck and Farjoun (2005), CAIB (2003).
33
34. Safety failure cycle
What can be done? From the high reliability organisation literature:
• strong safety cultures
• good managerial control systems
• effective learning
• greater attention to near-accidents
“The nature of latent
errors and ambiguous
feedback about the state of
safety in the organization
requires a healthy
disbelief in current
performance indicators.”
Starbuck and Farjoun (2005)
Lessons
for the
GFC?
34
Safety drift
Moshe Farjoun
35. Near misses in financial markets?
During the week of August 6, 2007, a number of high-profile
and highly successful quantitative long/short equity hedge
funds experienced unprecedented losses.
International Atomic Agency (2005)
Khandani and Lo (2007)
Lessons
for the
GFC?
35
36. Mindfulness in high-reliability organisations
“In an unknowable, unpredictable world, ongoing
mutual re-adjustment is a constant, and it is this
adaptive activity that generates potential information
about capability, vulnerability, and the environment.
That information is lost unless there is continuous
mindful awareness of these variations. By this line of
argument, unreliable outcomes occur when cognitive
processes vary and no longer stay focused on failures,
simplifications, recoveries, situations, and structuring, or
when patterns of activity fail to vary and unexpected
events are normalized.”
Karl Weick
Lessons
for the
GFC?
Example “Simplification” – Members of all
organizations handle complex tasks by
simplifying the manner in which the current
situation is interpreted. These simplifications,
variously referred to as worldviews,
frameworks, or mindsets, basically allow
members to ignore data and keep going. […]
Simplifications increase the likelihood of
eventual surprise. They allow
anomalies to accumulate, intuitions to be
disregarded, and undesired consequences
to grow more serious.
Weick, Sutcliffe, and Obstfeld (1999)
36
38. No simple cause of the (a) financial crisis
Imprudent &
fraudulent
mortgage lending
Housing bubble Global imbalances Securitisation
Rating agencies
Mark-to-market
accounting
Deregulation Shadow banking
Bank-type runs
Lending via off-balance
sheet
vehicles
Failure of risk
management
Financial
innovation
Originate-to-distribute
business
model
Greed and fear Complexity
Broken computer
models
Excessive leverage
Balkanisation of
regulators
Credit default
swaps
Short-term
incentives
Lack of systemic
risk regulator
Minsky moment
Tail risk
Black swan
Federal home
lending
programmes
Jickling (2010)
38
39. Jickling 2010. Causes of the financial crisis.
A → B
B → A
C → A & B
A ↔ B
We observe that two events co-occur:
A and B. What is their causal relation?
Correlation does not imply
causation
INUS – insufficient but non-redundant
part of an unnecessary
but sufficient condition
(A&B&C or D&E&F or G&H&I) → E
A: short circuit; E: house fire
A: housing bubble; E: SIVs, CDOs;
H: rating agencies
The pitfalls of causal explanations
Bank of England (2006)
39
40. The curse of the prediction neurosis
Greenspan testimony at the 23 Oct 2008 congressional hearing
“So, it strikes me that if you go back and
ask yourself how in the early years
anybody could realistically make a
judgment as to what was ultimately going
to happen to subprime, I think you are
asking more than anybody is capable of
judging. And we have this extraordinarily
complex global economy which, as
everybody now realizes, is very difficult
to forecast in any considerable detail.“
The Financial Crisis and the Role of Federal Regulators (2008)
The view from mindful organising
“A very significant amount of regulation in the economic area is based on
a forecast to know in advance””
“If we are right 60 percent of the time in forecasting, we’re doing
exceptionally well. That means we are wrong 40 percent of the time, and
when you observe the extent of the broad failure, the difficulty is that
nobody can forecast”
“We can try to do better, but forecasting is never—never gets to the point
where it’s 100 percent accurate.”
“We cannot expect perfection in any area where forecasting is required,
and I think we have to do our best, but not expect infallibility or
omniscience.”
“Just let me say quickly, the Federal Reserve has an as sophisticated a
modelling structure and capable people as any organization I am aware
of. It did not forecast what is happening”
"For complex phenomena, Hayek maintains that it is
difficult to predict individual events. Instead he
argues that many events must be observed. Often the
events being observed form a pattern. It is the
pattern which is potentially predictable rather than
individual events. For many patterns, prediction
may give way to a weaker criterion. At most what
may be achieved is an explanation of the principle or
the central factors which give a systemic pattern its
characteristic appearance."
No preoccupation
with forecasting
Colander (2002) 40
41. Positivism Critical realism
Empirical
Real
induction
deduction
Empirical
Actual
induction
deduction
Real
retroduction
Empirical
Induction
VaR Mechanisms = Real
past future
Dispositional metaphysics
Explanations and critical realism
41
42. It is my own view that a much better case can be made for the kind of instrumental conception of
science set forth in general terms by Peirces Dewey, and their successors. In this view, scientific
activity is perpetual problem solving. No area of experience is totally and completely settled by
providing a set of basic truths; but rather, we are continually confronted with new situations
and new problems, and we bring to these problems and situations a potpourri of scientific
methods, techniques, and concepts, which in many cases we have learned to use with great
facility.
