DOCSLIB.ORG

The Law of Scarcity

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Law of Scarcity How to increase the perceived value of your advice by Grant Shorten, Director, Strategic Insights, Renaissance Investments The Law of Scarcity The Canadian investment With such a large supply of financial There are a myriad of intuitive elements, overseers — chasing a finite community of which, when combined, equate to our industry is rife with licensed qualified investors — the advisor of today desirability factor — as measured against finds themselves subject to the very same an investor’s unique set of criteria. Some of professionals who are ready, metaphorical “stuff” as the entrant in a these elements include things like our willing and anxious to sign classical beauty contest. credentials, level of expertise, investment philosophy, rapport-building skills and up the next client. There is no Whether we like to admit it or not, we are points of differentiation. Much has been shortage of capable men and engaged in the business of “attraction.” written about the factors above, so today Naturally, I am not referring to the type of we will step outside of the norm and venture women who have successfully attraction that is dependent upon the latest into a more ethereal world governed by the grooming, cosmetic or fashion technologies, Law of Scarcity. passed the examinations but rather, attraction as it relates to the (somewhat mysterious) “desirability factor.” required to set up shop as The Law of Scarcity and the Investment Advisors, Financial Affluent investors, in particular, have perception of value positioned themselves in the heart of a Planners and Wealth Managers. virtual audience, and tacitly make implied As investment industry professionals, we all judgments regarding the attractiveness and have a fundamental understanding of the desirability of those advisors who venture supply and demand equation, and how scarcity onto the contest stage. plays a primary role in influencing the perceived value of a product or commodity. The Law of Scarcity simply states: Successful marketers understand the Clearly, as investment advisors focused on following simple formula: asset-gathering activities and prospecting If what we desire “appears” to be in limited modalities, we would not be well served by supply, the perception of its value increases Increased Perceived Value incorporating pedestrian catch-phrases like significantly. + A Sense of Urgency “…limited time only” or “…the clock is = BUYING ticking.” However, I believe that there is a Economists will go to great lengths to explain tremendous opportunity to apply the very the mathematical principles controlling this This whole notion of perceived value becomes same underlying principles in a strategic phenomenon, but its practical essence is even more interesting when we see how it and respectful manner. captured above. affects our interpersonal relationships. “The most successful Imagine a couple, named John and Carol, Simple strategies to engage who have been dating for three years, and the Law marketing firms in the spend most of their spare time enjoying world have learned to each other’s company. Before long, John Strategy 1: The principle of begins to take Carol’s love and affection for desired association expertly apply the Law granted — resulting in a decrease in Carol’s of Scarcity in the creation perceived value. Create an articulated advisory “identity” or value proposition, which incorporates both of their sales messages...” Now imagine that same couple, one week scarcity and an implied status-requirement. later, at a cocktail party. John looks across One of the most fascinating aspects of the room and notices that Carol seems to be the Law of Scarcity is the undeniable Examples: paying a lot of attention to a particularly “The advisor to the affluent” “universality” of its reach. The most handsome man near the bar. If John is wired successful marketing firms in the world “Empowering elite investors to take control like the vast majority of people, with even of their wealth” have learned to expertly apply the Law of the remote possibility that Carol may be- Scarcity in the creation of their sales “Partnering with a select group of investors come scarce (in favour of another man), her who are committed to excellence…” messages, and have geared them around perceived value rises dramatically. John’s capitalizing on the emotional code of their introduction to the Law of Scarcity may The Outcome: target audience. Interestingly enough, we even lead to a marriage proposal! The prospective client is quickly moved to will often find that behind the crafted “sales focus on how they may become “worthy” of message,” there may or may not be an So what does all this mean to us, as being included amongst this group. You are actual scarcity of the product or service in investment professionals? question. “Place a genuine self-imposed ceiling on the number of The magic is in the “framing” of the message itself. families you will work with this year, given your current team resources.” You don’t need to go any further than a television commercial or piece of written Let’s go back to the beauty contest, and not just an advisor, but a high-calibre advertising to see the most commonly used to the reality that we are engaged in the specialist — a scarce resource who only semantics incorporating the principles of business of attraction. I think it’s safe to say deals with a select segment of the investing scarcity. that the majority of investment advisors community. The perceived value of your consistently bring to the contest a fairly “…for a limited time only” business practice is immediately and standard set of elements to parade. “…this offer will not last” substantially elevated. “…only 150 units available” Therefore, all things being reasonably equal, “…time is running out” it will be the advisor who can generate the Strategy 