|
on Heterodox Microeconomics |
|
Issue of 2020‒06‒22
nineteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Luiza Nassif Pires |
| Abstract: | This paper presents a critique of Karl Marx's labor theory of value and his theory of falling profit rates from an intersectional political economy perspective. Specifically, I rely on social reproduction theory to propose that Marx-biased technical change disrupts the social order and leads to competition between workers. The bargaining power of workers cannot be dissociated from class struggle within the working class. I argue that technical change increases social conflict, which can counterbalance the long-run tendency of the profit rate to fall. The conclusion is that class struggle is multilayered and endogenous to the process of accumulation. |
| Keywords: | Political Economy; Social Reproduction Theory; Gender and Racial Economics; Labor Unions; Technical Change |
| JEL: | B54 B51 J51 O33 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_957&r=all |
| By: | Parrinello, Sergio (La Sapienza University of Rome) |
| Abstract: | The present paper contains two notes. The first one resumes and expands the classical approach to cope with the existence of exhaustible natural resources in the context of the theory of normal prices. Alternative closures of the model are envisaged: either a given supply of the resource or a given royalty. The fixed-supply alternative, suggested in (Parrinello 2004), rests on the method used in (Sraffa 1960) to deal with the case of intensive land cultivation. The fixed-royalty assumption reflects the position of Piccioni and Ravagnani (2002) and Ravagnani (2006) about the theory of absolute rent. The second note addresses the problem of numéraire dependence, which has been stressed as a criticism of models of general equilibrium without overall perfect competition, and argues that such a property may concern also the theory of normal prices with exhaustible natural resources. It is suggested that a way out from the impasse of the numéraire dependence should be found in an extension of the theory of normal prices to a monetary economy. |
| Keywords: | classical theory; Sraffian approach; exhaustible natural resources; numéraire dependency; price normalization. |
| JEL: | B51 D57 Q32 |
| Date: | 2020–05–20 |
| URL: | http://d.repec.org/n?u=RePEc:ris:sraffa:0041&r=all |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - AgroParisTech - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Defeat capitalism, remake democracy. The stakes of deliberalism. Éric Dacheux and Daniel Goujon. Éditions érès, 2020, Toulouse, 360 p., 29.50 euros. The idea of deliberative democracy is not new in political science because it can be traced back to the crisis of the Greek city in the 5th century BC with the birth of Athenian democracy based on the isgoria, the faculty for each citizen to speak to exercise their power of amendment within the Ecclesia (deliberative assembly voting on the law). In Anglo-Saxon political philosophy, the deliberative ideal remains a major paradigm of legitimization in political decision-making. In France, the establishment of nuclear power plants has established an experimental laboratory for consulting the populations affected by this type of decision. In his work Political Liberalism after Theory of Justice, John Rawls introduces deliberation to give his conception of public reason a foundation that takes into account the pluralism of metaphysical conceptions. From the publication of L'espace public, the deliberation is at the heart of the thought of Jürgen Habermas taking root in the social criticism of capitalism proposed by the Frankfurt School. However, outside of the political economy of communication, the deliberative paradigm remains unthought in the field of economics. This is why, it seems necessary to give a detailed account of the recent theoretical essay by Eric Dacheux and Daniel Goujon on the economic anchoring of deliberative democracy. Both the economic crisis of 1929 and the financial crisis of 2008 empirically demonstrate the inability of the neoliberal approach to predict the crises of the functioning of the capitalist system. Especially since historical developments such as market generalization, the globalization of trade, the financialisation of investments and markets, or the digital transition appear to be out of phase with the liberal conception of neoclassical theory rejecting any intervention by the State outside market failures, the obvious example being ecology where environmental damage is considered as "externalities". Certainly, standard economic theory gradually incorporates external criticism into its hypothetical corpus, for example those formulated by behavioral economics leading to a certain "de-rationalization" of human