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on Post Keynesian Economics |
| By: | Ron A. Boschma; Koen Frenken |
| Abstract: | This paper is written as the first chapter of an edited volume on evolutionary economics and economic geography (Frenken, K., editor, Applied Evolutionary Economics and Economic Geography, Cheltenham: Edward Elgar, expected publication date February 2007). The paper reviews empirical applications of evolutionary economics in the field of economic geography. The review is divided in four parts: the micro-level of the firm, the meso-levels of industry and network, and the macro-level of spatial system. Some remarks on evolutionary policy in regional development are added as well as a short discussion of empirical problems that remain. |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:aal:abbswp:06-26&r=pke |
| By: | Michel, DE VROEY (UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics) |
| Abstract: | The aim of this paper is to give an account of the unfolding of macroeconomic from Keynes to the present day. To this end I shall use a grid of analyses resulting from the combination of two distinctions. The first is the Marshall-Walras divide, the second is the distinction between Keynesianism viewed as a conceptual apparatus and Keynesianism viewed as a policy cause. On the basis of these distinctions, I construct two box diagrams. Box diagram No.1 has complex general equilibrium and simple general equilibrium (I.e. macroeconomics) models as its columns, and the Marshallian and Walrasian approaches as its rows. Box diagram No.2 has the Keynesian policy cause (justifying demand activation) and the anti-Keynesian policy cause (a defence of laissez-faire) as its columns, and the Marshallian and Walrasian conceptual apparatuses as it rows. This framework allows me to recount the history of macroeconomics as if it were a matter of filling in, step by step, the different slots in my two box diagrams. One of the claims made in the paper is that the rise of new classical macroeconomics can be encapsulated as the replacement of Marshallian by Walrasian macroeconomics, on the one hand, and, on the other hand, as the emergence of models that are anti-Keynesian on the score of both their analytical apparatus and their policy cause. |
| Date: | 2006–10–15 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvec:2006051&r=pke |
| By: | Christian Schubert |
| Abstract: | Markets for complex, multi-faceted goods normally require a complex institutional framework to function properly, i.e., to lead to patterns of outcomes that are deemed acceptable by the individuals involved. This paper examines the institutional underpinnings of the market for urban land use rights, taking both German and U.S. public and private land use law as a case in point. Apart from efficiency considerations that have been discussed in the literature, the individuals' preferences regarding the fairness of (i) the contents of urban land use rights and (ii) the distribution of costs and benefits induced by innovative land uses have been largely neglected. It is argued that investigating the impact of these preferences (and the underlying informal fairness norms) on the legal treatment of land use rights provides a key opportunity to construct an alternative Law & Economics approach that is compatible with an evolutionary perspective on economic land use decisions. |
| Keywords: | externalities, takings, land use law, distributive fairness, procedural fairness |
| JEL: | K11 R13 R14 |
| Date: | 2006–12 |
| URL: | http://d.repec.org/n?u=RePEc:esi:evopap:2005-22&r=pke |
| By: | Lucie Vaskova (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat]) |
| Abstract: | This paper tries to set out a potential of application of some evolutionary biology concepts to the issue of regional development. The objective is to show that employment of these concepts or at least inspiration by them may enrich some theories of regional development and enhance the explanatory framework of regional evolution.<br />First, the views of institutional economics and geography on evolutionary biology contribution are summarised, then some evolutionary concepts are applied to the path dependence concept e. g., in effort to find a possible way of classification of this phenomenon. However, we discuss some other evolutionary concepts, as coevolution, adaptation, preadaption, general approach to comprehension of evolution, etc. in connexion with some chosen theories and problems of regional development. |
| Keywords: | Regional development ; evolutionary biology ; path dependence ; theories of regional development |
| Date: | 2006–12–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00114801_v1&r=pke |
| By: | José Antonio Ocampo; María Angela Parra |
| Abstract: | This paper argues that developing countries’ growth successes and collapses tend to cluster in specific time periods—and that only the existence of a global development cycle can explain this. The cycle reflects the external factors that affect all, or large clusters of developing countries, and thus constrain their growth possibilities. Nonetheless, country-specific factors—particularly patterns of specialization—play a significant role in determining growth dynamics. From this perspective, the paper shows a very large difference between the economic growth of developing countries diversifying into higher technology manufacturing exports and those experiencing success in natural resource intensive sectors. |
| Keywords: | economic growth, divergence, external factors, global development cycle, patterns of specialization, technological intensity of exports |
| JEL: | O1 O14 F1 F4 F43 |
| Date: | 2006–06 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:24&r=pke |
| By: | José Antonio Ocampo |
