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on Heterodox Microeconomics |
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Issue of 2022‒01‒31
eleven papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Lorentz, André (Université de Strasbourg, BETA, Université de Lorraine, CNRS); Ciarli, Tommaso (UNU-MERIT, Maastricht University, and SPRU, University of Sussex); Savona, Maria (SPRU, University of Sussex); Valente, Marco (University of L’Aquila) |
| Abstract: | We derive the Kaldorian cumulative causation mechanism as an emergent property of the dynamics generated by a micro-founded model. We build on an evolutionary growth model which formalises the endogenous relations between structural changes in the production, organisation and functional composition of employment and of consumption patterns (originally proposed by Ciarli et al, 2010). We discuss the main transition dynamics to a self- sustained growth regime in a two-stage growth pattern generated through the numerical simulations of the model. We then show that these mechanisms lead to the emergence of a Kaldor-Verdoorn law. Finally we show that the structure of demand shapes the type of growth regime emerging from the endogenous structural changes, fostering or hampering the emergence of the Kaldor Verdoorn law. This depends on the endogenous income distribution and heterogeneity in consumption behaviour |
| Keywords: | Structural change, economic growth, final consumption, technological change, cumulative causation, evolutionary economics, Kaldor-Verdoorn Law |
| JEL: | O14 O33 O41 L16 C63 E11 |
| Date: | 2022–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2022001&r= |
| By: | Olivier Boissin (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03459411&r= |
| By: | Elvis Dze Achuo (University of Dschang, Cameroon); Simplice A. Asongu (Yaoundé, Cameroon); Vanessa S. Tchamyou (Yaoundé, Cameroon) |
| Abstract: | This study examines the effect of women’s socioeconomic empowerment on environmental sustainability in Africa over the 1996-2019 period. Results of the system Generalised Method of Moments (GMM) estimator reveal that women’s socioeconomic empowerment is environment enhancing. Moreover, the findings reveal that the environmental impact of women’s socioeconomic empowerment is modulated through GDP per capita and Foreign Direct Investments (FDI), leading to respective net effects of 0.002055 and 0.003478. These positive net effects are offset beyond respective threshold values of 9.513889 and 9.611398. These thresholds of GDP and FDI are critical for complementary policies relating to the link between women empowerment and environmental sustainability. Consequently, for women empowerment to effectively contribute to environmental sustainability in Africa, various governments, either through individual or concerted efforts should endeavour to create enabling business environments capable of attracting substantial FDI necessary to propel sustainable growth. Moreover, the nexus is not linear and hence, governments should also be aware of critical levels of FDI and GDP per capita at which, complementary policies are needed for women’s socioeconomic empowerment to maintain a positive influence on environmental sustainability. |
| Keywords: | Women empowerment, Environmental sustainability, Ecofeminism, Africa |
| JEL: | B54 J16 O55 Q56 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:22/004&r= |
| By: | Bao, Yan Xi; Liao, Ting Xuan |
| Abstract: | Despite serious methodological issues, poverty measurement based on capability approach generally relies on the idea of the "irreducible absolutist core". By revisiting the seminal argument between Sen and Townsend on the nature of poverty, this paper aims to elaborate the necessity and rationality of incorporating the multidimensional relative poverty measures into the capability space. We suggest that multifaceted deprivation analyses in relative terms can supplement the absolute one in three-pronged ways. First, studies through the lens of relative standing draw considerably attention to the role of preferences and social norms, which typically ignores by absolute approach. Second, many of the social indicators are inherently characterized by a relative feature inter alia educational attainment and water & sanitation supply services. Third, the relative perspective typically outperforms against the absolute standing with respect to the intertemporal comparative analysis of a given community. To capture a full profile of multidimensional poverty, we need two methods to supplement rather than supplant each other. |
| Keywords: | capability approach; absolute core; relative poverty; absolute poverty; multidimensional poverty |
| JEL: | I31 I32 O15 |
| Date: | 2021–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111333&r= |
| By: | Valentin Cojanu (Bucharest University of Economic Studies) |
