nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2015‒11‒07
twenty papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Who financed the expansion of the equity market? Shareholder clienteles in Victorian Britain By Acheson, Graeme G.; Campbell, Gareth; Turner, John D.
  2. Value, periphery and crisis: Argentina 1910-2011 By Maito, Esteban Ezequiel
  3. Le temps pour produire By Jean-Luc Gaffard; Francesco Saraceno
  4. A Comparative Analysis of Poverty Status Between Genders in Rural Areas of Turkey By Mehmet Uğur; Tuğçe Uğur
  5. The Economic Impact of the Irish Bio-Economy: Development and Uses By Grealis, E; O’Donoghue, C
  6. Corporate Social Responsibility: An Islamic Perspective By Elasrag, Hussein
  7. Understading Neoliberal Politics By The Mediation Of Institutional Economics By İlkben Akansel
  8. Towards 2030 UN Agenda on Sustainable Development Goals: Technical Challenges in Measuring Gender Inequality in Asia Pacific. By Aggarwal, Bhavya; Chakraborty, Lekha
  9. At the origin of the notion of “creative goods” in economics: Scitovsky and Hawtrey By Antonio Bariletti; Eleonora Sanfilippo
  10. How Does Declining Unionism Affect the American Middle Class and Intergenerational Mobility? By Richard Freeman; Eunice Han; David Madland; Brendan V. Duke
  11. Piketty's Marx Or Das Capital For The Twenty First Centiury: All That Is Solid Melts Into Air? By Eren Ahmet
  12. Modelagem Evolucionária da Dinâmica Industrial (parte 1): Concorrência, Regimes Tecnológicos e Difusão de Conhecimento By José Eustáquio Ribeiro Vieira Filho
  13. How tight is the link between wages and productivity? : a survey of the literature By Van Biesebroeck, Johannes
  14. Women's Participation in Agricultural Cooperatives in Ethiopia By Woldu, Thomas; Tadesse, Fanaye
  15. L’économie sociale compte-t-elle ? Comment la compte-t-on ? Représentations de l’économie sociale à travers les indicateurs statistique By Amélie ARTIS; Marie J. Bouchard; Damien Rousselière
  16. Noncompliance, renegotiation, and justice in international adjudication: A WTO-EU perspective By Shlomo-Agon, Sivan
  17. The Effects of Real Exchange Rate Fluctuations on the Gender Wage Gap and Domestic Violence in Uruguay By Ignacio Munyo; Martín Rossi
  18. Lawson on Veblen on Social Ontology By Davis, John B.
  19. The Economic Origins Of Neoliberism By İlkben Akansel
  20. Social cooperatives, social welfare associations and social networks By Degli Antoni, Giacomo; Sabatini, Fabio

  1. By: Acheson, Graeme G.; Campbell, Gareth; Turner, John D.
    Abstract: Who financed the great expansion of the Victorian equity market, and what attracted them to invest? Using data on 453 firm-years and over 172,000 shareholders, we find that the largest providers of capital were rentiers, men with no formal occupation who relied on investment income. We also see a substantial growth in women investors as time progressed. In terms of clientele effects, we find that rentiers invested in large firms, whilst businessmen were the venture capitalists of young, regional enterprises. Women and the middle classes preferred safe investments, whilst financiers and institutional investors were speculators in foreign companies. Our results may help to explain the growth of new types of assets catering for particular clienteles, and the development of managerial policies on dividends and share issues.
    Keywords: shareholders,equity,stock market,gentlemen capitalists,rentiers,gender
    JEL: G10 N23
    Date: 2015
  2. By: Maito, Esteban Ezequiel
    Abstract: In this paper we present a long-term study on the process of accumulation in Argentina over the past century. Explanations of the Argentine historical development are hegemonized by both the neoclassical, politically identified with the conservatives, and the Keynesian school, the latter related with Peronism and other particular ideologies. However, we will develop an alternative explanation deeply focused in Marxist political economy, empirical research and the country economic and political history over the past century. In the first section we will introduce some theoretical aspects aiming to a deeper acknowledge of some particularities in peripheral countries and their relation to Marxist political economy. In the second section, we establish a concrete analysis of the accumulation process in historical perspective. In the third section, we present the long run results of our estimates for Argentina in the period 1910-2011.
