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on Heterodox Microeconomics |
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Issue of 2019‒10‒21
fifteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Sándor Bozsik (Institute of Accounting and Finance, University of Miskolc); Judit Szemán (Institute of Accounting and Finance, University of Miskolc); Zoltán Musinszki (Institute of Accounting and Finance, University of Miskolc) |
| Abstract: | The main problems in the social cooperative management are caused by the quality of available human resource and the marketability of products and services. The root of the problems can be found in the quality of labour force and the improper marketing. External specialists are required mostly for administrative duties (in field of book-keeping, taxation and application-writing). The assessment for improving the competitiveness has got less importance. Our questionnaire targeted the economic and financial problems of social enterprises. Based on the result of this survey we created the financing pecking order model for social cooperatives in Hungary. We adapted the traditional pecking order theory invented by Myers (1984) to the financing mix of Hungarian social enterprises. We found that public funds play a dominant role in the external financing of social enterprises (focusing on social cooperatives). State subsidies are most important, but the financial and managerial contribution of local governments is also essential for successful operation. To improve the marketing of products we recommend social cooperatives to use a managerial income statement to determine the most profitable products and markets. |
| Keywords: | social co-operatives, social enterprises, pecking order theory, controlling, financial management |
| JEL: | L31 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9811945&r=all |
| By: | Gabriel Galvez-Behar (IRHiS - Institut de Recherches Historiques du Septentrion (IRHiS) - UMR 8529 - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | A critical political economy of science has recently developed to analyze the neoliberal turn and its impact on scientific disciplines. However, it tends to neglect the long-term economic history of science, which can shed a crucial light on recent developments. Through the study of Louis Pasteur's scientific business, this article shows how the question of the economic rewards of scientific work was posed from the rise of industrial capitalism in the nineteenth century. It analyzes the way in which Pasteur defended his scientific property, a means of claiming control over his discoveries. Studying the relationship between the development of industrial science and capitalism highlights the logic of action at the heart of Pasteur's scientific enterprise, which took shape during his early career in capitalist northern France. This logic was reinforced in the 1860s, when the distinction between science and industry was formalized at the legal level. It gave Pasteur a means of defending his scientific property and his rights, both economic and intellectual, over the results of his work. The final section of the article examines how Pasteur reinvested these profits, whether to create a commercial company or to create the Institute that bears his name. His entrepreneurial initiatives thus emerge as a process of accumulation that thrived on this creative ambivalence. |
| Abstract: | Une économie politique critique de la science s'est récemment développée pour analyser le tournant néo-libéral qui la caractérise. Ce courant tend pourtant à négliger la longue durée de l'histoire économique des sciences qui permet de comprendre les évolutions récentes. Cet article montre, à travers l'étude de l'entreprise scientifique de Louis Pasteur, comment la question du partage de la valeur du travail scientifique se pose dès l'essor du capitalisme industriel au xixe siècle. Il étudie la manière dont Pasteur défend sa propriété scientifique, manifestant une forme de revendication sur le contrôle de ses découvertes. L'étude du lien entre le développement de la science industrielle et le capitalisme permet d'abord de comprendre la logique d'action au cœur de l'entreprise scientifique pasteurienne qui s'affirme dès le début de sa carrière, aux prises avec le capitalisme nordiste. Cette logique se renforce ensuite dans les années 1860, alors que la distinction entre science et industrie est formalisée sur le plan juridique. Elle est un moyen, pour Pasteur, de faire valoir sa propriété scientifique et ses droits, autant économiques que scientifiques, sur les fruits de son travail. Est enfin examinée la façon dont ces derniers sont réinvestis, soit pour créer une société commerciale, soit pour fonder l'Institut éponyme. L'entreprise pasteurienne apparaît ainsi comme un processus d'accumulation qui se nourrit de cette ambivalence créatrice. |
