nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2019‒09‒16
twenty-one papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Alienating Marx(ists) from the Cold War into Surveillance Capitalism By Noel Packard
  2. Housing insecurity measure, a development of a validated scale using household data By Steven Henry Dunga
  3. Notes on Work Super-Exploitation: A Study on the Topicality of the Tendency of the Rate of Profit to Fall By Vitorio Felipe Toro; Jesus Ranieri
  4. The Credit Cycle and the Financial Fragility Hypothesis: An Evolutionary Population Approach By JORGE OMAR RAZO-DE ANDA; SALVADOR CRUZ-AKÉ; ANA CECILIA PARADA-ROJAS
  5. Gender Budgeting as PFM in OECD Countries: Empirical Evidence from Sweden. By Chakraborty, Lekha
  6. Beyond Solidarity and Accumulation Networks in Urban Informal African Economies By Jean-Philippe Berrou; François Combarnous
  7. Everything must change, so that the world can remain the same: In memory of the life and work of Elmar Altvater By Mahnkopf, Birgit
  8. The Emergence of Innovation Complexity at Different Geographical and Technological Scales By Emanuele Pugliese; Lorenzo Napolitano; Matteo Chinazzi; Guido Chiarotti
  9. How economics forgot power By Carlos Mallorquin; ;
  10. Green Public Procurement and the Innovation Activities of Firms By Vera Zipperer
  11. Modular structure in labour networks reveals skill basins By Neave O'Clery; Eoin Flaherty; Stephen Kinsella
  12. A new concept of technology with systemic-purposeful perpsective: theory, examples and empirical application By Mario Coccia
  13. Gender Equality in the Family Can Reduce the Malaria Burden in Malawi By Klein, Matthew J.; Barham, Bradford L.; Wu, Yuexuan
  14. "Positional Views" as the Cornerstone of Sen's Idea of Justice By Antoinette Baujard; Muriel Gilardone
  15. Exploring Behavioural Biases among Indian Investors: A Qualitative Inquiry By SATISH KUMAR; Nisha Goyal
  16. An extended Speculation Game for the recovery of Hurst exponent of financial time series By Kei Katahira; Yu Chen
  17. Evolution of Academic Freedom in the US Higher Education System as Part of Constitutional Principles By Mindia Ugrekhelidze; Ekaterine Bakaradze
  18. New Islamic Economic Index By REEM ALQADIRI; MANAL ALMUSFER; Khaled AlMawazini
  19. Interdisciplinary Studies Between Law and Education. Mafia’s Children: Removal and Cultural Contamination Against Indoctrination, Violence, and Oppression By Rossella Marzullo
  20. Financialization made in Germany: A review By Detzer, Daniel
  21. Mapping the potential of EU regions to contribute to Industry 4.0 By Pierre-Alexandre Balland; Ron Boschma

  1. By: Noel Packard (University of Auckland)
    Abstract: Marx?s Machine Age theory of capitalism ascribes a unique driving role for alienation and argues new modes of production emerge from past modes of production. Presently so-called surveillance capitalism is superseding Machine Age capitalism and distributing wealth unequally to a 1% global elite. There are debates about what alienation is at work in this changed epoch. Premised on Marx?s idea that modes of production are born in the previous epoch along with the alienation that works with them, a hypothesis about how today?s Internet enables both endless free speech, while inversely and simultaneously, enabling endless spying with impunity is presented here. The hypothesis is a conceptualization of alienation labeled as ?known unknown.? The adaption of the term ?known unknown alienation? stems from the discourse in the film, ?The Unknown Known? which highlights aspects of known unknown alienation, in the form of so-called national security experts who are mentally divided about what they can and can not know (or talk about) and also the divide between the expert and the taxpayer, who does not qualify to have access to the same information that the expert has. This personal internal contradiction and social alienation is compounded because Americans are proud of US constitutionally protected free speech rights (which according to The Citizens United Act allows corporations to be individuals); these contradictions help drive surveillance capitalism. The historical-comparative argument is: ?Communist hunting? intelligence agents, scientists, and contractors, backed by neoliberal economists, built a military-industrial-complex that obligated them to both known and not know, or in the case of the CIA be ?witting? of national security secrets, which alienated them from US constitutional free speech. Their alienation manifest in their interactive inventions - the Internet, pc and cell phone - devices that today dialectically give customers the ability to express free speech endlessly in electronic memory form, while inversely giving spies unlimited access to that speech with impunity. This process works in tandem: enabling appropriation of data for government surveillance and service fee payments for corporations.
