nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2022‒04‒04
fourteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Economic Inequality meets Social Stratification: An Application of Stratification Economics to Mexico By Paloma Villagómez-Ornelas; Luis Monroy-Gómez-Franco
  2. Perspectives on the economics and sociology of health. Contributions from the institutionalist approach of economics of convention -an introduction By Philippe Batifoulier; Rainer Diaz-Bone
  3. Darwin Among the Cryptocurrencies By Bernhard K. Meister; Henry C. W. Price
  4. On the evolutionary stability of the sentiment investor By Andrea Antico; Giulio Bottazzi; Daniele Giachini
  5. Managing Contagion: COVID, Public Health, and Reflexive Behavior By Davis, John B.
  6. Coping with conundrums: Lower ranked Pakistani policewomen and gender inequity at the workplace By Ahmad, Sadaf
  7. Prácticas promisorias que promueven la igualdad de género y la autonomía de las mujeres en la respuesta al cambio climático en América Latina y el Caribe By Aguilar Revelo, Lorena
  8. Varieties of the rat race: Working hours in the age of abundance By Behringer, Jan; Gonzalez Granda, Martin; van Treeck, Till
  9. Hayekian economic policy By Feld, Lars P.; Nientiedt, Daniel
  10. Governable Spaces: A Feminist Architecture for Platform Policy By Schneider, Nathan
  11. Women's career in Vietnamese academia: An analysis from multiple lenses By TRAN, THI THU THAO
  12. Profil Literasi Keuangan Islam Karyawan dan Nasabah Baitul Maal Wa Tamwil Daarut Tauhid Bandung By Nugraha, Ahmad Lukman; Susilo, Adib; Rizqon, Abdul Latif; Fajaruddin, Achmad; Sholihah, Nurdiyanah
  13. Don't reduce Amartya Sen to a single identity! By Antoinette Baujard
  14. Kean Birch, 2019, Neoliberal Bio-Economies? The Co-Construction of Markets and Natures Palgrave MacMillan, 208 p By Benjamin Raimbault

  1. By: Paloma Villagómez-Ornelas; Luis Monroy-Gómez-Franco (Centro de Estudios Espinosa Yglesias)
    Abstract: This paper argues that explaining both the level and the changes in the inequality of the distribution of economic resources in society requires complementing explanations based on human capital theory with insights from social stratification theory. The integration of both allows explaining horizontal inequalities and explaining the aggregate levels of economic inequality in a society. We exemplify the potential of this integration through a reinterpretation of the literature on economic inequalities in Mexico during the XXIst century. This reinterpretation focuses on how institutions stratify the access to the different components of human capital and how said components are valued in the labour market. We argue that a complete understanding of distributional dynamics in societies with persistent inequalities can be achieved through this interdisciplinary exercise.
    Date: 2021
  2. By: Philippe Batifoulier (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique); Rainer Diaz-Bone (University of Lucerne)
    Abstract: The article introduces the approach of economics and sociology of conventions (in short EC) as a neopragmatist institutionalism in the field of economics and sociology of health. For EC, conventions are regarded as institutional logics of valuation, valorization and coordination, and EC emphasizes the empirical plurality of orders of worth and values, actors rely on and institutions are built on. Especially health, health care and its institutions are closely linked to value issues and norms. Because of the pluralism of possible value systems and orders of worth, tensions and critiques are an important empirical phenomenon to be addressed in the health care system. The contribution sketches main positions and perspectives of EC in the analysis of values, medical professions and ethics, of datafication, quantification and classification (related to health and health care institutions), of social inequalities, as well as in the analysis of health policies and health capitalism. Also, the COVID-19 pandemic and its consequences are discussed from the standpoint of EC, finally social trends and perspectives in times of the pandemic are outlined.
    Abstract: Cet article est l'introduction du numéro spécial de la revue Historical Social Research (46, 2021) consacré aux apports du courant de l'Economie des conventions dans le domaine de la santé. L'article présente l'approche de l'économie et de la sociologie des conventions (en abrégé EC) comme un institutionnalisme néopragmatiste dans le domaine de l'économie et de la sociologie de la santé. Pour l'EC, les conventions sont considérées comme des logiques institutionnelles d'évaluation, de valorisation et de coordination et l'EC met l'accent sur la pluralité empirique des ordres de valeur sur lesquels les acteurs s'appuient et sur lesquels les institutions sont construites. En particulier, les soins de santé et leurs institutions sont étroitement liés aux questions de valeurs et aux normes. En raison du pluralisme des systèmes de valeurs et des ordres de valeur possibles, les tensions et les critiques sont un phénomène empirique important à prendre en compte dans le système de soins de santé. La contribution esquisse les principales positions et perspectives de l'EC dans l'analyse des valeurs, des professions médicales et de l'éthique, de la quantification et de la classification des données, des inégalités sociales, ainsi que dans l'analyse des politiques de santé et du capitalisme sanitaire. De plus, la pandémie COVID-19 et ses conséquences sont discutées du point de vue de l'EC.