| Abstract: | This paper recommends a broad concept of macroeconomic stability, whereby “sound macroeconomic frameworks” include not only price stability and sound fiscal policies, but also a well-functioning real economy, sustainable debt ratios and healthy public and private sector balance sheets. These multiple dimensions imply using multiple policy instruments. The paper elaborates a framework for developing countries that involves active use of counter-cyclical macroeconomic policies (exchange rate, monetary and fiscal), together with capital management techniques (capital account regulations and prudential rules incorporating macroeconomic dimensions). It also explores the role of international financial institutions in facilitating developing countries’ use of counter-cyclical macroeconomic policies. |
| Keywords: | macroeconomic stability, capital account volatility, counter-cyclical macroeconomic policies, capital management techniques, capital account regulations. |
| JEL: | E44 E61 E63 F41 |
| Date: | 2005–10 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:1&r=pke |
| By: | Susanne D. Mueller |
| Abstract: | Donors have developed new micro-level and local paradigms to address rural development, environmental sustainability, and poverty alleviation to bypass, ignore, and substitute for badly functioning and corrupt states. Yet, states still set the macro-economic, legal, and policy parameters or “rules of the game” within which other entities operate, and many non-state actors are only nominally independent. Hence, technical initiatives stemming from these paradigms, aimed at growth and equity are often theoretically misconceived and tend to fail when implemented. The paper critically discusses the new paradigms, including decentralization, civil society, microentrepreneurship, and capacity building, among others, mainly using African examples. |
| Keywords: | economic development, formal and informal and insitutional arrangements, development planning and policy, economic development, regional urban and rural analyses, formal and informal sectors, institutional arrangements, institutional linkages to development. |
| JEL: | O10 O17 O20 O18 O19 |
| Date: | 2006–01 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:11&r=pke |
| By: | Erik S. Reinert |
| Abstract: | The current development policy focus on poverty reduction is erroneous. Historically, successful development policy—from the late fifteenth century until the beginning of the twenty-first—has achieved structural change away from dependence on raw materials and agriculture, adding specialized manufacturing and services subject to increasing returns with a complex division of labour. In contrast, the Millennium Development Goals are heavily biased in favour of palliative economics: alleviating the symptoms of poverty, rather than attacking its real causes. This creates a system of ‘welfare colonialism’ increasing the dependence of poor countries, thereby hindering, rather than promoting, long-term structural change. |
| Keywords: | Millennium Development Goals, economic development, palliative economics, welfare colonialism |
| JEL: | F02 F13 O10 O19 |
| Date: | 2006–01 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:14&r=pke |
| By: | David Woodward; Andrew Simms |
| Abstract: | During 1990-2001, only 0.6 per cent of additional global income per capita contributed to reducing poverty below the $1-a-day line, down from 2.2 per cent during 1981-1990, and barely half the poor’s share of global income. Coupled with the constraints on global growth associated with climate change, and the disproportionately adverse net impact of climate change on the poor, this casts serious doubt on the dominant view that global growth should be the primary means of poverty reduction. Rather than growth, policies and the global economic system should focus directly on achieving social and environmental objectives. |
| Keywords: | Economic growth, income distribution, world inequality, poverty, environment, climate change |
| JEL: | D31 D63 Q56 |
| Date: | 2006–03 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:20&r=pke |
| By: | Giovanni Andrea Cornia |
| Abstract: | The paper analyses the relationship between within-country income inequality and policies of domestic liberalization and external globalization. The models used to provide the rationale for such reforms—such as the Hecksher-Ohlin model—usually predict a decline in inequality. However, the evidence shows that inequality often rose with the introduction of such reforms. The paper tries to explain this discrepancy by identifying the conditions under which the models’ conclusions do not hold. Indeed, such models are based on a simplified view of reality and restrictive assumptions, and their predictions do not necessarily hold in conditions of institutional weakness, structural rigidities, inefficient markets, asymmetric information and persistent protectionism. |
| Keywords: | trends in income inequality, factor income distribution, policy reform, structural adjustment, globalization |
| JEL: | D31 D33 E69 F02 |
| Date: | 2005–10 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:3&r=pke |
| By: | Codrina Rada; Lance Taylor |
| Abstract: | This study reviews the growth and development performance of developing countries in the latter part of the 20th century. Sustained growth among “successful” countries was accompanied by structural change in terms of output and labour share shifts, trade diversification, sustained productivity growth with some strong reallocation effects due to movements of labour from low to high productivity sectors. Neither the widely accepted “twin deficits” nor the “consumption-smoothing” behaviour views of macro adjustment seem to apply, though macroeconomic flexibility may be very important. Finally, neither human capital accumulation nor foreign direct investment are sufficient, by themselves, to stimulate growth. |
| Keywords: | economic development, structural change, comparative studies, development policy |
| JEL: | O11 O57 |
| Date: | 2006–09 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:34&r=pke |