    Keywords: alienation, Internet, neoliberal, Cold War, intelligence, surveillance, witting
    JEL: H54 H56 O33
    Date: 2019–07
  2. By: Steven Henry Dunga (North West University, Vaal Triangle Campus)
    Abstract: Based on the literature analysis, housing insecurity does not have a universally validated measure or scale that can be used across societies and contexts to measure housing insecurity. The literature on housing and housing insecurity is marred with individualised preferences of what individual researchers or organisations appropriate to measure housing insecurity. This paper takes the first step of proposing a scale of measuring housing insecurity that can be adopted for any context be it in developed countries or developing societies. The paper recognises the economic thinking that claims that the tools of mathematics are not always appropriate in the analysis of social reality (Lawson 2015) hence cognisance of the fact that functions and calculus are not always the best, this paper still makes use of mathematical calculations involving weights and still relies on the development of constructs that can be useful in explaining the reality of housing insecurity. We ask the question, to what extent is the ontology of housing so abstract that the numbers can be misleading? It is argued in this paper that the conception of reality and hence housing insecurity can still depend on the mathematical tools to understand the ontology of housing insecurity. Going deeper this paper does not claim to belong to the pluralism, or neoclassical thought, but as anticipated, devoid of that discourse and make use and hence benefit from both mainstream economic theory and aspects utilised by the pluralist school of thought and hence makes reference to the ontology of economics.
    Keywords: housing insecurity; validated scale; household; poverty
    JEL: A10 A13 B41
    Date: 2019–06
  3. By: Vitorio Felipe Toro (UNICAMP/IFCH, Campinas, Brazil); Jesus Ranieri (UNICAMP/IFCH, Campinas, Brazil)
    Abstract: It is intended, into the scope of this work, to analyze the Marxian categories presented in the Capital, Volume III; and analyze the case of the mass dismissals occurred in the USIMINAS steel mill in Cubatão (SP) between 2015 and 2017 based on them. Marx argues that the price of the merchandise falls as the productivity grows (Tendency of the rate of profit to fall). This happens because only the living labor is able to add value to the merchandise. The fall in the rates of profit of the capitalists happens because, as the variable capital in the productive process diminishes, less value is created in the productive process; therefore, the unitary value of the merchandise falls. Marx presents some anti-cyclical measures that defer, for a while, this tendency of the rate of profit to fall. Among the six anti-cyclical measures presented by Marx, attention will be given to the two first: I) Elevation of the degree of exploitation of the work force: as the work hours are augmented and the rhythm of work intensified, the capitalist appropriates greater rates of surplus work and surplus value. II) Compression of salaries under their value. In the case studied, USIMINAS (Cubatão) has not offered a real salary increase since 2010. After the company has applied afore mentioned measures between 2015 and 2017, it has presented significant growth in its profit rates.
    Keywords: Tendency of the rate of profit to fall, countermeasures, work super-exploitation, value
    Date: 2019–07
    Abstract: Minsky's idea of triggering a financial crisis is the adoption of risky financial positions by companies and their relationship with the financial system through banks and the credit they provide. The present work seeks to provide an explanation from a microeconomic point of view through the behavior of agents and their decision making under a Theory of evolutionary games, especially population games. The great advantage of this type of games is that it allows us to obtain proportions of the different decisions that a population or subpopulation is taking and how their interaction promotes equilibrium and the dynamics towards (or around) them.This allows us to determine the dynamics and equilibria of the credit cycle, following Minsky's idea of financial fragility. Additionally, the dynamics of the replicator allows transforming the differential equations in a Lotka-Volterra system, from which it can be concluded that both companies and banks adopt a predatory prey relationship in order to survive.
