nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2020‒11‒16
28 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. From the Core to the Cores: Surplus Approach, Institutions and Economic Formations By Cesaratto, Sergio; Di Bucchianico, Stefano
  2. Whither pluralism in economics education? New empirical evidence By Martina Cioni; Maria Alessandra Rossi
  3. Typologies of "Just Transitions": Towards Social-Ecological Transformation By Kreinin, Halliki
  4. Influence of Karl Marx’s Political Thought in 20th Century By Anand, Sanjeev; Mishra, Mukesh Kumar
  5. On Heterodox Economics By Kumar B, Pradeep
  6. Business Legitimacy, Agricultural Biodiversity and Environmental Ethics: Insights from Sustainable Bakeries By Torelli, Riccardo; Balluchi, Federica
  7. A Note on the Interpretation of Financialization as the ‘Sixth Countertendency’ to Marx’s Law of the Tendency of the Rate of Profit to Fall By Stefano Di Bucchianico
  8. Theorizing Competition. An interdisciplinary approach to the genesis of a contested concept By Stephan Puehringer; Georg Wolfmayr; Carina Altreiter; Claudius Graebner; Ana Rogojanu
  9. Alfred Marshall, Evolutionary Economics and Climate Change: Raffaelli Lecture By Sheila Dow
  10. The future of theory: should social protection board the big data train? By Waterschoot, Cedric
  11. Seeing what can(not) be seen: confirmation bias, employment dynamics and climate change By Alessia Cafferata; Marwil J. Dávila-Fernández; Serena Sordi
  12. Mothers’ Social Networks and Socioeconomic Gradients of Isolation By Alison Andrew; Orazio P. Attanasio; Britta Augsburg; Jere Behrman; Monimalika Day; Pamela Jervis; Costas Meghir; Angus Phimister
  13. (She)cession: The Colombian female staircase fall By Karen García-Rojas; Paula Herrera-Idárraga; Leonardo Fabio Morales; Natalia Ramírez-Bustamante; Ana María Tribín-Uribe
  14. Banking barriers to the green economy By Hans Degryse; Tarik Roukny; Joris Tielens
  15. Internships in Nebraska Agricultural Cooperatives By McKee, Greg
  16. Economic Policy and Nation, State and Social Classes By Jérôme Maucourant; Bruno Tinel
  17. The COVID-19 Pandemic and Gendered Division of Paid and Unpaid Work: Evidence from India By Deshpande, Ashwini
  18. A Social Accounting Matrix for Andalusia By Roberto Roson; Camille Van der Vorst
  19. Towards a model of urban evolution I: context By Silver, Daniel; Fox, Mark; Adler, Patrick
  20. Three tribes: the uneasy relations between economics and economic history By Martina Cioni; Giovanni Federico; Michelangelo Vasta
  21. Distribution of the impacts of climate change By Richard S.J. Tol
  22. Secular Stagnation and innovation dynamics: an agent-based SFC model. Part I By Andrea Borsato
  23. The political economy of industrial policy in the European Union By Bulfone, Fabio
  24. Capitalist Systems and Income Inequality By , Stone Center; Ranaldi, Marco; Milanovic, Branko
  25. Inequalities and Conflict in Africa: An empirical investigation By ODUSOLA, AYODELE; BANDARA, AMARAKOON; DHLIWAYO, ROGERS; DIARRA, BECAYE
  26. Economic complexity and structural transformation: the case of Mozambique By Bjørn Bo Sørensen; Christian Estmann; Enilde Francisco Sarmento; John Rand
  27. Reinterpreting the General Rules of Morality and the Corruption of Moral Sentiments in The Theory of Moral Sentiments with an Evolutionary Game Model By Takahiko Kan
  28. How do women view the online learning of their children? A Study of Alappuzha District By Kumar B, Pradeep

  1. By: Cesaratto, Sergio (University of Siena); Di Bucchianico, Stefano (University of Siena)
    Abstract: The paper moves from Garegnani’s “core” of the classical income distribution theory to propose a deeper integration of the concept of social surplus and institutions. Our main tenet is that the social surplus does not exist independently of the institutions (or social order) that oversee its production and distribution, starting from those that prevail in the sphere of production. In this sense we supplement the surplus approach with important insights from the Polanyian approach, from economic archaeology and anthropology, but also from Sraffian authors and Sraffa’s manuscripts. Taking inspiration from Garegnani’s core while also considering its specificities, this work is a premise to the design of different economic “cores” for different stylized economic formations.
