nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2015‒08‒25
23 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. An Essay on Economics of “liberal Egalitarianism”. A Selective Combination of Rawls’, Sen’s and Kolm’s Works By Claude Gamel
  2. Kinds of Scientific Rationalism: The Case for Methodological Liberalism By Scott Scheall
  3. Financialized capitalism and the irrelevance of self-regulation : a Minskyian analysis of systemic viability By Faruk Ülgen
  4. Sen is not a capability theorist By Antoinette Baujard; Muriel Gilardone
  5. Working and resisting when one's workplace is under threat of being shut down: A Lacanian perspective By Bénédicte Vidaillet; Grégory Gamot
  6. Les inégalités de genre dans l’enseignement supérieur et la recherche By Anne Revillard
  7. Spiegare la crisi: stagnazione secolare o caduta tendenziale del saggio del profitto? By Vladimiro Giacché
  8. Cooperative Organizations as an Engine of Equitable Rural Economic Development By Altman, Morris
  9. Complementary currency systems questioning social and economic changes By Marie Fare; Pepita Ould Ahmed
  10. The Innovation Union Scoreboard is flawed: The Case of Sweden – not the innovation leader of the EU – updated version By Edquist , Charles; Zabala-Iturriagagoitia , Jon Mikel
  11. From liberal finance inconsistency to relevant systemic regulation : an institutionalist analysis By Faruk Ülgen
  12. Co-operatives and their place in a global social economy By Lans, Cheryl
  13. Ce que révèle le discours des acteurs officiels sur un « au-delà du PIB » By Géraldine Thiry; Léa Sébastien; Tom Bauler
  14. A regulationist method of meso-analysis By Thomas Lamarche; Martino Nieddu; Pascal Grouiez; Jean-Pierre Chanteau; Agnès Labrousse; Sandrine Michel; Julien Vercueil
  15. Profit-Sharing and Wages: An Empirical Analysis Using French Data Between 2000 and 2007 By Noélie Delahaie; Richard Duhautois
  16. Testing Evolutionary Theory of Household Consumption Behavior in the case of Novelty By Kenza El Qaoumi; Pascal Le Masson; Benoit Weil
  17. From banks’ strategies to financial (in)stability By Simone Berardi; Gabriele Tedeschi
  18. Social-Ecology : exploring the missing link in sustainable development By Eloi Laurent
  19. Monetary Economics Simulation: Stock-Flow Consistent Invariance, Monadic Style By Pierre Boudes; Antoine Kaszczyc; Luc Pellissier
  20. Developmental States: How Algeria makes the best of China to promote its development By Thierry Pairault
  21. Ordoliberalism and the macroeconomic policy in the face of the euro crisis By Michal Moszynski
  22. Four engines of inequality By Maurizio Franzini; Mario Pianta
  23. Eight strategies for development in comparison By Priewe, Jan

  1. By: Claude Gamel (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université)
    Abstract: In "The Idea of Justice" (2009), Sen firmly criticizes “transcendental” theories of justice, the archetype of which is to be found in Rawls’ works and he suggests substituting for them a more pragmatic “comparative” approach. In "Macrojustice" (2005), Kolm defends his conception of an “endogenous social choice”, which induces him to keep at a distance Rawlsian concepts, such as “original position” and “veil of ignorance”, he considers as too abstract. Concerning Rawls himself, he has offered a philosophical formulation of the second principle of justice (“fair equality of opportunity” and “principle of difference”) but that sole formulation remains too vague to contain precise proposals in the field of economic and social policy. In spite of real differences at a epistemological level about the meaning of their own normative ideas, Sen, Kolm and Rawls can be considered as “liberal egalitarians”, but economics of this school of thought is still to be specified (1): The Rawlsian hierarchy between the principles de justice would give our essay its general framework (2), whereas Sen’s “capability approach” would legitimize a more ambitious conception of “fair equality of opportunity” (3) and Kolm’s distributive “ELIE transfers” would be a suitable application of the “principle of difference” (4). As a conclusion, the scope and limits of our essay are subject to a first examination (5).
