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on Heterodox Microeconomics |
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Issue of 2017‒05‒14
fifteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Diego Alejandro Guevara Castañeda |
| Abstract: | Este trabajo presenta un análisis de los cambios de las finanzas en Colombia en las últimas cuatro décadas desde un enfoque de la financiarización y la relación de este fenómeno con la desigualdad en la distribución del ingreso. Así, en la primera parte se realiza un acercamiento teórico a las diferentes dimensiones, momentos e interpretaciones de la financiarización mostrando de manera contundente el origen heterodoxo del concepto asociado a dimensiones problemáticas de las finanzas. Posteriormente se analizan las transformaciones del sistema financiero colombiano y de diferentes políticas en una propuesta de perspectiva histórica definiendo y analizando 3 momentos de financiarización para Colombia. El capítulo final reflexiona sobre los vínculos de las finanzas y la desigualdad primero en un enfoque teórico y finalmente con un ejercicio de construcción de índices de Theil y un ejercicio de modelamiento computacional SFC (Stock Flow Consistent) para Colombia con el fin de mostrar algunas relaciones entre la financiarización y la desigualdad en la periferia. |
| Keywords: | Financiarización, Distribución del Ingreso, Desigualdad, Consistencia Stock-Flujo, Economía Colombiana |
| JEL: | D63 D31 E44 F36 G15 N26 O16 O15 |
| Date: | 2017–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:col:000430:015562&r=hme |
| By: | Léo MALHERBE |
| Abstract: | Firstable we shall present the contemporary genesis of endogenous money concept. In doing so we will show that endogenous money theory arised within the post-keynesian school of thought by simultaneously accepting some key points and spotlighting some weaknesses of the Keynesian theory. Thereafter, endogenous money had been a very controversial issue among post-keynesian litterature. We shall look back at the two major controversies that took place : at first between horizontalists and structuralists, then between the evolutionary and the revolutionary view on endogenous money.\r\nWe will see that despite the existence of numerous internal debates, post-keynesian’s endogenous money theory entails some conceptual and methodological limits. That’s why we shall intend to clarify this concept by including some heterodox theoretical inputs such as those made by French institutionalists and the regulation school for instance.\r\nIn that way, we will propose in the last part of this paper what we called an under-determined endogenous money theory, aimed at achieving an heterodox synthesis on this topic. |
| Keywords: | Endogenous money, Monetary creation, Bank loans, Post-Keynesian theory, Instituionalism, Regulation school |
| JEL: | E12 E42 E58 B25 B41 B5 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:grt:wpegrt:2017-08&r=hme |
| By: | Karen Codazzi; Valéria Pero; André Sant’Anna |
| Abstract: | Over the last half-century, the role of women in society has changed substantially. However, the gender income gap and the difference in labour force participation persist. Akerlof and Kranton introduce the concept of identity from sociology and social psychology at the economic analysis; based on this we search less traditional factors for understanding this persistence. We extend the analysis proposed by Bertrand et al. for Brazil. Specifically, we analyse the impact of gender identity, focusing on the prescription that ‘a man should earn more than his wife’ on social and economic results. Based on the Censuses for 1991, 2000, and 2010 we observed that for only 7 per cent of married couples does the wife earn more than her husband. We found evidence that the wives with greater probability of earning more than their husbands are less likely to participate in the labour force. Once she does participate in the labour force, she has a higher probability of earning less than her potential income, working fewer hours, and having an informal job. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2017-105&r=hme |
| By: | Busch-Heizmann, Anne (University of Duisburg-Essen); Holst, Elke (DIW Berlin) |
| Abstract: | Changing employment conditions lead to new chances, but also new risks for employees. In the literature, increasing permeability between occupational and private life is discussed as one special outcome of this development that employees must face, especially those in highly qualified positions. Drawing on existing research, we investigate in how far women and men in those positions differ in their perceived work-to-family conflicts (WFC), considering the mediating role of gender specific job opportunities. Referring conflicting theoretical arguments, we hypothesize that in Germany – as a conservative welfare state – women, especially those with family responsibilities, will perceive higher WFC than men in those positions. Our analysis is based on data from the German Socio-Economic Panel Study (SOEP). Using the Siegrist instrument on effort-reward imbalance we find that women in highly qualified positions perceive higher WFC than men. This association is explained by women's lower willingness to take risks, and also party explained by lower job rewards women receive. It gets visible even more strongly if women's lower time-based burdens in the job are controlled for. Mixed results are observed concerning associations between family responsibilities and WFC, which is in line with ambivalent results in the literature. |
