nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2023‒01‒02
twenty papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”
  1. Correspondence between Exploitation and Profits in General Neoclassical Production Economies By Yoshihara, Naoki
  2. Political Economy and Moral Philosophy:Some (I hope) useful notes By Giuseppe Travaglini
  3. Understanding Socialism from the Outside and from the Inside: an Interview with Alberto Chilosi By Carnevali, Emilio; Pedersen Ystehede, André
  4. Economics and history: Analyzing serfdom By Sheilagh Ogilvie
  5. Financial integration, productive development and fiscal policy space in developing countries By Alberto Botta; Gabriel Porcile; Danilo Spinola; Giuliano Toshiro Yajima
  6. From one crisis to another: the new interdependencies between the state and global finance. By Rafaël Cos; Sarah Kolopp; Ulrike Lepont; Caroline Vincensini
  7. Institucionalidad cooperativa en América Latina: panorama general By Correa Mautz, Felipe
  8. Transformaciones en la institucionalidad y la política pública del cooperativismo y la economía popular y solidaria en Ecuador By Jácome Estrella, Hugo
  9. The positive resolution of the microeconomic problem of market demand: issues of methodology and verification By Gorbunov, Vladimir
  10. Accountability in Artificial Intelligence By Gil, Olga
  11. A postcolonial and pan-African feminist reading of Zimbabwean women entrepreneurs By Imas, J. Miguel; Garcia-Lorenzo, Lucia
  12. Civil wars and stumbling of patriarchal societies: The reconstruction of gender relations in post-conflict Liberia By Augustine T. Larmin; Daniel K. Banini
  13. Institucionalidades y políticas públicas para el cooperativismo brasileño: estado del arte, perspectivas y desafíos recientes By Pereira Morais, Leandro
  14. Institucionalidad especializada y co-construcción de políticas públicas de fomento cooperativo en Uruguay (2008-2020) By Martí, Juan Pablo
  15. Pasado, presente y futuro para instituciones y políticas públicas para las cooperativas en la Argentina By Schujman, Mario
  16. Management accounting systems in institutional complexity: Hysteresis and boundaries of practices in social housing By Aziza Laguecir; Anja Kern; Cécile Kharoubi
  17. Políticas públicas y desarrollo cooperativo en Chile: trayectoría y desafíos de futuro By Radrigán Rubio, Mario
  18. Panorama asociativo, arquitectura institucional y políticas públicas de fomento cooperativo en México durante las primeras dos décadas del siglo XXI By Rojas Herrera, Juan José
  19. UMA ANÁLISE DE OTIMIZAÇÃO ASG À LUZ DAS PREMISSAS DE FINANÇAS COMPORTAMENTAIS By Borges da Silva, Eduardo; Emanuel M. Oliveira, Vitor
  20. Systems of Innovation in Central and Eastern European countries: Path of Economic Transition and Differences in Institutions By Mariia Shkolnykova; Lasse Steffens; Jan Wedemeier
  1. By: Yoshihara, Naoki
    Abstract: This paper axiomatically characterizes the appropriate definitions of exploitation as unequal exchange of labour (UE exploitation) that satisfy the axiom called Profit-Exploitation Correspondence Principle (PECP) in every equilibrium under a general model of capitalist economies with neoclassical production functions. PECP requires that, whatever the definition of exploitation is, it must follow that for any capitalist economy and any market equilibrium, total profits are positive if and only if any propertyless employee is exploited in terms of this definition, assuming the definition of exploitation is deemed admissible. The main result is that every admissible definition of UE exploitation can verify PECP under the neoclassical production economies whenever it satisfies an axiom called Labor Value Theory of Exploitation (LVE).
    Keywords: Domain Axiom of UE Exploitation, Profit-Exploitation Correspondence Principle, Neoclassical Production Economies
    JEL: D63 D51
    Date: 2022–12
    URL: http://d.repec.org/n?u=RePEc:hit:hituec:739&r=hme
  2. By: Giuseppe Travaglini (Department of Economics, Society & Politics, Università di Urbino Carlo Bo)
    Abstract: Political Economy, as an autonomous discipline, has a relatively recent history. From its origins, it appears to be divided into two fields, the “classical†one based on the labor- value theory, and the “neoclassical†one at the center of which is the utility-value theory. Our aim in this paper is to identify some relevant philosopher strands in economic thought that can help to disentangle the reciprocal relationships between the different economic theories, and to understand their relations with philosophy, and particularly with Moral philosophy. This can make it easier to study political economy, its social and political implications, and the not always simple relationship of the economic theory with social disciplines.