2: Changing brain “…offer only valid for today” highest level of perceived value that will win chemistry — scarcity spoken “…first come, first served” the prize. It also pays to remember that most contests are won by a very thin margin of Place a genuine self-imposed ceiling on the Remarkably, even though these linguistic victory — primarily due to that incremental number of families you will work with this techniques are repeated over and over again, difference in perceived value. year, given your current team resources. they remain highly effective in producing the Having done so, make it an essential desired result — a significant increase in Taking some guidance from our friends at component of every prospect discussion to the perceived value of the product or service. the big marketing firms, and from John and articulate that “restriction” with confidence Carol’s experience at the cocktail party, let’s and conviction. You will find it particularly create a parallel to the advisory practice. congruent when executed during your service discussion. Example: “We believe in providing top-notch service and attention to each one of our clients. Our trusted partners receive a fully customized and tailored Service Agreement designed just for them, based on their specific needs, goals and objectives. In order to maintain our highest level of service, we are limiting our practice growth to just five additional families this year.” The Outcome: This is the Law of Scarcity in its most concise format. When performed correctly, the prospective client is left hoping they are being considered as one of those five fortunate families, and may even seek confirmation by asking the question during the session. The added benefit is the sense of urgency inherent in the mechanism. Remember, the investor doesn’t know how many of the five families have already signed up as clients this year. Strategy 3: Develop a legendary advisory persona > Maintain a high level of enthusiasm. There along with the full buy-in of the advisory team. All the world’s a stage, so have fun As a devoted, but scarce, resource, create is something magically contagious about with this one as you execute it with respect an “air of legend” around your role, and enlist enthusiasm and it will be transferred to and genuine empathy for your clients. your assistant and other team members to your listener. help maintain it. You can accomplish this by > Choose your words wisely. There is power Ultimately, the Law of Scarcity provides a setting up your practice so that you are in the spoken word. Our words create set of robust tools that can empower you to strategically unavailable for things like pictures, sounds and emotions in the mind take your practice to the next level. They administrative and operational telephone of our audience. Pre-script and pre-plan will supercharge your asset gathering calls, small-talk or dealing with anything your messages in order to create the efforts by captivating the mind and emotions outside of pre-planned meetings and delivering desired results. of your intended audience. powerful portfolio recommendations. The Outcome: I wish you continued success and a deeper All incoming communication and correspon- The creation of a legendary persona is a sense of commitment to your craft, during dence is filtered through your team members, prime example of how we can proactively this RSP season, and beyond. who protect you from functions that are not “design engineer” the way we are directly related to money-making activities. perceived. Affluent investors want to be To discuss ways to increase the perceived value When a prospective investor calls, have associated with legendary characters — of your advice, please book an appointment with your assistant explain that you are “currently advisors who stand out from the crowd. your Renaissance Investments representative in session, but will be happy to call back or call 1 888 888 FUND (3863). when he/she becomes available.” With the Over the years, I have worked closely with details of the message in hand, you will be several advisors who define this strategy able to prepare your thoughts ahead of the and live it every day of their lives.
Load more

Recommended publications
  • A Hayekian Theory of Social Justice
    A HAYEKIAN THEORY OF SOCIAL JUSTICE Samuel Taylor Morison* As Justice gives every Man a Title to the product of his honest Industry, and the fair Acquisitions of his Ancestors descended to him; so Charity gives every Man a Title to so much of another’s Plenty, as will keep him from ex- tream want, where he has no means to subsist otherwise. – John Locke1 I. Introduction The purpose of this essay is to critically examine Friedrich Hayek’s broadside against the conceptual intelligibility of the theory of social or distributive justice. This theme first appears in Hayek’s work in his famous political tract, The Road to Serfdom (1944), and later in The Constitution of Liberty (1960), but he developed the argument at greatest length in his major work in political philosophy, the trilogy entitled Law, Legis- lation, and Liberty (1973-79). Given that Hayek subtitled the second volume of this work The Mirage of Social Justice,2 it might seem counterintuitive or perhaps even ab- surd to suggest the existence of a genuinely Hayekian theory of social justice. Not- withstanding the rhetorical tenor of some of his remarks, however, Hayek’s actual con- clusions are characteristically even-tempered, which, I shall argue, leaves open the possibility of a revisionist account of the matter. As Hayek understands the term, “social justice” usually refers to the inten- tional doling out of economic rewards by the government, “some pattern of remunera- tion based on the assessment of the performance or the needs of different individuals * Attorney-Advisor, Office of the Pardon Attorney, United States Department of Justice, Washington, D.C.; e- mail: [email protected].
