nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2018‒06‒25
24 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Minsky models: A structured survey By Maria Nikolaidi; Engelbert Stockhammer
  2. Changing levels of self-organization : how a capitalist economy differs from other complex systems By Leonardo Costa Ribeiro; Leonardo Gomes de Deus; Pedro Mendes Loureiro; Eduardo da Motta e Albuquerque
  3. A Global Voice for Survival: An Ecosystemic Approach for the Environment and the Quality of Life By Pilon, André Francisco
  4. Math, Girls and Socialism By Lippmann, Quentin; Senik, Claudia
  5. Addendum to "Marx's Analysis of Ground-Rent : Theory, Examples and Applications" By Deepankar Basu
  6. Financialisation: Dimensions and determinants. A cross-country study By Ewa Karwowski; Mimoza Shabani; Engelbert Stockhammer
  7. The Research Excellence Framework 2014, journal ratings and the marginalization of heterodox economics By Engelbert Stockhammer; Quirin Dammerer; Sukriti Kapur
  8. Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription By Jackson, Emerson Abraham
  9. Secular stagnation and concentration of corporate power By Joan R. Rovira
  10. Financialisation in emerging economies: a systematic overview and comparison with Anglo-Saxon economies By Ewa Karwowski; Engelbert Stockhammer
  11. Thorstein Veblen on the nature of the firm and income distribution By Guglielmo Forges Davanzati
  12. Financialisation and physical investment: a global race to the bottom in accumulation? By Daniele Tori; Özlem Onaran
  13. Corporate financialisation in South Africa: From investment strike to housing bubble By Ewa Karwowski
  14. Wages and employment adjustment in times of crisis in France: which concessions bargaining? A mixed-method approach based on the 2010-2011 REPONSE survey By Noélie Delahaie; Coralie Perez
  15. The investment-profit nexus in an era of financialisation and globalisation. A profit-centred perspective By Cédric Durand; Maxime Gueuder
  16. Is Energy Transition Beneficial to Sectors with High Employment Content? An Input-Output Analysis for France By Quentin Perrier; Philippe Quirion
  17. Regulating speculative housing markets via public housing construction programs: Insights from a heterogeneous agent model By Martin, Carolin; Westerhoff, Frank
  18. The Composition of Capital and Technological Unemployment: Marx's (and Ricardo's) Intellectual Debt to John Barton and George Ramsay. By Miguel D. Ramirez
  19. Market Mechanism in the View Of Ibn Taimiyyah By Pancarini, Ans Shinta
  20. Recognition of care work: the case of the Expanded Public Works Programme in South Africa By Charlotte Bilo
  21. Some notes on international transport margins in a balanced World Input-Output Tables By Martin Labaj
  22. A Model of the Marxist Rent Theory By Debarshi Das
  23. Économie collaborative, formes d'organisations et de travail - Opportunités et risques d'un pseudo- nouveau paradigme en management By Lise Arena
  24. Characterising green employment: the impacts of ‘greening’ on workforce composition By Bowen, Alex; Kuralbayeva, Karlygash; Tipoe, Eileen L.

  1. By: Maria Nikolaidi (University of Greenwich); Engelbert Stockhammer
    Abstract: Minsky’s ideas have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of Minsky’s insights. The aim of this paper is to survey the literature and identify differences and similarities in the ways through which Minskyan ideas have been formalised. We distinguish between the models that focus on the dynamics of debt or interest, with no or a secondary role for asset prices, and the models in which asset prices play a key role in the dynamic behaviour of the economy. Within the first category of models we make a classification between (i) the Kalecki-Minsky models, (ii) the Kaldor-Minsky models, (iii) the Goodwin-Minsky models, (iv) the credit rationing Minsky models, (v) the endogenous target debt ratio models and (vi) the Minsky-Veblen models. Within the second category of models, we distinguish between (i) the equity price Minsky models and (ii) the real estate price Minsky models. Key limitations of the models and directions for future research are outlined.
