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on Post Keynesian Economics |
| By: | Manisha Desai (University of Connecticut) |
| Abstract: | This paper addresses the conceptual and methodological issues related to women’s empowerment, the trends in women’s empowerment over the last 20 years in key areas such as education, health, economic and political participation, and finally the best practices of state and non-state actors in empowering women. Following a brief critique of human development, it begins with a discussion of the growing conceptual consensus around empowerment, i.e., empowerment being control over resources, women’s agency, a process and outcomes, to the methodological issues involved in its measurement, specifically focusing on the Gender Empowerment Measure and arguing that minimally the measure needs to move away from its urban, elite, and formal employment bias. The trends in women’s empowerment over the past 20 years show that while there have been gains in primary and secondary education, in political representation at the national level, and in waged labor, and a decline in fertility and maternal mortality, violence against women and HIV/AIDS continue to be endemic and these trends vary across regions and within countries urban and rural poor, ethnic minorities, and older and disabled women fare worse on all indicators with the current economic crisis reversing many gains. Furthermore, a decrease in measures of gender gap do not translate into gender equality and positive trends are often accompanied by negative trends resulting from unintended consequences of development. Finally, it highlights some government best practices such as quotas, cash transfer programs, gender budgeting, and community based micro enterprises, some movement practices, i.e., local women run community based programs to combat violence and HIV/AIDS and transnational exchanges, unions campaigns such as Decent Work for Women and corporate practices such as gender equality seals and corporate social responsibility. |
| Keywords: | gender, women’s empowerment, human development |
| JEL: | Y8 |
| Date: | 2010–07 |
| URL: | http://d.repec.org/n?u=RePEc:hdr:papers:hdrp-2010-14&r=pke |
| By: | Polishchuk, Leonid |
| Abstract: | The paper explores a phenomenon often observed in transition economies, when newly established institutions are misused, i.e., applied or resorted to for reasons which have little in common with their intended or anticipated purpose. In such incidences institutions become sources of private gains and lose their value-creation role and capacity. We offer a typology of institutional misuse (illustrated by examples from Russian transition), discuss its consequences, and explore reasons why governments and societies fail to serve as institutions’ guardians. Implications misused institutions for economic and political reforms are analysed. |
| Keywords: | institutions, transition, capture, club goods |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp2010-75&r=pke |
| By: | Mark Dray; A.P. Thirlwall |
| Abstract: | The paper questions the assumption in all of mainstream growth theory that the Harrod natural rate of growth is exogenously determined and independent of the pressure of demand in an economy. First a simple statistical technique is presented for estimating the natural rate of growth, and then it is shown how it is possible to test for its endogeneity. The model is applied to ten Asian countries, and the results support the conclusions from previous studies of OECD and Latin American countries that the natural rate of growth is elastic to the actual rate of growth working through induced labour supply and productivity growth. Demand matters for economic growth. |
| Keywords: | Demand-led growth; endogenous labour supply and productivity growth; Asia |
| JEL: | O4 O5 |
| Date: | 2010–08 |
| URL: | http://d.repec.org/n?u=RePEc:ukc:ukcedp:1006&r=pke |
| By: | William R. White |
| Abstract: | The macroeconomic theories and models favoured by academics, as well as those used more commonly by policymakers, effectively rule out by assumption economic and financial crises of the sort we are living through. In particular, the longer run dangers posed by the rapid expansion of credit and resulting private sector balance sheet developments were inadequately appreciated. As a result, the current crisis was neither anticipated nor prepared for, and the crisis was also less well managed than it might have been. At the level of macroeconomic theory and modelling, this experience suggests that basic Keynesian insights need to be complemented by some insights from the Austrian school as well as those of Minsky. Demand factors are important, but so too are supply side and financial considerations. Such a synthesis provides a reasonable explanation of the crisis and points to some of the difficulties likely to be faced in emerging from it. As for the policy implications in current circumstances, it needs to be better recognized that policies with positive short run effects can have negative effects over a longer time period. If, as a result, fiscal and monetary expansion have now reached their limits in some countries, supply side policies must be given greater emphasis. These would include measures to encourage investment, both private and public, as well as other structural measures to raise the potential growth rate of the economy. Such measures, along with more decisive efforts to reduce the "headwinds" of over indebtedness, should with time provide the foundations for a sustainable economic recovery. |
| Keywords: | Global financial crisis ; Business cycles - Econometric models ; Financial markets ; Macroeconomics - Econometric models ; Supply-side economics ; Monetary policy ; Fiscal policy |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddgw:54&r=pke |
| By: | Erber, Georg |
| Abstract: | Money illusion in economic theory has been an assumption rejected for academic economists for quite some time. However, with the gradual diffusion of behavioural economics based on experimental research this has changed. Now, it has become a respected fact to accept money illusion as a stylized fact of human behaviour. However, it still needs a better understanding why monetary phenomena especially related to financial markets play an important role in understanding the real economy, the production, consumption and exchange of commodities and services. The author of this paper suggests that financial markets are particular engaged in intertemporal valuation problems which are common to any kind of economic activity. Since money is the unit of account, accounting problems related to the uncertain nature of future economic development makes a continuous readjustment of valuations in money units necessary. However, financial markets are imperfect as Minsky has pointed out. Because of these imperfections the possibility of significant long-lasting valuation problems emerges. One reason for this is that in standard economic reasoning the problem of intentional cheating is neglected. Furthermore major innovations like e.g. the ICT revolution with the Internet or the introduction of securitization as a means to redistribute risk as general purpose innovations make valuations of the long term to medium term impacts on the economy extremely difficult. The recent financial market bubbles are significantly related to such general purpose innovations. If monetary policy fails to control for irrational exuberance of investors about the future benefits and profits of such innovations, this inherently embodies the risk of a financial market shock, if expectations of the general public have to adjust after overoptimistic prediction about the future economic development. The author, however, considers that there are some early warning indicators which would give the possibility of timely action of policy makers to control financial market bubbles. The complacency of monetary authorities of the past decades to do so, has not primarily a diagnostic problem to deal with money illusion, but even more so with vested interests of insiders of private investors on the institution to control unlawful behaviour. By weakening the regulatory framework, failing to establish transparency and accountability of agents eager to get rich as fast as possible without taking into regard the rules of good governance the current global financial crisis of institutional failure to contain the instability of financial markets to an acceptable social level. Money illusion is so as well an expression that unfounded optimism about the self-regulatory discipline of market participates is sufficient to stop financial markets get out of control to an historical unprecedented level. |
| Keywords: | Money Illusion; Imperfect Financial Markets; Regulatory Failure; Behavioural Finance |
| JEL: | G18 G28 B00 |
| Date: | 2010–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:24246&r=pke |