    Keywords: political economy; moral philosophy; welfare economics; social justice
    JEL: B00 B10 B40
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:urb:wpaper:22_04&r=hme
  3. By: Carnevali, Emilio; Pedersen Ystehede, André
    Abstract: Alberto Chilosi belongs to the last generation of scholars who studied the socialist system and have been able to gain first-hand experience of its operation under “real socialism”. His extraordinary testimony features a series of analyses, thoughts, and anecdotes on the workings of this system that have often been overlooked in the literature of comparative economics and in the history of economic thought, but which will undoubtedly represent an indispensable source for historians of the future. This text also offers thought-provoking materials for those who set out to think about a model of society that goes beyond the capitalist economy.
    Keywords: Economic Planning, Comparative Economic Systems, Social Values
    JEL: A13 P21 P51
    Date: 2022–10
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:115461&r=hme
  4. By: Sheilagh Ogilvie
    Abstract: Economics and history are often regarded as antithetical. This paper argues the opposite. It builds its case by showing how economics and history provide complementary approaches to analyzing a fundamental historical institution: serfdom. The paper scrutinizes three questions: how serfdom shaped peasant choices, how it constrained those choices, and how it affected entire societies. By working together, economics and history have generated better answers to these questions than either discipline could have achieved in isolation. Economic and historical approaches, the paper concludes, are not substitutes but complements.
    URL: http://d.repec.org/n?u=RePEc:oxf:esohwp:_200&r=hme
  5. By: Alberto Botta; Gabriel Porcile; Danilo Spinola; Giuliano Toshiro Yajima
    Abstract: This paper offers a simple, tractable post-Keynesian model, which highlights the importance of structural change and productive development in defining the dynamics of the Real Exchange Rate (RER) and foreign debt in a small open developing economy. The argument is that in countries that keep the capital account open and rely on austerity policies to induce a notional surplus in the Balance of Payment, the RER can hardly be used as a tool aimed at smoothing the impacts of changes in international financial markets (as argued in the classical macroeconomic trilemma). In our model, capital flows and fluctuations in the RER endogenously feed back into each other and give rise to cyclical macroeconomic volatility. Fiscal austerity supposedly taming external imbalances exacerbates such instability. More diversified productive structures and stronger non-price competitiveness open more space for expansionary fiscal policies, make the economy more resilient to finance-led macroeconomic cycles, and make external debt more sustainable. Capital controls together with stronger price sensitivity of net exports can further stabilize the economy. The paper carries important policy implications, in particular for the combination of industrial and macroprudential policies in peripheral economies, whose pattern of specialization is highly dependent on a few, low-tech commodities. The adoption of industrial policies to foster non-price competitiveness and diversification is critical to sustain macroeconomic stability, both in the short and the long run.
    Keywords: Structural Change; Capital Inflows; Macroprudential Policies
    JEL: F32 F38 O30
    Date: 2022–12
    URL: http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2228&r=hme
  6. By: Rafaël Cos (UB - Université de Bordeaux); Sarah Kolopp (CESSP - Centre européen de sociologie et de science politique - UP1 - Université Paris 1 Panthéon-Sorbonne - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique); Ulrike Lepont (CEE - Centre d'études européennes et de politique comparée (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Caroline Vincensini (IDHES - Institutions et Dynamiques Historiques de l'Économie et de la Société - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - UEVE - Université d'Évry-Val-d'Essonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay)
    Abstract: More than ten years after the crisis of 2008, the role of finance questions: how is it now at the center of public policies when, only a short time ago, it was accused of being the cause of the most serious economic crisis since the 1929 crash? How did finance go from being a "problem" to be solved to being a solution to govern crises? How has the relationship between governments and finance shifted since 2008? And to what extent do they contribute to the recomposition of political and social orders? In this interview, we present three perspectives on this new age of financialization - from heterodox political economy (Daniela Gabor), to neo-institutionalist sociology (Wolfgang Streeck) and to critical sociology (Frédéric Lebaron). Daniela Gabor proposes the notion of "derisking state" to think about the new techniques by which the state has opened up new areas of the society to finance since 2008, transforming these areas into asset classes and reducing the risk for investors. Wolfgang Streeck insists on the transformations of the consolidation state, in which markets function as a tool for disciplining public spending, while their stability depends on state debt. Finally, Frédéric Lebaron shows that these new interdependencies between states and private investors cannot be understood without analyzing the specific dynamics through which central banks establish themselves within the fields of power. In doing so, we offer a range of tools to interpret the political and social transformations that are taking place today in the rearrangement between states, central banks and finance.