    Abstract: Dans "The Idea of Justice" (2009), Sen formule une critique systématique des théories « transcendantales » de la justice, dont l’archétype se trouve dans l’œuvre de Rawls et propose de leur substituer une approche « comparative », plus pragmatique. Dans "Macrojustice" (2005), Kolm défend une conception du « choix social endogène » qui le conduit, lui aussi, à se démarquer des notions rawlsiennes trop abstraites de « position originelle » et de « voile d’ignorance ». Quant à Rawls lui-même, la formulation philosophique qu’il a pu donner de son second principe de justice (« juste égalité des chances » et « principe de différence ») semble trop floue pour contenir à elle seule des propositions précises de politique économique et sociale. En dépit des profondes différences d’ordre épistémologique sur le sens qu’ils donnent à leur réflexion normative respective, Sen, Kolm et Rawls sont pourtant tous des représentants d’un « égalitarisme libéral », dont l’économie générale reste toutefois à préciser (1) : si la hiérarchie rawlsienne des principes de justice fournit à notre essai son armature générale (2), l’approche des capacités de Sen légitime une conception plus ambitieuse de l’égalité des chances (3) et les transferts redistributifs « ELIE » de Kolm constitue une traduction possible du principe de différence (4). Portée et limites de notre essai font l’objet en conclusion d’un premier examen (5).
    Date: 2014–12
  2. By: Scott Scheall
    Abstract: The present paper considers the implications of the postulate that the activities of scientists constitute complex phenomena in the sense associated with the methodological writings of the Nobel Prize-winning Austrian economist, methodologist, and political philosopher, F.A. Hayek. Although Hayek wrote extensively on the methodology of sciences that investigate systems of complex phenomena, he never addressed the possibility that science itself is such a system. The application of Hayek’s method ology of sciences of complex phenomena to science itself implies some minimal criteria for explanations of scientific rationality. If science is complex in Hayek’s sense, then scientific belief may be rational in more than one way. It is argued that a failure to recognize the possibility of multiple kinds of scientific rationality contributes to an error theory of certain unsuccessful accounts of scientific belief in the history of philosophy of science. It is further argued that, where ecological rationality is operative, rational belief requires an element of methodological liberty. It is shown that acceptance of the possibility of ecologically-rational scientific outcomes–a view here dubbed methodological liberalism–is closely related to Hayek's denial of the possibility of a successful scientism, a denial crucial to his arguments against socialism and Keynesian macroeconomics.
    Keywords: F.A. Hayek, philosophy of science, complex phenomena, ecological rationality, methodological liberalism
    JEL: B29 B31 B41 P11
    Date: 2015
  3. By: Faruk Ülgen (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France)
    Abstract: Approaches that support the process of financial liberalization usually assume that free markets can ensure systemic adjustment in case of disequilibria without structural public interventions, and self-regulation mechanisms are more efficient than any collective regulatory mechanism. This article seeks to assess the irrelevance of these critical assumptions with regard to systemic viability in capitalist economies. These assumptions and related (de)regulatory (de)structural reforms implemented in the last decades reveal to be inconsistent with the characteristics of capitalist economies in light of the 2007-08 crisis. In the footsteps of Hyman Minsky, it maintains that financial instability and crises are endogenous phenomena in a capitalist economy and imply tight state intervention. It then argues that financial stability is a public matter and in order to reach societal efficiency and systemic viability, it is necessary to carry out a public organization of markets according to social/collective objectives beyond macroprudential regulatory mechanisms.