    Keywords: Capital Structure, Evolutionary Games, Behavioral Microeconomics
    JEL: G02 C73 G01
    Date: 2019–06
  5. By: Chakraborty, Lekha (National Institute of Public Finance and Policy)
    Abstract: One of the most significant changes in the labour markets of OECD countries especially Sweden - over the past decades has been the reduction in the gender gaps in tertiary education and earnings, and the increasing female labour force participation rates. This paper analyses how Sweden has endeavored to reduce the gender gaps in labour markets and other socio-economic gender disparities using gender budgeting as a tool of accountability. The analysis revealed that despite progress made by Sweden in improving gender equality, there is still gender gap in a few areas. The empirical evidence suggests that Sweden follows a "dual approach" in gender budgeting within the Public Financial Management (PFM) practices. While "gender mainstreaming" within PFM is an essential tool for the ex-post budget analysis through a "gender lens", Sweden has realized that it must be combined with :ex-ante gender assessments" to frame specifically targeted budgetary allocations for tackling gender equality. This Swedish dual approach of gender budgeting within the PFM is a comprehensive model for gender budgeting within the OECD countries. A systematic evolution of :gender neutral" parental leave policy has also been a significant policy ingredient in Sweden towards increasing the work force participation of women.
    Keywords: Public Financial Management ; Gender Budgeting ; OECD
    JEL: E62 J16 H30
    Date: 2019–08
  6. By: Jean-Philippe Berrou (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique, LAM - Les Afriques dans le monde - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux); François Combarnous (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This paper examines the role and nature of entrepreneurs' social networks in the urban informal economy of Bobo-Dioulasso (Burkina Faso). Using an original dataset, the configuration of social networks is described based on three salient dimensions: tie content, member attributes and network structure. Multidimensional analysis allows for the simultaneous consideration of all three dimensions. Our findings suggest that network configurations at play extend well beyond the standard distinction between solidarity and accumulation networks. The complex networks highlighted by this study are consistent with rapid social changes in contemporary urban Africa. They can also significantly enhance the outcomes of small businesses.
    Keywords: Burkina Faso,Informal economy,Social networks analysis,Micro and Small Enterprises,Sub-Saharan Africa
    Date: 2018
  7. By: Mahnkopf, Birgit
    Abstract: Elmar Altvater was a renowned political economist and professor at the Otto-Suhr-Institute of Freie Universität Berlin from 1970 until 2006. Until his death in 2018 he was a point of reference for several generations of students, left-wing academics and politicians, trade union activists, representatives of civil society organizations in Germany, across Europe and in Latin America. He became one of the few academics in Germany who based the analysis of contemporary economic and political developments on a critical reading of Marxian approaches to understand the historical cycles of growth, recession and crisis in modern capitalism. The following text attempts to sketch some elements of a remarkable leftist intellectual history of the Federal Republic of Germany through the prism of Elmar Altvater while referring to some of the political initiatives Elmar Altvater was involved in and touching on some of the most important topics he has dealt with: the causes and consequences of the numerous debt crisis; the role of neoliberalism which emerged in the course of crisis of world finance since the late 1970s; the impact of "finanzialization" on social cohesion and politics at national, European and international level and, most importantly, his attempt to analyze the degradation of nature as the "price of progress" - on the basis of an ecologically expanded critique of political economy.
    Keywords: Marx,capitalism,critical political economy,debt crisis,globalization,nature
    Date: 2019
  8. By: Emanuele Pugliese; Lorenzo Napolitano; Matteo Chinazzi; Guido Chiarotti
    Abstract: We define a novel quantitative strategy inspired by the ecological notion of nestedness to single out the scale at which innovation complexity emerges from the aggregation of specialized building blocks. Our analysis not only suggests that the innovation space can be interpreted as a natural system in which advantageous capabilities are selected by evolutionary pressure, but also that the emerging structure of capabilities is not independent of the scale of observation at which they are observed. Expanding on this insight allows us to understand whether the capabilities characterizing the innovation space at a given scale are compatible with a complex evolutionary dynamics or, rather, a set of essentially independent activities allowing to reduce the system at that scale to a set of disjoint non interacting sub-systems. This yields a measure of the innovation complexity of the system, i.e. of the degree of interdependence between the sets of capabilities underlying the system's building blocks.