actors. However, the new methods developed cannot reject the paradigm of market superiority as an efficient mechanism for allocating resources. As Edgar Morin affirms in one of his most recent works "Denouncing is not enough or is not enough anymore": a triple ecological, economic and political crisis is taking hold with increasing intensity, widely propagated by so-called "laws of market ". The authors of this work share with the philosopher the idea that we must henceforth state what we must strive for. To put it more precisely, Éric Dacheux, professor of information and communication sciences and Daniel Goujon, lecturer in economics, affirm that what they call "orthodox economics" dominant in the academic environment has changed little as the world changes. |
| Abstract: | Défaire le capitalisme, refaire la démocratie. Les enjeux du délibéralisme. Éric Dacheux et Daniel Goujon. Éditions érès, 2020, Toulouse, 360 p., 29,50 euros. L'idée de la démocratie délibérative n'est pas neuve en sciences politiques car on peut la faire remonter à la crise de la cité grecque au V ième siècle avant J.C. avec la naissance de la démocratie athénienne fondée sur l'isegoria, la faculté pour chaque citoyen de prendre la parole pour exercer son pouvoir d'amendement au sein de l'Ecclesia (assemblée délibérative votant la loi). Dans la philosophie politique anglo-saxonne, l'idéal délibératif demeure un paradigme majeur de légitimation dans la prise de décisions politiques. En France, l'implantation de centrales nucléaires a constitué un laboratoire expérimental pour la consultation des populations affectées par ce type de décisions. Dans son ouvrage Libéralisme politique postérieur à Théorie de la justice, John Rawls introduit la délibération pour un donner à sa conception de la raison publique une assise qui prenne en compte le pluralisme des conceptions métaphysiques. Dès la publication de L'espace public, la délibération se situe au coeur de la pensée de Jürgen Habermas s'enracinant dans la critique sociale du capitalisme proposée par l'Ecole de Francfort. Pourtant, en dehors de l'économie politique de la communication, le paradigme délibératif demeure un impensé dans le domaine des sciences économiques. C'est pourquoi, il semble nécessaire de rendre compte en détail du récent essai théorique d'Éric Dacheux et de Daniel Goujon sur l'ancrage économique de la démocratie délibérative. Tant la crise économique de 1929 que la crise financière de 2008 démontrent empiriquement l'incapacité de l'approche néolibérale à prédire les crises de fonctionnement du système capitaliste. D'autant que les évolutions historiques comme la généralisation marchande, la globalisation des échanges, la financiarisation des investissements et des marchés, ou la transition numérique se révèlent en déphasage avec la conception libérale de la théorie néoclassique récusant toute intervention de l'Etat en dehors des défaillances de marché, l'exemple patent étant l'écologie où les dommages environnementaux sont considérés comme des « externalités ». Certes, la théorie économique standard incorpore progressivement les critiques externes dans son corpus hypothétique, par exemples celles formulées par l'économie comportementale conduisant à une certaine « dé-rationalisation » des acteurs humains. Cependant, les nouvelles méthodes développées ne sauraient rejeter le paradigme de la supériorité du marché comme mécanisme efficient d'allocation des ressources. Comme l'affirme Edgar Morin dans un de ses ouvrages les plus récents « Dénoncer ne suffit pas ou ne suffit plus » : une triple crise écologique, économique et politique s'installe en s'amplifiant, largement propagée par de prétendues « lois du marché ». Les auteurs de cet ouvrage partagent avec le philosophe l'idée qu'il nous faut désormais énoncer ce vers quoi nous devons tendre. Pour le dire plus précisément, Éric Dacheux, professeur en sciences de l'information et de la communication et Daniel Goujon, maître de conférence en sciences économiques, affirment que ce qu'ils appellent la « science économique orthodoxe » dominante dans le milieu académique a peu évolué alors que le monde change. |
| Keywords: | Théorie écononomique,Capitalisme,Démocratie -Délibération,Démocratie - Science politique |
| Date: | 2020–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02554264&r=all |
| By: | Federico Bassi (Centre de recherche en économie de l’Université Paris Nord (CEPN) and Université Sorbonne Paris Nord); Tom Bauermann (Ruhr-University Bochum and Ruhr-Graduate School in Economics); Dany Lang (Université Sorbonne Paris Nord); Mark Setterfield (Department of Economics, New School for Social Research) |