| Keywords: | Economic History,History of science,Patents,Brevets,Pasteur (Louis),Histoire des sciences,Histoire économique |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01267638&r=all |
| By: | Navarrete-Hernández, Pablo; Navarrete-Hernandez, Nicolas |
| Abstract: | The informal economy currently provides two out of three jobs worldwide, with waste-picking activities providing employment for millions of the poorest of society. Moreover, waste-picking could provide a sustainable solution for solving the waste management crisis that affects the 3 billion people lacking access to waste services. Governmental policies toward waste-pickers in particular, and the informal economy in general, have been fundamentally based on four policy approaches: (1) dualist and voluntarist, which proposes repressive policies against waste-picker activity and the expansion of formal solid waste management systems; (2) structuralist, which argues for weak supporting policies aimed at reinforcing waste-picker associations; (3) legalist, which promotes the competition of waste-picking with other recycling alternatives without government intervention; and (4) co-production, which supports waste-picking with local policies as a means of enhancing waste-pickers’ productivity. Both qualitative, and particularly quantitative evidence testing the impact of these four approaches is scarce. In this paper, we attempt to fill this gap in the literature by operationalizing concepts, building a waste-picker sustainable performance index, and estimating the impacts of these four competing policy approaches. An exploratory sequential design method is used to analyze data: first, a thematic analysis to examine 40 in-depth interviews, and then multiple linear regressions to analyze a census survey of 100 waste-pickers in four cooperatives in Santiago de Chile. Our empirical results suggest a positive association between the level of government support and waste-pickers’ sustainable performance. Consequently, further positive government intervention, particularly in supporting a stronger structural organization for the waste-picker recycling system, is advocated as the primary policy recommendation of this paper. |
| Keywords: | waste pickers; co-production; Santiago; recycling waste; management; informal economy |
| JEL: | R14 J01 |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:85730&r=all |
| By: | Anirban Chakraborti; Hrishidev; Kiran Sharma; Hirdesh K. Pharasi |
| Abstract: | One of the spectacular examples of a complex system is the financial market, which displays rich correlation structures among price returns of different assets. The eigenvalue decomposition of a correlation matrix into partial correlations - market, group and random modes, enables identification of dominant stocks or "influential leaders" and sectors or "communities". The correlation-based network of leaders and communities changes with time, especially during market events like crashes, bubbles, etc. Using a novel entropy measure - eigen-entropy, computed from the eigen-centralities (ranks) of different stocks in the correlation-network, we extract information about the "disorder" (or randomness) in the market and its modes. The relative-entropy measures computed for these modes enable us to construct a "phase space", where the different market events undergo "phase-separation" and display "order-disorder" transitions, as observed in critical phenomena in physics. We choose the US S&P-500 and Japanese Nikkei-225 financial markets, over a 32-year period, and study the evolution of the cross-correlation matrices computed over different short time-intervals or "epochs", and their corresponding eigen-entropies. We compare and contrast the empirical results against the numerical results for Wishart orthogonal ensemble (WOE), which has the maximum disorder (randomness) and hence, the highest eigen-entropy. This new methodology helps us to better understand market dynamics, and characterize the events in different phases as anomalies, bubbles, crashes, etc. This can be easily adapted and broadly applied to the studies of other complex systems such as in brain science or environment. |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1910.06242&r=all |
| By: | Simon Cornée (Univ Rennes, CNRS, CREM - UMR 6211, F-35000 Rennes, France); Panu Kalmi (University of Vaasa, Faculty of Business Studies, Finland); Ariane Szafarz (Université Libre de Bruxelles (ULB), SBS-EM, CEB, and CERMi, Belgium) |
