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on Heterodox Microeconomics |
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Issue of 2020‒04‒20
fifteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Fabien Tarrit (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne) |
| Abstract: | The present paper questions the relation between Marx's theory and the issues of social justice. We first introduce an interpretation claiming that a theory of justice in itself is useless because idealist. We compare it with an interpretation for which founding a critique of capitalism on standards of justice allows to avoid an economist failure which denies individuality. |
| Abstract: | La présente contribution interroge le rapport de la théorie de Marx aux problématiques en termes de justice sociale. Nous proposons une interprétation selon laquelle une théorie de la justice en soi est inutile car idéaliste. Nous la confrontons à une lecture qui implique qu'une critique du capitalisme fondée sur des critères de justice est nécessaire afin d'éviter l'écueil économiste niant l'individualité. Abstract This paper questions the relation between Marx's theory and the issues of social justice. We first introduce an interpretation claiming that a theory of justice in itself is useless because it is idealist. We compare it with an interpretation that implies that a critique of capitalism based on standards of justice allows to avoid the economic pitfall which denies individuality. |
| Keywords: | Mots-clefs : Justice,matérialisme historique,liberté réelle,exploitation Keywords : Justice,Superstructure,Historical Materialism,Real Freedom,Exploitation Classification JEL : A13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02515968&r=all |
| By: | Laura Aufrère (Centre d’Economie de l’Université de Paris Nord (CEPN)); Philippe Eynaud (GREGOR); Lionel Maurel (InSHS CNRS); Corinne Vercher-Chaptal (Centre d’Economie de l’Université de Paris Nord (CEPN) Title : Comment penser l'alternative au capitalisme de plateforme dans une logique de réencastrement polanyien ?) |
| Abstract: | L’article envisage les alternatives au capitalisme de plateforme dans une logique de réencastrement polanyien. Issus d’études de cas dans les secteurs du co-voiturage, de la livraison et de l’hébergement, les résultats mettent au jour des modèles d’activité hybrides au sein desquels le principe marchand est mis au service de la logique réciprocitaire. Rejetant la rationalité algorithmique formelle des plateformes capitalistes, les alternatives cherchent à aligner les comportements individuels et collectifs sur les valeurs de solidarité et les finalités d’intérêt général. Elles expérimentent des modalités originales de passage à l’échelle, basées sur la fédération de communautés, respectueuses de leur ancrage dans l’économie substantive. Les résultats permettent de penser des complémentarités entre différentes formes d'encastrement susceptibles de se jouer à plusieurs échelles, et ouvrent des perspectives pour repenser les politiques publiques vis-à-vis des expérimentations de l’économie solidaire et des communs. |
| Abstract: | The article considers alternatives to platform capitalism in a logic of Polanyian re-embedding. Stemming from case studies in the car-pooling, delivery and hosting sectors, the results uncover hybrid business models in which the market principle is used in the service of reciprocal logic. Rejecting the formal algorithmic rationality of capitalist platforms, the alternatives seek to align individual and collective behavior with values of solidarity and goals of general interest. They are experimenting with original methods of scaling up, based on the federation of communities, respectful of their anchoring in the substantive economy. The results make it possible to think of complementarities between different forms of embedding likely to be played out on several scales, and open perspectives for rethinking public policies vis-à-vis the experiments of the solidarity economy and the commons. |
| Keywords: | Plateformes numériques, coopérativisme de plateforme, ré-encastrement, démarchandisation, réciprocité, économie substantive.; Digital platforms, platform cooperativism, re-embedding, decommodification, reciprocity, substantive economy. |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:upn:wpaper:2020-04&r=all |
| By: | Anastasia Cozarenco; Ariane Szafarz |
| Abstract: | Little is still known about the determinants of financial inclusion in high-income countries. Using the Findex dataset, we focus on two regions: The Euro area and North America. We detect important differences between the two regions in the financial inclusion of women and poor households. In the Euro area, access to financial services can be challenging for women, while in North America, poor households are particularly underserved. We explore potential explanatory factors for the gender and poverty gaps using public social expenditures, inequality and gender discrimination measures, and labor market characteristics. As expected, the region-wise poverty gaps in financial inclusion are aligned with inequality measures. Yet, the factors connected with gender gaps are less intuitive. Our preliminary analysis shows that the gender gaps in financial inclusion are related more to (un)employment characteristics than to the level of institutional gender discrimination. This evidence in turn suggests a link between financial inclusion and the need for consumption smoothing. We therefore speculate that, in high-income countries, gendered financial exclusion is driven more by demand-side factors than by supply-side ones. |
