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on Heterodox Microeconomics |
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Issue of 2022‒08‒29
eighteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Alves, C.; Guizzo, D. |
| Abstract: | This article investigates Barbara Wootton’s contribution to the creation of the welfare state in Britain through her interpretation and adaptation of economic theory to support social policy. It revisits Wootton’s Lament for Economics (1938) and explores unpublished archives showing her considerable engagement in public discussions on government spending, employment, poverty alleviation and her interaction with William Beveridge’s epoch defining welfare plan for Britain. We claim that her critique of economic theory for being an abstract science confined to equilibrium states, combined with her acute observation of social reality, allowed Wootton to cut free from established modes of economic thought. This laid the foundation for pioneering insights justifying an interventionist welfare state based on real-world issues and concepts of social justice, rather than self-interest and market failure principles. |
| Keywords: | Economic Methodology, Market Failure, Neoclassical Economics, Social Policy, Welfare State |
| JEL: | B22 B31 B41 |
| Date: | 2022–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:2246&r= |
| By: | Franck Bailly (LASTA - Laboratoire d'Analyse des Sociétés, Transformations et Adaptations - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université) |
| Abstract: | Under the impetus of Edward Lazear, personnel economics has established itself as a particularly dynamic area of mainstream labour economics. It aspires to provide the best solutions to the practical problems that human resource managers encounter. The following paper aims to do the following: summarize the criticisms of personnel economics made from the perspective of heterodox economics, add a new criticism, and show how these criticisms, taken together, lead us to conclude that modes of labour management are legitimate subjects of debate, contrary to Lazear's beliefs. |
| Keywords: | Labour economics,personnel economics,heterodox economics,imperialism,discussion of HRM decisions |
| Date: | 2022–06–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03711945&r= |
| By: | Serrano, Franklin; Summa, Ricardo de Figueiredo |
| Abstract: | The aim of this paper is to discuss the main causes of the interruption of the process of socially inclusive growth that occurred in the Brazilian economy from the mid-2000s, which we will call the Brazilian economy's "Brief Golden Age". Our analysis is based on two central hypotheses. The first is that, for a number of structural reasons, this process generated an "undesired revolution" in the Brazilian labor market, which strengthened workers' bargaining power and generated a tendency of real wages growing more than productivity. The second is that the interruption of this process of socially inclusive growth from 2015 onwards occurred as an effect of this intensification of the distributive conflict, indirectly, by the political pressure exerted by the capitalist class (and its allies) on the government to change the economic policy stance and create conditions for the resolution of the distributive conflict in favor of capital, and not for economic or political effects acting directly on private investment. |
| Keywords: | distributive conflict,induced investment,political economy,Brazilian economy |
| JEL: | B51 D30 E11 P16 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:1862022&r= |
| By: | Wolfgang Bretschneider; Andreas Freytag; Johannes P. Rieckmann; Tim H. Stuchtey |
| Abstract: | The issue of internal security has become increasingly complex over the past decades. As there is an increasing overlap between private and public provision of security, the question of how to allocate responsibility for security between the public sphere (state) and the private sphere has become important. The literature suggests that this question cannot be answered based on a simple private vs. public binarity. Concepts that can provide both clarity and sufficient complexity are much needed. This article offers an institutional economics concept based on the difference between provision and production, and discusses selection criteria for public vs. private provision, and production of protection services at three different stages: punishment as deterrence; patrol services; and self-defence. What stands out is that a unique characteristic of the economic good ‘protection service’ is of particular relevance for the level of provision as well as of production: the potential repressivity. |
| Keywords: | protection, privatisation of security, homeland security, civil security, economics of security, public good, publicly provided good, security industry |
| JEL: | H41 H42 K42 L33 L51 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9849&r= |
| By: | Fabien Tarrit (REGARDS - Recherches en Économie Gestion AgroRessources Durabilité Santé- EA 6292 - URCA - Université de Reims Champagne-Ardenne - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne) |
