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on Heterodox Microeconomics |
| By: | Fabrizio LUCIANI; Stefano ZAMBERLAN |
| Abstract: | This essay, starting from Georgescu-Roegen’s criticism to the concept of utility and the theory of the behaviour of the consumer, points out not only the shortcomings of the mainstream of economics in representing the economic phenomenon but also the possible responsibilities in the current global crisis. Furthermore, this work stresses the alternative approaches proposed by Georgescu- Roegen, from the directional choice theory to the hierarchy of needs, from the recourse to the law of entropy in the study of the production process and in the formation of the economic value to the theory of production based on the flow-fund model, from the integration of the environment in the economic phenomenon to the identification of the “enjoyment of life” as the ultimate goal of economics. In conclusion, this essay suggests a few considerations on the many current worldwide difficulties, that it is to be hoped the application of the bioeconomics approach. |
| Date: | 2012–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pia:wpaper:112/2012&r=hme |
| By: | Mariolis, Theodore; Tsoulfidis, Lefteris |
| Abstract: | Bródy’s conjecture is submitted to an empirical test using input-output flow data of varying size for the US economy for the benchmark years 1997 and 2002, as well as for the period 1998-2010. The results suggest that the ratio of the modulus of the subdominant eigenvalue to the dominant one increases both with the size of the matrix and, for the same matrix size, over the years lending support to the view of increasing instability (in the sense of Bródy) for the US economy over the period 1997-2010. |
| Keywords: | Actual Economies; Bródy’s Conjecture; Eigenvalue Distribution; Speed of Convergence |
| JEL: | E32 D57 C67 C62 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43719&r=hme |
| By: | Yabar, J. (Tilburg University) |
| Abstract: | Abstract: Although economic crises tend to be perceived as a time in which consumers cut back on expenditures (including cars, clothes, and houses), market data also shows that sales of certain products increase during economic downturns. How do consumers respond to an economic crisis? And what is the psychology behind such behavior? These are questions to which this dissertation is devoted. Three empirical chapters show that an economic crisis activates different fundamental human needs, which play a decisive role in consumer spending and saving. In the first essay, we provide support for the idea that under external uncertainty about the future financial situation, consumers not only rapidly stop making large consumption decisions, but also stop making discretionary saving decisions. In the second essay, we provide support for the hypothesis that in times of economic crisis consumers' need to connect increases. Hence, brands, products, and advertising that cater to this need are preferred and can even increase consumers' willingness to pay for them. In the third eassy, we provide support for the idea that female sexy clothing that enhances chances to mate are preferred and even increase women's willingness to pay in times of economic crisis. |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ner:tilbur:urn:nbn:nl:ui:12-5661444&r=hme |
| By: | Gorecki, Paul K.; Maxwell, Sarah |
| Abstract: | Despite 33 convictions of individuals and firms for criminal cartel offences in Ireland since 1996, there is only one reported judgment. The paper examines the Duffy judgment concerning a member of the Citroen motor vehicle cartel. The judgment provides some guidance on sentencing: cartels are pernicious and jail sentences are to be expected in future cases. However, no guidance is provided as to how the jail term for an individual will be determined or the fine for an individual or a firm. Despite the statement that cartels are pernicious, the fine levied on Duffy Motors was 1.3 per cent of the maximum fine under competition legislation and 1.1 per cent of the likely increase in profits due to firm's participation in the cartel. An alternative approach to sentencing is suggested that utilises a well developed methodology and is consistent with the view that cartels are pernicious, while at the same time leaving considerable judicial discretion in determining the ultimate sentence. |
| Keywords: | Ireland/Individuals/competition |
| Date: | 2012–12 |
| URL: | http://d.repec.org/n?u=RePEc:esr:wpaper:wp443&r=hme |
| By: | Daniel L. McFadden |
| Abstract: | The neoclassical view of consumers as relentless egoistic maximizers is challenged by evidence from cognitive psychology, anthropology, evolutionary biology, and neurology. This paper begins by surveying the development of neoclassical consumer theory and the measurement of welfare, and expansions to encompass preference fields, nonlinear budgets, hedonic goods and household production, and consumption dynamics. Following this, it reviews the newer evidence on consumer behavior, and what this implies for the measurement of consumer beliefs, intentions, preferences, choices, and well-being. |
| JEL: | D03 D1 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:18687&r=hme |
| By: | François Rycx; Stephan Kampelmann |
