nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2020‒08‒31
thirty papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Profit maximization or bullshit – where between labour economics and Graeber may employments be? By Mann, Stefan
  2. Trade unions' responses to Industry 4.0 amid corporatism and resistance By Valeria Cirillo; Matteo Rinaldini; Jacopo Staccioli; Maria Enrica Virgillito
  3. Exploring Change Management and Innovation in Strategy-Technology-Management (Stra.Tech.Man) Terms By Vlados, Charis; Chatzinikolaou, Dimos
  4. Schumpeter, Neo-Schumpeterianism, and Stra.Tech.Man Evolution of the Firm By Chatzinikolaou, Dimos; Vlados, Charis
  5. Inside the Black Box: Intra-household Inequality and a Gendered Pandemic By Deepak Malghan; Hema Swaminathan
  6. Vers une finance destinée au bien commun : la contribution de l'approche thomiste By Caroline Marie-Jeanne
  7. Global Crisis and Restructuring: Theory, Analysis, and the Case of Greece By Vlados, Charis; Deniozos, Nikolaos; Chatzinikolaou, Dimos
  8. Are Green Inventions really more complex? Evidence from European Patents. By Fusillo, Fabrizio
  9. From Political Economy to Economics: How Statistics, Graphs, and the State Forged Twentieth Century Economics By Ricardo Alejandro Peña Pinzón
  10. The Conception of Innovation on the Central Theoretical Hubs of Economic Thought By Vlados, Charis
  11. Credit cooperatives: Market structure, competition, and conduct. Exploring the case of Paraguay By Schneider, Andreas
  12. Dialectical Prerequisites on Geopolitics and Geoeconomics in Globalization's Restructuration Era By Vlados, Charis; Deniozos, Nikolaos; Chatzinikolaou, Dimos
  13. Stra.Tech.Man (Strategy-Technology-Management): Theory and Concepts By Vlados, Charis
  14. Challenges of Industrial Policy to Enhance Competitiveness By Vlados, Charis; Chatzinikolaou, Dimos
  15. Notes on the Main Analytical Insufficiencies of the Marxist Theoretical Tradition for the Comprehension of the Contemporary Global Economy By Vlados, Charis
  16. La pluralidad de la crisis: dos interpretaciones de la crisis financiera colombiana de 1998 By Nicolás Sierra Rojas
  17. Institutional Modernization, Crisis and Change Management: Thoughts From and for the Greek Crisis By Vlados, Charis; Chatzinikolaou, Dimos; Demertzis, Michail
  18. Developments on Helix Theory: Exploring a Micro-Evolutionary Repositioning in Stra.Tech.Man Terms By Vlados, Charis; Chatzinikolaou, Dimos
  19. Connection of Competitiveness and Industrial Policy: Theoretical Trends By Chatzinikolaou, Dimos; Vlados, Charis
  20. An Austrian economic perspective on failed Chinese wind power development By Grafström, Jonas
  21. Methodological Redirections for an Evolutionary Approach of the External Business Environment By Vlados, Charis; Chatzinikolaou, Dimos
  23. Conceptual Notes on the Internal Business Environment Analysis and the Stra.Tech.Man Synthesis By Vlados, Charis
  24. New Globalization Dynamics By Vlados, Charis; Chatzinikolaou, Dimos; Deniozos, Nikolaos; Demertzis, Michail
  25. The Phases of the Postwar Evolution of Capitalism: The Transition from the Current Crisis into a New Worldwide Developmental Trajectory By Vlados, Charis
  26. Evolutionary Economics and the Stra.Tech.Man Approach of the Firm Into Globalization Dynamics By Chatzinikolaou, Dimos; Vlados, Charis
  27. The Classical and Neoclassical Theoretical Traditions and the Evolutionary Study of the Dynamics of Globalization By Vlados, Charis
  28. Work/Family Arrangements across the OECD: Incorporating the Female-Breadwinner Model By Helen Kowalewska; Agnese Vitali
  29. Evolución del supuesto de normalidad en finanzas: un análisis epistemológico del tipo Popper-Kuhn ¿Por qué la normalidad no cae en desuso? By Jaramillo-López, Oscar Andrés; Forero-Laverde, Germán; Venegas-Martínez, Francisco
  30. Aspirations and Behaviour: Future in the Mindset The Link between Aspiration Failure and the Poverty Trap By Omer Siddique; Durr-e-Nayab

  1. By: Mann, Stefan
    Abstract: The fundamental assumption of labour economics that firms maximize their profits through employment has been challenged through David Graebers “Bullshit Jobs”. We compare the epistemological foundations and empirical grounding of the two concepts. After the methodological paradigms have been explored, the paper looks at the five categories of bullshit jobs that Graeber qualifies and at their contribution to added value on the company and the societal level. Neither the mere assumption of rationality and complete information which labour economists usually pursue nor the complete trust in the narratives of unhappy employees are likely to reveal the full truth. The apparent contradictions can mainly be attributed to the high degree of complexity of the labour world.
