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on Heterodox Microeconomics |
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Issue of 2026–01–19
eighteen papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Munt Juan Leandro; Parodi Salvador; Carrión Gonzalo; Bosch Miguel |
| Abstract: | This paper proposes a methodological reconstruction of contemporary economic mainstream, privileging structural continuity over rupture theses. From a Lakatosian approach, the transformations undergone by game theory, experimental economics, and behavioral economics are examined, interpreting them as coherent extensions of the neoclassical program. Within this framework, Ariel Rubinstein’s internal critique of the naturalistic view of economic theory is revisited, arguing that his perceptual stance—focused on the plausibility and representational value of models—offers more consistent grounds for sustaining the continuity of economic analysis. This methodological notion is articulated with Don Ross’s ontological defense of qualitative prediction, put forward in response to Alexander Rosenberg’s objections concerning the empirical entity of the discipline. The paper concludes with a reflection on the metaxioms that organize economic judgment, highlighting the internal coherence of the mainstream and its adaptive capacity. |
| JEL: | B21 B41 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4822 |
| By: | Coen Hutters; Max B. Mendel |
| Abstract: | In this paper, we demonstrate how multiport network theory can be used as a powerful modeling tool in economics. The critical insight is using the port concept to pair the flow of goods (the electrical current) with the agent's incentive (the voltage) in an economic interaction. By building networks of agents interacting through ports, we create models with multiple levels of abstraction, from the macro level down to the micro level. We are thereby able to model complex macroeconomic systems whose dynamical behavior is emergent from the micro level. Using the LTSpice circuit simulator, we then design and analyze a series of example systems that range in complexity from the textbook Robinson Crusoe economy to a model of an entire economy. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.20600 |
| By: | André Braz Golgher (Cedeplar/UFMG) |
| Abstract: | Ecological economics is a transdisciplinary attempt to deal with complex non-linear systems of humans and nature, merging aspects of economics, environmental economics, ecology and environmental studies, among others knowledge fields. This paper introduces some of the concepts of this field initially describing the Anthropocene and planet boundaries, the impossibility of continuous economic growth, the necessity of decreasing inequality levels, failures of market allocation, and human nature and well-being. Besides, the paper illustrates policies addressing sustainable scale, inequality levels and problems of market allocation having as background the Brazilian reality. In addition, the paper presents a pluralistic perspective of ecological economics, including some ongoing debates among prominent researchers in the field. Hence, this paper proposes to be a didactic introduction of ecological economics illustrated with applications from Global South. |
| Keywords: | Ecological economics; Subjective well-being; degrowth; inequality; Global South. |
| JEL: | Q57 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:cdp:texdis:td691 |
| By: | João Carlos Lopes; Vítor Escária |
| Abstract: | The main purpose of this paper is to analyse the evolution of the Portuguese productive structure between the end of the 1950s and 2020, based on the relationship between the productive sectors, i.e. the so-called intersectoral (or input-output) flows. Firstly, the history of the construction of Input-Output tables in Portugal is presented. Secondly, to analyse the evolution of the density of the industrial network over time based on quantitative indicators of the most relevant flows, all the tables are harmonized and made compatible (same number of sectors, as homogeneous as possible). Thirdly, the key sectors of the Portuguese economy are identified, using several indicators and fourthly, the evolution of “economic complexity” in Portugal between 1959 and 2020 is studied using two distinct input-output based quantitative measures. |
| Keywords: | Productive structure; Key sectors; Economic complexity; Input-output flows; Portugal |
| JEL: | C67 D57 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:ise:remwps:wp04012026 |
| By: | Liang, Qiao; Hendrikse, George W.J.; Huang, Zuhui |
| Abstract: | This paper examines how farmers producing differentiated quality products choose different governance structures in a non-cooperative game between farmers, enterprises, and consumers. A cooperative and an IOF (investor owned firm) coexist in equilibrium and low quality is delivered by the cooperative. The trade-off between pooling and the elimination of the double markup determines the attractiveness of cooperatives compared to IOFs. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Political Economy |
