nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2017‒05‒28
thirteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Collaborative communities in the city: From policies for to policies through third-places? By François-Xavier De Vaujany
  2. Género y cuidado. Apuntes y evidencia empírica para un análisis preliminar By Laura Golovanevsky
  3. Why did socialist economies fail? The role of factor inputs reconsidered By Tamás Vonyó; Alexander Klein
  4. Sraffa et Leontief By Yoann Verger
  5. Lier la question sociale à la question écologique By Paul Naegel
  6. Career dynamics and gender gaps among employees in the microfinance sector By Ina Ganguli; Ricardo Hausmann; Martina Viarengo
  7. A Sustainability Index of Mining Countries By Issaka Dialga
  8. Migration impact on left-behind women’s labour participation and time-use: Evidence from Kyrgyzstan By Kamalbek Karymshakov; Burulcha Sulaimanova
  9. Has populism reached economics? By van Staveren, I.P.
  10. "On the Centrality of Redemption: Linking the State and Credit Theories of Money through a Financial Approach to Money" By Eric Tymoigne
  11. Working Paper 266 - Structural Transformation and Income Distribution: Kuznets and Beyond By AfDB AfDB
  12. Excess female mortality in Africa By Siwan Anderson; Debraj Ray
  13. Who is John Galt? Un análisis de la crisis financiera de 2008 desde la óptica de la Escuela Austríaca By Diego Rijos

  1. By: François-Xavier De Vaujany (Management & Organisation - DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Collaborative communities, spaces and movements are increasingly structuring the emergent collaborative economy. The Alpha Version of this White Paper is grounded in the discussion of a key trend: the growing convergence between managerial and political agencies. More than ever, the agency of managers has transformed society and the modalities of ‘living together’ (public communication, modalities of representativeness of a collectivity, a discourse or a practice, systems of legitimacy). The phenomenon is not that new. In the 30s, Henry Ford and his T model transformed American society and part of its sense of togetherness. With the mass production of cars and the social or economic compromise underpinning it, Ford also managed to institutionalize a political model. Since the 90s, the political effects of managerial actions have taken an extent (potentially global), a depth (related to the very mechanisms of democracy and the shape of democratic forums) and an unpredictability (global actors emerge sometimes within one year) which has rarely been reached in the history of capitalism. It could be said that today, public policies are originated by a myriad of actors-entrepreneurs often de-territorialized from any local and national interests. How did we get there? The Alpha version of this White Paper underlines three concomitant phenomena: a radical evolution of connectivity modes, a change in the modalities and the processes of sense-making (a new “semiosis”) and the emergence of new kinds of political consciousness. These transformations (started at the end of the 40s and which have accelerated since the 90s) induce new convergences between the transformative capacities of managers (in particular those of entrepreneurs) and those of politicians (as institutional actors with a mandate for political actions). Collaborative communities and collaborative spaces crystallize the aforementioned dimensions. Coworking spaces, maker spaces, fab labs, hacker spaces and living labs are as much managerial phenomena (they are the new forms of an acting together which can imbricate with more classic managerial forms) as political ones (they are also at the heart of renewed forms of ‘living together, ways of life and communitarian decision modes). From RGCS seminars, meetings of our Standing Groups, but also ongoing research, the RGCS coordinator summarizes here four key tendencies (indistinctively managerial and political) identified during one year of discussions and observations. After having stressed the Napoleon complex aspect of local, national and international policies, it insists on the importance of coordinated policies (both between public actors, between collaborative movements, and between collaborative movements and public actors). This White Paper targets new citizens-entrepreneurs-makers, politicians and strategic decision-makers. Collaborative communities do not only need to be the objects of fragmented policies or multiple local initiatives. They could and they should model the heart of integrative policies about entrepreneurship, innovation, urbanism, social inclusion, culture and education at the heart of the city
    Keywords: Collaborative communities, collaborative entrepreneurship, new work practices, coworkers, makers, hackers, third-places, politics, entrepreneurship
    Date: 2016
  2. By: Laura Golovanevsky (CONICET-UNJu)
    Abstract: Though the need of reproduction of life - in all its dimensions - exists from the moment in which human life exists, the separation between a productive (public) sphere and a reproductive (private) one appeared when a change in the economic order took place. At that time the division between productive work (in exchange for a salary) and reproductive work (without remuneration) crystallizes and is expressed also in terms of sexual division. Women will be the in charge of the biological, social and working force reproduction. When time passed women achieved major access, both to education and labor market. If men and women are employed at the extra-domestic area equally, ¿how are the reproductive tasks indispensable for the daily life organized? ¿What does happen with the tasks of care that were traditionally performed by women? Related to these questions the paper develops a discussion about the notion of care and of its social organization, including some empirical results obtained by processing the Survey on Not Remunerated Work and Use of Time carried out in Argentina during the third quarter of 2013.