    Keywords: work; labour economics; bullshit jobs
    JEL: B59 J21 J28
    Date: 2020–08–12
  2. By: Valeria Cirillo; Matteo Rinaldini; Jacopo Staccioli; Maria Enrica Virgillito
    Abstract: The aim of this paper is to shed light on the paths, directions, and ensuing degrees of technological adoption fostered by trade unions or, alternatively, forms of resistance thereof, in the so called 'Italian Motor-Valley', a distinctive technological district located in the outskirts of Bologna, Italy, specialised in the engineering/automotive industry. We find that the introduction of Industry 4.0 technology opens up a new space of action for trade unions in influencing firms' decisions on technological adoption. However, this new scope can have ambiguous effects, depending on how the process is governed. On the one hand, trade unions' involvement in said decisions might end up fostering corporatist tendencies, favouring the alignment of workers' and managers' objectives. On the other hand, such a major involvement can help both recompose old forms of dualism and revitalising workers' role in the crucial issue of work organisation.
    Keywords: Industry 4.0; Trade Unions; Organisational Change; Corporatism
    Date: 2020–08–19
  3. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: The present article explores how the concept of change management evolves within the context of the current restructuring of globalization and, more specifically, how a new approach to the phenomenon of organizational change is built in terms of the Stra.Tech.Man evolutionary triangle (Strategy-Technology-Management). Change management in Stra.Tech.Man terms is a process which can synthesize adaptively the different perspectives of organizational change in order for an organization to innovate effectively. In conclusion, organizational success is articulated in a continuous cycle of five consecutive Stra.Tech.Man steps, where every step has its own conditions of successful innovation and evolution.
    Keywords: Change management; Organizational change; Evolutionary Stra.Tech.Man triangle; Innovation
    JEL: L20 L22 O32
    Date: 2019–06
  4. By: Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: The Schumpeterian way of thinking for the analysis of innovation, as an evolutionary socioeconomic phenomenon, seems to be still of particular usefulness while the fundamental contribution by Nelson and Winter with the “evolutionary theory of economic change” is nowadays one of the most widely cited references in the contexts of “neo-Schumpeterianism.” In a similar evolutionary concern, Vlados (2004) also examines the “dynamics of the triangle of strategy, technology, and management” (Stra.Tech.Man synthesis). The aim of this article is, in particular, to find out to what extent the Stra.Tech.Man approach utilizes and enriches some of the fundamental neo-Schumpeterian contributions by focusing mostly on the evolutionary theory of the firm, the use of evolutionary biology on analyzing socioeconomic phenomena, and the interpretation of structural change into the context of global dynamics. To achieve this goal, we first distinguish some of the criteria/filters that allow for evaluating whether a research contribution can be of neo-Schumpeterian direction. These criteria also help to identify generic concepts of recent neo-Schumpeterian trends in order to formulate a new analytical background based on the Stra.Tech.Man approach.
    Keywords: Schumpeter; Neo-Schumpeterianism; Evolutionary Economics; Evolutionary firm theory; Stra.Tech.Man approach; Global dynamics
    JEL: B15 B52
    Date: 2019–12–22
  5. By: Deepak Malghan; Hema Swaminathan
    Abstract: Emerging evidence suggests that COVID-19 has amplified existing gender divisions that disadvantage women. What is the appropriate unit of analysis to study the gendered impact of a pandemic? The study of gendered inequality – especially labor market opportunities and outcomes – has for the large part relied on population wide differences between men and women. Using over four decades of global data (n =2.85 million couple units, from 45 countries in the LIS repository) we show that intra-household earnings inequality within a household is systemic, prevalent across disparate societies, and across the entire earnings distribution. Our analysis shows why accounting for intra-household gender inequality is crucial to ameliorating the pandemic’s gendered impact.
