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on Post Keynesian Economics |
| By: | Heise, Arne |
| Abstract: | As a social science, economics studies social interactions. What distinguishes it from other social science disciplines is, firstly, its focus on interactions involving the management of scarce resources and, secondly, its conception of itself as generating traceable, verifiable findings that are free of normative judgements but instead yield 'objective knowledge'. Some regard this methodological foundation of positivist fallibilism as the feature that makes economics the 'queen of the social sciences'. Others are critical of these core assumptions, which they believe have no place in a social science. Interestingly, both critiques and defences of economics often make reference to ideology: defenders claim that economics is as free of ideological bias as it is possible to be, while critics deny economics' status as a science and instead regard it as an 'ideology that serves to uphold power relations'. This article explores the relationship between ideology and economics with special reference to German academia, and asks whether a pluralist approach to economics could help to make the discipline less vulnerable to the charge of being ideological. |
| Keywords: | ideology,pluralism,monism,value freedom,methodology,ontology |
| JEL: | A12 A13 B40 B50 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cessdp:75&r=all |
| By: | J. Paul Dunne (School of Economics, University of Cape Town); Nan Tian (Stockholm International Peace Research Institute (SIPRI)) |
| Abstract: | The literature on military spending and growth has become extremely large and diverse and has reached no clear consensus. This chapter argues that this lack of consensus should not be unexpected, as there are a number of issues that make the empirical analysis of the relationship difficult to undertake and to make it difficult to identify the particular impact of military spending on growth. Some of these issues have had relatively little attention in the literature, aside from Smith (2019). It considers how historical context can affect the military spending and growth relation, followed by an overview of the different theoretical perspectives that can be used in any analysis and the numerus channels through which military spending can affect growth. It then explains the roles different econometric techniques and models play, considers issues of identification and offers insights into the nature of the military expenditure data. The observed correlation between output and military expenditure is likely to be negative if the system is driven by strategic shocks and positive if it is driven by economic shocks. Improved military spending data and the existence of some shocks, such as the end of the Cold War, is helping this endeavour. It then provides an up to date survey of the literature, the findings of which are consistent with the earlier surveys and show that in general it is much more likely that military spending will have a negative effect on economic growth than was evident in the past. These issues involved in undertaking any empirical analysis on military spending and growth mean that the debate is likely to continue. |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:ctn:dpaper:2019-05&r=all |
| By: | Ghoshray, Atanu; Monfort, Mercedes; Ordóñez, Javier |
| Abstract: | Although it is not a new phenomenon, in recent years inequality has moved to the top of the political agenda given the concern that will result in political instability and social resentment. Persistence in inequality can further undermine economic growth and development by hindering educational opportunities, human capital formation, and intergenerational mobility. The persistent nature of inequality stands as one of the most serious challenges for the global economy. This paper analyses inequality persistence for a sample of 60 countries from 1984 to 2015. The authors conclude that inequality is persistent and Government redistribution polices through taxes and transfers did not significantly reduce inequality persistence. |
| Keywords: | inequality,persistence,Gini index,unit root,panel |
| JEL: | C23 D63 |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201970&r=all |
| By: | Samarasinghe, Tharanga |
| Abstract: | Development is a continuous process which increase choices available for human beings. However, there is a huge disparity throughout the world in relation to economic development. Differences in the institutions show a direct relationship with difference in the economic development. Established political and economic institutions affects the level of investments for human capital, physical capital and technology formation which decide the capacity of good and service production in a particular country. Through that, established institutions of a country influences directly on the level of development in a particular country. This article discusses the institutions, evolution and types of institutions, relationship between institutions and markets, and functions of institutions for economic development. Further this article discusses the way that trust and anti-corruption affects the economic development and link between political power and institutions. Finally, some evidences to show the impacts of institutions on economic development are discussed. |
| Keywords: | development, institutions, political institutions, economic institutions, inclusive institutions, extractive institutions |
| JEL: | D02 E02 O1 O10 O43 |
| Date: | 2019–12–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:97755&r=all |