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on Heterodox Microeconomics |
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Issue of 2024‒07‒15
seventeen papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Julien Vastenaekels (CRIEG - Centre de Recherche Interdisciplinaire Economie Gestion - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne, REGARDS - Recherches en Economie Gestion Agroressources Durabilité et Santé - CRIEG - Centre de Recherche Interdisciplinaire Economie Gestion - MSH-URCA - Maison des Sciences Humaines de Champagne-Ardenne - URCA - Université de Reims Champagne-Ardenne, ULB - Université libre de Bruxelles) |
| Abstract: | This article explores the relationship between degrowth and the theory of Capital as Power (CasP), aiming to understand how socio-ecological transformations can unfold against capitalist power dynamics. While degrowth scholars have largely overlooked this perspective on capital, CasP argues that capitalism is primarily a mode of power, with capitalisation quantifying power – the confidence in – the ability to shape society against opposition. Key CasP concepts are brought into dialogue with degrowth research to identify potential implications and offer a step towards a theory of change for degrowth. The article first outlines the CasP perspective, including its notion of power, the process of capitalisation and the conflictual nature of capital accumulation, and highlights links with degrowth research. It then looks at the elements underlying the valuation of capital as power and how they provide entry points for degrowth transformations. The role of dominant capital groups and the concept of "sabotage" in exercising power over society are then addressed. As such, degrowth transformations must challenge the confidence of dominant capital groups in their ability to rule, as these groups inhibit possibilities for socio-ecological change. This dynamic, summarised in a conceptual diagram, provides a first step towards a theory of change for degrowth in the face of capital accumulation. Finally, the conclusion offers potential directions for further research. |
| Keywords: | capitalism, capital as power, accumulation, degrowth, transformations, sabotage |
| Date: | 2024–02–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04584989&r= |
| By: | Mc Kenzie, Mc Kenzie, Rex A. (Kingston University London) |
| Abstract: | In this paper, I present a comparative analysis of my recent work and Gary A. Dymski's contributions to the study of inequality and uneven development. By examining the similarities between our approaches, I emphasise our shared commitment to challenging conventional economic wisdom and exploring the complex dynamics of economic systems through interdisciplinary and institutionalist lenses. My paper, "What is balance-sheet driven and real estate backed?" argues for the importance of studying housing within economics and calls for a more inclusive and diverse approach to economic research. Dymski's paper, "The Dual Separation Processes in Capitalist Accumulation: From Imperialism to Internal Colony to Financialization, " explores the historical roots and contemporary manifestations of the separation between ownership and control, and between money-seeking capital and productive capital. Through this comparative analysis, I identify several notable similarities between our works, including an emphasis on the role of institutions in shaping economic outcomes, engagement with interdisciplinary perspectives, and a critique of neoclassical economics. We both draw upon the works of scholars from various fields and apply concepts such as David Harvey's "accumulation by dispossession" to analyse the dynamics of capitalism and inequality. I argue that our combined contributions open up a rich and potentially powerful research agenda, inviting scholars to examine more deeply the complex dynamics of inequality, uneven development, and the role of institutions in shaping economic systems. This agenda encompasses the need to further investigate the dual separation principles, explore the dynamics of housing and inequality, engage with the experiences and perspectives of the Global South, and develop alternative economic frameworks and methodologies. By building on these insights, we can push the boundaries of economic analysis and work towards a more equitable and sustainable future. |
| Keywords: | Inequality; Uneven Development; Institutional Economics; Interdisciplinary; Capitalism |
| JEL: | B50 O18 P16 |
| Date: | 2024–06–18 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kngedp:2024_001&r= |
| By: | Raphael Porcherot (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, CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, Université Sorbonne Paris Nord); Mariano Féliz (IdIHCS - Instituto de Investigaciones en Humanidades y Ciencias Sociales [La Plata] - CONICET - Consejo Nacional de Investigaciones Científicas y Técnicas [Buenos Aires] - FaHCE - Facultad de Humanidades y Ciencias de la Educación [La Plata] - UNLP - Universidad Nacional de la Plata [Argentine], CONICET - Consejo Nacional de Investigaciones Científicas y Técnicas [Buenos Aires], UNLP - Universidad Nacional de la Plata [Argentine]) |