    Keywords: surplus approach; economic anthropology; economic formations; institutions; capitalism
    JEL: A12 B51 B52
    Date: 2020–10–26
  2. By: Martina Cioni; Maria Alessandra Rossi
    Abstract: In the past two decades, dissatisfaction for the state of introductory economics teaching and standard textbooks has grown among economists, students and employers alike. The collective project under the acronym “CORE” – Curriculum Open-access Resources in Economics – has proposed a prominent alternative, fiercely criticized mostly by heterodox economists, which broadens the range of topics featured in the textbook, but presents them without emphasizing controversy and disagreement within the discipline (an approach their proponents have described as “pluralism by integration”). This paper provides preliminary empirical evidence on the question whether this approach leads to “indoctrination effects” similar to those the literature has highlighted for standard introductory economics courses. It finds evidence of these effects and identifies some students’ features associated with them. Overall, the results point to the need for a variant of pedagogical pluralism that places greater emphasis on the comparison of alternative perspectives without falling prey to “paradigm tournament”.
    Keywords: Economics Education, Pluralism, Mainstream and Heterodox Economic Approaches
    JEL: A22 B41 B50
    Date: 2020–10
  3. By: Kreinin, Halliki
    Abstract: The "Just Transition" (JT) approach emerged as an answer to balancing human welfare, jobs and the need for deep decarbonisation. The concept was developed by trade unions in the industrialised world as a unifying rallying cry around the demand that ecological transformation be undertaken in a socially just way. Starting out in the US in the 1970s, it has increasingly been adopted and adapted by different groups, including unions and workers themselves, environmentalists, academics, governments, international institutions and nongovernmental organisations. While the flexibility of the concept and the easy translatability of “fairness” have arguably been its strength and the reason for its popularity, JT has also been criticised for its vagueness, inoperability in practice, and in particular for being used to fight for various, and sometimes antithetical, conceptualisations of justice. Without negating the political challenges of JTs, this paper will look at divergent types of current formulations of JT, within a modified framework of Hampton’s (2015) trade union climate approaches, which includes 1) "neoliberal political economy/market" (NPE), 2) "ecological modernisation/state" (EM), and 3) "social-ecological transformation" (SET) climate approaches. Different JT approaches are aligned along "Market Policies" and "Just Transition" axes (Figure 1) of which NPE and SET form two extreme approaches. This paper will elaborate on why a radical SET formulation of JT, which moves past only class-based climate approaches (Hampton’s (2015) Marxist Political Economy) to include broader critiques based on environmental justice, degrowth and ecofeminism, is needed to adequately challenge current multiple crises related to the environment and society.
    Keywords: Just Transition, social-ecological transformation, environmental labour studies
    Date: 2020–01
  4. By: Anand, Sanjeev; Mishra, Mukesh Kumar
    Abstract: The task of this paper discusses the role of Marx in 20th Century and culture today. An analysis of contemporary political economy Studies works that with the new global crisis of capitalism, a new interest in Karl Marx’s works has emerged. Karl Marx—German philosopher, economist, and revolutionary—believed a just world could be achieved only through the evolution of humanity from a capitalist to a socialist economy and society. The new world economic crisis that started is the most obvious reason for the return of the interest in Marx. The paper argues that Marx’s Both a scholar and a political activist, Marx addressed a wide range of political as well as social issues, and is known for, among other things, his analysis of history. The interpretations of his theories, particularly those on political economy, have in the course of history generated decades of debate, inspired revolutions and cast him as both devil and deity in political and academic circles.
