nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2022‒03‒28
23 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. What Remains of the Cambridge Critique? Potential Conclusions and Directions for Further Research Following from Recent Investigations in Capital Theory By Schefold, Bertram
  2. The Changing Role of Banks in the Financial System: Social versus Conventional Banks By Simon Cornée; Anastasia Cozarenco; Ariane Szafarz
  3. De l’homo oeconomicus empathique à l’homo sympathicus Les apports de la sympathie smithienne à la compréhension des comportements prosociaux By Vanessa MICHEL(OLTRA)
  4. Zipf's Law and #econtwitter By Michael P Cameron
  5. Transformative Innovation By Andreas Novy; Nathan Barlow; Julia Fankhauser
  6. Covid19 and Gender Budgeting: Applying a “gender lens” to Union Budget 2021-22 in India By Chakraborty, Lekha S
  7. Cheap Talk and Coordination in the Lab and in the Field: Collective Commercialization in Senegal By Kodjo Aflagah; Tanguy Bernard; Angelino Viceisza
  8. La dimensión de género en el gran impulso para la sostenibilidad en el Brasil: las mujeres en el contexto de la transformación social y ecológica de la economía brasileña By Olivera, Margarita; Podcameni, Maria Gabriela; Lustosa, Maria Cecília; Graça, Letícia
  9. Enabling Community-Owned Platforms: A Proposal for a Tech New Deal By Schneider, Nathan
  10. Zipf's Law across social media By Michael P Cameron
  11. Thoughts on the Economic life of the Tathagata Buddha By BAGDE, RAKSHIT MADAN
  12. Banks' Capital Structure Determinants: A Comparative Analysis Between Islamic and Conventional Banks based on Corporate and Regulatory Approaches By Kaouther Toumi
  13. La théorie monétaire institutionnaliste de Jean Cartelier : quels apports ? By Nicolas Piluso; Edouard Cottin-Euziol
  14. Green financing of Eco-innovations: Is the Gender Inclusivity taken care of? By Saha, Tanaya; Sinha, Avik; Abbas, Shujaat
  15. The Role of Sentiment in the U.S. Economy: 1920 to 1934 By John Landon-Lane
  16. French Universities – A Melting Pot or a Hotbed of Social Segregation? A Measure of Polarisation within the French University System (2007-2015) By Romain Avouac; Hugo Harari-Kermadec
  17. "Financial Barriers to Structural Change in Developing Economies: A Theoretical Framework" By Giuliano Toshiro Yajima; Lorenzo Nalin
  18. A socioeconomic evaluation of austerity and labour market reforms in Greece after the 2008 crisis By Iris Nikolopoulou
  19. Reflections on consumer information processing and digital identity in the ontological cyberspace By Ziyed Guelmami
  20. Economists in the 2008 Financial Crisis: Slow to See, Fast to Act By Levy, Daniel; Mayer, Tamir; Raviv, Alon
  21. Covid19 and Fiscal Policy for Unpaid Care Economy By Chakraborty, Lekha S
  22. Creation and Application of the 2015 Input-Output Table for Analysis of Next-generation Energy Systems:Analysis of the Effects of Introducing Carbon Tax By Satoshi Nakano; Ayu Washizu
  23. Demand-led Industrialisation Policy in a Dual-Sector SmallBalance of Payments Constrained Economy By Nomaler, Önder; Spinola, Danilo; Verspagen, Bart

  1. By: Schefold, Bertram (Johann Wolfgang Goethe-Universitat)
    Abstract: The debate on capital theory is not any more on the discussions about the historical formation of neoclassical ideas in their original, most abstract form, but about the tools – certainly influenced by those ideas – which are used in teaching all over the world in applied economics. One focus still is on the macroeconomic aggregate production function, almost seventy years after Joan Robinson attacked this concept. It has turned out that reswitching is rare – once the most effective argument against the production function – and that an approximate surrogate production function can be constructed, using the approach of random matrices. This seems to weaken the critique, but a new one has emerged, which shows that the number of effective techniques on the envelope is small and that the possibilities of substitution between capital and labour are quite restricted in the relevant range of the rate of profit. This new turn in the debates on the critique of capital theory has recently come under attack by Fabio Petri of the University of Siena. The present paper constitutes the reply. It deals with the methodological difference between a fundamental critique, which was primarily directed against the logic of the pure late 19th century neoclassical theory and one attacking the applied uses of that theory in the form of the macroeconomic production function. It asks why the valid criticisms of the neoclassical conception of capital as a homogeneous factor seem to have had a lesser impact than the reswitching argument. It discusses reswitching and reverse capital deepening as relevant but, as far as basic commodities are concerned, rare phenomena. It assesses the usefulness of empirical input-output research in this area, mentions some results and concludes with a reflection on the recent ‘zero-substitution’ proposition.
