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on Heterodox Microeconomics |
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Issue of 2021‒04‒05
twenty-one papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Erasmo, Valentina |
| Abstract: | The aim of this paper is to offer an insight about women’s role in Amartya Sen’s thought, privileging economists and philosophers: mainly, I will focus on the figures of Joan Robinson, Eva Colorni, Martha Nussbaum and Emma Rothschild, showing, on the one hand, how they have influenced his thought, on the other, how they have eventually developed their own welldefined ideas about common research themes. Finally, I will provide an overview about contemporary Sen’s female scholars who have reached international acknowledgments in this research in order to distinguish the most important schools of thought born around his reflection. The main result of this paper is that, on the one hand, Sen has favoured the enhancement of these female’s figures both in economics and philosophy; on the other, these female’s figures have undoubtedly and significantly influenced his own thought. Rather, it is better to talk of a mutual and peer influence to each other. |
| Keywords: | capability approach; female; feminist; sentiments. |
| JEL: | B20 B40 B54 |
| Date: | 2021–02–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:105769&r=all |
| By: | Faber, Malte; Frick, Marc; Manstetten, Reiner |
| Abstract: | The sustainable management of natural resources is one of the most important tasks humanity faces. The interdisciplinary online platform MINE-Mapping the Interplay between Nature andEconomy (www.nature-economy.de) aims to contribute to this. MINE can be understood as a bridge between social sciences, economics and the natural sciences. Important building blocks of this bridge are considerations from the fields of political philosophy and ethics. For socioecological transformation processes, MINE offers foundations that are theoretically comprehensive and at the same time practical for politics and economics. Our considerations show how the ideas of MINE came into being, what constitutes the peculiarity of its approach and what it is capable of achieving. In this way, interested persons from the scientific community as well as ecologically engaged citizens should be led towards a fruitful work with the online platform. After the introduction in Part I, in Part II, from the perspective of Malte Faber, who speaks in first-person, motives and experiences are recounted that have led him to found an interdisciplinary research cooperation since 1980. The methods and insight generated in this cooperation became groundbreaking for MINE. Part III deals with the importance of philosophical reasoning for MINE and addresses some guiding ideas and basic building blocks of MINE's approach from a philosophical perspective. In Part IV, five concepts of MINE - three aspects of time, ignorance, joint production, political responsibility and, power of judgment - are introduced to illustrate the MINE-approach by a concrete transformation problem, namely the river Emscher; which was the central sewer of the Ruhr area around 1900 and was completely renaturalized after several decades in 2020. In Part V, Malte Faber illustrates, again in the firstperson perspective, the orientation of MINE through three messages on transformation. In an addendum, Part VI, we critically comment on the five-before-twelve rhetoric that is widespread especially in discourses of climate protection. |
| Keywords: | ecological economics; environmental economics; concepts of time; sustainability; joint production; homo politicus; ignorance; power of judgement; responsibility; five-beforetwelve rhetoric; socio-ecological transformations; restoration of the river Emscher. |
| Date: | 2021–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:awi:wpaper:0701&r=all |
| By: | Manuel Rubio-García; Santiago Castaño-Salas |
| Abstract: | Resumen: En la teórica económica, la perspectiva del excedente económico –EE– tiene una doble importancia en las economías periféricas. En primer lugar, su esquema teórico incorpora la cuestión del patrón de desarrollo, esto es, el análisis del grado de cambio en las estructuras productivas y ocupacionales, y en correspondencia, de las transformaciones tanto en la distribución del ingreso como en el perfil de la inserción externa de una formación social dada (Vera, 2013). En segundo lugar, esta perspectiva teórica permite el análisis histórico de diferentes patrones de desarrollo, cuya explicación está centrada en el perfil del conflicto distributivo. En el presente artículo se realiza una exposición de la perspectiva del excedente económico desde las perspectivas de Baran, Prebisch y Furtado para las economías periféricas, así como también, una aproximación al análisis del grado de desarrollo a partir de la noción de fases de transformación productiva. Se concluye que la perspectiva del EE es útil para comprender el grado de diversificación productiva a partir de la interacción entre puja distributiva –apropiación y uso del EE– y las formas de acumulación de capital. |
| Keywords: | estructuralismo latinoamericano; excedente económico; capital monopolista; desarrollo económico; diversificación productiva; economías périfericas. |
| JEL: | B15 B52 B51 E11 E24 F43 O11 O14 |
