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on Post Keynesian Economics |
| By: | Saccal, Alessandro |
| Abstract: | Relative to the germane academic literature in this work I offer alternative and more direct proofs for (i) the existence and unicity of Sraffa’s ‘Standard System’, (ii) the (existence and) unicity of R=r_i (for w=0) across the ‘Real System’ and the ‘Standard System’ and (iii) the existence (and unicity) of Sraffa’s Fundamental Equation r=R(1−w) across both kinds of system. While the proof for (iii) be outrightly unprecedented and that for (ii) certainly shorter, the proof for (i) is not necessarily superior to those of the germane academic literature, which judgement is left open for debate. |
| Keywords: | Abel Ruffini Theorem; mathematical induction; multiple and single production; Perron Frobenius Theorem; Real and Standard System; Schur decomposition; Sraffa’s Fundamental Equation. |
| JEL: | B24 |
| Date: | 2024–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120418&r=pke |
| By: | H. Spencer Banzhaf; Randall Walsh |
| Abstract: | Like today, one hundred years ago air pollution was a matter of grave concern in the world's most polluted cities. In the wake of its famous 1908-9 social survey, the City of Pittsburgh commissioned an "Economic Survey of Pittsburgh" from John T. Holdsworth, a prominent institutional economist at the University of Pittsburgh. Although wide ranging, the report opened by stating that "The first fundamental need in Pittsburgh is the eradication of smoke." This report was followed by a series of Smoke Investigations, in which, astonishingly, jars were placed around the city and the ash weighed monthly. In one application, Holdsworth's assistant, John J. O'Connor, estimated the economic costs from smoke. Arguably the first damage-cost study, O'Connor's work challenges our understanding of what counts as "economic" in the progressive era. |
| JEL: | B1 Q5 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32328&r=pke |
| By: | Paul De Grauwe; Yuemei Ji |
| Abstract: | In a world of radical uncertainty the frequency distributions of economic variables deviate from the normal distribution and typically exhibit fat tails. We show that this feature is obtained in simple models where agents have cognitive limitations and fail to understand the underlying model. Although the model is simple, we obtain great complexity. We analyse the implications for monetary policy. We show that in such models the central bank bears a much greater responsibility to stabilize an otherwise unstable system than in mainstream models that assume Rational Expectations. We also question the use of impulse responses to exogenous shocks when the distribution of these impulse responses is not normal. |
| Keywords: | radical uncertainty, monetary policy |
| JEL: | E52 E58 E70 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_11068&r=pke |
| By: | Bellanca, Nicolo' |
| Abstract: | These writings examine Claudio Napoleoni's reflection on the problems of Marxist theory of value. While the first one focuses on the notion of economic exploitation, the second dwells on the concept of alienation. Both discuss how these explorations seek to delineate a horizon of human emancipation. The third essay finally argues that Napoleoni's Marxist contributions are not separate from those, more concrete, concerning the Italian economy. During the Sixties, his reassessment of the concepts of productive labor and rent allows him to argue that the social and political hegemony of redistributive coalitions constitutes Italy's major structural weakness and the most important cause of inequalities and lack of inclusion. |
| Keywords: | Marxist theory of value; Claudio Napoleoni; Hanna Arendt; Alienation; Economic exploitation; Productive labour; Political economy; Italian economy |
| JEL: | B24 D72 E11 |
| Date: | 2024–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120759&r=pke |