| Abstract: | In Marxist dependency theory, the uneven and combined development of productive forces across core and periphery is a key feature of capitalism. The unity of such sys- tematically differing components of the world economy is defined by the combination of borders and nation-wide productivity and labour remuneration standards. Periph- eral value spaces stand in a relationship of dependency with core value spaces, which provides the economic rational for the political domination of the latter over the former. The foundation of this dependency lies in the interaction between unequal exchange dynamic and the heightened exploitation of labour. Indeed, super-exploiting labour allow peripheral capitals to partially compensate for the value there are losing as a consequence of unequal exchange. For that reason, peripheral value spaces exhibit a fundamentally heteronomous and extroverted mode of development. This interaction takes place through the evolution of exchange rates, whose main functions is to verify the monetary character of the various currencies. Through the latter's perpetual comparison, they reproduce the general equivalent whose existence is a structural necessity for any market-based economy, such is capitalism. Doing so, exchange rates formally mediate value spaces that nonetheless retain systematically diverging characteristics. However, on the one hand, Marxist dependency theory does not offer a unified exchange rate theory. On the other, within Marxist economic literature, while several attempts at expounding a model of exchange rate determination are to be found, they yield differing conclusions and more importantly were not integrated with the debates on dependency. This article proposes to revise differing Marxist understanding of the exchange rate, seeing the latter's determination as key mechanisms leading to the reproduction of dependency. It thus discusses insights from Shaikh, Carchedi, Astarita and Ricci with the dependency tradition originating in Marini's work. On this basis, we suggest that as they contributes to the verification of the socially acknowledged monetary character of the various currencies, exchange rates determine the magnitude of unequal exchange. Consequently, the latter is best seen not as a transfer of value but as a loss of value, in contrast with the traditional "phlogistic" understanding of unequal exchange that can be found in the literature on unequal ex- change, especially in Emmanuel's writings. Finally, the point is to explore how the mediating role of exchange rate necessarily implies the super-exploitation of labour-power. |
| Keywords: | Exchange rate, Dependency, Value transfers, Unequal exchange |
| Date: | 2024–06–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04599629&r= |
| By: | Lena Lavinas (UFRJ - Universidade Federal do Rio de Janeiro [Brasil] = Federal University of Rio de Janeiro [Brazil] = Université fédérale de Rio de Janeiro [Brésil]); Lucas Bressan (UFRJ - Universidade Federal do Rio de Janeiro [Brasil] = Federal University of Rio de Janeiro [Brazil] = Université fédérale de Rio de Janeiro [Brésil]); Pedro Rubin (UFRJ - Universidade Federal do Rio de Janeiro [Brasil] = Federal University of Rio de Janeiro [Brazil] = Université fédérale de Rio de Janeiro [Brésil]); Ana Carolina Cordilha (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, USN IHEAL - Université Sorbonne Nouvelle - Paris 3 - Institut des Hautes Études de l'Amérique latine - Université Sorbonne Nouvelle - Paris 3) |
| Abstract: | The authors argue that the concept of financialization is central to understanding current transformations in social policies. The chapter maps some of the ways in which these transformations are occurring across key sectors of social provision, such as pensions, education, and health care. The authors show how the advance of this new paradigm of social policy in financialized capitalism is connected to a growing dependence of households on financial markets, especially through mounting levels of debts. They point to the corrosion of social ownership and collective identities that sustained the development of a wide variety of welfare systems in central and peripheral economies, which now engenders an accelerated process of recommodification and re-individualization. Rather than promoting socioeconomic security over the course of individuals' life cycle, social policy now regulates access to financial markets while it is simultaneously regulated and reconfigured by them. The result of the financialization of social policy is therefore the production of families' growing dependence on deregulated financial markets. The discussion carried out throughout the chapter aims to critically examine how this paradigm undermines the fundamental goals of social policy by deepening different forms of inequalities and exclusions among individuals, while feeding financial accumulation. |
| Keywords: | social protection, social policy, financialization, protection sociale, politique sociale, financiarisation |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04579780&r= |
| By: | Fandel, Günter |
| Abstract: | Input Output Analysis is a powerful tool to formally analyze the economics of service production in business terms. Through its methodology, it is able to integrate different approaches from other disciplines and address their shortcomings in terms of production theory. This review paper provides at first an overview of which key areas of service production the Input Output Analysis has been successfully applied to. The digital transformation is a new challenge for the application of this analysis tool. So, secondly an overview of areas of service production follows in which the digital transformation places new demands on the application of Input Output Analysis. |
