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on Heterodox Microeconomics |
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Issue of 2024‒10‒07
twenty-two papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Thua Huynh Kim (Mien Tay Construction University, Vietnam); Tinh Do Phu Tran (University of Economics and Law, Vietnam) |
| Abstract: | This paper is based on the views of Marx, as well as the economists before and after Marx, regarding surplus value. The authors analyze the allocation of surplus value in a socialist-oriented market economy in Vietnam. The result shows that in Vietnam, capitalists do not occupy the entire surplus created by workers, as Marx mentioned, so the existence of surplus value in Vietnam today is not contrary to the socialist direction because of its necessity. Additionally, the authors identify problems in the distribution of surplus value that need to be addressed in the practice of the social-oriented market economy in Vietnam today. Some recommendations are also proposed to effectively allocate surplus value for Vietnamese enterprises, workers, and labor unions. |
| Keywords: | allocation, surplus value, market economy, Vietnam |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0365 |
| By: | Cristina BARNA (Faculty of Management, National University of Political Studies and Public Administration (Romania)); Adina REBELEANU (Faculty of Sociology and Social Work, Babes-Bolyai University, Cluj-Napoca (Romania)); Alexandra ZBUCHEA (Faculty of Management, National University of Political Studies and Public Administration (Romania)); Simona STÄ‚NESCU (Research Institute for Quality of Life, Romanian Academy (Romania)) |
| Abstract: | The Romanian social economy includes a diversity of organizations and domains, adopting models of classic social enterprises, hybrid or sometimes even innovative models, many of them being initiated by women. Considering that women are very well represented in terms of gender distribution among social innovators, we propose exploratory research to profile the successful Romanian woman social entrepreneur, paying special attention to the women leading the Romanian emergent social enterprises sector. Our paper includes qualitative research based on semi-structured in-depth interviews with seven key successful women social entrepreneurs, nominated and/or awarded Romanian or European prizes in the field of social economy. Our investigations, also supplemented by a data processing and analysis of the Single Register of Evidence of Certified Social Enterprises in Romania from June 2022 concerning the involvement of women in the management of social enterprises, represent the first approach to this topic, contributing to understanding the profile of the Romanian woman social entrepreneur, and also offering an analysis of the women's perspective in the social enterprises' sector. |
| Keywords: | social economy, social enterprise, woman social entrepreneur, Romania |
| JEL: | L3 |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:crc:wpaper:2405 |
| By: | Domenico Delli Gatti; Tommaso Ferraresi; Filippo Gusella; Lilit Popoyan; Giorgio Ricchiuti; Andrea Roventini |
| Abstract: | We extend the multi-country, multi-sector agent-based model in Dosi et al. (2019, 2021) by incorporating an exchange rate market where heterogeneous chartist and fundamentalist financial traders exchange foreign currencies. This introduces complex interactions between the real and financial side of the economies that reverberate on the dynamics of the exchange rate, which acts both as a transmission channel of endogenous fluctuation and as a source of shocks. Simulation results show that model is able to account for a rich ensemble of stylized facts (e.g., fat tails, volatility clustering, fluctuations and contagion among others) concerning the exchange market and its interactions with the real economy dynamics at different level of aggregation. Moreover, our findings reveal that speculative behavior in the exchange rate market substantially increases financial turbulence and contributes to real economic fluctuations. On the policy side, we highlight the power and limitations of central bank interventions in the exchange rate market. |
| Keywords: | agent-based model, exchange rate dynamics, financial crises, endogenous business cycles, heterogeneous traders, central bank interventions |
| Date: | 2024–09–19 |
| URL: | https://d.repec.org/n?u=RePEc:ssa:lemwps:2024/24 |
| By: | Paolo Pellizzari (Department of Economics, Ca’ Foscari University of Venice) |
| Abstract: | Models are the cornerstones of scientific thought. They illuminate complex realities, provide keys for interpretation and solutions, and serve as training grounds for intellectual tolerance, rigorous reasoning, flexibility, and humility. This note describes three models, which with a touch of contemporaneity, share the attempt to elucidate what surrounds us. In their diversity, they demonstrate how to delve into the social and linguistic complexity with heightened awareness and a critical spirit. |
