Papers by Connell Fanning
Keynes’s Way of Theorizing: The Marshall Connection
The General Theory amply demonstrates that Keynes took his ideas about economics in general and a... more The General Theory amply demonstrates that Keynes took his ideas about economics in general and about economic theory in particular seriously and followed them conscientiously. Hence, if that book is to be understood, it is essential that his conception of the nature and purpose of economics be appreciated. Although he did not write a systematic account of his views in this connection a reasonably clear picture of his thinking may be gleaned from various passages scattered throughout his writings and his correspondence.
Worker Co-operatives: Why so Few? — A Critique of O'Mahony's Entrepreneurial Hypothesis
4. Nurturing indigenous entrepreneurship in Ireland: The case of the it software sector
Contemporary studies in economic and financial analysis, May 19, 2004
Economic Theory of the Worker Co-operative: An Exposition
Economic & Industrial Democracy, May 1, 1983
A realistic view of this type of firm is grounded in the context of a capitalist environment with... more A realistic view of this type of firm is grounded in the context of a capitalist environment without state encouragement. Founding, financing, and operation are considered as well as behaviour and performance. Our approach identified, more clearly than is usual is purely theoretical literature, areas where problems specific to worker co-operatives arise. The problem of why there are few such firms is considered. Also an hypothesis is offered as to why non-worker co-operatives often flourish and the question is posed: if worker co-operatives adopt the survival methods of these types could they be truly labour-directed?
Penrose's “unused services”: a cross‐cultural perspective on growth of firms
Journal of Knowledge-based Innovation in China, Mar 30, 2012
PurposePenrose introduced the concept of “unused services” which she identified as the internal i... more PurposePenrose introduced the concept of “unused services” which she identified as the internal inducement to firm growth. The purpose of this paper is to explore “unused services”, insufficiently examined in the literature to date, by applying Eastern conceptual thinking to refine Penrose's arguments.Design/methodology/approachThe centrality of “unused services” to Penrose's theory is highlighted. The rationale for a general propensity of entrepreneurial managers to overlook the generation of such services in practice is developed and two Chinese concepts (Xing and Shi from Sun Tzu) are employed to work through their implications for Penrose's concept.FindingsThe continuous availability of unused services represents the firm's propensity to grow (Shi) and is derived from the disposition of existing resources (Xing). The authors' cross‐cultural perspective highlights the fundamental and inherent force governing the growth of the firm as the process through which the management team makes meaning of existing and potential productive resources to explore and exploit their unused services.Practical implicationsGreater focus is required on the relationship between a firm's physical resources and the thinking and sense‐making of its managers. The art of achieving growth from a firm's productive resources arises from the meaning‐making capability and progression in managerial thinking of the management team, facilitating its members to “see” and exploit the inherent force for growth available in unused services.Originality/valueThe paper's cross‐cultural perspective permits refinement of Penrose's theory true to her focus on the inherent incentives and constraints on firm growth. Thus, thinking is advanced in terms of exploring the dominant factor governing the identification of potential productive opportunities within firms, i.e. their source of growth. Implications for practice are provided in the research agenda.
The Demand-Side I: Consumption
Palgrave Macmillan UK eBooks, 1998
Keynes formulated the theory of the supply of output as a whole in terms of employment. The next ... more Keynes formulated the theory of the supply of output as a whole in terms of employment. The next step is to discover what governs the demand for output as a whole. As we saw in the previous chapter, he based his theory of the supply of output as a whole on the received theory of the firm. There was no received theory on the demand-side on which he could base a corresponding theory of the demand for output as a whole. Consequently, he had to develop a completely new theory for that purpose. He did so by reference to the demand for output for consumption purposes and to the demand for output for investment purposes. By reckoning consumption and investment in wage-units the employment implied on the demand-side is taken into account. Thereby, the demand for output as a whole is put on the same footing as its supply and the two sides can be analyzed with a view to the discovery of the conditions in which they would be in equilibrium.
The general theory of profit equilibrium : Keynes and the entrepreneur economy
Macmillan eBooks, 2000
... The general theory of profit equilibrium: Keynes and the entrepreneur economy. Post a Comment... more ... The general theory of profit equilibrium: Keynes and the entrepreneur economy. Post a Comment. CONTRIBUTORS: Author: Fanning, Connell. Author: O'Mahony, David. Author: Campling, Jo. PUBLISHER: St. Martin's Press (New York). SERIES TITLE: YEAR: 1998. ...