    Keywords: business cycles, financial instability, post-Keynesian economics, debt cycles
    JEL: B50 E32 G01
    Date: 2017–07
  2. By: Leonardo Costa Ribeiro (Inmetro-RJ); Leonardo Gomes de Deus (Cedeplar-UFMG); Pedro Mendes Loureiro (SOAS-UK); Eduardo da Motta e Albuquerque (Cedeplar-UFMG)
    Abstract: This paper investigates the specificity of a modern capitalist economy as a complex system. This investigation is based on a review of the literature to understand complexity in the physical and biological worlds, to learn the bases of complexity and self-organization, and to locate the tools used to identify and measure them. An economy has different layers and levels of organization, based upon human beings, agents that think, have intentions and change all the time. This paper presents a new model to replicate the workings of a capitalist economy that endogenizes the introduction of innovations and institutional change, and it runs a simulation. The analysis of those results indicate that a modern capitalist economy is a complex system, and that this complex system changes its level of self-organization over time. This finding highlights the peculiarity of a capitalist economy vis-à-vis other complex systems.
    Keywords: rate of profit; technological revolutions; Marx; complex systems; metamorphoses of capitalism; simulation models.
    JEL: P16 O33 B51
    Date: 2018–05
  3. By: Pilon, André Francisco
    Abstract: In view of the overwhelming pressures on the global environment and the need to disrupt the systems that drive them, an ecosystemic theoretical and practical framework is posited for the evaluation and planning of public policies, research and teaching programmes, encompassing four dimensions of being-in-the-world (intimate, interactive, social and biophysical), as they combine, as donors and recipients, to induce the events (deficits/assets), cope with consequences (desired/undesired) and contribute for change (potential outputs). The focus should not be on the “bubbles” of the surface (consequences, fragmented issues), but on the configurations deep inside the boiling pot where the problems emerge. New paradigms of development, growth, power, wealth, work and freedom, embedded at institutional level, include heterogeneous attributes, behaviours and interactions and the dynamics of the systems (institutions, populations, political, economic, cultural and ecological background). Instead of dealing with the bubbles (segmented, reduced issues) and trying to solve isolated and localized problems without addressing the general phenomenon, the proposal emphasizes the definition of the problems deep inside the “boiling pot”, where the problems emerge, encompassing the current “world-system” with its boundaries, structures, techno-economic paradigms, support groups, rules of legitimation, and coherence. In the socio-cultural learning niches, heuristic-hermeneutic experiences generate awareness, interpretation and understanding beyond established stereotypes, from a thematic (“what”), an epistemic(“how”) and a strategic (policies) point of view. The proposal relates to how taken for granted worldviews, values and perceptions affect environmental problems and quality of life.
    Keywords: education, culture, politics, economics, ethics, environment, ecosystems
    JEL: I00 I25 I28 I29 O21 O31 Q2 Q28 Q5 Q51 Q56 Q57 Q58
    Date: 2016–11–05
  4. By: Lippmann, Quentin (Paris School of Economics); Senik, Claudia (Paris School of Economics)
    Abstract: This paper argues that the socialist episode in East Germany, which constituted a radical experiment in gender equality in the labor market and other instances, has left persistent tracks on gender norms. We focus on one of the most resilient and pervasive gender gaps in modern societies: mathematics. Using the German division as a natural experiment, we show that the underperformance of girls in math is sharply reduced in the regions of the former GDR, in contrast with those of the former FRG. We show that this East-West difference is due to girls' attitudes, confidence and competitiveness in math, and not to other confounding factors, such as the difference in economic conditions or teaching styles across the former political border. We also provide illustrative evidence that the gender gap in math is smaller in European countries that used to be part of the Soviet bloc, as opposed to the rest of Europe. The lesson is twofold: (1) a large part of the pervasive gender gap in math is due to social stereotypes; (2) institutions can durably modify these stereotypes.
    Keywords: gender gap in math, institutions, German division, gender stereotypes
    JEL: I2 J16 J24 P36 Z13
    Date: 2018–05
  5. By: Deepankar Basu (Department of Economics, University of Massachusetts - Amherst)
    Abstract: In a recent paper, I had proposed an analytical framework to understand Marx’s theory of ground-rent. An important question had been left unaddressed in the paper : how are the price and output levels (of the agricultural commodity) determined in a way that can both take account of fluctuations in market demand and also embed profit-maximizing behavior of the capitalist-farmers? In this note, I offer a simple way to think about the determination of equilibrium levels of price and output for the agricultural commodity that makes explicit two important dimensions: (a) the role of aggregate demand for the agricultural commodity, and (b) profit maximizing behavior of the capitalist farmers.