| Abstract: | Post Keynesian macrodynamic models make various assumptions about the normal rate of capacity utilization. Those rooted in the Classical and neo-Keynesian traditions assume the normal rate is fixed, whereas Kaleckian models treat it as a variable that is endogenous to the actual rate of capacity utilization. This paper contributes to the debate about the normal rate of capacity utilization by developing a model of strong or genuine hysteresis, in which firms make discrete decisions about the normal rate depending on the degree of uncertainty about demand conditions. An agent-based model based on empirical analysis of 25 sectors of the US economy is used to show that hysteresis can cause variation in the normal rate of capacity utilization within a subset of the range of observed variation in the actual capacity utilization rate. This suggests that the economy exhibits both constancy and (endogenous) variability in the normal rate of utilization over different ranges of variation in the actual rate. More broadly speaking, the genuine hysteresis model is shown to provide the basis for a synthesis of Post Keynesian macrodynamics that draws on both the Classical/neo-Keynesian and Kaleckian modeling traditions. |
| Keywords: | Normal rate of capacity utilization, Harrodian instability, genuine hysteresis, Kaleckian growth theory |
| JEL: | C63 E11 E12 L6 L7 L9 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2007&r=all |
| By: | Beate Fischer (University of Kassel); Gunnar Gutsche (University of Kassel); Heike Wetzel (University of Kassel) |
| Abstract: | This paper analyzes the potential for citizen participation in renewable energy cooperatives and in the energy transition process. We consider representative survey data for more than 4,200 financial decision-makers in German households and analyze (i) differences between members and non-members of renewable energy cooperatives, (ii) non-members’ willingness to participate in energy cooperatives, and (iii) factors determining citizen participation in terms of not only voluntary involvement, but also private investments. We find that the lack of familiarity with energy cooperatives among non-members is a limiting factor for the expansion of citizen participation, a finding that indicates the potential of information campaigns. However, we also reveal a substantial participation potential, as about 40% of the non-members who are familiar with the term “energy cooperative†express a high willingness to become involved. Our econometric analysis based on bivariate binary probit models complements the current state of research by showing the relevance of economic preferences such as time preferences, trust, and negative reciprocity. Interestingly, psychological personality traits, measured by the Big Five, are found to be of minor importance. We additionally confirm the findings of earlier work with regard to the relevance of individual environmental values, social contextual factors, and social norms. |
| Keywords: | Citizen participation, community renewable energy, energy transition, Big Five personality traits, economic preferences, social norms |
| JEL: | G11 M14 Q01 Q49 Q56 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202027&r=all |
| By: | Bichler, Shimshon; Nitzan, Jonathan |
| Abstract: | This interview was commissioned in October 2019 for a special issue on ‘Accumulation and Politics: Approaches and Concepts’ to be published by the Revue de la régulation. We submitted the text in March 2020, only to learn two months later that it won’t be published. The problem, we were informed, wasn’t the content, which everyone agreed was ‘highly interesting and stimulating’. It was the format. To begin with, the text was suddenly deemed ‘too long’. Although the length was agreed on beforehand, the special-issue editors – or maybe it was their bosses on the Editorial Board – now insisted that we cut it by no less than two-thirds. They also instructed us to make our answers more ‘interview-like’ and ‘personal’. Finally and perhaps most tellingly, they demanded that we change our ‘tone’, which they found ‘unfair’ and ‘one-sided’. Translation: we should take a hike. This encounter with two-minded editors wasn’t our first. The added epilogue at the end of this interview, titled ‘Manuscripts Don’t Burn’, sketches our history with Jekyll & Hyde editors who have often used ‘length’ and ‘tone’ to reject articles they’ve invited but can’t stomach. But first, the original interview, in full. |
| Keywords: | capital as power,liberalism,marxism,neoclassical economics,political economy |
| JEL: | P16 B14 E13 B E11 B52 B25 B |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:capwps:202002&r=all |
| By: | Isabelle Guérin (IRD, CESSMA (Paris, France), IFP (Pondicherry, India)); Sébastien Michiels (IRD, IFP (Pondicherry, India)); Christophe Jalil Nordman (IRD, UMR LEDa, DIAL, PSL, Université Paris Dauphine, IFP (Pondicherry, India)); Elena Reboul (Université Paris Diderot, Cessma (Social Science Center Studies in African, American and Asian Worlds)); Govindan Venkatasubramanian (IFP (Pondicherry, India)) |