    Date: 2019–09
  9. By: Carlos Mallorquin (Universidad Autónoma de Zacatecas); ;
    Abstract: The article discusses a recent book publication by Philip Pilkington, in which an interesting and novel reconceptualizing of the investment (accumulation) process and economic growth is proposed. The gaze and critique through which the book is examined underlines certain theoretical similarities found in the Latin American economic discourse during the 1950´s, denominated as “Latin American structuralism”, in Anglo Saxon or European academia. Central to its perspective is the examination of economic formations and its agents as a configuration of power asymmetries.
    Keywords: Desarrollo, crecimiento económico, asimetrías.
    JEL: B22 B41 B50
    Date: 2019–08–01
  10. By: Vera Zipperer
    Abstract: This paper provides first empirical insights on the relationship between green public procurement (GPP) and firms' innovation activities. Considering that the public sector is a large buyer in the economy, public procurement is able to work as demand-pull factor for new products and thus innovations - given that the procurement is aimed at such objectives. GPP is specifically implemented to contribute to more sustainable production and consumption. Using a novel firm-level dataset, this paper analyses whether GPP is able to trigger innovation activities within firms, and if so, whether these innovations are environmental innovations or not. The results show some support for a demand-pull effect of GPP on the probability of general product innovations but no conclusive evidence is found for environmental innovations.
    Keywords: Green public procurement, Innovation, Demand-pull, Community innovation survey
    JEL: H57 O38 Q55 Q58
    Date: 2019
  11. By: Neave O'Clery; Eoin Flaherty; Stephen Kinsella
    Abstract: Labour networks, where industries are connected based on worker transitions, have been previously deployed to study the evolution of industrial structure ('related diversification') across cities and regions. Beyond estimating skill-overlap between industry pairs, such networks characterise the structure of inter-industry labour mobility and knowledge diffusion in an economy. Here we investigate the structure of the network of inter-industry worker flows in the Irish economy, seeking to identify groups of industries exhibiting high internal mobility and skill-overlap. We argue that these industry clusters represent skill basins in which skilled labour circulate and diffuse knowledge, and delineate the size of the skilled labour force available to an industry. Deploying a multi-scale community detection algorithm, we uncover a hierarchical modular structure composed of clusters of industries at different scales. At one end of the scale, we observe a macro division of the economy into services and manufacturing. At the other end of the scale, we detect a fine-grained partition of industries into tightly knit groupings. In particular, we find workers from finance, computing, and the public sector rarely transition into the extended economy. Hence, these industries form isolated clusters which are disconnected from the broader economy, posing a range of risks to both workers and firms. Finally, we develop a methodology based on industry growth patterns to reveal the optimal scale at which labour pooling operates in terms of skill-sharing and skill-seeking within industry clusters.
    Date: 2019–09
  12. By: Mario Coccia
    Abstract: Although definitions of technology exist to explain the patterns of technological innovations, there is no general definition that explain the role of technology for humans and other animal species in environment. The goal of this study is to suggest a new concept of technology with a systemic-purposeful perspective for technology analysis. Technology here is a complex system of artifact, made and_or used by living systems, that is composed of more than one entity or sub-system and a relationship that holds between each entity and at least one other entity in the system, selected considering practical, technical and_or economic characteristics to satisfy needs, achieve goals and_or solve problems of users for purposes of adaptation and_or survival in environment. Technology T changes current modes of cognition and action to enable makers and_or users to take advantage of important opportunities or to cope with consequential environmental threats. Technology, as a complex system, is formed by different elements given by incremental and radical innovations. Technological change generates the progress from a system T1 to T2, T3, etc. driven by changes of technological trajectories and technological paradigms. Several examples illustrate here these concepts and a simple model with a preliminary empirical analysis shows how to operationalize the suggested definition of technology. Overall, then, the role of adaptation (i.e. reproductive advantage) can be explained as a main driver of technology use for adopters to take advantage of important opportunities or to cope with environmental threats. This study begins the process of clarifying and generalizing, as far as possible, the concept of technology with a new perspective that it can lay a foundation for the development of more sophisticated concepts and theories to explain technological and economic change in environment.