    Keywords: ground-rent, surplus value, Marx
    JEL: B51
    Date: 2018
  6. By: Ewa Karwowski (SOAS, University of London); Mimoza Shabani; Engelbert Stockhammer
    Abstract: The financialisation literature has grown over the past two decades. While there is a generally accepted definition, effectively financialisation has been used to describe very different phenomena. This paper proposes a multi-faceted notion of financialisation by distinguishing between financialisation of non-financial companies, households and the financial sector and using activity as well as vulnerability measures of financialisation. We identify seven financialisation hypotheses in the literature and empirically investigate them in a cross-country analysis for 17 OECD countries for the 1997-2007 period. We find that different financialisation measures are only weakly correlated, which suggests the existence of distinct financialisation processes. There is strong evidence across all sectors that financialisation is closely linked to asset price inflation and correlated with a debt-driven demand regime. Financial deregulation encourages financialisation, especially in the financial and household sector. By contrast, there is limited evidence that market-based financial systems tend to be more financialised, meaning financialisation can occur with large banks. Foreign financial inflows do not seem to be a main driver. We do not find indication that a secular investment slowdown precedes financialisation. Overall, our findings suggest that financialisation should be understood as variegated process, playing out differently across economic sectors in different countries.
    Keywords: financialisation, cross country analysis, financial deregulation, property prices
    JEL: B50 B51 G10 G20 G30 P51
    Date: 2016–12
  7. By: Engelbert Stockhammer (Kingston University); Quirin Dammerer; Sukriti Kapur
    Abstract: The Research Excellence Framework (REF) is the main research assessment for universities in the UK. It informs university league tables and the allocation of government research funding. This paper analyses the evaluations of the REF 2014 for Economics, Business, Politics and History. We analyse, first, from which journals, articles have been submitted; second, to what extent journal ratings and impact factors predict the REF´s evaluations; third, how many articles from heterodox economics journals have been submitted. We find that a small group of journals dominate the outputs submitted. Journal ratings and impact factors explain 86 to 89% of the variation in the output evaluations for Economics. These values are lower but still substantial for other disciplines. Few papers from heterodox economics journals were submitted to Economics. Overall, the REF in its present form marginalises heterodox economics, pushes it out of the discipline and endangers pluralism in economics research.
    Keywords: research assessment, Research Excellence Framework, journal impact factors, journal ratings, pluralism, heterodox economics
    JEL: A14 A20 B50
    Date: 2017–11
  8. By: Jackson, Emerson Abraham
    Abstract: This research article was championed as a way of providing discourses pertaining to the concept of "Critical Realism (CR)" approach, which is amongst many othe forms of competing postmodern philosophical concepts for the engagement of dialogical discourses in the area of established econonetric methodologies for effective policy prescription in the economic science discipline. On the the whole, there is no doubt surrounding the value of empirical endeavours in econometrics to address real world economic problems, but equally so, the heavy weighted use and reliance on mathematical contents as a way of justifying its scientific base seemed to be loosing traction of the intended focus of economics when it comes to confronting real world problems in the domain of social interaction. In this vein, the construction of mixed methods discourse(s), which favour that of CR philosophy is hereby suggested in this article as a way forward in confronting with issues raised by critics of mainstream economics and other professionals in the postmodern era.
    Keywords: Theoretical, Methodological Intervention, Postmodern, Critical Realism, Econometrics
    JEL: A12 B50 C18
    Date: 2018–05–18
  9. By: Joan R. Rovira (Economic Studies Office, Barcelona Chamber of Commerce (ES))
    Abstract: We identify a set of key stylised facts characterising the evolution of the seven largest advanced economies from the 1960s to 2015 and develop a small one-sector model of growth and distribution broadly consistent with these facts. The model is used to explore the relationship between falling trend growth, the re-distribution of aggregate income towards profits and the concentration of corporate power and wealth. Theory is confronted with history to illustrate how changes in social structure can affect economic behaviour and performance. We argue that finance-led corporate restructuring, involving debt-financed corporate transactions, may have played a crucial role in shaping long-term patterns of growth and distribution.