| Date: | 2020–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019133&r=all |
| By: | Dalton, John; Logan, Andrew |
| Abstract: | We describe how the 2016 documentary The Man Who Discovered Capitalism can be used in the classroom to provide an entry point to the life and economics of Joseph A. Schumpeter, whose work on innovation, entrepreneurship, and creative destruction remains relevant for students today. We summarize the key ideas conveyed in the documentary and offer four criticisms: its failure to capture the role of fin-de-siecle Vienna on Schumpeter's intellectual development, its incomplete understanding of Schumpeter's theory of innovation, its overstatement of Keynes's influence relative to Schumpeter, and the overly generous credit it gives to government for spurring innovation. We show how the documentary can be used in the classroom, complete with sample discussion questions grounded in the criticisms we identify. We argue The Man Who Discovered Capitalism is an effective teaching tool suitable for a variety of courses, including those on economic growth, intermediate macroeconomics, and the history of economic thought, among others. |
| Keywords: | Joseph Schumpeter; Innovation; Entrepreneurship; Creative Destruction; John Maynard Keynes; Education; Documentary |
| JEL: | A20 B31 O31 O33 |
| Date: | 2021–01–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:105664&r=all |
| By: | Hadrien Saiag (IIAC - Institut interdisciplinaire d'anthropologie du contemporain - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Abstract: The global crisis that erupted in 2007-8 clearly exposed that debt with financial institutions has become a key element of household social reproduction in most parts of the world. One way to analyse how this situation impacts on people's lives is to investigate the very nature of debt (its ‘essence'), which is often conceived as intrinsically violent. However, most anthropologists consider how people manage their debt and take a situated approach to debt in context. Their focus on people's financial practices takes a broad view of consumer credit as any number of monetary debts that households incur to make ends meet. Their examination of how debt is managed within the household points up that consumer credit is often used to sustain meaningful social relations, although this can trigger a debt spiral. This spotlight on how people's financial practices relate to broader historical and social contexts shows that the rise of consumer credit is instrumental in reshaping class, racial and gender relations in their material and moral dimensions, and that people can be found to resist debt in many ways. Although these trends in the anthropological literature make for a rich understanding of debt relations, much could still be done to understand why people in most settings complain about their debts, but do not openly rebel against them. |
| Keywords: | class relations,morality,exploitation,resistance,social protection,social reproduction,debt,credit |
| Date: | 2020–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03095993&r=all |
| By: | Breznau, Nate (University of Bremen); Rinke, Eike Mark (University of Leeds); Wuttke, Alexander (University of Mannheim); Adem, Muna; Adriaans, Jule; Alvarez-Benjumea, Amalia (Max Planck Institute for Research on collective goods); Andersen, Henrik Kenneth; Auer, Daniel; Azevedo, Flavio (Cologne University); Bahnsen, Oke |
| Abstract: | Findings from 162 researchers in 73 teams testing the same hypothesis with the same data reveal a universe of unique analytical possibilities leading to a broad range of results and conclusions. Surprisingly, the outcome variance mostly cannot be explained by variations in researchers’ modeling decisions or prior beliefs. Each of the 1,261 test models submitted by the teams was ultimately a unique combination of data-analytical steps. Because the noise generated in this crowdsourced research mostly cannot be explained using myriad meta-analytic methods, we conclude that idiosyncratic researcher variability is a threat to the reliability of scientific findings. This highlights the complexity and ambiguity inherent in the scientific data analysis process that needs to be taken into account in future efforts to assess and improve the credibility of scientific work. |
| Date: | 2021–03–24 |
| URL: | http://d.repec.org/n?u=RePEc:osf:metaar:cd5j9&r=all |
| By: | Antonio Lebeo Guzmán Raya |
| Abstract: | Resumen: La integración del dinero a las teorías del valor es uno de los aspectos que recientemente han tomado mayor relevancia teórica, aunque no existen modelos que hayan dado con una solución –si existe– generalmente aceptada que modele agentes privados en un sistema competitivo y descentralizado. Para el caso de la crítica de la economía política es un tema que fue planteado por Marx, con aciertos y errores. Esta investigación sugiere retomar la teoría monetaria de Marx, pero por un camino heterodoxo o más bien crítico; a saber, los movimientos de mercancías se desprenden del dinero, este no como mercancía, el cual viene a señalar que el dinero antecede lógicamente al valor, cuyo aspecto el marxismo más insistente no estaría dispuesto a aceptar. Con ello la esterilidad teórica sepulta uno de los aspectos más importantes del análisis de Marx: la socialización de agentes privados en un mercado descentralizado con la posibilidad de “un salto mortal†de la mercancía, dicha idea es lo que se rescata en esta investigación. |
