nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2019‒12‒23
twenty-six papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. On the empirical content of the convergence debate: Cross country evidence on growth and capacity utilisation By Santiago J. Gahn; Alejandro González
  2. Factor shares and the rise in corporate net lending By Jan Behringer
  3. The manifesto of post-institutionalism: institutional complexity research agenda By Frolov, Daniil
  4. Job quality in European employment policy: one step forward, two steps back? By Piasna, Agnieszka; Burchell, Brendan; Sehnbruch, Kirsten
  5. Is there a wage cost for employees in family-friendly workplaces? The effect of different employer policies By Ariane Pailhé; Anne Solaz
  6. Individuals Poverty, Poverty Key Issues in Islam By Upayarto, Budi
  7. Ideology and Discourse Analysis By Wati, Linda
  8. Complexity, the Evolution of Macroeconomic Thought, and Micro Foundations By David Colander
  9. Mainstreaming Third-Sector Economics by Adopting Islamic Principles of Entrepreneurship By Alam, Md. Mahmudul; Molla, Rafiqul Islam
  10. Money as a social relation beyond the state: a contribution to the institutionalist approach based on the Argentinian trueque By Hadrien Saiag
  11. Principle of effective demand in a general equilibrium model with monopolistic competition By Icefield, William
  12. Intentions to adopt ecopreneurship: moderating role of collectivism and altruism By Farida Saleem; Ahmad Adeel; Rizwan Ali; Shabir Hyder
  13. A Third Sector-Led Economic Model: Scopes of Islamic Entrepreneurship By Alam, Md. Mahmudul; Molla, Rafiqul Islam
  14. Une histoire des relations finance-industrie aux États-Unis : origines et remèdes à la financiarisation des entreprises By Thomas Dallery; Tristan Auvray
  15. Reacting to the Lucas Critique: The Keynesians' Replies By Goutsmedt, Aurélien; Pinzón-Fuchs, Erich; Sergi, Francesco; Renault, Matthieu
  16. Intellectual property rights and the commodification of nature: the case of seeds By Gentilucci, Eleonora
  17. Development and progress: the myth of a moral ideal By Alba Moreira Pinargote
  18. Determinant of membership and benefits of participation in pyrethrum cooperatives in Musanze District, Rwanda By Kayitesi, Claudine; Nyikal, Rose A.; Mburu, John
  19. Present and future of evolutionary economics: post-institutionalist’s opinion By Frolov, Daniil
  20. Effects of gender and women empowerment on adoption of climate – smart agricultural practices among smallholders in Northern Nigeria By Kehinde, Mojisola O.; Shittu, Adebayo M.
  21. DECEPTIVE GAME OF TODAY’S CAPITALIST GLOBALIZATION Evidence from Malaysia’s Experience By Molla, Rafiqul Islam; Alam, Md. Mahmudul; Murad, Wahid
  22. “Truly, Much Can Be Done”: Cooperative Economics from the Book of Acts to Pope Francis By Schneider, Nathan
  24. Climate Change and Human Rights: Contributions by and for Latin America and the Caribbean By -
  25. Systemic Risk: Fire-Walling Financial Systems Using Network-Based Approaches By V. Sasidevan; Nils Bertschinger
  26. Can land market regulations fulfill their promises? By Heinrich, Florian; Appel, Franziska; Balmann, Alfons

  1. By: Santiago J. Gahn (Univeristà degli Studi di Roma Tre (IT)); Alejandro González
    Abstract: In a quarterly unbalanced panel of 24 developed and developing countries, direct survey measures of capacity utilisation rates are stationary, positively correlated with growth in the short run and uncorrelated with growth in the long run. We show how these stylised facts are related to the `convergence debate', i.e. the inability of actual capacity utilisation to converge to its normal or desired value in the long-run: In the baseline Neo-Kaleckian model, while trend capacity utilisation is not restricted, it should be positively correlated with growth in the long-run; in contrast, the Sraffian Supermultiplier where capacity utilisation converges to its long-run exogenous value implies utilisation is stationary and uncorrelated with growth in the long-run. Although both models' empirical predictions in the short-run are confirmed, our results reject the baseline Neo-Kaleckian model in favor of the Sraffian Supermultiplier in the long-run.