| Keywords: | Computational modelling, epidemics, segregation, ChatGPT |
| JEL: | C63 B41 A12 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ven:wpaper:2024:12 |
| By: | Bathelt, Harald; Storper, Michael |
| Abstract: | Evolutionary approaches in economic geography have contributed substantially to the growing body of knowledge of regional development processes and their underlying mechanisms. One key concept in the literature on evolutionary economic geography is that of related variety. Herein, regional industry structure is represented through the level of related variety of technologies, skills, or outputs. The related variety concept proposes that regional economic development is favored when an economy diversifies into products or technologies that are closely related to the stock of existing activities. In this article, we raise substantive questions regarding the internal logic of the concept of related variety, its spatial expressions, measurement specifics, empirical regularities and biases, and its possible short- and long-term effects on regional development. Based on this investigation, we make suggestions for improvements to future research. |
| Keywords: | economic geographies of places; evolutionary economic geography (EEG); regional development; regional specialization; related variety |
| JEL: | L23 R11 |
| Date: | 2023–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:120162 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2023–08 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:662 |
| By: | Heitmayer, Maxi |
| Abstract: | Since the advent of social media, capturing and holding the attention of people has become paramount for the success of products, political messages and even research. The economics of attention is often seen as part of the market economy. We argue that a larger societal transformation is underway, which will see attention become the defining currency that moves individuals, exchanges, and many other elements of society. This paper connects the attention economy to the institutional foundations of modernity. It then discusses how attention can be accumulated and exchanged like a currency and proposes a dual-stream model distinguishing between calcified and flow attention. Based on this model, we investigate recent developments facilitating the use of attention as a currency, and their potential impact on our daily lives more generally. We conclude by providing an outlook and concrete questions for future research to understand where the economics of attention economy is heading. |
| Keywords: | attention economy; social media; systems theory; OUP deal |
| JEL: | J1 |
| Date: | 2024–08–16 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124333 |
| By: | Pramila Bakhati (Lumbini Buddhist University, Lumbini, Nepal) |
| Abstract: | Buddhism is typically understood and interpreted as a life philosophy, a religion, a discipline, and a teaching-learning process. Buddha's primary objective in his investigation was to alleviate human suffering by identifying its root cause and revealing the truth about the world. Consequently, the Buddha discovered the 'Four Noble Truths', his first teaching after attaining enlightenment in the sixth century BCE. In the 'Four Noble Truths', the word 'truth' refers to the investigation of reality (Yun 2014). Buddha's teachings emphasized the importance of non-discrimination against individuals based on their caste, religion, gender, or any other form of identity and would not harm any species (Finn 2013; Wei 2003). Buddha devoted 45 years to imparting the Dhamma for this reason. Therefore, he embraced the principle of inclusiveness, welcoming all who desired to learn and comprehend the Dhamma (Liu & Tee 2014). As a result, he taught the path to enlightenment to achieve happiness. Buddha utilized various teaching methods and approaches: interactive and inquiry-based, question-and-answer sessions, illustrations, narrative, analytical and experimental approaches, mindfulness and critical thinking, examples to clarify concepts, ethical and character education during his lifetime. These techniques are still highly pertinent and applicable in contemporary classrooms. This paper examines the purpose of imparting the Dhamma, Buddha's pedagogy, and its application in the present context. |
| Keywords: | Four Noble Truths, Noble Eightfold path, Buddha teaching |
| Date: | 2024–05 |
| URL: | https://d.repec.org/n?u=RePEc:smo:raiswp:0373 |
| By: | Andrea Boitani (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore); Lorenzo Di Domenico (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore); Giorgio Ricchiuti |