    Keywords: Stagnation, Distribution, Growth, Financialisation, Heterodox Economics
    JEL: B22 E11 E12 E44 E65 G01 O11
    Date: 2017–05
  10. By: Ewa Karwowski; Engelbert Stockhammer
    Abstract: Financialisation research has originally focussed on the US experience, but the concept is now increasingly applied to emerging economies (EMEs). There is a rich literature stressing peculiarities of individual country experiences, but little systematic comparison across EMEs. This paper fills this gap, providing an overview of the debate and identifying six financialisation interpretations for EMEs. These different interpretations stress (1) financial deregulation (2) foreign financial inflows, (3) asset price volatility, (4) the shift from bank-based to market-based finance, (5) business debt, and (6) household indebtedness. We construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America, emerging Europe, Africa and Asia, contrasting them with the US and UK, two financialised economies. We find considerable variation in financialisation experiences of EMEs. Asset price volatility is found across continents. Asia has been more exposed to capital inflows, stock markets have gained importance and private sector debt risen. In emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household debt. The picture is similar in South Africa, the African EME in the sample, where household debt is comparatively high. Financialisation in Latin America is weaker according to our measures.
    Keywords: financialisation, emerging markets, financial instability, asset price volatility, heterodox economics
    JEL: B50 E30 F34 G01 G12 G15
    Date: 2016–08
  11. By: Guglielmo Forges Davanzati (University of Salento (IT))
    Abstract: The aim of this paper is to provide a theoretical model inspired by Veblen’s theory of the firm, and to derive some implications of firms’ behaviour for the process of income distribution. It will be shown that the firm is a locus of conflict, involving technicians – interested in expanding production – and “businessmen” – interested in gaining money profits via the management of the “pecuniary side” of the firm. The outcome of the bargaining within the firm defines the ‘workmanship-type’ or ‘non-workmanship-type’ nature of the firm, and affects the level of real wages and employment, insofar as the greater the power of technicians, the higher the real wages are. Moreover, since the expansion of production is associated with the minimum degree of underutilization of capital, technical improvements have a positive effect on the level of employment. Finally, it is argued that a wage increase can have a positive effect on the degree of capital utilization and the level of employment, via the increase in total demand and in the degree of capital utilization.
    Keywords: Veblen, theory of firm, wages, income distribution
    JEL: B15 B31 D21 D30
    Date: 2016–11
  12. By: Daniele Tori; Özlem Onaran
    Abstract: We estimate the effects of financialisation on physical investment in the developed and developing countries using panel data based on balance-sheets of publicly listed non-financial companies (NFCs) for the period 1995-2015. Among the developed economies, we focus on the cases of the USA, Japan, and a group of Western European countries. In the developing world, we present estimations based on the group of the NFCs in all developing countries as well as BRICS as a group- and country specific estimations for South Africa, South Korea, India, and China. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets. The negative impacts of financial incomes are non-linear with respect to the companies' size; financial income crowds out investment in large companies, and have a positive effect on the investment of only smaller, relatively more credit-constrained companies. Our findings support the ‘financialisation thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term concerns for productivity in both developed and developing countries.
    Keywords: financialisation, investment, non-financial sector, firm data, developing countries
    JEL: C23 D22 O16
    Date: 2017–07
  13. By: Ewa Karwowski
    Abstract: This article reveals the processes of financialisation in the South African economy by tracing the sources and destinations of NFCs' liquidity. The paper argues that rather than the volume of NFCs' financial investment, the composition of financial assets is crucial to assess corporate financialisation in the country. Non-financial businesses in South Africa fundamentally transformed their investment behaviour during the 1990s, shifting from more productive uses such as trade credit towards highly liquid and potentially innovative (and therefore risky) financial investment. Following the direction of financial flows the article shows that – fuelled by foreign capital inflows – companies' financial operations contributed to the price inflation in South African property markets.