| Keywords: | work-to-family conflict, highly qualified positions, managers, gender, SOEP |
| JEL: | I3 B54 M1 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp10716&r=hme |
| By: | Alessandro Fedele (Free University of Bolzano‐Bozen, Faculty of Economics and Management); Raffaele Miniaci (University of Brescia, Department of Economics and Management) |
| Abstract: | Nonprofit enterprises differ from for-profit firms at least along two dimensions: the stakeholder-oriented governance system and the nondistribution-of-profit constraint. In turn, these two dimensions can affect the firms' choice of capital structure. On these grounds, the paper investigates the role played by stakeholder orientation and nondistribution constraint in shaping capital structure differences between for-profits and nonprofits. We show that the stakeholder orientation positively affects firms' leverage, while the nondistribution constraint has a negative impact. We empirically investigate which effect dominates by studying the Italian social care sector, where for-profit and profit enterprises coexist and have similar market shares. The estimates of a partial adjustment dynamic model show that, ceteris paribus, the leverage of mature nonprofit enterprises is 8% to 14% lower than that of mature for-profit companies. |
| Keywords: | capital structure, for-profit firms, non-profit enterprises, stakeholder orientation, nondistribution constraint, social care sector |
| JEL: | G32 D21 D22 L33 |
| Date: | 2017–05 |
| URL: | http://d.repec.org/n?u=RePEc:bzn:wpaper:bemps40&r=hme |
| By: | Lukas Maslo (University of Economics, Prague) |
| Abstract: | This paper examines the concept of a just price not as a historical but as theoretical problem. After a detailed exposition of the scholastic theory of value, price and commutative justice, the author identifies four main subjective-value-based objections to the concept of a just price and settles them one after another. These objections are 1) an apparent self-contradiction consisting in stating a subjective nature of utility and, at the same time, equality of value in exchange; 2) how can a voluntary exchange be unjust; 3) how can a just price be found in an isolated exchange of a unique good; 4) a missing satisfactory definition of a just price. The author suggests to settle the first objection by identifying the ontological status of the objective value. Leaning on a distinction of an objective value in use (virtuositas) and subjective desirability (complacibilitas) made by Saint Bernardino of Sienna and Saint Antonino of Florence, the author asserts that while complacibilitas is a potentiality of subjective desirability resting in an individual, virtuositas is a potentiality of usefulness resting in a thing. On account of this, a following solution is suggested: a particular usefulness is not purely subjective because it does not depend on a subjective perception of an individual; it is a metaphysical accident of a thing, not a metaphysical accident of an individual; a particular usefulness is not purely objective, either, because it is a relation to an individua; thus, equality in exchange means equality of potentiality of usefulness which is not a particular usefulness but a set of all usefulnesses concealed in the potentiality of the thing, even though they have not yet been actuated. The author suggests to settle the second objection by providing a logical proof for the assertion that an exchange in which one party suffers an unjust price is not a voluntary exchange and, on the grounds of this, the author demonstrates that an unjust exchange cannot be a voluntary exchange. Finally, the author suggests a definition of a just price which is applicable to any exchange, whether a competitive price exists or not. |
| Keywords: | just price, commutative justice, value, potentiality, act, metaphysical accident, virtuositas, complacibilitas |
| JEL: | A12 B11 D46 |
| Date: | 2017–04 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iefpro:4507449&r=hme |
| By: | AndreaSalvatore Antonio Barbieri |
