Examinando por Autor "Bagus, Philipp"

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An ethical defense of cryptocurrencies
(Wiley, 2021) Bagus, Philipp; Horra, Luis Pablo de la
The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis-à-vis central-bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, government capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private-property rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas.
Capitalism, COVID-19 and lockdowns
(Wiley, 2022) Bagus, Philipp; Peña-Ramos, José Antonio; Sánchez-Bayón, Antonio
Commentators believe that the COVID-19 pandemic reveals the inconveniences of capitalism and that the end of “neoliberalism” could be near. In this article we show that a capitalist ethics is capable to deal with the challenges of pandemics and comes with important advantages such as the prevention of overreactions. We apply both utilitarian and rights-based ethics to the case of epidemics in general and COVID-19 in particular. First a libertarian natural law ethics is used to assess the government interventions in the Corona pandemic. We maintain that these interventions cannot be justified from a libertarian point of view despite of the possible objections that are discussed such as the “potential threat argument”. Moreover, the utilitarian argument in favor of government lockdowns is evaluated. The negative effects of lockdown on mental health, addictions, domestic violence, etc. have to be taken into account. The utilitarian argument in favor of lockdown is far from convincing, as economic calculation is not possible.
COVID-19 and the Political Economy of Mass Hysteria
(MDPI, 2021) Bagus, Philipp; Peña-Ramos, José Antonio; Sánchez-Bayón, Antonio
In this article, we aim to develop a political economy of mass hysteria. Using the background of COVID-19, we study past mass hysteria. Negative information which is spread through mass media repetitively can affect public health negatively in the form of nocebo effects and mass hysteria. We argue that mass and digital media in connection with the state may have had adverse consequences during the COVID-19 crisis. The resulting collective hysteria may have contributed to policy errors by governments not in line with health recommendations. While mass hysteria can occur in societies with a minimal state, we show that there exist certain self-corrective mechanisms and limits to the harm inflicted, such as sacrosanct private property rights. However, mass hysteria can be exacerbated and self-reinforcing when the negative information comes from an authoritative source, when the media are politicized, and social networks make the negative information omnipresent. We conclude that the negative long-term effects of mass hysteria are exacerbated by the size of the state.
COVID-19 crisis management and cost estimation models: bureaucratic government coaction vs. spontaneous social coordination
(2021) Huerta de Soto, Jesús; Bagus, Philipp; Sánchez-Bayón, Antonio
This paper reviews the management of the COVID-19 crisis and the difficulty of cost estimation model, comparing centralized management or bureaucratic government coaction and the agile market alternative or spontaneous social coordination. This is a study of Political Economy and Health Economics from the perspective of Austrian Economics. We describe and compare the alternative models, which are adapted to the current crisis. The analysis is based on the theorem of the impossibility of the economic calculation under coactive systems, and other principles of economy. In this context we pay also attention to collateral problems of the centralized and coactive management. Finally we propose a solution based on dynamic efficiency and the constitutions of wellbeing economics.
Knightian Uncertainty in Capitalism and Socialism
(Independent Institute, 2022) Rallo Julián, Juan Ramón; Bagus, Philipp; Alonso Neira, Miguel Ángel
Drawing on the ideas of economist Frank Knight, this essay shows that within the institutional framework of socialism, economic agents must face an amount of unmitigated pure uncertainty that under capitalism is either completely absent or significantly reduced by profit-seeking entrepreneurs.
Microaggressions, cancel culture, safe spaces, and academic freedom: A private property rights argumentation
(Wiley, 2023) Bagus, Philipp; Daumann, Frank; Follert, Florian
Science is critical and thrives on discourse. However, new challenges for science and academic freedom have arisen from an often-discussed cancel culture and an increas-ing demand for safe spaces, which are justified by their assumed protection against microaggressions. These phenomena can impede scientific progress and innovation by prohibiting certain thought processes and heterodox ideas that eventually result in new ideas, publications, statements, etc. In this paper, we use the approach of prop-erty rights ethics to shed light on these phenomena, especially in academia. First, we argue that microaggressions must be generally tolerated according to property rights ethics as the starting point for discussion. Then, we analyze cancel culture and safe spaces in academia. To this end, we distinguish between two basic cases in the educational system. We show that cancel culture and safe spaces seem justifiable in a private education system but have no place in public, tax-funded universities from the perspective of property ethics. Our essay contributes, on the one hand, to the economic analysis of science and, on the other hand, to the ethical study of new phe-nomena in modern societies.
