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on Post Keynesian Economics |
| By: | Serban Scrieciu (Department of Land Economy, University of Cambridge, UK); Lindsay C Stringer (School of Environment and Development, University of Manchester, UK) |
| Abstract: | Since Communism collapsed at the end of the 1980s, the transition towards a market-based economy has been considerably influenced by the neoclassical economic approach to the reform process. This has often ignored the establishment of adequate institutional frameworks, resulting in high transition costs and the side-lining of environmental concerns. This paper takes a holistic approach to the transformation of post-Communist economies that emphasises, in addition to socio-economic and political dimensions, the importance of appropriate institutional developments in the area of environmental sustainability. Core development values and objectives need to be significantly re-evaluated, if long-term sustainability prospects are to be effectively pursued. |
| Keywords: | Post-Communist societies, transition, environment, sustainability, neoclassical economics, post Keynesianism |
| JEL: | Q2 Q4 R4 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:lnd:wpaper:200725&r=pke |
| By: | C.A.E Goodhart; D.P. Tsomocos |
| Abstract: | On the macro-economic policy side of Central Banking a remarkable consensus has been emerging over the last two decades. This covers both the applicable theoretical framework for analysing the transmission mechanism of monetary policy and also the appropriate institutional structure for the Central Bank to deploy its macro-economic policies. There is no such consensus on the appropriate theoretical framework for the analysis of financial stability. Indeed some would claim that there is no proper theoretical framework for this function in being at all. However, we propose one such framework based on the work of Goodhart, Sunirand and Tsomocos (2004, 2005, 2006a and b). |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:sbs:wpsefe:2007fe04&r=pke |
| By: | Giovanni Dosi; Alfonso Gambardella; Marco Grazzi; Luigi Orsenigo |
| Abstract: | In this work we discuss the impact of the new ICT techno-economic paradigm upon the vertical and horizontal boundaries of the firm and ask whether the change in the sources of competitive advantage has resulted in changes in the size distribution of firms and also in the degree of concentration of industries. Drawing both on firm-level and national statistical data we assess the evolution of the overall balances between the activities which are integrated within organizations and those which occur through market interactions. While the new paradigm entails ``revolutionary'' changes in the domain of technology, the modification in industrial structures has been somewhat more incremental. Certainly, the vertical and horizontal boundaries of firms have changed and together one is observing a turnover in the club of biggest world firms accounting also for a shift in the relative importance of industrial sectors. Nonetheless, we do not observe an abrupt fading of the Chandlerian multidivisional corporation in favour of smaller less-integrated firms. |
| Keywords: | New techno-economic paradigm; Organizational change; Vertical integration; Boundaries of the firm; Visible hand. |
| Date: | 2007–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2007/12&r=pke |
| By: | Muñoz, Félix-Fernando (Departamento de Análisis Económico (Teoría e Historia Económica). Universidad Autónoma de Madrid.); Encinar, María-Isabel (Departamento de Análisis Económico (Teoría e Historia Económica). Universidad Autónoma de Madrid.) |
| Abstract: | An important challenge to evolutionary economics consists of how to tackle with the dramatic tension between purposeful human action and the ‘blindness’ of evolutionary processes. On the one hand, economic action, if rational, has to be planned (which implies purposeful ordering of the means used to achieve objectives). On the other hand, an evolutionary process involves both the emergence of novelties (both intended innovations and unintended consequences of actions) and properties that manifest at meso and macro levels. Some recent papers have insisted on these issues. However, few analytical tools are yet available to cope with both, the analysis of intended dynamic action and ‘blind’ evolution. In this paper we propose the so-called ‘action plan approach’, a theoretical framework which could be useful for this task. The development of tools that permit us to analyze how individuals construct their plans, the projective (conjectural) and interactive nature of action, and the learning processes involved in ‘planning and acting’, may help us identifying and understanding new sources of complexity of economic processes. The close relationship of the ‘action plan approach’ with other systemic conceptual approaches is also highlighted. |
| Keywords: | connections, action plans, novelty, intentionality, evolutionary economic process |
| JEL: | B41 B52 D89 O10 O31 |
| Date: | 2007–04 |
| URL: | http://d.repec.org/n?u=RePEc:uam:wpaper:200707&r=pke |
| By: | Floris Heukelom (Universiteit van Amsterdam) |
| Abstract: | The most important financial source for behavioral economics is the Russell Sage Foundation (RSF). The most prominent behavioral economists among the RSF’s twenty-six member Behavioral Economics Roundtable (BER) are Kahneman, Tversky, Thaler, Camerer, Loewenstein, Rabin, and Laibson. The theoretical core of behavioral economics made up of the work of these seven researchers is positioned in opposition to Adam Smith/Hayek type of economics, as exemplified by experimental economists Vernon Smith and Plott; and what is referred to as ‘mainstream’ or ‘traditional’ economics, meaning the neoclassical economics that roughly builds on Samuelson. On the basis of an overview of the work of these seven behavioral economists, a theoretical division can be observed within behavioral economics. The first branch considers human decision-making to be a problem of exogenous uncertainty, which can be analyzed with decision theory. It employs traditional economics as a nor! mative benchmark and favors a normative-descriptive(-prescriptive) distinction for economics. The second branch considers human decision-making to be a problem of strategic interaction, in which the uncertainty is endogenous. Its main tool is game theory. It rejects traditional economics both positively and normatively. |
| Keywords: | Behavioral economics; Russell Sage Foundation; experimental economics; Kahneman; Tversky; Thaler; Laibson; Loewenstein; Rabin; Camerer |
| JEL: | A12 B21 B31 D0 |
| Date: | 2007–02–12 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:20070020&r=pke |
| By: | Alain Béraud (THEMA - Théorie économique, modélisation et applications - [CNRS : UMR8184] - [Université de Cergy Pontoise]) |
| Abstract: | Kaldor présente l'analyse qu'il fait de la répartition comme une théorie keynésienne. Son travail s'inspire, nous dit-il, des contributions de Keynes, dans le Traité de la Monnaie, et de Kalecki. Cependant, alors que Keynes et Kalecki développent des analyses de courte période, Kaldor décrit les caractéristiques d'un équilibre de longue période si bien que le mécanisme d'ajustement sur lequel il s'appuie, la flexibilité des taux de marge, est inapproprié. Pasinetti, en suggérant de l'article de Kaldor reposé sur une erreur logique et que la correction de cette erreur permettrait de montrer que le taux de profit — en équilibre de longue période — ne dépend que du taux de croissance naturel de l'économie et de la propension à consommer des capitalistes, relança le débat. Cependant, sa thèse apparaît comme douteuse. D'une part, l'équilibre qu'il décrit n'est pas unique et il se peut que, dans certaines circonstances, l'économie tende vers un autre équilibre dont les caractéristiques sont déterminées par la propension à épargner des salariés. D'autre part, l'idée que la fonction d'épargne proposée par Kaldor est logiquement incohérente est sans fondement. Enfin, l'hypothèse cruciale sur laquelle repose le raisonnement de Pasinetti, l'existence d'une classe d'individus qui tirent des profits la totalité de leurs revenus ne paraît guère caractériser de façon pertinente les systèmes économiques qui prédominent dans les économies développées. |
| Keywords: | Répartition, Kaldor, Keynes, Kalecki, Pasinetti |
| Date: | 2007–05–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00143948_v2&r=pke |