| Keywords: | dinero; trabajo concreto; trabajo abstracto; mercado. |
| JEL: | B51 P16 P22 P44 |
| Date: | 2020–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019132&r=all |
| By: | Fèvre, Raphaël |
| Abstract: | This paper deals with the initial reception of the Marshall Plan by Georges Bataille and François Perroux in light of the discussion they held in the journal Critique, during the second half of 1948. I argue that Bataille and Perroux took the Marshall Plan as an enigma that current economic and political theories were not able to explain fully. And that in response, both authors contributed a unique and sophisticated economic analysis to transcend what they perceived as limited scope of economics. By focusing on this interdisciplinary dialogue, this paper is intended as a contribution to a history of economic thought taking in the economic inquiry of non-economists, and the ways in which they relate to professional economists. |
| Date: | 2021–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6hnvk&r=all |
| By: | Benoît Desmarchelier (Université de Lille Faculté des Sciences économiques et sociales); Faridah Djellal (Université de Lille Faculté des Sciences économiques et sociales); Faïz Gallouj (Université de Lille Faculté des Sciences économiques et sociales) |
| Abstract: | This paper is given over to "Public Service Innovation Networks for Social Innovation" (PSINSIs), a multi-agent structural arrangement set up for the collaborative production of social innovation in public services. It begins by putting forward an analytical framework that makes it possible-from both the morphological and the functional points of view-to distinguish PSINSIs from other expressions of the innovation network concept. Then, using a rich set of empirical material collected within the Co-VAL European research project and consisting of 24 in-depth PSINSIs case studies undertaken in five European countries, it attempts to enter the black box of PSINSIs in order to better understand both the nature of social innovation at work and the modes of formation and functioning of these networks. |
| Keywords: | innovation networks,public services,social innovation |
| Date: | 2021–01–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03177910&r=all |
| By: | Jean-Luc Gaffard |
| Abstract: | Les crises, crise financière de 2008, crise sanitaire de 2020, crise écologique récurrente ont des effets destructeurs sur les économies comme sur les théories censées expliquer leur évolution. Le projet qualifié de néo-libéral est remis en cause concrètement quand les repères habituels, issus de la théorie économique dominante, sont perdus et les politiques se rallient à ce qu’il est convenu d’appeler des mesures non conventionnelles. Les sociétés développées semblent osciller entre la continuation de ce projet avant tout guidé par la confiance dans les régulations par des marchés aussi flexibles que possible et une rupture incarnée dans le retour au pouvoir d’États autoritaires jouant de nationalismes identitaires. Cette situation n’est pas sans rappeler celles déjà vécues à la fin du XIXe siècle puis dans les années 1920-1930, situations de crise du libéralisme et de la théorie économique, un libéralisme qui a dû se renouveler pour ne pas sombrer et qui a pris la forme du libéralisme social dont le trait distinctif a été de faire place à une régulation macroéconomique au coeur d’un renouvellement de la théorie économique elle-même. Fort de cette expérience, le propos du texte qui suit est de faire valoir les avancées théoriques nécessaires et, par suite, les fondements économiques d’un libéralisme social présenté comme la réponse institutionnelle la mieux adaptée à la conduite d’économies de marché qui s’avèrent de nouveau être intrinsèquement instables mais néanmoins capables de résilience. |
| Keywords: | coordination, entreprise, instabilité, institutions, État, libéralisme, monnaie, nation, norme, rationalité, travail. |
| JEL: | B41 O43 P17 P4 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2021-08&r=all |
| By: | Sergio Cesaratto; Riccardo Pariboni |
| Abstract: | This paper aims to stimulate the convergence of the Sraffian approach to demand-led growth theory with insights from monetary circuit theory and stock-flow models. The first Sraffian contribution to this convergence we identify is the extension of Garegnani’s interpretation of Keynes’ General Theory’s originality and limitations to Keynes’ 1937 papers on “finance.” In both cases, it is a question of freeing Keynes from the ties of marginalist theory. After discussing some troubles of the monetary circuit, we identify a complementarity between the Keynesian concept of finance, some insights of the monetary circuit, and the role attributed by the Sraffian take of demand-led growth to the autonomous components of demand (which are also Kalecki’s external markets). This seems to us to be the second Sraffian contribution to this convergence towards a monetary theory of demand-led growth. |
| Keywords: | Keynes, Finance, Monetary Circuit, Effective Demand, Supermultiplier |
| JEL: | B26 E12 E43 E50 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:usi:wpaper:851&r=all |
| By: | Goodwin, Geoff |
