|
on Heterodox Microeconomics |
|
Issue of 2026–06–29
fifteen papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Mark Setterfield (Department of Economics, New School for Social Research, USA) |
| Abstract: | Drawing on social structure of accumulation theory (SSAT), this paper entertains a possible future for the US economy based on an Authoritarian Neoliberal social structure of accumulation (SSA). The original Neoliberal SSA is understood to have supported a distinct stage of capitalism -- the Neoliberal Boom, 1990-2007 -- that was brought to an end by the global financial crisis and Great Recession of 2007-09. The period since 2009 is interpreted as one of ongoing inter regnum, albeit one that may shortly be replaced by a new stage of capitalism based on a stable Authoritarian Neoliberal SSA. A novel feature of the analysis is its emphasis on the 'capital-citizen accord' -- a somewhat overlooked feature of SSAT analyses of recent US economic history -- as a critical 'pillar' of an Authoritarian Neoliberal SSA. |
| Keywords: | Social structure of accumulation, stage of capitalism, neoliberalism, Authoritarian Neoliberalism |
| JEL: | B52 E02 P16 P51 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2607 |
| By: | Sekimonyo, Jo M.; Casimir, Tara |
| Abstract: | This paper challenges the contemporary relevance of the Labor Theory of Value (LTV), arguing that labor time no longer provides an adequate metric for value creation in economies structured by automation and digital platforms. As economic activity becomes increasingly mediated by data-driven systems, value depends less on direct labor input and more on the conditions that enable participation in production. To account for this shift, the paper develops a structural framework in which value is modeled as a function of the means of production (Mₚ) and the means of participation (Mπ). While Mₚ captures technological capacity, infrastructure, and data systems, Mπ refers to the institutional, digital, and organizational conditions required to access and engage with these systems, including credentials, connectivity, network position, and algorithmic visibility. Participation in this framework is defined not as activity in general, but as rule-bound engagement within specific systems that structure access to production. By formalizing value as V = f(Mₚ, Mπ), the framework highlights the complementarity between production capacity and participation access. Constraints on participation limit value realization even in the presence of advanced technological systems. Where the Labor Theory of Value relies on socially necessary labor time (SNLT) to measure the quantity of labor required for production, the present framework emphasizes socially necessary participation (SNP) as the condition under which labor becomes economically effective. Within this structure, labor is reinterpreted as a cost-bearing participant that invests in its own participation capacity, thereby blurring the conventional distinction between labor and capital. The analysis extends to surplus allocation through a co-investment framework, in which multiple forms of capital, including human, financial, and technological, generate claims on output. The framework further identifies participation conditions as a site of economic power and potential commodification, as access to production is governed by institutional and algorithmic systems that regulate inclusion, visibility, and opportunity. This perspective supports a shift in the analysis of economic justice from post-production redistribution toward pre-distribution, emphasizing the role of participation conditions in shaping economic outcomes. |
| Keywords: | Labor Theory of Value; Value Theory; Political Economy; Means of Production; Means of Participation; Platform Economy; Digital Capitalism; Human Capital; Automation; Surplus Distribution; Pre-distribution; Economic Justice |
| JEL: | B5 D2 E2 H0 O3 P1 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128989 |
| By: | Thomas Valade; Michael Benzaquen; Matthieu Cristelli; Stanislao Gualdi; Pierre Lenders |
| Abstract: | At the intersection of rising wealth inequality and intensifying environmental pressures, we investigate a reverse causal relationship that has received comparatively little attention: wealth inequality may not only be a consequence of environmental crises, but also act as a structural obstacle to the ecological transition itself. We develop a stylized agent-based model in which heterogeneous agents, whose initial wealth follows a Pareto distribution, allocate their income between either a Brown or a Green sector through a utility function. The function is designed to capture the trade-off between short-term returns and exposure to long-term systemic risks. A central ingredient is that wealthier agents perceive themselves as less vulnerable to environmental shocks, thereby reducing the amount of resources available for the transition. We show that, beyond inequality thresholds compatible with those observed in most developed countries, the economy remains locked in a Brown regime, even when a substantial share of agents is sensitive to externalities. We then assess a set of stylized fiscal policies (basic income, carbon taxation, Green incentives, and a combined scheme) and find that their effectiveness depends strongly on the inequality regime and on the regressivity embedded in the fiscal mechanism, revealing multidimensional trade-offs between transition speed, cumulative environmental destruction, growth, and fiscal pressure. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.14331 |
