nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2011‒09‒05
five papers chosen by
Karl Petrick
University of the West Indies

  1. Application of Keynesian and convergence theories in Portugal. An alternative approach By Martinho, Vítor João Pereira Domingues
  2. The Golden Mean, the Arab Spring and a 10-step analysis of American economic history By Albers, Scott A.; Albers, Andrew L.
  3. Law, Sustainability, and the Pursuit of Happiness By Farber, Daniel A.
  4. From ‘Club of the Rich’ to ‘Globalisation à la carte’? Evaluating Reform at the OECD By Clifton, Judith; Díaz-Fuentes, Daniel
  5. Integrating Personality Psychology into Economics By James J. Heckman

  1. By: Martinho, Vítor João Pereira Domingues
    Abstract: This work aims to test the Verdoorn Law, with the alternative specifications of (1)Kaldor (1966), for five Portuguese regions (NUTS II) from 1986 to 1994. It is intended to test, even in this work, the alternative interpretation of (2)Rowthorn (1975) of the Verdoorn's Law for the same regions and periods. The results of this work will be complemented with estimates of these relationships to other sectors of the economy than the industry (agriculture and services sectors) and for the total economy of each region. The aim of this paper is, also, to present a further contribution to the analysis of absolute convergence, associated with the neoclassical theory, of the sectoral productivity at regional level.
    Keywords: polarization; convergence; Portuguese regions; linear models; panel data
    JEL: O18 C23 R11
    Date: 2011
  2. By: Albers, Scott A.; Albers, Andrew L.
    Abstract: The Long-Wave theories of Nikolai Kondratiev and others claim to find mathematic waves in economic and other social data which are at present in dispute. Currently the theory is considered outside the scope of mainstream economics under several rationales. Despite the lack of mainstream acceptance, we make a strong case for the existence of long waves in the Real GNP of the United States with a 56 year cycle. Our analysis bypasses many of the issues cited by Long-Wave theory critics and in fact clarifies the mathematical structure of the theory.
    Keywords: Real GNP; Golden Mean; Fibonacci Series; Arab Spring; Phi; Long Wave; Long Cycle; Kondratiev Wave; Economic Forecasting; Economic Model; Global Financial Crisis; Constitutional Law; American Economic History; Revolution; Consolidation; GNP Spiral; Okun's Law; “The Great Moderation”
    JEL: E0 B4 C19 E01 E27 C02 E39 K19 E3 N1 K0 O11 C53 A13 E19 E00 B59 E37
    Date: 2011–07–21
  3. By: Farber, Daniel A.
    Abstract: Environmental law focuses on regulating the production of energy and goods. Less attention has been given to reducing the environmental footprint of consumption. This Article brings together several strands of research, including psychological and economic research on subjective wellbeing; research on energy efficiency; writings by urban planners on sustainable communities; and recent work on individual behavior and sustainability. The conclusion, in a nutshell, is that changes in consumption of goods and energy, assisted by improvements in urban design and transportation infrastructure, can significantly reduce energy use and environmental harm. A variety of legal tools are available to promote these changes. Remarkably, many of the steps needed for sustainability can actually improve quality of life, adding to individual satisfaction. Thus, sustainability for society and the pursuit of individual happiness need not be at odds.
    Keywords: Administrative Law; Economics; Energy and Utilities Law; Environmental Law; Land Use Planning; Law and Economics; Natural Resources Law; Oil, Gas, and Mineral Law; Public Law and Legal Theory; Water Law, Environmental Law
    Date: 2011–08–30
  4. By: Clifton, Judith; Díaz-Fuentes, Daniel
    Abstract: Recognising the declining weight of its members in the world economy, the OECD, formerly known as a ‘club of rich, industrialised nations’, is undergoing unprecedented organisational reform, including a more inclusive membership logic, engagement with new global players, and outreach to developing countries, all with a view to guaranteeing its continued relevance as a central actor in the task of global policy provision. Using the concepts of global public goods, clubs and models of multilateralism, this article critically evaluates the successes and limits of the OECD’s reform, arguing that it is adopting a restrictive approach to expansion – globalisation ‘ à la carte’. Meaningful reform towards greater inclusion is apparent in the way research on nonmembers has been mainstreamed, and in its increased work both with emerging powers and with developing countries. Limits to reform are found in institutional rigidities including its overrepresentation of Europe and underrepresentation of Asia and other continents, reflected through staff profiles and membership. These biases may in turn reduce its attractiveness as a global forum to new players, particularly China.
    Keywords: OECD; Globalisation; Club Goods; Global public Goods; Models of Multilateralism. Developing Countries. BRIC
    JEL: D73 D71 H87 F02
    Date: 2011
  5. By: James J. Heckman
    Abstract: This paper reviews the problems and potential benefits of integrating personality psychology into economics. Economists have much to learn from and contribute to personality psychology.
    JEL: I2 J24
    Date: 2011–08

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