| Abstract: | In this paper, we study the impact of contractionary monetary policies on income and wealth inequality. By developing an Agent Based – Stock Flow Consistent model, we show that both the sign and magnitude of monetary policy impacts depend on the heterogeneity characterizing income sources across the population, the composition of households wealth and portfolio preferences, the value of the labor share, and the size of unemployment benefits. Monetary policy can affect inequality through four main transmission channels: saving remuneration, asset prices, aggregate demand and cost-push channels. The paper delivers five main results: i) the impact of monetary policy on income inequality is non-linear and is a function of the degree of symmetry in the distribution of firms and bank shares, markup, and unemployment benefits; ii) the magnitude of the impact is not independent of the inequality measure considered; iii) the short-run effects on wealth inequality due to capital gains and losses (CGL) on long-term bonds are positively correlated with the degree of heterogeneity in the portfolio preferences of households. In the long-run, such effect vanishes. The short-run effect is null in the case of zero heterogeneity; iv) If the monetary shock has an asymmetric impact on portfolio decisions, monetary policy can have a long-lasting impact on wealth inequality through the CGLs in the stock market. In the presence of symmetric shocks, CGLs in the stock market have no effect, neither in the short nor in the long term; v) the higher the labor share, the greater the impact of monetary policy on inequality. Finally, we adopt the income factor decomposition to disentangle how income heterogeneity affect the transmission channels of monetary policies. |
| Keywords: | Monetary policies; income inequality; Agent-Based models; Stock-Flow Consistent models. |
| JEL: | E4 E52 E53 D31 D63 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:ctc:serie1:def133 |
| By: | \"Onder Nomaler; Bart Verspagen |
| Abstract: | We build on the interpretation of the Economic Complexity method as Correspondence Analysis (CA), and propose that the Canonical form of CA (CCA), which originated in the ecology literature, can be used to calculate multi-dimensional economic complexity. The traditional (CA) way of calculating economic complexity includes no "external" information such as countries' development characteristics to facilitate interpretation of "complexity". This has led to a wide range of fairly ad hoc interpretations of economic complexity on the basis of ex-post correlation to a long list of other variables. By the ex-ante inclusion of a number of country variables in the construction of the complexity indicators, CCA enables better interpretation, also in the case of multi-dimensional indicators. The analysis is further facilitated by another element of the ecologists' toolbox, the so-called biplots, which are CCA-based graph embeddings that represent a lower-dimensional product-space in which products and countries are positioned together, in mutual correspondence to each other. We show that in this way, CCA provides a richer account of development in many of its aspects, especially economic growth. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.01830 |
| By: | Gonzalo Bohorquez; John Cartlidge |
| Abstract: | We propose that a tree-like hierarchical structure represents a simple and effective way to model the emergent behaviour of financial markets, especially markets where there exists a pronounced intersection between social media influences and investor behaviour. To explore this hypothesis, we introduce an agent-based model of financial markets, where trading agents are embedded in a hierarchical network of communities, and communities influence the strategies and opinions of traders. Empirical analysis of the model shows that its behaviour conforms to several stylized facts observed in real financial markets; and the model is able to realistically simulate the effects that social media-driven phenomena, such as echo chambers and pump-and-dump schemes, have on financial markets. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.00742 |
| By: | Möckel, Stefan; Baaken, Marieke; Bartkowski, Bartosz; Beckmann, Michael; Henn, Elisabeth; Strauch, Michael; Stubenrauch, Jessica |
| Abstract: | The global increase in greenhouse gases is also changing the climate conditions more severely in Germany. This particularly affects local cultivated landscapes, which cover large parts of Germany and are already experiencing a wide range of ecological problems. Although agricultural land use characterises cultivated landscapes, their sustainability does not only depend on a change in farming methods. The creation of sustainable cultivated landscapes requires an approach that goes beyond individual actions, which is rather a task for society as a whole that extends well beyond the responsibility and possibilities of individual landowners and managers. Based on the common ecological problems and the specific challenges of climate change described in more detail in the article, we therefore analyse what sustainability means and which social goals and requirements can be identified for cultivated landscapes. The article aims to create a basis for developing practical concepts for measures, government regulations and state subsidies. |