    Keywords: Neo-Kaleckian model, Supermultiplier, Capacity Utilisation, Stationary
    JEL: C22 E11
    Date: 2019–12
  2. By: Jan Behringer
    Abstract: The corporate sector has turned from a net borrowing position to a net lending position in many advanced countries over the past decades. This phenomenon is rather unusual as the corporate sector had historically borrowed funds from other sectors in the economy. In this paper, we analyze how changes in the distribution of income between wages and profits have affected corporate net lending in a sample of 40 countries for the period 1990-2016. A consistent finding ist hat an increase (decrease) in the corporate profit share leads to an increase (decrease) in corporate net lending, controlling for other corporate net lending determinants. We disentangle the effects of the profit share on corporate saving and investment and explore a number of alternative explanations of our results, including changes in the cost of capital, shifts in the composition of industrial sectors, the growing importance of intangible capital, and a temporary crisis phenomenon. We conclude that factor shares are an important driver of macroeconomic trends and that the rise in corporate profits has contributed considerably to the improvement in the corporate net lending positions across countries.
    Keywords: Corporate saving, investment, income distribution, cost of capital
    JEL: E21 E22 E25 G30
    Date: 2019
  3. By: Frolov, Daniil
    Abstract: The article discusses 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 introducing a new paradigm of evolutionary analysis of institutions. It demonstrates that in the focus of post-institutionalism there are complex and supercomplex institutional phenomena and processes, which can only be comprehended by overcoming reductionist methodological approaches of the institutional mainstream
    Keywords: institutional complexity, institutions, institutional systems, transaction costs, institutional evolution, post-institutionalism
    JEL: B41 B52
    Date: 2019–10–17
  4. By: Piasna, Agnieszka; Burchell, Brendan; Sehnbruch, Kirsten
    Abstract: This article analyses the development and use of the concept ‘job quality’ in European Union (EU) employment policy. Using a set of complementary public policy theories, it examines how both political and conceptual factors contributed to the failure to achieve any significant progress in articulating job quality in the EU’s policy objectives and guidelines. Conceptual clarity in defining what job quality is (and what it is not), from whose perspective it should be considered, and which direction of change indicates improvement, are vital prerequisites for an effective integration of job quality into the EU’s employment strategy and into the elaboration of any successful social indicator. A constant political struggle between different stakeholders at EU level, and a need to reconcile the often-contradictory views of the social partners, has precluded the completion of this first step. Instead, attempts to include job quality into the policy formulation process were made without simultaneously adapting the overall narrative, which continued to give prominence to flexibility and deregulation. The outcome has been a rather cursory and inconsistent effort to implement policies and actions aimed at boosting job quality.
    Keywords: European employment policy; European Employment Strategy; European Semester; flexicurity; Job quality; Pillar of Social Rights; quality of employment
    JEL: N0 R14 J01
    Date: 2019–05–01
  5. By: Ariane Pailhé; Anne Solaz
    Abstract: This article assesses the wage impact of different family‐friendly employer policies: in‐kind or in‐cash child‐related benefits and flexible work schedule arrangements. We use French matched employee–employer data with a rich set of indicators of family‐friendly benefits, and we pay attention to the possible endogeneity of worker–employer matching. Our results show that the provision of in‐cash or in‐kind benefits is associated with higher wages for women, while flexible work schedules have no significant effect on wages. Our results lead us to reject the hypothesis of compensating wage differentials: women do not appear to face a trade‐off between wages and a better work–life balance. Our findings are more in line with the enhancing productivity theory: in‐kind benefits reduce the time devoted to household activities and alleviate conflict between professional life and family life, thereby improving women's work effort and productivity. This is not the case for flexible work arrangements, which may be perceived as negatively related to workers’ commitment to their job.
