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on Heterodox Microeconomics |
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Issue of 2022‒07‒18
sixteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Ferrer-Hernández , Jacobo (New School for Social Research); Torres-González, Luis Daniel (Benemérita Universidad Autónoma de Puebla) |
| Abstract: | The paper complemets recent contributions towards the explanation of the regularities in the behaviour of prices and capital intensities as an effect of hypothetical changes in the rate of profit in empirical production-price models. It is shown that theoretical price and capital curvers, i.e. prices and capital values as a function of the rate of profits, depend on the product of the eigenvalues and what we call the eigenlabours - the representation of the labour vector in the space spanned by the eigenvectors of the input matrix. We report robust evidence that the eigenvalues by themselves cannot produce the curves regulary reported in the literature, but rather it is the joint action of the eigenvalues and the eigenlabours. It is conjectured that the tendency towards zero of the subdominant eigenlabours is driven by the statistical tendency towards the proportionally between the labour vector and the Perron-Frobenius eigenvector of the input matrix. |
| Keywords: | Sraffian price models; price-profit rate curves; capital value; spectral representation; labour vector-Perron-Frobenius eigenvector relation |
| JEL: | B51 C67 D57 |
| Date: | 2022–05–22 |
| URL: | http://d.repec.org/n?u=RePEc:ris:sraffa:0054&r= |
| By: | Lucrezia Fanti (Dipartimento di Politica Economica, DISCE, Università Cattolica del Sacro Cuore, Milano, Italia); Marcelo C. Pereira (Institute of Economics, University of Campinas, Campinas, Brazil); Maria Enrica Virgillito (Institute of Economics, Scuola Superiore Sant’Anna, Pisa, Italia – Dipartimento di Politica Economica, DISCE, Università Cattolica del Sacro Cuore, Milano, Italia) |
| Abstract: | Building on the labour-augmented K+S framework (Dosi et al., 2010, 2017, 2020), we address the analysis of North-South divide by means of an agent-based model (ABM) endogenously reproducing the divergence between two artificial macro-regions. The latter are characterized by identical initial conditions in terms of productive and innovation structures, but different labour market organizations. We identify the role played by different labour markets functioning on the possible divergence across the two regions, by finding that divergences in labour market reverberate into asymmetric productive performance due to negative reinforcing feedback loop dynamics. We then compare alternative policies by showing that investment schemes aimed at increasing machine renewal and higher substitutionary investment are the most effective in fostering the convergence. |
| Keywords: | Agent-Based Models; Technology Gap; Labour Market |
| JEL: | C63 J3 E24 O1 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie5:dipe0027&r= |
| By: | Alessandra Cornaro; Giorgio Rizzini |
| Abstract: | In this paper we propose a methodology suitable for a comprehensive analysis of the global embodied energy flow trough a complex network approach. To this end, we extend the existing literature, providing a multilayer framework based on the environmentally extended input-output analysis. The multilayer structure, with respect to the traditional approach, allows us to unveil the different role of sectors and economies in the system. In order to identify key sectors and economies, we make use of hub and authority scores, by adapting to our framework an extension of the Kleinberg algorithm, called Multi-Dimensional HITS (MD-HITS). A numerical analysis based on multi-region input-output tables shows how the proposed approach provides meaningful insights. |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2206.08745&r= |
| By: | Hayato Takeguchi (Graduate School of Economics, Kobe University); Jun Suzuki (Graduate School of Economics, Kobe University) |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:2211&r= |
| By: | Jyotsna Jha; Niveditha Menon; Neha Ghatak |
| Abstract: | This paper analyses the political economy of women's-empowerment-related policy-making in India through a re-examination of the context of both the genesis and closure of a major programme, Mahila Samakhya. Mahila Samakhya, which embodied feminist philosophy and pedagogy, started in 1987 with the aim of creating the education-based empowerment of Dalit and Adivasi women in rural India, and was inexplicably shut down in 2014. |
| Keywords: | Women's empowerment, Feminism, Collectivization, Local history, Political economy, Feminist economics |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2022-56&r= |
| By: | Muriel Gilardone (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This chapter shows that Sen's (2009) non-welfarist approach to justice is greatly influenced by 1) his work on famines; 2) his empirical work on gender inequalities, specifically within the Indian society, that helped him to refine his approach to hunger; and 3) his involvement in the creation of the human development approach. All these engagements — seemingly completely separate from his theoretical work in welfare economics — have, in fact, fostered the formulation of a novel approach in which agency and public reasoning are the core elements. |
