nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2022‒05‒23
fourteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Marx, Schumpeter et les classes sociales By Fabien Dannequin; Fabien Tarrit
  2. Economic impacts of natural hazards and complexity science: a critical review By Matteo Coronese; Davide Luzzati
  3. Does the Labour Theory of Value Explain Economic Growth? A Modern Classical View By Chatzarakis, Nikolaos; Tsaliki, Persefoni; Tsoulfidis, Lefteris
  4. Hubungan dan pembagian kerja dalam pengelolaan koperasi By Arief, A. Anggie Zabrina
  5. The North-South divide: sources of divergence, policies for convergence By Lucrezia Fanti; Marcelo C. Pereira; Maria Enrica Virgillito
  6. The Authors of Economics Journals Revisited: Evidence from a Large-Scale Replication of Hodgson and Rothman (1999) By Matthias Aistleitner; Jakob Kapeller; Dominik Kronberger
  7. Agent-based model generating stylized facts of fixed income markets By Antoine Kopp; Rebecca Westphal; Didier Sornette
  8. Instituciones y políticas públicas para el desarrollo cooperativo en América Latina By -
  9. "A politically evasive monetary theory should not be the basis for a progressive movement": Eine kritische Betrachtung der modern monetary theory By Heise, Arne
  10. "Institutional Design for social common capitals" By Hitoshi Matsushima
  11. La monnaie comme postulat : le fondement d’une théorie monétaire nouvelle By Nicolas Piluso
  12. Global socio-economic and climate change mitigation scenarios through the lens of structural change By Julien Lefevre; Thomas Le Gallic; Panagiotis Fragkos; Jean-François Mercure; Yeliz Simsek; Leonidas Paroussos
  13. Coopérer pour transformer. La coopération interorganisationnelle, levier pour les écosystèmes d’innovations sociales ? By Justine Ballon
  14. All economies are ultimately human economies By Graeber, David

  1. By: Fabien Dannequin (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne); Fabien Tarrit (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne)
    Abstract: This paper proposes a cross-analysis the contributions of Karl Marx and of Joseph Alois Schumpeter on social classes. It discusses their discrepancies on two issues, the former helping to elaborate on the latter. Both authors admit the existence of social classes on the basis of hierarchy and of discipline. For Marx, they rely on the conflict, which can bring changes that aim to abolish the class hierarchy. As such, it needs an consciousness for facilitating the shift from an objective class in itself to a subjective class for itself. For Schumpeter, a significant degree of discipline is a condition to ensure the progress related to capitalism. Therefore, while Marx conceives capitalism as a transitional mode of social organization, which sows the seeds of its own disequilibrium and demise, Schumpeter regrets the planned end of capitalism, with the decline of innovation and then of progress, through bureaucratization.
    Abstract: Cet article présente une analyse croisée des contributions de Karl Marx et de Joseph Alois Schumpeter sur la question des classes sociales. Les divergences que nous soulevons portent sur deux questions, la première nourrissant la seconde. Les deux auteurs reconnaissent tous deux l'existence de classes sociales fondées sur la hiérarchie et la discipline. Marx les conçoit sous l'angle du conflit porteur d'un changement visant à abolir la hiérarchie de classe, et de la sorte l'inscrit dans la nécessité d'une prise de conscience facilitant le passage d'une classe en soi objective à une classe pour soi subjective. De son côté, Schumpeter préconise un degré significatif de discipline propre à assurer le progrès dont est porteur le capitalisme. Ainsi, alors que Marx conçoit le capitalisme comme un mode transitoire d'organisation sociale qui porte les germes de son déséquilibre et de sa disparition, c'est sous l'angle du déclin, via sa bureaucratisation, de l'innovation et donc du progrès, que Schumpeter déplore la fin programmée du capitalisme.
