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on Heterodox Microeconomics |
| By: | Sergio, Reuben |
| Abstract: | The paper seeks to integrate the theoretical developments in the field of imperfect competition and monopoly, and operation of the firm in such conditions, with the theories of income distribution, particularly among the macroeconomic aggregates of capital and labor. And formulating a working hypothesis to focus the breaking of the capital accumulation process expressed in the current economic crisis, from a holistic perspective. |
| Keywords: | Income distribution; capital accumulation; centralization of capital; dominant enterprises; efficient and effective use of resources. Overproduction crisis; Crisis by disproportional growth |
| JEL: | B51 D2 L11 D33 D3 D6 P1 E1 J30 L1 P0 L2 D5 E30 L26 B5 D50 D4 D23 L13 J3 M2 D43 M20 J23 |
| Date: | 2012–05–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43067&r=hme |
| By: | Petersen, Thomas; Faber, Malte |
| Abstract: | Die Diskussion um Karl Marx ist lange Zeit nur ideologisch positionell geführt worden. Wer sich nicht als Gegner oder Befürworter der Marxschen Lehre erklärte, hatte es schwer, in dieser Diskussion Gehör zu finden. Im letzten Viertel des vorigen Jahrhunderts hat jedoch sowohl in philosophischer als auch wirtschaftswissenschaftlicher Hinsicht eine neue Art der Auseinandersetzung mit den Werken von Karl Marx begonnen. Dabei haben die Kontrahenten sowohl auf marxistischer als auch auf nichtmarxistischer Seite viel ideologischen Ballast beiseite geräumt, und in manchen Positionen hat man sich auch in inhaltlicher Hinsicht angenähert. Trotzdem ist die Diskussion in einem wichtigen Aspekt fragmentarisch geblieben. Auch wenn marxistische und nichtmarxistische Ökonomen nun eine gemeinsame Sprache gefunden haben, so gilt das weit weniger für Philosophen und Ökonomen. Charakteristischerweise zeigt sich das an der Rolle Hegels. Während viele Philosophen dazu neigen, Marx von Hegel her zu verstehen, tendieren Ökonomen und auch der Ökonomik nahestehende Philosophen dazu, Hegel zu vernachlässigen oder ihm allenfalls eine verwirrende oder störende Rolle im Marxschen Denken zuzugestehen. In unserem Essay wollen wir daher herausarbeiten, dass der Bezug zu Hegel und zu der Tradition der Philosophie überhaupt ein konstitutiver Bestandteil der Marxschen Theorie und gerade auch ihres ökonomischen Teils ist. Dabei versuchen wir nichts weniger als eine Gesamteinschätzung der Marxschen Lehre und ihrer oft verwirrenden Vielschichtigkeit zu geben. Im Einzelnen werden wir auf Marx’ Hegelbezug und den historischen Materialismus mit seinen Grundbegriffen, den Produktivkräften und Produktionsverhältnissen eingehen. Von daher werden wir eine Einschätzung von Marx’ Analyse der kapitalistischen Produktionsweise geben und dabei versuchen, ihre qualitativen und quantitativen Aspekte gesondert herauszuarbeiten. Zentrale Aussagen der Marxschen Ökonomik wie die Arbeitswertlehre und das Gesetz vom tendenziellen Fall der Profitrate werden wir im Licht der modernen Wirtschaftswissenschaften diskutieren. Dabei werden auch wichtige Einsichten von Marx hinsichtlich der Umwelt- und Rohstoffprobleme, vor denen wir heute stehen, zur Sprache kommen. Nicht zuletzt gehen wir auf die Konsequenzen ein, die sich aus Marx’ Ansatz für das Problem der Gerechtigkeit und der Einkommensverteilung ergeben. Und schließlich wollen wir erklären, woher bei Marx das notorische Defizit einer politischen Theorie rührt. |
| Keywords: | Marxsche Philosophie; Marxsche Ökonomik; Historischer Materialismus; Dogmengeschichte; Arbeitswertlehre |
| JEL: | Q P E11 D3 B31 B24 B10 A31 A1 |
| Date: | 2012–01–30 |
| URL: | http://d.repec.org/n?u=RePEc:awi:wpaper:0520&r=hme |
| By: | Kakarot-Handtke, Egmont |
| Abstract: | A comprehensive dynamic model of the monetary economy that produces the key characteristics of a debt deflation has been presented recently by Steve Keen as an alternative to conventional approaches. His model is based on a double-entry bookkeeping methodology but lacks an acceptable profit theory. In this respect it is not different from familiar approaches. Clearly, a deficient profit theory prevents a proper understanding of how the real world economy works. The present paper takes an entirely different route and places the core of Fisher’s debt deflation theory into the context of the consistent structural axiomatic approach. |
| Keywords: | new framework of concepts; structure-centric; axiom set; income; profit; distributed profit; quantity of money; credit expansion; maximum debt/income ratio; annuity; positive feedback; built-in instability |
| JEL: | E12 E31 E50 |
| Date: | 2012–11–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:42912&r=hme |
| By: | Christian Bidard |
| Abstract: | The Ricardian dynamics study the evolution of distribution when demand increases. The successive marginal methods in agriculture are determined by means of a rule which has never been stated explicitly by Ricardo's commentators. But the rule also allows us to point at two limits of Ricardo's construction, first in his attempt to get rid of rent in the analysis of distribution, second in the working of the dynamics themselves. Similarly, the identification of a productivity and a profitability criterion is at the basis of Sraffa's mistake in his reconstruction of the theory of rent, whereas post-Sraffian formalizations have abandoned Ricardo's dynamic approach. |