The Supply-Side
Palgrave Macmillan UK eBooks, 1998
The supply-side is as important as the demand-side in the general theory of employment. As in the... more The supply-side is as important as the demand-side in the general theory of employment. As in the general theory of value or price the two sides are as important as the two blades of a scissors (Marshall, 1920: 348). Yet Keynes says very little about his supply-side. The reason seems to be that he considers what he calls the aggregate supply function to involve ‘few considerations which are not already familiar’ (CW, VII: 89). ‘The form’, he says, ‘may be unfamiliar but the underlying factors are not new’ (CW, VII: 89). It may be taken, then, that Keynes did not see himself as making any fundamental additions to economic theory in his discussion of the supply-side even though he develops it in terms of the resources which firms employ and the expectations they form in a way which, in retrospect, seems to make a significant addition to the theory of the firm as it was in his own time.
Wages, Prices and Money
Palgrave Macmillan UK eBooks, 1998
Keynes regarded the received treatment of money-wages and of the quantity of money as being parti... more Keynes regarded the received treatment of money-wages and of the quantity of money as being particularly unsatisfactory. As he saw it, the presuppositions of the existing theory were irredeemably flawed as far as the effects of changes in money-wages and in the quantity of money were concerned. For that reason he elaborated on the general principles of his own analysis with a view to formulating an explanation of the part wages and the quantity of money play in determining the employment of the available resources which would be consistent with his own method of analysis.
Profit-Equilibrium
Palgrave Macmillan UK eBooks, 1998
The General Theory of Profit Equilibrium
Palgrave Macmillan UK eBooks, 1998
The Rate of Interest
Palgrave Macmillan UK eBooks, 1998
The traditional theory of interest, as Keynes understood it (CW, VII: Chapter 14, with Appendix; ... more The traditional theory of interest, as Keynes understood it (CW, VII: Chapter 14, with Appendix; also CW, XIV: 101–4), was an essential part of a body of economic theory which he regarded as dealing with the ‘real-exchange economy’ (CW, XIII: 409). The task which he sought to undertake, therefore, was to develop an explanation of the phenomenon of interest in the monetary economic system. In doing so he saw himself as filling one of the three major gaps, as he described them, in traditional economic theory (CW, VII: 31). His theory of the determination of the rate of interest and his explanation of the role of the rate of interest in the economic system completes his analysis of the ‘system’s determinants’ on the demand-side. The other two determinants, it will be recalled, are the propensity to consume and the schedule of the marginal efficiency of capital (CW, VII: 183–4).
Doctoral study as a potential for achieving developmental goals
This paper examines the role of doctoral study as a potential for achieving developmental goals. ... more This paper examines the role of doctoral study as a potential for achieving developmental goals. Working with Kegan’s approach to adult mental development (Kegan 1994; 2009), grounded in constructive-development and offering one model of hierarchical complexity, a practitioner doctorate has been designed with developmental goals to the forefront of its learning outcomes. The knowledge domain of the doctorate is Business Economics so the practice orientation lies within professional and organisational boundaries. To these boundaries a personal aspect is added focusing on how knowledge is generated and ‘known’. Hence, the developmental potential of the doctorate is generated by an explicit integration of personal, professional and organisational dimensions. This paper focuses on whether, and how, the dynamic driver of development, uniquely identified in Kegan’s approach as Subject-Object separation, may i) be applied to candidates’ stances towards knowledge and understanding of theories and theoretical concepts in the chosen knowledge domain and ii) serve as a means to assess candidates’ approaches to the nature of knowledge and learning which should, if development occurs, develop over the course of their doctoral programme.
