nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2022‒05‒30
23 papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. The Conceptual Resilience of the Atomistic Individual in Mainstream Economic Rationality By Drakopoulos, Stavros A.
  2. Towards an explanation of a declining trend in capacity utilisation in the US economy By Santiago J. Gahn
  3. Rareness in the intellectual origins of Walras’ theory of value By Cervera-Ferri, Pablo; Insa-Sánchez, Pau
  4. Emotional regimes in the political economy of the "welfare service state": The case of continuing education and active inclusion in Germany By Betzelt, Sigrid; Bode, Ingo
  5. Concepts of justice in the degrowth debate By Hennen, Sonja
  6. Fixation of Belief and Membership: A Contribution to the Understanding of the Detrimental Outcomes of Institutions By Alice Sindzingre
  7. Does Friendship Stem from Altruism? Adam Smith and the Distinction between Love-based and Interest-based Preferences By Khalil, Elias
  8. Stylized facts on the evolution of profit rates in the US: Evidence from firm-level data By Leila Davis; Joao de Souza
  9. No strings attached: Corporate welfare, state intervention, and the issue of conditionality By Bulfone, Fabio; Ergen, Timur; Kalaitzake, Manolis
  10. Some notes on Ricardo's analysis of the convergence process of the market rate of interest to the natural rate By Ciccone, Michele
  11. Adam Smith and the Wealth-Worshipping Spectator By Elazar, Yiftah
  12. Evolutionary Stability of Behavioural Rules By Khan, Abhimanyu
  13. Wellbeing By Richard Layard
  14. Assessing the Concept of Change in International Financial Institutions' Theories and Policies: The Example of Sub-Saharan African Countries By Alice Sindzingre
  15. Intra-municipal cooperation : reflections on the (re)integration of collective land ownership systems in the territorial action By Jean-François Joye
  16. The Trajectories of Institutionalisation of the Social and Solidarity Economy in France and Korea: When Social Innovation Renews Public Action and Contributes to the Objectives of Sustainable Development By Eric Bidet; Nadine Richez-Battesti
  17. Cassel, Ohlin, Åkerman and the Wall Street Crash of 1929 By Carlson, Benny
  18. The middle class in Argentina: dynamics, characteristics and implications for public policies By Sébastien CARRERE; Matthieu CLEMENT; François COMBARNOUS; Gabriel KESSLER; Eric ROUGIER; Ariel WILKIS
  20. "Chile: The Road to Joy Is Paved with Obstacles" By Giuliano Toshiro Yajima
  21. Reivindicaciones y estrategias en la frontera entre feminismo y sindicalismo en Argentina By Arriaga, Ana Elisa; Aspiazu, Eliana
  22. Research on the accumulation effect model of technological innovation in textile industry based on chaos theory By Xiangtai Zuo
  23. La conflictividad laboral local como expresión de la evolución del mercado de trabajo. Análisis de su dinámica y relación con el contexto nacional entre 2011-2019 By Barboni, Guido

  1. By: Drakopoulos, Stavros A.
    Abstract: Τhe idea that social influences and social interactions play a central role on individual economic decisions has had a long presence in the history of economics. With the emergence of marginalism, this idea went into background and the concept of atomistic individual became established in mainstream economic rationality. Starting in the 1970’s, there were some attempts to reintroduce non-atomistic preferences in mainstream microeconomic theory in the form of social interactions, interdependent preferences, keeping up with the Joneses, social identity, social preferences, and status concerns. Social preferences have started to have a growing impact among mainstream microeconomics with the advent of behavioral economics, but still they are not in the hard core of the standard theory of choice. The paper argues that atomistic preferences are still prevalent, especially in the form of the assumption of representative agent. It also focuses on the role of methodological individualism and on the theoretical implications of relaxing the assumption of atomistic individual, as main explanations of the resilience of the mainstream economic rationality.
    Keywords: Economic Rationality; Individual Preferences; Methodological Individualism, Representative Agent
    JEL: B20 B40 D10 D91
    Date: 2022–05–03
  2. By: Santiago J. Gahn
    Abstract: In this paper I analyse a declining trend of effective capacity utilisation in the United States. After identifying determinants of normal capacity utilisation in the literature, I find that this declining trend of the FRB’s capacity utilisation is also present in the output-capital ratio of the NBER-CES sectoral database since 1958. Results suggest that permanent changes on technical change (K/L), distribution (W/Y ) and output have transitory effects on the output-capital ratio, my proxy of effective capacity utilisation.