| Keywords: | climate change, cultivated landscape, agriculture, forestry, sustainability, international law, European law, constitutional law, nature conservation, ecosystems, biodiversity |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ufzdps:302564 |
| By: | Callahan, William A. |
| Abstract: | While many use rational IR theory to explain Chinese foreign policy behavior, this paper follows global IR to employ interpretivist theory to examine how Chinese elites understand their country's role in the world. In particular, it explores the Chinese global order ideas of socialism, tradition, and nation through a comparative analysis of how they work in China-Russia relations, especially after China's 20th Communist Party Congress in 2022. The first section presents a critical analysis of the realist understanding of the China-Russia-U.S. strategic triangle. It argues that the socialist concept of "united front work"better explains Chinese (and Russian) policy in terms of short-term "tactical triangles."To probe China's long-term global order ideas, the second section explores narratives of tradition to examine the concentric circles model of global order seen in Chinese tianxia and Russian Eurasianism. To understand these competing Russocentric and Sinocentric global orders, the third section explores how each country's official historiography highlights narratives of the nation and especially how national rejuvenation requires correcting the "national humiliation"of lost territories. Rather than see these narratives in a linear chronological history - i.e., from tradition to socialism to nationalism - this paper considers how they overlap in socialism, tradition, and nation, a non-linear dynamic triad of global order ideas. It concludes first that further research is necessary to examine the interrelation of these three narratives: while nation and tradition are often employed to support the overarching narrative of socialism in recent years, this could certainly change. The conclusion then argues that while these narratives may be coherent theoretically, they have not been very successful in achieving Beijing and Moscow's foreign policy objectives. |
| Keywords: | China; interpretivism; global order; socialism; foreign affairs; Russia |
| JEL: | B14 B24 P2 P3 |
| Date: | 2023–06–29 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:124884 |
| By: | Rubina Zadourian |
| Abstract: | The objective of this work is the investigation of complexity, asymmetry, stochasticity and non-linearity of the financial and economic systems by using the tools of statistical mechanics and information theory. More precisely, this thesis concerns statistical-based modeling and empirical analyses with applications in finance, forecasting, production processes and game theory. In these areas the time dependence of probability distributions is of prime interest and can be measured or exactly calculated for model systems. The correlation coefficients and moments are among the useful quantities to describe the dynamics and the correlations between random variables. However, the full investigation can only be achieved if the probability distribution function of the variable is known; its derivation is one of the main focuses of the present work. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2408.16010 |
| By: | Susana Santos |
| Abstract: | “A System of National Accounts” released in 1968 and conceived under the chairmanship of Richard Stone, was the first step to integrate input-output analysis in national accounts. In the first paragraph of its third chapter, with the title “The system as a basis for input-output analysis” of Stone’s authorship, according with his autobiography (Stone, 1992), it can be read: “The input-output data contained in the system appear in the rows and columns relating to commodities and industries. In order to explain and illustrate how these data can be used for input-output analysis, a magnifying glass has been applied to the relevant parts of table 2.1 …” (UN, 1968, p. 35; table 2.1 is an illustration of the complete system, in a matrix form, that is, in a social accounting matrix). Later, in 1981, Richard Stone wrote “… from a formal point of view, input-output analysis could be carried out with other parts of the national accounts or, indeed, with several related parts. In a ... study ..., published in 1977... Graham Pyatt and his associates presented an analysis ... in which they wanted to emphasise the distribution of income … to set up a framework within which they could analyse actual and potential policies …” (Stone, 1981, pp. 62-63). This paper is based on the works of Richard Stone, Graham Pyatt and some of their followers and addresses the measurement of institutional interrelations in distributive transactions, within the conceptual framework of the current version of the “System of National Accounts”. Without an “A” before, the “System of National Accounts” (SNA, for short) in its current version was released in 2008 and conceived under the responsibility of the Intersecretariat Working Group on National