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on Heterodox Microeconomics |
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Issue of 2024–12–23
six papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Freire, Joseph Alexander (Universidad Francisco Marroquin) |
| Abstract: | This article explores Methodological Individualism (MI) within the Austrian School of thought, analyzing its conceptual evolution and application in the social sciences. Throughout the text, it highlights the key contributions of Carl Menger, Ludwig von Mises, and Friedrich Hayek, who shaped and expanded the Austrian methodology towards a deep understanding of social phenomena from an individualistic perspective. The discussion addresses the epistemological and ontological foundations of MI and its role in studying complex social structures, arguing that social dynamics are best explained through the actions and beliefs of individuals. Finally, a critical analysis of contemporary interpretations of MI is presented, distinguishing its original approach from other schools of thought and underscoring its relevance to modern social theory. |
| Date: | 2024–11–10 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:78dtv |
| By: | Lambert, Thomas |
| Abstract: | This research note/paper examines several factors that have been mentioned and debated as determinants of how Britain moves from feudalism to mercantilism and then to capitalism by way of agricultural and industrial innovations and also how it arrives at the cusp of the industrial revolution. Of special interest are somewhat recent conjectures of macroeconomic data, investment estimates, and data on horses, serfs, and slaves of previous centuries that perhaps can better contribute to and add some clarification to the debates over the transition from feudalism to capitalism and the transition from an early form a capitalism or mercantilism to the industrial revolution. The estimates, empirical notes, and exploratory analyses in this paper partially support the Brenner thesis or concept of the transition from feudalism to capitalism and also support the notion that the proceeds of slave sales and slave production provide a substantive portion of British investment amounts leading up to the industrial revolution of the 18th Century. The mainstream economic notions of property rights, thrift, free markets, and free trade are only part of the picture of how Britain achieves economic prominence in the 19th Century. Exploitation of people and animals play a very significant role that has been ignored or minimized in many history and economic history accounts. |
| Keywords: | Baran ratio, economic surplus, investment, slave trade, slavery, serfs, horses, Great Britain |
| JEL: | B51 B52 N13 N33 N44 |
| Date: | 2024–11–09 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122644 |
| By: | Toncheva, Rossitsa |
| Abstract: | Money, as the quantitative representative of almost everything, decently occupies the central position in the distribution mechanism and as an instrument for imposing order. At the stage where global solutions are sought to adapt the orthodox monetary system to the current productive forces, many opportunities are being opened for testing new forms of social models, as one could also call that of "private non-bank money". The term "private non-bank money" is a conceptual successor to the term of "barter money" . Both are formal, synthetic words created as a tool to get better sense of the pretty wide variety of monetary experiments with complementary currency systems (ССS), not only as practical cases but also as theoretical interpretations. The use of new term partly solves not only the above limitation, but also the confusion resulting from the fact that "money" and "currency" are often perceived as synonymous. "Money" is defined and perceived with too wide a scope, which can even give rise to a cognitive fallacy. Regardless of the predominantly social characteristics of ССS, all of them, except for the time banks, have a powerful financial feature, and it is the monetary instrument that places them also in the field of monetary theory. The search for a common distinguishing property of the CCS has led to the need to include a new concept, by which the difficulty is largely removed. The concept of "private non-bank money" is instrumental, and as such it represents a relatively more limited notion of money - as a specific form of it, suitable for understanding the meaning, content and significance of the relations that have been created in the various models of CCS. |
| Keywords: | Private Non-bank Money, Distribution, Money, complementary currency |
| JEL: | E40 E50 G2 P40 |
| Date: | 2024–11–08 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122689 |
| By: | TUKKER Arnold; RUEDA CANTUCHE Jose Manuel (European Commission - JRC) |
| Abstract: | Existing forward-looking models such as Integrated Assessment Models (IAMs), Energy models, and (Computable) General Equilibrium (GE) models work well for assessing energy and climate problems. But such top-down, usually economy-wide models have limited sector resolution. They cannot assess highly product specific circular economy (CE) strategies such as component re-use, refurbishment, or high quality material recycling. This requires detailed physical systems modelling. Material Flow Analysis (MFA) and Life cycle assessment/costing (LCA/LCC) offer this detail and physical basis. But these mainly physical, partial and static bottom-up models lack the economy-wide socio-economic impact assessment capabilities and endogenized dynamic features of e.g. GE models. We propose here a hybrid approach as solution. GE models with an Input Output (IO) core could be used as a basis, at a state of the art detail of 100-150 sectors/products and over150 countries, preferably backed by a (consortium of) international institutions to provide formal status. Higher detail, physical layers, and sectoral capital stock vintage information may be provided in a research context. Detailed bottom-up MFA and LCA/LCC assessments are then to be hard- or soft-linked to the IO core of the GE model. Even then questions remain as how CE interventions may induce changes in value added capturing in economic networks, stimulate diffusion of new technologies, and limit damages of environmental change on the economy. Additional qualitative and quantitative assessments can help to include such effects exogenously in a GE model. The fallacy of modelling the future based on historical trends can be overcome by using models in a back casting rather than forecasting mode. Models then are used to check under which conditions pathways to normatively desired futures can be realized. This approach allows assessing the social, economic and environmental impacts of CE policies comprehensively, and hence how CE can support the transition to a fair and sustainable economy. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc139498 |
| By: | Kapoor, Amita; Singh, Narotam; Chaudhary, Vaibhav; Singh, Nimisha; Soni, Neha |
| Abstract: | This paper explores the transformative impact of Generative AI (GenAI) on the business landscape, examining its role in reshaping traditional business models, intensifying market competition, and fostering innovation. By applying the principles of Neo-Schumpeterian economics, the research analyses how GenAI is driving a new wave of "creative destruction, " leading to the emergence of novel business paradigms and value propositions. This research incorporates a novel AI-augmented SPAR-4-SLR framework as a key component, offering a systematic and innovative approach to analysing the rapidly evolving GenAI domain. By leveraging co-occurrence network analysis and LLM-based evaluation, this methodology identifies interdisciplinary trends and highlights diverse applications of GenAI. Beyond this, the study extends its scope to explore insights from internet-scraped data, Twitter analytics, and company reports, providing a comprehensive understanding of how GenAI is transforming businesses. This multi-faceted approach underscores GenAI's profound impact across industries such as technology, healthcare, and education, revealing its role in enhancing operational efficiency, driving product and service innovation, and creating new revenue streams. However, the deployment of GenAI also presents significant challenges, including ethical concerns, regulatory demands, and the risk of job displacement. By addressing the multifarious nature of GenAI, this paper provides valuable insights for business leaders, policymakers, and researchers, guiding them towards a balanced and responsible integration of this transformative technology. Ultimately, GenAI is not merely a technological advancement but a driver of profound change, heralding a future where creativity, efficiency, and growth are redefined. |
| Date: | 2024–11–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:khptm |
| By: | Desing, Harald; Schlesier, Hauke; Gauch, Marcel |
| Abstract: | What if every person on Earth would get a personal budget of solar energy, free to use individually or sell to others? A solar basic service—similar to other basic services like public education, roads or health care—can facilitate universal access to energy, end energy poverty, increase energy security, and trigger further investments to become independent of fossil fuels. Acknowledging the urgency for climate action in the face of a rapidly shrinking remaining carbon budget, it aims at accelerating the energy transition in a socially just way. It also aims at reducing barriers, potentially triggering positive social tipping towards a sunflower society predominantly powered by direct solar energy. Furthermore, it may help to legitimize currently unpopular, but highly necessary climate policies related to restricting fossil fuels. |
| Date: | 2024–11–22 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:2e6jn |