| URL: | https://d.repec.org/n?u=RePEc:ags:iamo10:90805 |
| By: | Jia, Xiangping; Hu, Yamei; Hendrikse, George W.J.; Huang, Jikun |
| Abstract: | Based on a national representative survey conducted in 2009, this study shows that the decision-making within Farmer Professional Cooperatives (FPCs) in China is decentralized to individual farmers. However, there is a trend that the decision rights of farming are decomposed to marketing, production and input procuring. While the rights for production and input procuring stay with family farmers, marketing rights tend to be collectivized. Compared to FPCs having external initiating sources, FPCs initiated by farmers are more inclined to introduce centralized decision-making. The governance structure of FPCs in transition China presents hybrid forms of both hierarchy and family farming. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Political Economy |
| URL: | https://d.repec.org/n?u=RePEc:ags:iamo10:90803 |
| By: | Toporowski, Jan |
| Abstract: | This paper commemorates the 70th anniversary of Kalecki’s seminal lecture in Mexico on financing economic development. The first part outlines the theoretical model underlying Kalecki’s view of development financing. The second part summarizes the foundations of structuralist development economics in the Pre-bisch-Singer approach to international trade and importsubstitution development strategies. The third part examines the confrontation between Kalecki’s view of economic development strategy and the structuralist approach in the case of Cuba, highlighting the differences between both perspectives. The fourth part concludes with some reflections on today's relevance of structuralism and Kalecki’s view of economic development. |
| Keywords: | development financing; economic development; Kalecki; structuralism |
| JEL: | E11 E12 F14 O11 |
| Date: | 2026–01–05 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130979 |
| By: | Matthieu Mastio; Paul Saves; Benoit Gaudou; Nicolas Verstaevel |
| Abstract: | Industrial symbiosis fosters circularity by enabling firms to repurpose residual resources, yet its emergence is constrained by socio-spatial frictions that shape costs, matching opportunities, and market efficiency. Existing models often overlook the interaction between spatial structure, market design, and adaptive firm behavior, limiting our understanding of where and how symbiosis arises. We develop an agent-based model where heterogeneous firms trade byproducts through a spatially embedded double-auction market, with prices and quantities emerging endogenously from local interactions. Leveraging reinforcement learning, firms adapt their bidding strategies to maximize profit while accounting for transport costs, disposal penalties, and resource scarcity. Simulation experiments reveal the economic and spatial conditions under which decentralized exchanges converge toward stable and efficient outcomes. Counterfactual regret analysis shows that sellers' strategies approach a near Nash equilibrium, while sensitivity analysis highlights how spatial structures and market parameters jointly govern circularity. Our model provides a basis for exploring policy interventions that seek to align firm incentives with sustainability goals, and more broadly demonstrates how decentralized coordination can emerge from adaptive agents in spatially constrained markets. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.17979 |
| By: | Liang, Qiao; Hendrikse, George W.J.; Huang, Zuhui |
| Abstract: | Traditional farmer cooperatives, new generation farmer cooperatives, and investor-owned firms (IOFs), are compared regarding their value added and value added rate in terms of product marketing. The results of the analysis regarding the pear supply chain in Zhejiang province in China indicate that IOFs obtain a higher value added or value added rate than farmer cooperatives. New generation cooperatives mitigate the under-investment problem of traditional cooperatives in a certain extent. However, farmer cooperatives have some advantages over investor-owned firms in benefiting farmers. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Political Economy |
| URL: | https://d.repec.org/n?u=RePEc:ags:iamo10:90804 |
| By: | El Meligi Andrea (European Commission - JRC); Ferreira Valeria (European Commission - JRC); Sangaré Saadatou; Nechifor Victor (European Commission - JRC); Boysen Ole (European Commission - JRC); Ferrari Emanuele (European Commission - JRC) |
