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on Heterodox Microeconomics |
|
Issue of 2023‒04‒17
twenty-one papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Christian Flamant |
| Abstract: | This book starts from the basic questions that had been raised by the founders of Economic theory, Smith, Ricardo, and Marx: what makes the value of commodities, what are production, exchange, money and incomes like profits, wages and rents. The answers that these economists had provided were mostly wrong, above all by defining the equivalence of commodities at the level of exchange, but also because of a confusion made between values and prices, and wrong views of what production really is and the role of fixed capital. Using the mathematical theory of measurement and the physical theory of dimensional analysis, this book provides a coherent theory of value based on an equivalence relation not at the level of exchange, but of production. Indeed exchange is considered here as an equivalence relation between money and a monetary price, and not between commodities, modern monetary theory having demonstrated that money is not a commodity. The book rejects the conception of production as a surplus, which owes much to Sraffa's theory of production prices, and is shown to be severely flawed. It founds the equivalence of commodities at the level of a production process considered as a transformation process. It rehabilitates the labor theory of value, based on the connection between money and labor due the monetary payment of wages, which allows the homogenization of various kinds of concrete labor into abstract labor. It shows that value is then a dimension of commodities and that this dimension is time, i.e. the time of physics. On this background, the book shows that the calculation of values for all commodities is always possible, even in the case of joint production, and that there cannot be any commodity residue left by this calculation. As a further step, this book provides a coherent theory of the realization of the product, which occurs in the circulation process. Using an idea - the widow's cruse - introduced by Keynes in his Treatise on Money, it brings to light the mechanism behind the transformation of money values into money prices and of surplus-value into profits and other transfer incomes, ensuring the formation of monetary profits. The book sheds some light on the rate of profit, its determinants and its evolution, showing in particular the paramount importance of capitalist consumption as one of its main determinants. In passing it explains the reasons why in the real world there is a multiplicity of profit rates. Finally, it allows to solve in a precise and illustrated way the problems raised by the Marxist law of the tendency of the rate of profit to fall. Most of the results obtained translate into principles, the first ones being truly basic, the following ones less basic, but all of them being fundamental. All in all, this book might provide the first building blocks to develop a full-fledged and scientific economic theory to many fellow economists, critical of neo-classical theory, but who have not yet dicovered the bases of a complete and coherent alternative. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.09399&r=hme |
| By: | Yuki Tada (Department of Economics, New School for Social Research, USA) |
| Abstract: | The main aim of this paper is to study the variety of financialized capitalism which are contingent on the institution, policy, and path dependency. Using the neo-Kaleckian model we study to model the US and UK shareholder-oriented financialized capitalism using our own version of the Miskyan cycle. Meanwhile, Japanese partially fledged financialized capitalism with high retention rates of firms is analyzed by using the paradox of the debt (Steindl) cycle. The analysis shows (1) instability arises when firms have a high retention rate of profit to deleverage; (2) debt-led Minsky regime and the debt-burdened paradox of debt regime can be distinguished by setting sufficiently low retention rates for the former and sufficiently high retention rate for the latter; (3) both in the Minskyan and Steindl regime we observe fixed capital investment is sluggish and observe secular stagnation in accumulation rate; (4) in the Steindl paradox of debt model, the debt-burdened economic stagnation transforms into a long wave cyclical growth with sufficiently high firms animal spirits, which exhibits the possibility of the investment-led cyclical growth after the secular stagnation from the paradox of debt. |
| Keywords: | Minsky, paradox of debt, capitalism, growth, financial instability, supercycle |
| JEL: | B52 D21 E12 E32 |
| Date: | 2023–04 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2304&r=hme |
| By: | Kalyuzhnyi, Valeriy |