    Date: 2018–10–08
  6. By: Upayarto, Budi
    Abstract: The purpose of this paper is to describe how Islam as an ideology view at issues of poverty with individual solutions, instead of solving it with average prosperity in the stage. This paper also describes how the individual poverty solutions solved by Islam through the mechanism of distribution of wealth. View of poverty and income inequality of the socialist-communist and capitalist ideology is also presented as a comparison with Islam. Description method for describing the view of Islam in the distribution of such property is used with a review of the literature that has addressed the same theme. Diagram used at the end of the article as a visualization of the distribution of wealth in Islam.
    Date: 2018–01–29
  7. By: Wati, Linda
    Abstract: In this paper study of the approaches, ideologies are defined here within a multidisciplinary framework that combines a social, cognitive and discursive component. The'systems of ideas', ideologies are sociocognitively defined as shared representations of social. As the basis of a social group's self- image, ideologies organize its identity, actions, aims, norms and values, and resources as well as its relations to other social groups. Ideologies are distinct from the sociocognitive basis of broader cultural communities, within which different ideological groups share fundamental beliefs such as their cultural knowledge. Ideologies are expressed and generally reproduced in the social practices of their members, and more particularly acquired, confirmed, changed and perpetuated through discourse. Although general properties of language and discourse are not, as such, ideologically marked, systematic discourse analysis offers powerful methods to study the structures and functions of underlying' ideologies.
    Date: 2018–01–13
  8. By: David Colander (Middlebury College)
    Date: 2019–12
  9. By: Alam, Md. Mahmudul (Universiti Utara Malaysia); Molla, Rafiqul Islam
    Abstract: The ‘private’ and ‘public’ sector economics found their own strong places to play roles in the mainstream economy. At the end, however, these two systems – the private, popularly called the first sector economy, and the public, called the second sector economy - both individually and jointly have been found seriously inadequate and incapable to ensuring wellbeing of human societies nationally and globally. Responding to such a situation a number of nonconventional approaches like cooperatives and social enterprises, waqaf, foundations, and other non-profit institutions, etc., together called third sector economy, were moved and promoted to ensure social justice and wellbeing of mankind. Initially it emerged as a make-up and defensive strategy of the market-state model to meet the minimum of unmet requirements in the sectors where the market and state have grossly failed. It, thus, played only a subordinate role. As a result, it could not help much to solve the problem of economic inequity, concentration of wealth, and social divides. However it is strongly felt that a broadly based third sector economic model with both not for-profit business like enterprises and for-profit businesses blended with social justice is necessary to play its role as a mainstream model not only for poverty alleviation but also for economic growth to bridge the economic and social divides. Mainstreaming the third sector is the urgent call of the day. Islamic entrepreneurship, which is basically a community-centric mode of business initiative, is an antidote to the problem of intolerable economic and social dualism in the economies. It is a natural strategy against all forms of capitalist exploitations, like in the past through European colonialism and now through American led terrorism, to control resources. Accordingly it is the natural model for solving the problems of economic inequity, concentration of wealth, and social divides. Therefore, this study finds the Islamic mode of entrepreneurship as most suitable and effective for widening and mainstreaming the third sector economics, more particularly in the developing countries. Johor Corporation (JCorp) in Malaysia and Sheba Polly in Bangladesh are examples of two types of Islamic style third sector enterprises – one is staunchly business like initiative and the other is cost based charity initiative for social benefit. For the development and promotion of the community-centric third sector economics model, the paper recommends for urgently establishing a research and development centre on third sector economics preferably under an Islamic Research and Development Institute in any reputed university
    Date: 2019–02–23
  10. By: Hadrien Saiag (IIAC - Institut interdisciplinaire d'anthropologie du contemporain - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This paper provides a contribution to the institutionalist approach to money through ethnographic research carried out in two local currency systems in Argentina (known as trueque). It argues that Argentinian local currencies must be considered as monies in their own right even if they differ from state and bank issued currencies, because they can be understood as systems of evaluation and settlement of debts denominated in a specific unit of account (the crédito). Money is said to be an ambivalent social relation because in the two cases studied it mediates very different dynamics, exacerbating inequality in one context and promoting collective emancipation in another. This difference is due to the kind of political communities that the crédito tends to forge. In both Rosario and Poriajhu, the political community is defined by a set of values that legitimizes ongoing monetary practices and institutions rather the State's coercion.
