Where the law of the invisible hand fails : applying the perspectives of an economic tourist as he ventures into the heart of antediluvian economics
- Authors: Baur, P. W.
- Date: 2016
- Subjects: Information , Price setting behaviour , Economic tourists , Antediluvian economics
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/221835 , uj:22246 , Citation: Baur, P.W. 2016. Where the law of the invisible hand fails : applying the perspectives of an economic tourist as he ventures into the heart of antediluvian economics. African Journal of Hospitality, Tourism and Leisure, 5(2):1-14. http//:www.ajhtl.com , ISSN: 2223-814X
- Description: Abstract: Value is subjective. Pricing structures are assumed to be an expression of value, but the problem is that they do not really express a universal value. While tourists may be armed with a bundle of local currency and a supply of sunscreen to protect themselves from the elements of nature, it’s really the established institutions within the territory that pose the real threat to the sanity of the decision maker. This paper examines the role of ‘Information’ in an institutional framework with the aim of exploring the challenges that an economic tourist would be confronted with when attempting to determine the value of a commodity. This within a market which cannot be determined using typical market fundamentals. While an archetypal tourist would be capable of following a road map that may confirm his belief in the markets. However, his own interpretation of the information on that map will be challenged as he ventures further into the world of an antediluvian market where low levels of competition exist and the interaction between supply and demand would best be described as unstable. The problems that modern day economic tourists would face is greatly increased as they are confronted by new and unpredictable institutional information. This information has been developed over centuries within a culturally biased informational context regarding commodities and products in different markets. The real value of a product in an antediluvian economy is determined by the ‘value of Information’ held by the institution within that economy which would serve as a regulator of ‘value’. While value is subjective, the price set within the antediluvian economy may echo issues such as political, social and economic conditions, not reflected in the price, and thus create a flood of misperception to the aspiring tourists.
- Full Text:
- Authors: Baur, P. W.
- Date: 2016
- Subjects: Information , Price setting behaviour , Economic tourists , Antediluvian economics
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/221835 , uj:22246 , Citation: Baur, P.W. 2016. Where the law of the invisible hand fails : applying the perspectives of an economic tourist as he ventures into the heart of antediluvian economics. African Journal of Hospitality, Tourism and Leisure, 5(2):1-14. http//:www.ajhtl.com , ISSN: 2223-814X
- Description: Abstract: Value is subjective. Pricing structures are assumed to be an expression of value, but the problem is that they do not really express a universal value. While tourists may be armed with a bundle of local currency and a supply of sunscreen to protect themselves from the elements of nature, it’s really the established institutions within the territory that pose the real threat to the sanity of the decision maker. This paper examines the role of ‘Information’ in an institutional framework with the aim of exploring the challenges that an economic tourist would be confronted with when attempting to determine the value of a commodity. This within a market which cannot be determined using typical market fundamentals. While an archetypal tourist would be capable of following a road map that may confirm his belief in the markets. However, his own interpretation of the information on that map will be challenged as he ventures further into the world of an antediluvian market where low levels of competition exist and the interaction between supply and demand would best be described as unstable. The problems that modern day economic tourists would face is greatly increased as they are confronted by new and unpredictable institutional information. This information has been developed over centuries within a culturally biased informational context regarding commodities and products in different markets. The real value of a product in an antediluvian economy is determined by the ‘value of Information’ held by the institution within that economy which would serve as a regulator of ‘value’. While value is subjective, the price set within the antediluvian economy may echo issues such as political, social and economic conditions, not reflected in the price, and thus create a flood of misperception to the aspiring tourists.
- Full Text:
The ‘decision-making’ on the trade of 'Cultural Artefacts', applying the role of tourism to measure the economic perspective
- Authors: Baur, P. W.
- Date: 2018
- Subjects: Cultural Artefacts , Cultural Significance , Tourism
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/285536 , uj:30881 , Citation: Baur, P.W. 2018. The ‘decision-making’ on the trade of 'Cultural Artefacts', applying the role of tourism to measure the economic perspective. African Journal of Hospitality, Tourism and Leisure, 7(4):1-19. , ISSN: 2223-814X
- Description: Abstract: Tourism continues to flow into Africa and along with this flow of tourism, is the flow of tourist spending. Much of the spending is used to purchase goods and souvenirs that are unique to the region from which they are bought. While tourism spending greatly contributes towards the growth and development of these regions, there is also the added benefit associated with the trade of 'Cultural Artefacts'. Each year, thousands of historically significant artefacts exchange hands across the world. What makes these artefacts so significant is that they contain within them an element of ‘cultural value’. This ‘cultural value’ is specific to the information, subjective norm and institutional importance relevant to religious, social and geographic location. The flow of Art from these regions is highly correlated with the flow of tourism, and tourism facilitates the link between local and international art markets. Yet the trade of 'Cultural Artefacts' which are rich in 'cultural significance' operate on a different level to that of ‘works of art’. This paper looks at the way in which the value of items of 'cultural significance' are considered within an economic context and proposes a methodology, to determine the role of value, within an historical cultural framework.
- Full Text:
- Authors: Baur, P. W.
- Date: 2018
- Subjects: Cultural Artefacts , Cultural Significance , Tourism
- Language: English
- Type: Article
- Identifier: http://hdl.handle.net/10210/285536 , uj:30881 , Citation: Baur, P.W. 2018. The ‘decision-making’ on the trade of 'Cultural Artefacts', applying the role of tourism to measure the economic perspective. African Journal of Hospitality, Tourism and Leisure, 7(4):1-19. , ISSN: 2223-814X
- Description: Abstract: Tourism continues to flow into Africa and along with this flow of tourism, is the flow of tourist spending. Much of the spending is used to purchase goods and souvenirs that are unique to the region from which they are bought. While tourism spending greatly contributes towards the growth and development of these regions, there is also the added benefit associated with the trade of 'Cultural Artefacts'. Each year, thousands of historically significant artefacts exchange hands across the world. What makes these artefacts so significant is that they contain within them an element of ‘cultural value’. This ‘cultural value’ is specific to the information, subjective norm and institutional importance relevant to religious, social and geographic location. The flow of Art from these regions is highly correlated with the flow of tourism, and tourism facilitates the link between local and international art markets. Yet the trade of 'Cultural Artefacts' which are rich in 'cultural significance' operate on a different level to that of ‘works of art’. This paper looks at the way in which the value of items of 'cultural significance' are considered within an economic context and proposes a methodology, to determine the role of value, within an historical cultural framework.
- Full Text:
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