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on Heterodox Microeconomics |
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Issue of 2026–08–10
fourteen papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Francisco Orlando Rosales; Grace Yolanda Llerena; Giuliano Toshiro Yajima; Fernando Martin-Mayoral |
| Abstract: | This paper presents a bibliometric analysis of the Stock-Flow Consistent (SFC) literature from 1975 to 2026. The corpus includes 479 publications from Scopus, Web of Science, and expert-guided screening. Building on the classification proposed by Nikiforos and Zezza (2017), using keyword-based classification and manual validation, the paper maps the evolution of five major research areas: extensions of the core SFC framework, open-economy models, empirical SFC models, ecological SFC models, and SFC-agent–based models. The results show a clear expansion of the literature after the Global Financial Crisis, followed by further acceleration after 2017. Recent growth is especially visible in empirical and ecological SFC applications, as well as in works combining multiple research areas. The journal mapping also shows that, while SFC research remains strongly rooted in heterodox economics outlets, it has increasingly expanded into interdisciplinary and non-traditional journals. The paper contributes by updating the 2017 survey and documenting the diversification and broader diffusion of SFC research. |
| Keywords: | Stock-Flow Consistent Models; Macroeconomic modeling; ecological macroeconomics; bibliometric analysis |
| JEL: | E12 B41 E17 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1126 |
| By: | Zhang, Linzhi |
| Abstract: | Amidst the growing interest in Chinese women artists’ feminist interventions, this article delves into a less-explored theme in their artistic practices: labour. Through a close examination of two artists’ critical engagement with women’s labour in China, I highlight their Marxist feminist concerns. The first artist, Hu Yinping, creates a work utopia that ensures work autonomy for her mother who had taken on precarious part-time jobs after being laid off. The second artist, Feng Lin, appropriates ready-mades derived from a housewife’s life for her critical enquiry into whether domestic labour or home truly shields women from capitalist relations. It is argued that the two artists make women’s problems with work visible in a post-socialist China, where women’s labour becomes increasingly devalued, less conspicuous, and more precarious. Furthermore, both artists experiment with alternatives to capitalist commodified labour. However, it becomes apparent that Hu Yinping cannot sustain her utopian vision without selling her labour as an artist, and Feng Lin demonstrates that a housewife cannot fully escape the capitalist imposition of work. Ultimately, the interventions of these artists serve as a dual critique of capitalist labour and a revelation of its totality. |
| Keywords: | artistic labour;contemporary Chinese art;gender;labour;Marxist feminism;women artists |
| JEL: | R14 J01 |
| Date: | 2024–12–25 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140272 |
| By: | Alexander Rincón Ruiz |
| Abstract: | This article explores the concept of Diverse Economies and Other Economies as a response to the environmental and social crisis. From a systemic and interdependent perspective, it argues that the hegemonic economic model has led the planet into an unprecedented ecological crisis, rooted in the commodification of nature, capital accumulation, and cultural homogenization. Through theoretical analysis and territorial experiences in Colombia (5 months traveling through 15 municipalities in Colombia), it suggests that Diverse Economies and Other Economies offer viable alternatives grounded in reciprocity, ecological justice, and the regeneration of ecosystems. The article highlights community-based, solidarity, peasant, Afro-descendant, and Indigenous economic practices, as well as principles such as ecological interdependence, territorial autonomy, and the care economy. Finally, it argues that Colombia, due to its biocultural richness and territorial resistances, can play a key role in the transition toward sustainable and resilient economic models, contributing perspectives from the pluriverse and post-development. |
| Keywords: | Diverse Economies; Other Economies; Environmental Crisis; Ecological Regeneration; Solidarity Economy; Colombia; Pluriverse |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:col:000176:023145 |
| By: | Dan-Andrei Năfureanu (UniBuc - University of Bucharest) |