| By: | Clara Zanon Brenck (Federal University of Minas Gerais (UFMG), Brazil); Gustavo Pereira Serra (Sao Paulo State University (UNESP), Brazil) |
| Abstract: | This paper aims to contribute to post-Keynesian growth theory by placing the accumulation of human capacities – rather than economic growth – at the center of analysis. We develop a demand-led theoretical model comprising two interrelated spheres: market-paid production and the unpaid care economy. Care provision depends on both government investment in care-related activities and the allocation of labor time outside market production, and is essential for offsetting the depletion of human capacities. Our results identify a feminist reinterpretation of Harrod’s first problem, in which time can also be seen as a supply constraint. This is accompanied by a condition of time poverty, in which the time available after market work is insufficient to sustain the recovery of human capacities. This condition generates instability in labor supply dynamics under scenarios of accelerated economic growth, even though the demand-led growth rate may remain unaffected. We show that public policies toward care provisioning can mitigate time poverty and help prevent such instability. Moreover, we examine the cyclical dimension of care provision, the gendered nature of time poverty, and a concept of full employment that explicitly incorporates the expansion of human capacities. The paper concludes by outlining several avenues for future research to further extend the proposed framework. |
| Keywords: | Care economy, human capacities, post-Keynesian economics, time poverty, unpaid work |
| JEL: | B54 E12 E24 E62 J16 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2605 |
| By: | Jasmin Lukasz (School of Accounting, Finance and Economics (SoAFE) and Centre of Political Economy, Governance, Finance and Accountability (PEGFA), University of Greenwich, UK); Maria Nikolaidi (School of Accounting, Finance and Economics (SoAFE) and Centre of Political Economy, Governance, Finance and Accountability (PEGFA), University of Greenwich, UK); Özlem Onaran (School of Accounting, Finance and Economics (SoAFE) and Centre of Political Economy, Governance, Finance and Accountability (PEGFA), University of Greenwich, UK) |
| Abstract: | This paper presents a conceptual framework for an integrated global, sectoral and gendered analysis of the macroeconomic and social dimensions of the green transition with a focus on three critical aspects. The first concerns the uneven global effects of the green transition. Due to differentiated sectoral structures and positions in the global financial architecture, the transition has highly uneven effects across countries: interconnected global production and financial networks can result in the green transition in the Global North having important adverse macrofinancial effects on Global South countries, particularly those reliant on fossil fuel exports, raising climate justice concerns. The second refers to the environmental footprint of green structural change that extends well beyond direct emissions: resource-intensive green activities, such as electric vehicle production, drive ecological degradation through supply chains in Global South producer countries and reinforce green extractivism, making adaptation and the protection of water, land, and biodiversity central for a just green transition. The third is related to the gendered effects of the transition, which can either intensify or reduce existing inequalities through the impact of the green transition on women’s paid and unpaid work. These effects diverge between North and South due to differences in labour informality, exposure to environmental degradation, and the gender composition of ‘green’, ‘fossil’, and ‘purple’ sectors. Drawing on post-Keynesian, ecological, and feminist macroeconomics, as well as the physical and monetary input-output approaches, the paper develops a framework that emphasises international and sectoral spillover effects, macrofinancial channels and the local-specific gendered effects of green policies through paid and unpaid work. Based on this framework, the paper outlines how the combined use of green and purple policies can reduce global, sectoral and gender inequalities. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2606 |
| By: | Oriane Lafuente-Sampietro (UNIROUEN - Université de Rouen Normandie - NU - Normandie Université, LASTA - Laboratoire d'Analyse des Sociétés, Transformations et Adaptations - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université); Miguel Stuardo-Concha (LASTA - Laboratoire d'Analyse des Sociétés, Transformations et Adaptations - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université, UNIROUEN - Université de Rouen Normandie - NU - Normandie Université) |