Accounts (ISWGNA, 2009). It covers industry interrelations in transactions in products with the supply and use tables (from which input-output accounts can be conceived). It covers institutional interrelations in financial transactions with the flow-of-funds tables or matrices, but it does not cover distributive transactions. This means that, in the study of the economic system, while the parts relating to the production and financial processes can be supported by (more or less, powerful) magnifying glasses provided by the national accounts, the part relating to the distribution process has no support at all. Thus, for the six groups of institutional sectors identified by the SNA, starting from the published totals of the current and capital accounts, organized in the defined sequence, the nine categories of distributive transactions (disaggregated at the second level) are analysed individually and the possibilities of filling in the so called from-whom-to-whom matrices are explored. Since the resources of some are the uses of others, it will be shown how information about the origin of the resources (from-whom), or the destination of the uses (to-whom) can complete the filling in of these matrices. Therefore, albeit for a reduced magnification level, this proposal can be seen as a starting point for something more amplified, capable of being used within the scope of input-output analysis. Its implementation would enable a better treatment of the networks of transactions between institutional sectors underlying the distribution process, which would certainly be reflected in the study of the distribution and redistribution of income, in any possible aspect, namely, inequality, poverty, wealth, corruption, etc. |
| Keywords: | National Accounts; Social Accounting Matrices; Input-Output Analysis. |
| JEL: | E01 E16 D57 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:ise:remwps:wp03402024 |
| By: | Smaldino, Paul E.; Russell, Adam (DARPA); Zefferman, Matthew (Naval Postgraduate School); Donath, Judith; Foster, Jacob; Guilbeault, Douglas; Hilbert, Martin; Hobson, Elizabeth A.; Lerman, Kristina; Miton, Helena |
| Abstract: | A sequence of technological inventions over several centuries has dramatically lowered the cost of producing and distributing information. Because culture and societies ride on a substrate of information, these changes have profoundly impacted how we live, work, and interact with each other. This paper explores the nature of information architectures (IAs)—the features that govern how information flows within human populations. IAs include physical and digital infrastructures, norms and institutions, and algorithmic technologies for filtering, producing, and disseminating information. IAs shape everyday lives and cultural practices; they can reinforce societal biases and discriminations and lead to prosocial outcomes as well as unintended social ills. IAs have culturally evolved rapidly with human usage, creating new affordances and new problems for the dynamics of social interaction. We explore the significant societal outcomes instigated by shifts in IAs and call for an enhanced understanding of the social implications of increasing IA complexity, the nature of competition among IAs, and the creation of mechanisms for coordination to guide the beneficial use of IAs. Navigating the challenges IAs pose requires creative experimentation, novel tools, and an understanding of societal norms and institutions. Given that the speed and influence of IAs are accelerating, research in this area is increasingly imperative to ensure that the nature of IAs aligns with a collectively desirable future. |
| Date: | 2024–09–05 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:c7vrw |
| By: | Leimbach, Marian; Hübler, Michael; Mahlkow, Hendrik; Montrone, Lorenzo; Bukin, Eduard; Felbermayr, Gabriel; Kalkuhl, Matthias; Koch, Johannes; Marcolino, Marcos; Pothen, Frank; Steckel, Jan Christoph |
| Abstract: | The decarbonization of India’s economy will have different effects across income groups. As India is in the middle of the transformation process from an agriculture-based economy towards an industry- and service-based economy, called economic structural change, the extent of income distribution across households strongly depends also on the speed of economic transformation. While a number of recent studies have analyzed the distributional effects of carbon pricing, the specific role of structural change across sectors has not been in the focus of the related literature. Our study contrasts distributional effects from climate policy with distributional effects from structural change in India and asks how far carbon pricing supports or hinders structural change and development. We develop and apply a comprehensive model framework that combines economic growth and international trade dynamics related to structural change with detailed household income and expenditure data for India. Our study shows that changes in income and inequality due to carbon pricing vary with changes in the sectoral structure of an economy. Our results indicate that carbon pricing tends to delay economic structural change by retarding the reallocation of economic activities from the agricultural sector to the manufacturing sector. Furthermore, the results emphasize that the increase in inequality due to structural change is substantially stronger than due to carbon pricing. Consequently, socially sensitive policies supporting the process of structural transformation appear to be more important for poor households than lowering climate policy ambitions. |