| Keywords: | Financial inclusion; High-Income Countries; Gender; Poverty; Euro Area; North America |
| JEL: | G21 O11 O15 J16 I32 |
| Date: | 2020–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/303606&r=all |
| By: | Quaas, Friedrun |
| Keywords: | Pluralismusdebatte,Monismus,Orthodoxie,Heterodoxie,Mainstream,Neoklassik,Kritischer Rationalismus,Kritischer Realismus,Pluralism,Monism,Orthodoxy,Heterodoxy,Mainstream Economics,Neoclassical Economics,CriticalRationalism,Critical Realism |
| JEL: | B13 B25 B41 B50 B53 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:leiwps:165&r=all |
| By: | Giovanni Dosi; Mauro Napoletano; Andrea Roventini; Joseph E. Stiglitz; Tania Treibich |
| Abstract: | We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change, imperfect information, coordination hurdles and structural breaks. In these circumstances, we find that neither individual nor macroeconomic dynamics improve when agents replace myopic expectations with less naïve learning rules. Our results suggest that fast and frugal robust heuristics may not be a second-best option but rather “rational” responses in complex and changing macroeconomic environments. |
| JEL: | C63 D8 E32 E6 O4 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:26922&r=all |
| By: | Schnabl, Gunther; Sonnenberg, Nils |
| Abstract: | The paper analyses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It compares the financial market stabilization measures of the Federal Reserve System and the European System of Central Banks in response to the US subprime crisis and the European financial and debt crisis. It is shown that the Federal Reserve System's crisis measures were more directed towards stabilizing the banking system, whereas the European Central Bank had a stronger focus on the stabilization of the debt affordability of euro area crisis countries. In both cases, household credit growth remained under control despite renewed monetary expansion, while new imbalances emerged in the corporate sector. In the euro area, loose monetary policy had a destabilizing impact on the financial sector. |
| Keywords: | Financial cycles,financial crisis,financial stability,Hayek,Keynes,monetarypolicy |
| JEL: | B53 E12 E14 E30 E44 E58 G10 G20 H30 H50 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:leiwps:166&r=all |
| 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 article investigates how the Argentine subproletariat perceives the recent consumer credit boom, based on several fi eld visits carried out in one of Argentina's industrial hubs between 2007 and 2016. It analyzes the credit boom in relation to the wider social transformations induced by the left ist Peronist governments during 2003-2015 (especially the incorporation of informal workers into the social protection system). It argues the rise of consumer credit is perceived by those who use it with ambivalence. While it has allowed the subproletariat to access a form of consumption that was previously restricted to upper classes, it also exposes this population to a new form of exploitation based on the discrepancy between the (monthly based) time of fi nance and the (erratic) time of work. |
| Keywords: | time,popular economy,financial exploitation,debt,consumption,social stratifications,temporalities,savings |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02516543&r=all |
| By: | Anatoliy Kostruba (Vasyl Stefanyk Precarpathian National University) |
| Abstract: | The article is devoted to the study of the legal nature of the state. The author departs from the traditional public-law understanding of the state. Using the theory of George Ellinek, who examines the legal construction of the state not only from the standpoint of legal 156 science, but also from the position of sociology, the author presents the substantiation of the private legal nature of the state. Yes, the state is a legal form and legal means of securing the interest of civil society, which is carried out by its structural self-organization on cultural grounds. The state is the bearer of subjective rights and legal obligations as a result of individualized volitional activity in the exercise of self-interest in public relations. This approach allows us to refer it to a legal entity. Having universal legal capacity, the civil capacity of the state is revealed through the institution of representation, which is realized through the activities of a state authority endowed with a state of special capacity |
| Keywords: | state,subject of law,Society civile,legal capacity,capacity,legal entity,state authority,legal personality. |
| Date: | 2019–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02516698&r=all |
| By: | Tandon, Anjali |
| Abstract: | The basic motivation of this work is to find how the sector-wise factor proportions are placed in an open and market driven economy. Literature emphasises a greater relevance of factor proportions in resource allocations for economic activity as compared to intersectoral linkages. However, the measurement of factor requirements is, prima facie, based on direct factor proportions, and can be misleading due to the its partial nature of assessment. Working with the Semi-Input-Output Model provides an advantage to distinguish between tradable and non-tradable sectors while also including the indirect factor use. The analysis confirms an underestimation of factor proportions, if only the direct factor usage is taken into consideration. It also provides a benchmark for comparison of the sector-wise factor proportions. It is insightful to note that most tradable sectors have higher capital coefficients than the corresponding labour coefficients, underscoring stronger than expected capital requirements. |
