nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2022‒12‒05
fourteen papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. Growth, cycles, and residential investment By Marcio Santetti, Michalis Nikiforos, Rudiger von Arnim
  2. "Social dialogue" in practices and contexts By Coralie Perez; Camille Signoretto
  3. The Taylor Rule and its Aftermath: Elements for an Interpretation along Classical-Keynesian lines By Levrero, Enrico Sergio
  4. Guatemala By Fuentes, Alberto José
  5. Menghidupkan Kembali Konsep Hamba Sahaya di Zaman Sekarang dan Penerapan di Indonesia By , Sumayyah; Kurniawan, Rachmad Risqy
  6. Sociological labour market theories: A German perspective on an international debate By Weingärtner, Simon; Köhler, Christoph
  7. A Review of Basic Income for Nature and Climate By Mumbunan, Sonny; Maitri, Ni Made Rahayu
  8. Migrations, inégalités multisituées et économie monde By Laurence Roulleau-Berger
  9. The food euro : method and new results to analyze distribution of value in the French food chain By Philippe Boyer
  10. Keynes, Ramsey and Pragmatism By Gerrard, Bill
  11. FUNGSI DAN PERANAN LEMBAGA KEUANGAN BANK DAN NON BANK By Arief, A. Anggie Zabrina; Wahidah, Intan Nurul; Taha, Muh. Ridwan; khasanah, uswatun
  12. Du social au commun : des conditions favorables au changement de paradigme By Geneviève Fontaine
  13. Proud to Not Own Stocks: How Identity Shapes Financial Decisions By Luca Henkel; Christian Zimpelmann
  14. Inégalités socio-spatiales et imbrications des rapports de pouvoir By Negar Elodie Behzadi; Lucia Direnberger

  1. By: Marcio Santetti, Michalis Nikiforos, Rudiger von Arnim
    Abstract: The empirical literature on neo-Goodwinian models of growth and distribution still lacks an explicit treatment of capital accumulation. Further, and across different theoretical approaches, residential investment is seen as a critical driver of the business cycle. This paper addresses these two issues. First, through four- and five-dimensional Structural Vector Autoregressive (SVAR) models, cyclical trajectories derived from impulse-response functions confirm profit-led demand and profit-squeeze distribution regimes, in accordance with the cyclical stylized facts in the vein of Goodwin (1967). Second, aggregate investment is then split into its residential and nonresidential categories. Results confirm that residential investment leads the cycle, whereas nonresidential investment lags it. Finally, this study argues that residential investment is, in reality, undertaken by corporations—and not households—, and can therefore not be seen as autonomous to the business cycle, demographics, and financial variables.
    Keywords: Cyclical growth; Residential investment; Labor share of income. JEL Classification: E12; E22; E24; E25; E32
    Date: 2022
  2. By: Coralie Perez (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Camille Signoretto (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 - UPCité - Université Paris Cité)
    Abstract: Taking note of the polysemic and controversial nature of the concept "social dialogue", this issue revisits what it covers in practices, according to the contexts (institutional, territorial, economic...) in which it is implemented. This update seems all the more necessary as the institutional and economic environment has changed significantly over the last decade. The articles that constitute this issue have in common that they deal with "social dialogue" mainly in the context of the firm, by questioning the capacities and modalities of action of employee representatives at this level. In doing so, they all show the relevance and the necessity of understanding industrial relations - in the diversity of practices - "in context", i.e. in relation to socio-productive configurations, modes of governance and sectoral specificities.
    Abstract: Prenant acte du caractère polysémique et polémique de l'expression « dialogue social », ce numéro revient sur ce qu'il recouvre en pratiques selon les contextes (institutionnels, territoriaux, économiques…) dans lesquels il se déploie. Cette actualisation semble d'autant plus nécessaire que l'environnement institutionnel et économique a fortement évolué au cours de la dernière décennie. Les articles qui composent ce numéro ont en commun de saisir le « dialogue social » principalement dans le contexte de l'entreprise, en interrogeant les capacités et modalités d'action des représentants du personnel à ce niveau. Ce faisant, ils montrent la pertinence et donc la nécessité à saisir les relations professionnelles – dans la diversité des pratiques – « en contextes », c'est-à-dire en lien avec les configurations socio-productives, les modes de gouvernance et les spécificités sectorielles.
