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on Post Keynesian Economics |
| By: | Wäckerle, Manuel |
| Abstract: | The complexity of credit money is seen as the central issue in the banking-macro nexus, which the author considers as a structural as well as a process component of the evolving economy. This nexus is significant for the stability/fragility of the economic system because it links the monetary domain with the real domain of economic production and consumption. The evolution of credit rules shapes economic networks between households, firms, banks, governments and central banks in space and time. The author discusses the properties and characteristics of this process in three sections. First, he discusses the origins of the theory of money and its role in contemporary monetary economics. Second, he briefly discusses current theoretical foundations of top-down and bottom-up approaches to the banking-macro nexus, such as DSGE or ABM. Third, he suggests an evolutionary framework, building on the generic-rule based approach, to arrive at standards for bottom-up foundations in agent-based models of the banking-macro nexus. -- |
| Keywords: | 20th century origins of the theory of money,Schumpeterian credit-driven innovation,Post-Keynesian endogenous money,top-down versus bottom-up,evolutionary institutional approach to bank lending,generic credit rules as bottom-up foundations |
| JEL: | E41 G21 B52 B25 C63 E51 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:20135&r=pke |
| By: | Emanuele Millemaci (Dipartimento DESMaS “V. Pareto”, Università degli Studi di Messina, Italy); Ferdinando Ofria (Dipartimento DESMaS “V. Pareto”, Università degli Studi di Messina, Italy) |
| Abstract: | The objective of this study is to investigate the validity of the Kaldor-Verdoorn’s Law in explaining the long run determinants of the labor productivity growth for the manufacturing sector of some developed economies (Western European Countries, Australia, Canada, Japan and United States). We consider the period 1973-2006 using data provided by the European Commission - Economics and Financial Affairs. Our findings suggest that the law is valid for the manufacturing as countries show increasing returns to scale. Capital growth and labor cost growth do not appear important in explaining productivity growth. The estimated Verdoorn coefficients are found to be substantially stable throughout the period. |
| Keywords: | Increasing Returns, Kaldor-Verdoorn Law, Productivity Growth, Manufacturing Sector |
| JEL: | C32 O47 O57 |
| Date: | 2012–12 |
| URL: | http://d.repec.org/n?u=RePEc:fem:femwpa:2012.92&r=pke |
| By: | Benner, Maximilian |
| Abstract: | When thinking about clusters, primarily agglomerations of manufacturing and related service industries come into mind. Yet, clustering in tourism is as salient as in few other industries. Tourism clusters are an empirical fact. Considering the high relevance of tourism to many regions and nations, linking cluster and tourism policy seems worth considering. For this, a special theory of tourism cluster policy is needed, as tourism offers some particular characteristics that set it apart from other industries. On the basis of an analysis of these specifics, this article develops a toolbox for cluster policy specifically aimed at agglomerations in the tourism industry. It offers an overview of ways to use tourism agglomerations for the economic development of nations and regions, including rural ones. |
| Keywords: | clusters; cluster policy; tourism economic growth; regional policy; rural development |
| JEL: | O18 L83 R11 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43924&r=pke |
| By: | White, Graham |
| Abstract: | The paper contends that the derivation of the aggregate demand curve in the new Keynesian literature is insufficient to provide the theoretical ground for the use to which it is usually put; namely, as a theoretical basis for the claim that long-run wage and price flexibility would push a capitalist economy to the full-employment or "natural" level of output. It is argued that the derivation solely on the basis of the propositions about optimising household consumption expenditures is insufficient to guarantee a decreasing aggregate demand function without circular reasoning. This point is clarified by use of a very simple two-commodity production model of long-run steady states due to Spaventa and Nell. To guarantee a decreasing aggregate demand function, the new Keynesian approach must invoke the kinds of propositions used in more traditional derivations; propositions which themselves are in question on capital-theoretic gr ounds. |
| Date: | 2012–11 |
| URL: | http://d.repec.org/n?u=RePEc:syd:wpaper:2123/8876&r=pke |