| Keywords: | factor proportions; tradables; capital-to-labour ratio; semi-input-output; linkages; India |
| JEL: | C67 D24 D57 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:99135&r=all |
| By: | Francesco Lamperti; Valentina Bosetti; Andrea Roventini; Massimo Tavoni |
| Abstract: | Recent evidence suggests that climate change will significantly affect macro-economic growth and several productive elements of modern economies, such as workers and land [Dell et al., 2009, Burke et al., 2015, Carleton and Hsiang, 2016]. Although historical records indicate that economic shocks lead to financial instability, few studies have focused on the impacts of climate change on the financial system [Dietz et al., 2016, Dafermos et al., 2018]. This paper evaluates a global economy where multiple banks provide credit to production activities exposed to climate damages. We use an agent based climate-macroeconomic model calibrated on stylized facts, future scenarios and climate impact functions [Nordhaus, 2017] affecting labour and capital. Results indicate that climate change will increase the frequency of banking crises (+26-148%). The public costs of rescuing insolvent banks will cause an additional burden of about 5-to-15% of GDP per year, and an increase of public debt to GDP by a factor of 2. We estimate that around 20% of such effects are caused by the deterioration of banks' balance-sheets. Macroprudential regulation attenuates bailout costs, but only moderately. Our results show that leaving out the financial system from climate-economy integrated assessment may lead to an underestimation of climate impacts, and that financial regulation can play a role in mitigating them. |
| Keywords: | Climate Change; Climate Impacts; Financial Crises; Public Debt; Macroprudential Policy. |
| Date: | 2019–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2019/42&r=all |
| By: | Melita Mehjabeen (Institute of Business Administration, University of Dhaka, Dhaka- 1000, Bangladesh Author-2-Name: Tanisha Bukth Author-2-Workplace-Name: Institute of Business Administration, University of Dhaka, Dhaka- 1000, Bangladesh Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The objective of this paper is to provide a structured literature review of CSR reporting discourse in the context of a developing country, namely Bangladesh, with a focus on three dominant themes: i) the driving forces for CSR reporting, ii) the methodological approaches employed by researchers while studying CSR disclosures, and iii) the theoretical frameworks utilized in explaining the same.Methodology/Technique - In this paper we have employed a structured literature review (SLR) approach and reviewed more than 60 articles from highly ranked accounting and business, ethics and management journals, published over the past two decades. By opting for the SLR approach, we intend to contribute to the extant literature from a methodological perspective since SLR has been relatively underutilized in accounting research.Finding - The paper reveals that while some determinants of CSR disclosure are ubiquitous in both developed and developing countries, the motivation for disclosing social and environmental information is, to a considerable extent, context specific. Specifically, for developing countries like Bangladesh, CSR reporting is driven by survival concerns, emanating from pressure created by global stakeholders, competitive dynamics and sometimes, the 'shadow of the state'. The paper also finds CSR to be under-theorized in Bangladesh, with too much reliance on the legitimacy framework. Given the socio-economic context of Bangladesh, future research should make use of alternative theories drawn from the social and political domain to enable deeper understanding of CSR reporting.Novelty - This paper is one of the first attempts to review CSR literature in the specific context of Bangladesh, which offers an interesting case to study owing to the dual influence of export-led growth on one hand and elements of traditionalism, on the other. The novelty of this paper lies in its attempt to study three dimensions, viz. determinants, theoretical perspectives and methodological approaches in coalition, and thus offer an integrated perspective, which is missing in previous studies.Type of Paper - Empirical. |
| Keywords: | CSR Reporting; Motivations; Theoretical Frameworks; CSR in Bangladesh; Literature Review. |
| JEL: | M14 |
| Date: | 2020–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr184&r=all |
| By: | Adam Sulich; Małgorzata Rutkowska; Jerzy Tutaj |
| Abstract: | This article is devoted to the analysis of innovativeness of green sector enterprises. Based on the literature review, the essence of green economy was pointed out and the green sector in Poland was analyzed. Further on, innovation and its importance for the green sector are discussed. |
| Keywords: | Innovations; Green economy; Green sector; Green enterprises |
| JEL: | O31 Q56 |
| Date: | 2019–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:ahh:wpaper:worms1902&r=all |
| By: | Kapeller, Jakob; Gräbner, Claudius; Heimberger, Philipp |