| Keywords: | Amartya Sen,agency,public action,famines,gender inequalities,human development,perception bias,democracy,public reasoning,non-welfarism |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03690014&r= |
| By: | Ivan Mendieta-Muñoz, Daniel Ossa |
| Abstract: | We contribute to the study of the conceptualization and measurement of the rate of profit of the financial and nonfinancial sectors. We assemble a new data set for the US economy to construct measures of the profit rate for each sector: the return on equity, the return on assets, and the shareholder's dividend yield. We study how the periodic components of the measures of profitability in each sector have changed over time, how these have been correlated at different frequencies, and what has been the evolution of such correlations. We find that the dominant correlation between the measures of profitability across sectors is located at business cycle frequencies, and that there has been a shift in the lead-lag relationship between financial and nonfinancial profitability: from 1970 to the mid-1990s, profitability in the nonfinancial sector led profitability in the financial sector; while since the mid-1990s the latter has led the former. |
| Keywords: | profitability, financial corporations, nonfinancial corporations, business cycles, financialization. JEL Classification: B50, C32, E11, E32, G20 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:uta:papers:2022_02&r= |
| By: | Danièle Demoustier (IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA - Université Grenoble Alpes); Xabier Itçaina (CED - Centre Émile Durkheim - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The French Territorial Clusters of Economic Cooperation (TCEC) are emerging forms of cooperation between social and solidarity-based economy (SSE) organisations, public authorities and private for profit companies, all based on a same geographical area. The South Aquitaine TCEC aims at integrating the issue of labour market intermediation within a broader project aiming at giving a SSE footprint to local development. This article reviews the sociohistorical, political and economic process of formation of this system of stakeholders before examining its effects on the local labour market and its ecosystemic dimension. |
| Abstract: | Los Polos territoriales de cooperación económica (PTCE) constituyen en Francia unas formas emergentes de cooperación entre estructuras de economía social y solidaria (ESS), actores públicos y privados con ánimo de lucro, que comparten un mismo arraigo territorial. El PTCE Sur Aquitania enmarca la intermediación sobre el mercado del trabajo dentro de un proyecto global consistiendo en dar una imprenta ESS al desarrollo local. El artículo aborda la constitución socio-histórica de un sistema de actores que une procesos políticos y económicos, antes de cuestionar las formas y los efectos de esa intermediación sobre el mercado del trabajo territorial y su dimensión ecosistémica. |
| Abstract: | En France, les Pôles territoriaux de coopération économique (PTCE) constituent des formes émergentes de coopération entre des structures d'économie sociale et solidaire (ESS), des acteurs publics et privés marchands partageant un même ancrage territorial. Le PTCE Sud Aquitaine entend ainsi intégrer l'intermédiation sur le marché du travail dans un projet global visant à donner une empreinte ESS au développement territorial. L'article aborde le processus sociohistorique de constitution de ce système d'acteurs qui conjugue des processus politiques et économiques, avant d'interroger les formes et effets de cette intermédiation sur le marché du travail territorial et sa dimension écosystémique. |
| Keywords: | social economics,local development,production system,coaching,employment scheme,local labour market,training for the unemployed,geographic mobility,professional network,economía social,desarrollo local,sistema productivo,acompañamiento profesional,medida para el empleo,mercado laboral local,formación de desempleados,mobilidad geográfica,red profesional,formation des chômeurs,marché local du travail,mesure pour l'emploi,accompagnement professionnel,système productif,développement local,économie sociale,mobilité géographique,réseau professionnel |
| Date: | 2022–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03656648&r= |
| By: | Julia M. Puaschunder (The New School, New York, USA) |
| Abstract: | Resilience finance is understood as an advancement of Socially Responsible Investments. In the wake of the COVID-19 economic fallout, unprecedented amounts of governmental rescue and recovery aid were allocated towards social and environmental causes. This paper argues that advances in Socially Responsible Investments are resilience finance pegged to noble causes but also ethics and ideologies. The COVID-19 bailout and recovery packages can potentially provide, if well-designed and properly-used, a unique opportunity to develop fairer and sustainable societies. Finance can imbue responsibility in the post-COVID-19 era in the establishment and fortification of the current Sustainable Development Goals but potentially also in negative screenings and sanction mechanisms in international law infringements. The article argues for a comparative Behavioral Law and Economics approach to understand the most contemporary international finance politics and responsible investment trends around the world. |