| Abstract: | Creating private property rights and establishing land markets were fundamental to the historical development of capitalism in the Global North and remain at the centre of capitalist development in the Global South. This article contributes to debates about these processes by analysing the relationship between land markets and indigenous peoples in Highland Ecuador. Building on Karl Polanyi's concept of fictitious commodities, it elaborates a new concept that makes an analytical distinction between the activation and development of land markets. The former refers to the occasional participation of actors in markets to secure land, whereas the latter relates to the establishment and expansion of markets that regulate the distribution and value of land through market prices. Focusing on indigenous land struggles in the late 20th century, this article shows that the activation of land markets created opportunities for indigenous peasants to secure land, whereas the development of land markets closed them down. Social and class differentiation among the highland indigenous population increased through this contradictory process. The article connects this historical analysis to recent developments in Ecuador to contribute to empirical and theoretical debates about contemporary land struggles and agrarian change elsewhere in the Global South. |
| Keywords: | countermovement; fictitious commodities; Karl Polanyi; land markets; land reform |
| JEL: | J1 N0 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108860&r=all |
| By: | OECD |
| Abstract: | This report explores the spatial dimension of productivity in the co-operatives of Italy, a country where they make up a relatively large share of total national employment. Co-operatives play a countercyclical role in job creation during crises. In a post-pandemic world, they could make a major contribution to steering the economy towards inclusiveness and sustainability. Productivity growth ensures that co-operatives can achieve both economic and social goals in the future. This report applies a place-based approach to investigate the issue of productivity in co-operatives, given their many interdependencies with local communities. Novel evidence points to the local factors that are linked with the concentration and productivity of co-operatives across regions, sectors and firm size classes in Italy. A comparison with other Italian firms as well as with Spanish co-operatives and other Spanish firms serves to illustrate how productivity performance varies across space and firm types. This report constitutes an empirical test for the analytical approach developed by the OECD Spatial Productivity Lab. |
| Keywords: | cooperatives, Italy, productivity, regional economics, social economy, Spain |
| JEL: | D24 E24 J54 L31 O32 O35 P13 Q13 R12 |
| Date: | 2021–03–30 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2021/02-en&r=all |
| By: | Camilo Andrés Guevara Castañeda |
| Abstract: | Resumen: Este artículo pretende aportar a la conversación sobre los encuadramientos mentales y al debate reciente en epistemología de la economía. A diferencia de propuestas como la de Tony Lawson, quien pretende mostrar que el punto central de las divergencias entre el análisis ortodoxo y heterodoxo en economía se debe al tipo de ontología que se asume, intentamos mostrar que un elemento central de esta divergencia se encuentra en los encuadramientos cognitivos con los que se piensa y discute. Se han escogido algunos casos teóricos y de análisis en los que se muestran cómo los “hechos†son descritos con relación a un marco cognitivo, lo que señala las diferencias en los puntos de partida al analizar la realidad. El objetivo del artículo está en comprender que hablamos dentro de marcos cognitivos que nos condicionan y las discusiones que damos, y que generalmente terminan invisibilizando otras maneras de mirar, de plantear preguntas e iniciar conversaciones. |
| Keywords: | marcos cognitivos; epistemología de la economía; heterodoxia; ortodoxia; ontología. |
| JEL: | B41 B49 B50 B59 Z13 |
| Date: | 2020–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019131&r=all |
| By: | Sylvain Celle (CLERSE - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique) |
| Keywords: | Economie sociale et solidaire,Institutionnalisme historique |
| Date: | 2020–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03112639&r=all |
| By: | Enrico Maria Fenoaltea; Izat B. Baybusinov; Jianyang Zhao; Lei Zhou; Yi-Cheng Zhang |
| Abstract: | We present a fascinating model that has lately caught attention among physicists working in complexity related fields. Though it originated from mathematics and later from economics, the model is very enlightening in many aspects that we shall highlight in this review. It is called The Stable Marriage Problem (though the marriage metaphor can be generalized to many other contexts), and it consists of matching men and women, considering preference-lists where individuals express their preference over the members of the opposite gender. This problem appeared for the first time in 1962 in the seminal paper of Gale and Shapley and has aroused interest in many fields of science, including economics, game theory, computer science, etc. Recently it has also attracted many physicists who, using the powerful tools of statistical mechanics, have also approached it as an optimization problem. Here we present a complete overview of the Stable Marriage Problem emphasizing its multidisciplinary aspect, and reviewing the key results in the disciplines that it has influenced most. We focus, in particular, in the old and recent results achieved by physicists, finally introducing two new promising models inspired by the philosophy of the Stable Marriage Problem. Moreover, we present an innovative reinterpretation of the problem, useful to highlight the revolutionary role of information in the contemporary economy. |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2103.11458&r=all |
