nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2023‒05‒08
three papers chosen by
Karl Petrick
Western New England University

  1. Is inflation caused by conflict? By Nicolás Cachanosky; Emilio Ocampo
  2. Capital as ‘fetish value’ has no ‘true value’: Beyond the Divide between the Analytical and the Normative By Hosseini, S A Hamed
  3. Report of the First Annual Forum on Human Rights Defenders in Environmental Matters in Latin America and the Caribbean By -

  1. By: Nicolás Cachanosky; Emilio Ocampo
    Abstract: We offer a critique of a paper recently published Lorenzoni and Werning (2023) that seeks to make an original contribution to the hypothesis that inflation is primarily caused by conflict and reconcile the Post-Keynesian and New-Keynesian traditions. L&W’s paper has two sections. In the first they develop a barter model that allows them to prove that inflation can occur with conflict and without money. In the second they incorporate the conflict hypothesis into a broader framework compatible with New Keynesian models. We question the logical consistency and empirical validity of the barter model and the testability of the model with staggered pricing assumptions. We also trace the ideological roots of inflation as conflict hypothesis and highlight the policy implications that must be logically derived from it.
    Keywords: conflict, inflation
    JEL: E31
    Date: 2023–04
  2. By: Hosseini, S A Hamed (The University of Newcastle)
    Abstract: This paper argues that a normative frame of reference is necessary to redefine the notion of value from a more-than-human societal perspective, differentiating between ‘fetish value’ and ‘true value.’ The former is a product of capital, while the latter is capital's prey but also its antidote. The paper emphasizes the importance of a normative frame of reference that considers the economic, ethical, and political dimensions of value production, and calls for a shift in focus from a purely analytical understanding of capitalism as a social and economic system to a more integrated (analytical-normative) approach. This approach would require a more nuanced understanding of how value is created and distributed, and how it impacts different social groups and the environment. The paper argues that this new approach would enable us to imagine alternative economic systems that prioritize social and environmental well-being over profit maximization and shift the focus from merely challenging existing power relations and economic structures to creating alternative forms of value creation and exchange based on normative principles of social justice and ecological sustainability. The paper highlights the importance of perceiving capital as the product of the perversion of commons that are vital for the creation of true value.
    Date: 2022–06–05
  3. By: -
    Abstract: The First Annual Forum on Human Rights Defenders in Environmental Matters in Latin America and the Caribbean was held in Quito on 22 and 23 November 2022. The Forum was convened by the Economic Commission for Latin America and the Caribbean (ECLAC) in its capacity as Secretariat of the Regional Agreement on Access to Information, Public Participation and Justice in Environmental Matters in Latin America and the Caribbean (Escazú Agreement), in partnership with the United Nations Environment Programme (UNEP), the Office of the United Nations High Commissioner for Human Rights (OHCHR) and the Government of Ecuador, and it was supported by the Human Rights, Inclusion and Empowerment trust fund of the World Bank. The purpose of the Forum was to create a space for reflection and dialogue on the situation of human rights defenders in environmental matters in Latin America and the Caribbean, bringing together the Parties to the Escazú Agreement, recognized specialists on the subject and the public in general, especially human rights defenders, Indigenous Peoples and local communities, and individual and groups of environmental defenders in vulnerable situations. To this end, the Forum focused mainly on the following topics: The situation and challenges experienced by human rights defenders in environmental matters in Latin America and the Caribbean and testimonies of defenders. Experiences and good practices in promoting the rights of environmental defenders. Mechanisms for the protection of defenders within the framework of the Escazú Agreement and specific contents of article 9. An initial discussion on the preparation of the action plan on defenders of the Escazú Agreement. This document contains the official report of the First Annual Forum and summarizes the various panels, discussions and presentations. It also contains a systematization of the proposals made by the breakout groups during the proceedings, which will serve as input for the preparation of the action plan on human rights defenders of the Escazú Agreement.
    Date: 2023–04–11

This nep-pke issue is ©2023 by Karl Petrick. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.