nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2019‒03‒04
sixteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Постинституционализм: программа исследований за пределами институционального мейнстрима By Frolov, Daniil
  2. Liberalism, Islam and the idea of Mankind By Hayat, Azmat; Mohd Shafiai, Mohammad Hakimi
  3. Reshaping Adolescents' Gender Attitudes: Evidence from a School-Based Experiment in India By Dhar, Diva; Jain, Tarun; Jayachandran, Seema
  4. The explosion of the current world crisis: an illustration of the instability of capitalism. A Marxist view By Fabien Tarrit
  5. Family firms as kinship enterprises By Yanagisako, Sylvia
  6. Severe housing deprivation: Addressing the social sustainability challenge in the EU By Nessa Winston; Patricia Kennedy
  7. Labor Relations, Brand Value, and Trust in Agricultural Cooperatives By Stevens, Andrew W.
  8. Downstream competition and profits under different input price bargaining structures By Buccella, Domenico; Fanti, Luciano
  9. Toward a cognitive science of markets: Economic agents as sense-makers By Johnson, Samuel G. B.
  10. Teoría del valor en Valenzuela Feijóo: Una representación walrasiana de Marx By Goicoechea, Julio
  11. Knapp's 'State Theory of Money' and its reception in German academic discourse By Ehnts, Dirk H.
  12. Metcalfe's law and herding behaviour in the cryptocurrencies market By Pele, Daniel Traian; Mazurencu-Marinescu-Pele, Miruna
  13. An assessment of the business environment for waste-to-energy enterprises and how it affects women entrepreneurs in Kenya By Gebrezgabher, Solomie; Taron, A.; Odero, J.; Njenga, M.
  14. De l’émergence à la reconnaissance des grappes d’innovation sociale. Trajectoire historique d’expériences coopératives et associatives en Picardie (1830-2016) By Sylvain Celle
  15. Materialism and Economic Progress By Lingguo Xu; Peter E. Earl; D. S. Prasada Rao

  1. By: Frolov, Daniil
    Abstract: The paper examines the internal dualism of modern institutional economics manifested in division of orthodox or mainstream institutionalism (its axiomatics and dogmatics is represented by the Standard Model) and its opposition – post-institutionalism. It discusses the post-institutional agenda, covering a wide range of discussion issues beyond Standard Model – from the analysis of institutional complexity to introduction of the Evo-Devo paradigm into evolutionary research of institutions. It demonstrates that in the focus of post-institutionalism there are super-complicated institutional systems (assemblages) and related phenomena and processes (bricolage, kludges, anomalies, configurations), which can only be comprehended by overcoming unilateral and dichotomous approaches of the institutional mainstream.
    Keywords: institutions, institutional evolution, institutional complexity, transaction costs, assemblages, bricolage, post-institutionalism
    JEL: A14 B41 B52
    Date: 2019–02–17
  2. By: Hayat, Azmat; Mohd Shafiai, Mohammad Hakimi
    Abstract: After the defeat of Marxism and the triumph in the war in Iraq, pundit in the global north labelled neoliberalism as the End of History and last form of mankind ideological evolution. It is believed that neoliberalism successfully satisfied all the previous ideological contradiction. In contrast, Muslims believe that besides others one of the prominent and unresolvable contradictions between Neoliberalism and Islam is the gnosis of humanity which the present study will undertake. In this paper using the methodology of library research we will explore how the liberal and Islamic economists conceptualize man in their analysis of human behaviour and the degree to which the concept of man has been universalized.
    Keywords: Humans, Homo-Economicus, Liberalism and Islam
    JEL: A10 B00 B5 B50 P3 P50 P59 Z19
    Date: 2018–10–16
  3. By: Dhar, Diva; Jain, Tarun; Jayachandran, Seema
    Abstract: Societal norms about gender roles contribute to the economic disadvantages facing women in many developing countries. This paper evaluates an intervention aimed at eroding support for restrictive gender norms, specifically a multi-year school-based intervention in Haryana, India, that engaged adolescents in classroom discussions about gender equality. Using a randomized controlled trial, we find that the intervention increased adolescents' support for gender equality by 0.25 standard deviations, a sizable effect compared to other correlates of their gender attitudes such as their parents' views. Program participants also report more gender-equitable behavior; for example, boys report helping out more with household chores.