| Abstract: | The paper argues that economists still regard the solution to the problem of the transformation of values into prices of production, got by L. von Bortkiewicz, as belonging to Marx himself. After all, it was allegedly “correctly corrected” by the said author in 1907. Bortkiewicz based his solution on several erroneous interpretations’ theory of Marx. Because of Bortkiewicz’s errors, the representatives of the mainstream see no connection between the “value system” and the “production price system”. They claim that the transformation problem itself results from impossibility and that Marxist value theory is, at best, irrelevant and irremediably inconsistent. The paper shows that the solution to the transformation issue exists in both the direct and inverse formulation. We used for this purpose the Tugan-Baranowsky—Bortkiewicz three-sector model. These results are consistent with the concept of Marx within the dualistic approach. They coincide with the results generated by the author in his previous work (see https://osf.io/tk43d/). In the present paper, we introduce methods and examples of transformation, including iterative and based on solving systems of simultaneous equations. We prove again with their help that at equilibrium prices, profit arises from surplus value, or more precisely, from the newly created value generated by workers’ labour and from no other source. We also show that a dualistic approach to transformation allows us to see the advantages of value prices, which, unlike production prices, do not limit the growth of the productive power of labour when enterprises introduce new machines. Value prices are in demand under socialism. |
| Date: | 2023–01–17 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:jq47c&r=hme |
| By: | Jonathan F. Cogliano (University of Massachusetts Boston.); Roberto Veneziani (Queen Mary University of London); Naoki Yoshihara (University of Massachusetts Amherst) |
| Abstract: | Abstract: This paper develops a framework to analyse imperialistic international relations and the dynamics of international exploitation. A new measure of unequal exchange across borders is proposed which captures the territorial structure of imperialistic international relations: wealthy nations are net lenders and exploiters, whereas endowment-poor countries are net borrowers and exploited. Capital flows transfer surplus from countries in the periphery of the global economy to those in the core. However, while international credit markets and wealth inequalities are central in generating international exploitation, other factors, including labour-saving technical change, are shown to be essential in explaining its persistence. |
| Keywords: | International exploitation; Imperialism; Unequal exchange; Uneven development; Capital movements. |
| JEL: | F54 B51 D63 |
| Date: | 2022–09–15 |
| URL: | http://d.repec.org/n?u=RePEc:qmw:qmwecw:942&r=hme |
| By: | Norbert Ankri (AMU - Aix Marseille Université); Païkan Marcaggi (AMU - Aix Marseille Université, CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The unit value of a commodity that Michio Morishima's method (and its variations) enables to determine correctly, is the sum of the value of the commodities it contains (inputs) and the quantity of labor required for its production. However, goods are sold at their market production price only when they meet a solvent social need that involves the entire economy with its interconnections between the different industrial sectors. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and constitute invariants that apply to the economy as a whole. These equalities are necessary to determine market production prices. We demonstrate that they also enable to solve the transformation problem for a simple reproduction system without fixed capital by starting from Morishima's formalism and returning to a formalism closer to that used by Marx. |
| Abstract: | La valeur unitaire d'une marchandise que la méthode de Michio Morishima (et ses variantes) permet de déterminer correctement, est la somme de la valeur des marchandises qu'elle contient (intrants) et de la quantité de travail nécessaire pour sa fabrication. Cependant les marchandises ne sont vendues à leur prix de production de marché que si elles répondent à un besoin social solvable qui fait intervenir la totalité de l'économie avec ses interconnections entre les différents secteurs industriels. Cette condition donne tout son sens aux égalités fondamentales de Marx qui découlent de la loi de la valeur et constituent des invariants s'appliquant à l'économie dans sa totalité. Ces égalités sont nécessaires pour déterminer les prix de production de marché. Nous démontrons qu'elles permettent également de résoudre le problème de la transformation pour un système de reproduction simple sans capital fixe en partant du formalisme de Morishima et en revenant à un formalisme plus proche de celui utilisé par Marx. |
| Keywords: | Labor theory of value, Karl Marx, capitalism, profit, surplus value, Théorie de la valeur-travail, Capitalisme, plus-value |
| Date: | 2023–02–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03994960&r=hme |
| By: | Zijian Shi; John Cartlidge |