    Keywords: Argentina - Value - Accumulation - Rate of profit
    JEL: E22 E23 E32 N16 P16
    Date: 2015–08
  3. By: Jean-Luc Gaffard (OFCE - OFCE - Sciences Po); Francesco Saraceno (OFCE - OFCE - Sciences Po)
    Abstract: SI l’on veut répondre à la question du niveau de taux de croissance poten-tiellement atteignable, il importe de connaître le profil de l’investissement productif, à quel horizon la nouvelle capacité de production est construite et donc disponible, à quel horizon elle est détruite. Ainsi, un vieillissement du capital productif, conséquence du ralentissement des dépenses d’investissement, peut expliquer la faiblesse actuelle du taux de croissance potentiel, tandis que le temps nécessaire pour son rajeunissement peut expliquer pourquoi cette faiblesse est durable.
    Keywords: Crise,Investissement,Temps pour construire,Croissance potentielle
    Date: 2015–09
  4. By: Mehmet Uğur (Cukurova University, Department of Economics); Tuğçe Uğur (Cukurova University, Department of Agricultural Economics)
    Abstract: Poverty is a complex concept in its nature. Thus, it does not cover any universal description. In the most basic recognition of poverty, it is usually accepted as an absolute term which is measured with a specific poverty line and identifies the poor which are below this threshold level. One another approach which identifies poverty as a relative term suggests that there is relativity at some forms on describing poverty. Influential Indian economist Amartya Sen suggests that the conflict between the absolute and relative approach could be overcome with a capability approach which considers the functioning of persons and the capabilities of a person reflects the various combinations of functionings he can achieve. With this approach, we are now more able to understand the real freedoms that people enjoy and more aware in evaluating human well-being. This study mostly involves with the poverty status of the rural households and it will aim to show the real deprivations of poor. Initial results suggest that the poverty in rural areas is far more challenging, especially in multidimensional term. Thus, the study will aim to present the actual conditions of the poor and to suggest main ways to alleviate poverty. Secondly, the study will examine whether capability sets of male and female populations are equal in selected rural areas of Turkey and if there's distinct differences, then, the study will try to understand the main reasons of these differences. Globally, it is accepted that women tend to be poorer than men; and they are more deprived in health and education and in freedoms in all its forms. As women make up a substantial majority of the world's poor, women's unequal failure of capability needs to be seen as a problem of justice. In principle, it should be understood that nobody should be disadvantaged because of their gender. A basic foundation for a theory of gender justice emerged in the form of the capabilities approach. In his influential work, Development as Freedom, Sen (1999) argues that the goal of governments should be expanding the real freedom to choose the kind of life one has reason to value. Here, the main quality of Sen's capability approach is to focus what individuals are able to do or to be. It proposes that 'social arrangements should be primarily evaluated according to the extent of freedom people have to promote or achieve functionings they value'. This view makes a substantial difference in our understanding that what we need now is an approach of equality of opportunity. Because, gender justice requires that adequate economic resources flow to both genders in such measure as to ensure that each has the means to acquire the necessary capabilities. Although Sen has offered some basic capabilities, we couldn't find any gendered list of capabilities in his works. But Robeyns (2003) has offered some guidance on a specific set of capabilities. The list includes crucial capabilities such as education, bodily integration, political empowerment, mobility and respect. Also, United Nations Development Programme (UNDP) has published, a new index called Gender Inequality Index (GII) for measuring gender inequality in its Human Development Report (HDR) 2010. It measures three dimensions of gender inequality in a society which includes maternal mortality rate, adolescent fertility rate, seats in parliament, education, labor force participation and seemed a combination of previous gender indices. In HDR 2011, the index shows poor results for Turkey where the results have ranked Turkey 77th out of 145 countries. The study covers both UNDP and TurkStat data, in principle. In initial analyses, the study finds distinct differences in capability sets of genders and in general, underscores the low levels of education in rural areas of Turkey. Because, despite education is compulsory in all level, in education practice, families tend to favour boys at all stages of education. Traditional reluctance to school the girls still persists in the lower income groups and rural areas. As analyses illustrated, government implement some aid policies for those families to school their girls, but the general trend still depicts poor scenery
    Keywords: : Capability, Gender, Poverty, Education, Rural Poverty
    JEL: J16 I30 O15
    Date: 2015
  5. By: Grealis, E; O’Donoghue, C
    Abstract: Given Ireland’s bio-economy based natural resource strengths, in terms of its soils and oceans in particular, a number of economic strategies have been developed to maximise the contribution of Agricultural and Marine sectors to the economy. Consequently, it is desirable to understand the interactions between these sectors and the wider economy and to assess the potential impact of the outcomes of expansion strategies. This report describes the development of the Bio-Economy Input Output model (BIO) which can be used to analyse these linkages between the bio-economy sectors and the wider economy. This work represents the first attempt to model the Bio Economy as a whole, incorporating economic activity originating from both agricultural and marine resources.