    Abstract: Un peu plus de dix ans après la crise de 2008, cette place de la finance interroge : comment cette dernière se retrouve-t-elle aujourd'hui au cœur des dispositifs d'action publique quand, il y a encore si peu de temps, elle était mise au banc des accusés pour avoir été à l'origine de la plus grave crise économique observée depuis le krach de 1929 ? Comment la finance est-elle passée du statut de « problème » à résoudre à celui de solution pour gouverner les crises ? Dès lors, comment les rapports entre les États et la finance se sont-ils déplacés depuis 2008 ? Et dans quelle mesure contribuent-ils à recomposer les ordres politiques et sociaux ? Dans cet entretien croisé, nous présentons trois éclairages sur ce nouvel âge de la financiarisation – celui de l'économie politique hétérodoxe (Daniela Gabor), celui de la sociologie néo-institutionnaliste (Wolfgang Streeck) et celui de la sociologie critique (Frédéric Lebaron). Daniela Gabor propose la notion de « derisking state » pour penser les techniques inédites par lesquelles l'État ouvre, depuis 2008, de nouveaux espaces de la vie sociale à la finance, en transformant ces espaces en classes d'actifs, et en réduisant le risque pour les investisseurs. Wolfgang Streeck insiste sur les transformations du consolidation state, dans lequel les marchés fonctionnent comme un outil de disciplinarisation de la dépense publique, tandis que leur stabilité dépend elle-même de la dette des États. Enfin, Frédéric Lebaron montre que ces nouvelles interdépendances entre États et investisseurs privés ne peuvent se comprendre sans analyser la dynamique singulière par laquelle les banques centrales s'affirment au sein des champs du pouvoir. Ce faisant, nous offrons une palette d'outils pour déchiffrer les transformations politiques et sociales qui se jouent aujourd'hui dans les réassemblages entre les États, les banques centrales et la finance.
    Keywords: Finance,Economic policies,2008 crisis,derisking state,consolidation state,politiques économiques,crise de 2008
    Date: 2022–01–17
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03829540&r=hme
  7. By: Correa Mautz, Felipe
    Keywords: COOPERATIVAS, COOPERACION INTERNACIONAL, INTEGRACION ECONOMICA, INSTITUCIONES PUBLICAS, COOPERACION ENTRE ORGANIZACIONES, COOPERATIVES, INTERNATIONAL COOPERATION, ECONOMIC INTEGRATION, PUBLIC INSTITUTIONS, COOPERATION BETWEEN ORGANIZATIONS
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48210&r=hme
  8. By: Jácome Estrella, Hugo
    Keywords: SOLIDARIDAD, COOPERACION ENTRE ORGANISMOS, INSTITUCIONES PUBLICAS, COOPERATIVAS, POLITICA DE DESARROLLO, SOLIDARITY, INTER-AGENCY COOPERATION, PUBLIC INSTITUTIONS, COOPERATIVES, DEVELOPMENT POLICY
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48224&r=hme
  9. By: Gorbunov, Vladimir
    Abstract: The problem of consumer demand in modern (micro)economic theory is that this theory contains a normative theory of individual demand, but does not contain a positive theory of market demand – an object of real interest for economists-practitioners and governments. This failure has led to failures in equilibrium theory and applied demand analysis. The article presents a methodological analysis of this demand problem, created within the framework of general scientific methodology and with rejection of the individual demand theory. The studying object of this theory, is a fuzzy set of market buyers regarded as a holistic object and called the ‘statistical ensemble of consumers.’ This theory formally retains the individual demand theory, but it is a positive theory verifiable by trade statistics. The verification method of the theory is a development of the Afriat-Varian non-parametric one with the simultaneous calculation of economic indexes reflecting the population preferences.