    Keywords: Economis of convention,sociology of conventions,valorization,health economics,COVID-19 pandemic,quantification,social inequality,neopragmatism,health capitalism
    Date: 2022–02–22
  3. By: Bernhard K. Meister; Henry C. W. Price
    Abstract: The paper highlights some commonalities between the development of cryptocurrencies and the evolution of ecosystems. Concepts from evolutionary finance embedded in toy models consistent with stylized facts are employed to understand what survival of the fittest means in cryptofinance. Stylized facts for ownership, trading volume and market capitalization of cryptocurrencies are selectively presented in terms of scaling laws.
    Date: 2022–02
  4. By: Andrea Antico; Giulio Bottazzi; Daniele Giachini
    Abstract: The behavioural finance literature attributes the persistent market misvaluation observed in real data to the presence of deviations from rational thinking of the actors involved. Cognitive biases and the use of simple heuristics can be described using expected utility maximising agents that adopt incorrect beliefs. Along these lines, Barberis et al. (1998) introduce a model which is able to replicate the behavior of both under-reaction and over-reaction to news. The representative agent they consider is characterized by an imperfect learning model. An interesting question that emerges is if, and to what degree, the heuristic mechanism they propose is evolutionary stable, that is how resilient is their representative agent to other agents possibly trading in the market. In fact, if the biased agent asymptotically disappears from the market, the misvaluation patters generated by its behavior does not survive in the long term. The present paper investigates this question comparing the performance of the agent described in Barberis et al. (1998) with the one of a pure Bayesian competitor.
    Keywords: Learning; Market Selection; Investor Sentiment; Model Misspecification; Financial Markets.
    Date: 2022–03–07
  5. By: Davis, John B. (Department of Economics Marquette University)
    Abstract: This paper characterizes a pandemic as one kind of contagion, and defines a contagion as a two-level, two-direction, reflexive feedback loop system. In such a system, experts' opinions can act as self-fulfilling prophecies that significantly influence social behavior. Also, when multiple experts produce multiple, expert opinions can fragment a society's response to a pandemic worsening rather than ameliorating it. This paper models this with two competing expert opinions, associates them with club good and common pool goods types of circumstances, and argues that to combat fragmentation of opinion a focus on public health public good provision needs to be framed in public choice terms, specifically as choices regarding the nature of democratic deliberative institutions. From a constitutional political economy perspective, it argues this entails asking how public reasoning processes can function in an 'inclusive and noncoercive' way that allows society to reconcile competing visions regarding such issues as how to combat a pandemic.
    Keywords: COVID-19, contagion, self-fulfilling prophecy, public health, club goods, common pool goods, public choice, democratic deliberation
    JEL: H41 H70 I10 A13
    Date: 2022–03
  6. By: Ahmad, Sadaf
    Abstract: Scholarship on gender and policing has frequently applied gendered organizational theory to understand how this type of organization and the men who run it produce gendered difference and inequity at the workplace. In this article, I draw on ethnographic research on lower ranked policewomen in Pakistan and contend that to fully fathom women’s marginalization at work, an analysis must not limit itself to the organization or the men who create the inequity but must also focus on women’s workplace behavior. My research sheds light on women’s anxieties about working with a large number of men and about people questioning their morality and character because they do so. I also demonstrate how their subsequent coping strategies can impede their professional development and reproduce their marginalization at their workplace. This woman-centric approach, which examines how policewomen navigate gendered landscapes in different patriarchal social spaces, therefore shows that workplace inequity is the collective result of the interplay between different actors and social structures, and leads to a more complex understanding of this phenomenon.
    Date: 2022–01–12
  7. By: Aguilar Revelo, Lorena
    Abstract: En el presente documento se identifican prácticas promisorias desarrolladas por los mecanismos para el adelanto de las mujeres y otros socios estratégicos de América Latina y el Caribe, o con participación de ellos, relacionadas con la integración de la perspectiva de género en los instrumentos de política pública, proyectos e iniciativas de adaptación y mitigación frente al cambio climático. El documento tiene por objetivo ampliar el conocimiento sobre el vínculo entre la igualdad de género y la autonomía de las mujeres en el contexto del cambio climático, con el propósito de que la igualdad de género sea priorizada y abordada de forma integral en las acciones sobre cambio climático a nivel local, nacional y regional, y se asegure la plena participación de las mujeres como actoras en materia climática, para alcanzar el cumplimiento de la Agenda 2030 para el Desarrollo Sostenible y los objetivos del Acuerdo de París. Asimismo, busca ser un apoyo para que los Gobiernos puedan avanzar en la implementación de los acuerdos expresados en el Compromiso de Santiago, que se alcanzó como resultado de la XIV Conferencia Regional sobre la Mujer de América Latina y el Caribe.
    Date: 2021–09–29
  8. By: Behringer, Jan; Gonzalez Granda, Martin; van Treeck, Till
    Abstract: We ask why working hours in the rich world have not declined more sharply or even risen at times since the early 1980s, despite a steady increase in productivity, and why they vary so much across rich countries. We use an internationally comparable database on working hours (Bick et al., 2019) and conduct panel data estimations for a sample of 17 European countries and the United States over the period 1983-2019. We find that high or increasing top-end income inequality, decentralized labor relations, and limited government provision of education and other in-kind services contribute to long working hours. Our results are consistent with the hypothesis that upward-looking status comparisons in positional consumption ("Veblen effects") contribute to a "rat race" of long working hours that is more or less pronounced in different varieties of capitalism.