A philosophically principled pluralism: “[a
pluralism] that regards the various “schools” of
economics, including neoclassicalism, as offering
different windows on economic reality, each
bringing into view different subsets of economic
phenomena . . . [and] rejects the idea that any
school could possess final or total solutions, but
accepts all as possible means for understanding
real-life economic problems.”
“[P]luralism is a meta-methodological
position. It
offers no specific methodological
advice to economists.”
“Methodological pluralism makes
no epistemological claims; it is
not grounded in any theory of
truth.”
“Advocates of [a monistic] approach to methodology
generally choose one criterion of demarcation to
distinguish science from nonscience”
In mainstream economics,
one such criterion is
rationality. In science more
generally, Popper put forward
falsifiability as a
demarcation criterion.
Pluralism in economics
Suppes (1978)
Fullbrook (2003)
Caldwell (1988)
42
43. Mindfulness and evidence-based financial consumer protection
“[N]o podemos pensar que un minorista es
un ignorante financiero y tampoco un
jubilado que cobra una pensión es un
ignorante”
“[Ellos eran] responsables de lo que
firmaban, de lo que leían o no leían, porque
en el folleto y en el tríptico estaba toda la
información”
Guindal (2014) De Barrón (2014)
43
44. It’s the skills, stupid (not the information)
By occupation By education
Level 2 Level 3 Level 2 Level 3
OECD (2013b) 44
47. 377
Compare the per cent of change in Dioxin level from 1975 to 1985 to the
per cent of change in Dioxin level from 1985 to 1995. Which per cent of
change is larger, and explain your answer.
OECD (2005)
Adult literacy survey
Quiz 3 – High difficulty
<1%
correct
47
48. Invest €1,000 with us and we
double your money in 7 years.
Fixed annual interest: 10%
380
Adult literacy survey
380
Quiz 4 – Highest difficulty
<<1%
correct
OECD (2005)
This is the most difficult numeracy exercise that interviewees were
asked to do. It is much less complex than the typical decisions that
consumers have to make when dealing with their banks.
Question: Will you in fact double your money
in 7 years when they pay you a 10% interest
every year?
Only a fraction of the 1% of the almost 50,000
subjects (7 countries) responded correctly to
this question.
OECD (2013)
48
50. Conventional modes of steering and regulation
What are the assumptions?
• Definition of goals – The goal, i.e. the
direction of the steering attempt is defined
clearly and unambiguously.
• Analysis of system dynamics – Predictive
knowledge on system dynamics can be
developed, allowing the effects of action to
be assessed.
• Organisation of collective action – The
power to control influential factors for
system development is given or can be
organized.
These assumptions are unlikely to hold in the
context of systemic risk.
Where are the problems?
Goals
• Conflict of goals
• Vagueness of goals
Knowledge
• Heterogeneity of interacting factors
• Feedback loops and emergent
dynamics
Power
• Horizontal distribution of power
• Vertical distribution of power
50
Voß et al. (2007)
52. Political sciences
Governance – “We shall here define governance as the process of
steering society and the economy through collective action and in
accordance with some common objectives.”
Interactive governance – “The complex process through which a
plurality of social and political actors with diverging interests interact
in order to formulate, promote, and achieve common objectives by
means of mobilizing, exchanging, and deploying a range of ideas, rules,
and resources.”
Quasi
markets
Partnerships
Governance
networks
Conditions of emergence of interactive governance
• “the presence of capable and resourceful actors
• a high degree of trust among public and private actors
• the possibility of ensuring voluntary compliance”
• “political cultures and traditions
• the need to enhance input and output legitimacy
• the capacity to metagovern interactive
governance”
Interactive governance
Torfing et al. (2012)
52
Torfing et al. (2007)
53. Voß et al. (2012)
Sustainable development
Reflexive governance
Governance – “the characteristic processes by which society defines
and handles its problems. In this general sense, governance is about
the self-steering of society.”
Voß et al. (2007)
Reflexive governance = governance becoming part of the problem
“[It] involves the establishment of institutions and process which
facilitate the actors within a domain for learning not only about policy
options, but also about their own interests and preferences. Learning,
within open and deliberative processes, might cause participants not
only to conceive of better techniques or instruments but also, beyond
policy solutions, to reorder the way that the policy problems are
conceived and prioritised“
53
Radulova (2007)
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Editor's Notes
Flickr: http://goo.gl/IjRy8k - mamasuco ......un peu absent
Flickr: http://goo.gl/IjRy8k - mamasuco ......un peu absent [changed]