    Keywords: Marx Karl,Schumpeter,Classes sociales
    Date: 2022–03–23
  2. By: Matteo Coronese; Davide Luzzati
    Abstract: Extreme natural hazards represent, together with crises and wars, the most disruptive phenomena for economic activity. Their economic impact has been shown to be remarkable, long-lasting, and growing over time, though the exact mechanisms at stake are challenging to isolate and quantify. As these trends are likely to endure as global warming becomes more severe, the need for appropriate modeling of both short and long-run impacts of natural disasters is becoming increasingly pressing. Building on a mounting number of empirical works, we here provide a critical review of the modeling approaches traditionally employed in the related literature. Although with notable exceptions, conventional methods are generally based on Input-Output or Computational General Equilibrium models. These approaches, while analytically sound, are structurally ill-suited to capture certain aspects of natural hazard consequences. Systemic responses to such extreme events are typically characterized by complex interactions among heterogeneous agents, adaptive behavior, and out-of-equilibrium dynamics. We here argue that complexity methods can represent a valid alternative to bridge this policy-relevant gap. In particular, Agent-Based Models offer a powerful toolkit to account for non-linear geographical and temporal interdependencies, the presence of hysteresis and path dependency, the impact of technology changes, and can be fruitfully employed as laboratories for adaptation and mitigation policies.
    Keywords: Natural disasters; Socio-economic networks; Complexity; Agent-based models.
    Date: 2022–05–05
  3. By: Chatzarakis, Nikolaos; Tsaliki, Persefoni; Tsoulfidis, Lefteris
    Abstract: The labour theory of value (LTV) is the cornerstone of the classical and Marxian political economy for it explains the creation and valuation of wealth in capitalist societies and it remains the chief analytical tool in investigating economic phenomena. In this respect macroscopic phenomena, which include many distinct production processes evolving over long gestation periods, conceal the transformation of labour values into their monetary expression (prices). Consequently, the use of the LTV on a grand and dynamic scale is usually considered inapplicable in the construction of macroeconomic models. The classical/Marxian analysis is conducted through either multi-dimensional multi-sectoral models or the solution of the summation problem of heterogeneous commodities. However, many studies have corroborated the dynamic aspects of the LTV and probed for a reduction in the dimensionality of macroeconomic models. In this paper, on the one hand, we restate the dynamic aspects of the LTV over time and, on the other hand, ascertain its utility as a long-run macroeconomic tool. The way to proceed is to model the divergence of actual prices and quantities of commodities from their equilibria in a multi-sectoral economy and establish that the long-run behaviour of the system mirrors the long-run movement of the labour values.
    Keywords: labour theory of value; heterodox microeconomics; micro-founding of economic growth; dynamic input-output analysis
    JEL: B51 C61 D46 D57 E32
    Date: 2022–04–21
  4. By: Arief, A. Anggie Zabrina
    Abstract: Cooperative management is a professional activity carried out by cooperatives to assist all cooperative members in achieving their goals. Cooperative management is not based on coercion of authority, but through involvement and participation. Organizational management in cooperatives, an organization that produces an arrangement of tasks or responsibilities consisting of parts that are integrated through relationships between parts within the cooperative. In order for cooperatives to run well, cooperatives need to be run professionally and involve elements such as member meetings, management, members, and supervisory bodies. Keywords: Cooperative Management, relations and division of labor in cooperatives
    Date: 2022–04–13
  5. By: Lucrezia Fanti; Marcelo C. Pereira; Maria Enrica Virgillito
    Abstract: Building upon the labour-augmented K+S modelling framework (Dosi et al., 2010, 2017, 2020), we address the analysis of the North-South divide by means of an agent-based model (ABM) endogenously reproducing divergence between two artificial macro-regions characterized by identical initial conditions in terms of productive and innovation structures, but different labour market organizations. Given the ex-ante initial conditions, we identify the role played by different functioning of the labour markets on the possible divergence across the two regions. We do find that divergences in labour market reverberate into asymmetric productive performance due to negative reinforcing feedback loop dynamics. We then confront alternative policy schemes by showing that investment policies directed at increasing machine renewal and higher substitutionary investment are the most effective in fostering the convergence process.
    Keywords: Agent-Based Models; Technology Gap; Labour Market.
    Date: 2022–05–17
  6. By: Matthias Aistleitner (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Jakob Kapeller (Institute for Socio-Economics, University of Duisburg-Essen, Germany; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Dominik Kronberger (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria)
    Abstract: In this paper, we present results from of a large-scale replication of Hodgson and Rothman's (1999) seminal analysis of the institutional and geographical concentration of authors publishing in top economic journals. We analyze bibliometric data of more than 49.000 articles published in a set of 30 highly influential economic journals between 1990 and 2018. Based on a random sample of 3.253 authors, we further analyze the PhD-granting institutions of the authors under study to better scrutinize the claim of an institutional oligopoly. The findings confirm the long-term persistence of strong oligopolistic structures in terms of both, author affiliations as well as PhD-granting institutions.