| Abstract: | Loin d'être un phénomène isolé, l'ouvrage de Frédéric Lordon, s'inscrit dans un vaste mouvement de réémergence de la discussion sur la communisme entamé voici au moins une dizaine d'années 1. À cet égard, et pour être précis, ce texte se présente moins comme une contribution à l'analyse scientifique que comme une intervention politique. C'est bel et bien une tentative de réhabilitation du communisme comme projet de société à laquelle nous invite Frédéric Lordon dans ce livre. Si paradoxalement la figure de Karl Marx apparaît peu dans ce livre, son ombre, si ce n'est son spectre, semble imprégner toutes les pages, et c'est précisément en référence implicite au co-auteur du Manifeste du Parti communiste-« [l]es rapports de production bourgeois sont la dernière forme antagonique du procès de production social […] Avec cette formation sociale [capitaliste] s'achève […] la préhistoire de la société humaine » (Contribution à la critique de l'économie politique, Éditions sociales, 1859 [1957] : 5)-que Frédéric Lordon invite l'humanité à « fermer la longue parenthèse de la préhistoire […] du développement matériel » (7), et à cesser d'envisager l'accumulation monétaire comme son unique horizon. L'objectif est non seulement d'en finir avec le capitalisme, mais surtout d'ouvrir la voie au communisme. C'est ainsi qu'après avoir présenté ses propositions en proposant une lecture de la logique de son argumentaire et en mettant sur ce qui nous semble constituer ses principaux apports, nous attirons l'attention du lecteur sur un certain nombre de limites de son livre, qui tiennent globalement à une insuffisance de perspective, l'objectif de ce dernier point étant de prêter à discussion et à de futures élaboration, comme y invite l'auteur en fin d'ouvrage en assurant que « la finalité implicite [est d'] entamer le débat [dont] les conditions de productivité […] supposent une base d'accord sur l'essentiel, une marge suffisante de désaccord pour avoir matière à discuter utilement, de l'estime réciproque aussi » (256). |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03698334&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:journl:halshs-03633911&r= |
| By: | Yamina Tadjeddine |
| Abstract: | La théorie de la régulation nous donne un cadre pour caractériser l’organisation bancaire banques à l’interface de quatre systèmes appelés de formes institutionnelles (Boyer, 2015) : la forme de concurrence, la forme de l’Etat, la forme monétaire et le régime monétaire international. Elle identifie plusieurs régimes d’accumulation sur lesquels nous nous appuierons : concurrentiel du XIXème siècle ; fordiste 1930 – 1980 ; financiarisé 1990 – 2020. A travers cette grille théorique, l’article propose de suivre les transformations de l’organisation bancaire du XIXème siècle à aujourd’hui. |
| Keywords: | Institution, Ecole de la régulation, Banque, Capitalisme. |
| JEL: | B52 G21 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2022-17&r= |
| By: | SBARDELLA Angelica; BARBIERI Nicolò; CONSOLI Davide; NAPOLITANO Lorenzo (European Commission - JRC); PERRUCHAS François; PUGLIESE Emanuele (European Commission - JRC) |
| Abstract: | The brief provides an overview of green technological development across European regions employing the Economic Fitness Complexity approach to establish a green technology space. The study explores the associations between comparative advantage in specific technological domains and a region’s capacity to develop green technologies, i.e. its Green Fitness. Furthermore, it addresses the interaction between the green and non-green knowledge bases, with a particular focus on whether regional know-how in the non-green technological realm can be exploited in the green domain and vice versa. To this aim, a metric of regional Green Potential is proposed. The analysis suggests that regions specialised in green domains, irrespective of their complexity, have a higher propensity to develop technologies connected with green technologies. Green technologies are linked mostly to technologies related to the production or transformation of materials; with engines and pumps; and with construction methods. The regions with the highest Green Potential are not necessarily those with the highest Green Fitness. The results suggest that there is a potential for green and non-green technological advances to generate positive spillovers in terms of capabilities to produce innovations across the spectrum of technological complexity. |
| Keywords: | Green Deal, Economic Complexity, Green Capabilities, Regional Green Potential |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124696&r= |
| By: | Peng, Yifan; Gundersen, Craig G. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Health Economics and Policy, Agricultural and Food Policy |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea22:322074&r= |
| By: | Claude Gamel (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | On deliberation in the public debate, Rawls' approach known as "justice as fairness" has been much more commented that the "difference principle" emerged from there as a major result: even though based on an equal initial position, "justice as fairness" paradoxically justifies an essential benchmark in the debate on inequalities. Indeed, the difference principle compresses many issues: distinguishing between naturel and social matters which both contribute to inequalities, defining a level of permitted inequalities we should have to tolerate not as just but effective ones, preserving market incentives in so far they contribute to value creation, which has later to be redistributed. The paper explores all these questions, that concern the philosophical-economic rationality of the principle and its political-societal applicability as well. In conclusion, its contribution to the debate on inequalities, which is beyond all doubt, seems rather economic than philosophical and is based on a liberal presupposition, which is rarely identified and recognised. |