    Keywords: capacity utilisation, technical change, income distribution, Panel Structural VAR
    JEL: B50 E11 E22 O41 O47
    Date: 2022–05
  3. By: Cervera-Ferri, Pablo; Insa-Sánchez, Pau
    Abstract: Historians of economic thought have carried out detailed studies of classical and marginalist approaches to value based on production cost and utility respectively, not to mention about the fusion of both interpretations by the neoclassical school. This is not the case with rareness value, a theory commonly attributed to Léon Walras, although Aristotle surely had rareness in mind when he first attempted to explain chrematistics. This article focuses on how our understanding of rareness has evolved from the earliest economic formulations to those of Auguste and Léon Walras, contesting Rothbard’s thesis that there is only one way in which the transmission of the utility theory of value can be tracked from scholasticism to the Austrian school. On the contrary, the concept of rareness continued to figure in some theories of value of the French Enlightenment, especially those that emerged within Calvinist circles, and was recovered in times of reaction against the dominant classicism.
    Date: 2022–04–09
  4. By: Betzelt, Sigrid; Bode, Ingo
    Abstract: One of the most prominent trends in Western welfare capitalism during the last decades has been the expansion of welfare services as an outcome of the transition from the Fordist to a 'post-industrial' settlement, driven by changes in the wider society and the economic system. The advent of what has been called a 'welfare service state' is part and parcel of a broader transformation propelled by the paradigms of 'activation' and 'social investment', with all the ambiguities endemic to intentions to ensure a more egalitarian distribution of human capital by an increased commodification of labour. These ambiguities impact upon the universe of welfare service provision which must deal with incompatible rationales, that is, a market and business logic on the one hand, and 'professional' and ethical norms on the other. Inspired by the 'cultural political economy' approach, we contend that insights into the 'mental processing' of human services by specialised organisations under these institutional conditions are crucial for understanding the chemistry of contemporary welfare capitalism more generally. To capture the role of the welfare service sector in the current settlement, we draw on findings from the field of continuing and vocational education for jobseekers and young people - a sector which has been largely neglected by the public debate in recent years, despite its growing importance in times of ongoing technological change. Our paper is based on qualitative case studies conducted in two regions of Germany, and our research concept borrows from different bodies of theory that deal with the political economy and sociology of the welfare state, human service organisations, and with emotional work. First, we explore the organisational dynamics of welfare service providers in their interaction with a quasi-market- based governance model; secondly, we scrutinize the sense-making of the service-providing personnel with an eye on how it is influenced by the conflicting rationales mentioned above. More specifically, we argue that emotional dynamics within the organisational settings under scrutiny are an important catalyst in the transformation of the political economy of contemporary welfare capitalism, moderating the interplay of institutional governance, organisational steering, and individual self-management. The mechanisms at play are conceptualised as emotional regimes which make the welfare service sector work despite its institutionalised precarity - even during the Covid-19 pandemic that can be seen as an 'eye-opener' to longstanding problems of the sector under study. Our analysis also suggests that there may be a tipping point at which these mechanisms cease to accommodate the post-industrial settlement of a 'recommodified' welfare capitalism.
    Keywords: welfare state,labour market,human services,continuing education,governmentality,NPM
    JEL: I21 I38 J08 J81 L84 P16
    Date: 2022
  5. By: Hennen, Sonja
    Abstract: Degrowth's search for a qualitatively and quantitively different economy is given legitimacy by the severity of the socio-ecological crisis, paired with a lack of evidence that resource use and environmental impact can be decoupled in absolute terms at a meaningful point in time and studies refuting the trickle-down hypothesis. However, there are few accounts of the potentially adverse effects of a halt of perpetual economic growth on the livelihoods of already marginalized and vulnerable communities and the general justice of a degrowth transition. This paper analyses to what extent Environmental Justice theory (EJ) could compensate for this deficit and thus contribute to a more comprehensive and inclusive understanding of justice in the degrowth concept. To do so, the paper firstly establishes gaps across central pillars of degrowth reasoning with regards to a just transition. It discusses evidence that degrowth seeks global socio-ecological justice on distributive grounds and with respect to recognition but falls short in conceptualizing the role that structural power systems (both on micro and macro level) as well as institutional governance mechanisms play in advancing a globally just degrowth transition. The second section of the analysis highlights those concepts within critical EJ theory that, based on the gaps identified, could enable a more extensive understanding of the necessary parameters for a just degrowth transition, namely in the areas of recognition, decoloniality, and theory of the state.