    Keywords: sociology of economics, bibliometrics, concentration in science, replication study
    Date: 2022–05
  7. By: Antoine Kopp (ETH Zurich); Rebecca Westphal (ETH Zürich - Department of Management, Technology, and Economics (D-MTEC)); Didier Sornette (ETH Zürich - Department of Management, Technology, and Economics (D-MTEC); Swiss Finance Institute; Southern University of Science and Technology; Tokyo Institute of Technology)
    Abstract: We develop an agent-based model (ABM) of a financial market with multiple assets belonging either to the fixed income or equity asset classes. The aim is to reproduce the main stylized facts of fixed income markets with regards to the emerging dynamics of the yield curves. Our ABM is rooted in the market model of Kaizoji, Leiss, Saichev, and Sornette (2015) formulated with two types of traders: the rational and risk-averse fundamentalist investors and the noise traders who invest under the influence of social imitation and price momentum. The investors involved in the present market model diversify their investments between a preferred stock equivalent to a perpetual bond and multiple bonds of selected maturities. Among those, a zero-coupon bond provides a constant rate of return, while the prices of the coupon-paying bonds are determined at each time step by the equilibrium between the investors' demands and supplies. As a result, the ABM creates an evolving yield curve determined by the aggregate impact of the traders' investments. In agreement with real markets, it also produces transient turbulent periods in the prices' time series as well as a humped term structure of volatility. We compare the dynamics arising from different processes governing the risk-free rate with those of the historical U.S. treasury market. Introducing Vasicek's model of interest rates to both synthetic and empirical rates demonstrates the capacity of our ABM in reproducing the main characteristics of the surface of autocorrelation of the volatilities of the yields to maturity of the U.S. Treasury bonds for the selected time-frame.
    Keywords: Agent-based model, stylized facts, transient phenomena, fixed-income, yield curve.
    JEL: C60 D53 D70 G01 G17
    Date: 2022–04
  8. By: -
    Abstract: Esta investigación examina la situación del sector cooperativo, su institucionalidad y las políticas públicas en la materia en ocho países de la región. Se observa que en la última década ha tenido lugar un importante fortalecimiento de la institucionalidad pública cooperativa. Sobre la base de estadísticas oficiales, se concluye que a partir de 2008 se triplica la tasa de crecimiento de las organizaciones cooperativas, lo que da cuenta, posiblemente, de un importante proceso de fortalecimiento institucional y político, así como de la inclusión de planes y programas de política pública especialmente dirigidos a este sector. El estudio muestra cómo los países que tienen un mayor desarrollo cooperativo, medido como porcentaje de la población nacional socia de alguna cooperativa, tienen también una institucionalidad de fomento especializada con una elevada dotación de funcionarios y de recursos públicos. Fortalecer estos organismos públicos —que abarcan generalmente también el campo más amplio de la economía social y solidaria— parece mostrar un camino prometedor para promover el sector en la región.
    Date: 2022–04–06
  9. By: Heise, Arne
    Date: 2022
  10. By: Hitoshi Matsushima (Faculty of Economics, The University of Tokyo)
    Abstract: The world is interested in comprehensively considering what a good life is from multiple perspectives such as the environment, society, and economy. The well-being of individuals and society should not be evaluated solely by the distribution of commodities whose value is shown in the market. The world is rather sympathetic to the view that they should be evaluated by ways of maintenance of natural capital, social infrastructure, institutional capital, or generally "social common capital" (Uzawa, 1995, 2000; Uzawa, 2003, 2005), which are typically difficult to value in the market. For example, at the 2015 Summit, the United Nations adopted the 2030 Agenda for Sustainable Development to resolve global warming, equal society, free participation, and a sustainable economy. As an action plan for consistently achieving such developments, the "Sustainable Development Goals (SDGs)" consisting of 17 goals and 169 targets were presented (United Nations, 2015a). The SDGs aim to encourage citizens around the world to change their consciousness and take concrete actions on social common capital in order to realize a good life. An important part of the essence of social common capital is the so-called "commons", in which users cannot or should not be excluded (nonexcludability), but if the use limit is simply neglected, it will eventually be devastated and exhausted (competitiveness). (Bentham, 1789; Malthus, 1798; Mill, 1859; Hardin, 1968; Ostrom, 1990, 2010). Many modern issues that impede good living, such as the global environment, poverty, inequality, conflict, human rights issues, pandemics, and the abolition of nuclear weapons, can be seen as examples of common issues. In order to deal with the commons, we must change the way citizens' values and institutional systems are in the current capitalist society. This volume regards the realization of good living as a problem of social common capital, and presents a concrete institutional design for solving it. Furthermore, this volume presents "new capitalism" and "new socialism" as social systems required to solve the problems of the commons, and what role the two systems play in problem solving. In particular, new socialism is newly presented in this volume, which is more essential for the solution of the Commons problem. New socialism is defined as a decentralized mechanism that replaces the market, rather than centralized control and planning by the state. Its major feature is based on the famous slogan "work according to ability and receive according to need" (Marx, 1890/1971), which is used to be the future image of utopia, moral law, or communist society, but here not as a utopia but as a practical "incentive scheme" that is indispensable for a desirable decentralized mechanism. This volume considers the issue of climate change (warming) as an application and further deepens the understanding of the commons.
