|
on Heterodox Microeconomics |
|
Issue of 2018‒04‒02
twenty-six papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Agnès Labrousse (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Economiques d'Amiens - UPJV - Université de Picardie Jules Verne); Sandrine Michel (ART-Dev - Acteurs, Ressources et Territoires dans le Développement - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - UPVD - Université de Perpignan Via Domitia - UM3 - Université Paul-Valéry - Montpellier 3 - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This chapter discusses the way in which the social surplus is distributed and, crucially, used—that is, accumulation regimes. Historical observation shows that accumulation—the process of adding productive capital to the previously invested amount of capital—undergoes long periods of stability, followed by periods of instability and crisis. Thus, especially Régulation theory and the Social Structure of Accumulation approach set out to study the dynamics of production, consumption and the distribution of income through institutional frameworks specific in time and location and which underpin macroeconomic regularities. In this way, authors demonstrate that the evolutionary nature of the economy implies that economics should not assume a canonical accumulation regime but rather be concerned with a much broader variety of regimes. |
| Date: | 2017–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01719977&r=hme |
| By: | Yoann Verger (REEDS - Centre international de Recherches en Economie écologique, Eco-innovation et ingénierie du Développement Soutenable - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines) |
| Abstract: | Here I provide some further elaboration on the idea of Sraffian ecological economics and its articulation with the capability approach. This enables addressing some important questions raised by Nuno Ornelas Martins (2018) when commenting on the idea of Sraffian ecological economics as outlined in Verger (2017) while advancing the basis for a capability approach. In a more general way, a research pathway for the development of Sraffian ecological economics is presented, going from an historical work on the epistemological, ethical, and ontological positions of Sraffa, to the investigation of specific areas of research. Finally, to understand the connection between Sraffa's economic theory and the capability approach discussed by Martins (2018), while addressing the environmental impacts of production, an essential aspect is Pasinetti's concept of hyper-subsystem (Pasinetti, 1988), as suggested by Vivian Walsh (2003). |
| Date: | 2018–02–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01700228&r=hme |
| By: | Yoann Verger (REEDS - Centre international de Recherches en Economie écologique, Eco-innovation et ingénierie du Développement Soutenable - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines) |
| Abstract: | Piero Sraffa is a most famous economist, as well as a very parsimonious writer. So the discovery of an unpublished draft article in his unpublished papers is surely a big news for the history of economic thought, even more considering its subject: to provide an answer for the devastating article of C. F. Manara [1968]. Here I provide a first conjecture on why this draft has never been published - Sraffa was not able to overcome Manara's argument - and I show how Dupertuis and Sinha [2009] provide a solution that would have allowed Sraffa to publish what would have been his last article. |
| Date: | 2018–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01700137&r=hme |
| By: | Claudius Gräbner; Philipp Heimberger (The Vienna Institute for International Economic Studies, wiiw); Jakob Kapeller; Bernhard Schütz |
| Abstract: | Assessing Path Dependency in European Economic Integration This paper analyses the dynamics of structural polarisation and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery, financialised and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories. These trajectories relate to the sectoral development of European economies and the evolution of their technological capabilities. We propose a set of interrelated policy measures to counteract structural polarisation and to promote macroeconomic convergence in Europe. |
| Keywords: | Europe, path dependency, European integration, economic openness, competitiveness |
| JEL: | B5 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:143&r=hme |
| By: | Zheng, Min; Liu, Ruipeng; Li, Youwei |
