|
on Heterodox Microeconomics |
|
Issue of 2023‒02‒20
nineteen papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Luca Eduardo Fierro; Federico Giri; Alberto Russo |
| Abstract: | We study how income inequality affects monetary policy through the inequality-household debt channel. We design a minimal macro Agent-Based model that replicates several stylized facts, including two novel ones: falling aggregate saving rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a leaning against-the-wind strategy can preserve financial stability at the cost of high unemployment, whereas an accommodative strategy, i.e. lowering the policy rate, can dampen the fall of aggregate demand at the cost of larger leverage. We conclude that inequality may constrain the central bank, even when it is not explicitly targeted. |
| Keywords: | Inequality; Financial Fragility; Monetary Policy; Agent-Based Model. |
| Date: | 2023–01–25 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2023/05&r=hme |
| By: | Owkwal, Ayowle |
| Abstract: | Specificities of the Governance Mechanisms of Social Organizations and Their Contribution to Value Creation: Case of Moroccan Cooperatives |
| Date: | 2023–01–09 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:d6erm&r=hme |
| By: | Alexandre Chirat; Basile Clerc |
| Abstract: | This article proposes a historical and analytical reconstruction of a debate that never happened between John Kenneth Galbraith and Abba Lerner over the issue of price controls. While they adopted a similar analysis of underemployment inflation, shared by many post Keynesians, Lerner and Galbraith remained fundamentally opposed as to the effectiveness of price controls. Indeed, while both agreed on the relevance of price controls in the specific context of World War II, they disagreed over including price controls within the conventional framework of economic policies, as illustrated by their respective stances in the debate surrounding the stagflation of the 1970s. Throughout the paper, we provide the rationales behind their divergence on price controls by investigating its theoretical, epistemological, and normative roots. Finally, we put into perspective the contemporary debates about price control in the context of resurgent inflationary pressures with some salient points drawn from our reconstruction of the debate that opposed these two pioneering post Keynesians economists. |
| Keywords: | Price control - Wage control - Inflation - Unemployment - Stagflation |
| JEL: | B22 B31 E12 E64 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2023-4&r=hme |
| By: | Clara Brenck (Department of Economics, New School for Social Research, USA); Duncan Foley (Department of Economics, New School for Social Research, USA) |
| Abstract: | In this paper we discuss possible explanations for persistent global inequalities from a political economy perspective. Different from what Smith and Marx assume in the long period method – that both capital and labor are fully mobile – we assume that labor is not mobile across regions. The lack of labor mobility is an important abstract problem to theorize about capitalist development in a globalized context. Including such assumption in the dual problem of consumption-growth and wage-profit rate, the model sheds light on some channels in which uneven development and specialization may occur: different wages and equalized profit rates can be achieved by different labor qualities or different access to technologies. If labor qualities are different, wage differences would represent only the difference in labor productivity and effective wages would be equalized, without any specialization. If technologies are different, on the other hand, specialization may occur, and trade is thus established. The lack of technological mobility can occur due to increasing returns to scale, product differentiation and different socioeconomic characteristics of countries. |
| Keywords: | Long period method, labor mobility, global inequality, technological differences, specialization, trade |
| JEL: | D30 E11 F12 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2303&r=hme |
| By: | Carina Altreiter (Institute of Sociology and Social Research, Vienna University of Economics and Business, Austria); Claudius Graebner (Institute for Socio-Economics, University of Duisburg-Essen, Germany; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Stephan Puehringer (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Ana Rogojanu (Institute for European Ethnology, University of Vienna, Austria); Georg Wolfmayr (Institute for European Ethnology, University of Vienna, Austria) |
| Abstract: | The article is a contribution to the evolving field of competition research. More precisely our paper provides a comprehensive typology of the different ways competitization is and has been studied across different disciplines and research programs. The article goes beyond a classical literature review as it provides a systematic integration of a broad debate. Based on differences regarding analytical scope, ontology and normative connotations, we delineate three distinct ideal types or 'faces' of competitization and discuss some theoretical positions and empirical examples for each ideal type of competitization. As we show in the concluding part of the article, the typology offers a useful framework for categorizing key elements of competitization and exploring their interdependencies. Additionally, the framework offered in this article shows which forms of critique towards competitization are inherent to different approaches and where we find blind spots that can be illuminated by an integrated approach towards competitization. |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:146&r=hme |
