nep-his New Economics Papers
on Business, Economic and Financial History
Issue of 2017‒07‒02
29 papers chosen by
Bernardo Bátiz-Lazo
Bangor University

  2. What Was the Industrial Revolution? By Robert E. Lucas, Jr.
  3. The Integration of Economic History into Economics By Robert A. Margo
  4. The Rise and Fall of the Subsistence Fund as a Resource Constraint in Austrian Business Cycle Theory By Braun, Eduard; Howden, David
  5. Intellectual Discussions About Language, Literature and Society in Athenian Culture 5th Century BC By Grintser, Nikolai
  6. Babylonian 'Decrees on Justice' in the age of the First Dynasty By Arkhipov, I.S.
  7. Political Power, Resistance to Technological Change and Economic Development: Evidence from the 19th century Sweden By Tyrefors Hinnerich, Björn; Lindgren, Erik; Pettersson-Lidbom, Per
  8. Analysis of Social Networks in the Historical Sociology of Culture (On the Basis of Soviet Children's Literature of 1954-1957) By Maiofis, Maria; Kukulin, Ilya
  9. Does Social Security crowd out Private Savings? The Case of Bismarck’s System of Social Insurance By Lehmann-Hasemeyer, Sibylle; Streb, Jochen
  10. The International Labour Organization and the living wage a historical perspective By Reynaud, Emmanuel.
  11. Hamburg als Standort der privaten Universal-/Großbanken im 19. und frühen 20. Jahrhundert By Krause, Detlef
  12. Modeling U.S. Historical Time-Series Prices and Inflation Using Various Linear and Nonlinear Long-Memory Approaches By Giorgio Canarella; Luis A. Gil-Alaña; Rangan Gupta; Stephen M. Miller
  13. Die Genossenschaftliche Institutssicherung – ein notwendiges Instrument zur Stärkung des Kundenvertrauens und des Risikomanagements im dezentralen Bankenverbund By Gleber, Peter
  14. Global earnings inequality, 1970–2015 By Hammar, Olle; Waldenström, Daniel
  15. Improvement of the Law Enforcement of the New Edition of the General Part of the Civil Code of the Russian Federation: General Principles in Theory and Jurisprudence By Dozhdev, Dmitry
  16. Die betriebliche Altersvorsorge zur Zeit der Bonner Republik By Burhop, Carsten
  17. The System of Spending of the Russian Elite During the 'Westernization' (XVIII - XIX cc) By Konchakov, Roman
  18. Mises and Montaigne: A Comment By Bagus, Philipp; Howden, David; Gabriel, Amadeus; Carrasco Bañuelos, Eva María
  19. The Role of Coins in the Development of the Economy of Ancient Greece VI-IV Centuries B.C. By Zakharov, Evgeny
  20. Industrialization as a Deskilling Process? Steam Engines and Human Capital in XIXth Century France By Claude Diebolt; Charlotte Le Chapelain; Audrey-Rose Menard
  21. The Diffusion of New Institutions: Evidence from Renaissance Venice's Patent System By Comino, Stefano; Galasso, Alberto; Graziano, Clara
  22. Legal Culture and Legal Ideology: Problems of the History of Law and Comparative Law By Lapteva, Lyudmila; Mikhailov, Anton; Medvedev, V. V.; Polyansky, P.L.; Kulik, Alla; Khoreva, T.A.; Laptev, A.G.
  23. The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis By Nittai K. Bergman; Rajkamal Iyer; Richard T. Thakor
  24. Persistence of Cities: Evidence from China By Fan Duan; Bulent Unel
  25. The Development of a New Labour Framework during Spain's Second Republic: The Central Office for Placing and Defending against Unemployment By Patricia Suárez
  26. The Concept of Human Capital and its Evolution in the History of Economic Thought By Gvozdeva, Margarita; Kazakova, M.V.; Kiblitskaya, T.R.
  27. Minsky models. A structured survey By Nikolaidi, Maria; Stockhammer, Engelbert
  28. Some “unexpected proximities” between Schultz and Galbraith on human capital By Alexandre Chirat; Charlotte Le Chapelain
  29. 200 Jahre „On the Principles of Political Economy and Taxation“ – Eine historische Einordnung und Würdigung By Markus Groth; Laura Schäfer; Pia Scholz

  1. By: SERGI BASCO; John P. Tang
    Abstract: While credit supply growth is associated with exacerbating financial crises, its impact on general economic activity and long run development are unclear. To identify a causal impact, we use bond payments to samurai in nineteenth century Japan as a quasi-natural experiment and exploit variation between regions. Our proxy for credit supply, samurai population shares, is positively associated with per capita levels of firm establishment and capital investment and average firm capital. Initial samurai population share affects output per capita in the short and long run only in regions with early access to railways, mainly through the tertiary sector. Our interpretation is that increased credit supply may have a positive and persistent impact on output if a region has productivity-enhancing investment opportunities.