    Keywords: Karl Marx,Marxist theory,Global Economy
    Date: 2020
  5. By: Kumar B, Pradeep
    Abstract: In the literature of Economics itself, branches have evolved thanks to different positions held by economists on different economic issues, and most importantly, on the efficacy and desirability of economic policies to address such economic issues. The so-called Classical and Keynesian poles apart positions have stood as the firm foundation for the germination of a couple of developments in economics. But, it may be reiterated that these positions have been premised upon several assumptions which often go diametrically opposite to real-world circumstances. The growing concern of the disconnect of the mainstream economics from the conditions of the real world has made a vacuum. The attention that heterodox economics has been receiving should be regarded as a response to this fill this vacuum. Heterodox economics has grown to occupy an important place in modern economic thinking, and in the years to come, in the field of teaching as well, the elements discussed in heterodox economic will have an indisputable place. In the field of policy making, too, the principles of heterodox have been used. Nevertheless, mainstream economics does not seem to have been shaken by the claims of heterodox economics. For economics to continue as rigorous social science, much celebrated neo-classical tools and its ideas are still more important.
    Keywords: Neo-classical economics, Keynesian economics, Margin Concepts, Mainstream economics, Phillips Curve, Rationality assumption, Economic Policy, Orthodox economics, Marxian economics, Behavioral economics
    JEL: B50
    Date: 2020–09–08
  6. By: Torelli, Riccardo; Balluchi, Federica
    Abstract: The relationship between biodiversity and ethics is complex and concern the broader environmental ethics. In the agricultural industry, these issues are fundamental and, in the context of agro-biodiversity, bread production activity plays a primary role. Artisanal bread and its derivatives represent basic food products and a short supply chain, with only one intermediate step between the producer of the raw material (flour) and the consumer, represented by bakery. Furthermore, bakery industry is characterized by different needs, motivations, evaluations and ethical/moral values, as well as philosophical considerations towards nature, of producers and consumers. Through a multiple case study on four specific companies of the interesting and relevant natural and sustainable bakery industry, our aim is to understand what are the motivations and ethical-moral drives behind specific ideological and operational choices that have an impact on nature and its biodiversity. It is also intended to investigate how the different ethical-philosophical approaches to nature lead to economic and management choices that are also very distant from each other and have different impacts on the protection and promotion of agricultural biodiversity. This study has allowed to place the positions and choices of some entrepreneurs and artisans in the different ethical approaches to nature and therefore to biodiversity. It was also possible to highlight how the different behaviours of consumers and producers arise from the ethical conceptions through which they look at reality and the consequences of their choices on production and sales activities.
    Date: 2020–05–14
  7. By: Stefano Di Bucchianico
    Abstract: Marxian economics has been dealing extensively with the phenomenon of financialization. Among the wide variety of approaches, there are those putting at the center of the stage the issue of faltering profitability. Besides the analytical arguments, one finds in this line of research contributions linking financialization and the list of counter-elements to the Law of the Tendency of the Rate of Profit to Fall. Financialization is thus interpreted as the 'sixth' countertendency to that law (the ‘increase of stock capital’), referring to the list in Chapter XIV of Capital, Vol. III. We aim to provide an alternative interpretation of that last counter-factor. The proposal is based on three elements. First, the role of joint-stock companies issuance of long-term financing instruments yielding low remuneration. Second, how the average rate of profit is calculated. Third, the role of the organic composition of capital in determining differences in sectoral profitability. We eventually claim that the sixth element should be read as referring to the convergence of the rate of profit towards a uniform value and not as a prediction of the emergence of financialization
    Keywords: Law of the Tendency of the Rate of Profit to Fall; Karl Marx; financialization; Capital, Volume III; rate of profit
    JEL: B14 B26 B51
    Date: 2020–10
  8. By: Stephan Puehringer (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Georg Wolfmayr (Institute for European Ethnology, University of Vienna, Austria); Carina Altreiter (Institute of Sociology and Social Research, Vienna University of Economics and Business, Austria); Claudius Graebner (Institute for Socio-Economics, University of Duisburg-Essen, Germany; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Ana Rogojanu (Institute for European Ethnology, University of Vienna, Austria)
    Abstract: Competition is at the core of economics, being both a central concept of economic reasoning and a main prerequisite for economic action. Yet, the attempt of a clear definition of competition is challenging as the concept of competition has been used in different historical and disciplinary contexts. This paper provides an analytical and historical comparison between conceptions of competition from economics, sociology and anthropology. Our interdisciplinary review and systematisation show how different conceptions of competition are bound up with different ways to theorize the relation between an “economic realm†and a “social realm†. By focusing on the scope and normative implications of these concepts, we aim to develop a better understanding of competitization, i.e. the expansion of competitive modes of regulation and practices.
