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on Heterodox Microeconomics |
| By: | Puente-Ajovin, Miguel |
| Abstract: | En los últimos 40 años se ha podido ver una tendencia casi constante y uniforme en todos los países sobre la caída en el peso de las rentas salariales sobre el total. En este trabajo intento dar un repaso básico a las teorías económicas que intentan explicar la distribución funcional de la renta (aquella que la divide entre sus factores productivos, en general, capital y trabajo), y su repercusión sobre el ciclo económico. In the past 40 years, we have seen an almost constant and uniform fall in the weight of the total wage income in nearly every country. This paper attempts to provide a basic overview of economic theories that try to explain the functional distribution of income (that which is divided among its productive factors, in general, capital and labor), and their impact on the business cycle. |
| Keywords: | Distribución funcional de la renta, Ricardo, Marx, Kaldor, Goodwin, Kalecki |
| JEL: | B20 B50 E0 E11 E12 E25 |
| Date: | 2013–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49304&r=hme |
| By: | Luca Lambertini (Department of Economics, University of Bologna, Italy) |
| Abstract: | A methodological discussion is proposed, aiming at illustrating an analogy between game theory in particular (and mathematical economics in general) and quantum mechanics. This analogy relies on the equivalence of the two fundamental operators employed in the two fields, namely, the expected value in economics and the density matrix in quantum physics. I conjecture that this coincidence can be traced back to the contributions of von Neumann in both disciplines. |
| Keywords: | expected value, density matrix, uncertainty, quantum games |
| JEL: | B25 B41 C70 |
| Date: | 2013–07 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:40_13&r=hme |
| By: | Puente-Ajovin, Miguel |
| Abstract: | Continuamente se critica a la ciencia económica en base a que sus modelos son descripciones inexactas de una realidad inabarcable y que, por tanto, carecen de un valor real. En este artículo intento dar una descripción propia de qué son los modelos económicos y por qué son tan valiosos, no solo para el progreso de la ciencia económica, sino para el razonamiento en términos económicos con el que nos debemos topar día a día. Continually, people criticizes economics on the grounds that their models are inaccurate descriptions of a vast reality and therefore they lack real value. This article attempts to give my own description of what are the economic models and why they are so valuable, not only for the advancement of the economic science but also reasoning in the economic terms with which we must deal in a daily basis. |
| Keywords: | Pensamiento Económico, Metodología, Modelos matemáticos, Modelos económicos |
| JEL: | B0 B4 C0 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49303&r=hme |
| By: | Artiga González, Tanja; Schmid, Markus; Yermack, David |
| Abstract: | We study financial reporting and corporate governance in 216 U.S. companies accused of price fixing by antitrust authorities. We document a range of strategies used by these firms when reporting financial results, including frequent earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors who are likely to be inattentive monitors due to their status as foreign or “busy.” When directors resign, they are often not replaced, and new auditors are rarely engaged. Cartel managers exercise their stock options faster than managers of other firms. While our results are based only upon firms engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor performance or personal wrongdoing. |
| Keywords: | Cartels, price fixing, accounting fraud, boards of directors, corporate governance. |
| JEL: | D43 G34 L40 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:usg:sfwpfi:2013:09&r=hme |
| By: | Puente-Ajovin, Miguel |
| Abstract: | Si bien no es una tarea fácil definir qué es aquello que conforma los principios filosóficos no solo en un nivel interpretativo de la realidad (¿qué es lo que vemos?) sino también la forma en la que observamos esta realidad (¿Cómo lo vemos?) y el uso que le damos a esta información, voy a hacer una pequeña aproximación a las bases del pensamiento económico guiándome a través de la exposición de Lavoie, que las divide en cuatro: La epistemología, el individuo frente a la sociedad, el concepto del homo economicus, y la definición de la economía como ciencia. It is not an easy task to define what it is that makes up the philosophical principles not only in the level of interpretation of reality (what do we see?) but also in the way we see this reality (how do we see?) and how we make use of this information. I do a little closer research to the foundations of economic thought guiding me through Lavoie exposure, which divides the foundations into four: Epistemology, the individual against society, the concept of homo economicus, and the definition of economics as a science. |
| Keywords: | Pensamiento económico, filosofía económica, epistemología, homo economicus, ciencia económica |
| JEL: | B0 B2 B3 B4 |
| Date: | 2013–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49302&r=hme |
| By: | Thomas I. Palley |
| Abstract: | Gattopardo constitutes change that keeps things the same. Gattopardo is relevant for understanding the economics profession's response to the financial crash of 2008. This paper explores gattopardo economics as it applies to the issues of the macroeconomics of income distribution; the global financial imbalances; and inflation policy. Gattopardo economics adopts ideas developed by critics of mainstream economics, but it does so in a way that ignores the thrust of the original critique and leaves mainstream analysis unchanged. Gattopardo economics makes change more difficult because it deceives people into thinking change has taken place. By masquerading as change, it crowds-out space for real change. That makes exposing gattopardo economics a matter of vital importance. |