    Keywords: Bio Economy, Input Output model, Agribusiness, Agricultural Finance, Environmental Economics and Policy, Financial Economics, Production Economics, Research Methods/ Statistical Methods,
    Date: 2015–09–24
  6. By: Elasrag, Hussein
    Abstract: Islam provides a basis and guideline for living one’s life. Within this, there is a very detailed concept of ethical and social behaviour which allows us to deduce that the concept of social responsibility automatically has a role in Islam. This is a critical point that must be firstly understood as the role of moral ethics has been underpinned in Islam for over 1400 years whilst the concept of CSR remains relatively new for businesses today. The scope of this book is to briefly outline some of the major aspects of Islam which give consideration for businesses and their push towards Corporate Social Responsibility. It considers the belief system of Islam and how this belief has a significant underpinning of social behaviour
    Keywords: Islam, Corporate Social Responsibility, Islamic perspective
    JEL: D21 G2 G21 L22 M0 M14
    Date: 2015–05–05
  7. By: İlkben Akansel (Artvin Coruh University, Department of Economics)
    Abstract: Neoliberalism, which cannot be described by a certain rule, includes a wide range of perspective. Therefore, it is a highly effective notion in terms of economics and politics. This efficiency has a mutual meaning in socio-cultural area. However, it is obvious that the most effective area of neoliberal politics is economics, because intended efficiency in politics and socio-cultural levels are provided through applicable economics politics. Although it has some certain notions derived from all the economics premises, neoliberalism fundamentally forces financial market orders and thus requires the use of state power systematically. Institutional economics is the economics stream established by Thorstein Veblen, linking man’s nature of society with economics affected by Darwin’s ideas of the origins of species. Thus, institutional economics claims that the economics behavior cannot be thought separately from all institutional forms such as social, cultural and politics of the society. So, economics can vary between societies, depending on time and place. This study focuses on two main premises: Putting forward the relationship between mainstream economics (neoclassical economics) and neoliberal economics politics, and the criticism of institutional economics on this. Firstly, relationship between neoliberalism and mainstream economics will be analyzed, then the nature of institutional economics will be examined especially in terms of the thoughts of its founder Thorstein Veblen and finally relationship between neoliberalism and institutional economics will be discussed. By the mediation of new aspects provided by institutional economics to neoliberal economics politics, the applications of economics can be better maintained, and this can create more fair steps towards economics politics.
