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on Post Keynesian Economics |
| By: | Vlados, Charis (Democritus University of Thrace, Department of Economics); Chatzinikolaou, Dimos (Democritus University of Thrace, Department of Economics) |
| Abstract: | Purpose: This study aims to analyze the emergence of a new structural configuration of globalization, with the 2008 global financial crisis serving as the first symptom of this change. By introducing the “Evolutionary Structural Triptych” (EST), this research seeks to understand the basic components of the new evolutionary trajectory of global capitalism post-2008. The study places emphasis on its interdependent and coevolving economic, political and technological dynamic facets. Design/methodology/approach: This research introduces the EST framework, critically contrasting it with conventional understandings in international political economy (IPE) to provide a comprehensive and structured analysis of global developments after 2008. It traces the phases of global capitalism since Second World War, examines the central dynamic dimensions during each evolutionary phase, identifies the basic patterns and delves into the foundational elements of the emerging era of globalization. Findings: The analysis reveals three key findings. First, the emerging restructured globalization indicates a need for a new balance in the contemporary world system; however, this balance cannot be achieved within the architecture of the old system. Second, the new era of globalization necessitates a re-equilibrated approach across different dimensions of geopolitical stability, economic development and innovation. This approach should emphasize sustainability, adaptability, resilience and inclusivity and lean toward responsible, open and organic innovation models for a revamped global structure. Third, while many current IPE theories tend to compartmentalize aspects of the new globalization, the EST advocates for a holistic perspective that integrates politics, economics and technology within the framework of global trends. This perspective bridges existing gaps and offers actionable insights for a dynamic and inclusive global future. Originality/value: The paper presents the EST as a novel analytical instrument in the realm of the modern IPE. This tool uniquely places technology and innovation at the forefront, parallel to economic and political spheres, to comprehend the progression of globalization. In doing so, it highlights the intertwined relationship of these structural dimensions in shaping the future of the subject of the IPE. |
| Keywords: | new globalization; evolutionary structural triptych; international political economy; evolutionary economics; global responsibility; world system phases |
| JEL: | B52 F50 M14 |
| Date: | 2024–04–30 |
| URL: | https://d.repec.org/n?u=RePEc:ris:duthrp:2024_002&r= |
| By: | Robert van der Veen (University of Amsterdam); Loek Groot (University of Utrecht) |
| Abstract: | The thesis of a capitalist road to communism (van der Veen and Van Parijs, 1986) asserts that Marx realm of freedom can be reached from within welfare capitalism, skipping socialism, by using a tax-financed unconditional basic income until it is close to disposable income per head, so that the very distinction between paid work and free time is cancelled as a result. We revisit and update this thesis for two reasons: the recent prospect of a post-labor society following the automation revolution in technology, and that welfare capitalism has become more inegalitarian and less hospitable to basic income. We use a simple economic model which incorporates an upward adjustment of basic income to labor-saving technical change and distinguishes between capital that complements labor and capital that is fully substitutable with labor. A baseline simulation of the model shows the economic feasibility of a capitalist transition to communism. Two versions of a scenario incorporating interplay between technical change and market socialist institutional reforms are set out which make the transition politically viable to some extent, depending on the social distribution of power over technology. The most promising version is one in which the productivity of labor and automation capital grow at similar rates. We show in which respects it approximates the ideal of communism. One finding is that communism does not require reaching the final stage of a post-labor society. We conclude with a reflection on the relevance of our present update for the more immediate future of unconditional basic income. |
| Date: | 2024–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2406.18194&r= |
| By: | Pattit, Jason M.; Pattit, Katherina G.; Spender, J-C |
| Abstract: | When Edith T. Penrose became Fritz Machlup’s student in the late-1940s, she found little in mainstream or Austrian economics to guide her as she began her explorations into the growth of the firm. While she acknowledged Kenneth Boulding’s influence on her work, we suspect she drew on a broader tradition that includes, among others, Alfred Marshall, Frank Knight (Boulding’s teacher), and Ronald Coase. We seek to demonstrate Penrose’s connection to this ‘invisible college’, particularly to Knight, and its influence on her investigation of the growth of the firm. Given mainstream economists’ pursuit of rigor at the expense of practical relevance and their continuing inattention to Coase’s work, we suggest Penrose’s work on the growth of the firm can be understood as part of a broader tradition represented by this ‘invisible college’, lending to useful new insights for business strategy and business ethics scholarship. |
| Keywords: | Edith T. Penrose, Frank Knight, Theory of the Firm, Management History |
| JEL: | B31 M0 N8 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121229&r= |
| By: | Felicia Odamtten |
| Abstract: | To inspire the next generation of black economists, how important is it for them to see people like themselves working in the profession? Felicia Odamtten, an economist at the Resolution Foundation and founder of The Black Economists Network, outlines her experiences. |
| Keywords: | equality, gender, Employment, Social mobility |
| Date: | 2024–06–20 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepcnp:683&r= |
| By: | François t'Serstevens; Roberto Cerina; Giulia Piccillo |
| Abstract: | The alleged liberal bias and high costs of fact-checker ratings (Nieminen & Rapeli, 2019) have prevented their ability to limit the spread of fake news. Wisdom-of-the-crowd-based approaches, recognized as a credible alternative to traditional fact-checking methods, have gained prominence for their independence from alleged biases, real-time availability and cost-effectiveness (Allen, Arechar, Pennycook, & Rand, 2021). Instead of fact-checking, this paper utilises a large-scale crowd-sourcing experiment on tweets related to US politics and COVID-19. The objectives of this paper are twofold. First, it develops a method to compute consensus-based post-accuracy indices that are representative of the broader crowds despite their initial non-representative reviewing sample. The computed metrics indicate that Democrat and Republican reviewers have a non-overlapping definition of fake news. Though less accurate than state-of-the-art models, the presented methods provide a deeply explicable, impartial estimate usable for automated content moderation. Second, using the aforementioned accuracy indices, this paper identifies the characteristics of fake news sharers and generates state-wide indices of fake news sharing in the United States. This paper’s findings suggest the tweet author’s political alignment did affect the likelihood of spreading fake news, with Republicans sharing more fake news than Democrats even if an equal number of Republicans and Democrats were in the reviewing sample. The model parameters are subsequently extended to make state-wide fake news-sharing estimates. The resulting state indices and their transparent methodology, provide policymakers with a tool to estimate where fake news policies are most needed. |
| Keywords: | fake news, representative inference, content moderation, wisdom of the crowds |
| JEL: | C10 C90 D90 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11138&r= |