| Keywords: | Climate Change, Climate Stabilization, Coronavirus crisis, COVID-19, Digitalization, Economics, Economics of the Environment, Environmental Justice, Environmental Governance, Equality, Law, Economics, Healthcare, Monetary policy, Rescue and recovery aid, Redistribution, Social Justice, |
| Date: | 2022–03 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0167&r= |
| By: | International Association of Deposit Insurers |
| Abstract: | This paper is mainly based on case studies collected between March and June 2019 from Resolution Issues for Financial Cooperatives Technical Committee members and non-members. Since then, some respondents may have had changes in their early intervention and resolution framework. Therefore, although some of the examples given in this paper may now no longer apply, they are useful references to how these issues have been approached in the past. |
| Keywords: | deposit insurance, bank resolution |
| JEL: | G21 G33 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:awl:guipap:2112&r= |
| By: | Martha Alter Chen; Sophie Plagerson; Laura Alfers |
| Abstract: | This paper makes the case that current social contracts are often inadequate, irrelevant, or unjust for informal workers. It outlines three possible future scenarios: the bad old contract, an even worse contract, and a better new contract. Under the bad old contract, informal workers lacked legal recognition, were stigmatized and penalized, and were excluded as partners. The intensification of predatory capitalism, repressive state policies and the collusion of state and capital, in the wake of the COVID-19 pandemic recession, makes the possibility of a worse new deal all too real. |
| Keywords: | Informal work, Informal economy, Social contract, State, Capital |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2022-49&r= |
| By: | Wendy Currie (Audencia Business School); Jonathan Jm Seddon (Audencia Business School) |
| Abstract: | The literature on the sociology of financial markets and institutional theory promotes concepts of field, networks, performativity, agencement and financial entropy. This study builds a conceptual model of technological instantiation of regulatory practices in financial markets. We observe how asset management firms instantiate technology as a material and social artefact to regulate the actions and behaviour of human agents. The structural-agency divide reveals the coercive role of regulators who impose stringent compliance practices on financial organizations by embedding formal rules and regulations in the software. Socio-technical conditions show how human agents interpret and apply these rules to circumvent formal regulatory policies and practices. Context-specific analysis shows technological performativity and agencement co-exist in financial fields that are becoming more entangled and fragmented. Regulators respond with more complex mandates to reduce entropy in financial markets characterized by extreme volatility and instability. |
| Date: | 2022–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03599145&r= |
| By: | Edith Archambault (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | According to a very broad definition of the European Commission, mutual organizations/ societies "are voluntary groups of persons (natural or legal) whose purpose is primarily to meet the needs of their members rather than achieve a return on investment." This broad definition includes self-help groups, friendly societies, cooperatives, mutual insurance companies, mutual benefit societies, credit unions, building societies, savings and loans associations, microcredit, burial associations, Freemasons.. . (European Commission 2003). Hereafter, it is a more restricted definition that is used, relying on principles shared by most mutuals in Europe, the region where they are the most widespread. However, some international examples put European mutual societies in perspective. The core organizations examined here will be mutual insurance companies and mutual benefit societies. In that sense, mutual societies are insurance companies run by their members for protecting them against property, personal and social risks on a voluntary and noncompulsory basis. Mutual insurance companies deal with property and life risks while mutual benefit societies protect their members against social risks, mainly illness, disability, and old age. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03633911&r= |
| By: | Gaëlle Cotterlaz-Rannard (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc, UNIGE - Université de Genève); Michel Ferrary (UNIGE - Université de Genève) |