    [Show full text]
  • Public Goods in Everyday Life
    Public Goods in Everyday Life By June Sekera A GDAE Teaching Module on Social and Environmental Issues in Economics Global Development And Environment Institute Tufts University Medford, MA 02155 http://ase.tufts.edu/gdae Copyright © June Sekera Reproduced by permission. Copyright release is hereby granted for instructors to copy this module for instructional purposes. Students may also download the reading directly from https://ase.tufts.edu/gdae Comments and feedback from course use are welcomed: Global Development And Environment Institute Tufts University Somerville, MA 02144 http://ase.tufts.edu/gdae E-mail: [email protected] PUBLIC GOODS IN EVERYDAY LIFE “The history of civilization is a history of public goods... The more complex the civilization the greater the number of public goods that needed to be provided. Ours is far and away the most complex civilization humanity has ever developed. So its need for public goods – and goods with public goods aspects, such as education and health – is extraordinarily large. The institutions that have historically provided public goods are states. But it is unclear whether today’s states can – or will be allowed to – provide the goods we now demand.”1 -Martin Wolf, Financial Times 1 Martin Wolf, “The World’s Hunger for Public Goods”, Financial Times, January 24, 2012. 2 PUBLIC GOODS IN EVERYDAY LIFE TABLE OF CONTENTS 1. INTRODUCTION .........................................................................................................4 1.1 TEACHING OBJECTIVES: .....................................................................................................................
    [Show full text]
  • Public Goods for Economic Development
    Printed in Austria Sales No. E.08.II.B36 V.08-57150—November 2008—1,000 ISBN 978-92-1-106444-5 Public goods for economic development PUBLIC GOODS FOR ECONOMIC DEVELOPMENT FOR ECONOMIC GOODS PUBLIC This publication addresses factors that promote or inhibit successful provision of the four key international public goods: fi nancial stability, international trade regime, international diffusion of technological knowledge and global environment. Each of these public goods presents global challenges and potential remedies to promote economic development. Without these goods, developing countries are unable to compete, prosper or attract capital from abroad. The undersupply of these goods may affect prospects for economic development, threatening global economic stability, peace and prosperity. The need for public goods provision is also recognized by the Millennium Development Goals, internationally agreed goals and targets for knowledge, health, governance and environmental public goods. Because of the characteristics of public goods, leaving their provision to market forces will result in their under provision with respect to socially desirable levels. Coordinated social actions are therefore necessary to mobilize collective response in line with socially desirable objectives and with areas of comparative advantage and value added. International public goods for development will grow in importance over the coming decades as globalization intensifi es. Corrective policies hinge on the goods’ properties. There is no single prescription; rather, different kinds of international public goods require different kinds of policies and institutional arrangements. The Report addresses the nature of these policies and institutions using the modern principles of collective action. UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION Vienna International Centre, P.O.
    [Show full text]
  • Institutions and Economics of Water Scarcity and Droughts
    water Editorial Institutions and Economics of Water Scarcity and Droughts Julio Berbel 1 , Nazaret M. Montilla-López 1,* and Giacomo Giannoccaro 2 1 WEARE–Water, Environmental and Agricultural Resources Economics Research Group, Department of Agricultural Economics, Universidad de Córdoba, Campus Rabanales, Ctra. N-IV km 396, E-14014 Córdoba, Spain; [email protected] 2 Department of Agricultural and Environmental Sciences, University of Bari “Aldo Moro”, 70126 Bari, Italy; [email protected] * Correspondence: [email protected] Received: 9 November 2020; Accepted: 17 November 2020; Published: 19 November 2020 1. Introduction Integrated water resources management seeks an efficient blend of all water resources (e.g., fresh surface water, groundwater, reused water, desalinated water) to meet the demands of the full range of water users (e.g., agriculture, municipalities, industry, and e-flows). Water scarcity and droughts already affect many regions of the world and are expected to increase due to climate change and economic growth. In this Special Issue, 10 peer-reviewed articles have been published that address the questions regarding the economic effects of water scarcity and droughts, management instruments, such as water pricing, water markets, technologies and user-based reallocation, and the strategies to enhance resiliency, adaptation to scarcity and droughts. There is a need to improve the operation of institutions in charge of the allocation and re-allocation of resources when temporal (drought) or structural over-allocation arises. Water scarcity, droughts and pollution have increased notably in recent decades. A drought is a temporary climatic effect or natural disaster that can occur anywhere and can be short or prolonged.