| By: | Félix Adisson (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel); Ludovic Halbert (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel) |
| Abstract: | Inspired by Streeck's consolidation state theory, this paper develops a theoretical framework of the restructuring of the state in late-stage financialized capitalism. It observes how in Italy, an emblematic consolidation state, the use of public real estate investment funds supports assetization, that is how state properties are gradually transformed into financial assets via multilevel and multi-sector politics of public assets. As it explores the institutional and material rearrangements underpinning the restructuring of the Italian state, the paper shows how permanent austerity and financialization mutually reinforce each other, with the result that state organizations internalize a financial investor's viewpoint, while statecraft increasingly rely on financial actors, instruments and capital. The conclusion discusses how this theoretical framework can be extended beyond Italy and to other public assets. |
| Keywords: | financialization, austerity, assetization, state, real estate, Italy |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03709935&r=hme |
| By: | Victor Boussange; Didier Sornette; Heike Lischke; Lo\"ic Pellissier |
| Abstract: | The processes of ecological interactions, dispersal and mutations shape the dynamics of biological communities, and analogous eco-evolutionary processes acting upon economic entities have been proposed to explain economic change. This hypothesis is compelling because it explains economic change through endogenous mechanisms, but it has not been quantitatively tested at the global economy level. Here, we use an inverse modelling technique and 59 years of economic data covering 77 countries to test whether the collective dynamics of national economic activities can be characterised by eco-evolutionary processes. We estimate the statistical support of dynamic community models in which the dynamics of economic activities are coupled with positive and negative interactions between the activities, the spatial dispersal of the activities, and their transformations into other economic activities. We find strong support for the models capturing positive interactions between economic activities and spatial dispersal of the activities across countries. These results suggest that processes akin to those occurring in ecosystems play a significant role in the dynamics of economic systems. The strength-of-evidence obtained for each model varies across countries and may be caused by differences in the distance between countries, specific institutional contexts, and historical contingencies. Overall, our study provides a new quantitative, biologically inspired framework to study the forces shaping economic change. |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2301.09486&r=hme |
| By: | Coline Serres |
| Abstract: | Consciousness regarding human impacts on the planet, as well as on issues related to social exclusion and poverty, has increased rapidly in recent decades. To make the world more sustainable, various types of initiative have emerged, including on markets. In this conceptual paper, the focus is on commons-governing companies: Shareholder-owned for- profit mission driven alternative business models active on markets, which favor social outcomes along with profit in their bylaws and govern common goods. This paper aims to assess under which circumstances new mission-driven alternative business models can govern new commons and, by doing so, become commons-governing companies. Combining institutional theory with theories from psychology and economy, we develop an interdisciplinary approach to the commons. We propose three management principles applicable to commons-governing companies. They are based on the commons-governing companies’ rules-in-use, as well as on the characteristics of the individuals active at each level of rulemaking and the social norms they convey. Some of these principles have been analyzed in the scholarly literature on hybrid organizational models. However, the analysis in this paper shows that business activities related to governing the commons require stronger involvement in some hybrid practices. In particular, these companies need to be strongly involved in organizing various forms of collective action with their internal or external stakeholders when contributing to the provision and maintenance of the commons. We therefore argue that commons-governing companies evolve in a strongly nested environment, as a specific condition for effective governance of these companies. |