| Keywords: | Input Output Analysis, Activity Analysis, Service Production |
| JEL: | D24 M11 L23 |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:298116&r= |
| By: | Zachary Knauss (Department of Economics, New School For Social Research, USA) |
| Abstract: | The profit-investment puzzle, characterized by the disconnect between rising corporate profits and stagnant capital investment, has become a focal point in recent economic research. This paper argues that the traditional pro-competitive policy framework, which attributes this phenomenon primarily to anti-trust failures, is insufficient for a comprehensive understanding. Instead, it posits that the post-Keynesian tradition, particularly the work of Josef Steindl, provides a more robust theoretical foundation for analyzing the relationship between market concentration and investment behavior. Steindl's insights into oligopoly dynamics and their impact on capacity utilization and investment decisions are applied to recent trends in U.S. industries. The paper includes both theoretical exploration and empirical analysis, employing econometric tests on data from 1972 to 2017. The results support Steindl's hypothesis of a pro-cyclical relationship between deviations in normal and actual capacity utilization rates and industry-wide investment rates, suggesting that increased market concentration leads to persistent underutilization of capacity and stagnation. This comprehensive analysis challenges the prevailing view that simply enhancing anti-trust enforcement can resolve the profit-investment gap, emphasizing instead the need for nuanced policies that address both market structures and broader economic dynamics. |
| Keywords: | Secular stagnation, capacity utilization, market concentration, oligopoly |
| JEL: | D43 E22 L13 L40 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2409&r= |
| By: | Thomas Palley |
| Abstract: | This paper examines the military-industrial complex (MIC), which is a prototype widely imitated by other business sectors. Collectively, they constitute a variety of capitalism which can be termed the poly-industrial complex (PIC). Understanding the MIC is critical to understanding contemporary US capitalism, US international policy, and the drift toward Cold War II. The MIC exerts a massive societal impact. It twists economic activity toward military spending; twists the character of technical progress; is socially corrosive via its capture of politics and government; twists societal understanding of geopolitics to increase demand for war services; promotes militarism and increases the likelihood of war; and promotes proto-fascist drift because militarism drips back into national politics. Given those features, the MIC is of first-order significance and the consequences of failure to understand it are likely to be grim. Politics is at the center of possibilities for change. That raises questions whether the demand for change can be mustered, and whether the political system will permit it. |
| Keywords: | Military-industrial complex, war, miltarism, Neoliberalism, Neoconservatism, fascism |
| JEL: | D74 F51 H56 P10 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2409&r= |
| By: | Anne-Claire Savy (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, UM - Université de Montpellier); Atanu Sarkar (MUN - Memorial University of Newfoundland = Université Memorial de Terre-Neuve [St. John's, Canada]) |
| Keywords: | Boulding, circular economy, systemic thinking, ecological economics, no-growth, interdisciplinarity, biodiversity, Minimalonomics, Circles of social life |
| Date: | 2024–06–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04530554&r= |
| By: | James B. Glattfelder; Richard B. Olsen |
| Abstract: | The concept of time mostly plays a subordinate role in finance and economics. The assumption is that time flows continuously and that time series data should be analyzed at regular, equidistant intervals. Nonetheless, already nearly 60 years ago, the concept of an event-based measure of time was first introduced. This paper expands on this theme by discussing the paradigm of intrinsic time, its origins, history, and modern applications. Departing from traditional, continuous measures of time, intrinsic time proposes an event-based, algorithmic framework that captures the dynamic and fluctuating nature of real-world phenomena more accurately. Unsuspected implications arise in general for complex systems and specifically for financial markets. For instance, novel structures and regularities are revealed, otherwise obscured by any analysis utilizing equidistant time intervals. Of particular interest is the emergence of a multiplicity of scaling laws, a hallmark signature of an underlying organizational principle in complex systems. Moreover, a central insight from this novel paradigm is the realization that universal time does not exist; instead, time is observer-dependent, shaped by the intrinsic activity unfolding within complex systems. This research opens up new avenues for economic modeling and forecasting, paving the way for a deeper understanding of the invisible forces that guide the evolution and emergence of market dynamics and financial systems. An exciting and rich landscape of possibilities emerges within the paradigm of intrinsic time. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.07354&r= |