| Abstract: | This paper presents the initial findings of the TerrLowTech research project, funded by the Normandy Region through the Normandie Recherche - Projets Émergents program. The project examines the framework of low-tech technological development as a potential driver of social and ecological transition and as a key component of a regional economic community. It aims to analyze how Normandy-based actors are adopting the concept of low-tech, their production practices, their organizational models, and their economic potential in support of the region's sustainability and resilience. Particular attention is paid to the regional roots of this emerging community and its links with actors in the Social and Solidarity Economy (SSE). Low-tech is understood as a set of low-intensity, accessible, and sustainable technologies with low energy and ecological impacts (Low-Tech Lab, n.d.), but also as a distinct approach to production and consumption (Bloquel et al., 2022). It is adopted by economic actors seeking to shift their production practices toward models that are more sustainable and resilient to climate change. These actors appear to collaborate and organize at the local level through forms of territorialized cooperation and coordination. To analyze these dynamics, this paper draws on the theoretical frameworks of entrepreneurial ecosystems (Messeghem, Theodoraki & Carayannis, 2023), localized production systems (Sarrazin, 2016), technology clusters (Savoie-Dansereau, 2018; Doloreux & Savoie-Dansereau, 2019), as well as the concepts of territorial intermediation (Nadou & Pecqueur, 2020) and organized proximities (Gilly & Torre, 2000; Torre, 2018). The aim is to examine the unifying nature of the low-tech concept and its ability to structure a territorialized community of actors, as well as the role and permeability of SSE structures within this ecosystem, and the permeability between the two environments. The results presented are based on the project's first qualitative phase, which drew on approximately twenty semi-structured interviews analyzed according to the principles of grounded theory (Allard, Genest & Legault, 2020). The study also draws on public data from documents, websites, and social media to propose an initial mapping of Normandy-based organizations structuring their relationships around low-tech, using a network analysis approach based on digital objects. |
| Abstract: | Esta comunicación presenta los primeros resultados del proyecto de investigación TerrLowTech, financiado por la Región de Normandía a través del programa «Normandie Recherche - Projets Émergents». El proyecto analiza el marco del desarrollo tecnológico «low-tech» como posible vector de transición social y ecológica y como elemento estructurante de una comunidad económica territorial. Su objetivo es analizar la apropiación del concepto de «low-tech» por parte de los actores normandos, sus prácticas productivas, sus modos de organización y su potencial económico al servicio de la sostenibilidad y la resiliencia del territorio. Se presta especial atención al arraigo territorial de esta comunidad emergente y a sus vínculos con los actores de la Economía Social y Solidaria (ESS). La «low-tech» se entiende como un conjunto de tecnologías de baja intensidad, accesibles y sostenibles, con un bajo impacto energético y ecológico (Low-Tech Lab, s. f.), pero también como un enfoque de producción y consumo en sí mismo (Bloquel et al., 2022). Es adoptada por agentes económicos que desean orientar sus prácticas productivas hacia modelos más sostenibles y resilientes frente al cambio climático. Estos agentes parecen colaborar y organizarse a escala local, a través de formas de cooperación y coordinación territorializadas. Para analizar estas dinámicas, la comunicación recurre a los marcos teóricos de los ecosistemas empresariales (Messeghem, Theodoraki y Carayannis, 2023), los sistemas productivos localizados (Sarrazin, 2016), los clústeres tecnológicos (Savoie-Dansereau, 2018; Doloreux y Savoie-Dansereau, 2019), así como los conceptos de intermediación territorial (Nadou y Pecqueur, 2020) y de proximidades organizadas (Gilly y Torre, 2000; Torre, 2018). Se trata de analizar el carácter federador del concepto de «low-tech» y su capacidad para estructurar una comunidad de actores territorializada, así como el lugar y la porosidad de las estructuras de la ESS dentro de este ecosistema, y la porosidad entre ambos entornos. Los resultados presentados se basan en la primera fase cualitativa del proyecto, fundamentada en una veintena de entrevistas semiestructuradas analizadas según los principios de la teoría anclada (Allard, Genest & Legault, 2020). El estudio también recurre a datos públicos procedentes de documentos, sitios web y redes sociales, con el fin de proponer una primera cartografía de las organizaciones normandas que estructuran sus relaciones en torno a la low-tech, siguiendo un enfoque de análisis de redes a partir de objetos digitales. |