    Date: 2017–02
  3. By: Tamás Vonyó; Alexander Klein
    Abstract: We present new investment data and revised growth accounts for three socialist economies between 1950 and 1989. Government statistics reported distorted measures for both the rate and trajectory of productivity growth in Czechoslovakia, Hungary, and Poland. Researchers have benefited from revised output data, but continued to use official statistics on capital input, or estimated capital stock from official investment data. Investment levels and rates of capital accumulations were, in fact, much lower than officially claimed and over-reporting worsened over time. Sluggish factor accumulation, declining equipment investment and labor input, contributed much more to the socialist growth failure of the 1980s than previously thought.
    Keywords: growth accounting; capital accumulation; Socialism; Eastern Europe
    JEL: N14 N64 O47 P27
    Date: 2017–04
  4. By: Yoann Verger (INRA - Institut National de la Recherche Agronomique)
    Abstract: Sraffa et Leontief sont souvent présentés comme deux auteurs proches en termes de théorie économique; cet article fait le point sur cette supposée proximité, en se penchant sur l'estime réciproque que se portaient Sraffa et Leontief, et en décrivant rapidement les présupposés théoriques à la base de leurs modèles.
    Keywords: Sraffa,Leontief,Input-output model,Neoclassical,Distribution,Price
    Date: 2017–04–20
  5. By: Paul Naegel (Centre François Viète : épistémologie, histoire des sciences et des techniques - UN - Université de Nantes - UBO - Université de Bretagne Occidentale)
    Abstract: Humanity finds itself, at the beginning of the 21th century, faced with two problems: those posed by the social question and the ecological question. It's the casualisation of employment, which currently brings in the short term the social question. The ecological question - with the exception of a few pioneers – was not posed until the end of the 20th century, because associated with climate changes in the long term. These two problems are usually addressed separately, in different disciplinary fields: economic science for the social question, the science of nature and life for the ecological question. The link of the social question with economic activity of humans appeared, for a long time, as obvious. On the other hand, the ecological question does not imply only humans, even if their activities are in part responsible for climate change. To allow future generations to survive on planet Earth, it seems it's time to link social and environmental issues in a same problem, which implies both a change of paradigm and method.
    Abstract: L’humanité se trouve, en ce début de XXIe siècle, confronté à deux problèmes : ceux que posent la question sociale et la question écologique. C’est la précarisation de l’emploi qui fait ressurgir actuellement dans le court terme la question sociale. Quant à la question écologique, elle n’était - à l’exception de quelques précurseurs - pas posée avant la fin du XXe siècle, car associée à des changements climatiques dans le long terme. Ces deux problèmes sont pour le moment généralement abordés séparément, dans des champs disciplinaires différents : la science économique pour la question sociale, les sciences de la nature et de la vie pour la question écologique. Le lien de la question sociale avec l’activité économique des humains est apparu, de longue date, comme évident. Par contre, la question écologique n’implique pas seulement les humains, même si leurs activités sont pour partie à l’origine des changements climatiques. Pour permettre aux générations futures de survivre sur la planète Terre, il semble qu’il est temps de lier les questions sociales et écologiques dans une même problématique, ce qui suppose à la fois un changement de paradigme et de méthode.
    Keywords: écologie, chômage, révoluion industrielle,travail, emploi, transdiciplinarté, systémique
    Date: 2017–03–22
  6. By: Ina Ganguli; Ricardo Hausmann; Martina Viarengo
    Abstract: While microfinance institutions (MFIs) are increasingly important as employers in the eveloping world, there is little micro-level evidence on gender differences among MFI employees nd MFIs’ relation to economic development. We use a unique panel dataset of employees from atin America’s largest MFI to show that gender gaps favouring men for promotion exist primarily n the sales division, while there is a significant gender wage gap in the administrative division. mong loan officers in the sales division, the gender gap in promotion and wages reverses. Finally, emale employees tend to work with clients with better loan terms and a history of loans with the nstitution.
    Date: 2017
  7. By: Issaka Dialga (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: This paper discusses the issue of Sustainable Development (SD) in countries with abundant natural resources with the aim to construct a Sustainability Index of Mining Countries (SIMC) based on the Hartwick's (1977) weak sustainability theoretical framework and the Brundtland et al. (1987) SD’s vision. The specific studies on mining and Top down/ Bottom-up approach allow us to identify five dimensions of sustainability of mining countries namely an economic dimension, a social dimension, an environmental dimension, a transverse dimension and a dimension involving governance, political and institutional issues. Each dimension is declined into measurable indicators, and then, the indicators are weighted and aggregated. An implementation of the constructed tool with Burkina Faso and Niger data reveals a dichotomy between perceived rents and development indicators. A sensitivity and robustness analysis of the SIMC with other development indicators confirms the strength of the tool.