| Abstract: | Modern financial exchanges use an electronic limit order book (LOB) to store bid and ask orders for a specific financial asset. As the most fine-grained information depicting the demand and supply of an asset, LOB data is essential in understanding market dynamics. Therefore, realistic LOB simulations offer a valuable methodology for explaining empirical properties of markets. Mainstream simulation models include agent-based models (ABMs) and stochastic models (SMs). However, ABMs tend not to be grounded on real historical data, while SMs tend not to enable dynamic agent-interaction. To overcome these limitations, we propose a novel hybrid LOB simulation paradigm characterised by: (1) representing the aggregation of market events' logic by a neural stochastic background trader that is pre-trained on historical LOB data through a neural point process model; and (2) embedding the background trader in a multi-agent simulation with other trading agents. We instantiate this hybrid NS-ABM model using the ABIDES platform. We first run the background trader in isolation and show that the simulated LOB can recreate a comprehensive list of stylised facts that demonstrate realistic market behaviour. We then introduce a population of `trend' and `value' trading agents, which interact with the background trader. We show that the stylised facts remain and we demonstrate order flow impact and financial herding behaviours that are in accordance with empirical observations of real markets. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.00080&r=hme |
| By: | Jon D. Wisman |
| Abstract: | Thorstein Veblen gave special importance to work in human society. He claimed that once humans became tool users, their work activity was driven by an instinct of workmanship. This instinct is "an object of attention and sentiment in its own right" beyond providing provisioning and serving another instinct, that of parental bent, or society's wellbeing. Given appropriate social institutions, workmanship enriches personal and social lives. Yet, during his lifetime between 1857 and 1929, the rapid industrialization of the American economy massively proletarianized workers and degraded not only their work experience, but also their lives. In Europe, this proletarianization and degradation of workers had begun centuries earlier with the rise of capitalism, and greatly accelerated with more rapid industrialization during Veblen's lifetime. Yet, paradoxically, Veblen ignored this degradation of work and presented industrialization as positive for workers. This article surveys the process of proletarianization, focusing especially on the American experience. It then explores Veblen's understanding of the impact of industrialization on workers and probes for an understanding of how he could have missed a far-reaching labor-degrading process that provoked massive and violent insurrection, and which had much earlier been recognized and addressed by political economists as diverse as Adam Smith and Karl Marx. Because he failed to recognize the proletarianization of workers, he failed to see its role in generating the explosion of conspicuous consumption by Americans of all classes, the subject of his most renowned work, The Theory of the Leisure Class. |
| Keywords: | Industrialization; Proletarianization; Instinct of Workmanship; Worker alientation |
| JEL: | A13 B15 Z10 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:2023-05&r=hme |
| By: | Khan, Haider |
| Abstract: | The main purpose of this paper is to present a complex nonlinear modelling approach to analyzing mixed capitalist economic systems. An application of a more elaborate version of this model is to explore the consequences of sanctions on the Russian economy and evaluate the model’s predictive successes or failures. Furthermore, the formal expanded nonlinear model presented in the appendix may be seen as an initial step to put the analysis of economic sanctions within a formal complex socio-economic systems framework. The results obtained from this structural complex multisectoral model so far seem fairly accurate in terms of agreement with measured values of observable economic variables. The political consequences are uncertain and are to be explored separately in a companion paper and ultimately in a book length treatment. Methodologically, the paper also presents the case for using Social Accounting Matrix (SAM)-based models for understanding problems of analyzing sanctions in an economywide context. Linear as well as Nonlinear models are presented in the appendix. The nonlinear modelling approach might prove to be especially relevant for studying the properties of multiple equilibria and complex dynamics. |
| Keywords: | sanctions, complex system modelling, SAM, Russia, Geoeconomics, Geopolitics |
| JEL: | C3 C6 F5 |
| Date: | 2023–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:116806&r=hme |