| Abstract: | This study discusses the challenges that economic policy-makers in Europe have to cope with, in order to ensure an economically prosperous and institutionally stable community of Member States of the European Union (EU). At the analytical level, we not only document a process of multi-dimensional polarisation of EU countries, but also link the existing economic divergences with a central long-term problem, namely structural polarisation: differences in the institutional and legal embedding (e.g. in the areas of tax and corporate law, the labour market or the financial sector) and in technological capabilities are a major driver of divergence in living standards between some Member States. This polarisation, which started even before the financial crisis but has intensified over the last ten years, is due largely to the global and the European "race for the best location". Without coordinated and cooperative intervention by economic policy-makers, a further drifting-apart of economic development paths seems unavoidable. The large differences in the production structures of the EU countries and the resulting highly unequal distribution of technological capabilities are self-reinforcing in nature, and will further intensify polarisation. The present study provides proposals for a coherent European overall strategy that not only addresses existing problems and renders possible the often-promised upward convergence between EU countries, but also provides a potential basis for dealing with key future challenges (such as digitisation, ageing society, climate change or global trade) on the basis of common European objectives. The focus is on safeguarding and expanding European values and institutions, in order to deepen European integration at key points; and thus also to contribute, in the medium to long run, to a transformation of the global economic order from the European side. A central argument is that coordinated measures in various policy areas - especially in wage, monetary, fiscal and industrial policy - are of central importance in creating a long-term successful economic basis for the common European economic and monetary area. |
| Keywords: | Europe,European integration,economic openness,competitiveness |
| JEL: | B5 F6 F45 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifsowp:5&r=all |
| By: | Ederer, Stefan; Rehm, Miriam |
| Abstract: | The paper investigates how including the distribution of wealth changes the demand effects of redistributing functional income. It develops a model with an endogenous wealth distribution and shows that the endogenous rise in wealth inequality resulting from a redistribution towards profits weakens the growth effects of this redistribution. Consequently, a wage-led regime becomes more strongly wage-led. A profit-led regime on the other hand becomes less profit-led and there may even be a regime switch - in this case the short-run profit-led economy becomes wage-led in the long run due to the endogenous effects of wealth inequality. The paper thereby provides a possible explanation for the instability of demand regimes over time. |
| Keywords: | Wealth,Distribution,Aggregate Demand |
| JEL: | D31 D33 E12 E21 E25 E64 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifsowp:4&r=all |
| By: | Umlauft, Thomas |
| Abstract: | Bitcoin and other cryptocurrencies’ spectacular rise over the past years has attracted considerable public and academic interest. The important question arising in this context is whether cryptocurrencies can legitimately be regarded as money. This paper contributes to the current discourse by evaluating cryptocurrencies’ monetary merits based on (1) the orthodox, or Metallist, school of money and (2) the heterodox, or Chartalist, approach. The theoretical as well as empirical findings advanced in this paper serve to illustrate that cryptocurrencies cannot legitimately be regarded as money owing to their lack of essential characteristics universally shared by other monetary systems. By cryptocurrencies’ lack of intrinsic value as well as government support, virtual currencies fail according to the orthodox as well as the heterodox school of money, respectively. In addition, the inelasticity of the bitcoin stock due to the fixed maximum amount of 21 million units stands in sharp contrast to that of other monetary systems – including gold and other depletable resources –, further reducing bitcoin’s suitability as a medium of exchange, and thus as money. In an attempt to explain the apparent discrepancy between the current value the market attaches to cryptocurrencies and their monetary deficiencies, we advance that market participants are misled by what we term the input fallacy of value (IFV). Similar to the labour theory of value, which posits that value is a function of the labour required to produce a good or service, market participants appear to be misled into believing that the value of cryptocurrencies is the product of the input costs required in the “mining” process. In this context, it is overlooked that value, far from merely being a function of labour and capital deployed, is solely determined by the resultant utility. Since, however – as detailed in this paper –, bitcoin lacks the essential characteristics associated with money, cryptocurrencies’ utility, and hence price, should tend towards zero over time. |
| Keywords: | Bitcoin, Cryptocurrencies, Economic Bubbles, Nature of Money, Origin of Money, Theories of Money, Money, Medium of Exchange, Orthodox School of Money, Heterodox School of Money, Chartalist School, Metallist School, Labour Theory of Value, Input Fallacy of Value, Stone Currency of Yap |
| JEL: | B12 B13 B15 B25 B59 E31 E41 E42 E51 E58 N10 N20 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:99302&r=all |