nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2018‒09‒17
six papers chosen by
Karl Petrick
Western New England University

  1. "Stagnating Economic Well-Being Amid Rising Government Support" By Ajit Zacharias; Thomas Masterson; Fernando Rios-Avila
  2. School-Age Bullying, Workplace Bullying and Job Satisfaction: Experiences of LGB People in Britain By Drydakis, Nick
  3. Waning Student Engagement with Lifelong Learning?: A Case Study By Jennifer Vincent
  4. ‘Blended learning’ and ‘Flipped Classroom’ as methods to acquire 21st century competences in heterogeneous mass courses By Annette Kaempf-Dern; Christoph Mader
  5. The Agnostic's Response to Climate Deniers: Price Carbon! By Rick van der Ploeg; Armon Rezai
  6. A Behavioral Approach to Financial Supervision, Regulation, and Central Banking By Ashraf Khan

  1. By: Ajit Zacharias; Thomas Masterson; Fernando Rios-Avila
    Abstract: The Levy Institute Measure of Economic Well-Being (LIMEW) was designed to provide a more comprehensive understanding of the changes affecting household living standards. Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila summarize their latest research on the trends in economic well-being for US households. They reveal historic stagnation in LIMEW growth over the 2000-13 period, as well as a major shift in the composition of well-being. The post-2000 period can be characterized as one of a growing dependence on the government to sustain living standards, with rising net government expenditures offsetting a sharp drop in base income.
    Date: 2018–09
  2. By: Drydakis, Nick (Anglia Ruskin University)
    Abstract: Using a data set that contains information on retrospective school-age bullying, as well as on workplace bullying in the respondents' present job, the outcomes of this study suggest that bullying, when it is experienced by sexual orientation minorities tends to persist over time. According to the estimations, it seems that school-age bullying of LGB people is associated with victims' lower educational level and occupational sorting into non-white-collar jobs, especially for gay/bisexual men. In addition, the outputs suggest that for both gay/bisexual men and lesbian/bisexual women, school-age bullying is positively associated with workplace bullying and negatively associated with job satisfaction. Additional results suggest a negative association between workplace bullying and job satisfaction. However, the outcomes show a positive association between the existence of an LGBT group in the workplace and job satisfaction.
    Keywords: school-age bullying, workplace bullying, job satisfaction, sexual orientation
    JEL: J16 J28 J70
    Date: 2018–07
  3. By: Jennifer Vincent (Champlain College)
    Abstract: Capstone experiences for graduating seniors have garnered growing attention as we see a cultural shift in the understanding of a college degree?s purpose. With exponentially increasing costs associated with acquiring a college degree, it is no wonder that we see the world?s focus turn to its ROI. Many feel the returns from this investment are best demonstrated by colleges with job placement rates and average starting salaries of its graduates. Unfortunately, for many academics, they feel such a focus demands curriculum be changed to suit equipping students with ready-to-use job skills at the cost of truly teaching critical skills necessary to be a life-long learner. Many feel this causes students to disengage from their learning, and instead concentrate only on skills that will directly help them in their first job. It is possible to help students see beyond the direct relation of their education to a job, and engage with them on a higher level, pushing them academically in ways that create better students and better professionals. This paper will provide a case study of a capstone class of graduating senior accounting students who are asked to collaboratively set the agenda of their learning as the last step in their formal education as a way to engage them with the act of learning itself, and the many forms it can take outside the classroom.Best practices will be presented to get students fully engaged in the process of collaboratively setting the agenda for the class, as well as pitfalls to avoid. Instructors will have the most success with such student collaboration if they focus on the desired learning outcomes of the course, and pre-emptively design ways in which that learning can occur. Guiding the students to activities that best suits their learning, seemingly by their design, is the desired outcome. The class in the case to be presented creates a conference and hosts local business professionals who attend- thus the student becomes the teacher as the culminating outcome for the course.
    Keywords: Collaboration, case study, integrative learning, return on investment, engagement, lifelong learning, experiential learning, high impact practice, best practice
    JEL: I29 M49
    Date: 2018–06
  4. By: Annette Kaempf-Dern; Christoph Mader