| Abstract: | This is a conceptual paper, which contributes to the debate on the measure of intergenerational sacrifice and advances a post-growth theoretical framework that becomes intelligible within a wider space of deliberation, at once economic, social, and moral. We explore the three-pronged argument in two parts. First, we examine the implications of the socioeconomic mechanism of the transition of the production mode from extractive to generative, which is envisaged to replace the market automatic response by allocative efficiency. A second part tackles the moral reason underlying decision-making. Drawing on the lessons of the post-growth debate, we propose and defend a working definition of the moral reason of intergenerational justice that should also underpin our rationalizing about other issues of similar importance regarding the obligations we owe to future people, such as passing on languages or containing epidemics. |
| Keywords: | non-identity problem,society,morality,ecology,nature |
| Date: | 2021–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03384636&r= |
| By: | Gomes, Luiz |
| Abstract: | Considered one of the leading economists of the 20th century, Nicholas Kaldor contributed to the development of modern economic thought in several fields, from cobweb models to tax issues. Kaldor is recognized worldwide for his work on economic development, the theory of distribution and economic growth. Nicholas Kaldor's concerns were directed at practical problems in economic policy. This work aimed to briefly investigate the contributions of Nicholas Kaldor to economic science. In this paper, we succinctly reviewed Nicholas Kaldor's main works. As Nicholas Kaldor's bibliographic production was quite extensive, some parts had to be highlighted, especially the growth models of theoretical framework I, with full employment, and the economic models of theoretical framework II, without full employment. The article is divided into sections and it has a conclusion. |
| Keywords: | Nicholas Kaldor, Economics, Economic Growth, Theory of Distribution. |
| JEL: | B20 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111352&r= |
| By: | Garg, Karan (University of Warwick) |
| Abstract: | The rise of machine learning has revolutionised finance. Institutions across the world have increasingly turned to data science and machine learning to create trading models without the need for human intervention. This has had various implications for the financial markets that they operate in, including market efficiency. This paper simulates a financial market with agent-based modelling and Monte-Carlo style simulations, to motivate a qualitative discussion about the implications of increased algorithmic trading on financial market efficiency. It finds that algorithmic traders (ATs) can seemingly increase market efficiency through better liquidity management and more complete extraction of information from prices. However, this also comes with increased instability and potential convergence to an unstable equilibrium. The Adaptive Market Hypothesis (Lo, 2004) is suggested as an alternative framework for analysing AT behaviour. |
| Keywords: | Neural Networks ; Agent-Based Modelling ; Efficient Market Hypothesis ; Stock Market Simulation ; Financial Regulation JEL Classification: C45 ; C53 ; G14 ; G17 ; G18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:11&r= |
| By: | Michael Schnetzer (Sammelstiftung Vita); Thorsten Hens (University of Zurich - Department of Banking and Finance; Norwegian School of Economics and Business Administration (NHH); Swiss Finance Institute) |
| Abstract: | Standard strategic asset allocation procedures usually neglect market interaction. However, returns are not generated in a vacuum but are the result of the market's price discovery mechanism which is driven by investors' investment strategies. Evolutionary finance accounts for this and endogenizes asset prices. This paper develops a multi-asset evolutionary finance model. Requiring little more than dividend and interest rate data, it facilitates an interesting glimpse into the inner workings of financial markets and provides a valuable guide to this class of models. While traditional mean/variance optimization is static and concerned with finding the optimal asset allocation, evolutionary portfolio theory is dynamic and its focus is on finding the optimal investment strategy. This paper shows that yield-based strategies generate asset allocations that outperform competing alternatives. Therefore, strategic asset allocation approaches that rely on such an economic foundation are evolutionarily advantageous for multi-asset investors. |
| Keywords: | Evolutionary finance, strategic asset allocation, multi-asset. |
| JEL: | G10 G11 G17 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2205&r= |
| By: | Julie Hermesse; Maëlle Van der Linden; Lou Plateau |
| Abstract: | Cet article questionne l’apport de main d’œuvre bénévole dans les exploitations agroécologiques sur petites surfaces. En recourant de manière volontaire à une motorisation limitée ainsi qu’à des principes de production écologiques, la main d’œuvre s’avère être une ressource précieuse. Quelle soit professionnelle, familiale, amicale ou officialisée dans le cadre d’une convention de stage ou de bénévolat, toute force de travail est la bienvenue dans la phase de démarrage d’une exploitation maraîchère. Les dispositifs expérimentaux de maraîchage alliant maraîchage professionnel et bénévoles nous invitent à réfléchir aux conditions nécessaires en matière de ressources sociales et organisationnelles pour lancer une exploitation et pour pérenniser économiquement et socialement leurs activités professionnelles. Cet article souhaite contribuer à une réflexion sur le lien entre la mobilisation de bénévoles et la viabilité des alternatives économiques. |