    Keywords: degrowth,socio-ecological crisis,environmental justice,theory of the state
    JEL: F54 H10 O44 Q56 Q58
    Date: 2022
  6. By: Alice Sindzingre (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPC - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, LAM - Les Afriques dans le monde - IRD - Institut de Recherche pour le Développement - Université Bordeaux Montaigne - Institut d'Études Politiques [IEP] - Bordeaux - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The contribution of institutions to growth or to stagnation (or even 'collapse') is a recurrent question in economics. The paper analyses the causalities according to which institutions generate behaviour that is detrimental to prosperity. Departing from mainstream explanations ('dysfunctionality', 'extraction'), it argues that institutions are composite concepts, which include forms and contents that evolve with time and contexts, and imply cascades of processes involving individual cognition and social interactions: yet certain beliefs may be subjected to processes of 'cumulative fixation', in contrast with refutable ones (e.g., scientific beliefs), and these processes are key mechanisms of stagnation. The article shows that some institutions can be related to others via sequential ordering, and that in an evolutionary perspective norms governing group membership (via, e.g., kinship, class, occupation) constitute 'core' institutions: more than others, these induce a cumulative fixation of beliefs and shape economic outcomes due to their key property, i.e. the generation of social classifications that orient individual behaviour vis-à-vis other individuals ('we'/'them', 'superiors'/'inferiors'). When contexts change, this ordering may evolve in asymmetries, where some beliefs and norms absorb or crowd-out others via mechanisms of cumulative causation, self-reinforcement and lock-in. Being more 'core', stable, than others, membership institutions drive such evolutions due to common features: beliefs that exhibit a high degree of fixation, deontic force and nonrefutability and provide high cognitive and emotional rewards, thus reinforcing incentives to adhere to them and having the greatest ability to persist whatever their economic effects.
    Keywords: heterodox economics,institutional economics,social norms,individual cognition.
    Date: 2021–06–29
  7. By: Khalil, Elias
    Abstract: Friendship-and-love expresses musings about wellbeing—while “wellbeing” is the economist’s substantive satisfaction. Insofar as altruism is about wellbeing, it must differ from friendship-and-love. However, what is the basis of the difference between substantive satisfaction and friendship-and-love? The answer can be found in Smith’s Theory of Moral Sentiments, chapter 2: how “mutual sympathy” differs from “sympathy.” Smith scholars generally miss the uniqueness of “mutual sympathy” and, indeed, fold it under Smith’s “sympathy” (and “empathy”)—with one exception. Robert Sugden highlights the uniqueness of mutual sympathy. However, he goes to the other end, i.e., folds it under Smith’s sympathy-and-empathy”. This paper aims to avoid the folding in either direction. While mutual sympathy originates love-based sociality (friendship-and-love), sympathy-and-empathy originates interest-based sociality (wellbeing that includes altruism). This paper concludes that friendship is neither reducible to altruism nor vice versa. Further, this paper distinguishes this problem from the question regarding the socialization of the individual.
    Date: 2022–04–09
  8. By: Leila Davis; Joao de Souza
    Abstract: This paper builds on the literature analyzing the aggregate profit rate to describe profitability across the distribution of firms in the post-1970 U.S. economy. While median profitability mirrors well-established aggregate patterns, including a falling rate of profit through the mid- 1980s and a recovery thereafter, it also masks a striking post-1980 widening of the distribution. In this paper, we document this widening of the profitability distribution, and identify factors driving changes in profit rates at each end of the distribution. At the top, we show that, while top-end operational profit rates (operational returns on tangible capital) soar after 1980, this rise disappears when accounting for financial and intangible assets. We show that firms with high operational profit rates hold large stocks of financial and intangible assets, relative to those with high total profitability, but that larger shares of these assets fail to translate into higher returns on all assets. Thus, once accounting for post-1980 changes in asset composition, growth in top profit rates disappears. At the bottom, profit rates of the least profitable quintile of U.S. nonfinancial corporations become systematically and increasingly negative after the early 1980s. We show that this decline reflects persistently negative average profitability in new post-1970 cohorts, rather than falling profitability within continuing firms.