| Abstract: | Sur la délibération dans le débat public, la démarche de Rawls, dite de la « justice comme équité », a été beaucoup plus amplement commentée que le « principe de différence » qui en est pourtant un résultat majeur : bien que fondée sur une position initiale d'égalité, la «justice comme équité» justifie non sans paradoxe un repère essentiel dans le débat sur les inégalités. Le principe de différence condense en effet nombre de questionnements : distinction entre le naturel et le social dans l'origine des inégalités, définition d'un niveau d'inégalités acceptables qu'il serait non pas juste mais efficace de tolérer, préservation du rôle des incitations économiques à l'origine de la création de valeur, qu'il convient ensuite de redistribuer. Autant de questions, explorées dans le présent texte, qui concernent tant la rationalité philosophico-économique du principe que son applicabilité politique et sociétale. En conclusion, son apport indubitable dans le débat sur les inégalités semble moins philosophique qu'économique et repose sur un présupposé libéral rarement repéré et admis. |
| Keywords: | public debate,inequalities,difference principle,philosophy and economics,societal and political complexity,débat public,inégalités,principe de différence,philosophie et économie,complexité politique et sociétale |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-02962781&r= |
| By: | Jireh Nlomba Bungudi (UPC - Université protestante au Congo) |
| Abstract: | This working paper proposes to examine the questions of poverty in the specific contexte of the DRC and in this dynamic, 2 techniques allowing the dissection of the poverty in its multiple dimensions have been used : The Alkir&Foster techniques and that of fuzzy sets, in order to determine the characteristics of poor households, the causes and the scope (incidence, intensity and depth) of that poverty. The author has looked at the singularity of the DRC by proposing an archetype of indicators that is able to build a poverty index that best embodies the particularity of this region. It also brings in the notion of inequalities in order to broaden the sphere of réflexion around this phenomenon. |
| Abstract: | B.P 4745 KIN 2, Université Protestante au Congo, Faculté d'administration des affaires et sciences économiques République Démocratique du Congo. RESUME Ce papier entend examiner la question de la pauvreté dans le contexte spécifique de la RDC et dans cette dynamique, 2 techniques permettant la dissection de la pauvreté dans ses multiples dimensions ont été mis à contribution : La technique Alkire&Foster et celle des ensembles flous, de manière à déterminer les caractéristiques des ménages pauvres, les causes et l'envergure (Incidence, intensité, profondeur) de cette pauvreté. L'auteur s'est penché sur la singularité de la RDC en proposant un archétype d'indicateurs qui soit à même de construire un indice de pauvreté incarnant le mieux la particularité dans cette contrée. Il fait également intervenir la notion des inégalités afin d'élargir la sphère de réflexion autour de ce phénomène. |
| Keywords: | Inequalities,Fuzzy Sets Theory,Alkir&Foster Index. Classification JEL : C14,Multidimensional poverty,Pauvreté Multidimensionnelle,Inégalités,Théorie des Ensembles Flous,Indice Alkir&Foster Multidimensional poverty |
| Date: | 2022–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03726821&r= |
| By: | Lopez, Rigoberto A.; Dong, Xiao; Estruel, Luis Seoane |
| Keywords: | Productivity Analysis, Production Economics, Marketing |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea22:322097&r= |
| By: | Jeong, Hyunju; Suh, Dong Hee |
| Keywords: | Environmental Economics and Policy, Productivity Analysis, International Relations/Trade |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea22:322122&r= |
| By: | Adrián Carro (Banco de España and University of Oxford); Marc Hinterschweiger (Bank of England); Arzu Uluc (Bank of England); J. Doyne Farmer (University of Oxford and Santa Fe Institute (New Mexico)) |
| Abstract: | We develop an agent-based model of the UK housing market to study the impact of macroprudential policy experiments on key housing market indicators. The heterogeneous nature of this model enables us to assess the effects of such experiments on the housing, rental and mortgage markets not only in the aggregate, but also at the level of individual households and sub-segments, such as first-time buyers, homeowners, buy-to-let investors, and renters. This approach can therefore offer a broad picture of the disaggregated effects of financial stability policies. The model is calibrated using a large selection of micro-data, including data from a leading UK real estate online search engine as well as loan-level regulatory data. With a series of comparative statics exercises, we investigate the impact of: i) a hard loan-to-value limit, and ii) a soft loan-to-income limit, allowing for a limited share of unconstrained new mortgages. We find that, first, these experiments tend to mitigate the house price cycle by reducing credit availability and therefore leverage. Second, an experiment targeting a specific risk measure may also affect other risk metrics, thus necessitating a careful calibration of the policy to achieve a given reduction in risk. Third, experiments targeting the owner-occupier housing market can spill over to the rental sector, as a compositional shift in home ownership from owner-occupiers to buy-to-let investors affects both the supply of and demand for rental properties. |