| Abstract: | This article questions the contribution of voluntary labour in agroecological gardening on small surfaces. When voluntarily resorting to limited motorization as well as ecological principles of production, labour proves to be a precious resource. Whether it be professional, family, amical or officialized, within the context of a training agreement or voluntary work, every labour source is welcome during the launch phase of a market-gardening project. These two observations lead us to pose the following hypothesis: having a voluntary work force is a factor, which can contribute to the successful installation of an agroecological market gardening project. The reflections proposed result from participative observations and analyses carried out in a participative way with market-gardening project stakeholders about their working hours and those contributed by volunteers in their fields. These experimental gardening arrangements, combining professional and voluntary market gardening, invite us to reflect on the conditions needed – in the area of social and organizational resources - for launching a project and making their professional activities economically and socially durable. Lastly, and more broadly, this article wishes to contribute to reflection on the connection between the mobilization of volunteers and the viability of economic alternatives. |
| Keywords: | agriculture; recherche transdisciplinaire; maraichage professionnel; bénévolat; agroécologie; transdisciplinarity research; market gardening; volunteer work; agroecology |
| JEL: | O13 O18 Q12 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/336692&r= |
| By: | Gomes, Luiz |
| Abstract: | Oskar Lange is generally known about his contribution in the debate on the feasibility of rational economic calculation under socialism. Although he is recognized as the theoretical "winner" of this debate, his contributions to economics extend over a wide range of topics and involve issues such as the economic organization of a society in transition to socialism, the relevance or not of econometrics, the meaning of Say's law and the use of cybernetics for economic planning. There are two points that are fundamental in Lange’s work, namely: (i) the economic viability of the socialist mode of production and (ii) the economics of the transition to socialism. The objective of the present article is to investigate Lange’s contributions in regard of these two points: the economic viability of socialism and the economics of the transition to socialism. |
| Keywords: | Oskar Lange, Socialism, Economic Planning, Law of Value, Market Socialism. |
| JEL: | B24 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:111344&r= |
| By: | Arnault Pachot (IP - Institut Pascal - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne - INP Clermont Auvergne - Institut national polytechnique Clermont Auvergne - UCA - Université Clermont Auvergne); Adélaïde Albouy-Kissi (IP - Institut Pascal - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne - INP Clermont Auvergne - Institut national polytechnique Clermont Auvergne - UCA - Université Clermont Auvergne); Benjamin Albouy-Kissi (IP - Institut Pascal - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne - INP Clermont Auvergne - Institut national polytechnique Clermont Auvergne - UCA - Université Clermont Auvergne); Frédéric Chausse (IP - Institut Pascal - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne - INP Clermont Auvergne - Institut national polytechnique Clermont Auvergne - UCA - Université Clermont Auvergne) |
| Abstract: | The disruption of supplies during the Covid-19 crisis has led to shortages but has also shown the adaptability of some companies, which have succeeded in adapting their production chains quickly to produce goods experiencing shortages: hydroalcoholic gel, masks, and medical gowns. These productive jumps from product A to product B are feasible because of the know-how proximity between the two classes of products. The proximities were computed from the analysis of co-exports and resulted in the construction of the product space. Based on the product space, as well as the customer-supplier relationships resulting from the input-output matrices, we propose a recommender system for companies. The goal is to promote distributed manufacturing by recommending a list of local suppliers to each company. As there is not always a local supplier for a desired product class, we consider the proximity between products to identify, in the absence of a supplier, a substitute supplier able to adapt its production tools to provide the required product. Our experiments are based on French data, from which we build a graph of synergies illustrating the potential productive links between companies. Finally, we show that our approach offers new perspectives to determine the level of territories' industrial resilience considering potential productive jumps. |
| Keywords: | Network economics,Supply chain management Sustainable production,COVID-19 and economy,Econometric modeling |
| Date: | 2021–12–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03500970&r= |