| By: | Mariagrazia Crocco (CGGG - Centre Gilles-Gaston Granger - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Nadine Richez-Battesti (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Enrico Donaggio (IMéRA - Institut d'Etudes Avancées [AMU] - AMU - Aix Marseille Université); Francesca Petrella (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | In the field of the social and solidarity economy (SSE) - whose roots can be found as early as the 19th century in the tradition of the associationist movement centred on autonomy and emancipation through work and which is now governed by the 2014 law - organisations and the sense of work seem to be driven jointly by intrinsic values of the collective project, original practices and a vision of social transformation. From WISE to multi-stakeholder organisations and salaried entrepreneurs, new organisational models and forms of work are emerging as inspiring objects that hold out the promise of emancipation and alternatives. They are workplaces with an utopian purpose. We consider utopia as a gap between the present and the future (Duverger, 2021). In a grassroots perspective, we observe ordinary practices of those who decide to join forces to carry out a project with an utopian aim (Desroches, 1991). This approach through the practices and through the narrative given by the actors who became authors, allows us to deconstruct the myths and to bring out the contradictions and conflicts (Blin et al., 2020). From this perspective, how can we observe and analyse the forms of work both at the level of the organisations and the place of the acting subjects? And what role do forms of creativity that promote emancipation play in the organisation of work? What are its spaces and the conditions of its emergence and durability? Are its promises sustainably translated into alternatives and at what cost? In order to question the forms of cooperation, mutualisation, autonomy and democratisation of work, this project questions three dimensions: 1) The governance in order to understand how and to what extent they impact both the work of the organisation and the activity and creativity of employees. 2) The organisation of work and the choice of management or self-management adopted by questioning its capacity to distance itself from the dominant models (from the liberated company to the individualisation of work and its performative dimensions) 3) Opportunities for self-building/emancipation in the workplace through creative expressions of autonomy, forms of cooperation and mutualisation. This project focused on 5 experiences, anchored in Marseille: the Espaces Éducatifs Bricabracs, La Friche de la Belle de Mai, Acta Vista, Tête de l'Art and Scop Ti. Translated with www.DeepL.com/Translator (free version) |
| Abstract: | Dans le champ de l'économie sociale et solidaire (ESS) – dont les racines peuvent se retrouver dès le XIXe siècle dans la tradition du mouvement associationniste centrée sur l'autonomie et l'émancipation par le travail et qui est aujourd'hui régit par la loi de 2014 – les organisations et le sens du travail semblent portés conjointement par des valeurs intrinsèques au projet collectif déployé, des pratiques qui lui sont associées et une vision de la transformation sociale. De l'insertion par l'activité économique aux organisations multi parties prenantes en passant par les entrepreneurs salariés, de nouvelles formes organisationnelles et formes de travail émergent, comme autant d'objets inspirants, porteurs de promesse d'émancipation et d'alternatives. Ils constituent de lieux de travail à visée utopique. Nous considérons l'utopie comme une brèche entre le présent et le futur (Duverger, 2021), nous l'abordons « par le bas » en nous concentrant sur les pratiques ordinaires de celles et ceux qui décident de s'associer pour mener un projet à visée utopique (Desroches, 1991). Cette entrée par le bas, par les pratiques et à travers le récit qu'en font les acteurs devenus auteurs à cette occasion, nous permet d'en déconstruire les mythes et d'y faire apparaitre les contradictions et les conflits (Blin et al., 2020). Dans cette perspective, comment observer et analyser les formes du travail autant au niveau des organisations que de la place des sujets agissants ? Et quel rôle y occupent les formes de créativité favorisant l'émancipation dans l'organisation du travail ? Quels en sont ses espaces et les conditions de son émergence et de sa pérennisation ? Ses promesses se déclinent-elles durablement dans des alternatives et à quel prix ? Afin d'interroger les formes de coopération, de mutualisation, d'autonomie et de démocratisation du travail, ce projet questionne trois dimensions : 1)Les modes de gouvernance pour comprendre en quoi et jusqu'où celles-ci impactent à la fois le travail de l'organisation et l'activité ainsi que la créativité des salariés. 2)L'organisation du travail et le choix du management ou auto-management adopté en interrogeant sa capacité à se distancier des modèles dominants (de l'entreprise libéré en passant par l'individualisation du travail et ses dimensions performatives) 3)Les occasions de construction de soi/émancipation dans le travail par les expressions créatives d'autonomie, formes de coopération et mutualisation. Pour ce faire, 5 expériences, ancrées dans le territoire de Marseille, sont la cible de ce projet : les Espaces Éducatifs Bricabracs, La Friche de la Belle de Mai, Acta Vista, Tête de l'Art et Scop Ti. |