    Keywords: Gender equality; Persuasion; preference formation; Social norms
    JEL: J12 J13 J16 O12
    Date: 2018–12
  4. By: Fabien Tarrit (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - SFR Condorcet - URCA - Université de Reims Champagne-Ardenne - UPJV - Université de Picardie Jules Verne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Karl Marx demonstrated that capitalism as a mode of production is a structurally unstable system; this has been illustrated by the recent period, especially the current crisis. This article is a contribution to a Marxian explanation of the current crisis, analyzing it as an expression of the tendency of the rate of profit to fall; it focuses on the first stage of the development of the crisis, understood as an outcome of the instability of capitalism and it identifies its specificities.
    Keywords: capitalism,economic crisis,rate of profit,exploitation
    Date: 2019–02–15
  5. By: Yanagisako, Sylvia
    Abstract: Evidence from around the globe shows that family firms are enduring, resilient forms of profit-seeking and not an archaic, transient form that will inevitably disappear. Social science research has tended to characterize the family values of these firms as producing "efficiency distortions" that adversely affect their financial performance. The author suggests an alternative heuristic approach of treating family firms as kinship enterprises that endure beyond the life of the firm. This approach enables us to understand how the timing of decisions about capital accumulation, expansion and diversification, as well as managerial organization, are shaped by kinship sentiments and intergenerational commitments without setting up an opposition between economic and kinship goals.
    Keywords: family firms,kinship,Italian firms,Italian-Chinese joint enterprises
    JEL: A13 D22 D91 L21 Z13
    Date: 2019
  6. By: Nessa Winston (School of Social Policy, Social Work and Social Justice, University College Dublin); Patricia Kennedy (IT Carlow)
    Abstract: Severe housing deprivation is an important element of social sustainability. Social sustainability has been described as a concept in ‘chaos’ and of limited utility. This paper argues that meeting basic human needs is central to social sustainability and housing is a key dimension of need. It examines severe housing deprivation by analysing the extent to which households living in extreme poverty experience problems such as overcrowding, sub-standard dwelling quality and housing-related risks such as unaffordable housing and rent/mortgage arrears. The paper draws on data from the EU Survey on Income and Living Conditions for this purpose. However, household surveys are somewhat limited in the extent to which they capture some groups living in ‘extreme poverty’. Therefore, we supplement these data with a case study of a particularly vulnerable group who experience housing exclusion in several relatively wealthy European countries - Roma in Ireland. The paper concludes with a discussion of strategies to address severe housing deprivation in the EU.
    Keywords: Housing quality; housing affordability; Roma; social sustainability; poverty; deprivation; UN SDGs
    Date: 2019–02–13
  7. By: Stevens, Andrew W.
    Keywords: Agribusiness, Demand and Price Analysis, Marketing
    Date: 2019–02
  8. By: Buccella, Domenico; Fanti, Luciano
    Abstract: In a vertically related duopoly with input price bargaining, this paper re-examines the downstream firms’ profitability under different market competition degrees. Downstream firms earn highest profits with semi-collusion whose level depends on product differentiation and relative parties’ bargaining power. Holding fixed the upstream suppliers’ bargaining power, the more the products are differentiated, the higher the downstream firms’ collusive level that maximize profits, regardless of the negotiations’ structure. On the other hand, holding fixed the product differentiation degree: 1) with uncoordinated bargaining, the higher the upstream suppliers’ bargaining power is, the lower the downstream firms’ collusive level is; 2) with upstream firms’ bargaining coordination, a U-shaped relation exists between the upstream firms’ power and the downstream firms’ collusive level that maximizes their profits.
    Keywords: Decentralized/semi-coordinated bargaining; Right-to-Manage; Conjectural Variation model
    JEL: D43 J51 L13
    Date: 2019–02
  9. By: Johnson, Samuel G. B.
    Abstract: Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, the author presents several arguments for why cognitive science should inform behavioral economics - it characterizes internal psychological states, builds a richer conception of human nature, pays equal attention to cognition's successes and failures, embraces multidisciplinary insights, and avoids blind spots produced by behavioral economics' intellectual lineage. The author illustrates these principles using the cognitive science of sense-making - how humans understand information - including mental tools such as heuristics, stories, and theories. The science of mind can produce new insights to enrich economics.