    Keywords: credit supply, finance-led growth, market access, railways
    JEL: E51 N15 O47
    Date: 2017–06
  2. By: Robert E. Lucas, Jr.
    Abstract: At some point in the first half of the 19th century per capita GDP in the United Kingdom and the United States began to grow at something like one to two percent per year and have continued to do so up to the present. Now incomes in many economies routinely grow at 2 percent per year and some grow at much higher “catch-up” rates. These events surely represent a historical watershed, separating a traditional world in which incomes of ordinary working people remained low and fairly stable over the centuries from a modern world where incomes increase for every new generation. This paper uses Gary Becker’s theory of a “quantity/quality trade-off,” consistent both with Malthusian population dynamics (quantity) and with demographic transition (quality), to identify a limited set of forces that were central to this revolution.
    JEL: N00 O11 O40
    Date: 2017–06
  3. By: Robert A. Margo
    Abstract: In the United States today the academic field of economic history is much closer to economics than it is to history in terms of professional behavior, a stylized fact that I call the “integration of economic history into economics”. I document this using two types of evidence – use of econometric language in articles appearing in academic journals of economic history and economics; and publication histories of successive cohorts of PhDs in the first decade since receiving the doctorate. Over time, economic history became more like economics in its use of econometrics and in the likelihood of scholars publishing in economics, as opposed to economic history journals. But the pace of change was slower in economic history than in labor economics, another sub-field of economics that underwent profound intellectual change in the 1950s and 1960s, and there was also a structural break evident for post-2000 PhD cohorts. To account for these features of the data, I sketch a simple, “overlapping generations” model of the academic labor market in which junior scholars have to convince senior scholars of the merits of their work in order to gain tenure. I argue that the early cliometricians – most notably, Robert Fogel and Douglass North – conceived of a scholarly “identity” for economic history that kept the field distinct from economics proper in various ways, until after 2000 when their influence had waned.
    JEL: A14 N01
    Date: 2017–06
  4. By: Braun, Eduard; Howden, David
    Abstract: The “subsistence fund” was once an integral part of Austrian business cycle theory to indicate the resource constraint on the ability to complete investments. Early agrarian and industrial economies were constrained by resource availability in a manner consistent with that alluded to by the subsistence fund. This link became more tenuous as the growth of the financial economy in the 20th century removed the apparent importance of pre-saved goods to complete investments. At this point the subsistence fund came to be used only as a metaphor and was jettisoned from Austrian business cycle theory. The present paper points to the merits of the subsistence fund in explaining the turning point of the business cycle as compared to alternative explanations. It also works out the deficiencies in historical expositions of the Austrian theory based on the subsistence fund, and traces the evolution of the resource constraint at the core of Austrian economists´ treatment of the business cycle.
    Keywords: subsistence fund; early business cycle theories; Austrian business cycle theory; wages fund
    JEL: B13 B25 E32
    Date: 2017
  5. By: Grintser, Nikolai (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The paper provides a review of the views on the nature of language and literature in the writings of philosophers, orators and historians of the 5th century BC: the Sophists, Democritus and Herodotus. An attempt has been made to prove that many of the theoretical positions expressed by these authors are both aesthetic, philosophical, religious and socio-political are originally based on comments on poetic (primarily Homeric) texts. At the same time, the main task of the paper was to demonstrate the internal consistency of the text and the sequence of the author's arguments. In particular, it turns out that the views of Democritus on the relationship between the soul and the mind can be based on the unknown reading of one Homeric line, and the concept of "law" in the "History" of Herodotus - on his original interpretation of Pindar's ode.
    Date: 2017–05
  6. By: Arkhipov, I.S. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: "Decrees on justice" - a group of individual legal acts issued by the kings of Mesopotamia; Best of all, this practice is known for the period of the First Babylonian dynasty, which includes, in particular, the most conserved text of such an act - the "Ammitsaduka Decree" (1646 BC). The complex of measures implemented in the decree included such a practice specific to ancient Mesopotamia (in Akkadian misarum or andurarum), as a write-off of debts between individuals, which was accompanied by the return of the sold property to former owners. This practice allowed over the centuries to maintain a relatively low level of property stratification, preventing the emergence of a hereditary estate of large landowners. In the present work the first Russian scientific translation of the Ammitsaduk's Decree with a detailed commentary, as well as a study of the distribution, law enforcement and social significance of misarum and andurarum in a broad historical context is presented.