| Abstract: | This paper presents a comprehensive Social Accounting Matrix (SAM) for Niger, covering all economic transactions for the year 2019. The SAM is a powerful tool for understanding the country's economic structure and relationships between economic agents, and for analysing the economy's performance and simulating the effects of policy interventions. The SAM has two primary functions: it provides a detailed snapshot of the economy's interrelationships and structure, and it serves as a database for advanced economic modelling and policy analysis. The 2019 Niger SAM is a highly detailed and nuanced database that reflects the unique characteristics of the Nigerien economy. It incorporates a special structure to account for Home Production for Home Consumption (HPHC) and features a high level of disaggregation in the regional agricultural sector, both for crop and livestock production. Additionally, the SAM includes detailed breakdowns of labour and household characteristics, including regional, rural-urban and gender segmentation, and skill level by education. This study provides a step-by-step guide on how to construct and estimate a detailed SAM and demonstrates the utility of the SAM as a database for descriptive analysis of the Nigerien economy. The resulting SAM offers a valuable resource for policymakers and researchers to evaluate and implement social and economic policies in Niger and provides a foundation for further economic analysis and modelling. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:eapoaf:202511-3 |
| By: | Bezemer, Dirk (University of Groningen) |
| Abstract: | Contemporary capitalism is characterized by ‘macrofinancial slippage’: the growth of assets andliabilities in excess of the growth of activity and saving. This paper presents empirical evidence anddevelops an explanation centered on asset markets. In the Schumpeter-Keynes-Minsky view of theeconomy, money and finance are endogenous, hierarchical, dynamic and hybrid. In the context ofthe post-Keynesian financial-monetary circuit and given financial liberalization, this leads to fourprocesses: an innate tendency for finance to expand; for this expansion to go beyond investmentand spending; growing complexity of the financial sector; and Treasury and central bank policiesthat support capital gains. Combined with insufficient public investment and balance sheet spacefor private profit and investment, this leads to macrofinancial slippage. The paper concludes withpolicy implications and new research questions on capital gains. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:gro:rugfeb:2025008-gem |
| By: | Coleman, Eric A. |
| Abstract: | Much recent research has examined the implications of policy analysis for complex adaptive social-ecological systems. System complexity comes from both the natural environment as well as complex institutional arrangements that humans use to manage and regulate such systems. Such research has systematically investigated how the interaction of a host of variables relate to some evaluation criteria. Many scholars argue that a deep understanding of the social-ecological systems, however, comes at the expense of externally valid inferences to other systems. In this paper I argue that having a nuanced understanding of the social-ecological system actually helps one to understand which types of policy domains an analysis might be generalized. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Political Economy |
| URL: | https://d.repec.org/n?u=RePEc:ags:iamo10:90797 |
| By: | Soukaina Nadir (Faculté des sciences juridiques économiques et sociales Ain Chock Université HASSAN II – Maroc); Fatima Zahra El Arif (Faculté des sciences juridiques économiques et sociales Ain Chock Université HASSAN II – Maroc) |
| Abstract: | Abstract In a global context marked by financial, social, and environmental crises, the search for alternative and sustainable financial models has become a pressing priority. This article provides a systematic review of the literature on Islamic finance to assess its contribution as an ethical and sustainable financial model. Through the analysis of 62 peer-reviewed articles published between 2010 and 2024, the study explores the foundations, instruments, areas of application, and limitations of Islamic finance in addressing contemporary global challenges. The methodological approach follows the PRISMA protocol, using a structured selection process based on established academic databases (Scopus, Web of Science, ScienceDirect). The analysis highlights key themes, including Islamic finance's alignment with universal ethical principles, its role in fostering financial inclusion and social impact projects, and its progressive convergence with ESG standards. Findings indicate the growing relevance of Islamic financial instruments "such as green Sukuk, Takaful, and productive Waqf" in supporting responsible and sustainable development initiatives. However, challenges remain in areas such as regulatory standardization, governance, and global visibility. The study concludes that beyond its religious origins, Islamic finance has the potential to serve as a strategic driver for ethical financial transition, provided its frameworks for transparency, education, and innovation are strengthened. Keywords: Islamic finance, Sustainable finance, Ethical finance, Sustainable development, ESG |