    Keywords: competition, interdisciplinarity, competitization, ‘economic’ and ‘social’ realm
    Date: 2020–10
  9. By: Sheila Dow (Department of Economics, University of Victoria)
    Abstract: The way in which any topic is analysed in economics depends on methodological approach. The purpose here is to explore the argument that the way in which climate change is addressed depends on how economics is understood to relate to the physical environment and also to the social and ethical environment. This involves an exploration of the formation of knowledge, both in economics and in the economy. Alfred Marshall’s evolutionary approach to knowledge formation was central to his approach to economics and to his understanding of economic behaviour. Here we consider the application of Marshall’s approach to issues around climate change, through the lens of the subsequent development of evolutionary economics and ecological economics.
    Keywords: Alfred Marshall, evolutionary economics, environmental economics, ecological economics
    Date: 2020–10–19
  10. By: Waterschoot, Cedric
    Abstract: Applications of big data have been surging as of late, and the field of public policy does not stand on the sideline while this dramatic wave of new technologies makes its way across the disciplines. However, theory-driven fields may experience radical change, as data fundamentalists claim the end of theory will come due to the nature and practicality of big data. In this paper, the position of social protection is examined with regard to the effects of the already observed shift towards such computational methods. I argue that such dramatic end of theory will not come for social protection policy, as the specialists and theorists take up the role of interpreter of data, performing the needed task of translating the vast collection of information into a useable collection or result. Vital in this position is the contact with the political economy, a task impossible to result in fruitful outcome without the interpreter. To strengthen this position in regard to social protection and big data, two examples are outlined: ‘Citizen Based Analytics’ in New-Zealand and the Big Data Quality Task Team of the UNECE.
    Date: 2020–10–19
  11. By: Alessia Cafferata; Marwil J. Dávila-Fernández; Serena Sordi
    Abstract: Psychologists among other behavioural scientists refer to the tendency of favouring, interpreting, and searching for information that supports one's prior beliefs as confirmation bias. Using Twitter data, we illustrate how this might affect environmental attitudes by contrasting #ClimateChangeIsReal and #ClimateChangeHoax engagement. Given the relevance of the topic to the field, we develop an agent-based model to investigate how employment conditions affect attitudes towards climate policies under such a cognitive bias. It is shown that persistent endogenous fluctuations might emerge via a super-critical Neimark-Sacker bifurcation. Furthermore, depending on the individual's response to the collective opinion, we might have coexistence of periodic attractors as a representation of path dependence. In terms of policy implications, we highlight that the adoption of a successful green-agenda depends on the ability of policy-makers to take advantage of favourable employment rates while appealing to different framing strategies.
    Keywords: Climate change, con rmation bias, sentiment dynamics, group e ect, adaptive learning.