| Keywords: | Structural Change, Climate Policy |
| JEL: | Q54 O11 Q56 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkie:302045 |
| By: | Sasaki, Hiroaki; Sonoda, Ryunosuke |
| Abstract: | This study investigates how the income redistribution policy affects economic growth, employment, income distribution, income inequality, and asset inequality. The income redistribution policy is defined as one that imposes capital taxation on capitalists and redistributes it to workers. Therefore, we constructed a Kaleckian model in which, in addition to capitalists, workers own capital stock through savings. Depending on the relative size of workers' and capitalists' saving rates, we obtained the Pasinetti equilibrium, in which both classes coexist, and the dual equilibrium, in which only workers own capital stock, whereas capitalists do not. In the Pasinetti equilibrium, raising the tax rate for capitalists drives an increase in workers' assets and income shares. Simultaneously, economic growth and employment rates increase when the short-run equilibrium is wage-led growth whereas they decrease when the short-run equilibrium is profit-led growth. Hence, the income redistribution policy is effective in reducing inequality and promoting economic growth and employment when the short-run equilibrium is wage-led. |
| Keywords: | workers' saving; income equality; income redistribution policy; growth; employment |
| JEL: | E11 E12 E64 J31 J53 |
| Date: | 2024–09–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121968 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:660 |
| By: | Graham White |
| Keywords: | Cross-dual dynamics, target return, demand-led growth |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:syd:wpaper:2024-21 |
| By: | Valentina Macchiati; Emiliano Marchese; Piero Mazzarisi; Diego Garlaschelli; Tiziano Squartini |
| Abstract: | The level of systemic risk in economic and financial systems is strongly determined by the structure of the underlying networks of interdependent entities that can propagate shocks and stresses. Since changes in network structure imply changes in risk levels, it is important to identify structural transitions potentially leading to system-wide crises. Methods have been proposed to assess whether a real-world network is in a (quasi-)stationary state by checking the consistency of its structural evolution with appropriate maximum-entropy ensembles of graphs. While previous analyses of this kind have focused on dyadic and triadic motifs, hence disregarding higher-order structures, here we consider closed walks of any length. Specifically, we study the ensemble properties of the spectral radius of random graph models calibrated on real-world evolving networks. Our approach is shown to work remarkably well for directed networks, both binary and weighted. As illustrative examples, we consider the Electronic Market for Interbank Deposit (e-MID), the Dutch Interbank Network (DIN) and the International Trade Network (ITN) in their evolution across the 2008 crisis. By monitoring the deviation of the spectral radius from its ensemble expectation, we find that the ITN remains in a (quasi-)equilibrium state throughout the period considered, while both the DIN and e-MID exhibit a clear out-of-equilibrium behaviour. The spectral deviation therefore captures ongoing topological changes, extending over all length scales, to provide a compact proxy of the resilience of economic and financial networks. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.03349 |
| By: | Frank Schweitzer; Giona Casiraghi |
| Abstract: | We explore the nonlinear dynamics of a macroeconomic model with resource constraints. The dynamics is derived from a production function that considers capital and a generalized form of energy as inputs. Energy, the new variable, is depleted during the production process and has to be renewed, whereas capital grows with production and decreases from depreciation. Dependent on time scales and energy related control parameters, we obtain steady states of high or low production, but also sustained oscillations that show properties of business cycles. We also find conditions for the coexistence of stable fixed points and limit cycles. Our model allows to specify investment and saving functions for Kaldor's model of business cycles. We provide evidence for an endogenous origin of business cycles if depleting resources are taken into account. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2408.16015 |