| Keywords: | Commons; Alternative business models; Unconventional organizations; Hybrid organizations; Design principles; IAD framework; Self-determination theory; Stewardship theory |
| Date: | 2023–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/353812&r=hme |
| By: | Ponthiere, Gregory |
| Abstract: | An economic interpretation of Epictetus's precept of 'Taking away aversion from all things not in our power' consists of extending the do- main of indifference beyond its boundaries under non-ethical preferences, so as to yield indifference between outcomes differing only on things out- side one's control. This paper examines the evolutionary dynamics of a population composed of Nash agents and Epictetusian agents matched randomly and interacting in the prisoner's dilemma game. It is shown that, whether or not the types of players are common knowledge, nei- ther the Nash nor the Epictetusian type is an evolutionary stable strategy under perfectly random matching. However, if the matching process ex- hibits a suffi ciently high degree of assortativity, the Epictetusian type is an evolutionary stable strategy, and drives the Nash type to extinction. |
| Keywords: | ethical preferences, evolutionary stability, cooperation, prisoner's dilemma, Epictetus |
| JEL: | C73 C62 D60 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1230&r=hme |
| By: | Marta Pasqualini (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome]); Marta Dominguez Folgueras (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, MaxPo - Max Planck Sciences Po Center on Coping with Instability in Market Societies - Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft - Sciences Po - Sciences Po); Emanuele Ferragina (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, MaxPo - Max Planck Sciences Po Center on Coping with Instability in Market Societies - Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft - Sciences Po - Sciences Po); Olivier Godechot (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, MaxPo - Max Planck Sciences Po Center on Coping with Instability in Market Societies - Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft - Sciences Po - Sciences Po); Ettore Recchi (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, MaxPo - Max Planck Sciences Po Center on Coping with Instability in Market Societies - Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft - Sciences Po - Sciences Po); Mirna Safi (OSC - Observatoire sociologique du changement (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, MaxPo - Max Planck Sciences Po Center on Coping with Instability in Market Societies - Max Planck Institute for the Study of Societies - Max-Planck-Gesellschaft - Sciences Po - Sciences Po) |
| Abstract: | Background: France was one of the first countries implementing lockdown measures to mitigate the spread of COVID-19. Since families spent more time at home, household and care workloads increased significantly. However, existing findings are mixed in terms of whether this situation contributed to a more gender-egalitarian division of unpaid work. Objective: This paper explores the division of domestic work within couples across two different COVID-19 lockdowns and compares them to the out-of-lockdown period in France. We use the theoretical lenses of time availability, relative resources, and ‘doing gender' to make sense of these changes. Methods: Our longitudinal analyses rely on an original panel study we collected in France between April 2020 and April 2021. It includes a sample of 1, 959 observations (of 809 individuals living in couples). We employ the different types of restrictions to mobility and social life imposed during the first year of the pandemic as a contextual background, within which we measure the main drivers of change in the division of unpaid work within couples. We use individual fixed effect regression models to estimate changes in men's share of unpaid work by time, changes in work conditions, partners' educational gaps, and types of domestic tasks. Results: The first lockdown contributed to a slight rebalancing of unpaid work within couples. However, our results show an impact of both absolute and relative time availability on men's share of unpaid work and that the overall rebalancing of unpaid work hides highly gendered patterns. Indeed, we find men doing more shopping and women doing more child care. This gendered division of labour is slightly more prevalent among couples in which the man is more educated than his partner. Contribution: Our findings suggest the reaffirmation of traditional gender roles even during the exceptional first year of the pandemic in France. |
| Keywords: | COVID-19, France, gender equality, panel studies, unpaid work |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:spmain:hal-03677747&r=hme |
| By: | Eva Jacob |