| Abstract: | Résumé Dans un contexte mondial marqué par des crises financières, sociales et environnementales, la recherche de modèles économiques alternatifs et durables devient une priorité. Cet article propose une revue systématique de la littérature sur la finance islamique, afin d'évaluer sa contribution en tant que modèle financier éthique et durable. À travers l'analyse de 62 articles publiés entre 2010 et 2024, la recherche examine les fondements, les instruments, les champs d'application et les limites de la finance islamique face aux défis contemporains. La démarche méthodologique suit le protocole PRISMA, intégrant une stratégie de sélection à partir de bases de données académiques reconnues (Scopus, Web of Science, ScienceDirect). L'analyse des publications permet de faire émerger plusieurs axes majeurs : la capacité de la finance islamique à intégrer des principes éthiques universels, sa contribution à l'inclusion financière et au financement de projets à impact social ou environnemental, ainsi que sa convergence progressive avec les normes ESG. Les résultats mettent en évidence la pertinence croissante des instruments islamiques (Sukuk verts, Takaful, waqf productif) pour financer des projets responsables et durables. Toutefois, des défis persistent en matière de standardisation, de gouvernance et de reconnaissance internationale. La recherche conclut que la finance islamique, au-delà de sa dimension religieuse, peut constituer un levier stratégique pour une transition financière plus éthique, à condition de renforcer ses mécanismes de transparence, de formation et d'innovation. Mots clés : Finance islamique, finance durable, éthique, développement durable, ESG |
| Keywords: | Sustainable development, ESG, Ethical finance, Sustainable finance, Islamic finance, développement durable, éthique, finance durable, Finance islamique |
| Date: | 2025–11–06 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05355968 |
| By: | Rosa Maria Marques (Pontifícia Universidade Católica de São Paulo); Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We examine the gap between the place assigned to the state in the thinking of Mises and Hayek and the policies applied by neoliberalism, i.e. its size and degree of indebtedness at a time when the economy is coming under the control of interest-bearing capital. We show that the ideas of these authors, notably on the relationship between state and society, but also in defense of meritocracy as a means of access to goods and services, were mobilized to justify the centrality of this capital and its expansion into areas hitherto managed by the state (Part I). Then we shall see that, contrary to the rhetoric, the facts indicate that the state continues to expand under neoliberalism, even if its field of activity is narrowing in social matters (Part II). |
| Abstract: | Nous examinons ici l'écart existant entre la place attribuée à l'État dans les pensées de von Mises et d'Hayek et les politiques appliquées par le néolibéralisme, c'est-à-dire sa taille et son endettement à une époque où l'économie passe sous contrôle du capital porteur d'intérêts. Nous montrons que les idées de ces auteurs, notamment sur les rapports entre l'État et la société, mais aussi en défense de la méritocratie comme moyen d'accès aux biens et services, ont été mobilisées pour justifier la centralité de ce capital et son expansion dans des domaines jusque-là gérés par l'État (Partie I). Puis nous verrons que, contrairement aux discours, les faits indiquent que l'État continue à se développer dans le néolibéralisme, même si son champ d'activités se rétrécit en matière sociale (Partie II). |
| Keywords: | (von) Mises, Hayek, State, neoliberalism, social policies, social security, État, néolibéralisme, Sécurité sociale, politiques sociales |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-05433084 |
| By: | El Meligi Andrea (European Commission - JRC); Zondo Bhekani; Flaig Dorothee; Morokong Tshepo; Ferrari Emanuele (European Commission - JRC) |
| Abstract: | This study introduces a Social Accounting Matrix (SAM) for South Africa, covering the economic transactions for the year 2019. The SAM provides a detailed framework for understanding the country's economic structure and relationships between various economic agents. It also serves as a foundation for analysing economic performance and simulating policy impacts using advanced modelling techniques. The presented SAM offers a highly detailed breakdown of the agricultural and food sectors, as well as labour and household characteristics, including provincial, gender, and formal/informal distinctions. By outlining the construction and estimation process, this research provides a valuable resource for policymakers and researchers to evaluate and implement social and economic policies in South Africa and demonstrates the SAM's utility through a descriptive analysis of the country's economy. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:eapoaf:202511-2 |