| Abstract: | This review examines The Greatest of All Plagues (2024) by David Lay Williams, an intellectual history of economic inequality in the Western canon. Drawing its title from Plato's Laws, the book traces the concept of inequality -- understood through the recurring motif of pleonexia (insatiable greed) -- across seven influential figures: Plato, Jesus Christ, Thomas Hobbes, Jean-Jacques Rousseau, Adam Smith, John Stuart Mill and Karl Marx. Williams situates each thinker within their socio-economic context, arguing that philosophical reflection on inequality has consistently emerged in response to concrete historical crises and remains indispensable for contemporary political economy. While acknowledging the book's strengths - its interdisciplinary scope, close textual analysis, and contemporary relevance - the review also considers its limitations, including its exclusive focus on the Western canon and the practical inadequacy of some historical prescriptions. Nevertheless, it concludes that Williams offers a timely and philosophically rich intervention. By recovering neglected resources within canonical texts, the author challenges economists, political leaders, scholars and the wealthy elites alike to confront inequality as a structural and moral problem central to the fate of modern democracy. |
| Keywords: | History of Philosophy, Political Economy, Political Philosophy, Inequality, Greed |
| Date: | 2026–06–22 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05511717 |
| By: | Vyshnevskyi, Oleksandr |
| Abstract: | The article is devoted to the development of the General Economic Theory of Strategizing (GETS) as a metatheoretical framework for analyzing the normality–crisis cycle. The research aims to substantiate a universal metalanguage for describing cyclical phenomena at the macro, micro, and individual levels by integrating the objective correlation between goals and means with the subjective perception of the actor. Within the GETS framework, two key matrices are proposed: the Goal-Means Commensurability Matrix, which systematizes nine distinct states (three types of equilibrium, three paradoxes, and three types of crises), and the Normality-Crisis Perception Matrix, which distinguishes between normality, a manifest crisis, a latent crisis, and a false crisis. The findings demonstrate the high explanatory power of this new toolkit. The matrices successfully offer a common metalanguage that allows reinterpretation of leading theories of the economic cycle: Neoclassical (as rational adaptation through equilibria and paradoxes), Keynesian (focusing on manifest demand crises and the liquidity trap), Austrian (the paradox of resource wastage and the latent crisis of unsupported ambitions), and Marxist (inherent internal contradictions of capitalism) from the perspective of aligning the specific goals and means of each school. The uniqueness of this approach is validated through empirical case studies: the entrepreneurial biography and illness of Steve Jobs (individual level), the history of Nokia's mobile business (micro level), and the dynamics of the United States' economic and geopolitical standing since 1991 (macro level). The study identifies a “blind spot” in traditional theories, which resides in the state of false crisis. The proposed matrices offer prospects for creating a holistic theory of strategic behavior under uncertainty and provide a synthesis of economics and strategic management. |
| Keywords: | General Economic Theory of Strategizing, GETS, Normality-Crisis Cycle, Goal-Means Commensurability Matrix, Normality-Crisis Perception Matrix, latent crisis, false crisis. |
| JEL: | B41 B50 D81 E32 |
| Date: | 2026–05–25 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129275 |
| By: | Robert L. Vienneau |
| Abstract: | This article presents examples of models of rent with decreasing wage frontiers; with unique, square cost-minimizing techniques at a given rate of profits; but without the wage maximization property. Anomalous switch points are highlighted, where an anomalous switch point has properties that contrast with generic switch points in models of circulating capital. This article presents a numerical example of a switch point along a single wage curve, with no other wage curve intersecting at the switch point. Other numerical examples are of switch points in which only the scale, not the operated processes, vary between the cost-minimizing techniques at the switch point. A fake switch point is presented in which prices vary only for goods which are not commodities under the non-cost minimizing technique, also known as ghost commodities. |
| Keywords: | Cambridge Capital Controversy; Fixed Capital; Rent |
| JEL: | B51 C67 D24 D33 Q13 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ris:sraffa:023230 |
| By: | Eickmeier, Sandra |