| Abstract: | In 2003, the then Chief Minister of Tamil Nadu in southern India, Jayaram Jayalalithaa, gave a speech about the "silent revolution" of the emancipation of Indian women. But 15 years on, regrettably, the promises of that revolution do not seem to have been fulfilled. Thanks to the various programmes set up to champion women's empowerment (involving local NGOs, public programmes and international support), women are now more prominent in certain public spaces and are able to play a genuine advocacy role as regards the public authorities. Girls education has also significantly improved. But it has not brought about improved employment opportunities. Women are in fact losing out on paid employment (as is the case in India as a whole). They are also heavily indebted (not only from microcredit, but also informal lending and lending from private financial companies). Their indebtedness is disproportionate to their income, and compared to men. Moreover, women almost exclusively put debt towards the social reproduction of families. Reduced opportunities for paid employment and massive debt have hit Dalit women particularly hard. Our analyses use data collected over more than a decade in a rural area of Tamil Nadu, drawing together ethnography and quantitative data, including panel data (2010-2016). They shed light on the complexity of social change, intertwining forms of domination (here, caste and gender), and the ambiguous qualities of so-called empowerment programmes, whose impacts have been various and unexpected. |
| Keywords: | empowerment, gender, labour, debt, microcredit, India |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt202004&r=all |
| By: | Giovanni Dosi (LEM - Laboratory of Economics and Management - Sant'Anna School of Advanced Studies); Mauro Napoletano (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Andrea Roventini; Tania Treibich (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po) |
| Abstract: | In this work we study the granular origins of business cycles and their possible underlying drivers. As shown by Gabaix (Econometrica 79:733–772, 2011), the skewed nature of firm size distributions implies that idiosyncratic (and independent) firm-level shocks may account for a significant portion of aggregate volatility. Yet, we question the original view grounded on "supply granularity", as proxied by productivity growth shocks – in line with the Real Business Cycle framework–, and we provide empirical evidence of a "demand granularity", based on investment growth shocks instead. The role of demand in explaining aggregate fluctuations is further corroborated by means of a macroeconomic Agent-Based Model of the "Schumpeter meeting Keynes" family Dosi et al. (J Econ Dyn Control 52:166–189, 2015). Indeed, the investigation of the possible microfoundation of RBC has led us to the identification of a sort of microfounded Keynesian multiplier. |
| Keywords: | Business cycles,Granular residual,Granularity hypothesis,Agent-based models,Firm dynamics,Productivity growth,Investment growth |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02557845&r=all |
| By: | Dhruv Sharma; Jean-Philippe Bouchaud; Marco Tarzia; Francesco Zamponi |
| Abstract: | We introduce a prototype agent-based model of the macroeconomy, with a budgetary constraint at its core. The model is related to a class of constraint satisfaction problems, which has been thoroughly investigated in computer science. We identify three different regimes of our toy economy upon varying the amount of debt that each agent can accumulate before defaulting. In presence of a very loose constraint on debt, endogenous crises leading to waves of synchronized bankruptcies are present. In the opposite regime of very tight debt constraining, the bankruptcy rate is extremely high and the economy remains structure-less. In an intermediate regime, the economy is stable with very low bankruptcy rate and no aggregate-level crises. This third regime displays a rich phenomenology: the system spontaneously and dynamically self-organizes in a set of cheap and expensive goods (i.e. some kind of "speciation"), with switches triggered by random fluctuations and feedback loops. Our analysis confirms the central role that debt levels play in the stability of the economy. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2005.11748&r=all |
| By: | Fernando DePaolis; Phil Murphy; M. Clara DePaolis Kaluza |
