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on Heterodox Microeconomics |
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Issue of 2025–09–22
nine papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Engelbert Stockhammer; José Tomás Labarca |
| Abstract: | Political economists highlight power relations in the economy and the coconstitution of state and economy, but often implicitly retain the conception of the state as a site of political practices and power struggles rather than as an economic actor and site of production. This paper contributes to a political economy framework that recognizes that political and economic practices take place in the market economy, the household, and the state. We categorize the dimensions of wide-ranging state economic practices. Defining productive activities as those that impact the volume of social production, we argue that some state activities are productive and highlight those providing social and physical infrastructures that are inputs in production processes. The state is not only an important economic player; it is also productive. |
| Keywords: | political economy; economic sociology; state; production; social infrastructure; physical infrastructure |
| JEL: | B50 H00 H11 Z13 |
| Date: | 2025–09 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2521 |
| By: | Pies, Ingo |
| Abstract: | This article introduces the ordonomic research program and explains its methodological roots. It shows how a German-speaking line of tradition has developed from Order Economics (Ordnungsökonomik) through Order Ethics (Ordnungsethik) to Ordonomics (Ordonomik). Ordonomics integrates central ideas of its predecessors into a theory of societal learning processes, which regards institutions and ideas as key variables. Using a three-level model, the connections between rule-following, rule-setting, and rule-finding are analyzed. The aim is a functional utilization of systemic constraints for the realization of moral desiderata. Ten Case studies and three appendices demonstrate practical applications of the ordonomic approach to institutional and ideational ethics. |
| Abstract: | Dieser Beitrag stellt das ordonomische Forschungsprogramm vor und erläutert seine methodologischen Wurzeln. Gezeigt wird, wie sich eine deutschsprachige Traditionslinie von der Ordnungsökonomik über die Ordnungsethik bis hin zur Ordonomik entwickelt hat. Die Ordonomik integriert zentrale Ideen ihrer Vorläufer zu einer Theorie gesellschaftlicher Lernprozesse, die Institutionen und Ideen als Schlüsselgrößen betrachtet. Durch ein Drei-Ebenen-Modell werden Zusammenhänge zwischen Regelbefolgung, Regelsetzung und Regelfindung analysiert. Ziel ist eine funktionale Indienstnahme systemischer Sachzwänge zur Verwirklichung moralischer Anliegen. Zehn Fallstudien und drei Anhänge demonstrieren praktische Anwendungen der ordonomischen Institutionen- und Ideen-Ethik. |
| Keywords: | order economics, order ethics, ordonomics, moral paradox of modernity, societal learning processes, institutional ethics, ideational ethics, ordo responsibility, moral commitments as a factor of production, monstrosity imagination, mandated schizophrenia, Ordnungsökonomik, Ordnungsethik, Ordonomik, Moralparadoxon der Moderne, gesellschaftliche Lernprozesse, Institutionenethik, Ideenethik, Ordnungsverantwortung, Moral als Produktionsfaktor, Monstrositäts-Imagination, verordnete Schizophrenie |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:mlucee:325828 |
| By: | Éric Dacheux (ComSocs - Laboratoire Communication et Sociétés - UCA - Université Clermont Auvergne) |
| Abstract: | Every society is self-instituted and evolves under the authority of a radical imaginary that escapes the will of social individuals. This radical imaginary begets a social imaginary. The latter is never stable because it is shaped by the tension between the instituted social imaginary and the instituting social imaginary. As part of this understanding of Castoriadis' work, we will present deliberalism (Dacheux Goujon 2020) as an instituting social imaginary in the making within the SSE or, more precisely, within a part of the SSE that we call "solidarity initiatives". To present this thesis, which makes liberalism the instituted social imaginary of capitalism, we will proceed in four stages: first, to set up our epistemological framework, then to define our main concepts theoretically, next to present and characterize solidarity initiatives and, finally, to indicate how deliberalism could be a new instituting social imaginary. |
| Abstract: | Chaque société est auto-instituée et évolue sous l'autorité d'un imaginaire radical qui échappe à la volonté des individus sociaux. Cet imaginaire radical engendre un imaginaire social. Ce dernier n'est jamais stable, car il est façonné par la tension entre l'imaginaire social institué et l'imaginaire social instituant. Dans le cadre de cette interprétation de l'œuvre de Castoriadis, nous présenterons le délibéralisme (Dacheux Goujon 2020) comme un imaginaire social instituant en cours de formation au sein de l'ESS ou, plus précisément, au sein d'une partie de l'ESS que nous appelons « initiatives solidaires ». Pour présenter cette thèse, qui fait du libéralisme l'imaginaire social institué du capitalisme, nous procèderons en quatre étapes : tout d'abord, nous établirons notre cadre épistémologique, puis nous définirons théoriquement nos principaux concepts, ensuite nous présenterons et caractériserons les initiatives de solidarité et, enfin, nous indiquerons comment le délibéralisme pourrait être un nouvel imaginaire social instituant. |