    Abstract: University lectures are facing higher quantities of students showing increasingly heterogeneous knowledge, interest and intellectual capabilities. To prepare those student groups for a changing, interconnected world, basic knowledge teaching is not sufficient any more. Instead, to let them acquire 21st century skills, e.g. strong communication and collaboration skills, expertise in technology, innovative and creative thinking skills, it is necessary to change the methods of teaching. Blended learning and Flipped classroom are concepts that can be combined to achieve these goals. The questions the paper addresses are: 1.) Do these concepts provide benefits when dealing with student groups that are strongly heterogeneous in knowledge, personality, culture, background? And 2.) How effective are these concepts, and which factors cause or prevent success?The research team, consisting of real estate subject lecturers and instructional learning design experts, set up an introductory class of business administration in a blended learning format and used this situation as a “real life experimental” study. During the study, 'big data' was collected and analyzed, operationalizing up to 250 students’ online behavior, their learning time slots as well as intermediary test results and direct feedback. The study was complemented by longitudinal surveys regarding the students’ motivation, workload sentiment, expectations, knowledge and other dimensions Also, a comprehensive evaluation survey was analyzed quantitatively as well as qualitatively.Survey results showed a large variance of the appreciation of the learning concepts which can be explained by several reasons. However, the workload sentiment was a major issue. Rather minor changes are sufficient to adress this problem, while the general concepts of blended learning and flipped classroom can be kept as effective learning methods. Yet, for fully assessing the learning success regarding 21st century skills, further empirical studies are necessary.The study provides recommendations of what works and what was not effective in a blended learning/flipped classroom course, e.g. how an incentive system can be designed to engage students in a constant learning process and increase interaction during the semester. The originality/value of the study is its focus on large, heterogeneous groups and its design as an experimental real-life study combining the collection of big data with quantitative and qualitative methods.
    Keywords: 21st Century Competences; Big data; Blended Learning; Flipped Classroom; Mixed-methods teaching concepts
    JEL: R3
    Date: 2018–01–01
  5. By: Rick van der Ploeg; Armon Rezai
    Abstract: With the election of President Trump, climate deniers moved from the fringes to the centre of global policy making and need to be addresses in policy-making. An agnostic approach to policy, base don Pascal's wager, gives a key role to subjective prior porbability beliefs about whether climate deniers are right. Policy makers that assign 10% chance of climate deniers being correct set the global price on carbon to $19.1 per ton of emitted CO2 in 2020. Given that a non-denialist scientist making use of the DICE integrated assessment models sets the price at $21.1/tCO2, agnostics' reflection of remaining scientifc uncertainty leaves climatepolicy essentially unchanged. The robustness of an ambitious climate policy also follows from using the max-min or the min-max regret principle. Letting hte coefficient of relative ambiguity aversion vary from zero corresponding to expected utility analysis to infinity corresponding to the max-min principle, it is possible to show how policy makers dela with findamental climate model uncertainty when they are prepared to assign prior probabilities to differnet views of the works being correct. Allowing for a wide range of sensitivity exercised including damage uncertainty, it turns out that pricing carbon is the robust response under rising climate scepticism.
    Keywords: climate model uncertainty, climate scepticism, robust climate policies, max-min, min-max regret, ambiguity aversion, DICE integrated assessment model
    JEL: H21 Q51 Q54
    Date: 2017
  6. By: Ashraf Khan
    Abstract: This paper describes how behavioral elements are relevant to financial supervision, regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal, and market); (2) behavior of others (internalization, identification, and compliance); and (3) psychological biases. It stresses that financial supervisors, regulators, and central banks have not yet realized the full potential that these behavioral elements hold. To do so, they need to devise a behavioral approach that includes aspects relating to individual and group behavior. The paper provides case examples of experiments with such an approach, including behavioral supervision. Finally, it highlights areas for further research.
    Keywords: Governance;Central banks and their policies;Remuneration;Central banking;behavior, culture, financial supervision, financial regulation, risk management, behavioral economics, Microeconomic Behavior: Underlying Principles, General, Government Policy and Regulation, General, Illegal Behavior and the Enforcement of Law, Marketing and Advertising: Government Policy and Regulation, General, Religion
    Date: 2018–08–02

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