    Keywords: Capital theory; production function; reswitching; Sraffa; employment
    JEL: B24 C62 C67 D57
    Date: 2022–03–23
  2. By: Simon Cornée (Univ Rennes, CNRS, CREM - UMR 6211, F-35000 Rennes, France ; Center for European Research in Microfinance (CERMi), France); Anastasia Cozarenco (Montpellier Business School and CERMi, France); Ariane Szafarz (Université Libre de Bruxelles (ULB), SBS-EM, CEBRIG and CERMi, Belgium)
    Abstract: Social banks have emerged as a new group of banks that call themselves as “alternative”, “ethical”, “sustainable”, and “value-based”. Their small market share increases at a rapid pace and is still expected to grow in the future. Social banks are institutions with both (at least some) activities of financial intermediation and one or several non-financial missions, typically based on environmental and social values. By unpacking the observable, real-life differences between social banks and conventional banks, this chapter paves the way to theorizing the multidimensional characteristics of social banks within the global banking industry. Business models, governance issues, lending technologies; and social outcomes appear to be key aspects to understand how innovative, value-based, social banks work and how they might one day substantively affect mainstream banking business.
    Keywords: Social banks, ethical banks, social mission, financial cooperatives, microcredit
    JEL: G21 B55 H23 G32 G28 H81
    Date: 2022–02
  3. By: Vanessa MICHEL(OLTRA)
    Abstract: Modern economic approaches of empathy and sympathy aim at adding an altruistic dimension to the standard economic decision theory. The purpose of the introduction of another regarding dimension, in addition to the sole personal interest, is to try to explain prosocial preferences or behaviours. In this article, we show how and why the economic literature tries to grasp those concepts, but in a way that is very far from the original Smithian sympathy developed in his Theory of Moral Sentiments (TSM). We argue that, by remaining in the framework of methodological individualism and instrumental rationality, economic approaches, particularly in the field of experimental and behavioural economics, tend to reduce and to intrumentalize the concepts of sympathy and empathy. Such approaches seem to us not consistent with the Smithian social philosophy of human nature and interpersonal relationships.
    Keywords: Smithian sympathy, Empathy, Theory of moral snetiments, behavioural economics
    JEL: B12
    Date: 2022
  4. By: Michael P Cameron (University of Waikato)
    Abstract: This letter investigates the distribution of Twitter followers for the top 521 economists and for the top 5000 Twitter users, testing whether each distribution follows a power law. We find strong evidence for a power law, both for economists and for Twitter more generally. However, the inequality in the distribution of followers is greater among economists, which has potentially negative implications for the quality of economic debate on Twitter.
    Keywords: Social media;Zipf's Law;Power Law;Pareto distribution
    JEL: D85 L86
    Date: 2022–03–12
  5. By: Andreas Novy; Nathan Barlow; Julia Fankhauser
    Abstract: This article scrutinizes the potential of transformative innovations to contribute to social-ecological transformations. It problematizes the positive connotation linked to innovations in tackling contemporary social and environmental challenges by giving an overview of theories of innovation, with a focus on social innovations, and systematizing the multiple meanings of the term transformation. We define transformative innovations as innovations that contribute to those transformations that are desirable and feasible in a specific conjuncture. Desirable are innovations that enable a good life for all within planetary boundaries, feasible are those that can be implemented here and now, given specific constellations of actors, power relations and structural constraints and possibilities. Furthermore, we describe the current conjuncture, dwell on collective and political actions and explore one promising transformative innovation: creating and strengthening sustainable and inclusive provisioning systems, that are feasible in the short term and effective in the long-term.