| Keywords: | social imaginary, social and solidarity economy, deliberalism, solidarity initiatives, democracy, social imaginary social and solidarity economy deliberalism democracy solidarity initiatives, démocratie, économie sociale et solidaire, délibéralisme, Imaginaire social |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05193581 |
| By: | Pierre Chollet (MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier, Labex Entreprendre - UM - Université de Montpellier); Geoffroy Enjolras (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, UGA INP IAE - Grenoble Institut d'Administration des Entreprises - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Iciar Pavez (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement, CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes); Louis‐antoine Saïsset (UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Montpellier - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | This study examines how the literature addresses the sustainability performance of agricultural cooperatives through four key dimensions: economic and financial, environmental, social and governance. As key entities within the social economy, agricultural cooperatives play a crucial role in advancing sustainable development goals due to their community‐oriented structure, democratic governance based on the user–owner principle and strong territorial ties. We systematically review 274 articles published between 1991 and 2024 that address at least one dimension of the sustainability performance of agricultural cooperatives. Our thematic analysis reveals a significant increase in published studies since 2018, covering a wide range of countries and agricultural products. While the literature predominantly focuses on the economic and financial dimension—either alone or in combination with other dimensions—the environmental, governance and social dimensions are significantly underrepresented, especially in Europe and North America, and in specific sectors such as wine production. In addition, many studies lack a solid theoretical foundation. Overall, the sustainability performance of agricultural cooperatives remains a complex and evolving issue, and this study highlights avenues for future research to improve knowledge and practice. |
| Keywords: | Agricultural cooperatives Literature review Performance Sustainability, Agricultural cooperatives, Literature review, Performance, Sustainability, Social and Solidarity Economy, social economy, sustainability performance, agricultural cooperative |
| Date: | 2025–09–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05246932 |
| By: | Rapetti, Martin |
| Abstract: | This paper investigates the elusive notion of equilibrium in Keynes’s General Theory and its implications for subsequent interpretations of his work. Through a formal setup of the core relationships in the first eighteen chapters of the book, I show that Keynes’s model allows for multiple equilibria that critically depend on fixed nominal wages, expectations and confidence. While this structure resembles the IS-LM model, it diverges in its treatment of price flexibility, speculative motives in money demand, and the central role of expectations and confidence. The paper evaluates four possible interpretations of the General Theory, each arising from a different understanding of the notion of equilibrium in Keynes: (1) the neoclassical synthesis view, which relies on nominal wage rigidity; (2) a Tobinian view, in which macroeconomic equilibrium is unique but potentially unstable; (3) a social-norms view, where real rigidities à la Akerlof prevent wage adjustments and therefore multiple equilibria are possible; and (4) a Minskian interpretation that denies the existence of equilibrium altogether. The first interpretation is incompatible with the view expressed by Keynes in the General Theory. The other three, while clearly distinct from each other, are all compatible with Keynes’s argument—although they appear with varying degrees of clarity in the book. |
| Keywords: | Keynes, equilibrium, wage rigidity, expectations, General Theory |
| JEL: | B22 E12 E24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125912 |
| By: | Marcelo B. Ribeiro |
| Abstract: | This paper presents an empirical application of the Gause-Witt model of population ecology and ecosystems to the income distribution competitive dynamics of social classes in economic systems. The Gause-Witt mathematical system of coupled nonlinear first-order ordinary differential equations employed to model population of species sharing the same ecological niche and competing for the same resources was applied to the income data of Brazil. Previous studies using Brazilian income data from 1981 to 2009 showed that the complementary cumulative distribution functions built from yearly datasets have two distinct segments: the lower income region comprising of about 99% of the population can be represented by the Gompertz curve, whereas the richest 1% is described by the Pareto power-law. The results of applying the Gause-Witt system to Brazilian income data in order to describe the distributive competition dynamics of these two population shares indicate that the 99% and 1% income classes are mostly in the dynamic state of stable coexistence. |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2506.20881 |