| By: | Manuel Hensmans |
| Abstract: | The return of the state and intensifying great power rivalries have made grand strategy a central concern for corporations. Extending the concept of nonmarket strategy into the realm of international balance-of-power dynamics, this book analyzes sixty-five historical and contemporary cases of firms acting as strategic actors alongside states in global power competition. The book shows how corporations cultivate forms of smart power that complement and, at times, surpass those of the state, integrating corporate and grand strategic objectives. It identifies six archetypes of corporations as grand strategists: the exceptionalist, the techno-utopian, the statist, the semi-mercantilist, the stewardly, and the state-like corporation. Tracing their lineage to early modern empire-building and enduring through Cold War rivalries to today’s U.S.–China competition, these archetypes offer a framework linking corporate strategy to diverse hard and soft power industries, varieties of capitalism, state power, and strategic intent. |
| Keywords: | GRAND STRATEGY; GREAT POWER COMPETITION; SMART POWER; STRATEGIC INDUSTRIES; CORPORATIONS |
| Date: | 2026–03–13 |
| URL: | https://d.repec.org/n?u=RePEc:ulb:ulbeco:2013/400422 |
| By: | Buyukyazici, Duygu; Coll-Martínez, Eva |
| Abstract: | This study provides the first conceptual and empirical framework to evaluate the cultural and creative industries’ (CCIs) skill composition by utilising the revealed skill requirements method. First, it identifies the most important skills within and across the CCIs. Second, it maps their spatial distribution and links them to the stage-sensitive regional specialisation of the CCIs. Finally, it formalises a framework to assess the specialisation potential patterns. Moving beyond a generic treatment of the CCIs, this study develops a comprehensive, bottom-up approach to regional CCIs policy, focusing on place-specific capabilities and untapped potential of regions by comparing their skill endowments with observed CCIs’ specialisation patterns. |
| Keywords: | complexity; creativity; cultural and creative industries; human capital; regional specialisation; skill relatedness |
| JEL: | B52 J24 R11 |
| Date: | 2026–01–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130094 |
| By: | Alberto José Figueras (UNC-CIECS) |
| Abstract: | Con ciertas prevenciones, no exentas de temores, tengo la audacia de escribir estas líneas polémicas, controversiales, contra la corriente más habitual en que nos movemos: la búsqueda del crecimiento sin más. Este artículo aborda la cuestión del crecimiento económico como una meta en sí misma, desde una perspectiva al estilo de los Clásicos, esto es desde la “filosofía social”. La noción de crecimiento económico ilimitado ha dominado el discurso económico y político durante décadas. Sin embargo, este trabajo sostiene que esta perspectiva es muy cuestionable y debería ser reexaminada. Keynes se preguntaba, desde una visión ética, que si el crecimiento es un medio para conseguir un fin ¿Cuál es éste? ¿Y cuánto crecimiento es bastante? Se cuestiona la relación entre crecimiento económico y “calidad de vida” (bienestar humano), y se exploran las consecuencias sociales y ambientales de un modelo de desarrollo basado en el crecimiento ilimitado. Se señala la distinción entre la escasez relativa de Ricardo, salvable por el sistema de precios, y la escasez de Malthus o escasez absoluta, insuperable vía los precios relativos por la sencilla razón de que la naturaleza es finita. ¿Estaremos frente a la gran “trampa del progreso”? A través de un análisis crítico de los costos presentes en el proceso de crecimiento, se argumenta a favor de un modelo económico alternativo que hace uso del concepto de "estado estacionario selectivo". Este modelo busca conciliar el progreso social con la preservación de los recursos, al limitar el crecimiento económico en ciertas áreas y promoverlo en otras. Se exploran las implicaciones de esta propuesta y se discuten algunos aspectos que se encuentran en la historia del pensamiento así como el cruce de miradas con otras disciplinas. Si bien, esto más que una propuesta representa una protesta y una exhortación a la cautela respecto al rumbo que estamos siguiendo actualmente. |
| Keywords: | Estado Estacionario; Decrecimiento; .Desarrollo Sostenible; Cambio Cultural |
| JEL: | A13 B59 O10 P16 Z13 |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:aoz:wpaper:382 |