    Date: 2019–09
  13. By: Klein, Matthew J. (U of Wisconsin-Madison); Barham, Bradford L. (U of Wisconsin-Madison); Wu, Yuexuan (U of California, Davis)
    Abstract: We provide the first empirical evidence that increasing equality between decision makers in a family reduces malaria transmission in Malawi. International organizations and the Malawi government have invested more than one hundred million dollars to reduce the disease burden in the past decade, successfully reducing malaria prevalence by innovating, and scaling up impactful interventions. Additional progress is possible: we show that integrating women’s empowerment programs into malaria control efforts would reduce the disease burden further. We measure power in three different ways: we estimate two separate collective models of the family, one with outside options and one without, and we construct a reduced form index as a proxy. We find that women have less power than men across all three measurement methods. Using an instrumental variables approach, we find that a one standard deviation increase in women’s bargaining power decreases the likelihood that a family member contracts malaria by between 45% and 48%, depending on which measurement we use. We suggest that NGO and government programs addressing malaria incorporate a female empowerment component, like a gendered cash transfer, to better combat this deadly disease.
    JEL: D1 I14 I15
    Date: 2019–09
  14. By: Antoinette Baujard (CREED and Tinbergen Institute, University of Amsterdam, Amsterdam, Netherlands); Muriel Gilardone (Normandie Université, Unicaen, CNRS, CREM UMR 6211, F-14000, France)
    Abstract: Our paper offers a novel reading of Sen’s idea of justice, beyond the standard prisms imposed by theories of justice – resting on external normative criteria – and formal welfarism – involving the definition of individual welfare and its aggregation. Instead we take seriously Sen’s emphasis on personal agency and focus on his original contribution to the issue of objectivity. Firstly, we demonstrate that Sen’s idea of justice, with at its core “positional views”, is more respectful of persons’ agency than would be a theory based on individual preference or capability. Secondly, we argue that Sen’s conception of objectivity considers that both information and sentiments are relative to a position. Such an alternative approach to subjectivity allows the formation of more impartial views through collective deliberation and a better consideration of justice by agents themselves.
    Keywords: Individual preferences, positional objectivity, sentiments, public reasoning, agency, justice
    JEL: A13 B31 B41 D63 I31
    Date: 2019
  15. By: SATISH KUMAR (Malaviya National Institute of Technology Jaipur); Nisha Goyal (Jain Univeristy Bangluru)
    Abstract: Psychological factors influence individual investors? investment decision making, but few studies have used qualitative methods to understand these factors. The present study interviews experienced financial advisors and brokers working with individual investors. For the data analysis, a thematic content analysis approach with open coding was used. The findings of this study indicate that investors have numerous opinions and tendencies (categorized into cognitive errors, emotional biases and social interactions) that affect their investment decisions. This study suggests that an understanding of individual investors? behavioural biases can provide financial planners and advisers with additional knowledge to help their clients in making better financial decisions that potentially lead to improved investment results.
    Keywords: Psychological biases; investment decisions; individual investors; financial advisors; qualitative thematic content analysis
    JEL: G02 G10
    Date: 2019–06
  16. By: Kei Katahira; Yu Chen
    Abstract: The speculation game is an agent-based toy model to investigate the dynamics of the financial market. Our model has achieved the reproduction of 10 of the well-known stylized facts for financial time series. However, there is also a divergence from the behavior of real market. The market price of the model tends to be anti-persistent to the initial price, resulting in the quite small value of Hurst exponent of price change. To overcome this problem, we extend the speculation game by introducing a perturbative part to the price change with the consideration of other effects besides pure speculative behaviors.
    Date: 2019–09
  17. By: Mindia Ugrekhelidze (International Black Sea University, Tbilisi, Georgia); Ekaterine Bakaradze (International Black Sea University, Tbilisi, Georgia)
    Abstract: The present paper aims at analyzing the development of academic freedom in the USA as a part of Constitutional principles. The main objective of this research is to identify legal approaches regarding academic freedom, reveal positive and negative sides of its development. It is essential to study the professional and legal definition of the term to determine its international context, what the notion of academic freedom means for the modern society. The research indicates that modern legal constitutional analysis of academic freedom is incomplete for the protection of the interests of academic society. Constitutionally guaranteed academic freedom is limited by state action doctrine, restriction of the principles of freedom of expression of the public servant and judicial decisions, which gives freedom only to the universities and leaves professors’ interests without protection when their interests are contrary to the university’s interests. Academic freedom guaranteed by the constitution, may be incompatible with the concept that implies freely exchanging the ideas in the marketplace of ideas, which are likely to be limited by universities. In order to completely understand and evaluate the importance and purpose of academic freedom, it is necessary to study those cases which led to the establishment of American Association of University Professors - AAUP and the protection of academic freedom in American universities.