    Keywords: cognitive science,behavioral economics,experimental economics,behavioral finance,economics methodology,information processing,decision-making under uncertainty
    JEL: A12 B4 D01 D11 D7 D8 D9
    Date: 2019
  10. By: Goicoechea, Julio
    Abstract: This paper examines the conceptual framework upon which José Valenzuela Feijóo unfolds a theory of value. The elementary form of value gives way to pairs of commodities which in spite of being ordinary, each is to function as money. The general economic equilibrium becomes a means to replace the total or expanded value form. The unit of account, after being reduced to a numeraire, is eliminated. Previously, in an isolated approach to Bortkiewicz, values and prices are to become, each, a self-contained system. The non-dogmatic version of Marx which he claims to provide is shown to be rooted in Walrasian precepts. To expose these precepts, he makes use of Marxian terminology. In an apparent antagonism with Walras, he disqualifies him harshly. The considerable resort to algebraic expressions by Valenzuela Feijóo is kept at a strict minimum.
    Keywords: Value theory, numeraire, general economic equilibrium, Walras, Marx
    JEL: D50
    Date: 2019–01–07
  11. By: Ehnts, Dirk H.
    Abstract: In 1905, Georg Friedrich Knapp published The State Theory of Money in his native German, claiming that money is a "creature of law" and not connected to metals via some intrinsic value. When the English translation appeared in 1924, apparently at the wishes of John Maynard Keynes, the German version had run through four editions, upon which the last the translation builds. There also had been considerable debate about "Chartalism" - the idea that money derived its acceptance by legal means - in the German academic literature. Among others, Knut Wicksell and Georg Simmel commented on it. Since so far there has not been any English-language publication on this issue, it is deemed worthwhile to provide such. After presenting the main arguments that Knapp makes in his book, the academic reviews that followed are presented and evaluated.
    Keywords: chartalism,Modern Monetary Theory,monetary theory,public finance,deficit spending,taxation,value of money,metallism
    JEL: E40 E42 E51 F31 H20
    Date: 2019
  12. By: Pele, Daniel Traian; Mazurencu-Marinescu-Pele, Miruna
    Abstract: In this paper, the authors investigate the statistical properties of some cryptocurrencies by using three layers of analysis: alpha-stable distributions, Metcalfe's law and the bubble behaviour through the LPPL modelling. The results show, in the medium to long-run, the validity of Metcalfe's law (the value of a network is proportional to the square of the number of connected users of the system) for the evaluation of cryptocurrencies; however, in the short-run, the validity of Metcalfe's law for Bitcoin is questionable. As the results showed a potential for herding behaviour, the authors then used LPPL models to capture the behaviour of cryptocurrencies exchange rates during an endogenous bubble and to predict the most probable time of the regime switching. The main conclusion is that Metcalfe's law may be valid in the long-run, however in the short-run, on various data regimes, its validity is highly debatable.
    Keywords: Cryptocurrency,Bitcoin,CRIX,Log-Periodic Power Law,Metcalfe's Law,Stable Distribution,Herding
    JEL: C22 C32 C51 C53 C58 E41 E42 E47 E51 G1 G17
    Date: 2019
  13. By: Gebrezgabher, Solomie; Taron, A.; Odero, J.; Njenga, M.
    Keywords: Agribusiness, Agricultural Finance, Farm Management, Financial Economics, Labor and Human Capital, Resource /Energy Economics and Policy
    Date: 2018–02–26
  14. By: Sylvain Celle (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - ULCO - Université du Littoral Côte d'Opale - CNRS - Centre National de la Recherche Scientifique)
    Keywords: Picardie,économie sociale et solidaire,innovation sociale
    Date: 2017–04–06
  15. By: Lingguo Xu (School of Economics, The University of Queensland); Peter E. Earl (School of Economics, The University of Queensland); D. S. Prasada Rao (School of Economics, The University of Queensland)
    Abstract: Most empirical studies on the impact of materialism have focused on its effects at the micro-level, such as on individual wellbeing. This paper explores one of the macroeconomic impacts of materialism: its relationship with economic progress. A new conceptualization of materialism based on self-identity construction is offered and used to hypothesize that materialism drives economic progress by encouraging consumption and innovation. This analysis is tested using a survey item from the World Values Survey as an index for materialism. The empirical results, based on a short panel of data covering 74 nations and two periods, provide sufficient support to the conclusion that materialism can be a positive force for economic progress.
    Keywords: Materialism; consumption; innovation; economic growth; economic progress; World Values Survey
    JEL: O11 O40 P36
    Date: 2019–02–26
  16. By: Avila-Santamaria, Jorge Jair; Useche, Maria del Pilar
    Keywords: Agricultural and Food Policy, Labor and Human Capital, Research and Development/Tech Change/Emerging Technologies, Productivity Analysis, Community/Rural/Urban Development
    Date: 2019–02

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