| Abstract: | (English) This work in progress is an attempt to reconstruct between social history and sociology of the birth of a specific social representation, that relating to eros and Parisian image of the seductive woman 'Parisian'. The work tries to combine the world of representation of sexuality (paragraph 1), prostitution and the birth of the gastronomy linked to loisir (leisure) (paragraph 2), the consumption of the body and at places garbage body that entertainment (paragraph 3), the image of the prostitute in the emerging popular literature (paragraph 4), the cinematography (paragraph 5). The whole scenario of this city that Walter Benjamin called the capital of the nineteenth century. (Italiano) Questo work in progress rappresenta un tentativo di ricostruzione, tra storia sociale e sociologia, della nascita di una specifica rappresentazione sociale, quella riguardante l’eros parigino e dell’immagine della seduttività della donna ‘parigina’. Il lavoro prova a coniugare il mondo della rappresentazione della sessualità (paragrafo 1), della prostituzione e della nascita della gastronomia legata al loisir (tempo libero) (paragrafo 2), del consumo del corpo sia nei luoghi della nettezza del corpo che dello svago (paragrafo 3), le immagini della prostituta nella nascente letteratura popolare (paragrafo 4), nella cinematografia (paragrafo 5). Il tutto nello scenario di quella città che Walter Benjamin definì la capitale del XIX secolo. |
| Keywords: | (English) Eroticism; Gastronomy; Leisure; Prostitution; Feminine identity (Italiano) Erotismo; Gastronomia; Loisir; Prostituzione; Identità femminile |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:cnz:wpaper:96:2017&r=hme |
| By: | Banzhaf, H. Spencer |
| Abstract: | As economists took up the task of measuring the "demand" for environmental services not traded in markets, some chose to substituted survey-based methods known as contingent valuation (CV). Doing so, they could not help but find themselves in the uncomfortable position of self-evidently constructing their observations rather than merely observing them. Apparent anomalies between the constructs and the predictions for economic man led to a fierce debate over the merits of contingent valuation--a debate that hinged on the question of whether economic theory was being "applied" or "tested." |
| Keywords: | Contingent Valuation, Stated Preference, History, Environmental Economics |
| JEL: | B2 C9 D6 Q5 |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:78814&r=hme |
| By: | van Staveren, I.P. |
| Abstract: | This paper attempts to understand why we generally feel that some normative empirical concepts in economics are unproblematic whereas others feel uncomfortable or misleading. I develop criteria to distinguish between the two on the basis of two notions from the philosophy of science: positional objectivity and thick concepts. I operationalize these with the help of two recent guidelines on good scientific practice that have been developed in debates around scientific integrity. This leads to two criteria: unavoidability and global evaluation. Following this discussion, the paper will present a case study on "ethnic fractionalization", popular in empirical research on the social determinants of economic growth. Throughout the paper I will make use of examples of other normative empirical concepts to further the understanding of the various ways in which such concepts violate the criteria that I have suggested. |
| Keywords: | economics, normative concepts, scientific integrity, populism, ethnic fractionalization |
| Date: | 2017–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:ems:euriss:99326&r=hme |
| By: | Boll, Christina; Jahn, Malte; Lagemann, Andreas |
| Abstract: | Research on the gender earnings divide so far mostly focuses on the gender gap in hourly wages which, due to its snapshot nature, is inappropriate to capture the biographical dimension of gendered pay. With the 'gender lifetime earnings gap' (GLEG), we introduce a new measure that meets this requirement. Based on a group of 93,511 German individuals born 1950-64 from the 'Sample of Integrated Labour Market Biographies' (SIAB 7510), we find that at the end of the employment career, women accumulated 49.8 % less earnings than men. Thus, the GLEG is more than twice as high as the current German gender pay gap. The GLEG is the largest (smallest) at the bottom (top) of the earnings distribution. It most prominently widens during the period of family formation (age 25-35). Relatedly, gender differences in endowments, mainly in terms of experience and hours, answer for three quarters of the GLEG. For younger cohorts, family breaks tend to lose importance whereas the role of work hours remains unchanged. Furthermore, the GLEG notably differs between occupational segments. |
| Keywords: | lifetime earnings,Blinder & Oaxaca decomposition,occupational segments,cohort analysis,gender,life course,wage distribution,wage gap |
| JEL: | D31 J31 J16 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:hwwirp:179&r=hme |
| By: | Dosi, G.; Pereira, M. C.; Roventini, A.; Virgillito, M. E. |