| Keywords: | Travail, Utopie, Créativité, Economie sociale et solidaire, Approche qualitative, Région PACA, France |
| Date: | 2022–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03991839&r=hme |
| By: | James McNerney; Yang Li; Andres Gomez-Lievano; Frank Neffke |
| Abstract: | Economic transformation – change in what an economy produces – is foundational to development and rising standards of living. Our understanding of this process has been propelled recently by two branches of work in the field of economic complexity, one studying how economies diversify, the other how the complexity of an economy is expressed in the makeup of its output. However, the connection between these branches is not well understood, nor how they relate to a classic understanding of structural transformation. Here, we present a simple dynamical modeling framework that unifies these areas of work, based on the widespread observation that economies diversify preferentially into activities that are related to ones they do already. We show how stylized facts of long-run structural change, as well as complexity metrics, can both emerge naturally from this one observation. However, complexity metrics take on new meanings, as descriptions of the long-term changes an economy experiences rather than measures of complexity per se. This suggests relatedness and complexity metrics are connected, in a hitherto overlooked way: Both describe structural change, on different time scales. Whereas relatedness probes transformation on short time scales, complexity metrics capture long-term change. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2309&r=hme |
| By: | Fiona Ottaviani (EESC-GEM Grenoble Ecole de Management, CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes); Anne Le Roy (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes); Patrick O'Sullivan (EESC-GEM Grenoble Ecole de Management) |
| Abstract: | Based on two contrasting experiences of the construction of non-monetized social indicators carried out atdifferent levels (local and international), this article examines the effects of interpretive communities on indicators, on collective processes, and on social and scientific context–particularly that of information systems.The first initiative we examine is the Social Progress Index (SPI), developed from within the Social ProgressImperative and used at the international, European and local levels. The second initiative is the development of adashboard of sustainable territorial wellbeing indicators (IBEST) for use across the Grenoble metropolitan area.We present a framework of the effects of interpretive communities. The application of this framework in order toanalyze the two initiatives studied reveals the importance of interpretive communities in shaping the scientificand political agenda that is promoted by collective experiences involved in the development of alternative indicators.Rather than specific and circumscribed times for participation, it is the creation of spaces that are notcircumscribed in time at the intersection of communities that appear to be most conducive to giving substance todeliberative ecological. |
| Keywords: | SPI, IBEST, deliberative ecological economics, alternative indicators, interpretive communities, social transformation |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03161948&r=hme |
| By: | C. Feger (AgroParisTech, MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier); Harold Levrel; Alexandre Rambaud |
| Abstract: | This paper highlights the relevance and importance of developing new ecological accounting frameworks that can contribute to the multiple efforts to transform our economy into a system that effectively maintains and restores the biosphere. Three methods of ecological accounting are presented, respectively at the national level (unpaid ecological costs), at the level of organisations (the CARE model), and at the level of collective ecosystem governance (ecosystem-centred management accounting). We show how these methods share a common theoretical basis in that they are all three anchored in "strong sustainability" and favour approaches based on the costs of preserving/restoring ecosystems. We conclude by insisting on the complementarity of these approaches and the necessity to move forward on the articulation projects already undertaken within the framework of the work of the Ecological Accounting Chair. |