    Date: 2020–07
  6. By: Caroline Marie-Jeanne (UA - Université d'Angers)
    Abstract: L'objet de cet article est d'étudier, à travers la contribution de l'approche thomiste, les liens entre la finance et le bien commun. L'argent n'appartient pas aux biens communs par nature mais il peut être mis en commun par le partage et utilisé en vue du Bien commun au sens philosophique du terme. Il s'agit tout d'abord de penser cette notion dans l'ordre financier à partir des écrits fondamentaux. L'étude de l'utilisation de l'argent en vue du Bien commun, selon l'approche thomiste, à travers les prêts et la spéculation, fournit ensuite des pistes de réflexion pour répondre aux défis à venir et définir de nouvelles formes de gestion associées à cette ressource. Saint Thomas met en exergue l'importance du partage de l'argent et du gain, de la gratuité du prêt pour l'existence de la communauté, de la finalité de l'acte et de la valeur d'usage. Nous montrerons enfin comment ces concepts peuvent être développés aujourd'hui pour une finance destinée au Bien commun notamment grâce à la finance participative, à la finance solidaire, au microcrédit, aux social bonds, aux green bonds et aux climate bonds.
    Keywords: spéculation,finance,bien commun,prêt
    Date: 2019–09
  7. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Deniozos, Nikolaos (National and Kapodistrian University of Greece - Department of Turkish Studies and Modern Asian Studies); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: Τhis book examines the global restructuring since its appearance from the late 2000s to the present. It tries to describe and explore the fundamental dimensions of the phenomenon of the current crisis and repositioning of the global socioeconomic system by following an analytical perspective that exceeds a “conjunctural” perspective. It counter-proposes a view of examining the contemporary historical configurations of globalization dynamics in structural and evolutionary terms. Finally, it considers that a valid perception of the current global restructuring requires the simultaneous co-examination of adaptation, innovation, and change management of the partial socioeconomic organizations, sectors of economic activity, and overall socioeconomic systems, at all the “organically linked” levels of space: local, national, international, and global. [...] In conclusion, this book proposes a new perspective of understanding the global dynamics and moves towards a repositioned perception of the phenomenon of global crisis and restructuring in structural and evolutionary terms. Nowadays, according to this analytical proposition, “organic” and transversal innovations and the prerequisite change management mechanisms pose the central development question for the sustainable exit of the global crisis. Moreover, it seems that for socioeconomic systems in a structural crisis, such as the Greek system, “conjunctural” perspective to confront the crisis prevails with insufficient results. The structuration of economic policy in Greece until now reflects this methodological and interventional inefficiency in constructing anti-crisis paths. To rupture the vicious cycle of misunderstandings in economic policy formation and implementation and moving towards a new, virtuous cycle of viable and long-term development, an evolutionary and historical understanding seems a prerequisite not only for Greece but also for other socioeconomic systems at a similar level of development. Finally, this continuous reshaping process of the global environment requires from all the agents of action new adaptation mechanisms. The manner that local and national systems manage to achieve innovation and change management is critical and, therefore, policy initiatives such as the Local Development and Innovation Institutes that focus on fostering local innovation seem essential for constructing sustainable developmental trajectories.
    JEL: F63
    Date: 2019–07–01
  8. By: Fusillo, Fabrizio (University of Turin)
    Abstract: A large body of existing literature extensively studied the economic deter-minants and effects of environmental innovations. However, only a few studiesanalyzed the specific features of green technologies in the early phasesof theinvention process. The aim of this paper is to investigate knowledgerecombi-nation patterns in the green domain. The focus is on identifying whether andhow different bodies of technology are combined and integrated. Exploitinga large sample of European patent data, from 1980 to 2012, the paper inves-tigates the degree of diversity in the knowledge sources and the generationphase of green inventions. Using the Integration Score as an index of techno-logical diversity we compare the recombinant features of Green Technologieswith a control sample of “Traditional Technologies†, accurately drawn fromthe universe of all patent applications. Empirical results suggest that, aftercontrolling for a number of typical characteristics which may affect diversity,Green Technologies systematically show a higher degree of diversitywhencompared to non-green ones.