| Abstract: | During last decades, studies on asset pricing models witnessed a paradigm shift from rational expectation and representative agent to an alternative, behavioral view, where agents are heterogeneous and boundedly rational. In this paper, we model the financial market as an interaction of two types of boundedly rational investors - fundamentalists and chartists. We examine the dynamics of the market price and market behavior, which depend on investors' behavior and the interaction of the two types of investors. Numerical simulations of the corresponding stochastic model demonstrate that the model is able to replicate the stylized facts of financial time series, in particular the long-term dependence (long memory) of asset return volatilities. We further investigate the source of the long memory according to asset pricing mechanism of our model, and provide evidences of long memory by applying the modified R/S analysis. Our results demonstrate that the key parameter that has impact on the long memory is the speed of the price adjustment of the market maker at the equilibrium of demand and supply. |
| Keywords: | Heterogeneity; bounded rationality; asymmetrical beliefs; long memory; modified R/S test |
| JEL: | G02 G12 |
| Date: | 2018–02–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:84886&r=hme |
| By: | Ewa Karwowski (UH - University of Hertfordshire [Hatfield]); Marcos Centurion-Vicencio (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2 - UGA - Université Grenoble Alpes) |
| Abstract: | Understanding the nature of state financialisation is crucial to ensure de-financialisation efforts are successful. This paper provides a structured overview of the emerging literature on financialisation and the state. We define financialisation of the state broadly as the changed relationship between the state, understood as sovereign with duties and accountable towards its citizens, and financial markets and practices, in ways that can diminish those duties and reduce accountability. We then argue that there are four ways in which financialisation works in and through public institutions and policies: adoption of financial motives, advancing financial innovation, embracing financial accumulation strategies, and directly financialising the lives of citizens. Organising our review around the two main policy fields of fiscal and monetary policy, four definitions of financialisation in the context of public policy and institutions emerge. When dealing with public expenditure on social provisions financialisation most often refers to the transformation of public services into the basis for actively traded financial assets. In the context of public revenue, financialisation describes the process of creating and deepening secondary markets for public debt, with the state turning into a financial market player. Finally, in the realm of monetary policy financial deregulation is perceived to have paved the way for financialisation, while inflation targeting and the encouragement, or outright pursuit, of market-based short-term liquidity management among financial institutions constitute financialised policies. |
| Keywords: | state,financialisation , monetary policy , fiscal policy , public policy , financialisation |
| Date: | 2018–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01713028&r=hme |
| By: | Ismael Lemhadri (CMAP - Centre de Mathématiques Appliquées - Ecole Polytechnique - Polytechnique - X - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We revisit the classical problem of market impact through the lens of a new agent-based model. Drawing from the mean-field approach in Statistical Mechanics and Physics, we assume a large number of 'agents' interacting in the order book. By taking the 'continuum' limit we obtain a set of nonlinear differential equations, the core of our dynamical theory of price formation. And we explicitly solve them using Fourier analysis. One could talk as well of a "micro-macro" approach of equilibrium, where the market price is the consequence of each ("microscopic") agent behaving with respect to his preferences and to global ("macroscopic") information. When a large market order (or "metaorder") perturbs the market, our model recovers the square-root law of impact, providing new insights on the price formation process. In addition, we give various limiting cases, examples and possible extensions. |
| Keywords: | mean-eld games,market microstructure,optimal execution strategies,reaction- diusion,agent-based models,latent order book,price formation,market impact |
| Date: | 2018–02–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01711192&r=hme |
| By: | Clovis Freire |