    Keywords: social-ecological transformation, transformative innovation, social innovation, critical realism, provision systems, foundational economy
    JEL: F54 F55 O1 O10 Q Q00 Q01 Z1 Z10
    Date: 2022
  6. By: Chakraborty, Lekha S
    Abstract: Gender budgeting is a public financial management (PFM) tool for transparency and accountability. Against the backdrop of covid-19 pandemic, this paper analyses the Union Budget 2021-22 through a “gender lens” to understand the intensity of gender in the budgetary allocations. The analysis of specifically targeted programmes for women and the intrinsic gender components in the mainstream spending revealed that the gender budgeting hovered around only 5 per cent of total budget. The sectoral analysis revealed that higher budgetary allocations per se do not ensure higher spending. The analysis of fiscal marksmanship – the deviation between what is budgeted and what is actual – revealed significant fiscal slippages in various sectoral spending. The economic stimulus package in India has given significance to gender budgeting in energy infrastructure and increased allocation on gender budgeting in a prima facie gender neutral ministry like Petroleum is welcome. However, the framework of gender budgeting as a PFM tool can be explored further to ensure sustainable gender equality outcomes, when economic stimulus packages are short run and there is fiscal normalization procedure. Given the accommodative fiscal stance in times of pandemic, reflected in the flexibility of deficit thresholds, prioritization of spending on gender budgeting can lessen widening inequalities.
    Keywords: Gender Budgeting , Public Financial Management , Fiscal Policy , Human Development
    JEL: E62 H3 H50
    Date: 2021
  7. By: Kodjo Aflagah (University of Maryland [College Park] - University of Maryland System); Tanguy Bernard (BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique); Angelino Viceisza (Spelman College)
    Abstract: Most developing-country farms are small and engage in cooperative agriculture. Prior literature has argued that mechanisms aimed at facilitating smallholder coordination such as cooperatives are central to stimulating market participation. At the same time, cooperatives have not always been able to engage in collective action. In this paper, we conduct neutrally framed coordination games and a natural field experiment to test the effect of cheap talk among members of groundnut-producing cooperatives in Senegal. In both experiments, we ask farmers how much they intend to contribute to the group prior to them actually doing so and then, confidentially reveal aggregate intentions to other cooperative members. Based on survey and administrative data, we find that (1) revealing farmers' intentions improves collective commercialization and this effect increases with group size and (2) learning in the lab transfers to behavior in the day-to-day environment. Implications for policy and future work are discussed.
    Keywords: Cooperatives,Collective commercialization,Coordination,Cheap talk,Field experiments,Development
    Date: 2022
  8. By: Olivera, Margarita; Podcameni, Maria Gabriela; Lustosa, Maria Cecília; Graça, Letícia
    Abstract: La situación actual en el Brasil y otros países del mundo está marcada por las acciones frente a la crisis provocada por la pandemia de COVID-19 y en pos de la recuperación de la actividad económica, el empleo y la calidad de vida de las personas. En este contexto, la CEPAL ha promovido un gran impulso para la sostenibilidad, un enfoque renovado para apoyar a los países de la región en la construcción de estilos de desarrollo más sostenibles sobre la base de una recuperación transformadora con sostenibilidad e igualdad. La oficina de la CEPAL en Brasilia y la representación en el Brasil de la Friedrich-Ebert-Stiftung, con la participación de varios expertos y colaboradores, han desarrollado el proyecto “A dimensão de gênero no Big Push para a Sustentabilidade no Brasil: as mulheres no contexto da transformação social e ecológica da economia brasileira” (la dimensión de género en el gran impulso para la sostenibilidad enel Brasil: las mujeres en el contexto de la transformación social y ecológica de la economía brasileña), que busca contribuir al debate crítico sobre políticas y medidas frente al cambio climático que permitan alcanzar la igualdad de género en el país. La lectura de esta publicación ofrece una comprensión más amplia de la dimensión de género y sus intersecciones raciales, étnicas y económicas en el contexto de la adaptación al cambio climático y su mitigación.
    Date: 2021–12–27
  9. By: Schneider, Nathan (University of Colorado Boulder)
    Abstract: At a time when regulators are seeking new responses to the dilemmas of world-spanning digital platforms, forms of community ownership such as cooperatives and trusts offer attractive benefits for workers and other users. Yet if economic democracy is to provide a counterweight to investor ownership in the online economy, it will require an appropriate policy framework. This paper argues that such a framework can come from radically generalizing and expanding on pre-digital successes in local and industry-specific policies from various countries and contexts—including policies for incorporation, financing, and coordination. Policy should use community ownership not just to solve specific problems but as a universal means of organizing innovation. It should also seek to repair past injustices to communities marginalized through under-investment. Community ownership could thereby become at least as available to the online economy as investor ownership has been.