    JEL: D91 O44 Q56
    Date: 2020–09
  12. By: Alison Andrew (Institute for Fiscal Studies, University College London); Orazio P. Attanasio (Cowles Foundation, Yale University); Britta Augsburg (Institute for Fiscal Studies); Jere Behrman (University of Pennsylvania); Monimalika Day (Ambedkar University); Pamela Jervis (University of Chile); Costas Meghir (Cowles Foundation, Yale University); Angus Phimister (Institute for Fiscal Studies, University College London)
    Abstract: Social connections are fundamental to human wellbeing. This paper examines the social networks of young married women in rural Odisha, India. This is a group, for whom highly-gendered norms around marriage, mobility, and work are likely to shape opportunities to form and maintain meaningful ties with other women. We track the social networks of 2,170 mothers over four years, and ï¬ nd a high degree of isolation. Wealthier women and women more-advantaged castes have smaller social networks than their less-advantaged peers. These gradients are primarily driven by the fact that more-advantaged women are less likely to know other women within their same socioeconomic group than are less-advantaged women are. There exists strong homophily by socioeconomic status that is symmetric across socioeconomic groups. Mediation analysis shows that SES differences in social isolation are strongly associated to caste, ownership of toilets and distance. Further research should investigate the formation and role of female networks.
    Date: 2020–11
  13. By: Karen García-Rojas (Departamento Administrativo Nacional de Estadísticas); Paula Herrera-Idárraga (Pontificia Universidad Javeriana); Leonardo Fabio Morales (Banco de la República de Colombia); Natalia Ramírez-Bustamante (Universidad de los Andes); Ana María Tribín-Uribe (United Nations Development Program in Latin America and the Caribbean)
    Abstract: This article seeks to analyze the Colombian labor market during the COVID-19 crisis to explore its effect on labor market gender gaps. The country offers an interesting setting for analysis because, as most countries in the Global South, it has an employment market that combines formal and informal labor, which complicates the nature of the pandemic's aftermath. Our exploration offers an analysis that highlights the crisis's effects as in a downward staircase fall that mainly affects women compared to men. We document a phenomenon that we will call a "female staircase fall." Women lose status in the labor market; the formal female workers' transition to informal jobs, occupied women fall to unemployment, and the unemployed go to inactivity; therefore, more and more women are relegated to domestic work. We also study how women’s burden of unpaid care has increased due to the crisis, affecting their participation in paid employment. **** RESUMEN: Este artículo busca analizar el mercado laboral colombiano durante la crisis de COVID-19 y el efecto de esta crisis sobre las brechas de género. Colombia ofrece un escenario interesante para el análisis porque, como la mayoría de los países del Sur Global, tiene un mercado laboral que combina trabajo formal e informal, lo que complica las secuelas de la pandemia. Nuestra exploración ofrece un análisis que destaca los efectos de la crisis en términos de una caída de escalera descendente que afecta principalmente a las mujeres. En el trabajo documentamos un fenómeno de "caída de escalera femenina". Muchas mujeres pierden estatus en el mercado laboral; hay una marcada transición de trabajadoras formales a empleos informales, las mujeres ocupadas en empleos formales e informales caen al desempleo y las desempleadas pasan a la inactividad; en consecuencia, cada vez más mujeres se ven relegadas al trabajo doméstico. Finalmente, estudiamos cómo ha aumentado la carga de las mujeres en cuidados no remunerados debido a la crisis, lo que ha afectado su participación en el empleo remunerado.
    Keywords: Gender gap, informality, employment, time use, Colombia, COVID-19, brecha de género, informalidad, empleo, uso del tiempo, Colombia, COVID-19
    JEL: D10 E24 J16 J22
    Date: 2020–11
  14. By: Hans Degryse (KU Leuven and CEPR); Tarik Roukny (KU Leuven); Joris Tielens (National Bank of Belgium)
    Abstract: In the race against climate change, financial intermediaries hold a key role in rapidly redirecting resources towards greener economic activities. However, this transition entails a dilemma for banks: entry of innovative and green firms in polluting industries risks devaluating legacy positions held with incumbent clients. As a result, banks exposed to such losses may be reluctant to finance innovation aiming to reduce polluting activities such as green house gas emissions. In this paper, we formalize potential banking barriers to investments in green firms that threaten the value of legacy contracts by affecting collateral pledged by incumbent clients to banks as well as probabilities of default. We show that themore homogeneous and concentrated the banking system is in a given industry, the fewer new innovative firms will be granted loanable funds. We further exploit data on credit allocations in Belgium between 2008 and 2018, to investigate the empirical relevancy of such barriers in polluting industries with larger exposures to green technology disruption. The results indicate that the market structure of the banking system may be key to facilitating a green economic transition highlighting the need for policies to address the role of brown legacy positions and heterogeneous bank business models.