    Keywords: Academic Freedom, Freedom of Speech, US Constitution, Higher Education, HEI, First Amendment, Supreme Court
    Date: 2019–07
  18. By: REEM ALQADIRI (Gulf University of Science and Technology); MANAL ALMUSFER (Gulf University of Science and Technology); Khaled AlMawazini (Gulf University for Science and Technology)
    Abstract: The Islamic economic index developed by Rehman and Askari (2010) has many limitations. This paper proposes new Islamic economic index and overcomes the limitations of Rehman and Askari (2010). Our proposed index IFI index is constructed by using principal component analysis (PCA). The PCA allows us to reduce the correlated observed variables to a smaller set of independent composite variables. Our proposed index has three main areas, namely, economic opportunities, economic freedom and social infrastructure. Our main result surprisingly shows that the first 15 countries out of a total of 132 countries are not part of the organization of Islamic cooperation, where Finland topped up the first place in the application of indicators of the Islamic economy for 2016.
    Keywords: Islamic Economic; Voice and Accountability; Government Effectiveness; Regulatory Quality; Rule of Law; Control of Corruption; Gender Equality; Human Development; Islamic Finance Country; Monopoly Index.
    Date: 2019–06
  19. By: Rossella Marzullo (Mediterranea University, Italy)
    Abstract: In mafia families, children are educated in violence, revenge, and gender stereotypes. The research question is: What can be done to guarantee these children the right to education, the right to become citizens, to learn democratic values, the right to be men without killing and women without obeying? The studies carried out have discovered a possible answer in the recent judgment of the Juvenile Court of Reggio Calabria, which has mandated the revocation of parental responsibility in cases in which injury to children is proven. These limitations to parental rights have the purpose of allowing institutions to stop a system of behavior that is harmful to the proper development of the personality of the child and that transmits negative cultural values from father to son. This way can play an important role for democracy in creating the context for progressive social change. Man acquires morality from the environment in which he grows, so it is really dangerous for children growing up in families in which boys are predestined to follow in their father's footsteps and girls are sometimes compelled to marry the sons of other bosses, binding separate clans together through blood relations. So, by removal, it is possible for mafia children to discover new realities and new way of life, by new structure that connects them to the society. Socrates in the Platonic Apology says that laws educate and make better youth generations.
    Keywords: Mafia, Education, Law, Cultural contamination, Interdisciplinary
    Date: 2019–07
  20. By: Detzer, Daniel
    Abstract: This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article aims to clarify how the prevailing institutional structure and its changes had contributed to or had countervailed the spread of financialization and how it had shaped the specific German variant of financialization. For this end, it combines the rich literature on Germany's institutional structure with the more macroeconomic oriented literature on financializaton. With the combination of those different perspectives the article sheds light on the reasons for the spread of financialization and the specific forms it has taken in Germany.
    Keywords: Banking,Corporate Governance,Financialization,Financial Sector,Financial Regulation,Varieties of Capitalism
    JEL: E44 F40 G20 G30 K22
    Date: 2019
  21. By: Pierre-Alexandre Balland; Ron Boschma
    Abstract: This paper aims to identify the future Industry 4.0 centers of knowledge production in Europe. We expect Industry 4.0 Technologies (I4Ts) to thrive in regions where they can draw on local resources from related technologies. We use OECD-REGPAT data to identify I4T-related technologies, and find that I4Ts are located at the periphery of the knowledge space. Regions with a high potential in terms of I4T-related technologies were more likely to diversify successfully in new I4Ts in the period 2002-2016. We find big differences across EU regions: some show high but most regions show weak I4T potential.
    Keywords: Industry 4.0, relatedness, patents, knowledge space, regional diversification, EU regions
    JEL: B52 O33 R11
    Date: 2019–09

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