    Date: 2017–06
  7. By: Tyrefors Hinnerich, Björn (Research Institute of Industrial Economics (IFN)); Lindgren, Erik (Department of Economics, Stockholm University); Pettersson-Lidbom, Per (Research Institute of Industrial Economics (IFN))
    Abstract: This paper empirically tests the hypothesis that landed elites may block technological change and economic development if they fear that they will lose future political power (Acemoglu and Robinson (2002, 2006, and 2012). It exploits a plausible exogenous change in the distribution of political power of the landed elites, i.e., a Swedish suffrage reform in 1862 which extended the voting rights to industrialists at the local level. Importantly, the votes were also weighted according to taxes paid. Thus, the higher taxes paid the more votes received. As a result, the landed elites had an incentive to block industrialization and technological progress since they otherwise would be “political losers”. We find that the change in political power from the landed elites to industrialists, through the extension of suffrage rights, lead to more investments in railways, faster structural change, and higher firm productivity. We also find that the change of political power affected both labor coercion and the adaption of labor-saving technologies within the agriculture sector along the lines suggested by Acemoglu and Wolitzky (2011) and Acemoglu (2010). Specifically, we find that is more labor coercion and less investments in labor-saving technologies in areas were landowners have more political power. We also provide evidence that many demographic outcomes were affected by the change in political power. Moreover, we find strong evidence of persistence in both extractive economic and political institutions even after the weighted voting system was abolished and universal suffrage introduced in 1919. Specifically, local governments that were previously political controlled by the landed elites were still using both extractive economic and political institutions (Acemoglu and Robinson (2008)).
    Keywords: Economic development and growth; Political institutions; Technological change; Industrialization; Labor coercion; Labor-saving technologies; Persistence of extractive economic and political institutions
    JEL: E22 E23 E24 E62 F15 H41 H52 H53 H70 J10 J21 J22 J23 J24 J31 J32 J41 J43 J47 N10 N33 N53 N63 N73 N93 O10 O14 O15 O18 O33 O40 O52 R10 R42
    Date: 2017–06–21
  8. By: Maiofis, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kukulin, Ilya (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This paper is aimed at grounding of applicability of social network analysis to historical sociology of literature. In modern studies in cultural sociology, the scholars’ attention is paid mostly not to social networks that connect authors, editors, translators, and readers, but to the communication channels or the networks for texts’ widespread – in other words, to the phenomena, resembling the social media on the Internet. In our opinion, communication here is only particular case in the wide range of social interactions in literary communities. Study of these communities from the viewpoint of social network analysis allows to discern the new aspects of literary works’ production and reception, and to shed new light on the well-known episodes of literary history. The subject of the case study in this paper is the quick transformation of the social ties between the Soviet children’s writers, critics, and literary institutions in 1954-57. This transformation led to the total reshaping of landscape of the Soviet children’s literature. This case study gives ground for consideration the deeper principles that regulated networking and institutional dynamics of the late-Soviet culture, as well as the specific features of the Soviet cultural networks if comparing them with the samples discussed in English-language sociological scholarship.
    Date: 2017–05
  9. By: Lehmann-Hasemeyer, Sibylle; Streb, Jochen
    Abstract: Imperial chancellor Bismarck’s system of social insurance (with its three pillars health, accident and pension insurance) was an important role model for social security systems across Europe and in the US. How the introduction of the German system changed economic expectations and decisions of the German workforce has not been researched, though. This article closes this gap by analyzing the development of Prussian savings banks’ deposits in the late 19th century with the help of a difference-in-difference-like approach. We show that, in the Prussian case, social security crowded out private savings considerably. As counterfactual voluntary savings would have been far from sufficient, however, Bismarck’s social insurance system was still needed to fight the misery workers and their families potentially faced in old age or times of sickness.