| Abstract: | Economic development is associated with structural transformation and the increase of complexity of production and exports. This paper examines whether strategic diversification is required to increase economic complexity or whether market incentives would be sufficient to drive this process of catching-up. The paper applies empirical methods of the strand of the literature on economic complexity to examine how path dependency and the demand for potential new products affect economic diversification. It argues that strategic diversification is required in cases when demand factors are very likely to create incentives for diversification towards less complex products, which hinders the increase of productive capacities of countries. The paper presents the results of analysis considering 221 economies and shows that less diversified economies would not be able to rely on market incentives alone. They have to strategically diversify towards more complex products, which require the selective promotion of economic activities through the use of targeted industrial, infrastructure, trade, investment and private sector development policies. |
| Keywords: | Diversification, Structural Transformation, Productive Capacities, Industrial Policy, Economic Development |
| JEL: | O11 O14 O33 O38 O53 O57 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:151&r=hme |
| By: | Christian Grimm; Jakob Kapeller; Stephan Puehringer |
| Abstract: | This paper studies the research interests, paradigmatic orientation and political orientation of about 700 full professors of economics at universities located in German-speaking countries. In doing so, we captured biographical and institutional information on these professorships by collecting data from personal and professional websites as well as publicly available CVs to derive indicators on the research orientation, the paradigmatic stance and the political involvement. The main contribution of this paper, hence, is empirical in nature. It documents the fairly homogenous paradigmatic stance of German-speaking academic economics, as criticized in recent debates on pluralism in economics, but also identifies venues of change within the existing paradigmatic setup. Furthermore, we show that a big share of German economists, active in economic policy advice bodies have institutional connections to the ordoliberal research program. This politico-ideological conjunction thus provides a possible explanation for the “German special path†in economic policy after the financial crisis. |
| Keywords: | socio-economics, economic sociology, institutions, economic thought, Germany |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:77&r=hme |
| By: | Yukie Saito (FFJ - Fondation France-Japon de l'EHESS - EHESS - École des hautes études en sciences sociales) |
| Abstract: | Enhancing gender diversity on boards of directors is an important policy agenda across societies. Despite being the third largest economic power in the world, the proportion of female members on boards of directors in Japan was only 3 per cent in 2016, which is one of the lowest among the OECD countries. This paper examines the data of listed firms in Japan, and explores the impact of institutional change on organisational diversity in terms of gender diversity on boards. In particular, it focuses on analysing the institutional pressure which Japan has been recently undergoing: financialisation and incremental regulatory reform. It is found that firms take institutional change as an incentive to relieve institutional pressure. Whilst increasing foreign investors and new policies encourage independence and gender diversity on boards, Japanese firms relieve both pressures by appointing female directors as outside directors after regulatory reform. Further, it is also found that firms have persistence in maintaining their corporate governance systems even when they are transforming their systems. Firms that implemented a more independent board structure do not necessarily nominate female board members, because the implementation of a more independent system complements board gender diversity. |
| Keywords: | Japan, Institutional Change, Female Board of Directors, Diversity, Financialization |
| Date: | 2017–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-01718369&r=hme |
| By: | Eva Pongrácz (University of Economics in Bratislava, Faculty of National Economy, Department of Social Development and Labor) |
| Abstract: | Development of social enterprises in Slovakia is less supported. Legislation is adopted only as a social enterprise work integration (temporary employment), and it is an instrument of active labour market policies. The social economy is determined also by the new organizations or by the successfully operating entities of the third sector that are followed by a new business approach. The biggest problem is that there is no comprehensive legislation and a system of financial support for social economy entities. We focus on the identification of barriers of social economy development and on the definition of criteria of social entrepreneurship as a new area of business activities with an emphasis on social enterprise, which has different forms of organization. |