| Abstract: | In this work we develop an agent-based model where hysteresis in major macroeconomic variables (e.g. GDP, productivity, unemployment) emerges out of the decentralized interactions of heterogenous firms and workers. Building upon the model in Dosi et al. (2016, 2017), we specify an endogenous process of accumulation of workers' skills and a state-dependent process of entry, studying their hysteretic impacts. Indeed, hysteresis is ubiquitous. However, this is not due to market imperfections, but rather to the very functioning of decentralised economies characterised by coordination externalities and dynamic increasing returns. So, contrary to the insider-outsider hypothesis (Blanchard and Summers, 1986), the model does not support the findings that rigid industrial relations may foster hysteretic behaviour in aggregate unemployment. On the contrary, in line with the recent discussion in Ball et al. (2014), this contribution provides evidence that during severe downturns, and thus declining aggregate demand, phenomena like lower investment and innovation rates, skills deterioration, and declining entry dynamics are better candidates to explain long-run unemployment spells and lower output growth. In that, more rigid labour markets dampen hysteretic dynamics by supporting aggregate demand, thus making the economy more resilient. |
| Keywords: | Hysteresis,Aggregate Demand,Multiple Equilibria,Skills Deterioration,Market Entry,Agent-Based Model |
| JEL: | C63 E02 E24 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:64&r=hme |
| By: | Bouyon, Sylvain; Musmeci, Roberto |
| Abstract: | The expansion of credit markets has fostered economic growth across the European Union, but it has also produced a sharp increase in the average level of household indebtedness. As a consequence of the financial crisis, the drop in households’ disposable income has undermined the ability of many EU households to honour their financial commitments. Against this background, this paper investigates the complexity of indebtedness and draws a distinction between its legal and economic dimensions in order to better understand the phenomenon. Despite efforts made by the European Commission, we found that the definition of indebtedness and over-indebtedness still lacks precision. Mirroring the interventions of national legislators in terms of consumer protection, over-indebtedness in the EU tends to be narrowly defined in terms of its relationship with insolvency. Therefore, further efforts need to be taken in designing the necessary measures to alleviate and prevent over-indebtedness. Accordingly, this study focuses on the role of financial education, analyses the impact of the relevant EU directives, collects important evidence in support of harmonising debt-advice services and explores the path towards a common methodology of early detection of vulnerable households. |
| Date: | 2016–10 |
| URL: | http://d.repec.org/n?u=RePEc:eps:ecriwp:11930&r=hme |
| By: | Giuseppe Cornelli |
| Abstract: | This short paper aims to analyse from an interdisciplinary perspective the role of culture, cultural institutions and cultural actors in the urban scenarios. The main goal is to underline that this type of analysis have to take in consideration several academic disciplines: in particular, the analysis will be done from the point of view of public art, urban sociology, urban geography and economics of culture in order to provide a comprehensive tretment of the subject. |
| Keywords: | Culture; Urban context; Urban geography; Interdisciplinary; Economics of culture; |
| JEL: | R11 R58 Z10 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:csc:ircrwp:201703&r=hme |
| By: | César Giraldo |
| Abstract: | El trabajo informal en Colombia es muy alto para los estándares de la región. Se trata de tra-bajadores cuya inserción económica no está atada a la seguridad social. Ahora, el gobierno pretende poner a tributar a esos sectores con la creación del monotributo, pero es difícil exigirle impuestos a una población que carece de derechos sociales: la tributación es un contrato social. La inseguridad económica y social ha obligado a las familias a volverse unidades económicas y asumir la protección social, sin embargo, ello tiene efectos sobre la configuración del mundo social que están por estudiarse. |
| Keywords: | Trabajo precario, informalidad, monotributo, clientelismo, derechos sociales, economía popular |
| JEL: | A14 I38 J41 J81 |
| Date: | 2017–04–11 |
| URL: | http://d.repec.org/n?u=RePEc:col:000178:015529&r=hme |
| By: | Gentile, Natacha |
| Abstract: | No hay una sola historia sobre las personas pobres y sus problemas. Una opinión generalizada en parte de la sociedad no sólo los estigmatiza -considerándolos haraganes y/o incapaces- sino que también los visualiza como una amenaza, criminalizando su situación. Pero no es la única historia posible. Se trascriben narraciones que permiten adentrarnos en la complejidad de sus vidas, así como visualizar la forma limitada con la que muchas veces miramos y entendemos el mundo social que nos rodea. |
| Keywords: | Pobres; Opinión; Pobreza; Problemas Sociales; |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:2635&r=hme |