| Keywords: | agent-based modelling, housing market, rental market, macroprudential policy, borrower-based measures |
| JEL: | D1 D31 E58 G51 R21 R31 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:bde:wpaper:2217&r= |
| By: | Davies, Clem; Franke, Marcel; Kuang, Lida; Neumärker, Karl Justus Bernhard |
| Abstract: | Homann's method is a sophisticated theoretical model. As a result, it contains a normative foundation upon which Homann bases his endeavor, as well as numerous conclusions following his positive analysis. We propose extensions to both the normative and positive aspects of Homann's theory in this article. On a normative basis, we recommend taking into account our approach of New Ordoliberalism. In addition to the prisoner's dilemma, we consider the moral dilemma of the hawk-dove game on a positive footing. Additionally, we also present an experimental design. |
| Keywords: | constitutional economics,game theory,New Ordoliberalism,social contract experiment,strategy-proofness,renegotiation-proofness,Ordnungsökonomie,Spieltheorie,Neuer Ordoliberalismus,Sozialvertragsexperiment,Manipulationssicherheit,Nachverhandlungsstabilität |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cenwps:012022&r= |
| By: | Bichler, Shimshon; Nitzan, Jonathan |
| Abstract: | The big picture is unambiguous: humanity is undermining the planetary ecosystem, and the deterioration continues unhindered. According to the 2019 Global Assessment Report on Biodiversity and Ecosystem Services, since 1970, the capacity of nature to sustain contributions to good quality of life trends downward in 14 out of 18 different categories being analysed, with many species dwindling or becoming extinct. And if this isn’t enough, the burning of fossil fuels is believed to alter the climate, most likely for the worse. At stake, then, is the survival of planetary life as we know it, humanity included. And in this dire context, it is worthwhile reading Roman Gary’s great 1956 novel, The Roots of Heaven (translated into English in 1958). This Goncourt Prize book is one of the first ‘ecological novels’. It tells the story of a Frenchmen, Morel, a former concentration-camp prisoner and decorated war hero on a mission to save the hunted elephants of Africa. It is a complex, intellectually gripping story, weaving key issues of the time – from postwar global politics and the nuclear arms race to the clash of colonialism and liberation movements to culture, religion and philosophy – and its broad sweep is narrated with the sensitivity, irony and occasional wishful thinking of a great humanitarian. And it is the book’s emphasis on humanity that makes it so important. |
| Keywords: | ecology,humanity,literature |
| JEL: | P16 Q57 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:262111&r= |
| By: | Vassilis Polimenis |
| Abstract: | The Regression Tree (RT) sorts the samples using a specific feature and finds the split point that produces the maximum variance reduction from a node to its children. Our key observation is that the best factor to use (in terms of MSE drop) is always the target itself, as this most clearly separates the target. Thus using the target as the splitting factor provides an upper bound on MSE drop (or lower bound on the residual children MSE). Based on this observation, we define the k-bit lepto-variance ${\lambda}k^2$ of a target variable (or equivalently the lepto-variance at a specific depth k) as the variance that cannot be removed by any regression tree of a depth equal to k. As the upper bound performance for any feature, we believe ${\lambda}k^2$ to be an interesting statistical concept related to the underlying structure of the sample as it quantifies the resolving power of the RT for the sample. The max variance that may be explained using RTs of depth up to k is called the sample k-bit macro-variance. At any depth, total sample variance is thus decomposed into lepto-variance ${\lambda}^2$ and macro-variance ${\mu}^2$. We demonstrate the concept, by performing 1- and 2-bit RT based lepto-structure analysis for daily IBM stock returns. |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2207.04867&r= |
| By: | De Palma Francesco; Ligonnière Samuel; Saadaoui Jamel; Thommen Yann |
| Abstract: | We investigate the role of collective wage bargaining institutions on the relationship between wage growth and unemployment, that is, the wage Phillips curve. Based on a labour market model with frictions and collective bargaining, we hypothesize that when the economy deteriorates, wages fall less in parts of the economy covered by collective wage agreements negotiated by trade unions at a centralized level than in economies with bargaining fully decentralized within companies. We move from theory to empirical analysis using regional NUTS-2 data from European countries, which show evidence that the wage Phillips curve flattens when unemployment is high—and gets steeper when the labor market is overheated —, in economies where the sectoral or cross-sectoral levels play a role in the collective wage bargaining. We also find that from a level of centralization intermediate between the company and the sector levels, the wage Phillips curve is twice as flat. |
| Keywords: | Phillips curve, Unemployment, Inflation, Wages, Collective bargaining. |
| JEL: | E24 E31 E32 J50 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2022-21&r= |