  11. 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)
    Date: 2021–12–05
  12. By: Julien Lefevre (AgroParisTech, CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Thomas Le Gallic (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Panagiotis Fragkos; Jean-François Mercure (University of Exeter, CAM - University of Cambridge [UK]); Yeliz Simsek (University of Exeter); Leonidas Paroussos
    Abstract: This paper analyses structural change in the economy as a key but largely unexplored aspect of global socioeconomic and climate change mitigation scenarios. Structural change can actually drive energy and land use as much as economic growth and influence mitigation opportunities and barriers. Conversely, stringent climate policy is bound to induce specific structural and socioeconomic transformations that are still insufficiently understood. We introduce Multi-Sectoral Integrated Assessment Models as main tools to capture the key drivers of structural change and we conduct a multi-model study to assess main structural effectschanges of the sectoral composition and intensity of trade of global and regional economiesin a baseline and 2°C policy scenario by 2050. First, the range of baseline projections across models, for which we identify the main drivers, illustrates the uncertainty on future economic pathways-in emerging economies especially-and inform on plausible alternative futures with implications for energy use and emissions. Second, in all models, climate policy in the 2°C scenario imposes only a second-order impact on the economic structure at the macrosectoral level-agriculture, manufacturing and services-compared to changes modelled in the baseline. However, this hides more radical changes for individual industries-within the energy sector especially. The study, which adopts a top-down framing of global structural change, represents a starting point to kick-start a conversation and propose a new research agenda seeking to improve understanding of the structural change effects in socioeconomic and mitigation scenarios, and better inform policy assessments.
    Keywords: Energy sector,Multi-sectoral macroeconomic modelling,Climate policy,Socio-economic pathways,Structural change
    Date: 2022
  13. By: Justine Ballon (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 - UPC - Université Paris Cité)
    Abstract: Issue d'une expérimentation de recherche et développement sociale (R&D sociale), ce rapport est le résultat d'une recherche postdoctorale réalisée en 2021 dans le cadre du laboratoire commun Destins, au sein de la Maison des Sciences de l'Homme et de l'Université de Poitiers. L'objectif était de mieux documenter et comprendre les processus de coopération comme un levier favorable à l'émergence, le développement et le changement institutionnel vers des "innovations sociales de ruptures". La problématique de cette recherche est la suivante : en quoi la coopération interorganisationnelle constitue-t-elle un levier dans la constitution d'un écosystème d'innovation sociale ? Pour y répondre, une enquête qualitative (observations participantes et entretiens semi-directifs) a été réalisée auprès de deux projets d'innovations sociales - le Laboratoire citoyen de la Transition et les Licoornes - ainsi que des personnes expérimentées dans l'accompagnement de projets d'innovations sociales. La mise en perspective théorique aboutit à un cadrage institutionnaliste autour des concepts d'innovation sociale, d'écosystème d'innovations sociales et de coopération interorganisationnelle, décliné sous forme de grille d'analyse. C'est à partir de ce travail qu'une analyse monographique des deux projets - illustrées de schémas, de frises chronologiques et de tableaux - est réalisée pour mieux éprouver l'analyse de ces processus. Ce rapport propose des outils concrets à destination des acteurs, des grilles d'analyse éclairant les processus d'innovation sociale ainsi que des pistes de réflexion à éprouver scientifiquement.
    Date: 2022–03
  14. By: Graeber, David
    Keywords: Rojava; Marx; capitalism; communism; baseline communism
    JEL: N0
    Date: 2021–03–21

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