| Abstract: | Ce papier vise à étudier si la théorie du Revenu de Base Inconditionnel (RBI) de Van Parijs peut répondre à la critique de l’absence de responsabilité individuelle de la part des bénéficiaires. Pour cela, nous rapprochons cette théorie du RBI des résultats d’expériences de terrain qui étudient l’impact du RBI sur l’emploi. Les résultats théoriques et empiriques suggèrent que le RBI ne conduit pas à une baisse de l’offre de travail, contredisant l’argument qui associe RBI et absence de responsabilité individuelle. Nous mettons ici l’accent sur l’importance de combiner l’analyse théorique à l’analyse de terrain pour avoir une vision éclairée des différents enjeux du RBI. |
| Keywords: | Revenu de base inconditionnel, égalitarisme libéral, responsabilité individuelle, expériences de terrain. |
| JEL: | B10 D63 J28 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2023-06&r=hme |
| By: | Patrice Ballester (Euridis - Euridis Business School, M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche, Société de Géographie (Paris)) |
| Abstract: | Moebius, ecologist? Mœbius - Jean Giraud: an artist who has become a world reference, a model and a source of inspiration for contemporary artists, an ecologist through landscape and sovereign thought, often unprecedented, sometimes esoteric. Jean Giraud, alias Mœbius or Gir, is a major author and designer of comics, this on a global scale. Born in 1938 in Nogent-sur-Marne, he entered Applied Arts in Paris in 1954. In 1963, he created with Jean-Michel Charlier – at the time director of the magazine Pilote – the Blueberry series, which he continued after his disappearance and which today has around thirty albums, without counting an equivalent number of works produced in collaboration with other artists, screenwriters and designers. At the same time under the signature of MŒBIUS, it inaugurated in 1962 a new source of inspiration turned towards humor, fantasy and science fiction. He is also the author of numerous illustrations, paintings and advertising works. Co-founder in 1975 of the magazine Métal Hurlant and the publishing house Les Humanoïde Associés, Jean Giraud developed a unique style signed Mœbius. He revolutionized the creative aspect of comics on a screenplay by Alejandro Jodorowsky, he then began the story of the adventures of John Difool in L'Incal (1980), a series whose success places him among the most innovative cartoonists in the field. of Science fiction. He also began the series Le Monde d'Edena in the 1980s, with more personal comments and reflections. He collaborates for the cinema, his drawings hold the attention of great directors with Alien by Ridley Scott (costumes), Blade Runner, Les Maîtres du temps by René Laloux (complete storyboard), Tron by Steven Lisberger (costumes), Abyss by James Cameron (underwater creatures), Willow by George Lucas & Ron Howard. It incorporates Alejandro Jodorowsky's Team for the movie Dune and its famous storyboard which still remains unpublished. He also collaborates with Marvel Comics by drawing an album with Stan Lee (Galactus and the Silver Surfer). From the 2000s, it was the time of major exhibitions and international recognition, Japan, America… The Mœbius – Myazaki exhibition (2004 – 2005) was a revelation and confirmation for the two artists concerning their mutual influence. A major exhibition is dedicated to him at the Cartier Foundation in Paris, entitled MŒBIUS-TRANSE-FORME from October 2010 to March 2011. He died in Paris on March 10, 2012. We approach our reflection on this major author of world comics through four stages: the Deviation – a major turning point for the author and his way of describing, drawing and breaking down his stories. Commitments like Greenpeace are present in his way of conceiving the world. We also analyze the artist's most personal work with "Le monde d'Edena", a poetic and ecological reflection. Finally, in an essay, we show the important links between two animated cinematographic works, "Les Maîtres du Temps" by Renée Laloux and Mœbius in (1981) and "Nausicaä of the Valley of the Wind Nausicaä of the Valley of the Wind 風の谷のナウシカ» (1984) on a formal and screenplay level (and Arzach as an addendum). The path of the author of science fiction comics is a quest to enter a process of improvement of his being, of men and by derivative of the Planet. Ecology is not treated as a ground swell or an imperative to safeguard the planet in these albums, but as a citizen the one who questions nuclear power, pollution and scandals in France in the 1970s and sometimes the support for NGOs like Greenpeace. We very often find beautiful landscapes and an ode to the importance of nature in the face of technology. The Wilderness or wild nature is an element that stands out in the World of Edena, the evolutions of the landscape are multiple. By way of an opening, there are still elements to highlight such as the care given to flowers and vehicles of all kinds that move with a mode of locomotion that could be described as ecological, Mœbius enjoying drawing vessels, cars and other means of transport. In short, a protean, visionary artist with polymorphic and anticipatory universes. |