| Abstract: | Based on an extensive literature review, this paper proposes to define social banks (SBs) as social enterprises that run banking activities with the social mission of supplying credit to other social enterprises, which are typically less profitable than for-profit businesses. This definition marks our starting point for developing a theoretical framework to explain how SBs survive without subsidies in the banking market. We build on a two-pillar business model of value-based financial intermediation, which comprises an ownership structure that limits residual ownership claims and preferential credit conditions associated with financial sacrifices from motivated depositors. We also clarify the link between SBs and stakeholder banks and weigh up the importance of market interest rates for facilitating the business of SBs. An empirical analysis based on panel regressions on 5,400 European banks over the 1998-2013 period attests to the relevance of our theoretical framework. It also confirms that a low interest rate environment raises concerns about the sustainability of the SB business model. |
| Keywords: | Social banks; European banks; Business Model; Financial Intermediation; Social Enterprises |
| JEL: | G20 L33 M14 L31 P13 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:tut:cremwp:2019-08&r=all |
| By: | Grassi, Basile; Sauvagnat, Julien |
| Abstract: | In this paper, we show how to combine data on input-output tables and recent insights from the theory of production networks in order to inform policy. We first describe the information contained in input-output tables compiled by statistical agencies, and show how to derive relevant statistics of production networks. We then discuss the implications of production networks for policy intervention in a series of domains, such as fiscal policy, industrial policy, or, finance. Finally, we present a quantitative exercise applied to French data in order to illustrate that production networks shape the overall impact of competition policy on the economy. |
| Keywords: | Finance; Fiscal policy; Industrial Organisation; industrial policy; inefficiencies; Input-Output; policy; Production Network |
| JEL: | E23 L13 L14 |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13953&r=all |
| By: | Alain Marciano (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier); Giovanni Battista Ramello (Università degli Studi del Piemonte Orientale-Amedeo Avogadro (ITALY)) |
| Abstract: | Guido Calabresi is one of the founders of the law and economics movement. His approach, however, corresponds to a form of economic analysis of law that, we claim, is heterodox. We show why in this short notice. |
| Date: | 2018–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02306824&r=all |
| By: | Isabelle Hillenkamp (CESSMA UMRD 245 - Centre d'études en sciences sociales sur les mondes africains, américains et asiatiques - IRD - Institut de Recherche pour le Développement - Inalco - Institut National des Langues et Civilisations Orientales - UPD7 - Université Paris Diderot - Paris 7, IRD - Institut de Recherche pour le Développement); Isabelle Guérin (IRD - Institut de Recherche pour le Développement, CESSMA UMRD 245 - Centre d'études en sciences sociales sur les mondes africains, américains et asiatiques - IRD - Institut de Recherche pour le Développement - Inalco - Institut National des Langues et Civilisations Orientales - UPD7 - Université Paris Diderot - Paris 7); Christine Verschuur (IHEID - Institut de hautes études internationales et du développement - University of Geneva [Switzerland]) |
| Abstract: | Cet article propose d'étudier l'économie solidaire sous le prisme du genre à partir d'un double regard, critique et possibiliste. Ce double regard, inspiré à la fois de l'économie substantive polanyienne et des recherches féministes, éclaire la manière dont les pratiques d'économie solidaire renouvellent l'économique et le politique, compris ici à la fois comme catégories d'action et de pensée. Il met aussi en lumière les chemins multiples et sinueux de l'émancipation, fruit d'un entremêlement entre principes d'échange dont l'équilibre est en renouvellement permanent. |
| Keywords: | genre,pouvoir,économie solidaire,Polanyi,reproduction |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:ird-02303236&r=all |
| By: | Fontaine, Francois; Martin, Julien; Mejean, Isabelle |
| Abstract: | We study the cross-sectional dispersion of prices paid by EMU importers for French products. We document a significant level of price dispersion both within product categories across exporters, and within exporters across buyers. This latter source of price discrepancies, sellers' price discrimination across buyers, is indicative of deviations from the law-of-one price. Price discrimination (i) is substantial within the EU, within the euro area, and within EMU countries; (ii) has not decreased over the last two decades; (iii) is more prevalent among the largest firms and for more differentiated products; (iv) is lower among retailers and wholesalers; (v) is also observed within almost perfectly homogenous product categories, which suggests that a non-negligible share of price discrimination is triggered by heterogeneous markups rather than quality or composition effects. We then estimate a rich statistical decomposition of the variance of prices to shed light on exporters' pricing strategies. |