| By: | Li, Mengyu; Keyβer, Lorenz; Kikstra, Jarmo S.; Hickel, Jason; Brockway, Paul E.; Dai, Nicolas; Malik, Arunima; Lenzen, Manfred |
| Abstract: | Empirical evidence increasingly indicates that to achieve sufficiently rapid decarbonisation, high-income economies may need to adopt degrowth policies, scaling down less-necessary forms of production and demand, in addition to rapid deployment of renewables. Calls have been made for degrowth climate mitigation scenarios. However, so far these have not been modelled within the established Integrated Assessment Models (IAMs) for future scenario analysis of the energy-economy-emission nexus, partly because the architecture of these IAMs has growth ‘baked in’. In this work, we modify one of the common IAMs–MESSAGEix–to make it compatible with degrowth scenarios. We simulate scenarios featuring low and negative growth in a high-income economy (Australia). We achieve this by detaching MESSAGEix from its monotonically growing utility function, and by formulating an alternative utility function based on non-monotonic preferences. The outcomes from such modified scenarios reflect some characteristics of degrowth futures, including reduced aggregate production and declining energy and emissions. However, further work is needed to explore other key degrowth features such as sectoral differentiation, redistribution, and provisioning system transformation. |
| Keywords: | degrowth; energy-economy decoupling; Integrated Assessment Models; post-growth; Utility function |
| JEL: | N0 |
| Date: | 2023–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:123739&r= |
| By: | Anne-Claire Savy (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, ADEME - Agence de l'Environnement et de la Maîtrise de l'Energie, CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes) |
| Abstract: | This article seeks to understand how a self-organised dynamic can emerge to engage the current transition towards a circular economy. Accompanying-research puts into perspective a collective citizen project of transition towards a circular society (TCS) with the perspectives of actors and theories of self-organising. The analysis of abundant material, in floating attention and inductive manual NVivo coding, demonstrates a self-organising development via individual commitment facing successive needs of cooperation to enact a TCS. The dynamic operates through cooperative work cycles, leading to a TCS project in continuous mutual reflexivity. These results contribute to self-organising theories, particularly mobilising Follettian thinking. |
| Keywords: | Self-organising circular economy transition towards a circular society NVivo accompanying research, Self-organising, circular economy, transition towards a circular society, NVivo, accompanying research |
| Date: | 2024–12–16 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04302326&r= |
| By: | Vinicius Curti Cícero; Daniele Tavani |
| Abstract: | This paper addresses the factors driving economic stagnation and inequality in the US over recent decades. We study a demand-driven model with joint adjustment of the functional distribution and capacity utilization in the short run, and explore the dynamics of wealth accumulation and labor productivity growth in the long run. Our analysis formally explains several stylized facts observed in the US economy: the decline in labor share of income, the increase in the top 1% wealth share, the slowdown in labor productivity growth, and the reduction in the income-capital ratio. Institutional changes that weakened workers’ bargaining power or strengthened firms’ market power have reduced the labor share of income. While these changes may have initially stimulated short-term economic activity and growth within a profit-led demand regime, their long-term effects are concerning. In particular, a lower labor share negatively impacts labor productivity growth and, in turn, slows down the growth rate of the economy in the long run. To achieve balanced growth, the income-capital ratio, proxied by the rate of capacity utilization, must eventually decrease. The long-run behavior of our model is captured by a simple 2D dynamical system analyzing the capitalist wealth share and the labor share. Our findings demonstrate that an institutionally driven decline in the labor share exacerbates wealth inequality over time. These results point to the importance of policies counterbalancing the labor-crushing developments of the past decades to escape the process of stagnation and inequality. |
| Keywords: | Secular stagnation; income shares; wealth inequality; aggregate demand |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2410&r= |
| By: | Walter Farkas (University of Zurich - Department Finance; Swiss Finance Institute; ETH Zürich); Patrick Lucescu (University of Zurich - Department of Finance) |