| Abstract: | By applying network analysis techniques to large input-output system, we identify key sectors in the local/regional economy. We overcome the limitations of traditional measures of centrality by using random-walk based measures, as an extension of Blochl et al. (2011). These are more appropriate to analyze very dense networks, i.e. those in which most nodes are connected to all other nodes. These measures also allow for the presence of recursive ties (loops), since these are common in economic systems (depending to the level of aggregation, most firms buy from and sell to other firms in the same industrial sector). The centrality measures we present are well suited for capturing sectoral effects missing from the usual output and employment multipliers. We also develop an R package (xtranat) for the processing of data from IMPLAN(R) models and for computing the newly developed measures. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2005.11285&r=all |
| By: | Francisco Salas-Molina; Juan Antonio Rodr\'iguez Aguilar; Filippo Bistaffa |
| Abstract: | The concept of shared value was introduced by Porter and Kramer as a new conception of capitalism. Shared value describes the strategy of organizations that simultaneously enhance their competitiveness and the social conditions of related stakeholders such as employees, suppliers and the natural environment. The idea has generated strong interest, but also some controversy due to a lack of a precise definition, measurement techniques and difficulties to connect theory to practice. We overcome these drawbacks by proposing an economic framework based on three key aspects: coalition formation, sustainability and consistency, meaning that conclusions can be tested by means of logical deductions and empirical applications. The presence of multiple agents to create shared value and the optimization of both social and economic criteria in decision making represent the core of our quantitative definition of shared value. We also show how economic models can be characterized as shared value models by means of logical deductions. Summarizing, our proposal builds on the foundations of shared value to improve its understanding and to facilitate the suggestion of economic hypotheses, hence accommodating the concept of shared value within modern economic theory. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2006.00581&r=all |
| By: | Francesco Vigliarolo (Catholic University of La Plata) |
| Abstract: | One of the tensions in economics, that has spanned the last few centuries, has undoubtedly been the dichotomy between dialectical materialism and idealism, which ended up laying the foundations between structure and superstructure, taking up the important philosophical questions faced in past centuries. This tension also ended up entering the economic visions between determinists/liberalists and interventionists, both engulfed by positivism and mathematical reason that has left out any transcendental dimension. With these assumptions, this article pretends to present the fundamentals of economic phenomenology, a branch of phenomenology that studies economics in the formation of its primary ideas in response to the economic positivism that left any transcendental dimension and questions out of the economics science, such as: what kind of society do we want? In this context, the principles of economic phenomenology take form from the relationship between subject (intention) and materiality, noesis and noema (Noesis is the intention, the subjective dimension. Noema, is the object thought in subjective terms), which always presupposes a concept, an idea that can be interpreted in everyday life. In this direction, it also proposes the presuppositions, the method, some concepts and theories of which economic phenomenology is composed. Among these, the concepts of ontological reason, Peoples rights demand, the meso-economy and the theory of wages in order to interpret the vision of life that underlies economic systems. |
| Keywords: | economics,positivism,phenomenology,theory,ontology |
| Date: | 2020–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02569319&r=all |
| By: | Mayntz, Renate |
| Abstract: | In the social sciences, the development of a specific social event or structure is often explained by a statistical correlation between an independent variable and a variable assumed to be dependent upon it. This mode of explanation is contested by a methodology of causal reconstruction that operates with the concept of mechanisms. A mechanism is a process in which a set of linked steps leads from initial conditions to an outcome or effect. Mechanisms are general concepts, subjecting individual cases to a general category. Except for the literature dealing specifically with the concept, the term 'mechanism' is often used without definition of its substantive content; there is no agreement with respect to the unique or plural character of the initial conditions, nor to the structure of the causal path leading to a specific outcome. Nevertheless, mechanisms have played a crucial role in detailed causal analysis of complex historical events, such as the financial crisis of 2008 and German unification of 1989. |