| Keywords: | social economy, work integration social enterprises (WISE), social capital, unemployment, social inclusion |
| JEL: | L31 E24 A13 |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5908321&r=hme |
| By: | Na, Seung Kwon (Korea Institute for International Economic Policy); Kim, Eunmi (Korea Institute for International Economic Policy); Choi, Eun Hye (Korea Institute for International Economic Policy) |
| Abstract: | The emergence of a new phenomenon widely referred to as the sharing economy has experienced rapid growth over the past few years along with the digital evolution, allowing people to share and optimize underused personal assets on a much larger scale. The fast-paced growth of the sharing economy has taken root worldwide in both the developed and developing countries. In recent years, the sharing economy has disrupted traditional markets and generated difficult legal questions and political debates in various parts of the world. The growth of the sharing economy has led to growing pains for the platforms, participants, and regulators. The problems include legal disputes, taxation, and trust mechanisms. Despite these disputes, however, the three countries have legalized or attempted to authorize the sharing economy in different tactics while trying not to disrupt innovation associated with the sharing economy. The objective of this paper is to identify better policy options in the sharing economy for Korea by examining different countries' policy implications. To achieve this purpose, the structure of this paper is divided into five chapters. The first chapter of the paper develops a conceptual framework that supports to define and explain the sharing economy. The next three chapters touch upon different conflicts and policy implications of the sharing economy across the United States, Europe, and China. Finally, the paper concludes with a discussion of policy implications of the sharing economy for Korea. IT 기술의 발전과 함께 최근 공유경제가 디지털경제 시대에 주요한 혁신동력의 하나로 주목받고 있다. 그러나 한편으로는 공유경제 확산에 따라 기존 경제주체와의 갈등, 제도적 미비로 인한 문제가 나타나면서, 주요국들은 이에 대한 대응책 마련에 고심하고 있는 상황이다. 한국 역시 최근 우버, 에어비앤비의 국내 진출에 따라 다양한 갈등요인이 표출되고 있다. 이처럼 다양한 문제가 제기되고 있음에도 각국에서는 여전히 다양한 공유경제 기반의 비즈니스 모델이 끊임없이 나타나고 있다. 이는 최근의 소비 패턴 변화 등으로 인하여 공유경제 모델에 대한 관심과 요구가 확산되었으며, 디지털 플랫폼의 발전에 따라 공유 경제 활동을 효율적으로 구현할 수 있는 환경이 조성되었기 때문으로 판단된다. 더불어 공유경제는 사회 전체의 후생 증대뿐 아니라 지역경제 활성화, 노동시장의 유연성 확보, 창업 촉진 등 다양한 경제ㆍ사회적 문제 해결을 위한 수단으로서 각국에서 그 정책적 가치를 인정받고 있다. 이에 본 연구에서는 미국, 유럽, 중국 등 주요 국가들이 공유경제의 성장성을 유지해나가는 한편 각종 부정적 영향에 대하여 정책적으로 어떻게 대응하였는지를 살펴보고, 이를 통해 정책적 시사점을 도출하고자 하였다. 다만 광범위한 공유경제 분야를 모두 다룰 수 없기 때문에, 비교적 시장이 활성화되어 있으면서도 논쟁의 중심에 있는 숙박 및 차량 공유에 초점을 맞추어 분석하였다. |
| Keywords: | Sharing Economy; |
| Date: | 2017–12–13 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepre:2017_010&r=hme |
| By: | Adalmir Marquetti (PUC-RS); Catari Vilela Chaves (PUC-MG); Leonardo Costa Ribeiro (Inmetro); Eduardo da Motta e Albuquerque (Cedeplar-UFMG) |
| Abstract: | This paper compares data on rate of profit for the United States and China, exploring a dialogue between investigations on the average and general rates of profit (classical political economy and its modern versions) and inter-industry differences in the rate of profit (industrial economics). The comparative analysis between USA and China (2007-2014) is presented through the trajectories of national average rates of profit, the differences according to firm size, economic and manufacturing sectors. The data show a mismatch between the national average rate of profit (China has higher rates for all years, but 2014) and the rates of profit for manufacturing (USA have higher sectoral rates of profit for all years, but 2009). |
| Keywords: | Rate of profit, different national rates of profit, inter-industry differences in profitability |
| JEL: | P16 O33 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:cdp:texdis:td577&r=hme |
| By: | Miguel Vazquez; |
| Abstract: | The primary objective of this paper is to study the role of institutions evolution assuming that economies are generally out of equilibrium. The focus is developing a logical framework that allows describing economies as complex adaptive systems. This will allow deducing the uncertainty inherent to the economy as a consequence of system characteristics (instead of assuming it as hypothesis). Thus, it will be possible to characterize adaptation from fundamental properties of the system. As institutions are mechanisms to facilitate adaptation, the paper will provide a fundamental description of the functioning and logic for institutions within complex adaptive systems. |
| Keywords: | Complex adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty |
| JEL: | D8 D02 O3 B5 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:bcu:iefewp:iefewp104&r=hme |
| By: | Martina Capuano |
| Abstract: | Il working paper ha come obiettivo quello di mostrare l’applicazione del moltiplicatore dell’output di Leontief nell’economia moderna come modo per stimare l’output potenzialmente producibile dalle imprese a seguito del Piano “Industria 4.0†. Nel lavoro viene proposta una applicazione matematica del modello di Leontief utile per valutare l’impatto che la policy avrà sulle industrie manifatturiere italiane grazie ai moltiplicatori dell’output calcolati a partire dalla tavola simmetrica Input - Output (SIOT) per l’anno 2013 da noi ottenuta dalle tavole supply and use dell’ISTAT. |
| Keywords: | Industry 4.0; impact evaluation; manufacturing industry; input – output tables; Leontief multiplier |
| JEL: | E02 L52 L60 |
| Date: | 2018–03–28 |
| URL: | http://d.repec.org/n?u=RePEc:udf:wpaper:2018047&r=hme |
| By: | João Correia-da-Silva (CEF.UP and Faculdade de Economia, Universidade do Porto.); Joana Pinho (CEF.UP and Faculdade de Economia, Universidade do Porto.) |
| Abstract: | We study the sustainability of collusion in mixed oligopolies where private and public firms only differ in their objective: private firms maximize profits, while public firms maximize total surplus. If marginal costs are increasing, public firms do not supply the entire market, leaving room for private firms to produce and possibly cooperate by restricting output. The presence of public firms makes collusion among private firms harder to sustain, and maybe even unprofitable. As the number of private firms increases, collusion may become easier or harder to sustain. Privatization makes collusion easier to sustain, and is socially detrimental whenever firms are able to collude after privatization (which is always the case if they are sufficiently patient). Coordinated effects thus reverse the traditional result according to which privatization is socially desirable if there are many firms in the industry. |
| Keywords: | Collusion; Mixed oligopoly; Privatization; Coordinated effects |
| JEL: | D43 H44 L13 L41 |
| Date: | 2017–07 |
| URL: | http://d.repec.org/n?u=RePEc:por:fepwps:590&r=hme |
| By: | Fukao, Kyoji; Perugini, Cristiano |
| Abstract: | In this paper we investigate the long-term drivers of the share of output accruing to labour in Japan. We contribute to this strand of literature by extending the theoretical SK schedule model proposed by Bentotila and Saint-Paul (2003) to multiple inputs and by providing new empirical evidence on Japan at detailed sector-level over the period 1970–2012. The econometric analysis is carried out by means of an error correction model (ECM) that allows testing the existence of long-run relationships while accounting for cross-sectional heterogeneities and dependence. Results indicate that the macro-sector of low-knowledge-intensive market services was mainly responsible for the decline in the labour share experienced by the Japanese economy in the four decades considered. This was related to technological change and, more importantly, to labour market factors - such as the role of unions and a high substitutability of regular with non-regular workers - and product market structural features. These drivers could have significantly contributed to reducing the bargaining power of labour vis-à-vis employers and, consequently, the labour share. |
| Keywords: | labour share, non-regular work, markup, Japan |
| JEL: | E25 J30 L11 O14 |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:672&r=hme |
| By: | Lungile Ntombela (University of KwaZulu-Natal) |
| Abstract: | This paper makes an exploration into the workplace experiences of sexual and gender ?non-normative? employees in post-apartheid South Africa. Whilst there has been increasing focus on diversity in corporate workplaces in the fields of Human Resource Management and Industrial Relations, there has been silences around issues of sexuality. Although South Africa has one of the world?s most progressive anti-discriminatory legislative framework, this paper also explores how sexual and gender ?non-normative? employees challenge, negotiate and manage their personal and professional sexual identities amidst these recent socio-legal changes. Orientated within the interpretivist theoretical paradigm, this paper aims to understand the multiple realities described by individuals based on their lived experiences. The theoretical contributions of Judith Butler, Eve Sedgwick and David Halperin suggest that sexuality is something fluid and that ?self? is unstable, thereby questioning the legitimacy of identity categories. Therefore, sexuality is seen through the lens of a growing, yet contested, body of knowledge known as Queer theory. |