    Keywords: Profit rates; intangible assets; cash; entry dynamics
    JEL: B5 L1
    Date: 2022–05
  9. By: Bulfone, Fabio; Ergen, Timur; Kalaitzake, Manolis
    Abstract: This paper contributes to Comparative Political Economy (CPE), developing an analytical concept of corporate welfare. Corporate welfare - the transfer of public funds and benefits to corporate actors with weak or no conditionality - is a prominent form of state-business relations that CPE scholarship regularly overlooks and misinterprets. Such transfers should be understood as a structural privilege of business in a globalized post-Fordist capitalism, and an increasingly common strategy through which states attempt to steward national economic dynamism within a highly constrained range of policy options. However, without a well-developed concept of corporate welfare - premised upon the key criterion of conditionality - studies that identify a 'return' of the state in industrial planning misrepresent these transfers to business as a reassertion of state influence and control, rather than a reflection of state weakness and subordination. The paper provides the analytical building blocks to properly conceptualize transfers to business, works out the core challenges for empirical research, and provides empirical illustrations of this burgeoning phenomenon from the fields of unconventional monetary policy, privatization, and urban political economy.
    Keywords: Comparative Political Economy,industrial policy,monetary policy,privatization,structural power,subsidies,Geldpolitik,Industriepolitik,Privatisierung,strukturelle Macht,Subventionen,Vergleichende Politische Ökonomie
    Date: 2022
  10. By: Ciccone, Michele
    Abstract: This paper aims to be a preliminary critical discussion about one of the main accepted results of Ricardo’s theory of money and interest, i.e., that the ‘natural’ rate of interest is determined by the profit rate. It will be argued that some logical inconsistencies seem to affect Ricardo’s representation of the tendency of the market rate of interest to the natural rate, with the latter ultimately determined by the rate of profits. According to Ricardo, exogenous changes in the supply of, or demand for money generate short-run changes of the money-prices ratio and the market interest rate, and permanent changes in the price level play the role of bringing them back to their natural values (the natural rate of interest being taken as a fraction of the natural profit rate). We will try to show that the convergence process envisaged by Ricardo seems to be not free from some critical considerations about its internal coherence if one takes into due account what he conceives to be the specific inducement for the public to borrow a larger quantity of money at a lower interest rate—namely, an above normal difference between profit rate and interest rate, together with the behavior of the banking system and with the main institutional features of a monetary system.
    Keywords: David Ricardo, natural and market rates of interest, quantity theory of money
    JEL: B0 B31 E4 E40
    Date: 2022
  11. By: Elazar, Yiftah
    Abstract: What explains the ambition to get rich? Adam Smith is clear that commercial ambition, the passionate desire for great wealth, is not simply a desire to satisfy one’s material needs. His argument on what underlies it, however, is not obvious. I review three possibilities suggested by Smith’s work and the scholarly literature – vanity, the love of system, and the desire for tranquility – and conclude that none of them captures the underlying motive of commercial ambition. Instead, I argue that Smith understands commercial ambition as a misguided desire for excellence. Ambitious pursuers of wealth are driven by the desire to deserve and to enjoy recognition for their excellence, but their judgment of what is truly excellent is corrupted by the standards of a wealth-worshipping society. Instead of appealing to the moral standpoint of the impartial spectator, they construct in their minds and follow a corruptive moral guide: the wealth-worshipping spectator.
    Date: 2022–04–09
  12. By: Khan, Abhimanyu
    Abstract: I develop a notion of evolutionary stability of behavioural rules when individuals simultaneously interact in a family of strategic games. An individual’s strategy choice is determined by his behavioural rule which may take into account the manner in which the games have been played in the past. The payoffs obtained by individuals following a particular behavioural rule determine that rule’s fitness. A population is stable if, whenever some individuals from an incumbent behavioural rule mutate and follow a mutant behavioural rule, the fitness of each incumbent behavioural rule exceeds that of the mutant behavioural rule. The behavioural rules approach thus conceptualises stability when individuals simultaneously interact in a variety of strategic environments. I first show the lack of stability whenever individuals exhibit heterogeneity in their behavioural rules. Furthermore, when all individuals follow the same behavioural rule, I find that the behavioural rules approach to stability is a refinement of the evolutionary stability of strategies approach in that the necessary condition for stability of behavioural rules is stronger than the corresponding condition for evolutionary stability of strategies. Finally, I present a sufficient condition for stability that is reasonably close to the necessary condition alluded to above.
