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on History and Philosophy of Economics |
| By: | Eckhard Hein |
| Abstract: | In this paper the main developments in post-Keynesian macroeconomics since the mid-1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empiri-cal/applied works; second, the integrated analysis of money, finance and macroeconomics and its appli-cation to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream ?New Consensus Model? (NCM), and allowing to derive a full macroeconomic policy mix as a more con-vincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises. |
| Keywords: | post-Keynesian macroeconomics, heterodox vs. orthodox economics, pluralism in economics, distribution, money, finance, macroeconomics, macroeconomic policies |
| JEL: | B22 E12 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:imk:fmmpap:01-2017&r=hpe |
| By: | Charles J. Whalen |
| Abstract: | Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and considers their relationship to that financialization literature. Part I addresses Minsky's penetrating observations regarding what he called money manager capitalism. Part II outlines the powerful analytical framework that Minsky used to organize his thinking and that we can use to extend his work. Part III shows how Minsky's observations and framework represent a major contribution to the study of financialization. Part IV highlights two keys to Minsky's success: his treatment of economics as a grand adventure and his willingness to step beyond the world of theory. Part V concludes by providing a short recap, acknowledging formidable challenges facing scholars with a Minsky perspective, and calling attention to the glimmer of hope that offers a way forward. |
| Keywords: | Hyman Minsky; Money Manager Capitalism; Financialization |
| JEL: | B31 B52 G |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:lev:wrkpap:wp_892&r=hpe |
| By: | Colombatto, Enrico; Tavormina, Valerio |
| Abstract: | This paper focuses on the legitimacy of private property and analyses the process of first appropriation. In particular, we examine and comment the different views on the origin of private property rights that have emerged through the history of economic and legal thinking, from Democritus to de Jasay. These views have been grouped in two broad categories: consequentialism and fundamental principles. Although consequentialism is now dominant among economists and inchoate in the legal profession, we observe that it is in fact an alibi for discretionary policymaking by the authority. By definition, fundamentalist approaches generate rules that limit discretion. However, we show that some fundamental views rest on questionable a-priori statements. De Jasay’s argument based on the presumption of liberty is perhaps the only perspective that escapes this criticism. |
| Keywords: | Private property, Consequentialism, Natural rights, Appropriation, Intellectual property |
| JEL: | K11 B15 B25 B52 |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:uca:ucaiel:24&r=hpe |
| By: | Guillaume Allegre (Observatoire français des conjonctures économiques); Henri Sterdyniak (Observatoire français des conjonctures économiques) |
| Abstract: | Dans une situation de maintien d’un niveau élevé de chômage et de pauvreté, d’extension de la précarité du travail, de crainte de disparition des emplois du fait de l’automatisation, le projet de revenu universel s’est installé dans le débat économique et social en France comme dans d’autres pays développés. Il s’agirait de verser à toute personne résidante dans le pays une allocation mensuelle sans aucune condition de ressources, d’activité, de contrepartie. Dans le cadre de sa mission d’animation et d’éclairage du débat économique, l’OFCE a organisé, le 13 octobre 2016, une journée d’étude à laquelle ont été conviés des chercheurs qui avaient travaillé sur ce projet, pour le développer, le soutenir ou le critiquer. Un e-book rassemble la plupart des contributions qui ont été présentées et discutées durant cette journée, parfois revues compte-tenu des enseignements de la discussion. |
| Keywords: | Fiscalité; Inégalités; Protection sociale; revenu de base; revenu universel |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/1nhhro45dg8njr8n9141p4j5b1&r=hpe |
| By: | Nils Herger (Study Center Gerzensee) |
| Abstract: | In the eighteenth century, a fierce political debate broke out in Sweden about the causes of an extraordinary depreciation of its currency. More specifically, the dete- riorating value of the Swedish daler was discretionarily blamed on monetary causes, e.g. the overissuing of banknotes, or nonmonetary causes, such as balance of payments deficits. This paper provides a comprehensive empirical assessment of this so-called "Swedish Bullionist Controversy". The results of vector autoregressions suggest that increasing amounts of paper money did give rise to in ation and a depreciation of the exchange rate. Conversely, nonmonetary factors were probably less important for these developments. |
| Date: | 2017–06 |
| URL: | http://d.repec.org/n?u=RePEc:szg:worpap:1701&r=hpe |
| By: | Guillaume Allegre (Observatoire français des conjonctures économiques); Henri Sterdyniak (Observatoire français des conjonctures économiques) |
| Abstract: | Faut-il instaurer en France un revenu universel, c'est-à-dire verser à chacun une allocation mensuelle individuelle d'un montant égal pour tous, sans condition de ressources ou de besoins et sans exigence de contrepartie ? Ce projet peut se justifier au nom du partage égalitaire des ressources naturelles et de l'héritage des générations passées, de la contribution de chacun au fonctionnement de la société ou plus simplement du droit de chacun à une vie décente. Il est porté par des libé- raux, selon lesquels il pourrait se substituer aux prestations actuelles, par des sociodémocrates qui veulent compléter la protection sociale telle qu'elle existe, par des partisans de la décroissance afin de gérer la fin du travail, comme par des marxistes pour modifier le rapport de force entre les travailleurs et le capital. Pour ne pas dégrader la situation des actuels bénéficiaires de minima sociaux, le revenu universel devrait être au minimum de 785 euros par mois par adulte, de 1 100 euros pour les plus de 65 ans et les handicapés, et les moins de 18 ans devraient recevoir 315 euros. Une telle prestation coûterait 588 milliards d'euros, soit (compte-tenu des économies de prestations réalisables) des dépenses supplé- mentaires de l'ordre de 480 milliards, 22 points de PIB ou encore 35 points de CSG, ce qui est irréaliste en pratique. Aussi, pour lutter contre la pauvreté, il nous semble préférable d'une part d'alléger fortement les conditions d'obtention du RSA, d'autre part de mettre en œuvre concrètement le droit à chacun à avoir un emploi. |
| Keywords: | revenu universel; revenu de base |
| Date: | 2016–12 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/5ec65t93pa905b3n89t6hurc8i&r=hpe |