| Abstract: | This paper develops a simplified agent-based model to investigate the dynamics of risk transfer and its implications for systemic risk within financial networks, focusing specifically on Credit Default Swaps (CDSs) as instruments of risk allocation among banks and firms. Unlike broader models that incorporate multiple types of economic agents, our approach explicitly targets the interactions between banks and firms across three markets: credit, interbank loans, and CDSs. This model diverges from the frameworks established by Leduc, Poledna, and Thurner (2016) and Poledna and Thurner (2016) by simplifying the agent structure, which allows for more focused calibration to empirical data—specifically, a sample of Swiss banks—and enhances interpretability for regulatory use. Our analysis centers around two control variables, CDSc and CDSn, which modulate the likelihood of institutions participating in covered and naked CDS transactions, respectively. This approach allows us to explore the network’s behavior under varying levels of interconnectedness and differing magnitudes of deposit shocks. Our results indicate that the network can withstand minor shocks, but higher levels of CDS engagement significantly increase variance and kurtosis in equity returns, signaling heightened instability. This effect is amplified during severe shocks, suggesting that CDSs, instead of mitigating risk, propagate systemic risk, particularly in highly interconnected networks. These findings underscore the need for regulatory oversight to manage risk concentration and ensure financial stability. |
| Keywords: | Systemic Risk, Agent-Based Modeling, Financial Networks, Risk Transfer, Network Interconnectedness, Credit Default Swaps |
| JEL: | C63 D85 G01 G21 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2432&r= |
| By: | Wagner, Martin |
| Abstract: | Auf Inflation mit politischen Maßnahmen zur Stimulierung der Nachfrage zu reagieren, wirft Fragen auf, insbesondere wenn einflussreiche zeitgenössische Ökonomen wie Hans Werner Sinn dies unterstützen, indem sie den Konsum als wachstumsschädlich und unnötig für die Wirtschaft bezeichnen. Der Beitrag untersucht das Spannungsverhältnis, das sich hier zwischen dem Streben nach Gleichgewicht marktwirtschaftlicher Strukturen einerseits und dem neoliberalen Wachstumsparadigma andererseits ergibt, sowohl aus ökonomischer als auch aus sozialpsychologischer Sicht. |
| Abstract: | Responding to inflation with political measures to stimulate demand raises questions, especially when influential contemporary economists such as Hans Werner Sinn support this by labelling consumption as detrimental to growth and unnecessary for the economy. This article examines the tension that arises here between the pursuit of equilibrium in market economy structures on the one hand and the neoliberal growth paradigm on the other, from both an economic and a socio-psychological perspective. |
| Keywords: | Keynesianismus, Neoliberalismus, Monetarismus, Marktwirtschaft, Planwirtschaft, Sozialismus, Kapitalismus, Konsum, Marktsättigung, Konjunktur, Wachstumsparadigma, Entwicklungspsychologie |
| JEL: | E |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iubhso:299247&r= |
| By: | Santori, Paolo |
| Abstract: | Review of “Mary Wollstonecraft and Political Economy: The Feminist Critique of Commercial Modernity” by Catherine Packham. |
| Date: | 2024–06–07 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:g6qvs&r= |
| By: | L. Dary Beltran; Manuel Alejandro Cardenete; Ferran Sancho |
| Abstract: | The production of goods and services for final demand may require the use of technological inputs, such as direct spending on research and development (R&D) and other technological services. An economy?s dynamism depends largely on how these inputs shape the production structure. In this work, we implement a computational procedure to obtain the total technological content, both direct and indirect, embodied in the goods available for final demand, including exports. This methodology enables us to categorize productive activities based on their technological content and reveal the underlying structural patterns. We illustrate this methodology?s possibilities using input-output data from the Spanish economy. |
| Keywords: | Technological inputs; Total technological content; Input-output R&D data |
| JEL: | C67 D57 O33 |
| Date: | 2024–06–19 |
| URL: | https://d.repec.org/n?u=RePEc:aub:autbar:976.24&r= |
| By: | Aleksandr Arsenev (The Vienna Institute for International Economic Studies, wiiw); Meryem Gökten (The Vienna Institute for International Economic Studies, wiiw); Philipp Heimberger (The Vienna Institute for International Economic Studies, wiiw); Andreas Lichtenberger (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | The concept of full employment is associated with diverse economic, political and social aspects. We provide a survey of theory, empirics and policy issues related to full employment. We make a novel contribution by tying together multi-dimensional aspects of full employment regarding definitions, theoretical perspectives, empirical measurements, policy debates and real-world policy programs. We distinguish concepts of full employment that provide systematic links to price stability; minimum unemployment and maximum employment approaches; and the unfilled vacancies perspective. Furthermore, we provide and discuss different empirical measures of full employment for selected economies, and we propose a new full employment typology. Based on our survey findings, we argue that conceptualising and measuring full employment is not merely a technical task, but inevitably involves normative judgments. Finally, we discuss avenues for future research. |
| Keywords: | full employment, NAIRU, Beveridge curve, employment, welfare states, job guarantee |
| JEL: | B22 E24 E61 |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:wii:wpaper:249&r= |