    Date: 2020–06
  9. By: Ricardo Alejandro Peña Pinzón
    Abstract: The purpose of this essay is to present not only the entrance but also the effect Statistics had upon the consolidation of Economics and its further influence in state intervention. The traditional method of Political Economy in the late nineteenth century disregarded Statistics as a valid approach to acquire economic knowledge. This paradigm was changed, amongst others, by the American Wesley C. Mitchell and the Englishman William Stanley Jevons, who used graphs and statistics as part of the “economic toolset” for research for causal relationships. Furthermore, Statistics only entered state intervention and planning after mayor crises (the World Wars and the Great Depression) forced states to play an active role in the economy. This essay will focus on the experience of the United States and the United Kingdom on these matters. *** El objetivo de este texto es exponer cómo la estadística entró en la ciencia económica y el impacto que tuvo en la consolidación de esta disciplina. Además, se muestra la influencia que tuvo la estadística en la intervención y planeación estatal. El método tradicional de la economía política al final del siglo diecinueve negaba la utilidad de la estadística como mecanismo de obtención de conocimiento económico. Este paradigma fue refutado, entre otros economistas, por el estadounidense Wesley C. Mitchell y el inglés William Stanley Jevons, quienes usaron gráficas y estadísticas como parte del “arsenal económico” para darse a la búsqueda de relaciones causales. En cuanto a la entrada de la estadística en la planeación e intervención estatal, fue necesario que los Estados tomaran un papel activo en la economía a raíz de crisis profundas como las dos guerras mundiales y la gran depresión. Este texto se enfocará en la experiencia de Estados Unidos y el Reino Unido.
    Keywords: Statistics, Wesley C. Mitchell, William Stanley Jevons, state intervention
    JEL: B22 B23 B41 N01
    Date: 2020–08–07
  10. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: Innovation seems to be one of the most critical concepts in economics discourse nowadays. However, the contribution of some of the central theoretical hubs to economic science concerning innovation is not always exploited systematically. Therefore, this article aims to present and analyze how some of the most prominent economists in the course of history have approached the issue, as well as to attempt to synthesize this knowledge. In particular, we examine the theoretical contributions of Adam Smith, Karl Marx, and Joseph Schumpeter, as well as some relatively recent theoretical approaches to innovation that appear to draw on the work of these theorists. The central conclusion of this study is that the conceptualization of innovation, either explicitly or implicitly, has deep theoretical roots while, in particular, the finding of the dynamic nature of the phenomenon of innovation seems to have been approached by most of the critical hubs of economic analysis.
    Keywords: Innovation; Economic science; Adam Smith; Karl Marx; Joseph Schumpeter; Socioeconomic development; Socioeconomic dynamics
    JEL: B15 B52 O39
    Date: 2019–11–29
  11. By: Schneider, Andreas
    Abstract: Measures of concentration and competition in the financial sector are important to determine public policies. However, cooperatives, and in particular in the context of small developing countries are largely ignored in economic literature. The empirical analysis is descriptive due to data availability and analysis the loan market of large credit cooperatives. However, findings are indicative and tentative. Results show that, in general, a) the cooperative system is highly concentrated, b) the loan market of large financial cooperatives is not concentrated, c) however, most loan modalities are highly concentrated, some are competitive and some are not, d) there is no indicative evidence of market abuse of the three largest credit cooperatives.
    Keywords: Credit cooperatives, Paraguay, Market structure, Competition, HHI, dual HHI
    JEL: L1 L10 L11
    Date: 2020–08–07
  12. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Deniozos, Nikolaos (National and Kapodistrian University of Greece - Department of Turkish Studies and Modern Asian Studies); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: In the current restructuring phase of globalization, the geopolitical analysis, combined with the derived concept of geoeconomics, seems to acquire a new, growing interest. Specifically, the scientific discipline of geopolitics synthesizes the different socioeconomic analytical tools, having as final goal to propose and implement a proper strategy (geostrategy) by focusing on increasing national power and broadening the control of a geographic territory. In this context, this article explores how the contemporary geopolitical and geoeconomic analysis can valorize a composite evolutionary-dialectical method to enhance their understanding. To this end, substantial points of analytical enrichment to geopolitics and geoeconomics seem to emerge in the globalization's restructuration era.
    Keywords: Geopolitics and geoeconomics; Global crisis and restructuring; Geostrategy; Dialectics; Structural-evolutionary crisis
    JEL: B52 F59 F69
    Date: 2019–06–01
  13. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This volume presents some fundamental elements to the Stra.Tech.Man approach, which the author of this book tried to develop during the last few years. The main challenge of the Stra.Tech.Man approach is to synthesize interpretatively the analytical spheres of strategy, technology, and management, upon the effort of any socioeconomic organization to innovate, survive, and develop. The following chapters search to define and apply in particular the multiple applications of the Stra.Tech.Man concept. They use this approach as an analytical mechanism to perceive in the context of the current transformative phase of globalization the aspects of competitiveness, innovation, and change management. This volume includes the following chapters that apply the aspects of the Stra.Tech.Man analysis: I. The Greek firms into globalization: The Stra.Tech.Man approach II. Innovation in Stra.Tech.Man terms III. Innovation in economics and management: The Stra.Tech.Man synthesis IV. Change management and innovation in Stra.Tech.Man terms V. Fostering micro and meso competitiveness in Stra.Tech.Man terms In conclusion, the “Stra.Tech.Man approach” attempts to define a unifying and evolutionary field of research, by initiating its exploration on the inner “physiology” of the socioeconomic organization. This approach extends analytically from the micro to the meso- and macro- level of socioeconomic system dynamics and vice versa.