    Keywords: working hours,Veblen effects,income inequality,varieties of capitalism
    JEL: D31 J20 P16 P50
    Date: 2022
  9. By: Feld, Lars P.; Nientiedt, Daniel
    Abstract: What is the appropriate role of the state in economic policy-making? This paper shows that Friedrich Hayek, who is often considered a proponent of laissez-faire liberalism, offers three different answers to this problem. First, Hayek argues that the state should provide a legal framework for competitive markets. Second, he proposes to employ the rule of law criteria - generality, equality, and certainty - to distinguish permissible from non-permissible state interventions. Third, he rejects deliberate legislation and moves closer to the Misean idea of a minimal state. The paper considers these answers in light of Hayek's analysis of the knowledge problem. We suggest that a Hayekian approach to economic policy-making should focus on improving the framework of general rules that guide individual behavior, thereby enabling spontaneous ordering processes and reducing the epistemological burden placed on policy-makers.
    Keywords: Friedrich Hayek,Rule-based economic policy,Spontaneous order,Knowledge problem,Cultural evolution
    JEL: B31 D78 P16
    Date: 2022
  10. By: Schneider, Nathan (University of Colorado Boulder)
    Abstract: Feminist tradition reveals with particular clarity how the online economy has contrived to be both apparently open and persistently unaccountable. Diverse feminist critiques amount to an overlapping insistence that the systems that organize our technology should be governable by the people who rely on them. This article extrapolates from feminist insights and experiences toward a policy agenda for vexing challenges in three domains of the online economy: social-media communities, platform-mediated work, and network infrastructure. The agenda calls for crafting “governable spaces” through diverse and accountable forms of user participation.
    Date: 2022–03–22
    Abstract: The findings from this study make several contributions to the current literature. First, this study is one of the first to thoroughly examine the gendering process in Vietnam in general, and in Vietnamese academia specifically. The new insights about the gendering process help to pave the way for the development of gender studies in Vietnam, (de)construction women’s careers in Vietnam, and to integrate a minority perspective into mainstream scholarly works. Moreover, my study explores the construction of gender and its impact on women’s experience in the labour market in relation to the imposition of eastern and western knowledge in a developing country whose colonial history is shaped by both eastern and western colonisation. This study will be of interest to any colonial discourse scholars who attempt to challenge the view of the relations between (and among) Western and Eastern countries as binary, fixed and categorial with the West as the colonisers and the East as the colonised. One major limitation of the study is that although the study focuses on the ‘other’ perspective, the Vietnamese academia is treated as homogenous and some factors such as ethnicities or regional culture have not been paid adequate attention. In addition, my study focuses solely on academic women in heterosexual relationships and therefore might overlook the subordination of people with non-heteronormative forms of sexuality.
    Date: 2022–01–31
  12. By: Nugraha, Ahmad Lukman; Susilo, Adib; Rizqon, Abdul Latif; Fajaruddin, Achmad; Sholihah, Nurdiyanah
    Abstract: This study aims to determine the profile of Islamic financial literacy in employees and customers of Baitu-l-maal wa Tamwil Darut Tauhid Bandung. This research uses descriptive quantitative method with interval formula to determine the literacy level of the respondents. The data collection technique used a questionnaire to 121 respondents. The results of this study indicate that the profile of Islamic financial literacy among BMT employees and customers is moderate. The employee profile has an Islamic financial level of 0.76. The profile of the level of Islamic financial literacy shows that the level of behavior towards Islamic finance among employees is not in accordance with the knowledge and attitudes of employees in managing finances. The customer profile has an Islamic financial literacy level of 0.50. The level of customer Islamic financial literacy shows that the level of customer behavior towards Islamic finance is not in accordance with the level of customer knowledge and attitudes in managing finances.
    Date: 2020–11–24
  13. By: Antoinette Baujard (Univ Lyon, UJM Saint-Etienne, GATE UMR 5824, F-42023 Saint-Etienne, France)
    Abstract: This paper reviews Amartya's Sen autobiography, Home in the World. A Memoir (Penguin Press, published 08/07/2021, 480 pages.ISBN: 9781846144868), focused on his thirty first years of life. I show that the book emphasizes how Sen values discussions and reason, the voice of each human being in their plurality, and their capacity to act in and on the world. I also support that, in this memoir, Sen succeeds in circumventing the standard misunderstandings of his major contributions, by taking seriously the different potential interpretations of the thinkers who influenced his line of thinking, and defending the one he considers valid. I illustrate this claim with five cases which, by highlighting his multiple identities, avoid associating Sen to a misguided tag.
    Keywords: Amartya Sen, Welfare, Discussion, Reason, Identities, Memoir
    JEL: B31 D63 D71 I31 I32
    Date: 2022
  14. By: Benjamin Raimbault (LISIS - Laboratoire Interdisciplinaire Sciences, Innovations, Sociétés - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Université Gustave Eiffel)
    Date: 2021

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