    Keywords: money,debt,institutionalist approach,money plurality,Argentina
    Date: 2019
  11. By: Icefield, William
    Abstract: Contrary to the understanding prevalent in both mainstream and heterodox economics, a general equilibrium model featuring monopolistic competition can be compatible with the principle of effective demand. The key to ensuring the principle of effective demand in such a model is to have demand function of each firm to depend on aggregate demand, as in New Keynesian models. It is a particular outside-model interpretation imposed by mainstream economists that disallow the role of effective demand in a model.
    Date: 2019–11–24
  12. By: Farida Saleem (University of Lahore); Ahmad Adeel (University of Lahore); Rizwan Ali (University of Lahore); Shabir Hyder (COMSATS University Islamabad)
    Abstract: There is a need to understand the importance of sustainability of economies by the students especially undergoing business education and look for avenues that provide support to sustainability, in which ecopreneurship is one. The current study examines the intentions to adopt ecopreneurship while extending the theory of planned behavior model by including the dual moderating role of collectivism and altruism while taking developing country context as a field of analysis. Data were collected from students of two universities located in a rural district and student participants of entrepreneurship training workshop. Results show that ecopreneurship is mainly driven by subjective norms and self-efficacy while attitude towards ecopreneurship become significant in presence of collectivism and altruism not otherwise. Similarly, the dual moderating role of collectivism and altruism has been identified by the significance of three-way interactions for attitude, subjective norms and self-efficacy with collectivism and altruism respectively.
    Keywords: Sustainability,Ecopreneurship,Collectivism,Altruism,Theory of Planned Behavior
    Date: 2018–12–30
  13. By: Alam, Md. Mahmudul (Universiti Utara Malaysia); Molla, Rafiqul Islam
    Abstract: Private (first sector) and public (second sector) sector economics, both individually and jointly, have failed to ensure the wellbeing of human societies on the national and global levels. In response, social enterprise (third sector) economics, which features cooperatives and not-for-profit social enterprises, foundations (awqāf), and similar undertakings, has emerged as a make-up strategy in an attempt to counter the deficiencies of the market-state economic model. However, there is a strongly felt belief that the third sector needs to be broadened and mainstreamed in order to include both not-for-profit and for-profit businesses blended with social justice (via provision of such social welfare programs as corporate social responsibility) so that they can play a major role in poverty alleviation and economic growth. Islamic entrepreneurship, which is basically a community-centric mode of business initiative, is an antidote to the problem of intolerable economic and social dualism, a natural strategy against all forms of capitalist exploitation and attempts to control a nation’s resources. Moreover, it is the natural model for solving economic inequity, wealth concentration, and social divides. Based on its potential and using examples from Bangladesh and Malaysia, we present the Islamic style of entrepreneurship. We contend that this particular style is the most efficient and desirable one for effectively widening and mainstreaming community-centric third sector economics so that it can ensure development with equity and social justice especially in developing countries.
    Date: 2019–02–24
  14. By: Thomas Dallery (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique); Tristan Auvray (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This article revisits the history of the relationships between finance and industry in the United States, as it was first suggested by Hyman Minsky, but we refocus the analysis on shareholding so as to understand the current influence expressed by shares' owners on corporations. We examine the evolution of the two institutions allowing shareholders to weigh on firms' governance: market liquidity and voting power associated with shares' concentration. We underline that, despite the process of shareholding dispersion, a concentration has always been present. It is thus the existence of a constraint on liquidity which permits to managers to preserve a while the autonomy won during the XXth century. We suggest the hypothesis that this constraint relies on capital controls, internal or external to the United States.