| Keywords: | Gattopardo economics, income distribution, global financial imbalances, inflation policy |
| JEL: | A11 A14 E00 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:imk:wpaper:112-2013&r=hme |
| By: | Ho Fai Chan; Bruno S. Frey; Jana Gallus; Markus Schaffner; Benno Torgler; Stephen Whyte |
| Abstract: | The external influence of scholarly activity has to date been measured primarily in terms of publications and citations, metrics that also dominate the promotion and grant processes. Yet the array of scholarly activities visible to the outside world are far more extensive and recently developed technologies allow broader and more accurate measurement of their influence on the wider societal discourse. Accordingly we analyze the relation between the internal and external influences of 723 top economics scholars using the number of pages indexed by Google and Bing as a measure of their external influence. Although the correlation between internal and external influence is low overall , it is highest among recipients of major key awards such as the Nobel Prize or John Bates Clark medal , and particularly strong for those ranked among the top 100 researchers. |
| Keywords: | Academia; Scholarly Importance; Role of Economics; Social Importance of Economists; External; Internal Influence; Academic Performance; Awards |
| JEL: | A11 A13 Z19 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:cra:wpaper:2013-16&r=hme |
| By: | Khan, Haider |
| Abstract: | This paper analyzes the problems of creating and expanding national macroeconomic policy space and economic governance for the developing countries in particular within a framework of overall global and regional financial architectures. It develops a critical constructivist evolutionary theory of international financial institutions and arrangements within a framework of dynamic complex adaptive economic systems(DCAES), and applies this particularly to the current problems of developing countries. More specifically, the paper analyzes the following aspects: • Proposed BASEL III reforms for more stringent capital requirements and their implications for the developing world in particular. • BIS proposals for better regulation of financial derivatives, including commodities futures, by moving away from OTC transactions towards organized exchanges. • The IMF’s response to recent and emerging global economic and challenges, and the evolving nature of its role. • The most appropriate role of regional arrangements in financial stabilization, based on experiences with such arrangements in this and prior episodes of crisis. The Basel reforms and the BIS proposals for regulating the derivatives markets have many positive features. However, they have not been designed with the needs of DCs and LDCs in mind. The consequences of Basel I and II and proposed Basel III are analyzed from the perspective of the developing countries. It turns out that specific concerns of developing countries have not received adequate attention within the Basel Reform Initiatives and more can be and needs to be done. Most importantly, the role of IMF under the present globalization arrangements and repeated financial crises is studied by following such a critical constructivist evolutionary theory of international financial institutions within a rigorous DCAES framework. Here, too, the key finding is that much more can be done to help the developing countries than has been done so far. Furthermore, the potential for such global reforms in the wake of the global financial crisis and the great recession is analyzed from a dialectical social constructivist viewpoint that combines the power of --sometimes conflicting-- norms and ideas with the underlying structural contradictions to produce a “critical-constructivist” analysis of the potential for change. It is shown that IMF must and can change in a direction which allows for greater national policy autonomy. It is also shown that the IMF needs complementary regional institutions of cooperation in order to create a stabilizing hybrid global financial architecture that will be more democratic and pro-development in terms of its governance structure and behavior. Thus regional financial architectures will need to be integral parts of any new global financial architecture (GFA).The tentative steps taken towards regional cooperation in Asia since Asian financial crisis are discussed to illustrate the opportunities and challenges posed by the need to evolve towards a hybrid GFA. The opportunities and challenges arising from the current global crisis are also analyzed in this context. |
| Keywords: | dynamic complex adaptive economic systems; financial crises; global financial architecture; regional financial architectures; a hybrid GFA; regional cooperation; BASEL III reforms; the BIS proposals; the IMF |
| JEL: | E5 F3 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49275&r=hme |
| By: | Puente-Ajovin, Miguel |
| Abstract: | Ibn Khadun, un historiador musulmán que decidió revisar de manera analítica los fundamentos de la historia, acaba describiendo ciertos componentes del proceso económico que deben ser tenidos en cuenta como parte de la historia del pensamiento económico. En esta disertación doy un exhaustivo repaso a las teorías derivadas de su análisis económico, que van desde los fundamentos de la división del trabajo a las causas del ciclo económico. Ibn Khadun, a Muslim historian who decided to review analytically the basics of the history, culminate his work describing certain components of the economic process that must be taken into account as part of the history of economic thought. In this dissertation I give a comprehensive review of the theories derived from his economic analysis, from the basics of the division of labour to the causes of the economic cycle. |
| Keywords: | Ibn Jaldún, Ibn Khaldun, pensamiento económico, S. XIV, análisis económico |
| JEL: | B0 B10 B11 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:49306&r=hme |