    JEL: D14 E21 H55 N33
    Date: 2017
  10. By: Reynaud, Emmanuel.
    Abstract: The paper is structured in three parts. The first part reviews the process and the debates related to the adoption of the principle of a living wage at the 1919 Paris Peace Conference and when it was restated in Philadelphia in 1944. The two following parts deal with the implementation of the principle. The second part reviews the initial work of the International Labour Office (the Office) and the debates among the ILO's constituents that led to the adoption of the Minimum Wage-Fixing Machinery Convention, 1928 (No. 26) and the corresponding Recommendation (No. 30). It also presents examples of countries which used the concept of a living wage in their legislation regarding minimum wage fixing. The third part reviews the renewed debates on minimum wages in the 1960s at the ILO Governing Body and at the International Labour Conference, which led to the adoption of the Minimum Wage Fixing Convention, 1970 (No. 131) and the corresponding Recommendation (No. 135).
    Keywords: descriptor 1, descriptor 2, descriptor 3, descriptor 4
    Date: 2017
  11. By: Krause, Detlef
    Abstract: Hamburg as a Site of Private Full-service/ Major Banks in the 19th and Early 20th Centuries: The Hamburg banking sector experienced considerable structural changes in the period from 1850 until into the 1930s. Around 1856 and 1870, a large number of new banks were founded, mostly in the form of stock corporations. Starting in the 1890s, the banking center saw a consolidation with foreign banks locating there and the commencement of foundings of branches. What is striking is the bilateral integration of Hamburg with Berlin, the financial center. While the banking relationships with the imperial capital meant a relative loss of importance for the local Hamburg banks, it also brought a considerable overall benefit to Hamburg as a financial center. Typical for the Hamburg financial center was the major and long-standing significance of the merchant banker, whose business was rooted primarily in the mercantile trade. Also striking was the large number of small private banking businesses in the 1920s.
    JEL: G21 N23 N24
    Date: 2017
  12. By: Giorgio Canarella (University of Nevada, Las Vegas); Luis A. Gil-Alaña (University of Navarra); Rangan Gupta (University of Pretoria); Stephen M. Miller (University of Nevada, Las Vegas)
    Abstract: This paper estimates the complete historical US price data by employing a relatively new statistical methodology based on long memory. We consider, in addition to the standard case, the possibility of nonlinearities in the form of nonlinear deterministic trends as well as the possibility that persistence exists at both the zero frequency and a frequencies away from zero. We model the fractional nonlinear case using Chebyshev polynomials and model the fractional cyclical structures as a Gegenbauer process. We find in the latter case that that secular (i.e., long-run) persistence and cyclical persistence matter in the behavior of prices, producing long-memory effects that imply mean reversion at both the long-run and cyclical frequencies.
    Keywords: Persistence, Cyclicality, Chebyshev polynomials, Gegenbauer processes
    JEL: C22 E3
    Date: 2017–06
  13. By: Gleber, Peter
    Abstract: Cooperative Institutional Protection – a Necessary Instrument for Strengthening Customer Trust and Risk Management in Local Banking Groups: The protection scheme of the cooperative financial network goes back to the guarantee funds of the German ‹Volksbanken›, the world's oldest privately-financed protection system for banks. The core task of institutional protection is to protect the cooperative banks and hence the protection of the member's and customers' deposits, investments and savings. The local roots of the credit cooperatives rest in the 19th century. During the so-called formative phase, protection schemes were established for the newly-created cooperative lending networks of ‹Volksbanken› and rural cooperative banks, which have been a joint cooperative financial network since 1972. Since that time, the cooperative banks' combined protection scheme has developed into a unique protection system with complex tools for risk management.
    JEL: G21 N14 N24 N34 N94 P13
    Date: 2017
  14. By: Hammar, Olle (Department of Economics); Waldenström, Daniel (Research Institute of Industrial Economics)
    Abstract: We estimate trends in global earnings dispersion across occupational groups using a new database covering 66 developed and developing countries between 1970 and 2015. Our main finding is that global earnings inequality has declined, primarily during the 2000s, when the global Gini coefficient dropped nearly 10 points and the earnings share of the world’s poorest half doubled. Decomposition analyses emphasize the role of income convergence between poor and rich countries and that earnings have become more similar within occupations in traded industries. Sensitivity checks show that the results are robust to varying real exchange rates, inequality measures and population definitions.
    Keywords: Global inequality; Development; Inequality decomposition; Labor markets
    JEL: D31 F01 O15
    Date: 2017–05–02
  15. By: Dozhdev, Dmitry (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The subject of the research in this work is the concrete historical forms of the treaty in the history of law, the doctrine of the transaction in the history of legal thought, the principles of conscientiousness and justice in the establishment and implementation of subjective rights.