| Abstract: | Cette communication présente les premiers résultats du projet de recherche TerrLowTech, financé par la Région Normandie via le dispositif Normandie Recherche -Projets Émergents. Le projet interroge le cadre de développement technologique low-tech comme possible vecteur de transition sociale et écologique et comme élément structurant d'une communauté économique territoriale. Il vise à analyser l'appropriation du concept de low-tech par les acteurs normands, leurs pratiques productives, leurs modes d'organisation et leur potentiel économique au service de la soutenabilité et de la résilience du territoire. Une attention particulière est portée à l'ancrage territorial de cette communauté émergente et à ses liens avec les acteurs de l' Économie sociale et solidaire (ESS). La low-tech est entendue comme un ensemble de technologies de basse-intensité, accessibles et durables, à faible impact énergétique et écologique (Low-Tech Lab, s.d.), mais aussi comme une démarche de production et de consommation à part entière (Bloquel et al., 2022). Elle est mobilisée par des acteurs économiques souhaitant orienter leurs pratiques productives vers des modèles plus soutenables et résilients face aux changements climatiques. Ces acteurs semblent collaborer et s'organiser à l'échelle locale, à travers des formes de coopération et de coordination territorialisées. Afin d'analyser ces dynamiques, la communication mobilise les cadres théoriques des écosystèmes entrepreneuriaux (Messeghem, Theodoraki & Carayannis, 2023), des systèmes productifs localisés (Sarrazin, 2016), des grappes technologiques (Savoie-Dansereau, 2018 ; Doloreux & Savoie-Dansereau, 2019), ainsi que les notions d'intermédiation territoriale (Nadou & Pecqueur, 2020) et de proximités organisées (Gilly & Torre, 2000 ; Torre, 2018). Il s'agit d'interroger le caractère fédérateur du concept de low-tech et sa capacité à structurer une communauté d'acteurs territorialisée, ainsi que la place et la porosité des structures de l'ESS au sein de cet écosystème, ainsi que la porosité entre les deux milieux. Les résultats présentés s'appuient sur la première phase qualitative du projet, fondée sur une vingtaine d'entretiens semi-directifs analysés selon les principes de la théorie ancrée (Allard, Genest & Legault, 2020). L'étude mobilise également des données publiques issues de documents, de sites web et de réseaux sociaux, afin de proposer une première cartographie des organisations normandes structurant leurs relations autour de la low-tech, selon une approche d'analyse des réseaux à partir d'objets numériques. |
| Keywords: | écosystème low, tech, soutenabilité, écosystèmes entrepreneuriaux, écosystème low tech soutenabilité écosystèmes entrepreneuriaux |
| Date: | 2026–05–20 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05642944 |
| By: | Oscar Esteban Morillo Martínez (Universidad Nacional de Colombia) |
| Abstract: | ES Este artículo estudia la teoría económica que se encuentra detrás de los análisis y la política pública sobre la informalidad. Para esto se realizará un repaso por la teoría hegemónica (marginalista-neoclásica) buscando comprender dicho marco teórico y su relación con la política económica. De esta manera, se presentará la principal corriente del pensamiento económico, con sus implicaciones sobre la política pública y el tratamiento de la informalidad, y se le criticará de manera profunda y concisa, hallando sus principales falencias teóricas y pretendiendo demostrar su incapacidad para describir cualquier sistema económico de forma lógica y coherente. Con esto en mente, se discutirán nociones alternativas para comprender el fenómeno de la informalidad y el desempleo, partiendo de la propuesta de la economía popular del profesor César Giraldo y continuando con la teoría de la demanda efectiva de Keynes. De aquí se desprenderán condicionantes para una política pública que pretenda, por un lado, la reducción del desempleo y, por el otro, el reconocimiento del sujeto social de la economía popular.<p> EN The paper studies the economic theory behind the analysis and the public policy about informality. For this we will review the hegemonic economic theory (marginalist-neoclassical) to grasp such theorical framework and its relationship with economic policy. The mainstream economic thought will be presented with its implications on economic policy and its treatment of informality, and it will be criticized in a deep and concise manner, finding its principal theoretic failures and pretending to show its inability to describe any economic system in a coherent and logical manner. Alternative notions about informality and unemployment will be discussed, starting from the proposal of popular economy from the professor César Giraldo and continuing with the Keynes theory of effective demand. From here on, some conditions will be deployed for a public policy that pretends, on the one hand, a reduction of unemployment and, for the other, the recognition of the popular economy social subject. |
| Keywords: | economía popular; reproducción social; demanda efectiva; crecimiento económico; informalidad; Popular economy; Social reproduction; Effective demand; Economic growth; Informality |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:col:000418:022887 |
| By: | Zhang, Shuangning |