    Keywords: financialisation, emerging markets, financial instability, asset price volatility, heterodox economics
    JEL: B50 F30 F34 G01 G12 G15
    Date: 2017–07
  14. By: Noélie Delahaie (IRES - Institut de Recherches Economiques et Sociales - IRES); Coralie Perez (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Since 2008 in France, the establishments implemented wage, employment and working time adjustments to deal with the effects of the economic crisis. This paper aims at understanding the way social actors have negotiated wage and employment adjustments. Did personal representatives influence managerial decisions in terms of adjustment? Were they involved in concessions bargaining? From a methodological point of view, we investigate the dynamism of concessions bargaining by relying on cross referencing of the REPONSE 2010-2011 survey (provided by French Ministry of Labour) on French industrial relations between 2008 and 2010 and of case studies conducted on French establishments between 2012 and 2014. Our analysis allows underlying different kinds of concession bargaining which depend on the nature of industrial relations and of the impact of economic downturn on companies' activity. We also show that concessions may have some more or less durable effects on the employment relation. Finally, our analysis sheds light on the implications of recent reforms in collective bargaining in France, which may facilitate unbalanced concession bargaining in favour of employer.
    Abstract: Pour faire face à la forte dégradation de la conjoncture économique depuis 2008 en France, les établissements ont procédé à des ajustements de l'emploi, des salaires et du temps de travail, de nature et d'ampleur variables. Dans un contexte de tensions accrues sur les relations sociales en entreprise, nous nous intéressons à la manière dont les ajustements sur l'emploi et les salaires ont été négociés. Les représentants du personnel ont-ils pu infléchir les décisions initialement prises ? Le cas échéant, des contreparties ont-elles été échangées ? L'exploitation statistique de l'enquête RESPONSE 2010-2011 combinée à des enquêtes de terrain menées dans des établissements en France, entre 2012 et 2014, met au jour des négociations de contreparties ayant des effets plus ou moins durables sur la relation d'emploi, et qui dépendent à la fois de l'état des relations sociales et de la nature (et de l'ampleur) de la crise. Nos analyses invitent à discuter les enjeux des évolutions récentes du cadre législatif en France, en ce qu'elles peuvent faciliter des négociations de contreparties déséquilibrées (en faveur des employeurs) et durablement concédées.
    Keywords: wages,employment,industrial relations,concession bargaining,flexibility,economic crisis,emploi,salaires,relations professionnelles,négociations de concession,flexibilité,crise économique
    Date: 2018–03
  15. By: Cédric Durand (CEPN, Université Paris 13 (FR)); Maxime Gueuder
    Abstract: During the past decades, the link between profits and domestic investment has weakened in the biggest high-income economies. The present contribution explores this relaxation of the profits-investment nexus through a profit-centred perspective. Focusing on the impact of the origins and uses of profits, we study the investment behaviour of non-financial corporations in relation to their profits at the macro level since 1980, a period marked by financialisation and globalisation. We contrast three competing hypotheses – the Revenge of the Rentiers, the Financial Turn of Accumulation and Globalisation – and test them through a macro panel data analysis for France, Germany, Italy, Japan, the United Kingdom and the United States over the period 1980-2012.
    Keywords: profits, investment, financialisation, globalisation, macro panel analysis
    JEL: E22 G35
    Date: 2016–07
  16. By: Quentin Perrier (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique); Philippe Quirion (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Employment has been a key issue in the public debate on the energy transition in France. In this paper, we develop a methodology based on input-output analysis to compare the employment content of each economic sector to the national average. The differences are broken down into five components: the import rates of final goods, the import rates of intermediate goods, taxes and subsidies, salary levels and the share of labor in value added. We then estimate the employment content and the greenhouse gases (GHG) content of all French economic sectors in 2010, in order to study intersectoral substitutions stemming from an energy transition. We find that employment content variations are explained, in order of importance, by salary levels, the share of labor in value added, the import rates of final goods, the import rates of intermediate goods, and finally taxes and subsidies. In addition, our results show that the EU ETS covers sectors with high GHG content and low employ- ment content, but not sectors with high GHG content and high employment content. Concerns about employment impacts might be part of the explanation for this. Finally, we identify intersectoral substitutions that would encourage sectors with lower GHG content and higher employment content.