    Date: 2017–05
  16. By: Burhop, Carsten
    Abstract: Corporate Retirement Plans during the Bonn Republic: Alleviating the consequences of the war were at the center of social policy during the early years of the young republic. Yet up to 1956 pensions rose only slowly and irregularly so that old-age poverty remained widespread. The transition to a dynamic pension system based on gross earnings with the 1957 Pension Reform was the major step from a social state battling need and poverty to the caregiving welfare state. The minimum pension – abolished in 1957 – was reintroduced with the 1972 Pension Reform, paving the way to the early retirement society. This paper investigates the development of corporate pension plans up to the end of 1970s. Using Volkswagen and Merck as case studies, it shows that companies reacted to changes in the economic situation earlier than did the legislature and adjusted their social benefits systems accordingly. Parallel to the transition to the dynamic pension system based on gross earnings during the late 1950s, corporate retirement plans experienced an expansion, that is to say, following the 1957 Pension Reform, private benefits were not yet replaced by public benefits. This did not change until the expansion of the social state during the 1970s. The objective of including the Works Councils in the corporate pension discussion was to curb corporate social benefits.
    JEL: G23 H55 J32 M51 N34
    Date: 2017
  17. By: Konchakov, Roman (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In this paper an attempt is made to find out whether the peculiarities of the system of expenditures of the Russian elite in the eighteenth and nineteenth century explain the specificity of socio-economic processes in the Russian society of this period in the context of "Westernization".
    Date: 2017–06
  18. By: Bagus, Philipp; Howden, David; Gabriel, Amadeus; Carrasco Bañuelos, Eva María
    Abstract: Ludwig von Mises (1881-1973) baptized the idea that the gain of some is caused by the loss of others as the “Montaigne dogma.” Mises considered the fallacy to be very widespread and sufficiently noteworthy that he devoted chapter 24 of his magnum opus Human Action to refuting the idea. Casto Martín Montero Kuscevic and Marco Antonio del Río Rivera (2015) discuss Mises´ refutation of Montainge´s dogma and claim that he misinterpreted Montaigne on fundamental grounds. They make the further claim that Mises misattributed the dogma to Montaigne. In this short response, we assess their argument to demonstrate that a more complete reading of Mises’s arguments vindicate both his identification and criticisms of the Montaigne dogma.
    Keywords: Montaigne dogma, Ludwig von Mises
    JEL: B1 B13 B3 B31
    Date: 2016
  19. By: Zakharov, Evgeny (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The economy of ancient states is a complex and diverse phenomenon. One of its essential components is monetary circulation, which from a certain moment is formed by circulation of coins. In this paper we will talk about the initial pages of the history of the money circulation of the ancient world.
    Date: 2017–05
  20. By: Claude Diebolt (BETA, University of Strasbourg Strasbourg, France); Charlotte Le Chapelain (CLHDPP-BETA, University Lyon III); Audrey-Rose Menard (LEMNA, University of Nantes)
    Date: 2017
  21. By: Comino, Stefano; Galasso, Alberto; Graziano, Clara
    Abstract: What factors affect the diffusion of new economic institutions? This paper examines this question exploiting the introduction of the first regularized patent system which appeared in the Venetian Republic in 1474. We begin by developing a model which links patenting activity of craft guilds with provisions in their statutes. The model predicts that guild statutes that are more effective at preventing outsider's entry and at mitigating price competition lead to less patenting. We test this prediction on a new dataset which combines detailed information on craft guilds and patents in the Venetian Republic during the Renaissance. We find a negative association between patenting activity and guild statutory norms which strongly restrict entry and price competition. We show that guilds which originated from medieval religious confraternities were more likely to regulate entry and competition, and that the effect on patenting is robust to instrumenting guild statutes with their quasi-exogenous religious origin. We also find that patenting was more widespread among guilds geographically distant from Venice, and among guilds in cities with lower political connection which we measure exploiting a new database on noble families and their marriages with members of the great council. Our analysis suggests that local economic and political conditions may have a substantial impact on the diffusion of new economic institutions.