| Abstract: | Economists recently have pointed to a critical disconnect between economic value and ethical values as a key societal issue. Using a survey of 2, 000 German households this paper reveals a misalignment between earnings and the values attributed to professions. Households prioritize professions addressing basic needs and benefiting society and nature over those offering personal utility, high remuneration, or economic growth, highlighting the importance of ethical considerations. This paper argues that values require a solid foundation rather than mere discussion or imposition. Linking values (and value) to awareness, it shows that more aware (along with more educated and informed) households favor professions supporting ethical values such as societal and environmental contributions, creativity, and beauty. Lastly, 60% of households support shifting societal values toward shared responsibility, though responses vary across households. |
| Keywords: | Economic value |
| JEL: | E3 E7 I3 Z1 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19948 |
| By: | Hiroshi IYETOMI; Hiroshi YOSHIKAWA |
| Abstract: | In this paper, we explore the effectiveness of macroeconomic policy. To achieve this goal, we first discuss the theoretical framework of macroeconomics in Section 2. We explain why the standard microeconomic foundations of macroeconomics are mistaken and argue that Keynesian economics or what Tobin (1993) called the Old Keynesian view, according to which real aggregate demand determines aggregate production, can best explain the actual macroeconomy. We then briefly explain the microeconomic foundation of Keynes’ principle of effective demand based on methods used in statistical physics in Section 3. Using this model, we explore the effectiveness of macroeconomic policy in Section 4. In the model, the difference between micro demand shocks and macro demand shocks is significant. Individual micro demand shocks cannot be observed. In fact, only the aggregate fluctuations caused by such unobservable micro shocks are observed. This is analogous to the observation of thermal fluctuations governed by temperature in physics. By contrast, macro demand shocks are observable in various forms, one of which is macroeconomic policy such as fiscal/monetary policy. We demonstrate that macroeconomic policy becomes ineffective with very low levels of aggregate demand. This result holds true irrespective of macroeconomic model specifics and is generic. Section 5 provides concluding remarks. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:26059 |
| By: | Omar Inverso; Emilio Tuosto; Dragisa Zunic |
| Abstract: | This paper argues that AI-agent alignment in markets should not be understood only as a property of agents, but also as a property of the interaction infrastructure in which agents act. In financial markets, this infrastructure is the market core: the rule system that determines how orders enter, interact, match, persist, and stabilize. If this fundamental interaction layer allows or rewards undesired behaviour, then higher-level alignment of agents may be insufficient. We propose to view fundamental market design as a layer of AI-agent alignment. Alongside the important work of computational economics in modelling agents, strategies, and learning, we focus on a complementary but more fundamental layer: the formal modelling of the market core itself. Market design, especially at the level of the core mechanism, can benefit from a rigour characteristic of theoretical computer science. This gives a transparent-box model of the market, whose core properties can be formally specified and reasoned about. It also lets us treat the trading venue not as a static order book, but as a computational process combining resident orders with incoming order flow, and ask which computational model, perhaps yet unknown, naturally lies at its core. This perspective is especially relevant for markets populated by adaptive or AI agents. Such agents may learn what the mechanism rewards, including speed, delay, liquidity provision, or manipulation. These behaviours are not only properties of individual agents, but may emerge from the agent-mechanism system. We therefore argue that transparent formal models of market cores can support incentive-oriented analysis and the design of mechanisms in which desirable behaviours are structurally favoured and undesirable behaviours are harder to sustain. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2607.09702 |
| By: | Oleynov, Anton |
| Abstract: | Economics has developed sophisticated accounts of how individuals make choices, yet it has devoted comparatively little attention to how individuals become capable of choosing meaningfully. While the capability approach expanded economic evaluation beyond utility and resources, and provides conceptual space for further extension, it leaves the developmental formation of agency under-theorized: it specifies the opportunities available to persons without fully explaining how the capacity to exercise those opportunities is formed. This article argues that agency formation, the developmental process through which persons acquire the capacity for self-directed choice, should be treated as a distinct object of economic evaluation. Drawing on the capability approach as