| Abstract: | Ce papier met en avant la pertinence et l'importance du développement de cadres comptables écologiques nouveaux à même de contribuer aux multiples efforts de transformation de notre économie en un système qui maintient et restaure efficacement la biosphère. Trois méthodes de comptabilité écologique sont présentées, s'établissant respectivement au niveau national (les coûts écologiques non payés), des organisations (le modèle CARE), et de la gestion collective des écosystèmes sur les territoires (la comptabilité de gestion écosystème-centrée). Nous montrons en quoi ces méthodes partagent un socle théorique commun en ce qu'elles sont toutes les trois ancrées en « soutenabilité forte » et privilégient des approches par les coûts de préservation/restauration des écosystèmes. Nous concluons en insistant sur la complémentarité de ces approches et la nécessité d'avancer sur les chantiers d'articulation déjà engagés dans le cadre des travaux de la chaire Comptabilité écologique. |
| Keywords: | accounting, biodiversity, ecosystems, strong sustainability, comptabilité, biodiversité, écosystème, entreprise, soutenabilité forte, Comptabilité écologique dette capital naturel transition écologique écosystèmes Ecological accounting debt natural capital ecological transition ecosystems, Comptabilité écologique, dette, capital naturel, transition écologique, écosystèmes Ecological accounting, debt, natural capital, ecological transition |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03977774&r=hme |
| By: | Rostand Affogbolo (OCRE - EDC Paris) |
| Abstract: | Market-based approaches to examining IS business value often claim to be better than case studies, fieldwork, surveys, anecdotal evidence to reflect the true value of IS investments. They criticize the likely biases and manipulations to which these approaches are exposed and which lead to equivocal conclusions. Consequently, they argue that they are more legitimate in investigating the business value of information systems since capital markets are efficient and investors are rational. Indeed, they rely on investors' perceptions and interpretations about organizations' IS investments. However, considering the literatures on asymmetry (in strategy and finance) and positional valuing (in philosophy), investors in capital markets do not appear to occupying the right position in relation to IS investments realized by organizations and are exposed to unfavorable information asymmetry compared to the organizations' insiders. As a result, they are unlikely to value IS investments properly, and market-based approaches cannot measure or reflect the true value of IS investments as claimed by their proponents. More broadly, the paper questions the legitimacy of the market-based approaches in comparison with the other research fashions they criticize, the latter at least having the merit of relying on insiders who are well positioned in relation to the IS implemented by organizations and who have the capacity to really value them. In so doing, the paper complements and at the same time challenges the IS literature that draws on market-based approaches to examine the business value of information systems. |
| Keywords: | IS investments, Business value, Market-based approaches, Asymmetry, Positional valuing |
| Date: | 2022–06–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03976842&r=hme |
| By: | Günseli Berik, Haimanti Bhattacharya, Tejinder Pal Singh, Aashima Sinha, Jacqueline Strenio, Sharin Shajahan Naomi, Sameen Zafar, Sharon Talboys |
| Abstract: | Sexual harassment of women and girls in streets and other public spaces is often trivialized by the label of “eve teasing” in South Asia. While there exists a volume of research on intimate partner or domestic violence in South Asia, the literature on public-space harassment (PSH) is sparse. Based on 2021-22 surveys in Bangladesh, India, and Pakistan this paper examines the prevalence and consequences of public-space harassment using the Capability Approach. We used an online survey and snowball sampling through social media to generate both quantitative and qualitative information. We analyzed the data descriptively and coded the open-ended responses based on human capability themes. The responses to questions about twelve specific forms of harassment indicate that the experience of at least one form of PSH is ubiquitous in all country samples. We find that women are not only unable to lead lives free of violence but also deprived of a range of additional capabilities: to enjoy emotional wellbeing, to be physically mobile, to seek educational opportunities, to earn a living, and to be free of restrictions overall. Respondents also articulated future directions for action to reduce experiences of PSH, including legal measures, education, awareness. |
| Keywords: | Sexual Harassment, Human Capabilities, Gender, India, Bangladesh JEL Classification: B54, D63, I31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:uta:papers:2023_05&r=hme |
| By: | Ivo Maes (Chaire Robert Triffin, Université catholique de Louvain & ICHEC Brussels Management School) |