    Keywords: Financial Intermediation, innovation, barriers, climate change
    Date: 2020–10
  15. By: McKee, Greg
    Keywords: Production Economics, Farm Management
    Date: 2020–01–29
  16. By: Jérôme Maucourant (UJM - Université Jean Monnet [Saint-Étienne], TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique); Bruno Tinel (UP1 - Université Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Abstract: How can we characterize the contradictions between the state and the nation, while taking into account the fact that real society is divided into classes? This paper analyses these elements based on the implications of a full employment policy following Kalecki's analysis. We also find that to articulate the notions of state, nation and social classes it is relevant to examine the idea of a dual nature of the state, of which certain elements are found in Marx. Finally, we address the current challenges of economic policy taking into account the trends that tend to erode the role of the state and nations.
    Abstract: Comment caractériser les contradictions entre l'Etat et la nation, tout en prenant en compte le fait que la société réelle est divisée en classes ? Ces éléments sont abordés sous l'angle des implications d'une politique de plein emploi, à partir de l'analyse de Kalecki. Puis, l'idée d'une double nature de l'Etat, dont on trouve des embryons chez Marx, est mobilisée pour articuler les notions d'Etat, de nation et de classes sociales. Enfin on s'interroge sur les enjeux actuels de la politique économique face aux tendances qui sont censées éroder le rôle de l'Etat et des nations.
    Keywords: State,nation,social classes,economic policy,full employment,sovereignty,Etat,classes sociales,politique économique,plein emploi,souveraineté
    Date: 2020–10
  17. By: Deshpande, Ashwini (Ashoka University)
    Abstract: Examining high frequency national-level panel data from Centre for Monitoring Indian Economy (CMIE) on paid work (employment), unpaid work (time spent on domestic work) and incomes, this paper examines the effects of the Covid-19 pandemic on the gender gaps in paid and unpaid work through the lockdown and recovery phases. The first month of the national lockdown, April 2020, saw a large contraction in employment for both men and women, where more men lost jobs in absolute terms. Employment has recovered by August 2020 for men. However, for women, the likelihood of being employed is 9.5 percentage points lower than that for men, compared to the pre-pandemic period. Men spent more time on housework in April 2020, but by August the average male hours had declined, though not to the pre-pandemic levels. Time spent with friends fell sharply for both men and women in April, to recover in August, but not to the pre-pandemic levels. The paper also examines available income data to find the sharpest contraction of incomes in the rural sector for both men and women.
    Keywords: COVID-19, lockdown, employment, gender, time use, incomes, India
    JEL: J1 J6 O53
    Date: 2020–10
  18. By: Roberto Roson (Department of Economics, University Of Venice Cà Foscari; Loyola Andalusia University; GREEN Bocconi University Milan); Camille Van der Vorst (Leuven Centre for Global Governance Studies, KU Leuven)
    Abstract: We present the structure and the process of construction of a social accounting matrix for the Spanish region of Andalusia, for the year 2016. The SAM includes 359 accounts with their respective balances of revenues and expenses, and distinguishes exchanges and income transfers between Andalusia, the rest of Spain and the rest of the world. As the dataset provides a detailed summary on the economic structure, we illustrate some key characteristics of the Andalusian economy at the year 2016, by presenting some relevant statistics and indexes.
    Keywords: Social Accounting Matrix, Input-Output, Andalusia, Economic Structure
    JEL: E01 E16
    Date: 2020
  19. By: Silver, Daniel; Fox, Mark; Adler, Patrick
    Abstract: This paper seeks to develop the core concepts of a model of urban evolution. It proceeds in four major sections. First we review prior adumbrations of an evolutionary model in urban theory, not-ing their potential and their limitations. Second, we turn to the general sociocultural evolution litera-ture to draw inspiration for a fresh and more complete application of evolutionary theory to the study of urban life. Third, building upon this background, we outline the main elements of our proposed model, with special attention to elaborating the value of its key conceptual innovation, the “formeme.” Last, we conclude with a discussion of what types of research commitments the overall approach does or does not imply, and point toward the more formal elaboration of the model that we undertake in “Towards a Model of Urban Evolution II” and “Towards a Model of Urban Evo-lution III.”