    Date: 2014–09–25
  4. By: Antoinette Baujard (GATE - GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon); Muriel Gilardone (CREM - Centre de Recherche en Economie et Management - CNRS - Université de Caen Basse-Normandie - UR1 - Université de Rennes 1)
    Abstract: This paper aims to show that, contrary to the standard understanding of his work, Sen's idea of justice does not consist in the defense of a capability theory. Under the dominant capability-centered view, Sen's idea of justice is indeed characterized principally by a switch of focus from utility to capability. We demonstrate that this view amounts to the application of formal welfarism to capabilities. We reject this characterization and defend instead a heuristic account of the status of capability in Sen's thought: capability was introduced to make a point against welfarism, but this does not imply that a commitment to a capability theory. The capability-centered view is shown to be inconsistent with Sen's idea of justice, because the latter requires agents to be involved in the definition of their own welfare. Our study of the status of capability in Sen's view of justice enables us to relocate his main contribution and to build the basis for an alternative theory of justice. Abstract. This paper aims to show that, contrary to the standard understanding of his work, Sen's idea of justice does not consist in the defense of a capability theory. Under the dominant capability-centered view, Sen's idea of justice is indeed characterized principally by a switch of focus from utility to capability. We demonstrate that this view amounts to the application of formal welfarism to capabilities. We reject this characterization and defend instead a heuristic account of the status of capability in Sen's thought: capability was introduced to make a point against welfarism, but this does not imply that a commitment to a capability theory. The capability-centered view is shown to be inconsistent with Sen's idea of justice, because the latter requires agents to be involved in the definition of their own welfare. Our study of the status of capability in Sen's view of justice enables us to relocate his main contribution and to build the basis for an alternative theory of justice.
    Date: 2015
  5. By: Bénédicte Vidaillet (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - UPEM - Université Paris-Est Marne-la-Vallée); Grégory Gamot (LEM - Lille - Economie et Management - Université Lille 1 - Sciences et technologies - Fédération Universitaire et Polytechnique de Lille - CNRS)
    Abstract: The case presented here shows how a set of Lacanian concepts can be useful for analysing the behaviour of the employees' representatives in a factory belonging to a large globalized and financialised corporation and threatened with closure. We identify a central characteristic of this organization (the obliteration of symbolic authority) to identify the psychic processes the employees' representatives go through as a result of this characteristic and the impact in terms of their difficulties in exerting resistance. We rest our analysis on the distinction Lacan makes between utterance and enunciation and make use of the concepts of master signifier, symbolic authority, fantasy and superego. We show that in this case the absence of symbolic authority leads the staff representatives to be taken over by the fantasy of a tyrannical and unbarred Other that has the absolute power to close down the factory at any time, and to feel guilty that they never do enough, a typical sense of guilt resulting from the superego's unfulfillable demands. This theory is also relevant for understanding the paradoxes of resistance: the staff representatives will need to reintroduce a symbolic authority so as to be able to start resisting and no longer be overwhelmed by the fantasy of an unbarred Other. We emphasize the benefits of using a Lacanian approach for understanding how discursive, psychic and emotional processes are joined in the power relations characteristic of a global capitalist corporation, and reflect on the structural conditions in which resistance is possible in contemporary organizations.
    Date: 2015–04–15
  6. By: Anne Revillard (OSC - Observatoire sociologique du changement - CNRS - Sciences Po)
    Abstract: Dans leur policy brief intitulé « Pourquoi les femmes occupent-elles moins de postes à responsabilité ? Une analyse des promotions universitaires en économie 1» reprenant les conclusions d’un working paper récemment publié dans le cadre du LIEPP (Bosquet, Combes, & Garcia Penalosa, 2014), Clément Bosquet, Pierre-Philippe Combes et Cecilia Garcia-Peñalosa apportent une contribution importante à l’analyse des inégalités de genre dans l’enseignement supérieur et la recherche (ESR) en France. Sur le plan méthodologique, les deux atouts majeurs de leur démarche résident d’une part dans le volume et la qualité de la base de données utilisée et d’autre part dans l’intégration, dans l’analyse des promotions, d’une mesure de la production scientifique des candidat.e.s. Cette discussion revient sur l’intérêt des résultats de l’exploitation de ces données et sur les explications proposées, avant de proposer un élargissement du questionnement à partir d’une problématisation du concept de genre. En effet, alors que les auteur.e.s tendent à le réduire à une caractéristique descriptive des individus, l’analyse sociologique du genre comme système social permet d’interroger les ressorts institutionnels des inégalités constatées.