| Abstract: | In this paper the vision of the “Young” and “Elder” Lamfalussy on the origins of instability in capitalist economies will be contrasted. The young Lamfalussy found the origins of instability in medium-term cumulative processes in the real sector of the economy, very much inspired by the vicious circles in the British and Belgian economies in the postwar period, in contrast to the virtuous growth processes of the German and Italian economies. The Elder Lamfalussy focused on financial innovations and the short-term myopic behavior of financial markets, very much inspired by his experience of the Latin American debt build-up and ensuing crisis in the early 1980s. The Euro area crisis showed the importance of both processes, as it was the consequence of both short-term myopic behavior in financial markets and medium-term cumulative processes in the real sector. |
| Keywords: | Lamfalussy, economic instability, economic cycles, financial innovations, Latin American debt crisis, Euro area crisis. |
| JEL: | A11 B22 B32 E3 E F02 G10 N10 |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbb:reswpp:202303-436&r=hme |
| By: | Norbert Ankri; Pa\"ikan Marcaggi |
| Abstract: | The unit value of a commodity that Michio Morishima's method and its variations enable to determine correctly, is the sum of the value of the commodities it contains (inputs) and the quantity of labor required for its production. However, goods are sold at their market production price only when they meet a solvent social need that involves the entire economy with its interconnections between the different industrial sectors. This condition gives full meaning to Marx's fundamental equalities, which derive from the law of value and constitute invariants that apply to the economy as a whole. These equalities are necessary to determine market production prices. We demonstrate that they also enable to solve the transformation problem for a simple reproduction system without fixed capital by starting from Morishima's formalism and returning to a formalism closer to that used by Marx. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.11471&r=hme |
| By: | Hervé Dumez (i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - CNRS - Centre National de la Recherche Scientifique - IP Paris - Institut Polytechnique de Paris) |
| Abstract: | Interviews can play two major roles in qualitative research. The first is what symbolic interactionism calls exploration, that is, a ‘flexible pursuit of intimate contact with what is going on' (Blumer, 1998, p. 37). |
| Abstract: | Les entretiens peuvent jouer deux rôles majeurs dans la recherche qualitative. Le premier est ce que l'interactionnisme symbolique appelle l'exploration, c'est-à-dire une « poursuite flexible d'un contact intime avec ce qui se passe » (Blumer, 1998, p. 37). |
| Date: | 2022–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04008109&r=hme |
| By: | Cortelyou C. Kenney |
| Abstract: | Classical law and economics is foundational to the American legal system. Centered at the University of Chicago, its assumptions, most especially that humans act both rationally and selfishly, informs the thinking of legislatures, judges, and government lawyers, and has shaped nearly every aspect of the way commercial transactions are conducted. But what if the Chicago School, as I refer to this line of thinking, is wrong? Alternative approaches such as behavioral law and economics or law and political economy contend that human decisionmaking is based on emotions or should not be regulated as a social geometry of bargains. This Article proposes a different and wholly novel reason that the Chicago School is wrong: a fundamental assumption central to many of its game theory models has been disproven. This Article shows that a 2012 breakthrough from world famous physicist Freeman Dyson shocked the world of game theory. This Article shows that Chicago School game theorists are wrong on their own terms because these 2 x 2 games such as the Prisoner's Dilemma, Chicken, and Snowdrift, ostensibly based on mutual defection and corrective justice, in fact yield to an insight of pure cooperation. These new game theory solutions can be scaled to design whole institutions and systems that honor the pure cooperation insight, holding out the possibility of cracking large scale social dilemmas like the tragedy of the commons. It demonstrates that, in such systems, pure cooperation is the best answer in the right environment and in the long run. It ends by calling for a new legal field to redesign the structures based on the outdated assumptions of the Chicago School game theorists. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2303.09321&r=hme |
| By: | Alicia LEFRANCOIS (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne); Sophie Changeur (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne) |
