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on Post Keynesian Economics |
| By: | Hein, Eckhard; Dodig, Nina; Budyldina, Natalia |
| Abstract: | This paper surveys some of the important literatures on financial, economic and social systems with an eye towards explaining the tendencies towards 'financialisation'. We focus on important strands of this literature: the French Regulation School, the US-based Social Structures of Accumulation approach, the contributions by several Post-Keynesian authors, with a focus on the long-run views contained in Hyman Minsky's work, in particular. In our comparative assessment of these approaches, we adopt the following four steps procedure: First, we sketch the basic structure of the approaches in order to single out how each of them views the interaction between social institutions and the economy and the related dynamics regarding the development of the institutional structure and the associated stages or regimes of economic development. Second, we describe how these approaches view the structural breaks or the regime shifts in the long-run development of modern capitalism, which has triggered or at least has contributed to the emergence of a type of capitalism dominated by finance (financialisation). Third, we outline how these different approaches view the main characteristics and features of financialisation. Fourth, we deal with the respective views on the consequences of financialisation for long-run economic and social development including the crisis of this stage of development. -- |
| Keywords: | French Regulation School,Social Structures of Accumulation,Post-Keynesian approach,Minsky,financialisation,stages of capitalist development,finance-led growth regime,global neoliberal SSA,finance-dominated capitalism,money manager capitalism,financial, economic and social systems |
| JEL: | E02 E11 E12 G01 P10 P16 P51 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:342014&r=pke |
| By: | Detzer, Daniel; Herr, Hansjörg |
| Abstract: | This paper analyses financial crises from a theoretical point of view. For this it reviews what different schools of economic thought have to say about financial crises. It examines first the approaches that regard financial crises as a disturbing factor of a generally stable real economy (Wicksell, Hayek, Schumpeter, Fisher, and the early Keynes). Thereafter, approaches, where the dichotomy between the monetary and the real sphere is lifted, are reviewed. Here in particular the later works of Keynes and the contributions of Minsky are of importance. Lastly, it is looked at the behavioural finance approaches. After having reviewed the different approaches, it is examined where those approaches have similarities and where they can be combined fruitfully. Based on this, we develop an own theoretical framework methodologically based on a Wicksellian cumulative process, however, overcoming the neoclassical dichotomy. The paper ends with some policy recommendations based on the developed theoretical framework. -- |
| Keywords: | financial crisis,crisis theory,behavioral finance,Hayek,Keynes,Minsky,Schumpeter,Wicksell |
| JEL: | E12 E13 G01 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:322014&r=pke |
| By: | Nicolas Barbaroux (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France, Université Jean Monnet, Saint-Etienne, F-42000, France); Patrizia Michel Bellet (Université de Lyon, Lyon, F-69007, France ; CNRS, GATE Lyon St Etienne,F-69130 Ecully, France, Université Jean Monnet, Saint-Etienne, F-42000, France) |
| Abstract: | Myrdal’s works are usually analysed with a dual and separated point of view : on the one hand the methodological papers concerning the value problem and based on a strong non neutrality thesis ; on the other part the theoretical analysis concerning monetary theory and policy, with a Wicksellian filiation. In fact both the dimensions are strongly connected by a common way : the application of the Hägerström’s Swedish guillotine between is and ought, but also the construction of a bridge between economic science and political views on social engineering and economic policy. Myrdal wants to address this problem : how economic science can become politically relevant ? This paper analyses two stages of that unique project : the proposition of a "technology of economics" (1930), and the selection process for a "norm for monetary policy" (1939). It shows that Myrdal distorts an initial end and means scheme by proposing some intermediary concepts between positive and normative fields. From a theoretical and statistical framework and an explicit value judgment these concepts enable to elaborate an iterative tree of selection of a speci-c monetary policy. If the Myrdal’s project encounters difficulties in conciliating a non-cognitivist thesis with economic prescriptions and in proposing a tractable method, it remains an important benchmark for the analysis of the links between positive and normative views concerning monetary policy. |
| Keywords: | value judgment, monetary policy, positive analysis, normative analysis |
| JEL: | B20 E52 B40 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:1408&r=pke |
| By: | Maxime Demarais-Tremblay (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris 1 - Panthéon-Sorbonne, Centre Walras Pareto - Université de Lausanne) |
| Abstract: | This paper provides an explanation of the emergence of the standars textbook definition of public goods in the middle of the 20th century. It focuses on Richard Musgrave's contribution in defining public goods as non-rival and non-excludable - from 1939 to 1969. Although Samuelson's mathematical definition is generally used in models of public goods, the qualitative understanding of the specificity of pure public goods owes more to Musgrave's emphasis on the impossibility of exclusion. This paper also highlights the importance of the size of the group to which benefits of a public good accrue. This analysis allow for a reassessment of the Summary table of goods which first appeared in Musgrave and Musgrave (1973) textbook. |
| Keywords: | Richard A. Musgrave; social goods; public goods; non-rivalry; non-exclusion |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-00951577&r=pke |
| By: | Till Olaf Weber (The University of Nottingham); Jonas Fooken (Joint Research Centre); Benedikt Herrmann (Joint Research Centre) |
| Abstract: | Most traditional tax policies have been based on classical economic models of tax payers as decision makers.As in many fields where humans make decision, however, more integrated behavioural economic models, that is, models that take into account both psychological and purely economic factors can provide further insights.Therefore, a large literature in the field on the behavioural economics of taxation exists. This report summarizes central parts of this literature, reviewing mainly experimental and observational studies in the academic literature to be informative for policy-makers. It also provides a potential agenda for future research and application of behavioural economic policies with regard to tax compliance. |
| Keywords: | Tax compliance, behavioural economics, economic experiments, survey |
| JEL: | D03 H26 H41 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxpap:0041&r=pke |
| By: | Lakhani, Sadaf; Sacks, Audrey; Heltberg, Rasmus |
| Abstract: | Negative attitudes toward groups in society are widespread and underpin systematic processes of social exclusion that marginalize people and deny them opportunities and dignity. This paper looks at the processes underlying social exclusion. It uses data covering Eastern Europe and Central Asia to study the responses to a simple hypothetical survey question about which specific groups respondents would not like to have as neighbors. Unwelcoming attitudes toward groups such as immigrants, ethnic minorities, the poor, HIV+ individuals, and others are surprisingly common. These attitudes fall into three distinct clusters: intolerance for the poor and for different lifecycle stages; intolerance toward stigmatized attributes and behaviors; and intolerance toward specific identity groups. An empirical analysis of the determinants of attitudes shows that country-specific factors are far more important than socio-economic characteristics. These findings could have important implications for theories about exclusion and for the design of appropriate social inclusion policies. The authors argue that strategies to address social exclusion need to consider ways to change social norms, attitudes, and behaviors toward disadvantaged groups. The paper explores potential entry points for change within formal and informal institutions. |
| Keywords: | Health Monitoring&Evaluation,Population Policies,Social Inclusion&Institutions,Disability,Race in Society |
| Date: | 2014–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:6784&r=pke |