| By: | Hayat, Azmat; Muhammad Shafiai, Muhammad Hakimi; Haron, Sabri |
| Abstract: | Neoliberal principles are positively thought by hegemonic western countries as something beneficial to humanity and societies across the planet. This claim is in sharp contrast to the followers of Islam, who believes that more than 1400 years ago Islam already provided the best and everlasting ideology for the welfare of humanity. This study thoroughly investigated the claims of these contrasting ideologies. The hypothesis at the core of this endeavour is that neoliberal ideology is linearly associated with social costs, which can also be explained quantitatively as something associated with reduced standard of living. In order to investigate this hypothesis, USA and Saudi Arabia are selected as a sample. Besides analysing the previous literature, descriptive statistics from the most recent 2020 world Development Indicators are used for testing this hypothesis. Results indicates show that crime rate in the USA is higher than Saudi Arabia. |
| Keywords: | Social Costs |
| JEL: | B59 P00 P1 P16 P17 P4 P47 P5 P51 P52 |
| Date: | 2021–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:105746&r=all |
| By: | Rémi Jardat (LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - UEVE - Université d'Évry-Val-d'Essonne, UEVE - Université d'Évry-Val-d'Essonne) |
| Abstract: | Capital et Idéologie invite le lecteur à une enquête multiséculaire et transdisciplinaire sur les inégalités excessives et leurs conséquences. Après avoir exposé le "grand récit alternatif" sur lequel débouche cette enquête, cet article analyse les innovations conceptuelles et théoriques de l'ouvrage, puis la méthodologie et l'exposé des arguments. L'enquête de Piketty semble assez fidèle à la logique de l'enquête de Dewey et d'une manière générale à l'épistémologie pragmatiste : progrès de la connaissance par création d'hypothèses nouvelles (abduction) et reconnaissance d'une connexion entre faits et valeurs. Piketty ignore toutefois dans cet ouvrage la contribution des chercheurs en gestion. L'auteur invite en retour ses collègues et Piketty à enrichir conjointement l'enquête sur les inégalités, par exemple à travers la question de la démocratie dans l'entreprise. |
| Keywords: | Piketty,Enquête,Pragmatisme,Démocratie,Inégalités |
| Date: | 2020–12–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03120679&r=all |
| By: | Trofimov, Ivan D. |
| Abstract: | This paper examines the effects of public capital and government final consumption expenditure on the rate of profit in the productive sectors of the OECD economies over the period of 1977-2006. Public capital (expressed as a proportion of private capital) is considered in a multivariate setting, alongside other determinants of profit. The panel cointegration and panel vector autoregressive (PVAR) models are used to remedy the shortcomings of the time series analyses in the short samples and the stationary data panel models. The study demonstrates the absence of cointegration between the variables, but the positive and significant effects of public capital that are particularly manifest in the short-run, as well as the negative and insignificant impact of overall government consumption expenditure. The paper highlights the importance of public capital for macroeconomic outcomes, the relevance of the real channels of fiscal policy, and the non-neutrality of the type of government expenditure for economic outcomes. |
| Keywords: | Public capital, profit, panel data |
| JEL: | C23 E22 H54 |
| Date: | 2020–03–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:106848&r=all |
| By: | Pape, Helpe |
| Abstract: | This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate “an eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). |
| Date: | 2021–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:zp9jv&r=all |
| By: | Juan Andrés Cabral; Florencia Iara Pucci |
| Abstract: | En los últimos 25 años ha tenido lugar un cambio abrupto en la metodología seguida por los economistas. Autores como Angrist y Pischke llaman a este cambio “revolución de la credibilidad”. Esta revolución consta del uso de métodos experimentales o cuasi-experimentales y alcanzó principalmente a las revistas académicas de alto impacto de Economía tales como The Quarterly Journal of Economics, American Economic Review y Econometrica, entre otras. Hasta el momento no se ha analizado el alcance de la revolución en revistas académicas asociadas a corrientes heterodoxas. El objetivo de este artículo es explorar con un análisis bibliométrico si hubo un cambio similar en revistas con principal influencia de las corrientes marxista, austríaca y post-keynesiana. El resultado de este ejercicio sugiere que este tipo de revistas no presenció una revolución de la credibilidad como tal. |
| JEL: | B4 C1 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:aep:anales:4318&r=all |