| Abstract: | Mainstream Western economics has long separated politics from economics, constructing an idealized phenomenological model based on “homogeneous individuals, no classes, and no power intervention.” Using this model as a benchmark to judge China’s economic practice has produced the so-called “Ten Major Paradoxes of the Chinese Economy.” However, these paradoxes do not indicate that China’s economy violates economic laws; rather, they are the inevitable result of Western theories detaching themselves from the homologous essence of politics and economics and ignoring the underlying logic of resource allocation in human society. Starting from first principles, this paper traces the original logic of human nature, class, power, and politics, compares the core differences in social structure and governance models between China and the West, and reveals the underlying logic of China’s economic operation. It ultimately demonstrates that all the so-called “Chinese economic paradoxes” can be completely explained within the framework of “political-economic integrated resource allocation.” The confusion in Western economics stems essentially from the limitations of its own theoretical framework, not from any anomaly in the Chinese economy. |
| Keywords: | Political-Economic Integration, Resource Allocation, Chinese Economy, Economic Paradox, Governance Model |
| JEL: | B41 B51 O5 P21 P26 |
| Date: | 2025–05–04 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128985 |
| By: | Oleynov, Anton |
| Abstract: | Contemporary sustainability debates increasingly recognize that ecological crises cannot be understood solely through assumptions of rational utility maximization and growth-centered development. Drawing on insights from behavioral economics, well-being research, and sustainability studies, the paper develops a broader conception of utility that incorporates emotional, relational, and cultural dimensions of human welfare. It makes three contributions. First, it proposes emotional utility, relational utility, and cultural utility as complementary dimensions of human welfare that help explain why well-being depends upon psychological stability, social relationships, and culturally meaningful forms of life. Second, it introduces the concept of behavioral sustainability, defined as the long-term reproduction of sustainable patterns of behavior through supportive social, emotional, cultural, and institutional conditions. Third, it illustrates the relevance of this framework through the case of Thailand, where concepts such as sabai-sabai, kreng jai, nam jai, and the Sufficiency Economy Philosophy reflect culturally grounded understandings of well-being that go beyond material accumulation. The analysis suggests that sustainability should be evaluated not only according to ecological outcomes and economic performance but also according to its capacity to support trust, belonging, resilience, and enduring quality of life. Sustainable development therefore requires conceptions of welfare that account for what people need to live well, not only what they consume. |
| Date: | 2026–06–08 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:2n43g_v1 |
| By: | Mi, Baowei |
| Abstract: | Addressing the evolution of capital morphology under the conditions of the AI era and post�material abundance, this paper proposes a unified transdisciplinary theoretical framework. This framework integrates Prigogine’s Dissipative Structure theory, Tononi’s Integrated Information Theory (IIT), and macro-capital dynamics to reveal the underlying physical and social mecha�nisms of capital reconstruction. Originating from long-term observations of fringe innovation and regulatory arbitrage, the research extracts the core ontological proposition: “Nomenclature Perishes, Verbs Persist, ” deriving a dual “Physical-Will” lever that governs capital evolution. Furthermore, referencing recent research on wealth distribution condensates, the frame�work explores the “RJ Condensation” effect—a driver of extreme inequality—and its physical intervention mechanisms. By constructing an Evolutionary Potential Function, this paper iden�tifies “Critical Slowing Down” signals preceding system phase transitions, demonstrating that under the conditions of post-material abundance and AI symbiosis, a dynamic equilibrium between physical system optimization and willful value orientation is achievable. As an ex�ploration in falsifiable sociophysics, the study provides real-time validation using macro data from 2023–2026, offering a framework for civilizational dimension-lifting in the AI era. |
| Keywords: | Dissipative Structures; Nomenclature-Verb Ontology; Physical-Will Dual Path; RJ Condensation; Critical Slowing Down; Falsifiable Sociophysics; Post-Material Abundance; AI Symbiosis; Wealth Thermalization; Nonlinear Evolution |
| JEL: | B5 C02 O33 P12 |
| Date: | 2026–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129323 |
| By: | Matthieu Mastio (UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Gaudou Benoit (UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, IRIT-SMAC - Systèmes Multi-Agents Coopératifs - IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse, IRIT - Institut de recherche en informatique de Toulouse - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - Toulouse INP - Institut National Polytechnique (Toulouse) - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - TMBI - Toulouse Mind & Brain Institut - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EPE UT - Université de Toulouse - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Tiruta-Barna Ligia (TBI - Toulouse Biotechnology Institute - INSA Toulouse - Institut National des Sciences Appliquées - Toulouse - INSA - Institut National des Sciences Appliquées - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Guiraud Pascal (TBI - Toulouse Biotechnology Institute - INSA Toulouse - Institut National des Sciences Appliquées - Toulouse - INSA - Institut National des Sciences Appliquées - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Girard Gaëtan (TBI - Toulouse Biotechnology Institute - INSA Toulouse - Institut National des Sciences Appliquées - Toulouse - INSA - Institut National des Sciences Appliquées - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, LEREPS - Laboratoire d'Etude et de Recherche sur l'Economie, les Politiques et les Systèmes Sociaux - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - Institut d'Études Politiques [IEP] - Toulouse - ENSFEA - École Nationale Supérieure de Formation de l'Enseignement Agricole de Toulouse-Auzeville) |