    Keywords: Top down/ Bottom-up approach,Weak sustainability,Environmental cumulative impacts,Tool for decision making,Mining country,Composite index,Burkina Faso,Niger
    Date: 2017–04–03
  8. By: Kamalbek Karymshakov; Burulcha Sulaimanova
    Abstract: This paper aims to study the impact of migration on labour supply and time-use of women left behind in Kyrgyzstan. Using the household survey data for 2011, labour supply is measured by occupational choices and working hours. Apart from the labour supply data, this study uses detailed information on daily time-use, which is analysed within women’s occupations. This approach makes it possible to indicate the impact of migration not only through the labour supply analysis, which may be limited by reflecting labour market behaviour only, but also through the measure of allocation of time among different activities at home. To address the issue of endogeneity, the instrumental variable approach is applied. Results show that the migration of a household member increases the choice of left-behind women to be unpaid family workers. Most of the left-behind women choose unpaid family work and work more hours in this occupation. Although in the labour supply analysis wage-employment is not affected by migration, time-use model estimations reveal that wage-employed women are mostly affected through increases in the time for housework.
    Date: 2017
  9. 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: 2017–05–01
  10. By: Eric Tymoigne
    Abstract: The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that "money is what money does." In this approach, monetary and mercantile mechanics are conflated, which leads to the conclusion that unconvertible monetary instruments are worthless. The financial approach to money strictly separates the two mechanics and argues that major monetary disruptions occurred when the two were conflated. Monetary instruments have always been promissory notes. As such, their financial characteristics are central to their value and liquidity. One of the main financial requirements of any monetary instrument is that it be redeemable at any time. As long as this is the case, the fair value of an unconvertible monetary instrument is its face value. While the functional approach does not recognize the centrality of redemption, the paper shows that redemption plays a critical role in the state and credit views of money. Payments due to issuer and/or convertibility on demand are central to the possibility of par circulation. The paper shows that this has major implications for monetary analysis, both in terms of understanding monetary history and in terms of performing monetary analysis.
    Keywords: Credit Theory of Money; State Theory of Money; Net Present Value; Monetary Systems
    JEL: E31 E42 G12
    Date: 2017–05
  11. By: AfDB AfDB
    Date: 2017–05–17
  12. By: Siwan Anderson; Debraj Ray
    Abstract: o developed countries, there are far fewer women than men in parts of the developing world. Estimates suggest that more than 200 million women are demographically missing’ worldwide. To explain the global ‘missing women’ phenomenon, research has mainly ocused on excess female mortality in Asia. However, as emphasized in our earlier research, at least 0 per cent of the missing women are ‘missing’ from Africa. This paper employs a novel ethodology to determine how the phenomenon of missing women is distributed across Africa. oreover, it provides estimates of the extent of excess female mortality within different age groups nd by disease category. The empirical results reiterate the importance of excess female mortality or women in Africa.
    Date: 2017
  13. By: Diego Rijos (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración.)
    Abstract: The 2008 financial crisis, is perhaps the most significative event in the world’s economy during the XXI century. The present paper tries to explain this phenomena in light of the Austrian Business Cycle Theory (ABCT) developed by the Austrian School of Economics. With that in mind, this paper study the relation between the historical facts that happened during the previous years in the American economy and the stylized facts presented by the theory. In concrete we can observe an expansive monetary police held by the Federal Reserve during the previous years led the Federal Funds Rate below the individual’s intertemporal preference rate, i.e. original interest rate. As consequence of this, we can observe a misallocation of original factors in new ventures that led into a new more roundabout structure of production. Specifically, a conjunction of low interest rates in mortgages contracts and institutional factors led to the formation of a bubble in the real state sector. The growth in subprime lends and new ways to expand the credit via securities led into a financial mess that explodes once the Federal Reserve rises the FFR. As the FFR raised, the credit emitted by banks started to be tightened with less refinancing of default credits, specially affecting the subprime borrowers. As subprime borrowers default their mortgages, the different securities that were backed in them, start to have problems in payments. This affect not only individuals, but also banks, which have strong losses that in some cases led some financial organizations to the bankruptcy. As the securities were bought by agents of foreign economies the crisis spill over the world. As the ABCT predict, in this context the production structure in the expansive phase evolved in a more roundabout structure but as soon as the credit was retracted the structure became less roundabout. From the point of view of the stock market and the original factor’s prices, the behavior of this variables are in concordance with what the theory predict. Giving this, the stylized facts presented by the ABCT seem to be a good theoretical framework to explain this crisis.
    Keywords: 2008 Crisis, Austrian Buisness Cycle Theory, Subprime Crisis, ABCT
    JEL: B25 B53 E32 E44 E43 E51 E52 E58 N12
    Date: 2017–04

This nep-hme issue is ©2017 by Carlo D’Ippoliti. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.