    Date: 2014–10
  7. By: Vladimiro Giacché (a/simmetrie)
    Abstract: Summers has recently reintroduced the hypothesis of “secular stagnation”, first proposed by Alvin Hansen in 1938 as an explanation for the protracted slump of the US economy. However, the secular stagnation hypothesis looks rather as a description, than as an explanation of the current low-growth environment. In this paper we consider the Marxian hypothesis of the tendency of the rate of profit to fall as an alternative theoretical paradigm. Looking at the post-WWII data, the Marxian hypothesis provides an adequate picture of the long-run growth trends. This conclusion is reinforced once we take into account the counteracting factors mentioned by Marx, all of which, and in particular the use of share capital, were operating in the last decades. The paper concludes by outlining some alternative scenarios of recovery.
    Keywords: Marxian economics, Marxian model, Economic growth, Secolar stagnation, Comparative analysis of economic systems
    JEL: B51 E11 O40 P51
    Date: 2015–08
  8. By: Altman, Morris (The University of Newcastle, Newcastle Business School)
    Abstract: Cooperatives represent an alternative to large-scale corporate farms and plantations as well as to independent unaffiliated small private farms. This paper presents a comparative modeling narrative on cooperative organizational forms’ potential impact on equitable rural development. This speaks to issues of both increasing the size of the economic pie and how this income is distributed. The case is made the cooperatives can potentially generate higher rates of growth and more equitable growth, even in competitive economic environments. An important type of cooperative that is focused upon in this paper is one based on the linking of smaller farms into a cooperative. Economies of scale and scope can be captured by the cooperatives and transaction costs can be reduced. Given cooperative governance, one would also expect higher levels of x-efficiency. Overall, cooperatives can generate relatively high incomes to cooperative members, whilst remaining competitive with the traditional privately owned large farms. Critical to the success of the cooperative, is a set rules and regulations that place them on a level playing field with the privately owned farm. In addition, the implementation and practice of cooperative principles is key to the success of the cooperative farm and rural cooperatives, more generally speaking.
    Keywords: Cooperation; Cooperatives; Economics of scale and scope; Fairness; Transaction costs; Cooperative principles; X­efficiency; Dynamic efficiency; Income equality
    JEL: D02 D03 D10 D23 D33 D4 D6 D72 D74 D8 G2 I3 J00 J30 J54 J8 K2 L1 L2 L5 M5
    Date: 2015–03–05
  9. By: Marie Fare (TRIANGLE - Triangle : action, discours, pensée politique et économique - CNRS - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - Institut d'Études Politiques [IEP] - Lyon - ENS Lyon - École normale supérieure - Lyon); Pepita Ould Ahmed (CESSMA - Centre d'Etudes en Sciences Sociales sur les Mondes Africains, Américains et Asiatiques - UP7 - Université Paris Diderot - Paris 7 - Institut de Recherche pour le Développement - IRD (FRANCE))
    Abstract: From an analysis of the literature, this article proposes a reading of the contributions of complementary currency systems (CCS) to promote social and economics change. After a presentation of the nature and diversity of CCS, this paper analyzes the method deployed by the literature to evaluate the scope of CCS and the diversity of impact measures criteria.This article argues these new monetary arrangements are part of local economic and socio-economic dynamics, and should be seen as weapons in the struggle against social and monetary exclusion. CCS raise important questions on the emergence of a new economic order, based on new standards of production and consumption and on the role and place of money in the economy. Finally, we conclude with a return to the question of their scale, one of the challenges facing CCS.
    Date: 2014–11–14
  10. By: Edquist , Charles (CIRCLE, Lund University); Zabala-Iturriagagoitia , Jon Mikel (Deusto Business School, Deusto University)
    Abstract: According to the Innovation Union Scoreboard published by the European Commission, Sweden has been, and still is, an innovation leader within the EU and one of the most innovative countries in Europe. In this paper, the performance of the Swedish national innovation system is analyzed using exactly the same data as those employed by the Innovation Union Scoreboard for the years 2014 and 2015. <p> We argue that the Summary Innovation Index provided by the Innovation Union Scoreboard is highly misleading. Instead of merely calculating this Summary Innovation Index, the individual indicators that constitute this composite innovation indicator need to be analyzed in much greater depth in order to reach a correct measure of the performance of innovation systems. We argue that input and output indicators need to be considered as two separate types of indicators and each type should then be measured individually. Thereafter the input and output indicators should be compared to one another, as is normally done in productivity and efficiency measurements. <p> To check whether our approach provides results similar to those of the Innovation Union Scoreboard (or not), we apply it and analyze the relative position of Sweden - appointed the innovation leader of the EU, by the EU. A theoretical background and reasons for selecting the indicators used are also given and a new position regarding Sweden’s innovation performance compared to the other EU countries is calculated. <p> Our conclusion is that Sweden cannot be seen as an innovation leader in the EU. This means in turn that the Innovation Union Scoreboard is flawed and may therefore mislead researchers, policy-makers, politicians as well as the general public – since it is widely reported in the media.