| Keywords: | causal reconstruction,finance crisis,German unification,mechanism,deutsche Vereinigung,Finanzkrise,kausale Rekonstruktion,Mechanismen |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:207&r=all |
| By: | Graupe, Silja |
| Abstract: | The present crisis has revealed that around the globe we are often only able to react to crises when it is (almost) too late. This paper addresses and explains the mono-structure of thought that has led to this predicament and delineates a new model of cognition capable of creating a new biodiversity of thought and action, especially in the economic sphere. With this, future crises may not only be overcome but may also contribute to avoiding them altogether. This paper offers a vision which does not provide ready-made answers but rather aims more fundamentally at opening up a wholly new imaginative scope for the possible. |
| Keywords: | Sensus Communis,Behavioral Economics,Economics,Pluralism,Epistemology,Standard Economics,Economic Education |
| JEL: | A13 A20 B13 B20 B41 B50 P40 Z13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:58&r=all |
| By: | Ferguson-Cradler, Gregory |
| Abstract: | Electricity is a key area in climate mitigation. The sector needs to significantly expand while transitioning to renewable production, all in an extremely short timeframe. This paper focuses on ownership and control in the electricity sector in an era of climate change. Borrowing substantially from classical American Institutionalism, heterodox theories and histories of the firm, and legal institutionalism, this paper discusses the historically constituted nature of the categories of property, capital, and the firm and how these literatures provide helpful frameworks for analyzing the recent history and possible futures of electricity sectors. A short discussion of the recent history of the German electricity sector, particularly the large utility RWE, will briefly illustrate the approach. Demands of warming mitigation will require revised notions of ownership and an updated theory of the firm, property, and corporate governance for the Anthropocene. |
| Keywords: | Anthropocene,electricity,energy transitions,property theory of the firm,Anthropozän,Elektrizität,Energiewenden,Unternehmenstheorie |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:205&r=all |
| By: | Jacques Fontanel (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble) |
| Abstract: | Globalization, which has been underway since the end of the 20th century, is today leading to growing insecurity, a degraded environment and growing economic and social inequalities. Selfishness as a normal behaviour demanded by the market economy and capitalism is gradually transforming a de jure democracy into a de facto plutocracy. |
| Abstract: | La globalisation engagée depuis la fin du XXe siècle débouche aujourd'hui sur une insécurité croissante, un environnement dégradé, l'essor des inégalités économiques et sociales. L'égoïsme comme comportement normal revendiqué par l'économie de marché et le capitalisme transforme progressivement une démocratie de droit en une ploutocratie de fait. |
| Keywords: | globalisation,plutocracy,democracy,globalisation Inequality,Inégalités,ploutocratie,insécurité,démocratie,insecurity |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02611716&r=all |
| By: | Gal Shahaf; Ehud Shapiro; Nimrod Talmon |
| Abstract: | Cryptocurrencies are a digital medium of exchange with decentralized control that renders the community operating the cryptocurrency its sovereign. Leading cryptocurrencies use proof-of-work or proof-of-stake to reach consensus, thus are inherently plutocratic. This plutocracy is reflected not only in control over execution, but also in the distribution of new wealth, giving rise to ``rich get richer'' phenomena. Here, we explore the possibility of an alternative digital currency that is egalitarian in control and just in the distribution of created wealth. Such currencies can form and grow in grassroots and sybil-resilient way. A single currency community can achieve distributive justice by egalitarian coin minting, where each member mints one coin at every time step. Egalitarian minting results, in the limit, in the dilution of any inherited assets and in each member having an equal share of the minted currency, adjusted by the relative productivity of the members. Our main theorem shows that a currency network, where agents can be members of more than one currency community, can achieve distributive justice globally across the network by \emph{joint egalitarian minting}, where each agent mints one coin in only one community at each timestep. Equality and distributive justice can be achieved among people that own the computational agents of a currency community provided that the agents are genuine (unique and singular). We show that currency networks are sybil-resilient, in the sense that sybils (fake or duplicate agents) affect only the communities that harbour them, and not hamper the ability of genuine (sybil-free)communities in a network to achieve distributed justice. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2005.14631&r=all |