    [Show full text]
  • What Impact Does Scarcity Have on the Production, Distribution, and Consumption of Goods and Services?
    Curriculum: 2009 Pequea Valley SD Curriculum PEQUEA VALLEY SD Course: Social Studies 12 Date: May 25, 2010 ET Topic: Foundations of Economics Days: 10 Subject(s): Grade(s): Key Learning: The exchange of goods and services provides choices through which people can fill their basic needs and wants. Unit Essential Question(s): What impact does scarcity have on the production, distribution, and consumption of goods and services? Concept: Concept: Concept: Scarcity Factors of Production Opportunity Cost 6.2.12.A, 6.5.12.D, 6.5.12.F 6.3.12.E 6.3.12.E, 6.3.12.B Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): What is the problem of scarcity? (A) What are the four factors of production? (A) How does opportunity cost affect my life? (A) (A) What role do you play in the circular flow of economic activity? (ET) What choices do I make in my individual spending habits and what are the opportunity costs? (ET) Vocabulary: Vocabulary: Vocabulary: scarcity, economics, need, want, land, labor, capital, entrepreneurship, factor trade-offs, opportunity cost, production markets, product markets, economic growth possibility frontier, economic models, cost benefit analysis Concept: Concept: Concept: Economic Systems Economic and Social Goals Free Enterprise 6.1.12.A, 6.2.12.A 6.2.12.I, 6.2.12.A, 6.2.12.B, 6.1.12.A, 6.4.12.B 6.2.12.I Lesson Essential Question(s): Lesson Essential Question(s): Lesson Essential Question(s): Which ecoomic system offers you the most What is the most and least important of the To what extent
    [Show full text]
  • Globalization and Scarcity Multilateralism for a World with Limits
    NEW YORK UNIVERSITY CENTER ON INTERNATIONAL COOPERATION Globalization and Scarcity Multilateralism for a world with limits Alex Evans November 2010 NEW YORK UNIVERSITY CENTER ON INTERNATIONAL COOPERATION The world faces old and new security challenges that are more complex than our multilateral and national institutions are currently capable of managing. International cooperation is ever more necessary in meeting these challenges. The NYU Center on International Cooperation (CIC) works to enhance international responses to conflict, insecurity, and scarcity through applied research and direct engagement with multilateral institutions and the wider policy community. CIC’s programs and research activities span the spectrum of conflict insecurity, and scarcity issues. This allows us to see critical inter-connections and highlight the coherence often necessary for effective response. We have a particular concentration on the UN and multilateral responses to conflict. Table of Contents Globalization and Scarcity | Multilateralism for a world with limits Acknowledgements 2 List of abbreviations 3 Executive Summary 5 Part 1: Into a World of Scarcity 10 Scarcity Issues: An Overview 10 Why See Scarcity Issues as a Set? 17 Part 2: Scarcity and Multilateralism 22 Development and Fragile States 22 Finance and Investment 28 International Trade 36 Strategic Resource Competition 41 Conclusion 47 Endnotes 48 Bibliography 52 Acknowledgements This project would not have been possible without the generous financial assistance of the Government of Denmark, whose support is gratefully acknowledged. Alex would like to offer his sincere thanks to the Steering Group for the Center on International Cooperation’s program on Resource Scarcity, Climate Change and Multilateralism: the governments of Brazil, Denmark, Mexico and Norway; and William Antholis, David Bloom, Mathew J.