    JEL: L19 O39
    Date: 2019–07–01
  14. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: This study explores how the traditional approaches of perceiving competitiveness and industrial policy could be enriched through a synthetic and evolutionary perspective. Competitiveness, in particular, tends to be studied in the literature in a relatively fragmented way, focusing either on the level of individual nations, or on the sectors of economic activity, or on the firm level. As a result, the evolutionary structures that define competitiveness in a unified socioeconomic way are usually bypassed. In this context, the traditional approach to industrial policy-making, which has as sole objective the strengthening of specific sectors, is inadequate to enhance the multilevel socioeconomic competitiveness in our days. Therefore, we suggest a comprehensive re-positioning of the concept of "organic competitiveness" in overall and synthetic socioeconomic terms (firms-sectors-socioeconomic systems) as useful for a redirected modern industrial policy.
    Keywords: Competitiveness; Industrial policy; Evolutionary link between competitiveness and industrial policy; Globalization
    JEL: B52 F63 L52
    Date: 2019–06
  15. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This article aims to analyze how the Marxist and neomarxist approaches demonstrate a relative difficulty in understanding and interpreting the dynamics of the modern world economy (globalization). We attempt in particular to explore the interpretive capabilities and shortcomings in the approach of globalization that stem from Marx’s thought and his followers. We present, in particular, the theoretical contribution of Marx in the study of the internationalized capitalism of his era, the interpretation by Lenin based on the concept of imperialism, the subsequent developments and adjustments in the Marxist analysis of the internationalized developmental phenomenon, as well as some contemporary interpretations that link Marxism and neomarxism with globalization.
    Keywords: Marxism; Neomarxism; Marxist adjustments; Marxism and globalization; Criticism on Marxism
    JEL: B14 B24 B51
    Date: 2019–10–12
  16. By: Nicolás Sierra Rojas
    Abstract: La crisis financiera colombiana de fin de siglo se enmarca en un período de turbulencia internacional; síntoma del creciente grado de globalización e interrelación de las economías nacionales del mundo. Las causas de la crisis han sido ampliamente debatidas y este escrito busca aportar a tal discusión desde las teorías de John Maynard Keynes y Murray Rothbard; grandes exponentes de dos importantes corrientes de pensamiento económico. En este trabajo se analiza la interacción de factores reales y monetarios desde dos marcos conceptuales distintos sin pretender hacer una crítica a priori. Se concluye que, a pesar de que los dos autores raramente coinciden, la pluralidad en el análisis es crucial para entender el desarrollo de la crisis financiera. *** The Colombian financial crisis that occurred at the turn of the century is framed in a period of international turbulence, a symptom of the rising degree of the globalization process and the interpenetration of national economies around the world. The crisis’ causes have been broadly debated and this essay intends to contribute to such discussion from the theories of John Maynard Keynes and Murray Rothbard; prominent exponents of two important currents of economic thought. In this work, real and monetary factors are analyzed from two distinct theoretical frameworks without the intent of criticizing those in an aprioristic way. I conclude that, in spite of there being few common points between the two authors, the plurality in the analysis is critical if one wants to fully understand the development of the financial crisis.
    Keywords: crisis financiera, inversión, expansión crediticia, tasa de interés, expectativas
    JEL: B22 B53 P16 N16 N26
    Date: 2020–08–10
  17. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Demertzis, Michail (Democritus University of Thrace, School of Law)
    Abstract: This study has a purpose of highlighting how the current crisis and restructuring of globalization is linked to partial phenomena of institutional crisis and underdevelopment, by discussing the case of the Greek crisis. It suggests that the emergence and prevalence of institutional innovations is a prerequisite to overcoming the crisis and is linked to the establishment of new and more effective public change management mechanisms. In conclusion, the “Stra.Tech.Man” approach (synthesis of strategy-technology-management) to organizational dynamics can offer a repositioned change management policy.