| Abstract: | Cette étude qualitative exploratoire vise à mieux comprendre les expériences de consommation transgressives des normes de genre. Nous étudions le cas de masculinités françaises qui se maquillent et la manière dont celles-ci appréhendent, vivent et négocient cette pratique de consommation ainsi que le projet dans lequel elle s'insère. Notre objectif est de comprendre l'expérience de ces masculinités françaises engagées dans une pratique de consommation transgressive des normes de genre. Pour ce faire, des récits de vie sont menés auprès de masculinités françaises actuellement ou anciennement consommateurs de maquillage. Une analyse thématique ainsi que l'analyse du storytelling en marketing (Chautard et Collin-Lachaud, 2019) sont utilisées pour identifier les thèmes et "récits dans le récit". Puis, la méthode des incidents critiques (Flanagan, 1954) est employée pour identifier les variables de la transgression des normes de genre. Ce travail éclairera l'industrie cosmétique et le marketing quant à la consommation des certaines masculinités françaises qui transgressent les normes de genre par la consommation et renseigne la discipline sur la manière de mobiliser le concept de transgression tant du point de vue stratégique qu'opérationnel. |
| Keywords: | transgression, normes de genre, masculinité hégémonique, masculinités, pratiques de consommation transgressives |
| Date: | 2022–11–17 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03958042&r=hme |
| By: | Raphael Guionie (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - ONIRIS - École nationale vétérinaire, agroalimentaire et de l'alimentation Nantes-Atlantique - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris] - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université - Nantes Univ - ECN - Nantes Université - École Centrale de Nantes - Nantes Univ - Nantes Université); Rodica Loisel (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - ONIRIS - École nationale vétérinaire, agroalimentaire et de l'alimentation Nantes-Atlantique - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris] - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université - Nantes Univ - ECN - Nantes Université - École Centrale de Nantes - Nantes Univ - Nantes Université); Lionel Lemiale (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - ONIRIS - École nationale vétérinaire, agroalimentaire et de l'alimentation Nantes-Atlantique - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris] - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université - Nantes Univ - ECN - Nantes Université - École Centrale de Nantes - Nantes Univ - Nantes Université); Mathias Guerineau (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - ONIRIS - École nationale vétérinaire, agroalimentaire et de l'alimentation Nantes-Atlantique - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris] - Nantes Univ - IAE Nantes - Nantes Université - Institut d'Administration des Entreprises - Nantes - Nantes Université - pôle Sociétés - Nantes Univ - Nantes Université - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université - Nantes Univ - ECN - Nantes Université - École Centrale de Nantes - Nantes Univ - Nantes Université) |
| Abstract: | Energy industry represents roughly 2% of the GDP in energy importing countries (France, 2019). Yet any energy shock can lead to massive disruptions in the economy, since some energy vectors have features of General Purpose Technology and Source (Noce, 2015). We use input-output models to assess impacts on the French economy from substitution of imported natural gas with domestic low-carbon hydrogen. A new sector producing hydrogen is introduced to supply petroleum refining and ammonia sectors, based on domestic inputs exclusively. Two input-output models are built, a demand-driven model for the emergence of the H2 sector (investment phase), and a mixed model for H2 production (operating phase). Results show that the energy shock (350 kt of low-carbon H2 per year) generates significant growth (1 bln€ of GDP) and jobs (12, 000), but needs ambitious planning for industrial development. Firstly, the investment phase triggers industries such as machinery and equipment, electrical equipment, construction and metal products manufacturing, suggesting that massive needs for labor requires more attractiveness to make the hydrogen infrastructure effective. Secondly, the hydrogen production being electricity intensive, the model shows very sensitive to this input and to the availability of power plants. At even higher shocks to remove all grey hydrogen in industry (415 kt H2) and steel production (700 kt H2), impressive domestic resources are required along with massive energy planning similar to the French nuclear program over 80s. |
| Keywords: | Input-output approach, linkages, BLI, FLI, gas imports, domestic hydrogen |
| Date: | 2023–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-04011936&r=hme |
| By: | Schroeder, Susan K. |
| Keywords: | FINANCIACION DEL DESARROLLO, CREDITO, POLITICA CREDITICIA, INSTITUCIONES FINANCIERAS INTERNACIONALES, DEVELOPMENT FINANCE, CREDIT, CREDIT POLICY, INTERNATIONAL FINANCIAL INSTITUTIONS |
| Date: | 2023–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col022:48716&r=hme |