    Abstract: Cet article relit l'histoire des relations entre la finance et l'industrie aux États-Unis proposée par Hyman Minsky en la recentrant sur l'actionnariat afin de comprendre l'influence actuelle qu'exercent les propriétaires de titres sur les entreprises. Nous examinons l'évolution des deux institutions qui permettent aux actionnaires de peser sur la gouvernance des firmes : la liquidité du marché, et le pouvoir de vote associé à la concentration des actions. Nous soulignons que malgré le processus de dispersion de l'actionnariat, une concentration a toujours existé. C'est donc l'existence d'une contrainte sur la liquidité qui a permis aux managers de préserver pour un temps une autonomie conquise au cours du XXe siècle. Nous avançons l'hypothèse que cette contrainte repose sur les contrôles de capitaux internes et externes aux États-Unis.
    Date: 2019–01–01
  15. By: Goutsmedt, Aurélien (Duke University); Pinzón-Fuchs, Erich (Université Paris 1 Panthéon-Sorbonne); Sergi, Francesco; Renault, Matthieu
    Abstract: In 1976, Robert Lucas explicitly criticized Keynesian macroeconometric models for their inability to correctly predict the effects of alternative economic policies. Today, most contemporary macroeconomists and some historians of economics consider that the Lucas’s critique led forcefully to immediate disqualification of the Keynesian macroeconometric approach. This narrative is based on the interpretation of the Lucas Critique as a fundamental principle for economic reasoning that was (and still is) logically unquestionable. We consider that this narrative is problematic both in terms of historiography and of the effects that it can have in the field as a way of assigning importance and credit to particular macroeconomists. Indeed, the point of view of the Keynesian economists is missing despite the fact that they were the target of Lucas’s paper and that throughout the 1970s and 1980s they produced a fierce reaction against it. In this paper, we analyze the reactions by a broad set of authors (that we label as “Keynesians”) that disputed the relevance of the critique. In spite of their diversity in methodological, theoretical, and policy issues, these reactions were characterized by their common questioning of the empirical and practical relevance of the Lucas critique.
    Date: 2019–02–28
  16. By: Gentilucci, Eleonora
    Abstract: The paper uses the Ostromian analytical framework of CPRs and commons definitions, in order to analyze the effect of the introduction of IPRs on the seeds. The main contribution of this research is twofold. On the one hand it allows to validate the initial hypothesis (H1) namely that, throughout the history, until the introduction of IPRs on the living (S0), seeds were CPRs and commons and, after the introduction of IPRs (S1), seeds became private goods. The analysis carried out shows that seeds are commons of knowledge and natural resource and that the introduction of IPRs has allowed the appropriation of a resource that was previously common. This is the “commodification” process. On the other hand study deeps a specific tool to overcome the enclosure imposed by IPRs, to seeds: namely the application of free software principles to seeds. This enables a return to the reverse process of “commonification”.
    Keywords: Seeds, Knowledge commons, Common-pool resources, Intellectual property rights, Free software.
    JEL: B52 O13 O34 P14 P16
    Date: 2018–12–13
  17. By: Alba Moreira Pinargote (Universidad de Cantabria [Santander])
    Abstract: Briefly tracing the main critical theories around the development and progress paradigm allow us to focus attention on questions such as what does it mean to live in development? Why is it necessary to develop and to what extent? How is development achieved? The conceptual approach draws the key lines for the understanding of the hegemonic discourse established in the collective imaginary as a moral ideal in the economic, social and political configuration of societies, as a concept, theory and practice. Concepts understood as inevitable ideals of any traditional society towards a superior. This theoretical review is part of the ongoing doctoral research project entitled «Montuvias. A decolonial feminist look at the development / progress paradigm in Ecuador», so a brief conceptual description of the gender perspective in development is also made.
    Abstract: Rastrear brevemente las principales teorías críticas en torno al paradigma de desarrollo y progreso permiten centrar la atención en cuestionamientos tales como ¿qué significa vivir en desarrollo?, ¿por qué es necesario desarrollarse y en qué medida?, ¿cómo se consigue el desarrollo? La aproximación conceptual traza las líneas claves para la comprensión del discurso hegemónico instaurado en el imaginario colectivo como un ideal moral en la configuración económica, social y política de las sociedades, como concepto, teoría y práctica. Conceptos entendidos como ideales inevitables de toda sociedad tradicional hacia una superior. Esta revisión teórica hace parte del proyecto de investigación doctoral en curso titulado «Montuvias. Una mirada feminista decolonial al paradigma de desarrollo/progreso en el Ecuador», por lo que también se realiza una breve descripción conceptual de la perspectiva de género en el desarrollo.