| Date: | 2019–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:13960&r=all |
| By: | Guillermo Rufino Matamoros-Romero |
| Keywords: | desarrollo económico; encadenamientos productivos; economía mexicana; Albert O. Hirschman; economic development; productive linkages; Mexican economy; Albert O. Hirschman. |
| JEL: | B5 L5 N1 O1 |
| Date: | 2019–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:017545&r=all |
| By: | Jesús Lechuga-Montenegro |
| Keywords: | dinero endógeno; capital ficticio; banca en la sombra; financiarización; endogenous money; fictitious capital; shadow banking; financialization. |
| JEL: | B14 B24 B41 G15 |
| Date: | 2019–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:017541&r=all |
| By: | Pierre Dockès (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet [Saint-Étienne] - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Les nouveaux principes d'une économie à la fois instable et en stagnation. Quand la productivité et le taux d'intérêt naturel sont en berne. La stagnation séculaire ou le cycle du crédit, une réconciliation. Pourtant les profits restent en haut du mât : la grande déconnexion. Où l'on voit le vieil antagonisme profits – salaires se réveiller quand la productivité ralentit. Les profits extra : finance, concentration et « monopoles ». Une crise de suraccumulation. Les États-Unis et la Chine ? Quand la question de la répartition se pose avec l'emballement des inégalités. Leurs conséquences morales, politiques et économiques. Une crise de réalisation. Coupable levez-vous ! ou la mondialisation sur la sellette. Libre-échange ou protectionnisme, les leçons ambigües de l'histoire. Les forces sociales, leurs conflits ou les réactions de la société. |
| Keywords: | taux de profit,productivité,taux d'intérêt naturel,stagnation,inégalités,suraccumulation,crises sociales,instabilité,finance |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02305734&r=all |
| By: | Gabriel Gimenez Roche (NEOMA Business School) |
| Abstract: | In 1982, Giovanni Dosi contributed with an explanation that attempted to conciliate the demand-pull and the technology-push views on technological selection. The solution based on Kuhnian analysis of scientific revolutions assumes the origins of technological changes to be independent of market factors, but ultimately validated by these same factors. This paper demonstrates that technological selection actually occurs within market processes, when entrepreneurs use their judgment to interpret and evaluate the scope of the habitual, conventional, and institutional routines shaping the social environment. Since entrepreneurs specialize around their idiosyncratic interpretations, business paradigms emerge that comprise different technological paradigms. Therefore, business paradigms instrumentally use technological paradigms in order to better correspond to the socially routinized and non-routinized behavior of market agents. |
| Keywords: | entrepreneurship, innovation, opportunity, technological paradigm |
| JEL: | D02 O31 L26 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:9810990&r=all |
| By: | Onil Banerjee (Inter-American Development Bank); Martin Cicowiez (Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS), IIE-FCE, Universidad Nacional de La Plata); Renato Vargas (CHW Research); Mark Horridge (Victoria University) |
| Abstract: | In 2014, the United Nations published the first International Standard for environmentaleconomic statistics, known as the System of Environmental-Economic Accounting (SEEA).. As more countries adopt and implement the SEEA, the availability of consistent environmental and economic information increases the need for analytical tools that can use this data to respond to policy relevant questions. In this paper, we present a workflow to develop an environmentallyextended social accounting matrix, which can serve as the basic database for the development of environmentally-extended computable general equilibrium models. To illustrate, and given its comprehensive implementation of the SEEA, we apply this workflow to the Guatemalan case and the Integrated Economic-Environmental Modeling (IEEM) Platform. |
| JEL: | D58 Q56 |
| Date: | 2019–10 |
| URL: | http://d.repec.org/n?u=RePEc:dls:wpaper:0253&r=all |
| By: | Denis Requier-Desjardins (LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT1 - Université Toulouse 1 Capitole - UT2J - Université Toulouse - Jean Jaurès - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville) |
| Date: | 2019–10–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02307391&r=all |