    Keywords: Market demand problem, methodological analysis, statistical ensemble of consumers, verification, Konüs indexes
    JEL: B59 C43 C51 D11
    Date: 2022–11–30
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:115514&r=hme
  10. By: Gil, Olga
    Abstract: This work stresses the importance of AI accountability to citizens and explores how a fourth independent government branch/institutions could be endowed to ensure that algorithms in today´s democracies convene to the principles of Constitutions. The purpose of this fourth branch of government in modern democracies could be to enshrine accountability of artificial intelligence development, including software-enabled technologies, and the implementation of policies based on big data within a wider democratic regime context. The work draws on Philosophy of Science, Political Theory (Ethics and Ideas), as well as concepts derived from the study of democracy (responsibility and accountability) to make a theoretical analysis of what artificial intelligence (AI) means for the governance of society and what are the limitations of such type of AI governance. The discussion shows that human ideas, as cement of societies, make it problematic to enshrine governance of artificial intelligence into the world of devices. In ethical grounds, the work stresses an existing trade off between greater and faster advancement of technology, or innovation on the one hand, and human well being on the oher, where the later is not automatically guaranteed by default. This trade off is yet unresolved. The work contends that features of AI offer an opportunity to revise government priorities from a multilevel perspective, from the local to the upper levels.
    Date: 2022–09–07
    URL: http://d.repec.org/n?u=RePEc:osf:socarx:wckuf&r=hme
  11. By: Imas, J. Miguel; Garcia-Lorenzo, Lucia
    Abstract: This paper challenges the Eurocentric entrepreneurship narrative from postcolonial and pan-African feminist perspectives. Based on interview research conducted with 24 Zimbabwean women entrepreneurs, we narrate their microstorias in order to expose the legacy of entrepreneurial colonialism and patriarchy in Africa. The microstorias reveal the colonial past as well as the patriarchal norms that disenfranchise women entrepreneurs in Zimbabwe. Yet, they also reveal their struggle, resilience, resistance and their ongoing fight to construct their own identities as entrepreneurs. The paper contributes to enhance and advance further postcolonial, decolonial and critical voices in entrepreneurship and organization studies by challenging the prevailing western discourse of entrepreneurship from the introduction of necroentrepreneurism; giving support to intersectional postcolonial and Pan-African feminist perspectives that voice global South women entrepreneurship and, by decolonizing and decentring the theoretical debates on entrepreneurship and organization.
    Keywords: Africa; colonialism; decolonialism; entrepreneurship; hustler; microstorias; necroentrepreneurship; pan-African feminism; postcolonialism; Zimbabwe
    JEL: R14 J01
    Date: 2022–11–09
    URL: http://d.repec.org/n?u=RePEc:ehl:lserod:117418&r=hme
  12. By: Augustine T. Larmin; Daniel K. Banini
    Abstract: This research project traces how women's participation in the Liberian civil wars, as combatants and peace agents, reconstructs gender relations in the post-civil war context. The current literature examines the role of women in the governance of rebel groups, emphasizing how women operate within the command structure. While there is a growing trend in assessing the role of women in organized armed groups, there are few accounts of how their participation in the conflict may undermine patriarchal norms that have long supported males' domination of women.
    Keywords: Liberia, Civil conflict, Women, Gender, Gender norms
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2022-145&r=hme
  13. By: Pereira Morais, Leandro
    Keywords: COOPERACION ENTRE ORGANISMOS, COOPERATIVAS, INSTITUCIONES PUBLICAS, DISTRIBUCION DEL INGRESO, POBREZA, POLITICA DE DESARROLLO, INTER-AGENCY COOPERATION, COOPERATIVES, PUBLIC INSTITUTIONS, INCOME DISTRIBUTION, POVERTY, DEVELOPMENT POLICY
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48215&r=hme
  14. By: Martí, Juan Pablo
    Keywords: COOPERACION ENTRE ORGANISMOS, INSTITUCIONES PUBLICAS, COOPERATIVAS, POLITICA DE DESARROLLO, INTER-AGENCY COOPERATION, PUBLIC INSTITUTIONS, COOPERATIVES, DEVELOPMENT POLICY
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48227&r=hme
  15. By: Schujman, Mario
    Keywords: EMPLEO, MINISTERIOS, COOPERACION ENTRE ORGANISMOS, COOPERATIVAS, INSTITUCIONES PUBLICAS, PRODUCTIVIDAD, DESARROLLO SOCIAL, EMPLOYMENT, GOVERNMENT DEPARTMENTS, PUBLIC INSTITUTIONS, INTER-AGENCY COOPERATION, COOPERATIVES, PRODUCTIVITY, SOCIAL DEVELOPMENT
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48212&r=hme
  16. By: Aziza Laguecir (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique); Anja Kern; Cécile Kharoubi
    Abstract: This paper examines how organizational actors use Management Accounting Systems (MAS) in a public social housing organization in a context marked by institutional pressures for both social and financial accountability. More specifically, we use practice theory to examine the articulation of practical intelligibility, i.e. how actors make sense of competing institutional pressures in their day-to-day practices while being informed by less financially loaded MAS. Our findings underline that, despite increased institutional pressures on social aspects, actors' compromises reveal the predominance of financial concerns. We show that this might be due to, not only the current institutional pressures or the MAS, but also to the hysteresis of a structuring element of practice: the financially oriented teleo-affective structures imposed by previous NPM reforms. This study also describes the role of ABC/M and practice boundaries in the articulation of practical intelligibility for conflicting institutional pressures and in the way actors compromise.