    Keywords: behavioural rules, evolutionary stability, stability, evolutionary stable strategies
    JEL: C73
    Date: 2021–12–30
  13. By: Richard Layard
    Abstract: As societies become richer, they do not become happier. This paradox has led to a growing interest in the science of wellbeing, and how policymakers can evaluate policies in terms of what will improve wellbeing. Economists investigate what is important for wellbeing and the influence of wellbeing on working life, education and health.
    Keywords: Climate Change, Education, Employment, Health, Inequality, Unemployment, Wellbeing, Wages, Happiness, Public Policy
    Date: 2022–03–14
  14. By: Alice Sindzingre (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPC - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, LAM - Les Afriques dans le monde - IRD - Institut de Recherche pour le Développement - Université Bordeaux Montaigne - Institut d'Études Politiques [IEP] - Bordeaux - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Economic theories as well as global financial governance (international financial institutions such as the IMF and the World Bank) and public policies have been confronted with several global crises (e.g., the global financial crisis/GFC). Yet the question remains debated as to whether these crises have induced 'genuine' changes in economic theories, institutions and policies or as to whether the latter have remained 'broadly' unchanged. Such a question, however, requires a definition of the concept of change itself. Indeed, only large and visible shifts à la Kuhn may be qualified as changes. In contrast, in a Hirschmanian perspective, transformations may occur via small departures and innovations within a consensus, via 'partial, limited, and pragmatic responses' that may be erratic adjustments in institutions and policies: here, mainstream theories have evolved since the GFC towards more openness to non-mainstream concepts (e.g., instability). In addition, the observation of change depends on the time spans considered (long-term historical approaches perceiving types of inertia or change that differ from short-term ones). In this context, the paper argues that a consequentialist approach of the concept of change has a greater explanatory power: observable changes in outcomes and causal mechanisms 'prove' changes in theoretical paradigms, institutions and policies. The example of the mainstream theories that have been used in the analysis of Sub-Saharan African economies and the policy reforms applied to them shows that changes have been limited. Theoretical paradigms, financial governance institutions and the associated policies claim to have changed since the GFC. Behind 'innovations' in theories and policies, however, outcomes remain poor, and their underlying causal mechanisms are stable since the 1980s-90s 'lost decades': i.e. theories relying on irrefutability mechanisms and absorbing other theories that could induce changes, and cumulative constraints generated by 'externalisation' processes (commodity-based structures; conditional lending to policies that are identical across time and space). More than a Hirschmanian transformation through small changes, a consequentialist perspectiveand, interestingly, consequentialism may precisely be viewed as a typical mainstream or IFI stance-suggests processes of lock-in and cumulative causation.
    Keywords: Concept of change,Epistemology of economics,Global financial governance,Sub-Saharan Africa
    Date: 2021–07–10
  15. By: Jean-François Joye (Centre Favre - Centre de Recherche en Droit Antoine Favre - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc)
    Abstract: We can draw inspiration from shared ownership land systems in order to renew certain public policies without losing sight of administrative efficiency. This study highlights the idea of intra-municipal cooperation (relative within the municipality). It aims to place on the right level both the action and the organisation of communities linked to collective land ownership systems. A renewed public-private partnership can find a legal translation in at least three ways : by establishing or restoring the institutional link between collective property and the other territorial bodies, by promoting a principle of horizontal subsidiarity – inspired by the Italian example –, and by considering the possible extension of the French legal notion of ‘collaborateur de service public'.
    Abstract: Il y a matière à puiser des sources d'inspiration dans les systèmes fonciers collectifs afin de renouveler certaines politiques publiques sans perdre de vue l'efficacité administrative. En mettant en avant l'idée nouvelle d'une coopération intra-communale (relative au-dedans de la commune), il s'agit de placer à la bonne échelle tant l'action que l'organisation des communautés liées aux propriétés collectives. Un partenariat local public-privé renouvelé au service de l'intérêt général peut trouver une traduction juridique d'au moins trois manières : en instaurant ou restaurant un lien institutionnel entre les propriétés collectives et les autres acteurs du territoire, en promouvant un principe de subsidiarité horizontale – inspiré de l'exemple italien –, et en s'interrogeant sur la possible extension de la notion de collaborateur de service public.
