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on Post Keynesian Economics |
| By: | Malcolm Sawyer (University of Leeds) |
| Abstract: | This paper considers three aspects of the euro zone crises. It begins by a discussion of the roles of current account imbalances and the pursuit of neo-mercantilist type policies particularly by Germany. It then moves on to the ways in which inequality has played a role in the crisis, and in particular the role of ‘structural reforms’ in the labour market and elsewhere as the perceived route out of crisis but which will likely generated further inequality. In the final main section some of the developments in the financial sector are related with the euro crisis. |
| Keywords: | Financialisation, inequality, labour market reforms, euro. |
| JEL: | F32 O15 J40 |
| Date: | 2014–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:fes:wpaper:wpaper27&r=pke |
| By: | Dmitriy Veselov (National Research University Higher School of Economics); Alexander Yarkin (National Research University Higher School of Economics) |
| Abstract: | This paper studies the impact of inequality in capital and land distribution on the pace of industrialization, thereby explaining the role of wealth inequality in the Great Divergence phenomenon. We build a two-sector unified growth model, in which the outcome of public policy contest between the supporters and opponents of modern sector development determines the pace of industrialization. The distribution of wealth affects the incentives of agents to invest in political conflict, and hence influences the probability of pro-growth policies. We show that while higher inequality in land distribution hampers modern sector development, higher inequality in capital within landless agents is growth enhancing. The strength of the latter effect increases with the amount of accumulated capital. The model also captures the hump-shaped path of conflict intensity observed throughout the industrialization phase. We present several historical narratives that support these results |
| Keywords: | unified growth, public policy contest, endogenous institutions, industrialization, inequality |
| JEL: | D72 D74 N10 O14 O41 O43 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:118/ec/2015&r=pke |
| By: | Lance Taylor; Ozlem Omer; Armon Rezai (Schwartz Center for Economic Policy Analysis (SCEPA)) |
| Abstract: | US household wealth concentration is not likely to decline in response to fiscal interventions alone. Creation of an independent public wealth fund could lead to greater equality. Similarly, once-off tax/transfer packages or wage increases will not reduce income inequality significantly; ongoing wage increases in excess of productivity growth would be needed. These results come from the accounting in a simulation model based on national income and financial data. The theory behind the model borrows from ideas that originated in Cambridge UK (especially from Luigi Pasinetti and Richard Goodwin). |
| Keywords: | Wealth distribution, income distribution, Cambridge theory |
| JEL: | D31 D33 D58 B50 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:epa:cepawp:2015-06&r=pke |
| By: | John Paul Dunne and Nan Tian |
| Abstract: | While there is a large empirical literature on the determinants of conflict, much less attention has been given to its economic effects and even less to the spillover effects it can have on neighbours. This paper considers the economic effects of conflict for a panel of African countries and develops an approach to calculating the spillovers that moves beyond simply using geographical distance measures and incorporates economic and political differences. The initial empirical results suggest that conflict has a strong negative spillover effect on directly contiguous countries' growth, but no significant impacts were observed on non-contiguous countries. When economic and political factors are considered, this result remains, but the spillover effect is smaller. This implies that it is important to take such factors into account. While the impact of conflict remains devastating, studies that use only geographical distance measures may have been overestimating the impact on neighbours. |
| Keywords: | Conflict; Economic Growth; Spillovers |
| JEL: | C21 F21 H56 O11 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:561&r=pke |
| By: | Cimoli, Mario; Martins, Antonio; Porcile, Gabriel; Sossdorf, Fernando (Comisión Económica para América Latina y el Caribe (CEPAL) United Nations) |
| Abstract: | This paper discusses the role of institutions and structural change in shaping income inequality. It is argued that while social expenditure and direct redistribution are crucial for improving income distribution, sustainable equality requires structural change to create decent jobs. The relative importance of these variables in different countries is analyzed and a typology suggested. It is argued that the most equal countries in the world combine strong institutions in favor of redistribution and knowledge-intensive production structures that sustain growth and employment in the long run. Both institutions and the production structure in Latin America fail to foster equality and this explains its extremely high levels of inequality. The last decade witnessed significant advances in reducing inequality in Latin America, but these advances are threatened by slow productivity growth and weak structural change. |
| Date: | 2015–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col026:39533&r=pke |
| By: | Mary S. Morgan |
| Abstract: | How did the ‘glass ceiling’ and related characteristics of female labour force experience become recognised as a proper object for social scientific study? Exploring interactions between the contexts of discovery and justification reveals how this phenomenon was recognised and established by combining different forms of expertise and experience that came from both within and without the social scientific fields. The resulting object of study might well be described as embedding a ‘civil or community ontology’, for the intersections of facts and values in these different knowledge communities was equally important in defining the content of that object of research. |
| Keywords: | knowledge communities; civil ontology |
| JEL: | N0 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:wpaper:64807&r=pke |