    Keywords: Neoliberalism, Institutional Economics, Thorstein Veblen, Neoclassical Economics, Mainstream Economics
    JEL: P1
    Date: 2015
  8. By: Aggarwal, Bhavya (National Institute of Public Finance and Policy); Chakraborty, Lekha (National Institute of Public Finance and Policy)
    Abstract: Against the backdrop of UN 2030 Sustainable Development agenda, this paper analyses the measurement issues in gender-based indices constructed by UNDP and suggests alternatives for choice of variables, functional form and weights. Despite their relevance, the composite indices like Gender Development Index (GDI) and Gender Empowerment Measure (GEM) have been criticized for their technical flaws and later replaced with Gender Inequality Index (GII). While GII conceptually reflects the loss in achievement due to inequality between men and women in three dimensions - health, empowerment and labour force participation - we argue that assumptions and choice of variables to capture these dimensions remain inadequate and erroneous, resulting in the partial capture of gender inequalities. Since the dimensions used for GII are different from HDI, we cannot say that a higher value of GII represents loss in HDI due to gender inequalities. However, it could be debatable whether using GII over GDI (GDI is equally distributed equivalent of HDI which measures gender gap in three dimensions of human development - health, education and command over economic resources) is advantageous, one of the main drawbacks of using GII is that along with the inequality indicators of women vis-à-vis men, it also contains absolute indicators that are defined specifically for women - like maternal mortality rate (MMR) and adolescent fertility rate (AFR). The corresponding values for men for these absolute variables are taken as 1 which is unrealistic and leads to overestimation of the gap between women and men's health standards. The technical challenge remains - interpreting the index by combining women-specific indicators with gender-disaggregated indicators. GII is a partial construct as it has not captured many significant dimensions of gender inequality. Though this requires a data revolution, we tried to reconstruct GII in the context of Asia-Pacific using three scenarios: (i) improving the set of variables incorporating unpaid care work, pay gap, intrahousehold decision making, exposure to knowledge networks and feminisation of governance at local levels; (ii) constructing a decomposed index to specify the direction of gender gaps and (iii) an alternative index using Principal Components Index (PCI) for assigning weights. The choice of countries under the three scenarios is constrained by paucity of data. The results revealed that UNDP GII overestimates the gap between the two genders and using women-specific indicators leads to a fallacious estimation of gender inequality. The estimates are illustrative. The implication of the results broadly suggests a return to GDI for capturing gender development, with an improvised set of choices and variables.
    Keywords: Gender Inequality ; Unpaid Work ; Human Development ; Composite Indicator
    JEL: D63 J16 J31 O15
    Date: 2015–10
  9. By: Antonio Bariletti (University of Cassino and Lazio Meridionale); Eleonora Sanfilippo (University of Cassino and Lazio Meridionale)
    Abstract: The notion of “creativity” has assumed a growing importance in the recent economic literature on happiness, motivations and life-satisfaction. Starting from the seminal contribution of Scitovsky, the effects of “creative goods” and “creative activities” on consumers’ well-being, in connection with cultural, sociological, psychological and educational aspects, have been analyzed. An increasing interest in these concepts has also been shown recently by policy-makers and international institutions (see, e.g., the UNCTAD Reports on Creative Economy, 2010, 2013), in particular in relation to economic growth. On the other hand, a clear and rigorous analytical definition of this category of goods and activities and deep investigation of its peculiarity in comparison with other types of products and activities, broadly defined as comfort or defensive ones, is still lacking in the economic literature. This is why, despite its wide use in economics, the nature of the distinction still remains somehow vague and not univocal. The aim of this paper is to provide a contribution to help clarify this distinction by reconstructing its meaning and scope in the works of Scitovsky (1976, 1992) and Hawtrey (1925) – the first economists who have tried to provide an analytical content to the notion of creative goods and activities in their theoretical frameworks.
    JEL: B31 B41 D01 D11
    Date: 2015–10
  10. By: Richard Freeman; Eunice Han; David Madland; Brendan V. Duke
    Abstract: This paper examines unionism’s relationship to the size of the middle class and its relationship to intergenerational mobility. We use the PSID 1985 and 2011 files to examine the change in the share of workers in a middle-income group (defined by persons having incomes within 50% of the median) and use a shift-share decomposition to explore how the decline of unionism contributes to the shrinking middle class. We also use the files to investigate the correlation between parents’ union status and the incomes of their children. Additionally, we use federal income tax data to examine the geographical correlation between union density and intergenerational mobility. We find: 1) union workers are disproportionately in the middle-income group or above, and some reach middle-income status due to the union wage premium; 2) the offspring of union parents have higher incomes than the offspring of otherwise comparable non-union parents, especially when the parents are low-skilled; 3) offspring from communities with higher union density have higher average incomes relative to their parents compared to offspring from communities with lower union density. These findings show a strong, though not necessarily causal, link between unions, the middle class, and intergenerational mobility.