    Keywords: Innovation system; innovation policy; innovation performance; Sweden; indicators; input; output
    JEL: O30 O38 O49 O52
    Date: 2015–08–11
  11. By: Faruk Ülgen (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France)
    Abstract: This article suggests an institutionalist analysis of monetary capitalism and points to the inconsistency of liberal regulation mechanisms. It leans on the characteristics of money in a capitalist economy, often ignored by the consensual wisdom but explicitly studied by institutionalist approaches as major concerns in economic evolution. The article then shows, in a Minskyian vein, the weaknesses and irrelevance of liberal financial structures with regard to the prerequisites of sustainable macroeconomic stability. The main implication is that macro-prudential regulatory reforms must be designed and implemented to tame speculative finance. Therefore, market-based self-regulation mechanisms must be replaced by public regulation processes that could be framed on two rules: preventive-constrained finance and preventive-binding funding.
    Date: 2015–06–09
  12. By: Lans, Cheryl
    Abstract: For most of the world's developing countries, the 1990s were a decade of frustration and disappointment. The economies of sub-Saharan Africa and Latin America did not rebound economically in response to the structural adjustment prescriptions of the World Bank and IMF (Rodrik 2001; 2002). Frustration with the World Bank and IMF led to the development of many cooperatives in Latin America (Miller, 2006). Involuntary unemployment is capitalism’s most costly market failure and the demand for social services like the social-professional reintegration of disadvantaged groups usually cannot be provided solely by national governments (Monzón Campos, 1997). An alternative economy often arises in response to unemployment. This alternative economy is composed of co-operatives and NGOs working on small projects for community economic development and ethical businesses providing services (camps, financing, daycare, media, housing, women’s centres) (Corcoran and Wilson, 2010).
    Keywords: co-operatives, alternatives to capitlism
    JEL: B00
    Date: 2013–10
  13. By: Géraldine Thiry (Le Collège d'études mondiales/FMSH - Fondation Maison des sciences de l'homme); Léa Sébastien (GEODE - Géographie de l'environnement - CNRS - UTM - Université Toulouse 2 Le Mirail); Tom Bauler (Chaire économie et environnement - ULB - Université Libre de Bruxelles [Bruxelles] - ULB - Université Libre de Bruxelles)
    Abstract: The idea of going « beyond GDP » attracts more and more actors, whose status, objectives and visions are very different. The diversity of institutional scales, theoretical approaches, and normative positions regarding the opportunity and motives of going “beyond GDP” makes hard to clearly identify the stances of the actors and the power balances dominating the debates. We therefore ask: What do the current debates mean to their actors? Are they a new rhetoric liable to elude a confrontation with the structural problems resulting from the crisis? Are they an opportunity window for launching again societal debates that are hardly raised elsewhere? Or are they a real trigger toward a paradigmatic change, deeply questioning productivism? We try to answer that question by analysing the discourses of official actors (politics, administration, technicians) involved and not involved in “beyond-GDP” initiatives. We show that, at the official level, beyond GDP debates, while they raise new societal issues, do not contribute to erode the central role of economic growth. The debates are dominated by pragmatism, in that dominant interests are focused on short-term constraints and objectives, where GDP growth remains pivotal. The involvement of actors in beyond-GDP debates reveals more a need and/or the willingness to adapt public management and policies to new constraints rather than a critical reflexion on the productivist model on which our economies have been built for more than sixty years.