| By: | Graupe, Silja |
| Abstract: | Der Beitrag zeigt, wie der Gemeinsinn vom bloßen Lückenbüßer in Krisenzeiten zum dynamischen Fundament unserer Wirtschaft und Gesellschaft avancieren kann. Dafür entwickelt und visualisiert die Autorin ein neues Erkenntnisparadigma, das verkrustete ökonomische Denk- und Handlungsweisen aufbricht und neue Formen wirklicher Tiefenpluralität möglich macht. Als Quelle aller Erkenntnis tritt dabei eine radikal-imaginäre Freiheit zutage, die der Gemeinsinn für eine lebenswerte Gegenwart und Zukunft fruchtbar zu machen versteht. Wird dieser Sinn hingegen negiert und bekämpft, kann sich die schöpferische Dynamik der Welt nur in Gestalt eruptiver Krisen ihren Weg an die gesellschaftliche Oberfläche bahnen. |
| Keywords: | Gemeinsinn,Ökonomie,Pluralismus,Erkenntnistheorie,Standardökonomik,ökonomische Bildung |
| JEL: | A13 A20 B13 B20 B41 B50 B20 P40 Z13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cuswps:59&r=all |
| By: | Jacques Fontanel (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - UGA - Université Grenoble Alpes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble) |
| Abstract: | In 1994, Robert Eisner was looking for cures to the global economic crisis. He proposed some economic analyses and solutions that could be useful as the Covid-19 pandemic plunged the world economy into recession. He highlighted the comparative advantages of the United States because of its oil and natural reserves and the role of the dollar in international trade, which make it a debtor and a drain on investments that would be useful in developing countries. Moreover, the measure of GDP per capita is not an indicator of citizens' well-being, given that the concept is too imprecise today to account for all activities, especially non-market activities. The United States does not save enough. A public deficit can be of great economic interest, even if it can exert inflationary pressures and makes intergenerational transfers politically unappreciated, even though they can be useful for all generations. Friedman's analysis of monetarist policy and Phelps' analysis of the concept of natural unemployment are wrong. The state must have a long-term strategy, particularly in terms of infrastructure. The economic crisis highlights the shortcomings of mainstream economic theory. Eisner has renewed certain concepts and analyses, which could have been used to avoid, at least partially, the damage caused by this crisis. |
| Abstract: | En 1994, Robert Eisner cherchait des remèdes à la crise économique mondiale. Il proposait alors certaines analyses et solutions économiques qui pourraient être utiles au moment où la pandémie du Covid-19 plonge l'économie mondiale dans la récession. Il met en évidence des avantages comparatifs des Etats-Unis du fait de ses réserves pétrolières et naturelles et du rôle du dollar dans les échanges internationaux, qui font de ce pays un débiteur qui draine les investissements qui seraient bien utiles dans les pays en développement. En outre, la mesure du PIB par habitant n'est pas un indicateur du bien-être des citoyens, eu égard à ce concept aujourd'hui trop imprécis pour rendre compte de toutes les activités, notamment non marchandes. Les Etats-Unis n'épargnent pas assez. Un déficit public peut avoir un grand intérêt économique, même s'ils peuvent exercer tes tensions inflationnistes et rend politiquement les transferts intergénérationnels peu appréciés, alors qu'ils peuvent être utiles pour toutes les générations. Les analyses de Friedman sur la politique monétariste et de Phelps sur le concept de chômage naturel sont erronées. Il faut que l'Etat dispose d'une stratégie de long terme, notamment en matière d'infrastructures. La crise économique a mis en évidence les insuffisances de la théorie économique dominante. Eisner a renouvelé certains concepts et analyses économiques, qui auraient pu être utilisés pour éviter, au moins partiellement les dégâts de cette crise. |
| Keywords: | U.S. economy,NAIRU,international economy,GDP,income transfers,public debt,public deficit,inflation,dollar,savings,welfare measure,déficit public,Dette publique,économie internationale,mesure du bien-être,PIB,Epargne,transferts de revenus,Monnaie |
| Date: | 2020–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02610746&r=all |