    JEL: J31 J51 J62
    Date: 2015–10
  11. By: Eren Ahmet (Artvin Coruh University, Department of Economics)
    Abstract: Piketty almost with a provocative title refers to Marx's "Capital". "Capital in the twenty-first century” is a book of Piketty, working by a group of researchers based on historical and comparative data. The book tries to reveal the tendencies and the movements of the capitalist system covering more than twenty countries and datas of 300 years. The reason for the much discussion of the book, and the importance attached are the references to Marx himself and the “Capital”. In this study relatedness between Piketty's "Capital in the twenty-first century" and Marx's "Capital" will be questioned. This relatedness will be evaluated depending on three basis. The first of these, is the personalities of the authors and their historical background, secondly; the methods and the tools that they use in their work, and finally; the work will be taken regarding the content and results.
    Keywords: na
    Date: 2015
  12. By: José Eustáquio Ribeiro Vieira Filho
    Abstract: As mudanças tecnológicas, quando analisadas de forma exógena, seriam representadas por deslocamentos para cima da curva ou fronteira de produção. A abordagem evolucionária do crescimento econômico surge como alternativa de estudo da mudança tecnológica endógena e dinâmica, tendo a acumulação de capital papel estratégico ao longo do tempo. O presente estudo se propõe a fazer uma revisão da literatura, analisando a modelagem evolucionária da dinâmica industrial. Cabe ressaltar que o trabalho está dividido em duas partes. A primeira, abordada neste Texto para Discussão (TD), procura focar os principais modelos que tratam da competição schumpeteriana, dos regimes tecnológicos e da difusão dos novos conhecimentos. A segunda, que será tratada em outro TD, busca o estudo dos modelos que tratam das trajetórias tecnológicas, da capacidade de absorção e do aprendizado. Tais conceitos são essenciais para o entendimento da inovação tecnológica na economia e na corrente neoschumpeteriana. Technological changes, when taken exogenously, would be represented by upward shifts in the production curve. The evolutionary approach of economic growth is an alternative to study technological change as endogenous and dynamic process, in which the accumulation of capital takes strategic role over time. This study aims to review the literature, analyzing evolutionary modeling of industrial dynamics. This work is divided into two parts. The first, addressed in this study, focus on the main models that treat the Schumpeterian competition, technological regimes and diffusion of new knowledge. The second, which will be analyzed in another paper, intend to explain technological trajectories, absorptive capacity and learning processes. These concepts are essential to understand the innovation in the economy and in the neo-schumpeterian thinking.
    Date: 2015–10
  13. By: Van Biesebroeck, Johannes
    Abstract: This working paper provides a review of the links between wages and productivity, based mainly on the mainstream economic literature (and hence best complemented with other more “heterodox” literature).
    Keywords: wages, labour productivity, measurement, salaire, productivité du travail, mesure, salario, productividad del trabajo, medición
    Date: 2014
  14. By: Woldu, Thomas; Tadesse, Fanaye
    Abstract: Agricultural cooperatives hold much potential to enable economically weak farmers, in developing countries, to increase their collective bargaining power and so enhance their incomes. They provide input services and create market opportunities to their members’ products. In most developing countries, female farmers are marginalized from participating and benefiting from such groups. This paper uses a rich dataset from a survey undertaken by the Ethiopian Economic Association and the International Food Policy Research Institute (IFPRI) in eight woredas in seven regions of Ethiopia with a sample of 1,117 households and 73 agricultural cooperatives. Using descriptive statistics and econometric analysis under a critical gender lens, the paper identifies which cooperative, household, and individual level characteristics influence women’s participation in agricultural cooperatives. The findings suggest that a major barrier to women’s access are gender biases within households, communities, and cooperatives themselves that favor educated male household heads and land owners over resource-poor women.