    Keywords: Third World,Gender,Miscegenation,Coloniality,Tercer Mundo,Género,Mestizaje,Colonialidad
    Date: 2019–10–28
  18. By: Kayitesi, Claudine; Nyikal, Rose A.; Mburu, John
    Keywords: Agribusiness, Farm Management
    Date: 2019–09
  19. By: Frolov, Daniil
    Abstract: Modern evolutionary economics is in the ripening phase and at the same time demonstrates clear signs of an internal crisis. Having become one of the main pillars of economic heterodoxy, this scientific community still does not have a common methodological framework, an agreed research program and a system of normative settings. Indirectly responding to this crisis, a group of leading evolutionists led by Richard Nelson in the book «Modern Evolutionary Economics: An Overview» (2018) suggests moving from direct competition with the neoclassical mainstream to a compromise solution. The compromise is to complement neoclassicism with implicit evolutionary thinking, i.e. adoption of the thesis “history matters” as the basic premise of analysis, even when studying economic phenomena in statics. Similar crisis processes (and attempts at compromise solutions) are now observed in neoinstitutional theory - the mainstream of modern institutionalism - especially in the field of studying the evolution of institutions. The author, as a representative of post-institutionalism, argues that these crises are based on the exhaustion of the potential of the neo-Darwinist paradigm as a source of conceptual metaphors for studies of the economic and social evolution. Overcoming the paradigmal crisis requires going beyond the prevailing (and already dogmatized) metaphors. The necessary conditions have formed for this step: a paradigm shift is taking place in modern biological science - an extended evolutionary synthesis is taking the place of neo-Darwinism, the «core» of which is evolutionary developmental biology (Evo-Devo). In this regard, evolutionary economists have the opportunity to update the basic methodological «settings» by moving from neo-Darwinist metaphors to metaphors of the Evo-Devo. The article presents three complex priority tasks related to the implementation of the Evo-Devo paradigm. First, the rejection of any version of reductionism, in particular from mono-aspect, monocausal and dichotomous thinking. Secondly, the rejection of the optimization and dysfunctional approaches with the transition to bricolage thinking, based on a positive perception of the organic imperfection of economic institutions, mechanisms and systems. Thirdly, the addition of the traditional systemic approach to assemblage thinking with an emphasis on hybrid systems, the multiplicity of their logics and the inevitability of their conflicts. It is shown that the Evo-Devo paradigm allows a more adequate explanation of the evolution of the irreducible complexity of economic systems
    Keywords: economic evolution; institutions; complexity; evolutionary economics; institutional economics; methodology
    JEL: A14 B41 B52
    Date: 2019–09–24
  20. By: Kehinde, Mojisola O.; Shittu, Adebayo M.
    Keywords: Environmental Economics and Policy, Labor and Human Capital
    Date: 2019–09
  21. By: Molla, Rafiqul Islam; Alam, Md. Mahmudul (Universiti Utara Malaysia); Murad, Wahid
    Abstract: Globalization is the economic policy of integration of national economies with global economy on the basis of free market competition. It is a neoliberal prescription for industrialization and growth of the emerging economies of the South and a project of capital accumulation for the capitalist North through a process of securing disproportionate share of benefits at the expense of the developing South. The content analysis and Malaysia’s globalization experience poise to support the hypothesis that globalization has high potential to contribute to industrialization and growth of the emerging economies, but at the same time, the way it is practiced, it is a deceptive game of the North and cannot be trusted wholeheartedly for emancipation of the developing economies. The paper suggests for a policy of target oriented ‘inclusive globalization’ to ensure equitable share of benefits of specialization and globalization.