    Date: 2021–10–01
  10. By: Michael P Cameron (University of Waikato)
    Abstract: Zipf's Law describes an empirical regularity that appears across many human and physical domains, and states that ranked data exhibits a power law distribution. Although there are various extant studies illustrating power law relationships using social media data, we significantly extend these previous studies by looking at eight popular online social media networks: (1) Twitter; (2) YouTube; (3) Instagram; (4) Twitch; (5) DLive; (6) TikTok; (7) Daily Motion; and (8) Facebook. Specifically, we test whether the distribution of connections (followers, subscribers, or likes) follows a power law distribution for the top 5000 members of each social network. We find strong evidence that a power law relationship exists for every one of the social networks that we study, although this relationship breaks down for users at the top of the connections distribution. Despite the finding of a power law relationship for all of these social networks, the degree of inequality in social media connections differs substantially across the different networks, with the highest degree of inequality in DLive, and the lowest degree in TikTok and YouTube.
    Keywords: Social media;Zipf's Law;Power Law;Pareto distribution
    JEL: D85 L86
    Date: 2022–03–11
  11. By: BAGDE, RAKSHIT MADAN (Late. Mansaramji Padole Arts College, Ganeshpur, Bhandara)
    Abstract: The economic system is the cornerstone of social development. Its economic system has remained at the root of the progressive development of human civilization. A country, society or caste; Social, political and cultural upliftment is mainly based on the progress of its economic resources and facilities. In a country without these facilities, human society cannot develop its civilization and culture. Meaning has a special place in human life. That is why even now and in the past, meaning is sometimes considered indirectly more important than religion. Gautama Buddha was the first to know this weakness of human nature. Saying that the root of all sorrows is craving, Gautama Buddha also included Dravyalalase in craving. The first is the life of luxury and the second is the life of physical suffering. I am a preacher of this middle way. The destruction of sorrow is the sole purpose of this Dhamma. 'This is the first Dhamma of Tathagata. Social misery is created out of a sense of superiority and inferiority. There are two extremes in the society: exploiter and exploited, rich and poor. Sadness is created as soon as his ego of superiority is shaken. Gautama Buddha conveys the message of 'equality' from the point of view of the middle way of life, "Nekechi manussa settha na kechi manussa hina" that is, no man is superior or inferior. The beauty of human life is hidden in the Buddha's vision of equality.
    Date: 2021–10–19
  12. By: Kaouther Toumi (LGCO - Laboratoire Gouvernance et Contrôle Organisationnel - UT3 - Université Toulouse III - Paul Sabatier - Université Fédérale Toulouse Midi-Pyrénées)
    Abstract: The research aims to empirically investigate the banks' capital structure determinants by considering 386 listed and unlisted banks categorized into 74 IBs, 256 CBs, and 56 HBs from 20 countries for 2008-2016 based on corporate and regulatory approaches. The main findings are interesting. From a corporate approach, we find differences between IBs, CBs and HBs regarding the determinants of their capital structure which offer an empirical confirmation of the reduced information asymmetry in an Islamic finance context. From a regulatory approach, the findings show similarities regarding the negative impact of deposit insurance schemes on the regulatory capital for all types of banks. When focusing on IBs, we evidence that banks subject to Shari'ah-compliant deposit insurance schemes hold lower capital than those subject to conventional deposit insurance schemes.
    Keywords: Islamic ethics,Banks,Corporate finance theories,Regulation,Financial decision
    Date: 2021
  13. By: Nicolas Piluso (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT3 - Université Toulouse III - Paul Sabatier - Université Fédérale Toulouse Midi-Pyrénées - CNRS - Centre National de la Recherche Scientifique - UT2J - Université Toulouse - Jean Jaurès); Edouard Cottin-Euziol (LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - IMT - Institut Mines-Télécom [Paris] - IMT Atlantique - IMT Atlantique Bretagne-Pays de la Loire - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBS - Université de Bretagne Sud - UBL - Université Bretagne Loire - UBO - Université de Brest)
    Abstract: The purpose of this article is to highlight the added value of Jean Cartelier's monetary theory as set out in his 2018 book, in the continuity of work that began in the early 1980s. The interest of Cartelier's monetary approach in relation to traditional theories of value can be broken down into three themes: the coordination of economic agents' decisions in a market society that is by definition decentralized; the highlighting of a plurality of economic relations, through the introduction of asymmetric relations between active and non-active individuals; the problem of viability, which seems more relevant for analyzing economic dynamics.