    Abstract: L’objectif d’un « au-delà du PIB » mobilise de nombreux acteurs, aux statuts, objectifs et visions très différents. La diversité, souvent diffuse, d’échelles institutionnelles, d’approches théoriques et de positionnements normatifs vis-à-vis de l’opportunité et des motifs d’un « au-delà du PIB » rend les débats confus, les positionnements peu clairs, et les rapports de force difficilement identifiables. Mais de quoi les débats actuels sont-ils le signe ? Aller « au-delà du PIB » serait-il un objectif rhétorique par défaut, en l’absence de stratégie crédible de sortie de crise ? Constitue-t-il une fenêtre d’opportunité à la mise en débat de questions de société difficilement abordables par ailleurs, et non une fin en soi ? Ou au contraire cristallise-t-il un volontarisme militant, désireux d’amorcer un véritable changement paradigmatique ? Nous tentons de répondre à cette question par l’analyse de discours d’acteurs officiels (politiques, techniciens et administratifs) impliqués et non-impliqués dans la poursuite d’un « au-delà du PIB ». Il ressort qu’au niveau des sphères officielles, les débats sur « un-delà du PIB », s’ils font entrer en ligne de compte de nouveaux enjeux comme le bien-être ou la soutenabilité, ne participent pas à éroder la centralité de la « croissance du PIB». Les débats s’avèrent dominés par une certaine forme de pragmatisme, les intérêts dominants étant centrés sur des contraintes et objectifs de court-terme, dont la croissance économique semble toujours considérée comme un élément indispensable. L’intérêt des acteurs pour de nouveaux indicateurs relève donc plus d’une volonté et/ou d’une nécessité d’adapter les modalités de gestion publique et/ou les politiques publiques à de nouvelles contraintes que d’une remise en question plus fondamentale du modèle productiviste sur lequel les économies sont bâties depuis plus de soixante ans.
    Date: 2014–10
  14. By: Thomas Lamarche (LADYSS - Laboratoire dynamiques sociales et recomposition des espaces - CNRS - UP7 - Université Paris Diderot - Paris 7 - Université Paris VIII - Vincennes Saint-Denis - UP10 - Université Paris 10, Paris Ouest Nanterre La Défense - UP1 - Université Panthéon-Sorbonne); Martino Nieddu (REGARDS - URCA - Université de Reims Champagne-Ardenne); Pascal Grouiez (LADYSS - Laboratoire dynamiques sociales et recomposition des espaces - CNRS - UP7 - Université Paris Diderot - Paris 7 - Université Paris VIII - Vincennes Saint-Denis - UP10 - Université Paris 10, Paris Ouest Nanterre La Défense - UP1 - Université Panthéon-Sorbonne); Jean-Pierre Chanteau (CREG - Centre de recherche en économie de Grenoble - Grenoble 2 UPMF - Université Pierre Mendès France); Agnès Labrousse (CRIISEA - Centre de recherche sur l'industrie, les institutions, et les systèmes économiques d'Amiens - UPJV - Université de Picardie Jules Verne); Sandrine Michel (UM - Université de Montpellier); Julien Vercueil (INALCO - Centre de recherches ASIEs-CEC)
    Abstract: The paper is derived from the necessity of acknowledging the structuring nature of the process of economic and social differentiations that generates heterogeneous areas endowed with specific logics. These include issues related to the tensions arising from the accumulation of capital, which is felt particularly acutely in the wage-labor nexus. Monocausal explanations shall be ruled out for considering both the historical character of complex economic and social systems, and the peculiarities of labor processes and of social productions. We will demonstrate that the Régulation approaches refer to attitudes and methods that are deep-rooted in a meso-level, even if that has never been formulated in such terms. This kicks off a work program which aims to account how such areas differentiate and how they develop a wide range of institutional arrangements that involve players who defend their own interests. This results in meso-level areas for which the macroeconomic functionality is not decisive (hence the concept of half-functionality). This provides multiple regulations that are sectorial and territorial, or even professional, and who do not yet constitute a regime of accumulation as such. The " sectors " of people care, of education or of telecommunications will be used as cases for experimenting the heuristic character of this approach.
