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on Heterodox Microeconomics |
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Issue of 2026–10–12
three papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Sergio Cesaratto |
| Abstract: | These notes compare the interpretations of pay-as-you-go (PAYG) and fully funded (FF) pension systems and proposals of reform provided by alternative economic theories. After outlining the debate on the intra-temporal or intertemporal nature of PAYG, we will focus on the issues of pension reforms aimed at expanding the funded pillar. We will particularly discuss the issue of the transition from PAYG to funded systems. Mainstream support for reforms has often been based on comparing the rates of return on contributions from the two systems. Criticism of the funded pillar has often been heard from heterodox economists being based on the relative higher risk of capitalization. However, both points of view neglect the issue of transition, as if the choice were in the abstract between PAYG and the FF pillar. In this sense, twenty years ago Cesaratto (2005) contributed to fill a severe gap both in conventional and in post-Keynesian analyses. Other innovative contributions will be noted in passing, such as the outline of a classical surplus-theory of the social state and of the role of public pension-spending in demand-led output theories. |
| Keywords: | Pension reforms, Pay-as-you-go, Fully Funded schemes, Neoclassical theory, Classical-Keynesian approach Jel Classification:E11, E12, E22, H55, E24 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:948 |
| By: | Zhuo Wang |
| Abstract: | Classical growth theory places physical productivity at the center of economic growth. In modern service-based economies, however, growth increasingly means creating higher-valued products rather than increasing output quantities. This paper develops a theory of value growth based on a socially and institutionally sustained value scale. The framework unifies value creation, finance, and distribution and offers an account of major patterns in US economic history. The proposed framework is intended as a new approach to macroeconomic analysis and policy making. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2610.08302 |
| By: | Henman, Josefine; Suter, Manuel |
| Abstract: | This article examines how different policies are perceived by researchers regarding their relevance in supporting the transformation of traditional businesses toward reducing ecological footprints, securing well-being, and increasing social equity. While post-growth scholarship has discussed a wide range of policy proposals, their implications for business transformations remain underexplored. To address this gap, the study combines a quantitative survey of 1, 734 sustainability policy researchers with qualitative focus group discussions with post-growth business scholars. The survey results indicate that the majority of policy instruments are perceived as at least moderately relevant for supporting a business transformation towards post-growth. Descriptive analyses show that respondents with a degrowth work-orientation tend to perceive the instruments as more relevant than growth-indifferent or green growth-oriented respondents, with differences particularly pronounced for more structurally disruptive interventions. The qualitative analysis explores how post-growth business scholars perceive key tensions, barriers, and enabling conditions associated with three previously highly ranked policies: transitioning ownership structures, banning planned obsolescence, and introducing declining resource caps. Two central topics emerge from these discussions: the role of businesses’ profit orientation as a structural factor that may shape responses to policy interventions, and the importance of combining policies in order to address anticipated tensions and wider societal implications. The article bridges post-growth policy and business research by suggesting how different policy instruments and mixes may support business transformations in line with post-growth objectives. |
| Date: | 2026–09–30 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:n8yf6_v1 |