    Keywords: Global socioeconomic crisis; Institutional innovation; Change management; Greek crisis; Institutional development/underdevelopment; Stra.Tech.Man approach
    JEL: B52 O43
    Date: 2019–05–30
  18. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: This study explores a potential reposition of the triple helix model of university-industry-government relations in terms of micro-level analysis. In this direction, we evaluate the development of helix theory over time, by reviewing the relevant literature divided into three successive phases: the phase of theoretical foundation, the phase of conceptual expansion, and the phase of recent developments and systematic attempts of implementation. In this conceptual study, we estimate that a refocused triple helix model in terms of local development, by placing at the center of analysis the "living organization's" dynamics in Stra.Tech.Man terms (synthesis of Strategy-Technology- Management), can be a possible direction of analytical enrichment.
    Keywords: Helix theory; Competitiveness approaches; Micro-level analysis; Stra.Tech.Man analysis
    JEL: O30
    Date: 2019–10
  19. By: Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: A growing number of studies examine the concepts of competitiveness and industrial policy in combinatory terms. However, it seems that there is no study in the literature attempting to analyse the parallel and combined historical evolution of these two concepts. Therefore, this contribution aims to examine how recent literature links these two evolving concepts/notions. In order to achieve this goal, we distinguished several indicative scientific publications extending from 1976 to 2017 that include at the same time the words “competitiveness” and “industrial policy” in their title and examined how they deal with the connection between the two concepts. The findings suggest that the goal of sectoral competitiveness in industrial policy is the most used element until this day. However, new approaches to the phenomenon suggest a more complex relationship, especially after 2010, because the conception of industrial policy is not limited to the objective of structural change but aims increasingly at a goal of long-term overall socioeconomic competitiveness.
    Keywords: competitiveness concept; industrial policy concept; micro-meso-macro analysis; evolutionary approach; socio-economic competitiveness
    JEL: B52 F63 L52
    Date: 2019–10–22
  20. By: Grafström, Jonas (The Ratio Institute)
    Abstract: China is currently hailed as the world’s premier wind power producer. However, despite twice the installed wind power capacity compared to the United States in 2015, the Chinese installed capacity produces less power. Grid connectivity is remarkably low, Chinese firms have few international granted patents, and export is minimal even though production capacity far exceeds the domestic production needs. Using the tools of Austrian economics, failures in China's wind power development from 1980-2016 is documented and analysed. From a theoretical standpoint, both a planning problem and an entrepreneurial problem is evident where governmental policies create misallocation of resources and a hampering of technological development.
    Keywords: China; Wind power; Economic Planning; Austrian school; Technology; Energy
    JEL: O32 P21 Q55 Q58
    Date: 2020–08–20
  21. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics)
    Abstract: The usual strategic analysis perceives the external business environment fragmentarily and without a coherent and unifying way. The three levels that a typical analysis of the external business environment involves are a) the macroenvironment and PEST analysis, b) mesoenvironment and “Porter’s diamond”, and c) industrial environment and “Porter’s five forces”. Contrary to the fragmentary analysis of the three levels, this article aims to counter-propose a restructured method of a unified and evolutionary analysis of the external business environment. After presenting the usual analytical handling of the external business environment in the three levels, we suggest that these are rather co-evolving than separate and autonomous spheres of analysis. Therefore, after introducing some elements of the evolutionary socioeconomic theory, we propose a systemic web that perceives the external environment of the socioeconomic organisations in dynamically unified and evolutionary terms. The systemic web conceptualises the approach of the external socioeconomic environment as an open and interactive system comprising three co-evolving spheres in the context of global dynamics: the institutional character of each spatially structured socioeconomic formation; the firm’s functions within the system; and the public-state intervention that contributes to the establishment and reproduction of the system. This conceptual redirection of the methodology of the external business environment can be useful for building an integrated strategic analysis that studies all “micro-meso-macro” components of the entire socioeconomic system.
    Keywords: external business environment; evolutionary approach; strategic analysis; micro-meso-macro analysis; business environment systemic web
    JEL: B52 M10 O39
    Date: 2019–08–30
  22. By: Giorgos Galanis; Giorgos Gouzoulis
    Abstract: COVID-19 has been having a severe impact on most aspects of economic and social reality across the globe. However, these effects have been unequally distributed with vulnerable people being affected the most (Ahmed et al., 2020) and the impact is magnified in developing and emerging economies (DEEs). This paper analyses the possible effects of financialisation on the contagion dynamics of COVID-19 in Developing and Emerging Economies (DEEs). Drawing on the growing political economy literature on the effects of financialisation on inequalities and working conditions, we argue that financialisation has influenced a number of social conditions, which affect the reproduction rate of COVID-19 through limiting the physical distancing possibilities. Using available epidemiological data, we provide a preliminary empirical assessment, which suggests that economies that are more financialised and have weaker labour market institutions experienced substantially longer COVID-19 waves. Interestingly, we demonstrate that the worst hit cases were the most financialised DEEs.
