|
on Post Keynesian Economics |
| By: | Weber, Cameron |
| Abstract: | In this research I compare and contrast the class-struggle social theory of industrielisme in the writings of the French liberals around the Le Censeur Européen (1817-1819) with that of Karl Marx’s historical materialism. There are many similarities. Both use concepts of historical development and path-dependency, productive and unproductive labor, of exploitation, and of the necessary primacy of the market under capitalism to bring human freedom. Using Theories of Surplus Value (1860) and available correspondence I show that Marx knew about and respected the French liberal historians and political economists, especially Turgot and Augustin Thierry. It would be conjecture to say that Marx “turned” the original French liberal class struggle, that of free and productive man as exploited by the unproductive state, into his own labor as exploited by capital but we do find and present evidence to this effect. |
| Keywords: | Political Economy, Karl Marx, Turgot, French Liberals, Class Struggle, Capitalism, Path Dependency, Exploitation |
| JEL: | B12 B14 D31 P16 P32 Z13 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:115897&r=pke |
| By: | Jan Fagerberg (Centre for Technology, Innovation and Culture, University of Oslo) |
| Abstract: | Transforming the economy to a state consistent with net-zero emissions is a very demanding task. Extensive change, i.e., innovation, in the way energy is provided, distributed, and used across all parts of society will be required. An important question, discussed in this paper, is how policy – and particularly innovation policy - can contribute to mobilize innovation for this purpose. It is pointed out that while innovation solves problems (in response to challenges), it also creates novel opportunities that policymakers may exploit to further their aims. The analysis presented in the paper shows that a global green shift, centred on production and use of renewable energy, is - greatly helped by past policies in a few countries - already well underway, and it is argued that this may create very important opportunities for policy makers in their attempts to support (and speed up) the transition. It is concluded that for policy to succeed in its aims, two elements are essential, (1) a broadly supported vision or strategy for change, exploiting the opportunities offered by the global green shift, and (2) a set of projects – or missions – aimed at addressing specific challenges of relevance for the countries in question. However, for such projects or missions to be successful, relevant stakeholders – also outside national boarders – may need to be included, challenging received innovation policy governance. |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:tik:inowpp:20230108&r=pke |
| By: | Schedelik, Michael; Nölke, Andreas; May, Christian; Gomes, Alexandre |
| Abstract: | The growth model perspective has provided avenues for bridging Comparative and International Political Economy, mainly with regard to the global financial crisis and developments within the Eurozone. This article aims to contribute to this endeavor by highlighting the joint effects of capital flows and commodity price swings on growth models in emerging capitalist economies. While the literature on dependent financialization has primarily focused on debt-led growth in the Global South, we spell out the negative implications of commodity-based export-led growth. To this end, we first present a stylized depiction of commodity dependence and provide descriptive statistical evidence of its global prevalence. Subsequently, we trace the co-movement of capital flows to emerging economies and commodity prices. We argue that this 'commodity-finance nexus' reinforces the pro-cyclical nature of commodity-based growth, financial volatility, and the vulnerability to global boombust-cycles. Furthermore, we demonstrate that the conventional method for establishing growth models by calculating the relative contributions to growth is ill-suited to capture the commodity-based export-led growth model of highly commodity-dependent economies. Finally, we identify commodity price movements and fiscal policies as major drivers of growth, with an important role for domestic politics as an intervening variable. |
| Keywords: | Commodity prices, capital flows, dependent financialization, growth models, emerging economies, boom-bust-cycles, export-led growth, fiscal policy, dependency |
| JEL: | O13 O47 Q33 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:2012022&r=pke |