| Keywords: | sexuality, sexual and gender ?non-normative?, corporate workplace, identity construction, Queer theory |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:5907850&r=hme |
| By: | Daniel Ladley (University of Leicester); Peter L. Rousseau (Vanderbilt University) |
| Abstract: | We assess systematic risk in the U.S. banking system before and after the Panic of 1873 using a combination of linear programming and computational optimization to estimate the interbank network based upon total gross and net positions of national banks a week before the crisis. We impose various liquidity shocks resembling those of 1873, and find the network can capture the distribution of interbank deposits a year later. The network may be used to predict banks likely to panic (i.e., change reserve agent) in the crisis. The identified banks see their balance sheets weaken in the year after the crisis more than other banks. The results shed light on the nature and regional pattern of withdrawals that may have occurred in a classic 19th century U.S. financial crisis. |
| Keywords: | Panic of 1873, Reserve System, Crisis, Systemic Risk, Network. |
| JEL: | G2 N1 |
| Date: | 2018–03–23 |
| URL: | http://d.repec.org/n?u=RePEc:van:wpaper:vuecon-sub-18-00004&r=hme |
| By: | Quintín Quílez Pedro |
| Abstract: | El tema de la herencia constituye un asunto menor dentro de la sociología desarrollada por Émile Durkheim (1858-1917). Sin embargo, su apuesta por la eliminación legal de la herencia familiar fue, para este autor, no solo la oportunidad de ofrecer una interpretación sociológica de su origen, función y evolución, sino sobre todo de situarse políticamente en los debates políticos del momento. Como resultado, Durkheim formuló una predicción sobre su futura desaparición. La herencia sería substituida por otras formas de transmisión de bienes más pertinentes para las sociedades modernas caracterizadas por una cada vez mayor división y especialización del trabajo. Si El capital en el siglo XXI (2013), el exitoso libro del economista Thomas Piketty, ha vuelto a poner sobre la mesa el papel jugado por el capital económico heredado en el actual incremento de la desigualdad social, vale la pena recordar lo que al respecto dijo uno de los padres fundadores de la sociología y de quien estamos conmemorando los cien años de su muerte. |
| Keywords: | Sociología clásica, Sociología económica, Herencia |
| Date: | 2018–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000149:016142&r=hme |
| By: | Siddig, Khalid; Elagra, Samir; Grethe, Harald; Mubarak, Amel |
| Abstract: | The 2012 Social Accounting Matrix (SAM) for the Sudan, with a special focus on agriculture, water, and energy, is built using data from domestic sources in the Sudan, including the Central Bureau of Statistics, the Ministry of Agriculture, the Ministry of Finance and Economic Planning, and the Central Bank of Sudan, besides other external sources. Major data sets used include the 2012 National Accounts and Trade Statistics of the CBS, the 53rd Annual Report of the Central Bank of the Sudan, the 2011 Labor Force Survey, the 2009 Household Income and Expenditure Survey, the 2009-2012 Agricultural Production Cost Survey, and the 2005 Industrial Survey. Data from external sources are used to complement national sources. These sources include IMF studies on government finances, FAO reports and data on agriculture, and ILO reports on labor. The SAM distinguishes between agricultural activities based on modes of irrigation, energy based on its major source, and water based on modes of production and types of uses. Land is divided into irrigated and non-irrigated, while natural water resources are added in a separate account. Households are categorized by state, location (rural and urban), and income quintiles. Labor accounts are differentiated based on location (rural and urban), skill level, and gender. |
| Keywords: | SUDAN; EAST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; agriculture; water; energy; data collection; data; aggregate data; economic indicators; databases; Social Accounting Matrix (SAM); E16 General Aggregative Models: Social Accounting Matrix |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:menawp:8&r=hme |
| By: | Clovis Freire |