    Abstract: Vi può essere motivo di riflessione dai sistemi di proprietà collettiva per rinnovare alcune politiche pubbliche senza perdere di vista l'efficienza amministrativa. Proponendo la nozione di cooperazione « intracomunale » (relativa all'interno della « commune »), si tratta di porre al giusto livello sia l'azione che l'organizzazione delle comunità legate alla proprietà collettiva. Si tratta di considerare le comunità e di includerle nel sistema dei procedimenti di interesse generale. Un partenariato rinnovato pubblico-privato può trovare una traduzione giuridica in almeno tre modalità : stabilendo o ripristinando il legame istituzionale tra proprietà collettiva e le enti locali, promuovendo un principio di sussidiarietà orizzontale – ispirato al modello italiano –, e consentendo la possibile estensione della nozione del diritto francese di « collaboratore di servizio pubblico ».
    Keywords: commune,section de commune,démocratie,subsidiarité horizontale,partenariat,propriété collective,Pouvoir local
    Date: 2021
  16. By: Eric Bidet (UM - Le Mans Université); Nadine Richez-Battesti (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique)
    Abstract: This article addresses the issue of the contribution of SSE to the SDGs through a compar- ative analysis conducted in two countries: France and South Korea. The theoretical perspective adopted is that of public action renewal through a co-production process and the method uses a mul- tidimensional analysis of the institutionalisation of SSE in both surveyed countries. Our results show that, far from a path dependency, there is a convergence process based on an increasing heterogeneity of the SSE dynamics in each of the national contexts. They also reveal that the institutionalisation of SSE reflects two conceptions of social innovation that each characterise the renewal of public action. In Korea, this conception is based on the production of goods and services with a social purpose by private actors, and in France, on co-construction processes that have been widely experimented with by SSE actors but remain unfinished. The result is an original and specific contribution in both countries to the SDGs, although this contribution is not fully explicit and recognised, both in terms of its results and process. This invisibilisation weakens the transformative potential of SSE in its contribution to sustainable development.
    Keywords: social economy,Korea,France,institutionalisation process,co-construction,social innovation
    Date: 2022–04
  17. By: Carlson, Benny
    Abstract: The 1929 stock market crash on Wall Street is one of the most spectacular economic events of all times. In Sweden, leading economists got involved in a lively debate on the events on Wall Street before, during and after the crash. Three of them were particularly active. Gustav Cassel and Bertil Ohlin were not overly worried since they regarded the stock market mania and the panic as phenomena more or less disconnected from the rest of the economy. Their theoretical argument was that booms and busts upon a stock market cannot create or destroy capital or purchasing power. Johan Åkerman on the contrary warned repeatedly that a serious stock market crash was in the making and, once it had happened, that it would in many ways affect the entire economy.
    Date: 2022–04–09
  18. By: Sébastien CARRERE; Matthieu CLEMENT; François COMBARNOUS; Gabriel KESSLER; Eric ROUGIER; Ariel WILKIS
    Abstract: Argentina is generally considered as the typical middle-class country in Latin America. Yet, while the successive crises that have hit the Argentinean economy over the four last decades have obviously affected both the size and stability of its middle class, academic studies are lacking on the consequences of these crises on socio-economic stratification and on middle-class preferences and expectations. The present paper fills this gap by focusing on the most recent period. To do so, we adopt an original research design based on a combination of quantitative investigations, based on existing household surveys and original qualitative materials, that aims to: (1) identify the Argentinean middle class and its structure, as well as describing its dynamics; (2) examine the group’s behavior and subjective perceptions, as well as their expectations in terms of public policies; and (3) assess to what extent the design of public policies and private market strategies is impacted by the composition and dynamics of the Argentinean middle class. First, our analysis shows that the trend of upward mobility that was dominant until 2007 and led to the expansion of a new Argentinean (lower) middle class progressively slowed down and even reversed after 2014. Second, the implementation of a cluster analysis led us to identify five distinct groups within the Argentinean middle-income class, thus confirming its heterogeneity. Third, the qualitative survey conducted on 40 individuals from middle-class households in Buenos Aires and Tucuman provides detailed accounts of the subjective perceptions and expectations of the different segments of the Argentinean middle class. Fourth, our analysis confirms that the Argentinean middle class is heterogeneous in terms of political orientations. Lastly, a qualitative institutional survey conducted among 12 representatives of public and private institutions points out the recent implementation of public or private programs specifically dedicated to households from the middle class.