Some Issues Concerning the Founding of Labour-Directed Firms
RePEc: Research Papers in Economics, Oct 1, 1983
Economic Development After 25 Years: Its Significance for the Current Crisis
RePEc: Research Papers in Economics, Nov 1, 1983
Perspectives on Irish Productivity
Forfás eBooks, Mar 21, 2007
Perspectives on Irish Productivity’ is a book of short, accessible essays by some of the leading ... more Perspectives on Irish Productivity’ is a book of short, accessible essays by some of the leading economic and management thinkers in Ireland and overseas on various aspects of Ireland’s productivity challenge. The book contains 25 contributions, each focusing on a specific aspect of productivity. Each individual paper is categorised into one of six themed sections, with an introduction to each of these sections providing a brief summary of the major lessons of the papers. While the individual contributions represent the views of the authors themselves, the volume also contains an introductory essay that reflects on some of the recurring themes and apparent contradictions in the papers, and provides some new policy insights that Forfas considers that policymakers should be aware of when formulating future policy. Chapter 1: Trends in Output, Employment and Productivity in Ireland, 1995-2005 -- Chapter 2: Service Sector Productivity : The Tiger's Next Challenge? -- Chapter 3: Trends in the Regional Economic Activity of Ireland : The Role of Productivity -- Chapter 4: Perspectives on Northern Ireland's Productivity Performance -- Chapter 5: Public sector productivity measurement : an impossible task? -- Chapter 6: Productivity in Irish Agriculture -- Chapter 7: Productivity in The Irish Residential Construction Industry -- Chapter 8: Productivity in the Irish Road Freight Industry -- Chapter 9: The influence of institutions -- Chapter 10: Competition And Productivity -- Chapter 11: Privatisation and Productivity Performance in Ireland -- Chapter 12: Privitisation : Lessons from the UK -- Chapter 13: The Impact of Regulatios in Ireland -- Chapter 14: Productivity Spillovers from Multinational Companies -- Chapter 15: Regional policy and agglomeration economies in Ireland -- Chapter 16: The Role for Clusters in Irish Economic Development policy -- Chapter 17: Aggregate Productivity Effects of Road Investment : A Reassessment for Western Europe -- Chapter 18: Human capital and productivity in the Irish context -- Chapter 19: The Impact of R&D on Productivity -- Chapter 20: Public Investment in R&D in Ireland -- Chapter 21: ICT and competitiveness : what prospects for the Lisbon Strategy? -- Chapter 22: Information Technology Performance and Process : Four Case Studies -- Chapter 23: Exports and Productivity -- Chapter 24: Outward Direct Investment and Productivity -- Chapter 25: The Distributon of Productivity in Irish Manufacturing, 1995-2003
Ireland: Industrial Co-operatives
In Ireland, enterprises are regarded as co-operatives if they are registered under the Industrial... more In Ireland, enterprises are regarded as co-operatives if they are registered under the Industrial and Provident Societies Acts 1893–1978. To register, an organisation must satisfy the Registrar of Friendly Societies as to membership size, objectives of the society and acceptability of its rules. The acts, influenced as they are by the laissez-faire attitude of the legislature at that time, leave wide scope as to what may or may not be included in the constitution of ‘rules’ of the society. There are no compulsory clauses which must be inserted in the rules.
Economica, Nov 1, 1985
improvements in the content. John FitzGerald and Tony Murphy of the Department of Finance took us... more improvements in the content. John FitzGerald and Tony Murphy of the Department of Finance took us to task on every nook and cranny. Patrick Honohan of the Central Bank used some of his precious sabbatical in the University of California in San Diego to give us detailed comments and suggestions for improvements. Later drafts were read in parts or in their entirety by a large number of persons, individually and collectively as members of organisations. The organisations which provided reports were the Central Bank of Ireland, the Central Statistics Office and the Department of Finance. The individuals who kindly read all or parts for us or discussed aspects with us were Gerry Boyle (Agricultural Institute), Gerry Hughes (ESRI), David Lynch (Central Bank of Ireland), David O'Mahony (UCC) and Jerry Sexton and Mark Wynne (ESRI). Needless to say, none is held responsible for remaining errors. Finally, the anonymous external referee is to be thanked for a detailed reading, critical comments, and overall encouragement of the project. Connell Fanning wishes to acknowledge the financial assistance of The Committee for Social Science Research in Ireland which provided the opportunity to study economywide modelling developments in the US in 1980 and to the World Bank, and particularly Francis C01aco and Peter Miovic of EPDITt for ancillary assistance and hospitality. Further financial assistance from the Arts Faculty Fund, University College, Cork is also acknowledged. He also wishes to thank the = Chancellor of the
The Demand-Side II: Investment
Palgrave Macmillan UK eBooks, 1998
Investment is the second source of demand for current output. For the most part, Keynes’s predece... more Investment is the second source of demand for current output. For the most part, Keynes’s predecessors and contemporaries did not see any need to explain what determines the demand for goods for investment purposes as a whole. They took it that, savings, whether in physical terms or in monetary terms, were invested and that the rate of interest provided the mechanism which ensured that investment and savings would be equal to each other. Keynes’s insight that the question as to what determines the employment of the available resources had to be addressed, his model of the monetary-entrepreneur economy and his conception of the phenomenon of interest ruled out the possibility that the rate of interest would do any such thing. Accordingly, he had to work out a theory of the demand for output for investment purposes. He did so in a way that complemented his theory of the demand for output for consumption purposes.
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Papers by Connell Fanning