    Keywords: Competition; Guilds; institutions; patents
    JEL: K23 O33 O34
    Date: 2017–06
  22. By: Lapteva, Lyudmila (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Mikhailov, Anton (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Medvedev, V. V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Polyansky, P.L. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kulik, Alla (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Khoreva, T.A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Laptev, A.G. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The need to achieve the effectiveness of legal institutions requires that the legal doctrine absorbs the results of a comprehensive study of both the ideological and historical and cultural aspects of legal constructions. The study of the mechanisms of formation and impact of legal culture and legal ideology is essential for clarifying the mechanism of continuity and the formation of innovations in legal systems, disclosing the ideological grounds for the integration of professional and public sense of justice. The development and consistent implementation of a set of legal values ??in the national system of legislation is impossible without the development of conceptual concepts of the essence and functional potential of legal culture and legal ideology.
    Date: 2017–05
  23. By: Nittai K. Bergman; Rajkamal Iyer; Richard T. Thakor
    Abstract: What is the effect of cash injections during financial crises? Exploiting county-level variation arising from random weather shocks during the 1980s Farm Debt Crisis, we analyze and measure the effect of local cash flow shocks on the real and financial sector. We show that such cash flow shocks have significant impact on a host of economic outcomes, including land values, loan delinquency rates, the probability of bank failure, employment, and wages. Estimates of the effect of local cash flow shocks on county income levels during the financial crisis yield a multiplier of 1.63.
    JEL: D22 D24 D31 E23 E24 E51 G01 G21
    Date: 2017–06
  24. By: Fan Duan; Bulent Unel
    Abstract: Using data from Qing Dynasty, this paper investigates long-run implications of the early development for the present development in China. We use city-level population density in 1820 as a measure of the early economic prosperity, and investigate how it is associated with today’s development indicators such as the average night-light density, GDP per capita, average years of schooling, and trade openness. We find that more prosperous cities of the Qing Dynasty are now brighter, richer, more educated, and more open.
  25. By: Patricia Suárez (Universidad de Oviedo, Spain)
    Abstract: The Great Depression affected the Spanish economy by increasing the number of unemployed workers. With the aim of tackling labor market problems, the Central Office for Placing and Defending against Unemployment was created in 1931 with the aim, in the words of Niceto Alcalá-Zamora, of tackling the «regrettable passion and social or political misadventures». The officials of the Central Placement Office were aware of the proposals of Keynes and other economists on the matter, so it can be said that the implemented employment policies, besides being based on the social urgencies of the moment, tried to find an added legitimacy in the doctrinal currents that then operate under an agreed consensus.
    Keywords: Crisis, Unemployment, Employment office, Labour market, Spain
    JEL: N34 J68 J83
    Date: 2017–06
  26. By: Gvozdeva, Margarita (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kazakova, M.V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Kiblitskaya, T.R. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: In many countries, investment in human capital is seen as an instrument to stimulate economic growth and full employment, and a high level of knowledge, skills and competences of the population are recognized as the key to the success and security of the state in the world arena. The paper is devoted to the study of the concept of human capital and its evolution in history, as well as the analysis of the role of human capital in economic literature. So, first of all we formulate the definition of human capital. In the following we describe the evolution of the concept of human capital in the works of foreign and Russian economists. Then we consider the ways of measuring human capital and carry out a comparative analysis of the concepts of human capital and human potential. In conclusion, the results of the analysis are formulated.
    Date: 2017–05
  27. By: Nikolaidi, Maria; Stockhammer, Engelbert
    Abstract: Minsky’s ideas have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of Minsky’s insights. The aim of this paper is to survey the literature and identify differences and similarities in the ways through which Minskyan ideas have been formalised. We distinguish between the models that focus on the dynamics of debt or interest, with no or a secondary role for asset prices, and the models in which asset prices play a key role in the dynamic behaviour of the economy. Within the first category of models we make a classification between (i) the Kalecki-Minsky models, (ii) the Kaldor-Minsky models, (iii) the Goodwin-Minsky models, (iv) the credit rationing Minsky models, (v) the endogenous target debt ratio models and (vi) the Minsky-Veblen models. Within the second category of models, we distinguish between (i) the equity price Minsky models and (ii) the real estate price Minsky models. Key limitations of the models and directions for future research are outlined.
    Keywords: business cycles; financial instability; post-Keynesian economics; debt cycles;
    JEL: B50 E32 G01
    Date: 2017–06–26
  28. By: Alexandre Chirat (TRIANGLE, University Lyon II); Charlotte Le Chapelain (CLHDPP-BETA, University Lyon III)
    Date: 2017
  29. By: Markus Groth (Leuphana University Lueneburg, Germany); Laura Schäfer (Leuphana University Lueneburg, Germany); Pia Scholz (Leuphana University Lueneburg, Germany)
    Date: 2017–03

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