    Abstract: L'objet de cet article est de mettre en lumière la valeur ajoutée de la théorie monétaire de Jean Cartelier telle qu'elle est exposée dans son ouvrage de 2018, dans la continuité de travaux qui ont débuté dès le début des années 80. L'intérêt de l'approche monétaire de Cartelier par rapport aux théories traditionnelles de la valeur se décline en trois thèmes : la coordination des décisions des agents économiques dans une société marchande par définition décentralisée ; la mise en évidence d'une pluralité de relations économiques, par l'introduction de relations asymétriques entre individus actifs et non-actifs ; la problématique de la viabilité qui semble plus pertinente pour analyser la dynamique économique. Mots-clés : coordination. monnaie. déséquilibre.
    Keywords: unemployment,sustainability,disequilibrium,money,coordination
    Date: 2021
  14. By: Saha, Tanaya; Sinha, Avik; Abbas, Shujaat
    Abstract: The OECD countries are in pursuit of the betterment of environmental quality based on their capability of Eco-innovation. This progression might pave their ways in attaining the Sustainable Developmental Goals (SDGs). Developing a green financing channel for funding is necessary for the sustenance of these projects. However, the potential impact of this project financing mechanism is conditional on the social balance in the economic system. Gender inequality being a major social issue in the OECD countries, it might pose a predicament in attaining the full potential of the green financing of eco-innovations. It is anticipated that the eco-innovation endeavors in the OECD countries are not gender-inclusive, and hence, gender inequality might limit the cognitive aptitude of these endeavors. The present study intends to assess the moderating role of gender inequality on the impact of green financing of eco-innovations for the OECD countries. Using the dynamic elasticity modeling approach, the study finds that the presence of gender inequality dampens the potential of green financing mechanisms to boost eco-innovations. The social imbalance caused by gender inequality also weakens the impacts of the structural and institutional environment to foster innovations. Based on the findings of the study, an SDG-oriented policy framework has been suggested.
    Keywords: Green finance; Eco-innovation; Gender; SDG; OECD
    JEL: Q5
    Date: 2022
  15. By: John Landon-Lane (Rutgers University)
    Abstract: This paper investigates sentiment in the US economy from 1920 to 1934 using digitized articles from the Wall St Journal. We derive a monthly sentiment index and use a ten variable vector error correction model to identify sentiment shocks that are orthogonal to fundamentals. We show the timing and strength of these shocks and their resultant effects on the economy using historical decompositions. Intermittent impacts of up to fifteen percent on Industrial Production, ten percent on the S&P 500 and Bank loans and, thirty-seven basis points for the Credit risk spread, suggest a large role for sentiment. Select number of author(s): : 1
    Keywords: Great Depression, General Theory, Behavioural Economics
    JEL: D89 E32 E70
    Date: 2022–03–15
  16. By: Romain Avouac (ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay); Hugo Harari-Kermadec (ERCAE - Équipe de Recherche Contextes et Acteurs de l'Éducation - UO - Université d'Orléans)
    Abstract: Les transformations récentes de l'enseignement supérieur (politiques de regroupement, influence des classements universitaires, etc.) ont pu alimenter la crainte d'assister à une polarisation entre, d'un côté, un nombre restreint de "world-class universities" et, de l'autre, un vaste ensemble d'universités de second rang. Néanmoins, peu de travaux quantitatifs permettent d'éclairer cette question. À partir de la base des inscriptions universitaires en France (bases « Système d'information sur le suivi de l'étudiant »), nous proposons une visualisation exhaustive de l'espace universitaire selon les capitaux détenus par les différents publics étudiants. Nous mobilisons ensuite des mesures de ségrégation et de polarisation pour caractériser la dynamique de cette hétérogénéité, qui s'accroît entre 2007 et 2015. Nous mettons enfin en relation cette polarisation avec les dispositifs nationaux (initiatives d'excellence) et internationaux (classements universitaires) qui structurent une globalisation universitaire réaffirmée depuis le milieu des années 2000.