    Abstract: Dans le débat public sur la transition énergétique en France, l’emploi occupe une place prépondérante. Nous développons une méthode basée sur l’analyse entrées-sorties pour décomposer le contenu en emploi d’une branche et le comparer à la moyenne nationale selon cinq critères : le taux d’importations finales, le taux d’importations intermédiaires, les taxes et subventions, la part du travail dans la valeur ajoutée et le niveau de salaire. Nous évaluons ensuite le contenu en emploi et en émissions de gaz à effet de serre de toutes les branches économiques françaises en 2010, pour étudier les substitutions interbranches d’une transition énergétique. Nos résultats indiquent que les variations de contenu en emploi entre branches s’expliquent, dans l’ordre, par le niveau de salaire, la part du travail dans la valeur ajoutée, le taux d’importations finales, le taux d’importations intermédiaires, et en dernier par les taxes et subventions. Par ailleurs, nous montrons que l’EU ETS couvre les branches intensives en émissions et peu intensives en emploi, mais pas les branches intensives en émissions et en emploi. L’emploi pourrait donc expliquer en partie le choix des branches soumises à l’EU ETS. Enfin, nous identifions des substitutions qui favoriseraient des branches moins intensives en émissions et plus intensives en emploi.
    Keywords: Index decomposition analysis,Input-Output Analysis,Energy transition,Employment
    Date: 2017
  17. By: Martin, Carolin; Westerhoff, Frank
    Abstract: Since the instability of housing markets may be quite harmful for the real economy, we explore whether public housing construction programs may tame housing market fluctuations. As a workhorse, we use a behavioral stock-flow housing market model in which the complex interplay between speculative and real forces triggers realistic housing market dynamics. Simulations reveal that plausible and well-intended policy measures may turn out to be a mixed blessing. While public housing construction programs may reduce house prices, they seem to be incapable of bringing house prices much closer towards their fundamental values. In addition, these programs tend to drive out private housing constructions.
    Keywords: housing markets,boom-bust dynamics,extrapolative and regressive expectations,heterogeneous agent model,policy experiments,public housing construction programs
    JEL: D84 R21 R31
    Date: 2018
  18. By: Miguel D. Ramirez (Department of Economics, Trinity College)
    Abstract: This brief note contends that Marx's (and Ricardo's) views on fixed (constant) and circulating (variable) capital,the impact of machinery on the working class,and their conception of how the accumulation of capital gives rise to a relative diminution in the demand for labor were strongly influenced by the works of English economists John Barton and George Ramsay. With a few notable exceptions, Marx's (and Ricardo,s)intellectual debt to these classical economists has been practically neglected in the extant literature. Second, the note into Marx's theory of technological unemployment (surplus labor) and its main components. Again, the textual evidence strongly suggests that Marx was influenced by the writings of Barton, Ricardo, and Ramsay. The latter seems to have also influenced Marx's conception of one of the three major components of the surplus population, viz. the latent component.
    JEL: B10 B12 B14
    Date: 2018–06
  19. By: Pancarini, Ans Shinta
    Abstract: The advancement of the economy is heavily dependent on market conditions. The market brings together the sellers and buyers, to conduct transactions on goods and services (supply and demand). Balance in supply and demand is needed to maintain economic stability. Market urgency attracts the characters to put forward their theories of both Islamic and western thinkers. Islam is a divine religion that brings the benefit of the afterlife. Islam has different views and thoughts about market mechanisms. This thinking precedes what western thinkers have expressed. Ibn Taimiyyah reveals five concepts in the development of market mechanisms, namely fair prices, fair markets, fair profit concepts, the concept of fair wages and aims for society. The essence of Ibn Taimiyyah's thought is about the justice of the ummah. Broadly speaking Ibn Khaldun thought of concept of justice.
    Keywords: Ibn Taymiyyah, Market Mechanism, History of Islamic Economics.
    JEL: A11 A13 B0 B00 D40 E20
    Date: 2018–03–17
  20. By: Charlotte Bilo (IPC-IG)
    Abstract: "In response to the continued growth in the number of unemployed people, in 2004 the South African government introduced the Expanded Public Works Programme (EPWP), offering short-term employment and on-the-job training in four different sectors: (1) infrastructure; (2) economics; (3) the environment and culture; and (4) social. In 2015 the EPWP went into the third phase with the aim of creating 2 million employment opportunities annually by 2020". (...)