    Keywords: Ethiopia, cooperatives, agricultural cooperatives, women, women’s empowerment, women’s participation, gender equality, Agribusiness, Agricultural and Food Policy,
    Date: 2015
  15. By: Amélie ARTIS (Sciences Po Grenoble, France); Marie J. Bouchard (École des sciences de la gestion, Université du Québec, Montréal, et CIRIEC-Canada); Damien Rousselière (Agrocampus Ouest, France)
    Abstract: Producing stats on the social economy (SE) aims to quantify its weight and show its role within the economy in order to give it more visibility and to produce knowledge about it (UN 2003). However, social economy is a relatively new concept in the world of economic statistics. Many issues arise, such as establishing the perimeter of the statistical population and finding appropriate classifications. One of these issues has to do with economic indicators. Standard economic indicators reflect part of the reality but also partly leave out some of what the SE produces. Most important, standard economic indicators do not take well into account particular aspects of SE enterprises. Nonetheless, the actual production of statistics manages to draw portraits that outline various aspects of the SE. This paper discusses the representations of the SE that such indicators depict. We first expose our perspective on statistical indicators, viewed as social constructs. Second, based on the analysis of reports exposing the social economy between 2005 and 2012, we describe the main data sources for producing stats for the social economy and expose some of their strengths and weaknesses. Lastly, we outline the various underlying conceptions of the SE that indicators implicitly suggest. Three figures of the SE are observed: that of a is a fullyfledged economic actor, representing a significant share of the economic output in many sectors of activity; that of a specific economic model that combines different resources; and the figure of a territorialized economy in order to respond to the needs of the population.
    Keywords: social economy, statistical measure, social representation, satellite account
    JEL: C72 D71 D85
    Date: 2015–02
  16. By: Shlomo-Agon, Sivan
    Abstract: Focusing on the expanding realm of international adjudication, this paper approaches justice from the domain of the empirical and shows - through a careful, interview-based case-study analysis in the WTO-EU context - that justice in the transnational context is not only a contested concept, but also a multi-faceted one, deeply embedded in notions such as the rule of law, fairness, equality, transformation, and cooperation. Whereas in the past, the primary, if not the sole role of international courts was that of settling disputes, in their modern legalized reincarnation these empowered international institutions have come to be seen primarily as enforcement mechanisms; mechanisms that have been put in place by states in order to give effect to their originally negotiated commitments and to hold states (or other entities) accountable for the international rules agreed-upon. Within this common enforcement-centered discourse of international courts, in turn, the natural tendency has so far been to think of 'justice' mainly through its 'legal' or 'rule of law' dimension. This paper challenges this enforcement-centered discourse. Focusing on the vibrant WTO dispute settlement system (DSS) and the rich experience of the EU in that system, the paper argues that the current enforcement-oriented debate of international courts, and the WTO DSS in particular, is lacking in several fundamental aspects. First, it brushes aside other important roles served by the DSS, and consequently overshadows the manifold social outcomes - beyond rule-compliance - produced by this system. Second, the prevalent rule-enforcement discourse further works, in turn, as to mask the multiple challenges of justice encapsulated in international disputes reaching the DSS's docket, and obstructs the need to explore other conceptions of justice - beyond its formal legalprocedural meaning - such as global distributive, corrective, or transformative justice, through which the outcomes generated by this international adjudicatory system may (and should) be evaluated. Against this backdrop, the paper puts forwards a broad multifunctional account of the WTO DSS, which goes beyond the prevalent view of the system as primarily an enforcement mechanism, portraying it instead as a system of multiple, competing, and shifting roles. Among them, and at the center of the paper, the role of providing an orderly mechanism of renegotiation, redistribution, and settlement, that essentially allows WTO Members to readjust their original WTO commitments and reallocate their burdens and benefits of international cooperation, and thereby to arrive at new - at times not fully legally-compliant - but not necessarily 'unjust' cooperative and sustainable social outcomes. This discussion paper is part of a series of contributions to the conference "Towards a Grammar of Justice in EU Law', which took place on 6-7 November 2014 at VU University Amsterdam, sponsored by ACCESS EUROPE Amsterdam, VU Centre for European Legal Studies and the Dutch Research Council VENI grant.