a normative foundation, Archer’s account of reflexivity as a developmental mechanism, and Akerlof and Kranton’s analysis of identity costs as constraints on self-direction, the article develops a three-dimensional evaluative criterion that assesses capabilities, agency, and agency formation simultaneously. The criterion evaluates economic institutions not only by the opportunities they generate but by whether they cultivate or suppress the developmental processes through which agency emerges. Artificial intelligence serves as a theoretical stress test: by increasingly substituting algorithmic systems for human deliberation, it exposes the inability of choice-centered evaluation to register developmental losses associated with the outsourcing of judgment. An application to formal schooling demonstrates how this evaluative approach generates conclusions that neither human capital theory nor the capability approach can produce on their own. |
| Date: | 2026–07–02 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:aq7xh_v1 |
| By: | Andrew G. Ross; Julia Gershenzon; Andreas Kleefeld |
| Abstract: | Assessments of structural change and economic transition dynamics, such as those arising in the energy transition, depend on internally consistent qualitative scenarios specifying the policy environment, technology mix, governance arrangements, and demand conditions. Cross-Impact Balance (CIB) analysis derives such socio-technical scenarios as fixed-point attractors of an expert-elicited interdependency network, supplying structural inputs upon which assessment models (including energy system optimisation, agent-based, and general equilibrium frameworks) can draw. Standard CIB, however, delivers only this equilibrium catalogue, leaving four structural questions unanswered: how much network-weighted effort a given transition requires; which components are the true system-wide levers once indirect influence chains are counted; in what sequence the system adjusts; and how the network at a given attractor responds to an external shock. This paper extends CIB through Linear Response Theory, exploiting a structural isomorphism between the CIB drift matrix and the Leontief input-output technology matrix. Four analytical objects are derived in closed form: the Type I cross-impact multiplier, which aggregates all direct and indirect influence chains; the perturbation budget, a network-weighted and directionally asymmetric measure of transition effort; the impulse response function, which traces descriptor adjustment sequences and feedback-induced overshoots; and the unit-impulse shock profile, which characterises attractor-specific network sensitivity and yields a direct measure of structural resilience and susceptibility. The framework is applied empirically to an energy-transition cross-impact matrix, yielding all four objects for five structural equilibria, and transfers to any domain in which pairwise influence scores encode structural interdependencies. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2607.12414 |
| By: | Alexander Rincón Ruiz |
| Abstract: | La rápida expansión de la inteligencia artificial (IA) está transformando la forma en que las sociedades producen conocimiento, organizan sus economías y toman decisiones colectivas. Sin embargo, la mayoría de los debates contemporáneos sobre IA se concentran en aspectos técnicos —eficiencia, sesgos algorítmicos o marcos regulatorios—, dejando en segundo plano una pregunta más profunda: ¿quién debe orientar la inteligencia en una civilización crecientemente mediada por infraestructuras algorítmicas? Este artículo sostiene que la inteligencia artificial no puede convertirse en el principio rector de la vida colectiva. Aunque los sistemas algorítmicos pueden procesar grandes volúmenes de información, modelar escenarios complejos y optimizar procesos, no participan en la trama viva que sus modelos representan. La IA puede simular sensibilidad, pero no experimentar vulnerabilidad; puede calcular impactos ecológicos, pero no habitar los territorios afectados; puede generar recomendaciones, pero no asumir responsabilidad ética por las decisiones que informa incluso ha tenido un uso intensivo para la guerra. A partir de una ontología relacional, de los aportes de la biología de la cognición y del marco conceptual de las economías para la vida, el artículo desarrolla una crítica al paradigma moderno del cálculo desencarnado que subyace a gran parte del desarrollo contemporáneo de la inteligencia artificial. Se argumenta que el riesgo principal no radica únicamente en el uso de sistemas algorítmicos, sino en una posible inversión ontológica en la cual la optimización computacional desplaza la deliberación ética y el cuidado como principios orientadores de la acción colectiva. Frente a este escenario, se propone el concepto de primacía de la red humana relacional, entendida como el conjunto de comunidades capaces de deliberar, cuidar y asumir responsabilidad por la continuidad de la vida. Desde esta perspectiva, la inteligencia artificial puede contribuir a procesos de coordinación colectiva, restauración ecológica y planificación territorial, siempre que permanezca subordinada a la deliberación democrática, a los límites ecológicos y a una ética del cuidado. El artículo concluye que el futuro de la inteligencia artificial dependerá menos de su sofisticación técnica que de la capacidad de la humanidad para fortalecer formas de inteligencia colectiva capaces de orientar el poder tecnológico hacia la regeneración y la continuidad de la vida en la Tierra. |