    Keywords: Argentine
    JEL: Q
    Date: 2022–03–31
  19. By: Anne Albert-Cromarias (CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne); Alexandre Asselineau (CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC))
    Abstract: This article deals with the mechanism of coopetition formation from a network perspective, focusing in the wine industry. Through a comprehensive approach, we study the case of four vineyards in central France that are located in a low-profile wine-growing region and made up of very small firms fighting in a highly competitive market. While everything seems to encourage them to collaborate, these vineyards have so far remained unable to develop an effective coopetition strategy beyond a few specific initiatives. We seek to identify the reasons for these difficulties by analysing exogenous and endogenous coopetitive drivers. Our results provide theoretical contributions theory by showing that: the formation stage can lead to effective or ineffective coopetition; coopetition in an embedded network is specific; and coopetition intentionality plays a role in this formation stage.
    Keywords: Wine,Small business,Coopetition,Network,Coopetition formation
    Date: 2022
  20. By: Giuliano Toshiro Yajima
    Abstract: In the second round of the Chilean presidential elections, the coalition led by Gabriel Boric secured a victory under the premise of delivering long-awaited reforms to a financially volatile, structurally fragile, and deeply unequal economic structure. In this policy note, Giuliano Toshiro Yajima sheds light on these three aspects of the Chilean economy, showing that its external and internal fragility feeds back on the excessive specialization and heterogeneity of the productive sectors, which in turn influence income and wealth distribution.
    Date: 2022–05
  21. By: Arriaga, Ana Elisa; Aspiazu, Eliana
    Abstract: En este artículo nos preguntamos cómo se re-definen las fronteras entre sindicalismo y feminismo, en un contexto de altísima movilización feminista en Argentina, que desde la internacionalización de la huelga del 8 de marzo acrecentó sus interpelaciones a las estructuras sindicales. Desde un enfoque cualitativo, a partir de entrevistas, documentos y observación participante, ponemos en diálogo dos ejes complementarios de análisis: los avances lentos pero claros, relativos a ciertos arreglos institucionales dentro de las estructuras sindicales; y las estrategias y reivindicaciones emergentes en las redes de militancia feminista en los sindicatos y su impacto sobre el modelo sindical.
    Keywords: Sindicalismo; Mujeres Trabajadoras; Género; Feminismo; Movimientos Sociales;
    Date: 2022–03–01
  22. By: Xiangtai Zuo
    Abstract: Technological innovation is one of the most important variables in the evolution of the textile industry system. As the innovation process changes, so does the degree of technological diffusion and the state of competitive equilibrium in the textile industry system, and this leads to fluctuations in the economic growth of the industry system. The fluctuations resulting from the role of innovation are complex, irregular and imperfectly cyclical. The study of the chaos model of the accumulation of innovation in the evolution of the textile industry can help to provide theoretical guidance for technological innovation in the textile industry, and can help to provide suggestions for the interaction between the government and the textile enterprises themselves. It is found that reasonable government regulation parameters contribute to the accelerated accumulation of innovation in the textile industry.
    Date: 2022–04
  23. By: Barboni, Guido
    Abstract: El presente trabajo de investigación tiene como objetivo caracterizar la dinámica de la conflictividad laboral en Argentina y específicamente en la ciudad de Mar del Plata, entre los años 2011 y 2019. Se parte de las definiciones metodológicas del Ministerio de Empleo Trabajo y Seguridad Social de la Nación (MTEySS) relacionadas a la conflictividad laboral para caracterizar la misma. Se utiliza una perspectiva metodológica principalmente cuantitativa para abordar el objetivo a través del análisis estadístico de la "Base de Conflictos Laborales" provista por la Dirección de Estudios de Relaciones del Trabajo (DERT) del MTEySS. Se analiza la evolución de los conflictos laborales con paro anualizados a nivel nacional, en el marco del contexto económico para los años seleccionados. Se hace lo propio a nivel local, con el agregado del análisis de los conflictos anualizados sin paro, y añadiendo un análisis especial a un sector económico de gran importancia para la ciudad como es el puerto marplatense. Los resultados muestran que la evolución de los conflictos laborales tiene una correlación con el contexto macroeconómico y los indicadores del mercado laboral a nivel nacional y local, con mayores particularidades para el plano local, ligados a la estructura productiva propia de la zona.
    Keywords: Conflictividad Laboral; Mercado de Trabajo;
    Date: 2021–12–21

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