    Keywords: social dialogue,industrial relations,trade unions,employee representatives,collective bargaining,dialogue social,relations professionnelles,syndicats,représentant du personnel,négociations collectives
    Date: 2022–10–26
  3. By: Levrero, Enrico Sergio (Roma Tre University)
    Abstract: The aim of this paper is to assess to what extent the Taylor rule can be considered an appropriate representation of the tendency of central banks to react to price inflation. After an overview of the origin and use of the Taylor rule, the paper stresses some difficulties in its implementation according to the modern theory of central banking and the limits of its interpretation by the New Consensus models. Finally, an alternative interpretation of this rule along Classical-Keynesian lines is advanced. In this context, it has to be interpreted, as it is in actual fact, as a flexible and non-mechanical benchmark for monetary policies which are seen to affect income distribution between wages and profits.
    Keywords: Monetary policy; Taylor rule; Cost-push inflation
    JEL: E11 E12 E52 E58
    Date: 2022–10–31
  4. By: Fuentes, Alberto José
    Date: 2022–10–06
  5. By: , Sumayyah; Kurniawan, Rachmad Risqy
    Abstract: Islam is a religion that regulates all aspects of human life, one aspect that is considered in Islam is the economy, because the economy is very closely related to human life, such as production, consumption, and distribution activities. Without the economy, humans can not run a good life and will ultimately damage the needs and social human beings themselves. Having an economic attitude based on the view of the Qur'an, namely by applying the values of ihsan, Muslims believe that all their property is not absolute, but property is only a deposit from Allah SWT, which at any time will be taken by Him and should be spent in the way of Allah. One of the economic fields in Islam is zakat. Zakat which means to purify, zakat becomes obligatory for some people who have fulfilled the obligatory requirements of zakat. Along with the development of the times, one group of recipients of zakat raises conflicts with the principles of humanity.
    Date: 2022–11–10
  6. By: Weingärtner, Simon; Köhler, Christoph
    Abstract: The defining characteristic of sociological labour market research today is the prevalence of empirical evidence over theory. In order to fill this gap, this contribution collects and compares selected approaches from a variety of social-theoretical traditions (e.g. rational-choice, neo-marxism, economic and sociological institutionalisms, field-theories). As a result, the existing (fragments of) sociological labour market theories are grouped into four distinct streams of thinking with a focus on economic or social operators, on the one hand and agency or structure, on the other. In the light of current developments of social closure and protectionism of nationally embedded employment systems, the authors opt for a political sociology of labour markets based on sociological field theories.
    Keywords: Labour Markets,Inequality,Political Sociology,Economic Sociology,Political Economy
    Date: 2021
  7. By: Mumbunan, Sonny (World Resources Institute (WRI) Indonesia); Maitri, Ni Made Rahayu
    Abstract: A basic income (BI) for outcomes associated with nature protection and climate change is a subject of increasing interest in theory and policy-making. In this paper, we present the first review of BI for nature and climate. We address three BI issues critical to nature and climate in terms of conditionality, decoupling, and financing. First, the conditionality on nature and climate outcomes appears to contradict the defining criterion of unconditionality of a BI, although this contradiction may be resolved in those cases where the expected outcomes are only implicit. Second, the ecological outcome of BI remains elusive about decoupling of emissions and biodiversity loss from economic growth. Third, financing a BI for “nature and climate” from sources that are carbon intensive and degrade the ecosystem may impose limits on ecological and financial sustainability and is critical in enabling a BI to achieve greater ecological benefits. The paper illustrates and provides insights into all three issues considered with selected theoretical and practical global cases of BI.