    Date: 2015–06–09
  15. By: Noélie Delahaie (IRES - Institut de Recherches Economiques et Sociales - IRES); Richard Duhautois (TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS, CEE - Centre d'études de l'emploi - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)
    Abstract: Economic theory presents two main views on the effect of profit-sharing on wages. First, profitsharing may substitute for base wages and have a neutral effect on total compensation. Second, it may be interpreted as an “efficiency wage” that increases total compensation. Existing empirical literature does not allow a determination of which of these two arguments is valid. This paper attempts to tackle this issue in the case of France for the 2000-2007 period. Based on a differencein-differences selection model, our results suggest that profit-sharing has a neutral effect on total compensation. Several years after its implementation within firms, profit-sharing lowers base wages, which are offset by profit-sharing bonuses.
    Date: 2015
  16. By: Kenza El Qaoumi (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Pascal Le Masson (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris); Benoit Weil (CGS - Centre de Gestion Scientifique - MINES ParisTech - École nationale supérieure des mines de Paris)
    Abstract: Testing Evolutionary Theory of Household Consumption Behavior in the case of Novelty
    Date: 2014–07–27
  17. By: Simone Berardi (Economics Department, Universitat Jaume I, Castellón, Spain); Gabriele Tedeschi (Economics Dept-U. Jaume I & Dip. di Scienze Economiche e Sociali-U. Politecnica delle Marche)
    Abstract: This paper aims to shed light on the emergence of systemic risk in credit systems. By developing an interbank market with heterogeneous financial institutions granting loans on different network structures, we investigate what market architecture is more resilient to liquidity shocks and how the risk spreads over the modeled system. In our model, credit linkages evolve endogenously via a fitness measure based on different banks’ strategies. Each financial institution, in fact, applies a strategy based on a low interest rate, a high supply of liquidity or a combination of them. Interestingly, the choice of the strategy influences both the banks’ performance and the network topology. In this way, we are able to identify the most effective tactics adapt to contain contagion and the corresponding network topology. Our analysis shows that, when financial institutions combine the two strategies, the interbank network does not condense and this generates the most efficient scenario in case of shocks.
    Keywords: Interbank market, dynamic network, fitness model, network resilience, bank strategy
    JEL: G01 G02 D85
    Date: 2015
  18. By: Eloi Laurent (OFCE - OFCE - Sciences Po)
    Abstract: Environmental challenges are, at their root, social problems that arise from income and power inequality. Thus, inequality is an environmental issue just as environmental degradation is a social issue(forming a “social-ecological nexus”), and solutions must address them jointly through principles and institutions rooted in justice. This article develops a two-sided “social- ecological” approach to offer both analytical and empirical insights into the dynamics of this relationship and a policy path forward
    Date: 2015–03
  19. By: Pierre Boudes (LIPN - Laboratoire d'Informatique de Paris-Nord - CNRS - Université Paris 13 - Université Sorbonne Paris Cité (USPC) - Institut Galilée); Antoine Kaszczyc (LIPN - Laboratoire d'Informatique de Paris-Nord - CNRS - Université Paris 13 - Université Sorbonne Paris Cité (USPC) - Institut Galilée); Luc Pellissier (LIPN - Laboratoire d'Informatique de Paris-Nord - CNRS - Université Paris 13 - Université Sorbonne Paris Cité (USPC) - Institut Galilée)
    Abstract: An agent-based simulation of a monetary economy as a whole should be stock-flow consistent [7]. We aim at providing a compile-time verification of the preservation of this invariant by the computation. We guarantee this invariant by wrapping the accounting operations in a monad. Our objective is to increase the confidence in the SFCness of an existing complex simulation with a minimal refactoring of code.