    Date: 2019–02–23
  22. By: Schneider, Nathan (University of Colorado Boulder)
    Abstract: for Care for the World: Laudato Si’ and Catholic Social Thought in an Era of Climate Crisis, edited by Frank Pasquale (Cambridge University Press, 2019) At several key moments in Laudato Si’, Pope Francis makes passing reference to cooperative economics – when speaking of a more human relationship with technology, for instance, and in relation to sustainable energy production. Reading these in light of his past statements on economic cooperation, it is evident that “cooperative,” for him, is no vague nicety; rather, he is referring to a robust tradition of Catholic economic thought grounded in distributed ownership of the means of production and the precedence of persons over capital. This essay reviews the contours of the tradition that the pope is referring to, beginning with his own past statements on cooperative enterprise. It considers the foundations in biblical narratives of the early church; notions of the commons in early canon law; economic practices in monastic cultures; Catholic leadership in the emergence of modern cooperation; and the current, complex interactions between Catholic thought and the secular resurgence of cooperative economics. In addition to tying together historical threads, it draws from reporting on contemporary cooperative enterprise and on Francis’s pre-papal history with cooperativism in Argentina. Cooperative economics is a central yet under-appreciated backdrop to what the pope attempted to accomplish in Laudato Si’, and a vital component of the hope for “integral ecology” that he envisions.
    Date: 2019–02–26
  23. By: Rustam, Muhammad Reza
    Abstract: This paper describes a dynamics proletarian literature and its relationship with Kanikosen novel by Kobayashi Takiji, including; the institution, ideology, production, and figures associated to narration used by Marxism theory posed by the author as one of the Japan "wild literature" in the 1920s. This paper aims to usher the readers to the narrative of the Japanese proletarian literature and illustrates the Japanese proletarian literary map development. The form of “wildness” obtained by the author is a social class conflict in literary texts such as in the Kanikosen story. Like an empirical reality, text construction, especially characterizations, background, and language style reflecting a dynamics of everyday social life. Intimidation, exploitation, deception, torture, suffering labor on one side and on the other side, the accumulation of profits, accumulating capital individually, and the arbitrariness of employers conducted by the owners of capital, reflected brightly by Kobayashi Takiji.
    Date: 2017–12–27
  24. By: -
    Abstract: Abstract
    Date: 2019–11–28
  25. By: V. Sasidevan; Nils Bertschinger
    Abstract: The latest financial crisis has painfully revealed the dangers arising from a globally interconnected financial system. Conventional approaches based on the notion of the existence of equilibrium and those which rely on statistical forecasting have seen to be inadequate to describe financial systems in any reasonable way. A more natural approach is to treat financial systems as complex networks of claims and obligations between various financial institutions present in an economy. The generic framework of complex networks has been successfully applied across several disciplines, e.g., explaining cascading failures in power transmission systems and epidemic spreading. Here we review various network models addressing financial contagion via direct inter-bank contracts and indirectly via overlapping portfolios of financial institutions. In particular, we discuss the implications of the "robust-yet-fragile" nature of financial networks for cost-effective regulation of systemic risk.
    Date: 2019–12
  26. By: Heinrich, Florian; Appel, Franziska; Balmann, Alfons
    Abstract: After land prices in Germany increased continuously since 2006, policy makers, representatives of farmers’ unions, NGOs, and farmers started and continued to discuss or propose new land market regulations to stop price increases and to protect particularly smaller farmers. In this paper we analyze different types of regulations for the land rental market with the agent-based model AgriPoliS. Our simulation results show that price and farm size limitations may inhibit rental priceincreases and reduce structural change. The regulations do however not lead to a conservation in the number of small farms; neither do they have a substantial positive impact on their profitabilityand competitiveness. Many small farms still exit agricultural production and only few are able to grow into a larger size class. Beyond redistributional costs, e.g. beared by landowners, economic and social costs result from reduced average economic land rents, less regional value-added and less employment caused by a reduced functionality of the land market and biased incentives.
    Keywords: structural change,land market,land market regulation,agent-based modeling
    JEL: Q15 Q18 C63
    Date: 2019

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