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on Post Keynesian Economics |
| By: | Emanuele Citera (Department of Economics, New School for Social Research); Shyam Gouri Suresh (Department of Economics, Davidson College and Department of Economics, FLAME University); Mark Setterfield (Department of Economics, New School for Social Research) |
| Abstract: | We construct a model of cyclical growth with agent-based features designed to study the network origins of aggregate fluctuations from a demand-side perspective. In our model, aggregate fluctuations result from variations in investment behavior at firm level motivated by endogenously-generated changes in `animal spirits' or the state of long run expectations (SOLE). In addition to being influenced by their own economic conditions, firms pay attention to the performance of first-degree network neighbours, weighted (to differing degrees) by the centrality of these neighbours in the network, when revising their SOLE. This allows us to analyze the effects of the centrality of linked network neighbours on the amplitude of aggregate fluctuations. We show that the amplitude of fluctuations is significantly affected by the eigenvector centrality, and the weight attached to the eigenvector centrality, of linked network neighbours. The dispersion of this effect about its mean is shown to be similarly important, resulting in the possibility that network properties can result in `great moderations' giving way to sudden increases in the volatility of aggregate economic performance. |
| Keywords: | Aggregate fluctuations, cyclical growth, animal spirits, state of long run expectations, agent-based model, random network, preferential attachment, small world |
| JEL: | C63 E12 E32 E37 O41 |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2118&r= |
| By: | Salem, Sara |
| Abstract: | In this essay I revisit Fanon’s theory on the emergence of a postcolonial elite in the Global South, and suggest that his argument around the dynamics of imperial transformation following the end of formal colonial rule can shed light on the postcolonial era, in particular the period of neoliberalization that began in the 1970s to which foreign capital such as European Union (EU) capital has been central. I use the concept of amnesia to highlight some of these changes, focusing on two forms: the amnesia of radical critique and the amnesia of empire, arguing that they allow for questions of economic dependency, sovereignty, agency and resistance to come to the fore, highlighting both change and continuity. In particular, Fanon’s work allows for an exploration of both forms of amnesia, through his emphasis on a dependent bourgeoisie as well as the ways in which global political economic structures condition postcolonial agency. |
| Keywords: | decolonization; Egypt; Fanon; neoliberalism; postcolonialism |
| JEL: | N0 |
| Date: | 2020–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:104606&r= |
| By: | Alexander Dow & Sheila Dow (Department of Economics, University of Victoria) |
| Abstract: | Coase’s work took a different approach to that of standard economics and he made a series of reflections over the years setting out his methodological views. He first employed this approach in his path-breaking paper on ‘The Nature of the Firm’, which was drafted while in his first academic post, at the Dundee School of Economics and Commerce. The distinctive Scottish political economy approach still dominated economics in Scotland at the time, although the Dundee School stood apart from it. The purpose of this paper is to consider how far Coase was influenced by being in Dundee, and in particular by the Scottish political economy tradition. We find little evidence of influence from the Scottish tradition while Coase was at Dundee. Nevertheless we identify many features of Coase’s methodology which accord with the Scottish tradition. In particular we draw out the similarities with Adam Smith’s approach, which Coase had encountered before coming to Dundee. We conclude that there was a missed connection with the Scottish tradition as it had continued in Scotland into the twentieth century. |
| Keywords: | Ronald Coase, Scottish political economy, economic methodology, law and economics |
| Date: | 2021–10–09 |
| URL: | http://d.repec.org/n?u=RePEc:vic:vicddp:2005&r= |
| By: | Ashworth, Jonathan; Goodhart, C. A. E. |
| Abstract: | There is a debate about the effect of the extremely low, or even negative, interest rate regime on bank profitability. On the one hand it raises demand and thereby adds to bank profits, while on the other hand it lowers net interest margins, especially at the Zero Lower Bound. In this paper we review whether the prior paper by Altavilla, Boucinha and Peydro (2018) on this question for the Eurozone can be generalized to other monetary blocs, i.e. USA and UK. While our findings have some similarity with their earlier work, we are more concerned about the possible negative effects of this regime, not only on bank profitability but also on bank credit extension more widely. |
| Keywords: | cash; banknote issue and withdrawal; Covid-19; panic response; coronavirus |
| JEL: | E40 E41 E49 N10 N20 |
| Date: | 2021–10–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:112432&r= |
| By: | Zachary Garfield (IAST - Institute for Advanced Study in Toulouse); Ryan Schacht; Emily Post; Dominique Ingram; Andrea Uehling; Shane Macfarlan |
| Abstract: | Reputations are an essential feature of human sociality and the evolution of cooperation and group living. Much scholarship has focused on reputations, yet typically on a narrow range of domains (e.g. prosociality and aggressiveness), usually in isolation. Humans can develop reputations, however, from any collective information. We conducted exploratory analyses on the content, distribution and structure of reputation domain diversity across cultures, using the Human Relations Area Files ethnographic database. After coding ethnographic texts on reputations from 153 cultures, we used hierarchical modelling, cluster analysis and text analysis to provide an empirical view of reputation domains across societies. Findings suggest: (i) reputational domains vary cross-culturally, yet reputations for cultural conformity, prosociality, social status and neural capital are widespread; (ii) reputation domains are more variable for males than females; and (iii) particular reputation domains are interrelated, demonstrating a structure consistent with dimensions of human uniqueness. We label these features: cultural group unity, dominance, neural capital, sexuality, social and material success and supernatural healing. We highlight the need for future research on the evolution of cooperation and human sociality to consider a wider range of reputation domains, as well as their social, ecological and gender-specific variability. |
| Date: | 2021–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03368986&r= |