| Abstract: | Mœbius, écologiste ? Mœbius - Jean Giraud : un artiste devenu une référence mondiale, un modèle et une source d'inspiration pour les artistes contemporains, un écologiste par le paysage et la pensée souveraine, souvent inédite, ésotérique parfois. Jean Giraud, alias Mœbius ou encore Gir, est un auteur et dessinateur majeur de la bande dessinée, ceci à l'échelle mondiale. Né en 1938 à Nogent-sur-Marne, il entre aux Arts Appliqués à Paris en 1954. En 1963, il crée avec Jean-Michel Charlier – à l'époque directeur de la revue Pilote – la série Blueberry, qu'il poursuit après sa disparition et qui compte aujourd'hui une trentaine d'albums, sans compter un nombre équivalent d'œuvres réalisées en collaboration avec d'autres artistes, scénaristes et dessinateurs. Parallèlement sous la signature de MŒBIUS, il inaugure dès 1962 une nouvelle source d'inspiration tournée vers l'humour, le fantastique et la science-fiction. Il est aussi l'auteur de nombreuses illustrations, peintures et travaux publicitaires. Cofondateur en 1975 de la revue Métal Hurlant et de la maison d'édition Les Humanoïdes Associés, Jean Giraud y développe un style unique signé Mœbius. Il révolutionne l'aspect créatif de la bande dessinée sur un scénario d'Alejandro Jodorowsky, il entame ensuite le récit des aventures de John Difool dans L'Incal (1980), série dont le succès le place parmi les dessinateurs les plus innovants en matière de science-fiction. Il débute aussi la série Le Monde d'Edena dans les années 1980, aux propos et réflexions plus personnelles. Il collabore pour le cinéma, ses dessins retiennent l'attention de grands réalisateurs avec Alien de Ridley Scott (costumes), Blade Runner, Les Maîtres du temps de René Laloux (story-board complet), Tron de Steven Lisberger (costumes), Abyss de James Cameron (créatures sous-marines), Willow de George Lucas & Ron Howard. Il incorpore l'Équipe d'Alejandro Jodorowsky pour le film Dune et son célèbre story-board qui reste encore non publié. Il collabore aussi avec Marvel Comics en dessinant un album avec Stan Lee (Galactus et le Silver Surfer). À partir des années 2000, c'est le temps des grandes expositions et d'une reconnaissance internationale, Japon, Amérique… L'exposition Mœbius – Myazaki (2004 – 2005) est une révélation et confirmation pour les deux artistes concernant leur influence mutuelle. Une grande exposition lui est consacrée à la Fondation Cartier à Paris, intitulée MŒBIUS-TRANSE-FORME d'octobre 2010 à mars 2011. Il décède à Paris, le 10 mars 2012. Nous abordons notre réflexion sur cet auteur majeur de la BD mondiale à travers quatre étapes : la Déviation – un tournant majeur pour l'auteur et sa façon de décrire, de dessiner et de décomposer ses histoires. Des engagements comme Greenpeace sont présents dans sa façon de concevoir le monde. Nous analysons aussi l'œuvre la plus personnelle de l'artiste avec « Le monde d'Edena », une réflexion poétique et écologique. Enfin, dans un essai, nous montrons les liens importants entre deux œuvres cinématographiques d'animation, « Les Maîtres du Temps » de Renée Laloux et Mœbius en (1981) et « Nausicaä de la Vallée du Vent Nausicaä de la Vallée du Vent 風の谷のナウシカ» (1984) au plan formel et scénaristique (et Arzach en additif). Le parcours de l'auteur de BD de science-fiction est une quête pour rentrer dans un processus d'amélioration de son être, des hommes et par dérivé de la Planète. L'écologie n'est pas traitée comme lame de fond ou un impératif de sauvegarde de la planète dans ces albums, mais en tant que citoyen celui ce questionne, le nucléaire, les pollutions et les scandales en France dans les années 1970 et parfois le soutien à des ONG comme Greenpeace. On retrouve très souvent de beaux paysages et une ode de l'importance de la nature face à la technologie. Le Wilderness ou la nature sauvage est un élément qui ressort dans le Monde d'Edena, les évolutions du paysage sont multiples. En guise d'ouverture, il reste des éléments à mettre en lumière comme le soin apporté aux fleurs et les véhicules de toute sorte que se déplacent avec un mode de locomotion que l'on pourrait qualifier d'écologique, Mœbius appréciant dessiner les vaisseaux, voitures et autres moyens de locomotion. En somme, un artiste protéiforme, visionnaire et aux univers polymorphes et anticipateurs. |
| Keywords: | Mœbius, Jean Giraud, Hayao Miyazaki, ecology, landscape, nature, comics, animation, economics of culture, science-fiction, écologie, paysage, bande dessinée, économie de la culture |
| Date: | 2022–12–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03950075&r=hme |
| By: | Benjamin Coriat; Fabienne Orsi; Jean Francois Alessandrini; Pascale Boulet; Sauman Singh-Phulgenda |
| Abstract: | During the Covid 19 Pandemic, there have been countless calls for the creation of ''global public goods'' or ''global commons'' issued by a variety of actors with sometimes diametrically opposed views, as if the two notions had the same meaning. And indeed, even today these notions are still often used as synonyms and interchangeable, leading to an amalgamation of concepts. The meaning and implications of using one notion or other notion (global public good, global commons) is never examined. We believe that, contrary to the dominant view, it is urgent to put an end to this confusion which is not only of a semantic order and has huge economic and social implications. In this article, we start by recalling what constitutes the notion of ''Global Public Good'' and by extension the content of what can be called the GPG approach (section 1). Then, by difference we present the notion of common good and the commons based approach (section 2). Finally, in a concluding section, we present some of the most significant initiatives taken during the covid-19 pandemic, designed and deployed to producing and distributing health products as common goods (section 3). Our overall ambition being to highlight that the deployment of the commons based approach that we are calling for, is not a utopia, as it is already moving on. |