    Keywords: Recognition, care, work, case, Expanded Public Works Programme, South Africa
    Date: 2017–10
  21. By: Martin Labaj (Department of Economic Policy, University of Economics in Bratislava)
    Abstract: In this paper we analyze the international transport margins based on the data from World Input-Output Tables. First, we discuss the differences between national and international input-output tables. Then we analyze the share of international transport margins on total imports. Finally, we discuss the possibilities to make use of World Input-output tables for an analysis of illicit capital flows in the world economy. We conclude that we should be skeptical with respect to estimation of illicit capital flows from World Input-Output Tables but we suggest using World Input-Output Tables for an estimation of potential consequences of illicit capital flows obtained from other sources on real economy.
    Keywords: world input-output tables, international transport margins
    JEL: C14 F10
    Date: 2017–12–29
  22. By: Debarshi Das (Humanities and Social Sciences Department, Indian Institute of Technology Guwahati)
    Abstract: This paper presents an interpretation of Marx’s rent theory. The three forms of rent, differential rent of type one and two, and absolute rent, have been elaborated and represented through algebra. Marx situated his theory in an agrarian economy characterized by the capitalist mode of production. Such conditions are not present in the agrarian economy of India, yet one can still borrow Marx’s analytical tools, the paper argues, to understand the contemporary agrarian India. Some observations on Indian agrarian economy have been offered in the end.
    Keywords: Keywords: Marx, absolute rent, organic composition of capital, landed property
    Date: 2018
  23. By: Lise Arena (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Voie originale entre l'État et le marché et avenir de l'économie européenne pour certains, fin du salariat et industrialisation du travail gratuit pour d'autres, les nouvelles formes d'économie collaborative attirent tout autant qu'elles font peur, en signifiant l'urgence d'établir de nouvelles règles de marché. Le développement rapide — et souvent peu maîtrisé — de ces nouveaux marchés et le manque de recul face à ces nouvelles formes d'entreprises bousculent les théories existantes dans le champ de l'économie et de la gestion et suscitent de nouveaux questionnements qui méritent d'être articulés avec les avancées du droit économique dans le domaine. Dans ce contexte d'évolution récente, des changements profonds s'opèrent à la fois au niveau des structures de coordination des organisations et des pratiques de travail, en rendant notamment floue la frontière entre l'entrepreneuriat et le salariat. Ces deux thématiques sont au coeur de la discipline des sciences de gestion et peuvent difficilement se traiter sans accroître l'effort d'articulation avec le droit économique. Cet article propose de dresser un premier bilan des questions soulevées par l'économie collaborative du point de vue des organisations, en présentant les premières contributions théoriques et empiriques qui se sont attachées à y répondre ainsi qu'en formulant des premières pistes de dialogue possible avec le droit économique. En positionnant d'abord l'économie collaborative dans le champ des sciences de gestion et des études sur les organisations, ce chapitre proposera ensuite une réflexion sur les nouvelles formes de coordination organisationnelle et de structure des entreprises concernées par ces changements et sur l'évolution des pratiques de travail dans ce nouveau contexte économique et social.
    Date: 2018–01
  24. By: Bowen, Alex; Kuralbayeva, Karlygash; Tipoe, Eileen L.
    Abstract: This paper estimates the share of jobs in the US that would benefit from a transition to the green economy, and presents different measures for the ease with which workers are likely to be able to move from non-green to green jobs. Using the US O*NET database and its definition of green jobs, 19.4% of US workers could currently be part of the green economy in a broad sense, although a large proportion of green employment would be ‘indirectly’ green, comprising existing jobs that are expected to be in high demand due to greening, but do not require significant changes in tasks, skills, or knowledge. Analysis of task content also shows that green jobs vary in ‘greenness', with very few jobs only consisting of green tasks, suggesting that the term ‘green’ should be considered a continuum rather than a binary characteristic. While it is easier to transition to indirectly green rather than directly green jobs, greening is likely to involve transitions on a similar scale and scope of existing job transitions. Non-green jobs generally appear to differ from their green counterparts in only a few skill-specific aspects, suggesting that most re-training can happen on-the-job. Network analysis shows that the green economy offers a large potential for short-run growth if job transitions are strategically managed.
    JEL: N0
    Date: 2018–05–01

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