| Abstract: | This paper aims to provide a comprehensive, evidence-based, and up-to-date assessment of minimum wages in a range of European countries. A first step towards a better understanding of where Europe stands today on this issue requires to grasp the diversity of European minimum wage systems, a key objective of the paper at hand. The second objective is to document international differences in the so-called "bite" of the minimum wage. This leads to questions such as "how do national minimum wages compare to the overall wage distribution?" and "how many people earn minimum wages in each country?" that are assessed for a set of nine countries from Western, Central and Eastern Europe: Belgium, Bulgaria, Germany, Hungary, Ireland, Poland, Romania, Spain, and the United Kingdom. This sample was designed to include countries for which recent evidence has been missing prior to this paper. What is more, the study also overcomes the narrow focus of extant overviews that have typically focussed only on full-time employment. Crucially, the study improves on existing work by looking beyond aggregate numbers; it provides a detailed panorama of the population of minimum wage earners in each country under investigation, notably by describing their composition in terms of a range of socio-demographic characteristics. |
| Keywords: | Minimum wage systems; Europe; Socio-economic consequences |
| JEL: | J51 J58 J83 |
| Date: | 2013–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:dul:wpaper:2013/137078&r=hme |
| By: | Lea, Kubíčková |
| Abstract: | Small and medium sized companies (SMEs) are very important subjects playing the dominant role in most of economics – they are considered as a factor of social stability and of the economic development in the Czech Republic as well as in the whole EU. SMEs share of employment since 2002 is more than 61%, GNP share is about 35% and their import share is continuously increasing, from 2004 it is more than 50%. The paper deals with SMEs operating in the textile industry and is focused on the internationalization process of SMEs. In recent years the Czech companies have to face significant competition coming from Asian countries and therefore the big rivalry in the domestic market leads Czech companies to efforts to succeed in foreign markets. All companies entering foreign market have to face many risks, for small and medium-sized enterprises is even more difficult to deal with these risks because they often have less experience and finance than large companies. Internationalization of the firms is generally defined as the involvement in the international environment. The process of internationalization can be also defined as “the process of increasing involves in international operations” (Welch, Luostarinen; 1988). The process essentially involves the adaption of firm operations like strategy, structure, resources etc., to perfectly fit the international environments. Furthermore, the degree of internationalization can be measured as foreign sales relative to total sales. (Welch, Luostarinen; 1988).The internationalization process is defined in the literature in many ways; there is a countless variety of different approaches and models of internationalization process of companies. Like all processes in the firm also the international process is accompanied by risks. The main aim of this paper is to identify the key risk factors of this process - knowing the risk factors it is possible to propose to SMEs the way how to reduce or eliminate possible risks in their activities on foreign markets. To reveal the key risk there was conducted the survey in the last half of 2011 and in 2012 among 803 Czech SMEs operating in the textile industry, 161 responses were processed and evaluated. The obtained data were analyzed by statistical method. Potential risks of entry into foreign market were rated according to their impact on businesses. According to processed responses the greatest influences on the process of successful internationalization have a shortage of capital, lack of the information on foreign markets and high transportation costs. Other factors that may impede the successful internationalization are language barriers, inexperience of management with the internationalization and high prices of products. Furthermore, a survey has investigated what factors cause that some SMEs are able to enter the foreign market, but after some time they are not successful there. It was found that the main factors of failure of SMEs are the unreliable and incompetent management, lack of promotion of the products and lack of contacts abroad. Based on these findings there some proposals were suggested to eliminate or reduce the impact of these risk factors. |
| Keywords: | Internationalization; small and medium-sized enterprises; crucial key factors; internationalization process; textile industry |
| JEL: | F18 L10 F02 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43758&r=hme |
| By: | Jean-Philippe Boussemart (University of Lille 3 and IESEG School of Management (LEM-CNRS)); Benoît Demil (University of Lille 1 (IAE), LEM (UMR 8179)); Aude Deville (University of Nice Sophia-Antipolis, IAE de Nice, GRM); Olivier de la Villarmois (University of Lille 1 (IAE), LEM (UMR 8179)); Xavier Lecocq (University of Lille 1 (IAE) and IÉSEG School of Management, LEM (UMR 8179)); Hervé Leleu (CNRS-LEM and IESEG School of Management) |
| Keywords: | Profit, Profit Decomposition, Managerial Efficiency, Size Efficiency, Bennet Index, Price Index |
| JEL: | D21 D24 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:ies:wpaper:e201301&r=hme |