| By: | Weber, Jan David |
| Abstract: | Firms are not abstract, profit-seeking units as often assumed in neoclassical models, but historically situated, socially embedded, and organizationally adaptive entities. Firms evolve through continuous interaction with their environment, shaped by routines, bounded rationality, and the co-development of institutions and technologies. This comprehensive lens provides a richer understanding of firm behavior, accounting for the observed diversity across firms, the persistence of structural asymmetries, and the heterogeneous conditions under which firms grow, stagnate, or exit the market. These firm-level dynamics unfold within markets that are themselves evolving systems. Rather than tending toward a stable equilibrium, markets are shaped by feedback loops, path dependencies [path dependency], and innovation-driven competition. Entry and exit, firm growth, and shifts in market structure are not merely responses to price signals but outcomes of learning processes, strategic interactions, and institutional arrangements [Institutions]. As a result, market outcomes reflect complex adaptive dynamics rather than simple allocative efficiency. In this view, successful industrial policy is not limited to correcting market failures or achieving short-term efficiency gains. Rather, industrial policy is a dynamic and systemic process. This process contributes to long-term learning, structural transformation, and the strategic capacities of economies. Effective policies must therefore be reflexive, transparent, and collaborative, evolving alongside the systems they intend to shape. |
| Keywords: | Firm Size, Industrial Policy, Firm Activity |
| JEL: | D83 L11 O25 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:325500 |
| By: | Boberg, Arvid (Department of Real Estate and Construction Management, Royal Institute of Technology); Donner, Herman (Department of Real Estate and Construction Management, Royal Institute of Technology); Metsalo, Jakob (Department of Real Estate and Construction Management, Royal Institute of Technology) |
| Abstract: | This paper examines how leasehold status affects cooperative apartment prices in Stockholm, and if housing cooperatives acted rationally when offered to purchase their leasehold land. The analysis builds on over 20, 000 sales of apartments in 2021 and extends prior research in two key ways. First, while earlier studies have established that leasehold tenure is associated with a price discount, we show that the effect varies substantially within a city. Leasehold apartments in central Stockholm sell at an average discount of 3.6%, compared to 6.8% in suburban areas, with neighborhood-level effects ranging from negligible to more than 15%. This heterogeneity underscores the importance of local market conditions for understanding how leasehold status is capitalized. A potential explanation for the identified pattern is that leasehold status is more common in the city center compared to suburban areas, resulting in a smaller discount when substitutes in the form of freehold apartments are less common. Second, we move beyond buyer capitalization by estimating counterfactual apartment values under scenarios where cooperatives purchase their land. The results indicate that, at prevailing interest rates, land purchases were typically unprofitable for cooperatives, even at discounted terms offered by the City of Stockholm in 2022. The findings highlight that the ownership structure of cooperative apartments on leasehold land can result in substantial pricing issues. The results indicate that the City of Stockholm likely mispriced the land given how leasehold status is capitalized by apartment buyers. |
| Keywords: | Leasehold; Housing Cooperatives; Apartments |
| JEL: | R21 R30 R31 |
| Date: | 2025–09–17 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:kthrec:2025_010 |
| By: | Abass Sagna |
| Abstract: | We consider islamic Profit and Loss (PL) sharing contract, possibly combined with an agency contract, and introduce the notion of {\em $c$-fair} profit sharing ratios ($c = (c_1, \ldots, c_d) \in (\mathbb R^{\star})^d$, where $d$ is the number of partners) which aims to determining both the profit sharing ratios and the induced expected maturity payoffs of each partner $\ell$ according to its contribution, determined by the rate component $c_{\ell}$ of the vector $c$, to the global success of the project. We show several new results that elucidate the relation between these profit sharing ratios and various important economic factors as the investment risk, the labor and the capital, giving accordingly a way of choosing them in connection with the real economy. The design of our approach allows the use of all the range of econometrics models or more general stochastic diffusion models to compute or approximate the quantities of interest. |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2507.01995 |