    Date: 2020–10–22
  20. By: Martina Cioni; Giovanni Federico; Michelangelo Vasta
    Abstract: We argue that economic history still remains a distinct field in economics. We rely on a new database of almost 3,300 economic history articles published from 2001 to 2018 in top economic history journals and in ten leading economics journals. The share of economic history articles in economics journals has increased very little, cross-citations are limited and only few authors publish in both economics and economic history journals. As expected, publishing in top five economic journals yields many more citations than in top field journals, but this is not necessarily true for other prestigious economic journals
    Keywords: bibliometric analysis, citations, economic history, economics journals
    JEL: A12 N01
    Date: 2020–10
  21. By: Richard S.J. Tol (Department of Economics, University of Sussex, Falmer, United Kingdom)
    Abstract: Video discussion of the distribution of the economic impacts of climate change
    Keywords: environmental economics, climate change, postgraduate, video
    JEL: Q54
    Date: 2020–10
  22. By: Andrea Borsato
    Abstract: The paper fills a gap in the Secular Stagnation literature and develops an agent-based SFC model to analyse the deep relationship between income distribution and productivity through the channel of innovation. With a steady gaze on US macro-economic data since 1950, we put forth the idea that the continuous shift of income fromwages to profits may have resulted in a smaller incentive to invest in R&D activity, with the decline in productivity performances that characterizes Secular Stagnation in the USA. The paper is the first step toward the growth model that will be developed in Part II.
    Keywords: Secular Stagnation, Innovation dynamics, Incomedistribution, Agentbased SFC models.
    JEL: E10 O31 O38 O43 P16
    Date: 2020–09
  23. By: Bulfone, Fabio
    Abstract: The Great Recession renewed calls for a return of state activism in support of the European economy. The widespread nationalization of ailing companies and the growing activism of national development banks led many to celebrate the reappearance of industrial policy. By reviewing the evolution of the goals, protagonists, and policy instruments of industrial policy since the postwar period, this paper shows how state intervention never ceased to be a crucial engine of growth across the EU. It argues that the decline of the Fordist wage-led production regime marked a turning point in the political economy of industrial policy with the transition from inward-looking to open-market forms of state intervention. The main features of open-market industrial policy are then discussed referring to the cases of the internationalization of national champions in public service sectors and the proliferation across the EU of industrial clusters. Finally, the paper reviews postcrisis instances of state intervention and highlights how, rather than breaking with past tendencies, the Great Recession further accelerated the shift towards open-market industrial policy.
    Keywords: comparative capitalism,European integration,Germany,industrial policy,national development banks,Deutschland,europäische Integration,Industriepolitik,staatliche Entwicklungsbanken,vergleichende Kapitalismusforschung
    Date: 2020
  24. By: , Stone Center (The Graduate Center/CUNY); Ranaldi, Marco; Milanovic, Branko
    Abstract: The paper investigates the relationship between capitalism systems and their levels of income and compositional inequality (how the composition of income between capital and labor varies along income distribution). Capitalism may be seen to range between Classical Capitalism, where the rich have only capital income, and the rest have only labor income, and Liberal Capitalism, where many people receive both capital and labor incomes. Using a new methodology and data from 47 countries over the past 25 years, we show that higher compositional inequality is associated with higher inter-personal inequality. Nordic countries are exceptional because they combine high compositional inequality with low inter-personal inequality. We speculate on the emergence of homoploutic societies where income composition may be the same for all, but Gini inequality nonetheless high, and introduce a new taxonomy of capitalist societies. (Stone Center Working Paper Series)
    Date: 2020–10–22
    Abstract: Inequalities and poverty are important drivers of social exclusion, while conflict, social unrest and instability are its manifestation. The preponderance of conflicts in poor and unequal societies has long been documented in the literature.1 As Nagel succinctly argues, “political discontent and its consequences – protest, instability, violence, revolution – depend not only on the absolute level of economic well-being, but also on the distribution of wealth”. According to the Kuznets’ inverted-U theory, a high level of income inequality radicalises the proletariat, enhances class polarisation and reduces the tolerance of the bourgeoisie for low-income group participation in political and decisionmaking processes.