| Keywords: | International Institutional Arrangements; Public Goods; Health and Inequality; Property Law; Management of Technological Innovation and R&D. |
| Date: | 2023–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2023/08&r=hme |
| By: | Lim, Soyoung (Korea Institute for Industrial Economics and Trade) |
| Abstract: | With the outbreak of COVID-19, the world has formed a consensus on the importance of sustainability and interest in sustainability is higher than ever. The heretofore paradigm of the global economy, in which short-term efficiency was the most important organizing purpose, is shifting toward long-term sustainability. In terms of investment and finance, sustainability factors are becoming important, and consequently, the industry is also assigning weight to activities and business operations that consider sustainability beyond financial returns. Green Swan events are serious and complex, with a certain risk of occurring in the future in some form. Therefore, even if the timing and impact of their occurrence is unpredictable, they are events that require active preparation. Climate change impacts represent Green Swan events. They are irreversible, with widespread and multifarious effects around the world. After COVID-19, there is a need to consider the pandemic as a Green Swan event. This is because it is recognized that the global spread of infectious diseases after COVID-19 is likely to occur or is expected to occur, and that it is irreversibly transforming the global economic and social system. This report examines trends in Environmental, Social, and Governance (ESG) investment, which have recently come to dominate discussions of investment standards, and analyzes the status of strengthening climate change information disclosure and establishing a green classification system to enhance the objectivity and transparency of green activities |
| Keywords: | green swan; green swan event; sustainability; climate change; Korea; environment; environmental economics; COVID-19 |
| JEL: | Q56 Q58 |
| Date: | 2021–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieter:2021_020&r=hme |
| By: | Christian Bessy (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) |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03917660&r=hme |
| By: | Alvarado, Víctor; Tambutti, Marcia; Rankovic, Aleksandar |
| Abstract: | The severity of cascading global environmental, climate, economic, social and health crises is such that they sometimes seem insurmountable. ECLAC has therefore compiled a set of best practices, drawing from cases in Latin America and the Caribbean that can serve as models to promote comprehensive structural change and improve socioeconomic and environmental well-being. This study addresses challenges, opportunities and lessons learned as to how mainstreaming biodiversity in the agriculture, fisheries, forestry, financial, manufacturing, infrastructure and tourism sectors is a catalyst for the transition towards comprehensive development, in line with the 2030 Agenda, and a fundamental tool for the implementation of the new post-2020 global biodiversity framework. The cases, implemented at varying scales, in diverse ecosystems and with different approaches, show that the shift towards environmentally-friendly production and development patterns is under way in various sectors of the region and that initiatives can be replicated and scaled up. |
| Keywords: | DIVERSIDAD BIOLOGICA, AGENDA 2030 PARA EL DESARROLLO SOSTENIBLE, DESARROLLO SOSTENIBLE, DESARROLLO ECONOMICO, SECTOR INDUSTRIAL, INSTITUCIONES FINANCIERAS, PRODUCTIVIDAD, BIOLOGICAL DIVERSITY, 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT, SUSTAINABLE DEVELOPMENT, ECONOMIC DEVELOPMENT, INDUSTRIAL SECTOR, FINANCIAL INSTITUTIONS, PRODUCTIVITY |
| Date: | 2022–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col022:48544&r=hme |
| By: | Lorenzo Esposito (Dipartimento di Politica Economica, DISCE, Università Cattolica del Sacro Cuore, Milano, Italy – Banca d'Italia, Milano, Italy); Letizia Malara (DISCE, Università Cattolica del Sacro Cuore, Milano, Italy) |