| Abstract: | Industrial symbiosis (IS) is a key mechanism of circular economy, enabling firms to reuse industrial byproducts as productive inputs. However, IS-focused approaches typically consider only firms exchanges and neglect the role of final consumers, which limits their ability to represent the full dynamics of circular economy. This paper extends a spatially explicit agent-based model, in which heterogeneous firms trade residual resources locally and prices emerge endogenously from transport costs, disposal penalties, and adaptive pricing strategies. While this baseline captures the emergence of industrial symbiosis, it is not sufficient to model circular economy dynamics. We therefore extend the framework toward a full circular economy by incorporating production cycles, final consumers, and environmental attributes of products. |
| Keywords: | Distributed Market Analysis, Circular Economy, Industrial Symbiosis, Spatial Agent-Based Simulation |
| Date: | 2026–06–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05590154 |
| By: | Rafa{\l} Komendarczyk; Walter Block; John Levendis; Frank Tipler |
| Abstract: | This paper presents an axiomatization of Ludwig von Mises' praxeology in many-sorted first-order logic, isolating the foundational layer. We introduce a formal language with five sorts ({\sf Actors}, {\sf Actions}, {\sf Ends}, {\sf Things}, {\sf Times}) and six primitive relations ({\em Acts}, {\em Avail}, {\em EndOf}, {\em Use}, a preference order, and a time order), together with a base axiom system organised into three layers: the structure of action itself, the actor's preference order together with its revelation in choice, and material scarcity. The base system captures purposeful action in its bare praxeological form. Working entirely within the base system we derive the core classical Misesian propositions as Hilbert-style theorems: the asymmetry of revealed preference, the existence of opportunity cost, the structural scarcity of time, the subjectivity of opportunity cost, the law of diminishing marginal utility, and the increasing marginal disutility of labour. Where a theorem requires structure beyond the praxeological core -- as with diminishing marginal utility -- the additional premises are made explicit; identifying these hidden premises is one of the methodological payoffs of the approach. A self-contained {\em Lean} companion encodes the language as {\em Lean} type classes and constructs concrete models -- a three-period Robinson Crusoe economy and its infinite-time extension -- whose acceptance by the type-checker is a constructive consistency proof of the full base theory. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.18292 |
| By: | Evrim de Groot (Glion Institute of Higher Education); David Philippy (ICP - Institut Catholique de Paris (ICP), CSO - Centre de sociologie des organisations (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Burak Tunca (Lund University School of Economics and Management); Felicitas Morhart (HEC Lausanne - Faculté des Hautes Etudes Commerciales (HEC Lausanne)) |
| Abstract: | This article presents a comprehensive review of conspicuous consumption research by examining its past and present to project its future. Drawing on a systematic review of 955 articles on conspicuous consumption, we trace how the field has progressed from its origins in economics to a multidisciplinary domain spanning psychology and marketing. This evolution has led to diverse interpretations of conspicuous consumption and to a disentangling of the concepts of conspicuousness, luxury, and status, resulting in a redefinition of conspicuous consumption primarily in terms of status signaling. This definition is agnostic to specific behavioral manifestations and instead accounts for the malleability of status symbols across time and socio-economic contexts. Building on this conceptualization, we outline avenues for future research that engage with ongoing socioeconomic transformations and offer practical insights that will guide firms in shaping their product portfolios, communication strategies, distribution choices, pricing decisions, and the markets they serve. |
| Keywords: | Veblen, Conspicuous consumption, Bibliometrics |
| Date: | 2026–06–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05650913 |
| By: | Andrew Caplin |