    Keywords: International Development
  26. By: Bjørn Bo Sørensen; Christian Estmann; Enilde Francisco Sarmento; John Rand
    Abstract: Mozambique is among the world's least complex economies. By systematically accounting for both supply- and demand-side factors, we identify new products and sectors that can help to diversify and upgrade its economy. In a supply-side analysis, we use network methods from the literature on economic complexity to identify a set of target products that are complex, require productive capabilities useful in the export of other products, and are close to Mozambique's existing productive structure.
    Keywords: economic complexity, Trade, Exports, Structural transformation, Mozambique
    Date: 2020
  27. By: Takahiko Kan
    Abstract: Adam Smith is the author of An Inquiry into the Nature and Causes of the Wealth of Nations. He is known mainly as a pioneer of political economy. However, he was not only an economist but also a moral philosopher. He published The Theory of Moral Sentiments (TMS) in 1759. In TMS, he explained an establishment of a social order based on sympathy between people in a society. Sympathy is sharing of sentiments with others by imaginarily swapping situations with others. People in TMS form the impartial spectator and regulate their conduct to be sympathized by the impartial spectator. The impartial spectator is often considered as an important concept in TMS. However, even if people formed the impartial spectator, this does not mean that they can always regulate their conduct. To regulate their conduct absolutely, people need general rules of morality (GRM). People can establish a social order thanks to GRM. Some preceding studies have reinterpreted TMS with various research results in contemporary economics. For example, Meardon & Ortmann (1996) reinterprets self-command by using a repeated game theory model. Ashraf et al. (2005) indicates that Smith foresaw some research findings of behavioral economics. Tajima (2007) reinterprets TMS from a perspective of institutional economics. Breban (2012) formularizes a behavior of people in TMS with a utility function, and compares this function with utility functions in behavioral economics. Khalil (2017) reinterprets TMS from a perspective of rational choice theory. These reinterpretations have shed light on modern significance of TMS. However, there is room for reinterpreting important concepts in TMS with research results in contemporary economics. Following the preceding studies, this paper reinterprets the GRM formation process and the corruption of moral sentiments (CMS) by using a replicator dynamics model, which is a basic model of evolutionary game theory. GRM are the social norms in TMS that concern what is fit and proper either to be done or to be avoided. In TMS, people form GRM through interactions with others. They continually observe conduct of others, and this can lead them to form certain GRM. This paper interprets this observation process as a trial-and-error learning process. To formularize this process, this paper uses a replicator dynamics model. The results of the model clarify the character of sympathy in the CRM. The more sympathetic players exist in a player set, the more corrupted situation is likely to be realized. This result mathematically supports an interpretation in preceding studies (Brown 1994, Griswold 1999) that sympathy involves risk that CMS is progressing. The paper is organized as follows. In the section 2, we briefly describe GRM and the CMS. In the section 3, we construct a model of replicator dynamics. In the section 4, we discuss the results of the model. In the last section, we conclude this paper.
    Date: 2020–09–11
  28. By: Kumar B, Pradeep
    Abstract: This paper discusses the issues of online education from the perspective of women, an important agent in the education system in their capacity of mothers. The study enquires into the issues of college going students in the Alappuzha district of Kerala state. The study has found that despite the low economic profile of households, parent give utmost importance to the online education of their children. Most of them have ensured that their children have necessary gadgets and internet services to access online classes. Only 30 percent of the women opine that online education has added burden to their household budget. 60 percent of women appear to have been satisfied with the online classes.
    Keywords: Online Education, Content. UGC, Household Budget, Women Education, Women assistance
    JEL: B54
    Date: 2020–02–03

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