| Abstract: | Researchers have endeavored to explore business models, i.e., how companies create and capture economic value to grow and increase profits. However, nonprofit organizations, whose purpose by definition is to create not economic but societal value, have often been overlooked. We address this oversight by proposing a theoretical model that highlights the mechanisms of societal value creation and capture at the core of nonprofit organization's business models. Based on Bourdieu's theory of forms of capital, we point out that the capability of nonprofit organizations to create societal value relies on the accumulation of economic, social, cultural, and symbolic capital ex-ante and the capture of value created is achieved ex-post through its conversion into the four forms of capital. Through the case study of the humanitarian organization Doctors Without Borders, we illustrate these mechanisms of societal value creation and capture following a longitudinal approach. This article contributes to the literature on nonprofit organization's business models by proposing a new understanding of the mechanisms of societal value creation and capture. |
| Keywords: | Business model,nonprofit organizations,societal value creation,societal value capture,Bourdieu's theory |
| Date: | 2021–07–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03649767&r= |
| By: | Kazandziska, Milka |
| Abstract: | This paper contributes to the financialization literature exploring the dynamics of financialization in eight emerging European economies (EEEs) compared to the Anglo-Saxon countries. Our analysis encompasses the decade before and the years following the financial crisis in 2008, including the latest developments in conjunction with the Covid-pandemic. Hungary, Bulgaria, Croatia, Turkey, and to a lesser extent, Czech Republic and Poland experienced strong financial inflows, and an accumulation of foreign liabilities. Foreign financial flows in Russia were not as significant for the process of financialization, but rather the state itself. In this paper we identify two types of financialization: 'foreign-finance-led' and 'state-led' financialization, where 'foreign-finance-led' financialization is characterized by increase in net capital inflows and subsequently, foreign indebtedness, whereas the government (the state) in the 'state-led' financialization has a predominant role in the financialization process. Most of the EEEs fit the 'foreign-finance-led' financialization, but with a tendency of a significant state involvement in the financial systems during the Covid-pandemic. Based on the analysis of financialization in EEEs, our findings show that EEEs had variegated financialization dynamics. Financialization in the EEEs was less pronounced compared to United States and United Kingdom. Despite this fact, the dynamics of financialization took a significant pace in the EEEs in the years following the financial crisis of 2008, with rising debt levels during the Covid-pandemic. |
| Keywords: | financialization,financial crises,emerging countries,Central Eastern Europe |
| JEL: | E44 F34 F36 F65 G01 G20 P51 P52 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:1832022&r= |
| By: | Perona, Mathieu |
| Abstract: | Du sentiment d’impuissance à la révolte, de la représentation d’un écologie punitive à celle d’une sobriété heureuse, le thème du bien-être traverse les représentations du changement climatique et de la nécessaire transition écologique. Dans un format plus long que celui de nos Notes habituelles, nous réalisons ici un parcours de la littérature scientifique qui mobilise la mesure du bien-être subjectif pour éclairer ces enjeux. Comme nous l’avons démontré dans d’autres domaines, le bien-être subjectif constitue une manière de mesurer les effets du changement climatique. Dépassant les seules conséquences matérielles, il met en évidence le coût important de la plus grande variabilité du climat qui résulte du réchauffement planétaire. À une échelle plus locale, il souligne de même tant les effets délétères de la pollution que ceux, bénéfiques, d’un accès à des espaces naturels. Notre compréhension de la manière dont se construit l’évaluation de la satisfaction dans la vie fournit en parallèle des outils pour dessiner les transitions vers des modes de vie moins consommateurs en ressources. Le pluriel est ici important : la diversité des situations au regard des consommations à réguler impose une grande attention aux capacités d’engagement et à l’acceptabilité des évolutions proposées. Le changement climatique génère de fortes réactions émotionnelles. Si l’éco-anxiété pèse aujourd’hui sur le bien-être d’un nombre croissant de Français, et particulièrement chez les jeunes générations, la colère à l’égard de la lenteur des progrès constitue un puissant facteur de passage à l’action. Elle n’est heureusement pas le seul facteur. De nombreuses études soulignent qu’adopter des comportements plus éco-responsables va de pair avec un niveau de bien-être plus élevé. |
| Keywords: | Bien-être, Wellbeing, Climate change, changement climatique, transition écologique |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:cpm:notobe:2209&r= |