| Abstract: | Economic diversification is very relevant for poorer developing countries to create jobs and foster economic development. That need has been recognized in key internationally agreed development goals. The empirical economic literature has identified several stylized facts about the pattern of diversification of economies, but the development of explanations for those patterns in general has been only loosely associated with economic theory on growth, trade, technology change and structural transformation. Making that connection is relevant because it could inform policymakers in developing countries in designing and implementing policies for promoting diversification. This paper presents a model of structural economic dynamics and endogenous technological change that is able to replicate empirical regularities related to economic diversification. The model is used to study strategies to foster diversification in poorer countries, which could help to better target action in the implementation of internationally agreed goals related to the economic diversification of these countries. |
| Keywords: | Diversification, Economic Complexity, Structural Transformation, Productive Capacities, Economic Development |
| Date: | 2017–08 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:150&r=hme |
| By: | Bartels, Charlotte; Shupe, Cortnie |
| Abstract: | We compute participation tax rates across the EU and find that work disincentives inherent in tax-benefit systems largely depend on household composition and the individual's earner role within the household. We then estimate participation elasticities using an IV Group estimator that enables us to investigate the responsiveness of individuals to work incentives. We contribute to the literature on heterogeneous elasticities by providing estimates for different socioeconomic groups by country, gender and earner role within the household. Our results show an average elasticity of 0.08 for men and of 0.14 for women as well as a high degree of heterogeneity across countries. The commonly cited difference in elasticities between men and women stems predominantly from the earner role of the individual within the household and nearly disappears once we control for this factor. |
| Date: | 2018–03–20 |
| URL: | http://d.repec.org/n?u=RePEc:ese:emodwp:em7-18&r=hme |
| By: | Ernest Aigner (Vienna University of Economics and Business, Austria); Florentin Glötzl (Vienna University of Economics and Business, Austria); Matthias Aistleitner (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Jakob Kapeller (Department of Economics, Johannes Kepler University Linz, Austria) |
| Abstract: | Has the global financial crisis of 2007ff had a visible impact on the economics profession? To answer this question we employ a bibliometric approach and compare the content and orientation of economic literature before and after the crisis with reference to two different samples: A large-scale sample consisting of more than 440,000 articles published between 1956 and 2016 and a smaller sample of 400 top-cited papers before and after the crisis. Our results suggest that – unlike the Great Depression of the 1930s – the current financial crisis did not lead to any major theoretical or methodological changes in contemporary economics, although the topic of financial instability received increased attention after the crisis. |
| Keywords: | crisis, economics profession, economic journals, keyword analysis, paradigmatic development |
| Date: | 2018–02 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:75&r=hme |
| By: | Eman Abdelhadi; Paula England (Division of Social Science) |
| Date: | 2018–03 |
| URL: | http://d.repec.org/n?u=RePEc:nad:wpaper:20180015&r=hme |
| By: | Torry, Malcolm |
| Abstract: | This is an addendum to EUROMOD working paper EM 12/17, which updates, corrects and extends the previous evaluation of an illustrative Citizen’s Basic Income scheme. Debate about Citizen’s Basic Income – an unconditional and nonwithdrawable income for every individual – has shifted in character. An earlier phase related to the proposal’s desirability; then followed debate about its feasibility; and now attention has turned to questions of implementation. Working paper EM 12/17 operationalised characteristics of two implementation models in terms of changes that might be required in existing UK tax and benefits systems, and it evaluated the implementation methods in relation to a wider variety of indicators than previous exercises of this kind: poverty and inequality indices, tax rate rises required for revenue neutrality, household disposable income gains and losses, households’ abilities to escape from means-testing, and marginal deduction rates. This addendum employs EUROMOD H1.0+ to update the evaluation of one of the two implementation methods, to make a correction in one of the marginal deduction rates, and to extend the evaluation by calculating the number of households able to escape from all means-tested benefits, and by calculating the gains and losses that would be experienced by households containing individuals with disabilities. |
| Date: | 2018–03–22 |
| URL: | http://d.repec.org/n?u=RePEc:ese:emodwp:em12-17a&r=hme |