| Keywords: | inteligencia artificial; ontología relacional; economías para la vida; gobernanza colectiva; ética del cuidado; inteligencia colectiva; crisis civilizatoria |
| JEL: | Q01 Q57 O13 P48 R11 B55 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:col:000176:023141 |
| By: | Alexander Rincón Ruiz |
| Abstract: | Colombia y el mundo enfrentan una crisis socioecológica que cuestiona las bases estructurales de su modelo de desarrollo. La degradación ambiental, la persistencia de desigualdades y la intensificación de conflictos territoriales revelan los límites de una arquitectura económica centrada en el crecimiento, la acumulación y la mercantilización de la naturaleza. En este contexto, procesos de articulación como el Encuentro Internacional de Economías para la Vida (ECOOVIDA) 2026 constituyen hitos históricos que consolidan una convergencia ética y política en torno a la centralidad de la vida como principio orientador de la acción pública (ECOOVIDA, 2026). Este artículo propone el enfoque de economías diversas y economías otras para la vida (Rincón Ruiz, 2026a) como una orientación estructural para repensar la política pública en Colombia. Más allá de ajustes sectoriales o enfoques de economía verde, se argumenta que optar por economías para la vida implica interrogar la arquitectura macroeconómica —sus métricas, incentivos fiscales, prioridades productivas y marcos financieros— y explorar transiciones graduales hacia una política económica orientada a la reproducción ampliada de la vida humana y no humana. En diálogo con la Evaluación sobre Cambios Transformadores de la IPBES (2024), el texto ofrece una lectura situada de los desafíos de transformación estructural en contextos de alta complejidad y conflicto (IPBES, 2024). Lejos de presentar un modelo cerrado, el artículo propone una brújula conceptual que permita articular experiencias territoriales, marcos constitucionales y debates macroeconómicos en la construcción de trayectorias de transición coherentes con la justicia ecológica y la diversidad biocultural del país. |
| Keywords: | economías para la vida; cambio transformador; límites planetarios; IPBES; soluciones planetarias; crisis ambiental |
| JEL: | Q01 Q57 O13 P48 R11 B55 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:col:000176:023143 |
| By: | Dutta, Chandrani; Pramanick, Amrita |
| Abstract: | According to the recent data of National Crime Records Bureau (NCRB), 51 cases of crime against women are reported every hour in India. The existing literature and recent studies on gender-based violence have shown that over the years Indian states have followed a pattern of clusters in criminal incidents. This paper studies the panel data from NCRB for twenty-three years (2001-2023) to study and identify specific features and spatial distribution of crime against women across the Indian states. The analysis is conducted on the basis of the top five reported crimes identified as Cruelty against Women by Husband and Relatives, Assault on Women, Kidnapping and Abduction, Rape and Insult to the Modesty of Women. The states with persistently high crime under each crime heads have been identified. Further, Kernel Density Estimation is run in R software which reveals the existence of clustering patterns emerging from the data. The paper further uses the K-Means Clustering method to determine how crime is clustered amongst the Indian states. The optimal value of K from the analysis has been identified as 4 – i.e., four distinct spatial clusters viz. Low Crime, Low to Moderate Crime, Moderate Crime and High Crime have been identified among the Indian states. Uttar Pradesh, Madhya Pradesh, Rajasthan, West Bengal and Maharashtra exhibit high crime rates. Further, all north-eastern states are in Cluster 1 showing persistent low crime rates except for Assam which shows up in Cluster 2. The majority of southern states like Tamil Nadu, Kerala, Karnataka, Telangana shows up in Cluster 2 with an exception in Andhra Pradesh being the only state showing up in Cluster 3. |
| Keywords: | Crime against Women, K-Means Clustering, Kernel Density Estimation, Elbow method, spatial statistics, NCRB. |
| JEL: | B54 C23 C31 J12 J16 |
| Date: | 2026–02–26 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128208 |