    Keywords: Management accounting systems,NPM,Institutional complexity,Social and financial accountability,Practice theory,Social housing,Hysteresis,Practice boundaries
    Date: 2020–12
    URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-03134361&r=hme
  17. By: Radrigán Rubio, Mario
    Keywords: MINISTERIOS, INSTITUCIONES PUBLICAS, COOPERACION ENTRE ORGANISMOS, COOPERATIVAS, POLITICA DE DESARROLLO, GOVERNMENT DEPARTMENTS, PUBLIC INSTITUTIONS, INTER-AGENCY COOPERATION, COOPERATIVES, DEVELOPMENT POLICY
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48217&r=hme
  18. By: Rojas Herrera, Juan José
    Keywords: COOPERACION ENTRE ORGANISMOS, INSTITUCIONES PUBLICAS, COOPERATIVAS, POLITICA DE DESARROLLO, MACROECONOMIA, INTER-AGENCY COOPERATION, PUBLIC INSTITUTIONS, COOPERATIVES, DEVELOPMENT POLICY, MACROECONOMICS
    Date: 2022
    URL: http://d.repec.org/n?u=RePEc:ecr:col022:48226&r=hme
  19. By: Borges da Silva, Eduardo; Emanuel M. Oliveira, Vitor
    Abstract: The significant growth in discussions on the relationship between finance and sustainability has as its central point the wondering whether it is possible to have synergy between the generation of alpha in the return and profitability of an asset that has a sustainable identity and composition. In this context, this paper looks forward to analyze the theme of sustainability, represented by the ESG assumptions - Environmental, Social and Governance, under the theoretical bias of behavioral finance. Just as the heuristics and the Prospect Theory represented a counterpoint to the premise of strict rationality of economic agents, provided for by the Modern Theory of Finance, the ESG, based on this new perspective for decision-making, seeks to assert that it is possible to generate value with adoption and filters of sustainable assumptions. The emphasis of the work is to verify, through optimization at the Markowitz Efficient Frontier, whether a sustainable portfolio, represented by the Índice de Sustentabilidade Empresarial - ISE, can present a better risk-adjusted return performance, compared to the benchmark of the market portfolio, represented by the Índice Ibovespa – IBOV.
    Keywords: ESG; Behavioral Finance; Portfolio Management
    JEL: G00 G02 G21 G3 G30
    Date: 2022–11–15
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:115510&r=hme
  20. By: Mariia Shkolnykova; Lasse Steffens; Jan Wedemeier
    Abstract: Against the background of the current political developments in Central and Eastern European (CEE) countries, like Ukraine, Poland, and Romania, the question arises what role the transformation of the economy and the resulting innovation linkages have played in these countries. This paper addresses this issue by exploring the impact of economic and institutional dimensions on the development of CEE countries, thereby explicitly distinguishing between European Union (EU) members and non-members. First of all, the performance development of the Gross Domestic Product (GDP) of the CEE countries and Western European countries is observed. In a further analysis step, the development of EU members is compared with that of CEE countries that are non-members of the EU. This paper estimates the impact of such factors as innovation, institutions, and political practices on the economic development of 37 European countries for the period from 2000 until 2020 by using a panel regression. The results of the analysis show that institutions matter, especially for non-EU-member CEE countries. Stable institutions—such as freedom of the press, freedom of expression, but also high levels of the Human Development Index—help countries to achieve a higher income development over time. The role of the innovative ability of countries is also decisive for a positive development.
    Keywords: Central and Eastern European Countries, Economic growth, Innovation, Institution, GDP
    JEL: O40 O47 R11
    Date: 2022–11
    URL: http://d.repec.org/n?u=RePEc:atv:wpaper:2209&r=hme
This nep-hme issue is ©2023 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 http://nep.repec.org. For comments please write to the director of NEP, Marco Novarese at <director@nep.repec.org>. 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.
This page is being maintained by Thomas Krichel. It was last updated on 2023‒07‒08 at 12:04.