    Date: 2022–01–05
  17. By: Giuliano Toshiro Yajima; Lorenzo Nalin
    Abstract: Liabilities denominated in foreign currency have established a permanent role on emerging market firms' balance sheets, which implies that changes in both global liquidity conditions and in the value of the currency may have a long-lasting effect for them. In order to consider the financial conditions that may encourage (discourage) structural change in a small, open economy, we adopt the framework put forward by the "monetary theory of distribution" (MTD). More specifically, we follow the formulation adopted by Dvoskin and Feldman (2019), whereby the financial system is intended as a basic sector that promotes innovation (Schumpeter 1911). In accordance with this, financial conditions are binding only for the innovative entrepreneurs, whose methods of production are not dominant and hence they need to borrow from banks to kickstart their production. Through this device, our model offers an explanation of the technological lock-in experienced by a small, open economy that takes international prices as given.
    Keywords: Foreign Exchange Policy; Currency Mismatches; Structural Change
    JEL: F37 F31 E7
    Date: 2022–03
  18. By: Iris Nikolopoulou (LADYSS - Laboratoire Dynamiques Sociales et Recomposition des Espaces - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris)
    Abstract: The Greek crisis of 2009, which was triggered by the wider global and European crisis, pointed out the long-standing weaknesses of Greece's accumulation regime. During the period of 2010-2018, several labour market reforms were applied, as part of the economic adjustment programme that accompanied the financial assistance provided to the country. The aim of the reforms was to increase productivity, enhance competitiveness and reinforce Greece's economic model. These reforms led to the deregulation of labour market, the establishment of flexible forms of employment and the introduction of a new institutional frame in the wage-setting mechanisms. The present work seeks to evaluate these labour market reforms, by comparing their efficiency in achieving their aims to the social and economic cost that they created.
    Abstract: La crise grecque de 2009, déclenchée par la crise mondiale et européenne plus globale, a mis en évidence les faiblesses de longue date du régime d'accumulation de la Grèce. Au cours de la période 2010-2018, plusieurs réformes du marché du travail ont été implantées, dans le cadre du programme d'ajustement économique qui a accompagné l'aide financière apportée au pays. L'objectif de ces réformes était d'augmenter la productivité, d'améliorer la compétitivité et de renforcer le modèle économique de la Grèce. Ces réformes ont conduit à la déréglementation du marché du travail, à la mise en place de formes d'emploi flexibles et à l'introduction d'un nouveau cadre institutionnel dans les mécanismes de fixation des salaires. Ce document de travail cherche à évaluer les réformes sur le marché du travail, en comparant leur efficacité dans la réalisation de leurs objectifs avec le coût social et économique qu'elles ont engendré.
    Keywords: Greece,economic crisis,austerity,labour market reforms,internal devaluation Grèce
    Date: 2022–02–10
  19. By: Ziyed Guelmami (ICD International Business School Paris)
    Abstract: This essay draws on Heidegger's theory of space to introduce an ontological discussion of cyberspace. Challenging the objective, subjective and relational perspectives of space and place, the Heideggerian precognitive approach contends that "lived spaces" are constituted by an individual's purpose, objectives and aspirations. An existential analysis is carried out to show how a different kind of spatialization is achieved by human beings in cyberspace ("cyber-spatiality") and how it affects the way they disclose themselves online. Heidegger's groundbreaking perspective proves itself useful to provide a deeper understanding of the consumers' relation to online spaces and of the way they experientially process information online.
    Keywords: Information processing,Digital identity,Self-disclosure,Heidegger,Cyberspace
    Date: 2022–01–31
  20. By: Levy, Daniel; Mayer, Tamir; Raviv, Alon
    Abstract: We study the economics and finance scholars’ reaction to the 2008 financial crisis using machine learning language analyses methods of Latent Dirichlet Allocation and dynamic topic modelling algorithms, to analyze the texts of 14,270 NBER working papers covering the 1999–2016 period. We find that academic scholars as a group were insufficiently engaged in crises’ studies before 2008. As the crisis unraveled, however, they switched their focus to studying the crisis, its causes, and consequences. Thus, the scholars were “slow-to-see,” but they were “fast-to-act.” Their initial response to the ongoing Covid-19 crisis is consistent with these conclusions.