    Date: 2022–10–24
  8. By: Laurence Roulleau-Berger (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Ce chapitre saisit les relations entre migrations et inégalités sur les marchés du travail et dans la production de transnationalismes économiques. Il montre comment les carrières migratoires participent à produire des classes sociales « partiellement nationalisées » en contexte de compressed modernity, et comment se pose la question du maintien et de la perte de soi pour les migrants.
    Keywords: capabilities,migrants,travail,transnationalisme,compressed modernity
    Date: 2022–07
  9. By: Philippe Boyer (Académie d'Agriculture de France)
    Abstract: The food euro" denotes the method and results of the decomposition of food consumption into values added, imports and taxes, by means of calculations on the input-output tables. The article explains the role of price ratios in the (low) level and (downward) evolution of the share of the agricultural branch in this distribution. The contributions of the various final demands to the formation of the income of the agricultural branch are also measured. The article begins with a presentation of the method and concludes with a discussion about the scope of this approach and its prospects and constraints for improvement.
    Keywords: final food consumption expenditure,value added,input-output matrix,food supply chain,agricultural income
    Date: 2021–12–09
  10. By: Gerrard, Bill
    Abstract: In his recent paper in this journal, Bateman (2021) breaks with the “Standard View” of Ramsey’s influence on Keynes and argues that Ramsey’s pragmatist philosophical thought underpinned both Keynes’s acceptance of Ramsey’s subjective theory of probability, and Keynes’s adoption of a narrative theory of the role of confidence in economic fluctuations in the General Theory. In this paper it is argued that Bateman is right both in emphasizing the influence of Ramsey’s pragmatist philosophy on Keynes’s thought during the development of the General Theory and afterwards, and in arguing that the influence of Ramsey’s pragmatist philosophy partly explains Keynes’s emphasis on the importance of the state of confidence in Chapter 12 of the General Theory. However, it is argued that Ramsey’s pragmatist philosophy had a much greater influence on Keynes than acknowledged by Bateman. Furthermore, contra Bateman, Keynes’s move to a more pragmatist philosophical position does not imply that Keynes’s accepted Ramsey’s subjective theory of (measurable) probability.
    Date: 2022–07–26
  11. By: Arief, A. Anggie Zabrina; Wahidah, Intan Nurul; Taha, Muh. Ridwan; khasanah, uswatun
    Abstract: Islamic financial institutions are divided into two, namely bank financial institutions and non-bank financial institutions. Bank financial institutions are business entities that carry out activities in the financial sector by collecting funds from the public in the form of deposits and channeling them back to the public in the form of financing. Non-bank Financial Institutions (NBFIs/Nonbank Financial Institutions) are business entities that carry out activities in the financial sector that directly or indirectly raise funds by issuing securities and distributing them to the public to finance company investments. The purpose of this paper is to further explain the functions and roles of Islamic banks and non-bank financial institutions. The results obtained that the functions and roles of bank institutions consist of three main functions, namely the main functions of Islamic banks, the functions of Islamic banks that earn profits and social functions. The function of non-bank financial institutions is to provide services as intermediaries between capital owners and the money market who are responsible for channeling funds from investors to companies that need these funds.
    Date: 2022–10–21
  12. By: Geneviève Fontaine (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015-2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur, SCIC T.E.T.R.I.S.)