| Keywords: | Rent, Ricardian dynamics, Ricardo, Sraffa |
| JEL: | B12 C61 D30 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2012-43&r=hme |
| By: | Kirdina, Svetlana |
| Abstract: | The paper discusses some theoretical-methodological basis for the institutional change analysis in transitional countries. First, the paper shows the specific approach of the Marxian school of economic thought to the analysis of social and economic institutions. Second, the most general features of the system paradigm in economic theory (Kornai, 1998) are presented. Third, the institutional matrices theory, or IMT (Кирдина, 2001; Kirdina, 2001, 2010, etc.), developing Marxian approach and systemic ideas, is presented. An explanatory power of IMT is shown by the analysis of post-soviet reforms in Russia and East-European countries. |
| Keywords: | institutions; economic systems; Marxian approach; institutional matrices |
| JEL: | B10 B14 B15 |
| Date: | 2012–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:42998&r=hme |
| By: | Krancke, Jan; Vidal, Miguel; Fier, Andreas |
| Abstract: | Traditionally, neoclassical economics has been the guiding framework in the development of legislative and regulatory rules in the telecommunication markets. The regulatory perspective has long assumed a static environment. However, telecommunication markets have evolved into extremely dynamic, innovative and technology-driven markets. At the same time, economic theory has moved well beyond simple, static concepts of neo-classical analysis. Inter alia, Schumpeterian Economics, Institutional Economics and modern Industrial Organization provide a broader framework more suitable to analyze modern telecom markets. Drawing on an extended theoretical baseline and on major industry trends, we propose a more comprehensive framework for telecom regulation - the new regulatory pentagon - based on the cornerstones competition, investment and innovation, convergence and platformization, macroeconomics and growth and, lastly, commitment and credibility. -- |
| Keywords: | Telecommunications,Regulation,Network investments,Platforms,Innovation,Next generation networks |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse12:66976&r=hme |
| By: | Jean-Marc Weller |
| Abstract: | Among the many ways of studying public administration, one orientation among social research has been gradually established: observing bureaucrats at work. Such a perspective can be seen to have two aims: a better understanding of the crucial role front-line employees can play in the daily delivery of public goods, and an empirical mapping of the different public organizations experiencing new public management measures. With an ethnographic approach based on French Administration cases and inspired particularly by science and technology studiesand workplace studies, this paper focuses on these different points. |
| Keywords: | Bureaucracy; civil service; public administration; new public management |
| JEL: | D73 H11 H83 |
| Date: | 2012–11–27 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/132998&r=hme |
| By: | Revold Entov (Gaidar Institute for Economic Policy); Alexander Radygin (Gaidar Institute for Economic Policy); Yuri Sinachev (Gaidar Institute for Economic Policy) |
| Abstract: | It will be some time before we can fully appreciate the radical nature of the socio-economic effects produced by the global crisis of the end of the first decade of the twenty first century. However, it is already evident that the two leading market economic systems of the Western world – that of the USA, based on an ideology of free market competition, and the socially oriented system of Europe, were unable adequately to respond to the initial phase of the crisis. Moreover, the only measures that proved capable of preventing financial and economic collapse were those taken by states that possessed powerful levers for acting upon the economy as the crisis unfolded. Russia was one of these states, though circumstances in Russia were not typical. |
| Keywords: | privatization, Russian economy, public sector, de-statification |
| JEL: | H82 K11 K22 L32 L33 P31 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:gai:wpaper:0039&r=hme |
| By: | Lenger, Alexander; Kruse, Jan |
| Abstract: | Die Zweckmäßigkeit qualitativer bzw. rekonstruktiver Forschungsmethoden ist in sozialwissenschaftlichen Fächern seit langem anerkannt, entsprechend wird diese Methodik in der Forschungspraxis umfassend eingesetzt. Im wirtschaftswissenschaftlichen Feld hingegen spielen qualitative Methoden, wie z. B. leitfadengestützte Interviews oder teilnehmende Beobachtungen, praktisch keine Rolle. Vor dem Hintergrund, dass eine Mehrzahl deutscher Ökonomen Interesse und Kenntnisse in empirischen Forschungsmethoden für sehr wichtig halten, sollte es umso mehr überraschen, dass qualitative bzw. rekonstruktive Forschungsmethoden in wirtschaftswissenschaftlichen Publikationen so gut wie keine Verwendung finden. Um uns diesem Phänomen auf empirische Weise anzunähern, haben wir eine qualitative Befragung unter deutschsprachigen Ökonomen durchgeführt, um mehr über den Stellenwert und die Repräsentationsmuster qualitativer Forschungsmethoden