    Date: 2015–06–05
  20. By: Thierry Pairault (CCJ - Chine, Corée, Japon - CNRS - UP7 - Université Paris Diderot - Paris 7 - EHESS - École des hautes études en sciences sociales)
    Abstract: Socialist Algeria had friendly relations with Maoist China; it is paradoxically during the 1990s and the 2000s, while Algeria abandoned the official reference to socialism, that the two countries began experiencing an unprecedented expansion of their economic, commercial and human relations in such a way one could feed fantasies about the Chinese presence and expectations in Algeria. This contribution will examine the sudden acceleration of the Sino-Algerian economic relations to show how Algeria's government has been making the best of the Chinese presence to lead its development drive and to pursue new industrial policies.
    Date: 2014–10–30
  21. By: Michal Moszynski (Nicolaus Copernicus University, Poland)
    Abstract: The global economic crisis and the crisis in the euro zone exposed the deep differences of opinion between German economists and scientists from other European countries and the US. The German approach conceptually differs in the views on the strategies and tools of anti-crisis policy, especially fiscal stimulus in the Keynesian-style, quantitative easing monetary policy of the ECB, the question of financial assistance to Greece and restructuring its debt. The other areas of difference are the approach to the rules in macroeconomic policy, fiscal consolidation, and interpretation of current account surplus. Given the size and performance of German economy it is important to understand the reasons for these opposites, which constitute the research goal of this article. Considerations are based on the thesis that ordoliberal thought still has a strong impact on the practice of macroeconomic policy in Germany and also at European level. The analysis is built on the short overview of ideological foundations of the German social market economy and its most important postulates, which then will be applied for interpretation of intellectual distinctions between economists from Germany and other countries in the theoretical and practical dimensions of economic policy observed in Europe. The methodology includes the critical literature studies and the comparative analysis of macroeconomic policy through the prism of economic thought.
    Keywords: Germany, macroeconomic policy, ordoliberalism, rules, economic order
    JEL: B25 E61 H12
    Date: 2015–08
  22. By: Maurizio Franzini; Mario Pianta
    Abstract: After much empirical documentation of patterns of inequality, we address in this paper the need for a convincing interpretation of the causes of inequality in advanced countries. We set the current debate in the context of the evolution of ideas on inequality, including the debate on Thomas Piketty' book. We argue that four "engines of inequality" can be identified - the power of capital over labour, the rise of "oligarchs capitalis", the individualisation of economic conditions, the retreat of politics - as key sources of today's inequalities. Each of these mechanisms is examined on the basis on concepts and data, with a detailed consideration of the results from the current literature and of the empirical evidence available. A full analysis of the dynamics of inequality, an interpretation of its mechanisms and a set of policy proposals to reverse it are developed in our book "Explaining inequality" (Franzini and Pianta, 2015).
    Keywords: Inequality, Income distribution, Capital, Labour
    Date: 2015–06–08
  23. By: Priewe, Jan
    Abstract: The article provides a broad-based overview on competing development strategies and the economic performance of developing countries, mainly since the year 2000. Four traditional mainstream development strategies are discussed (Washington Consensus, neo-liberalism, "good governance" and MDGs) and three long-debated key strategic issues are reconsidered (inward or outward development with export-led growth, industrialisation or growth with predominant primary goods exports, foreign-aid-based development). A heterodox approach to development with a focus on macroeconomic policies and structural change is added and discussed in more detail. Implicitly, this lays the groundwork for a macroeconomic theory of development. The rough empirical comparison finds that countries and areas with strong emphasis on macroeconomic policies, mainly in Asia, have performed unambiguously better than the mainstream approaches since 1980. From successful Asian countries, it can be learnt that a long-run continuous growth and development performance with more resilience against adverse shocks is key. Almost all larger middle-income countries have embarked on industrialisation, thereby strategies based upon primary commodities or high current account deficits are unlikely to be successful in the long run. A stronger role of a package of six macroeconomic policies is advised, particularly for the larger economies. Size matters in this respect. Smaller countries depend stronger on market niches and idiosyncratic strategies. The global economic order, due to liberalisation of trade and finance, including the prevailing global currency system, sets harsh constraints for policy space towards implementing national strategies.
    Keywords: Development,Macroeconomic Policies,Developmental State,Economic Growth,Good Governance,International Trade,Washington Consensus,Millennium Development Goals
    JEL: E6 O4 O11 O20 O23 O57
    Date: 2015

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