    Keywords: None
    Date: 2020–08
  23. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This paper examines the theoretical contributions on the firm’s resources and the articulation of competitive advantages, the firm’s value chain analysis, and the comprehension of the “intangible nature” of the firm in the discipline of the internal organizational environment analysis. The aim is to synthesize these approaches from a critical perspective and attempt to enrich them conceptually based on the “biological perception” and “physiology” of the firm. To this end, the Stra.Tech.Man approach, which exploits interpretatively a synthesis of the evolutionary spheres of strategy, technology, and management for the “living” socioeconomic organization, seems capable of unifying the previous approaches analytically and enrich them.
    Keywords: Internal Business Environment; Evolutionary Internal Business Environment Analysis; Stra.Tech.Man Approach; Firm’s Physiology; Firm’s Biological Approach
    JEL: B52 M10 O39
    Date: 2019–12–05
  24. By: Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Deniozos, Nikolaos (National and Kapodistrian University of Greece - Department of Turkish Studies and Modern Asian Studies); Demertzis, Michail (Democritus University of Thrace, School of Law)
    Abstract: We are experiencing a phase of profound restructuring of globalization nowadays, manifested through a wide variety of crisis symptoms, articulated at the same time upon the economic, political, social, and environmental spheres. Everything shows that the movements of the world’s “tectonic plates” are re-shaping the existing geo-economic and geopolitical balances on the planet drastically, causing new challenges to emerge, as well as new opportunities and threats for all stakeholders and participants in the global socioeconomic system. ... This volume—which is a collection of published articles by the “Stra.Tech.Man Lab” research team—studies some of the fundamental aspects that concern the structuring/restructuring of the current phase of globalization: in what we call “new globalization.”
    JEL: B52 F63 F69
    Date: 2019–12–31
  25. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This article focuses on the evolutionary dynamics of the world economy after the Second World War to current day by reviewing the subject in evolutionary and holistic terms. In particular, its purpose is to examine the structuring of the current crisis and the prospects for overcoming it by advancing toward a new developmental phase, a new sustainable model of global development. We articulate our approach precisely at the link between the interconnection and the dialectic interdependence of the central structural components of global dynamics. In this direction, we introduce, propose, and utilize a three-sided structural analysis of global dynamics, a triptych. In particular, we claim that the changes in the global system are imprinted and can be studied at three co-located and dialectically interwoven central structural levels: at the level of current international regimes, at the level of central models of development and crisis, and at the level of the dominant types of business innovation. As a whole and on every level, the structural changes define and form in the background the evolutionary dynamics of the world economy, and thus by extension prescribe the conditions for the global system to construct the trajectory to exit from its current crisis.
    Keywords: development model; global crisis; globalization dynamics; new globalization
    JEL: F63 P10
    Date: 2019–10–22
  26. By: Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics); Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This article aims to examine whether the “Stra.Tech.Man” approach (Vlados, 2004), which explores the dialectical synthesis between strategy, technology, and management inside all socioeconomic organisms fulfills the requirements to be an analysis of evolutionary direction. It tries to answer this question, in particular, by examining the theoretical foundations of evolutionary economics and the subsequent evolutionary theorization of the firm that stems analytically from evolutionary economics. With this goal in mind, an overview of the relatively recent literature is attempted by presenting some of the significant contributions to evolutionary economics and the evolutionary theory of the firm. Next, it examines the specific way of building the Stra.Tech.Man approach on the production process of innovation and change management, by analyzing how this can lead to the structuration of an evolutionary direction of business planning for any socioeconomic organism.
    Keywords: Evolutionary economics; Evolutionary firm theory; Evolutionary approach; Stra.Tech.Man approach; Evolutionary business plan
    JEL: B15 B52
    Date: 2019–10–01
  27. By: Vlados, Charis (Democritus University of Thrace, Department of Economics)
    Abstract: This article aims to present the theoretical foundations of the classical political economy through the contributions of Adam Smith and David Ricardo and to find out how their neoclassical followers interpreted, evaluated, and transformed this classical theoretical basis. Specifically, we analyze from a critical point of view the neoclassical interpretation of globalization by arguing that this theorization is probably insufficient in analytical terms. We conclude that an analytical counterproposal for the relative explanatory insufficiencies of the neoclassical synthesis is based on the modern evolutionary approach of globalization.