herauszufinden. Ursache für die systematische Ablehnung des qualitativen Forschungsparadigmas - so unser Befund - sind die unzureichenden Kenntnisse über die Logik und den Nutzen qualitativer Forschungsansätze, der fehlende Umgang mit qualitativen Verfahren sowie eine unzulässige Methodenfixierung auf quantitative bzw. mathematische Designs. Entsprechend gilt es herauszuarbeiten, welche Gründe und Entwicklungen für eine solch rigorose Ablehnung qualitativer Forschungsmethoden in der Volkswirtschaftslehre verantwortlich sind. Es ist das Ziel des vorliegenden Beitrags, die fachspezifische Einstellung und das allgemeine Wissenschaftsverständnis deutscher Ökonomen darzustellen sowie Aussagen über Bedeutung, Relevanz und insbesondere Potentiale qualitativer und auch rekonstruktiver Forschungsmethoden für ökonomische Fragestellungen herauszuarbeiten. -- The usefulness of qualitative research methods has gained much recognition in the disciplines of Social Sciences. Consequently, its methods are implemented frequently in the practical course of research. Contrary to this, in economics, qualitative methods, such as semistructured and group interviews or participant observation, have no significance. Considering the fact that a majority of German economists have a vast knowledge and interest in empirical research methods it is very surprising that qualitative research methods are not applied for research in economic publications. To become more familiar with these phenomena on an empirical level, a qualitative census with German economists is conducted, in order to find out more about the significant values and representational samples of qualitative research methods. According to our results, the cause of the systematic disaffirmation of the qualitative research paradigm is the result of insufficient knowledge on the logic and accounts of qualitative research appendage. Moreover, the cause is also due to the missing association with qualitative procedures as well as an existing fixation of methods of quantitative or mathematical designs. Consequently, the causes and developments being responsible for such a rigid rejection of qualitative research methods in the field of economics are elaborated. It is the aim of the paper to present the specific attribution of German economists and to lay out the potential of qualitative research methods for economic reasoning. |
| Keywords: | Qualitative Forschung,Rekonstruktive Methoden,Empirische Befragung,Wirtschaftswissenschaftliches Feld,Methodologische Fragen,Qualitative Research Methods,Semi-Structured Interviews,Economic Field,Methodological Issues |
| JEL: | B41 C18 C80 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cenwps:022012&r=hme |
| By: | Desiderio, Saul; Chen, Siyan |
| Abstract: | In this paper we develop a theoretical framework to analyze the long-run behavior of an economy characterized by a regime of persistent debt. We introduce a stock-flow consistent dynamic model where the economic system is represented by a network of trading relationships among agents. Debt contracts are one of such relationships. The model is characterized by a unique and stable steady-state, which predicts that (i) aggregate income is always limited from the above by the money supply and that (ii) debts cause a redistribution of borrowers' wealth and income in favor of lenders. In the aggregate this may also lower nominal income, as empirical evidence suggests. |
| Keywords: | Debt; stock-flow consistency; dynamic systems |
| JEL: | D31 E51 C61 |
| Date: | 2012–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43011&r=hme |
| By: | Lengnick, Matthias; Krug, Sebastian; Wohltmann, Hans-Werner |
| Abstract: | We pick up the standard textbook approach of money creation and develop a simple agent-based alternative. We show that our model is well suited to explain the endogenous creation of money. Although more general, our model still contains the standard results as a limiting case. We also uncover a potential instability that is hidden in the standard approach but easily recognized within a strict individual-based and stock-flow consistent version. We show in detail how individual interactions build up systemic risk and how banking crises are triggered by the maturity mismatch of different cash-flows and spread by the depreciation of non-performing loans (e.g. interbank- or government debt). -- |
| Keywords: | financial instability,endogenous money,agent-based macroeconomics,stock-flow consistency,disequilibrium analysis |
| JEL: | C63 E42 E51 G01 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cauewp:201215&r=hme |
| By: | Kakarot-Handtke, Egmont |
| Abstract: | Standard economics is known to be incapable of integrating the real and the monetary sphere. The ultimate reason is that the whole theoretical edifice is built upon a set of behavioral axioms. Therefore, the formal starting point is moved to structural axioms. This makes it possible to formally track the complete process of value creation and destruction in the asset market and its consequences for the household and business sector. From the set of structural axioms emerge the well-known phenomena of a bubble from free lunches through appreciation to defaults due to a lack of potential next buyers. |