| Abstract: | Mainstream theory of finance is based on the assumptions that markets are efficient and economic agents are rational, in the sense that they use optimally the information they have in order to maximize their utility. At least since the “Allais paradox”, countless experiments have shown that this is not the case and investors’ decisions are often inconsistent. In particular, the researches by Kahneman and Tversky have highlighted that investor behaviors are not rational and sometimes are inconsistent with the logic of the traditional finance theory, due to numerous cognitive biases, which interfere with the choice process of investors. In this paper we investigate some of the most well-known cognitive biases: framing effect, loss aversion, endowment effect, decoy effect and disposition effect. In addition, the availability and representativeness heuristics and their associated biases (confirmation bias, accessibility bias, and conjunction fallacy) are examined. Our experimental methodology is based on a questionnaire consisting of 23 questions and organized into 6 sections, each referring to the various biases examined. The answers obtained differ somewhat from the huge literature on cognitive biases. We understand these differences as mainly connected to the unheard situation created by the Covid-19 pandemic, showing that personal experiences do have an effect on risk preferences. |
| Keywords: | cognitive biases, behavioral economics, prospect theory, pandemic |
| JEL: | G41 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie5:dipe0029&r=hme |
| By: | Philippe Askenazy (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, CNRS - Centre National de la Recherche Scientifique, ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres) |
| Abstract: | In this paper, we propose a basic model with two types of capital: productive capital directly involved in the production process and capital devoted to monitoring workers. Surveillance capital intensifies workers' job strain, while wage recognition encourages their engagement. Firms face a double trade-off between the two types of capital and between incentives and labour costs. Under simple assumptions, up to a certain threshold, technological innovation improves productivity , wages and profits at the same pace, leading to a flat labour share in income. Then, once the threshold is breached, profit-maximization initiates a transfer from productive capital to monitoring tools. This progressive shift generates a decline in the labour share and a productivity slowdown, despite greater job strain. The model suggests the possibility of a third phase in which productivity and wages recover. |
| Abstract: | Ce document propose un modèle avec deux types de capital : le capital productif directement impliqué dans le processus de production et le capital consacré au suivi des travailleurs. Le capital de surveillance intensifie la pression sur l'emploi des travailleurs, tandis que la reconnaissance des salaires encourage leur engagement. Les entreprises sont confrontées à un double arbitrage entre les deux types de capital et entre les incitations et les coûts du travail. Sous des hypothèses simples, jusqu'à un certain seuil, l'innovation technologique améliore la productivité, les salaires et les profits au même rythme, ce qui conduit à une stagnation de la part du travail dans la valeur ajoutée. Ensuite, une fois le seuil franchi, la maximisation des profits amorce un transfert du capital productif vers les outils de suivi des travailleurs. Ce transfert progressif génère une diminution de la part du travail et un ralentissement de la productivité, malgré une plus grande pression professionnelle. Le modèle suggère la possibilité d'une troisième phase au cours de laquelle la productivité et les salaires se redressent. |
| Keywords: | declining labour share, productivity slowdown, effort-reward imbalances, surveillance * |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02877703&r=hme |
| By: | Tiphaine Guillet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Lauriane Mouysset (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The study aims at reconciling contrasting productive and environmental goals of agricultural policies at a given budget in the context of climate change. Based on a quantitative bioeconomic model integrating interdependencies between agricultural systems and agroecosystems, we compare the impacts of 4 contrasted public policy scenarios based either on productive (food or energy) or environmental goals (pollution reduction or ecosystem state) on a set of 18 bioeconomic indicators. We run the policy scenarios under two contrasted climate change scenarios to investigate their robustness. We confirm that it is possible to achieve productive and environmental goals with the ongoing budget of European agricultural policy. Synergies between productive and environmental performances exist even if they are not trivial nor systematic. More precisely, an agricultural public policy which focuses on energy production might offer a good compromise regarding the different facets of agricultural landscapes. The Pollution scenario constitutes a credible environmentally oriented alternative even if it remains slightly less competitive regarding both ecological and economic sides than an energyoriented policy. Eventually, our analysis shows that our conclusions are robust to climate change, suggesting that adequate agricultural public policies might attenuate climate change effects when considering intermediary climate change scenarios. |
| Keywords: | land-use change, ecosystem service, bioeconomic model, public policy scenario, Europe, terrestrial biodiversity, socioecological system, climate change |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03919917&r=hme |