    Keywords: Classical political economy; Neoclassical economics critique; Evolutionary approach; Globalization
    JEL: B12 B52 F11
    Date: 2019–10–11
  28. By: Helen Kowalewska; Agnese Vitali
    Abstract: Studies of work/family arrangements over time and space typically analyse families by the extent to which they follow a ‘male-breadwinner’ versus a ‘dual-breadwinner’ model. Yet, this analytical framework overlooks an alternative set of labour-market arrangements that is becoming increasingly common across heterosexual couple-households in advanced economies, which is the ‘female-breadwinner’ model. Very little is known about these families, as studies typically assume that men in couple-households are full-time employed. To contribute to addressing this deficit in knowledge, we compare the economic characteristics of female-breadwinner couples with those of male-breadwinner families across 20 OECD countries through descriptive analyses using Luxembourg Income Study data. In so doing, we identify two ‘types’ of female breadwinners, which appear to be stratified by class. The first is the ‘pure’ female-breadwinner couple, in which the woman is in employment and the man is not. Pure female-breadwinner families are as poor as pure male-breadwinner households, if not poorer. What is more, as individuals, pure female breadwinners are typically low-educated and have significantly lower average earnings than pure male breadwinners. The second type is the ‘one-and-a-half’ female breadwinner model, in which the woman is in full-time employment and the man works part-time. One-and-a-half female breadwinners are generally doing better than pure female-breadwinners; yet, when we look at the individual labour earnings of one-and-a-half female breadwinners compared with their male counterparts, we find these women still earn far less. Without measures to address stubborn gender inequalities in earnings, the current policy imperative towards increasing women’s participation in (any) employment risks upholding masculine breadwinning norms and ideals. This in turn limits the abilities of families to respond to the complexity and unpredictability of modern life, when shock events or other circumstances (e.g. recession, illness) require a shift in breadwinning between partners.
    Date: 2020–02
  29. By: Jaramillo-López, Oscar Andrés; Forero-Laverde, Germán; Venegas-Martínez, Francisco
    Abstract: The debate on the assumption of normality, as a necessary principle or not, in the modeling and analysis of some financial phenomena has been a common thread in the development of various areas of finance. The epistemological debate underlies a mathematical model that, despite its limitations, has had a profound impact on the evolution and development of finance. This assumption has been forged since its origin as the search for a mimetic model of reality. The Popperian and Kuhnian analysis proposed in this investigation shows that more than shadows, the assumption has brought light and has raised the technical and theoretical level through multiple generalizations and extensions. In addition to that the popularity of the assumption of normality continues. / El debate del supuesto de normalidad, como principio necesario o no, en el modelado y análisis de algunos fenómenos financieros ha sido un hilo conductor en el desarrollo diversas áreas de las finanzas. El debate epistemológico subyace en un modelo matemático que, a pesar de sus limitaciones, ha tenido un profundo impacto en la evolución y el desarrollo de las finanzas. Dicho supuesto se ha forjado desde su origen como la búsqueda de un modelo mimético de la realidad. El análisis popperiano y kuhniano propuesto en esta investigación muestra que más que sombras, el supuesto ha traído luz y ha elevado el nivel técnico y teórico a través de múltiples generalizaciones y extensiones; además de que la popularidad del supuesto de normalidad sigue aún vigente.
    Keywords: Normal distribution, methodological aspects, history of financial concepts, history of economic thought. / Distribución normal, aspectos metodológicos, historia de conceptos financieros, historia del pensamiento económico.
    JEL: B41 G10
    Date: 2020–07–19
  30. By: Omer Siddique (Pakistan Institute of Development Economics, Islamabad.); Durr-e-Nayab (Pakistan Institute of Development Economics, Islamabad.)
    Abstract: The paper looks into how low aspirations are linked to low achievement levels. Supported by evidence from economics, sociology, behavioural psychology, and anthropology, it is premised that aspiration failure among the poor results in their getting caught in the poverty trap. This aspiration failure is a product of the mindset, and the resulting internal constraints, that an individual in a specific socioeconomic and cultural environment has. These constraints are based on the person’s cognitive window, which allows for certain behavioural choices and disallows for others. Looking at the notion of economic rationality, the paper questions its applicability in real life, especially those of the poor having low aspiration levels, narrow cognitive window and bounded rationality. The paper presents a justification for initiatives, embedded in societal norms and values, that aim at empowering the poor by improving their aspirations.
    Keywords: Aspiration Failure, Poverty Trap, Bounded Rationality, Cognitive Window, Behavioural Choices
    Date: 2020

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