| Abstract: | This paper treats frontier investment as staged discovery. Firms invest through sequences of costly inquiry stages before deciding whether and how to realize value. At each stage, a firm may sharpen its diagnostic understanding, choose what question to ask, embody that question in a costly action, and interpret the answer that action produces. The answer changes what the firm knows, what it can do next, and how costly future inquiry will be. Successful histories can also carry over to later related problems, making the firm a better learner beyond the current investment path. The paper calls the resulting asset planning capital in firm form. Planning capital is the accumulated diagnostic understanding a firm has built through costly inquiry and operation: understanding of technologies, processes, customers, tools, partners, failures, constraints, and opportunities, together with the capacity to keep learning. It becomes valuable because it helps the firm choose what to investigate, make the question answerable, interpret what happened, and carry what it learned into later investment stages. Building on classical investment theory, R&D models, real-options theory, venture-capital models, classical learning-by-doing, the paper develops a model of investment as staged discovery. The AI and semiconductor frontier makes this asset visible. Firms are being valued and funded for more than the physical capacity they already own. Chips, fabs, data centers, cloud platforms, power commitments, and model systems matter because they carry traces of accumulated learning and because their use generates more learning. They let firms train models, test demand, expose bottlenecks, improve yields, qualify customers, integrate tools, and discover which complements are missing. The current buildout is therefore investment in capacity and in the institutional learning system that makes capacity more valuable over time. The framework explains why production systems, tool systems, research paths, sovereign capability programs, and infrastructure sponsorship belong in the same analysis. They are different institutional forms through which planning capital is accumulated. The paper treats terminal realization value in reduced form and focuses on the discovery process that precedes it: how institutions build capacity, learn from using it, and turn accumulated diagnostic understanding into an advantage in the next round of investment. |
| JEL: | D83 G24 L22 L63 O31 O32 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35349 |
| By: | Gondauri, Davit |
| Abstract: | This article develops a theoretical and methodological framework for measuring agentic capital through historical indices, using the Georgian Church as a longitudinal institutional case. It argues that durable institutional status emerges from the cumulative interaction of legitimacy, knowledge accumulation and transfer, monastic networks, effective institutional leadership, autonomy, external recognition, and post-shock recovery. Accordingly, the Georgian Church is analyzed as an institution that converted knowledge, canonical authority, reputation, and organizational memory into long-term resilience and international positioning. The empirical foundation is an author-constructed historical-index dataset covering AD 33-1990. Historical events, ecclesiastical statuses, monastic centres, hagiographic evidence, Georgian knowledge networks abroad, and episodes of external recognition are coded on a 0-100 scale and organized into twelve interrelated indices. The analysis combines descriptive statistics, correlation analysis, principal component analysis, HAC-OLS, interaction and threshold specifications, ridge regression, and first-difference event regressions. These techniques are used to examine structured associations, cumulative co-development, and conditional effects within the coded dataset; they are not intended to establish direct historical causality. The results associate the Georgian Church's international institutional positioning with the combined operation of knowledge capital, institutional autonomy, external recognition, and recovery capacity. Georgian monasteries abroad, the network legacy of the Syrian Fathers, the academic traditions of Gelati and Ikalto, and the intellectual and canonical activity of George the Hagiorite and other ecclesiastical actors provide the principal mechanisms through which knowledge was converted into status, and institutional memory was transformed into a resource for recovery. The sequence of abolition in 1811, restoration in 1917, and formal recognition by the Ecumenical Patriarchate in 1990 further shows that the loss of formal autonomy did not eliminate accumulated legitimacy or knowledge capital. The article contributes an econometric framework based on historical indices that connects historical ecclesiology, institutional economics, knowledge-capital theory, and the concept of the agentic economy. Its numerical estimates are generated from an explicit author-coded database and should be interpreted as model-based representations of historical institutional relationships, not as direct statistical observations from the medieval period. |
| Keywords: | agentic capital, Georgian Church, historical institutional economics, monastic knowledge networks, institutional autonomy, external recognition, knowledge capital, historical-index coding, econometric modelling, principal component analysis, HAC-OLS |
| JEL: | B52 C22 C43 C51 D02 N33 N43 O33 O33 Z12 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341517 |