    Keywords: WTO-EU,international courts,WTO DSS,WTO Members,global judicial system
    Date: 2015
  17. By: Ignacio Munyo; Martín Rossi
    Abstract: In this paper, we bring to light the experiences resulting from the significant depreciation of the Uruguayan real exchange rate between 2002 and 2003, followed by an equally considerable appreciation between 2004 and 2010. We explore the link between these fluctuations and the incidence of domestic violence taking place in Uruguay. The real exchange rate is a measure of the relative price between tradable and nontradable goods. While men are traditionally employed in tradable industries, such as manufacturing, women are more likely to work in nontradable industries, such as the service sector. A change in the real exchange rate, therefore, can affect the potential wages of men differently from those of women. In line with the models that represent household bargaining, an increase in the real exchange rate can generate an increase in the bargaining power of men relative to that of women within the household. We present evidence that it raises the frequency of domestic violence. This holds true in rich and poor areas of the city.
    Keywords: Domestic violence, Gender Equality, Exchange rates, Governance, Wages, Real exchange rate, Gender wage gap, Domestic violence, Assault
    Date: 2015–08
  18. By: Davis, John B. (Department of Economics Marquette University)
    Abstract: This paper discusses Lawson’s use of Veblen’s concept of ‘neoclassical economics’ and argument that the category of neoclassical economics should be jettisoned on the grounds that it obfuscates effective critique of mainstream economics. The paper links Lawson’s critique of closed systems and Veblen’s cumulative causation view by offering a reflexivity, feedback loop formulation of the latter aimed at overcoming the pre-Socratic dichotomy between Heraclitian and Parmenidean ontological thinking. The paper then reviews what this implies for three key social ontology doctrines: social reality as processual and highly transient; emergence and the appearance of novelty; the internal relatedness of social reality. Final remarks address the use of the ‘neoclassical economics’ concept.
    Keywords: neoclassical economics, Veblen, Lawson, closed systems, cumulative causation, reflexivity
    JEL: B13 B41 B52
    Date: 2015–08
  19. By: İlkben Akansel (Artvin Coruh University, Department of Economics)
    Abstract: Neoliberalism is a notion which cannot be described definitively. Nevertheless, it is a notion affecting economics system in terms of its components. Taking effects since 1970, premises justifying freedom and social efficiency can only be provided by private ownership and free market; therefore, it opposes state intervention. Broadly, arguments of neoliberalism differentiate from liberal arguments, which justify classical liberalism based upon individual and firm, whereas its failure in practice causes many critical arguments. The basis of these failures is upon debating implementations of economics system that is carried on the core of neoliberalism. Neoliberalism can basically be divided into three eras: Chicago School in 1970’s opposing Keynesian economics, end of 1980’s Washington Consensus and since mid-1990’s the era of re-discussing the regulatory role of state. This study aims to examine these three economics era which are the basis of neoliberalism. Examining the features applied for each three political economics, the failure points of neoliberal discourse can be visualized. Consequently, analysis of the economics origin of neoliberal discourse will enlighten the resolution of recent economic crisis.
    Keywords: neoliberalism, Chicago School, Keynesian Economics, Washington Consensus, free market, state regulator
    JEL: P1
    Date: 2015
  20. By: Degli Antoni, Giacomo; Sabatini, Fabio
    Abstract: We use an original dataset to study how participation in two types of nonprofit organizations, i.e. social welfare associations and social cooperatives, affects individual social capital, intended as networks of cooperative relationships. Participation in both the types of organization allows members to start new social relations. However, social welfare associations seem to play a significantly greater role in the development of volunteers’ social capital, favouring the creation of weak ties that are used to exchange information and advice, and offering the opportunity to establish stronger ties entailing concrete mutual support. Within social cooperatives, workers appear to develop their individual social capital to a greater extent than volunteers. Our results suggest that the composition of the workforce, the depth of members’ involvement in the organization’s activities and human resources strategies adopted by the management influence the creation of cooperative relations through on-the-job interactions.
    Keywords: social capital, nonprofit organizations, social cooperatives, social networks, volunteering
    JEL: L31 L33 P13 Z1 Z13
    Date: 2015–11–03

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