Principles of Monetary & Financial Sustainability and Wellbeing in a Post-COVID-19 World: The Crisis and Its Management
(2021-04-22) Huerta de Soto, Jesús; Sánchez-Bayón, Antonio; Bagus, Philipp
This paper analyses the COVID-19 crisis and its management from the perspective of Austrian Economics. The attention focuses on the State’s coercive intervention according to the principles of political economy, capital theory and Austrian business economic cycles. The paper examines the specific case of massive intervention by governments and, especially, central banks in monetary and financial markets to deal with the pandemic trying to mitigate its negative effects. The paper offers a critical analysis of government tax policies and the increase in public spending, considered as the panacea and universal remedy for the social troubles. This review concludes with a proposal to change the mainstream paradigm, thereby proposing a more sustainable and wellbeing economics. My contribution consisted of the leadership of the research team, the elaboration of the theoretical framework as well as the revision and connections of the different versions of the manuscript Indicios de calidad: Revista JCR Q2 WoS SCI, SSCI & SCIE y artículo con 17 citas (impact factor: 3,25; Environmental Sciences: Management, Monitoring, Policy and Law; Social Sciences: Planning & Development. Additional WoS: Current Contents Social & Behavioral Sciences, Essential Science Indicators, Web of Science Master Journal List - Search (clarivate.com)). Scopus & SJR Q1 Social Sciences: Planning & Development (CiteScore 3,9, Sustainability (scimagojr.com)). Crossref: 17 citas; Scopus: 18 citas; Google Scholar: 40 citas. ICDS: 10.3 (MIAR: SUSTAINABILITY - 2071-1050 | MIAR 2021 live. Matriz de Información para el Análisis de Revistas (ub.edu))
Principles ofMonetary & Financial Sustainability andWellbeing in a Post-COVID-19World: The Crisis and ItsManagement
(MDPI, 2021) Huerta de Soto, Jesús; Sánchez-Bayón, Antonio; Bagus, Philipp
This paper analyses the COVID-19 crisis and its management from the perspective of Austrian Economics. The attention focuses on the State’s coercive intervention according to the principles of political economy, capital theory and Austrian business economic cycles. The paper examines the specific case of massive intervention by governments and, especially, central banks in monetary and financial markets to deal with the pandemic trying to mitigate its negative effects. The paper offers a critical analysis of government tax policies and the increase in public spending, considered as the panacea and universal remedy for the social troubles. This review concludes with a proposal to change the mainstream paradigm, thereby proposing a more sustainable and wellbeing economics.
Rethinking Banking Supervision in a World of Excess Reserves
(2021-04-20) Bagus, Philipp; Huerta de Soto, Jesús; Carrasco Bañuelos, Eva María
El trabajo es de suma importancia porque ofrece una solución al problema de la supervisión bancaria y la tradicional inestabilidad de un sector excesivamente interconectado. Cuando la crisis de las hipotecas subprime de 2007 desencadenó problemas financieros más amplios, dos hechos sobre el sector bancario se hicieron evidentes. En primer lugar, que las instituciones bancarias habían crecido mucho más rápido que el stock de activos en la economía en las décadas anteriores. En segundo lugar, que los bancos habían llegado a estar tan interconectados que se pensaba que la quiebra de uno de ellos podía desencadenar una crisis financiera. En conjunto estos hechos aparentes dieron lugar a la percepción general de que los bancos que dominaban el sector financiero se habían vuelto demasiado grandes para quebrar (too big to fail). Desde 2007 y sobre todo como resultado de diversas medidas de flexibilización cuantitativa (quantitative easing), surgió una nueva característica del sector bancario: una gran cantidad de reservas por encima de los requisitos reglamentarios. El trabajo es paradigmático ya que explica en primer lugar cómo el sector bancario pudo crecer a un ritmo más rápido que la economía en general durante un periodo sostenido y también por qué los bancos crecieron interconectados a un grado no visto en otras industrias. En segundo lugar, aporta una solución a estas peculiaridades utilizando el exceso de reservas existentes, y de este modo demuestra que las diversas regulaciones pueden sustituirse por una norma más sencilla. Los resultados obtenidos indican que las operaciones bancarias se normalizarían con otros sectores y que la rareza clave del sector bancario - organizaciones grandes y altamente conectadas- quedaría eliminada. Mi labor dentro del estudio consistió en dar respaldo teórico a la propuesta de reforma bancaria y dirigir, supervisar y corregir la redacción de la publicación. La publicación no deriva de un proyecto de investigación ni de una tesis doctoral. La iniciativa del trabajo surgió de la propuesta de un número especial de la revista BFuP sobre regulación bancaria. Dado que había reservas en exceso de los bancos era un momento perfecto para aplicar mi propuesta de reforma bancaria desarrollado en mi obra Dinero, Crédito Bancaria y Ciclos Económico a las circunstancias actuales solucionando el problema de too big to fail y la interconectividad excesiva. Citas: A) BASE DE DATOS DE INDEXACIÓN: JCR B) ÍNDICE DE IMPACTO: 0.136 C) AÑO: 2020 D) CATEGORÍA: BUSINESS - SSCI E) POSICIÓN QUE OCUPA LA REVISTA EN EL ÁREA: 153 DE: 153 F) TERCIL: G) CUARTIL: 4
The anti deflaiton bias
(Akademiai Kiado,, 2020) Bagus, Philipp
Deflation is widely feared and opposed. This paper provides arguments to explain the anti-deflationary bias. It is argued that governments favour inflation, that the main deflation theories have influenced negatively the public opinion on deflation, and that rent-seeking behaviour and group formation explains why the opposition to deflationary redistribution is stronger than the opposition to inflationary redistribution. Moreover, psychological concepts, such as anchoring, the endowment effect or the availability heuristic have contributed to the fear of deflation by causing a money illusion and a equalisation of deflation and recession.
Toward a total morality of supply chain acts
(Emerald, 2022-07-12) Bagus, Philipp; Daumann, Frank; Follert, Florian
Purpose In response to the UN Guiding Principles on Business and Human Rights from 2011, several governments are enacting laws against exploitation in global supply chains. Such a legislative proposal is problematic in several respects. The authors aim to discuss these problems from an ethical perspective to provide a theoretical basis for law-setting and management decisions. Design/methodology/approach The paper studies the question based on an ethical framework with a libertarian focus. Findings From the perspective of a property rights-based ethics such a proposal prohibits voluntary exchanges and, thereby, a fundamental human right. From a utilitarian perspective it diminishes the utility of the parties of a potential exchange, because they cannot engage an exchange that they want to make. Moreover, it does not only shift an original state task to companies, but also tries to enforce specific values which are not shared all over the world, in third countries. In addition, it creates considerable restrictions on foreign procurement markets for domestic companies, which counteract the actual objective of the law.