| Keywords: | new framework of concepts; structure-centric; axiom set; profit; rate of interest; liquidity preference; rentier; primary market; secondary market; parrot economics; theory of value; valuation price; appreciation; depreciation; net worth; debt/income ratio |
| JEL: | E43 E21 E10 |
| Date: | 2012–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:42996&r=hme |
| By: | Aoki, Masahiko (Asian Development Bank Institute) |
| Abstract: | This essay provides a game-theoretic, endogenous view of institutions, and then applies the idea to identify the sources of institutional trajectories of economic development in China, Japan, and Korea. It stylizes the Malthusian-phase of East Asian economies as peasant-based economies in which small families allocated their working time between farming on small plots—leased or owned—and handcrafting for personal consumption and markets. It then compares institutional arrangements across these economies that sustained otherwise similar economies. It characterizes the varied nature of the political states of Qing China, Tokugawa Japan, and Yi Korea by focusing on the way in which agricultural taxes were enforced. It also identifies different patterns of social norms of trust that were institutional complements to, or substitutes for, political states. Finally, it traces the path-dependent transformations of these state-norm combinations along subsequent transitions to post-Malthusian phases of economic growth in the respective economies. |
| Keywords: | china; japan; institutional complementarity; institutional change; capitalism; varieties of norms; political economy |
| JEL: | O43 O53 P51 |
| Date: | 2012–12–03 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0397&r=hme |
| By: | Kirdina, Svetlana |
| Abstract: | This paper discusses some theoretical-methodological bases for comparative institutional analysis. First, it shows the specific approach of the Marxian school to analyzing social and economic institutions. Second, it discusses the most general features of the system paradigm in economic theory (Kornai, 1998 [2002]). Third, it presents institutional matrices theory, or IMT (Кирдина, 2001; Kirdina, 2001, 2010, etc.), which develops a Marxian approach together with systemic ideas. This section describes two basic institutional models, so-called X- and Y-institutional matrices. Fourth, it demonstrates that the economic dominance of Y-matrix countries (like the USA and European countries) since the 1970s has gradually decreased and that since 2008 the global GDP share of X-matrix countries (like Russia and China, e.g.) has prevailed and continues to grow. |
| Keywords: | institutions; economic systems; Marxian approach; institutional matrices |
| JEL: | B20 P50 |
| Date: | 2012–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:42999&r=hme |
| By: | Strati, Francesco |
| Abstract: | This paper is intended to give a general, but rigorous view about what is the Z-function and what are the hidden relations of the Keynes’s General Theory. In Section 1 I shall depict the concept of probability and that of the weight of argument, in Section 2 I shall introduce quite an important definitions such as the Z-function is different from the Z∗-curve, and some paramount notions. The Section 4 is intended to grasp the importance of the chapters 20-21 of the General Theory, whereas in Section 5 I shall comment, very quickly, some properties of Z∗ in a topological view. |
| Keywords: | Keynes; Z-Function |
| JEL: | E12 B16 |
| Date: | 2012–11–29 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:42918&r=hme |
| By: | Annette Freyberg-inan (AISSR, Universiteit van Amsterdam); Ruya Kocer (Universiteit van Amsterdam) |
| Abstract: | In his “Anecdote Concerning the Lowering of Productivity”, written in 1963, the West-German writer Heinrich Böll humorously contrasts the mindset of an enterprising capitalist, bent on the maximization of profit, with that of a person we might call a profit “satisficer,” a maximizer of leisure or happiness, or, less politely, a bum. The anecdote is suggestive, as it leaves the reader wondering whose behavior is in fact rational, or whether we observe here a clash of two rationalities supported by different economic cultures and (un)explained by different theories of economic behavior. Motivated by the question whose behavior makes which sort of sense, we present in this paper a system of utility functions that captures both logics of action simultaneously using purely rational choice based reasoning. The three formulas are integrated into a single and simple dynamic equations system which allows us to identify key factors in the generation of utilities explaining the real-life diversity of work-leisure decisionmaking, in particular the impact of occupational dynamics, personality characteristics, and government intervention. The model sheds considerable light on the familiar yet under-investigated phenomenon of widely varying levels of what Böll calls “Arbeitsmoral,” is interestingly rendered in the English translation as “productivity,” and what has rarely been acknowledged for what it is: differences in choices on work-leisure trade-offs and economic lifestyles that pose an important challenge to mainstream microeconomic, welfare state, and development theory. |
| Date: | 2012–10 |
| URL: | http://d.repec.org/n?u=RePEc:aia:aiaswp:123&r=hme |