    Abstract: Du social au commun : des conditions favorables au changement de paradigme Avec les enjeux et urgences auxquelles nous sommes confrontés, à la fois écologiques, sociaux, démocratiques… et les menaces qui en découlent pour le genre humain et pour notre humanité, la question centrale n'est plus uniquement celle du social, celle de la recherche des conditions permettant une émancipation à la fois politique et économique des personnes. La question centrale aujourd'hui est celle du prendre soin de nos interdépendances, des solidarités sociales et écologiques dont nous vivons (Latour B., 2017). Il s'agit de renoncer au droit à la négligence (Stengers I., 2019) qui nous est octroyé par les séparations socialement construites entre l'économie et l'éthique, entre la nature et la culture et entre le sauvage et l'humain civilisé. En ce sens, il s'agit de passer du social au commun en tant que principe politique organisant l'extension de nos sphères de concernement aux altérités humaines et autres qu'humaines. Notre question centrale devient alors celle des conditions nous permettant de penser et d'agir, individuellement et collectivement, une émancipation conjointement politique, économique et écologique (Besançon E., Lamarche T. et al.,2020) mettant en œuvre ce principe politique du commun. La recherche des conditions favorables à cette triple émancipation renvoie à la question posée par le colloque de l'articulation entre l'écologie politique et le droit social. C'est en croisant les analyses institutionnalistes sur les communs, l'approche d'économie politique du développement durable s'appuyant sur les travaux d'Amartya Sen et mon expérience vécue d'une dynamique collective instituante au sein de tiers-lieux dans les Alpes-Maritimes que je tenterai d'apporter un éclairage sur ces questions. Nous commencerons par explorer comment les communs - en tant que dynamiques de construction sur le temps long de modes de gestion durable des solidarités sociales et écologiques - nous invitent à revisiter nos rapports au temps, à l'espace, aux savoirs, aux altérités et aux institutions. Ils peuvent ainsi constituer un paradigme porteur d'un imaginaire et de formes d'organisation des relations entre les membres de la communauté et leur milieu de vie qui peut être mobilisés pour penser et agir les transformations sociétales aujourd'hui nécessaires. Nous montrerons ensuite que ce paradigme des communs basée sur une émancipation écologique permet de tisser une interdépendance avec les émancipations économiques et politiques, et ainsi de concevoir des actions collectives triplement émancipatrices notamment en pensant le sujet non plus comme étant seulement un être de besoin, mais comme étant une personne exerçant une responsabilité agissante. Nous nous appuierons enfin sur nos expériences des tiers-lieux et des communs pour identifier des conditions favorables touchant aux représentations, positionnements et postures des acteurs publics pour que les dynamiques sociales instituantes puissent être réellement triplement émancipatrices.
    Keywords: communs, capabilités, émancipation
    Date: 2022–10–13
  13. By: Luca Henkel (University of Bonn); Christian Zimpelmann (IZA – Institute of Labor Economics)
    Abstract: This paper introduces a key factor influencing households' decision to invest in the stock market: how people view stockholders. Using survey data from the US and the Netherlands, we first document that the overwhelming majority of respondents view stockholders negatively -- they are perceived as greedy, gambler-like, and selfish individuals. We then provide experimental evidence that such perceptions of identity-relevant characteristics causally influence decision-making: if people view stockholders more negatively, they are less likely to choose stock-related investments. Furthermore, by linking survey and administrative data, we show that negative perceptions strongly predict households' stock market participation, more so than leading alternative determinants. Beyond investment decisions, perceptions predict individuals' polarizing behavior towards stockholders, support for taxation and regulation of financial markets, and misreporting in surveys. Our findings provide a novel explanation for the puzzlingly low stock market participation rates around the world, new perspectives on the malleability of financial decision-making, and evidence for the importance of identity in economic decision-making.
    Keywords: identity, perceptions, stock market participation, financial decision-making
    JEL: G41 G51 D14 D83
    Date: 2022–11
  14. By: Negar Elodie Behzadi; Lucia Direnberger (CMH - Centre Maurice Halbwachs - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)
    Abstract: Ce chapitre s'appuie sur les analyses féministes, queer et postcoloniales, renouvelées par les théories de l'intersectionnalité, pour analyser les inégalités socio-spatiales. À partir principalement du contexte postcolonial français, il montre comment les inégalités socio-spatiales structurent le travail et la construction nationale. L'espace est aussi saisi comme un enjeu crucial pour analyser l'agency, i.e. la capacité d'agir, des minoritaires.
    Keywords: imbrications des rapports sociaux,travail,agency,nation,contexte post-colonial
    Date: 2022–07

This nep-hme issue is ©2022 by Carlo D’Ippoliti. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.