    [Show full text]
  • Scarcity, Conflicts and Cooperation: Essays in Political and Institutional Economics of Development by Pranab Bardhan
    Scarcity, Conflicts and Cooperation: Essays in Political and Institutional Economics of Development by Pranab Bardhan Table of Contents Preface Chapter 1: History,Institutions and Underdevelopment Appendix: Empirical Determinants Chapter 2: Distributive Conflicts and the Persistence of Inefficient Institutions Chapter 3: Power: Some Conceptual Issues Chapter 4: Political Economy and Credible Commitment: A Review Chapter 5: Democracy and Poverty: The Peculiar Case of India Chapter 6: Decentralization of Governance Chapter 7: Capture and Governance at Local and National Levels Chapter 8: Corruption Chapter 9: Ethnic Conflicts: Method in the Madness? Chapter 10: Collective Action and Cooperation Chapter 11: Irrigation and Cooperation: An Empirical Study Chapter 12: Global Rules, Markets and the Poor Preface In the last few years several technical books and many journal articles have been written on institutional economics and political economy. The purpose of this book is less to present original research contributions to this literature, more to provide an integrative and somewhat reflective account of where we stand today, particularly on some of the major issues of that literature as they relate to problems in developing countries. The treatment in most of the chapters here is more discursive than in technical journal articles, although I’d like to think that the arguments are not loose, they instead provide a coherent logical structure and an “analytical narrative”. Since my intended readership goes beyond the research community in Economics and is inclusive of most social scientists and policy thinkers in general, I have tried to avoid formal models except in two chapters (in chapters 7 and 10 I have briefly enunciated a couple of new models to formalize some ideas partly because of a dearth of formalization in what happens to be under-researched areas at present).
    [Show full text]
  • Resource Scarcity, Institutional Adaptation, and Technical Innovation: Can Poor Countries Attain Endogenous Growth?
    Resource Scarcity, Institutional Adaptation, and Technical Innovation: Can Poor Countries Attain Endogenous Growth? Edward Barbier Thomas Homer-Dixon1 Occasional Paper Project on Environment, Population and Security Washington, D.C.: American Association for the Advancement of Science and the University of Toronto April 1996 Summary Endogenous growth models have revived the debate over the role of technological innovation in economic growth and development. The consensus view is that institutional and policy failures prevent poor countries from generating or using new technological ideas to reap greater economic opportunities. However, this view omits the important contribution of natural resource degradation and depletion to institutional instability. Rather than generating automatic market and innovation responses, worsening resource scarcities in poor countries can lead to social conflicts and frictions that disrupt the institutional and policy environment necessary for successful innovation. This indirect constraint of resource scarcity may help explain the disappointing growth performance of many poor countries. In recent years there has been a vigorous debate about the role of technological innovation in long-term economic growth. At the debate's forefront are new theoretical models in economics that have been termed "endogenous" or "new" growth theory.2 A key feature of these models is that technological innovation - the development of new technological ideas or designs - is endogenously determined by private and public sector
    [Show full text]
  • Hayek's Transformation
    History of Political Economy 20:4 0 1988 by Duke University Press CCC 00 18-2702/88/$1.50 Hayek’s transformation Bruce 1. Catdwell Though at one time a very pure and narrow economic theorist, I was led from technical economics into all kinds of questions usually regarded as philosophical. When I look back, it seems to have all begun, nearly thirty years ago, with an essay on “Economics and Knowledge” in which I examined what seemed to me some of the central difficulties of pure economic theory. Its main conclusion was that the task of economic theory was to explain how an overall order of economic activity was achieved which utilized a large amount of knowl- edge which was not concentrated in any one mind but existed only as the separate knowledge of thousands or millions of different individuals. But it was still a long way from this to an adequate insight into the relations between the abstract overall order which is formed as a result of his responding, within the limits imposed upon him by those abstract rules, to the concrete particular circumstances which he encounters. It was only through a re-examination of the age-old concept of freedom under the law, the basic conception of traditional liber- alism, and of the problems of the philosophy of the law which this raises, that I have reached what now seems to be a tolerably clear picture of the nature of the sponta- neous order of which liberal economists have so long been talking. -FRIEDRICHA. HAYEK(1967,91-92) I.