    Keywords: 2008 Financial Crisis; Financial Crises; Economic Crisis; Great Recession; Textual Analysis; LDA Topic Modeling; Dynamic Topic Modeling; Machine Learning; Securitization; Repo; Sudden Stop
    JEL: A11 C38 C55 E32 E44 E52 E58 F30 G01 G20 G21 G28
    Date: 2022–02–13
  21. By: Chakraborty, Lekha S
    Abstract: Against the backdrop of covid19 pandemic, measuring unpaid care economy is significant to capture the roles and well-being of men and women. This paper analyses the unpaid care sector in India using the recent Time Use Survey 2020 and explores the fiscal policy measures to address the sector. Time poverty affects income poverty. The evidence from the time use survey across Indian States revealed the gender and geographic differentials in the time use pattern across men and women. The allocation and efficiency of nonmarket working time in the unpaid care economy is important for economic growth along with market working time. As the macro policies are constructed only on the basis of market economy, the nonmarket work in the unpaid care economy continues to remain statistically invisible. The link between fiscal policy and time allocation suggest that worsening public infrastructure investment affects the market work with evident gender differentials. The broad conclusion is that fiscal policies designed to redress income poverty can be partial if they do not take into account the aspects of time poverty.
    Keywords: Time Use Poverty , Public Infrastructure Investment, Private Time Costs, Unpaid Care Economy
    JEL: H10 H30 H70
    Date: 2022–02
  22. By: Satoshi Nakano (Faculty of Economics, Nihon-Fukushi University, Japan.); Ayu Washizu (Faculty of Social Sciences, Waseda University, 1-6-1 Nishiwaseda, Shinjuku-ku, Tokyo 169-8050, Japan.)
    Abstract: The Institute for Economic Analysis of Next-Generation Science and Technology, Waseda University, has prepared the Input-Output Table for Analysis of Next-generation Energy Systems (IONGES) and has included the renewable energy sectors in the Input-Output Table of Japan’s Ministry of Internal Affairs and Communications (MIC). To date, we have prepared tables for 2005 and 2011 (hereafter 2005 Table and 2011 Table, respectively) and associated reports have been prepared. We prepared an interregional table and a table with the hydrogen-related sector added to the 2005 Table. Following these tables, the 2015 IONGES was developed and summarized in this study. Carbon pricing (CP), such as a carbon tax, leads to the development of a sustainable low-carbon society, and a precise analysis of the impact of the system on each sector of the economy is essential for the design of the CP system. As an applied analysis using the 2015 IONGES, the introduction of a carbon tax as a global warming countermeasure (GWC) tax based on existing energy-related tax systems was considered, and the effect of the use of renewable energy on the new tax burden was estimated.
    Keywords: Input-Output analysis, Renewable energy, Carbon pricing, Energy-related taxes, Input- Output Table for Analysis of Next-generation Energy Systems (IONGES)
    Date: 2022–03
  23. By: Nomaler, Önder; Spinola, Danilo; Verspagen, Bart
    Abstract: This article models the process of structural transformation and catching-up in a demand-led Southern economy constrained by its balance of payments. Starting from the Sraffian Supermultiplier Model, we model a dual-sector small open economy divided between traditional and modern sectors that interacts with a technologically advanced Northern economy. We propose two (alternative) autonomous elements that define the growth rate of this demand-led economy: government spending and exports. Autonomous government spending plays a central role in stimulating demand, and thus is a source of growth of the modern sector. Productivity adjusts to the growth rate of output, given by the growth rate of autonomous expenditure. Drawing from the Structuralist literature, the technologically laggard Southern economy catches up by absorbing technology from the Northern economy, potentially closing the technology gap. The gap affects the income elasticity of exports, bringing a supply-side mediation to the growth rates in line with the Balance of Payments Constrained Model. We observe that a demand-led government policy plays a central role in structural change, pushing the modern sector to a take-off. Also, the economy is stable in terms of capacity utilisation and modern sector employment.
    Keywords: Industrialisation; Catching-up; Balance of Payments; Sraffian Supermultiplier
    Date: 2022–03–23

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General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.