nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2006‒04‒22
five papers chosen by
Karl Petrick
Leeds Metropolitan University

  1. "A Random Walk Down Maple Lane?: A Critique of Neoclassical Consumption Theory with Reference to Housing Wealth" By Greg Hannsgen
  2. Social Capital and Economic Development By Fabio Sabatini
  3. Changing Social Institutions to Improve the Status of Women in Developing Countries By Johannes P. Jütting; Christian Morrisson
  4. Macroeconomic Policies and Institutions By Jean-Paul Fitoussi
  5. “Soft Law,” “Hard Law,” and European Integration: Toward a Theory of Hybridity By David M. Trubek, Patrick Cottrell, Mark Nance

  1. By: Greg Hannsgen
    Abstract: The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics, and, according to George Akerlof, it Òset the agendaÓ for modern neoclassical macroeconomics. This paper focuses on the relationship of housing wealth to neoclassical consumption theory, and in particular, the degree to which homes can be treated collectively with other forms of Òpermanent income.Ó The neoclassical analysis is evaluated as a partly normative and partly positive one, in recognition of the dual function of the neoclassical theory of rationality. The paper rests its critique primarily on the distinctive role of homes in social life; theories that fail to recognize this role jeopardize the social and economic goods at stake. Since many families do not own large amounts of assets other than their places of residence, these issues have important ramifications for the relevance of consumption theory as a whole.
    Date: 2006–04
  2. By: Fabio Sabatini
    Abstract: This paper carries out an empirical assessment of the causal nexus connecting social capital's diverse aspects to the "quality" of economic development in Italy. The analysis accounts for three main social capital dimensions (i.e. bonding, bridging and linking social capital) and measures them through synthetic indicators built by means of principal component analyses performed on a dataset including multiple variables. The quality of development is measured through human development and indicators of the state of health of urban ecosystems, public services, social protection, gender equality, and labour markets. The causal relationship between social capital's and development's different dimensions is then assessed through structural equations models. The analysis in this paper provides a relevant proof of Putnam's claims on the positive role of civil society organizations in development processes.
    Keywords: Social capital, Social networks, Civil Society, Economic development, Social quality, Labour precariousness, Structural Equations Modelling
    JEL: C39 O15 O18 R11 Z13
    Date: 2006–04
  3. By: Johannes P. Jütting; Christian Morrisson
    Abstract: . Deeply rooted social institutions – societal norms, codes of conduct, laws and tradition – cause gender discrimination. . Religion per se does not systematically define such discrimination. All dominant religions show flexibility in interpreting the role of women in society. . The Millennium Development Goals demand change in gender-discriminating social institutions, which should be added to the seven strategic priorities identi?ed by the UN Task Force on Education and Gender Equality. . Donors must redesign their strategies to focus not only on improving women’s capacities and capabilities, but also and concurrently on lowering men’s resistance against reforms that improve gender equality.
    Date: 2005–07–22
  4. By: Jean-Paul Fitoussi (Observatoire Français des Conjonctures Économiques)
    Date: 2006
  5. By: David M. Trubek, Patrick Cottrell, Mark Nance
    Abstract: Abstract: This paper develops a conceptual framework for the analysis of hard and soft law that is drawn in part from recent work in the field of international relations. We examine the literature on the role of soft law, noting that scholars have approached this phenomenon in very different ways. We seek to unite insights from constructivist and rationalist theories of integration and apply them to the understanding of the role law and other normative orders and governance processes may play in European integration. We deploy this synthesis to analyze the two case studies, employment policy and fiscal policy coordination, exploring the roles that law plays and paying special attention to the operation of hybrid constellations where hard and soft operate in the same policy domain.
    Keywords: governance; integration theory; open coordination; regulation; European law; stability pact; economic integration; fiscal policy; social policy; political science; law; sociology
    Date: 2005–06–13

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