    [Show full text]
  • Thinking Like an Economist by Robert Frank Microeconomics and Behavior
    Thinking Like an Economist By Robert Frank Microeconomics and Behavior (1991) Scarcity and Choice Microeconomics is the study of how people choose under conditions of scarcity. Hearing this definition for the first time, many people react that the subject is of little real relevance to most citizens of developed countries, for whom, after all, material scarcity is largely a thing of the past. This reaction, however, takes too narrow a view of scarcity. Even when material resources are abundant, other important resources are certain not to be. At his death Aristotle Onassis was worth several billion dollars. He had more material resources than he could possibly spend, and used his money for such things as finely crafted whale ivory footrests for the barstools on his yacht. And yet, in an important sense, he confronted the problem of scarcity much more than most of us will ever have to. Onassis was the victim of myasthenia gravis, a debilitating and progressive neurological disease in which the body’s immune system turns against itself. For him, the search that mattered was not money but time, energy, and the physical skill needed to carry out ordinary activities. Time is a scarce resource for everyone, not just the terminally ill. In deciding which movies to see, for example, it is time, not the price of admission, that constrains most of us. With only a few free nights available each month, seeing one movie means not being able to see another, or not being able to have dinner with friends. Time and money are not the only important scarce resources.
    [Show full text]
  • Lesson 1 Scarcity Why Don’T People Give You Everything You Want?
    Lesson 1 Scarcity Why don’t people give you everything you want? Cognitive Objectives: Students will • Define scarcity as people’s inability to have everything they want. • Identify examples of scarcity in their lives. Affective Objective: Students will • Accept scarcity as a fact of life. It is a paradox that people who learn to accept and deal with scarcity often achieve much more than those who don’t accept it. The inability to deal with scarcity leads to problems with money, education, skill development, and many other areas. If children accept scarcity, they can then develop the skills necessary to minimize its impact on their lives. They will realize, for example, that credit provides only a postponement of the results of scarcity, not its elimination. Acceptance of scarcity may also prompt people to discover alternatives that can minimize its effects. Service-learning Objective: Students will • Identify examples of scarcity faced by individuals, their school, and their community, where the class might be able to help. Choices and Changes in Life, School, and Work, National Council on Economic Education, New York, NY 3 Choices & Changes 4 UNIT ONE Lesson 1 Required Book • The Berenstain Bears Get the Gimmes Optional Books • If You Give a Mouse a Cookie • If You Give a Moose a Muffin • If You Give a Pig a Pancake Required Materials • Candy, nuts, fruit, small “favors” or other items that students are sure to want. There should be an insufficient number, so that not every child can receive an item. • Student Journal, page 1-1 • Homegram 1 Economics Background for Teachers Scarcity is the basic economic problem.
    [Show full text]
  • Environmental Damage As Negative Externality: Uncertainty, Moral Complexity and the Limits of the Market
    e-cadernos CES 05 | 2009 As fundações institucionais da economia Environmental Damage as Negative Externality: Uncertainty, Moral Complexity and the Limits of the Market Laura Centemeri Electronic version URL: https://journals.openedition.org/eces/266 DOI: 10.4000/eces.266 ISSN: 1647-0737 Publisher Centro de Estudos Sociais da Universidade de Coimbra Electronic reference Laura Centemeri, “Environmental Damage as Negative Externality: Uncertainty, Moral Complexity and the Limits of the Market ”, e-cadernos CES [Online], 05 | 2009, Online since 01 September 2009, connection on 21 September 2021. URL: http://journals.openedition.org/eces/266 ; DOI: https:// doi.org/10.4000/eces.266 ENVIRONMENTAL DAMAGE AS NEGATIVE EXTERNALITY: UNCERTAINTY, MORAL COMPLEXITY AND THE LIMITS OF THE MARKET LAURA CENTEMERI CENTRE FOR SOCIAL STUDIES (CES), UNIVERSITY OF COIMBRA Abstract: The economic concept of negative externalities is the dominant frame in environmental policies. Revisiting environmental damage with a sociological approach, I show how the process of externalities definition and internalisation is a political process in which a public is constituted and common problems are collectively defined and addressed. In particular, I highlight the presence in this process of two kinds of uncertainty which have to be dealt with: epistemic uncertainty and moral uncertainty. Keeping these two forms of uncertainty analytically separated is useful in order to understand the limits of the market as a way to internalize environmental externalities and to analyse in their specificities the different types of translation, mediation and composition which are needed in order to create the conditions for a truly inclusive and democratic public deliberation on environmental damage and its reparation.
    [Show full text]