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on Post Keynesian Economics |
| By: | Hein, Eckhard |
| Abstract: | The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school. In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and provide a simple short-run model, which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into some variants of heterodox/post-Keynesian approaches towards distribution and growth, the Kaldor-Robinson, the Kalecki-Steindl and the Sraffian Supermultiplier model. |
| Keywords: | Effective demand, employment, distribution, growth, Marx, Kalecki, Keynes |
| JEL: | E20 E21 E22 E24 E25 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:300571 |
| By: | Gräbner-Radkowitsch, Claudius; Kapeller, Jakob |
| Abstract: | This entry discusses the concept of "systemism", elaborates how it implicitly underpinned most seminal works of evolutionary-institutional economics, and explains how future research would benefit from making the systemist nature of evolutionary economics more explicit. More precisely, the paper clarifies the ontological and epistemological claims associated with systemism, and describes how the explicit use of systemism can support a pluralist meta-paradigm in heterodox economics and political economy in general, and evolutionary-institutional economics research in particular. |
| Keywords: | Evolution, Institutions, Ontology, Epistemology, Models, Multi-Level Theorising, Emergence, Complexity |
| JEL: | B15 B25 B52 B55 C69 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:300520 |
| By: | Gräbner-Radkowitsch, Claudius; Kapeller, Jakob |
| Abstract: | This short paper explains the theory of path dependence and clarifies its relation to concepts such as positive feedback or lock-in, arguing that path dependence is a core theoretical element of political economy in general, and institutional and evolutionary economics in particular. We first clarify the core conceptual elements of path dependence, show how it is relevant in a wide variety of problems and approaches, and situate these diverse applications in a common theoretical understanding that can be synthesized as a general mechanism. We then discuss the different ways in which path dependence has been theorized in evolutionary-institutional economics and related schools of thought. Finally, we present some archetypical models of path dependent processes. |
| JEL: | B15 B25 B52 B55 C69 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:300261 |
| By: | Vinish Shrestha (Department of Economics, Towson University) |
| Abstract: | This study investigates geographical disparities in the implementation and effectiveness of the Affordable Care Act (ACA) by linking them to the historical legacy of racial oppression in the American South. Using a cross-border regression discontinuity design that leverages variations in racial oppression intensity, we find that bordering counties in states with less oppressive regime experienced significantly greater benefits from the ACA compared to neighboring counties in more oppressive states. This divergence in insurance outcomes, which did not exist before the ACA, underscores the influence of historical racial regimes on contemporary policy efficacy. Furthermore, we demonstrate that political preferences from the Jim Crow era are correlated with the observed variations in ACA effectiveness. Our findings suggest that the racialization of the ACA is deeply rooted in the historical context of racial oppression in the American South. |
| Keywords: | ACA, Oppressive racial regime, Disparity, American South. |
| JEL: | I10 I14 D02 B15 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:tow:wpaper:2024-09 |
| By: | Guerriero, Arthur Zito; Kapeller, Jakob |
| Abstract: | This paper provides a comprehensive overview of the ongoing debate on global income inequality. It shows that global income inequality is a valuable analytical concept that significantly enhances our understanding of global economic dynamics. By addressing key methodological issues in the measurement of global income inequality, the paper compares different datasets used in the literature and conducts an exploratory analysis of recent trends. This analysis re-evaluates the relative impact of inequality between and within countries and highlights how growth and distributional dynamics in specific countries influence global income inequality. |
| Keywords: | income inequality, globalization, measurement of inequality, convergence |
| JEL: | D31 F01 F60 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifsowp:300260 |
| By: | Jackson, Emerson Abraham |
| Abstract: | This paper delves into the vital role of women in economic governance for achieving sustained and equitable growth in Africa. Historically, African women have played significant roles in economic activities and governance structures, particularly in pre-colonial societies, where they were integral to agricultural production, trade, and local governance. However, colonial and post-colonial periods saw a decline in their influence due to imported patriarchal norms. The chapter examines how modern initiatives, such as the African Union's Agenda 2063 and the African Continental Free Trade Area, have aimed to promote economic integration and resilience but still face challenges like corruption, inadequate infrastructure, and socio-political instability. It highlights the importance of gender-inclusive governance, supported by research indicating that including women in leadership leads to better financial performance and more sustainable policy outcomes. Case studies from Rwanda, where women hold 61% of parliamentary seats, and Nigeria, where women like Ngozi Okonjo-Iweala have made significant economic reforms, illustrate the positive impact of female leadership. The chapter also addresses barriers to women's participation, including cultural norms, patriarchal systems, and legal constraints, and suggests policy reforms to enhance gender equality in governance. Philosophical perspectives on equity and justice, particularly those of John Rawls and Martha Nussbaum, are used to argue for the inclusion of women in governance structures. Strategies for enhancing women's roles through education and capacity-building initiatives are discussed, emphasizing the need for comprehensive approaches to gender equality. The chapter concludes by asserting that empowering women in economic governance is not only a matter of fairness but is essential for achieving long-term economic stability and reducing disparities across Africa. |
| Keywords: | Women and Economic Governance, Inclusive and Sustainable Growth, African Continent |
| JEL: | J16 O15 P16 D63 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:300524 |
| By: | STAMOS Iraklis (European Commission - JRC) |
| Abstract: | The "Not Another SDG 4 Booklet" concisely explores the importance of achieving Sustainable Development Goal 4 (SDG 4)—ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all. The booklet emphasizes the need to rethink the frame of knowledge dissemination and acquisition, focusing on education as a foundational right that fosters critical thinking, creativity, and innovation. The pursuit of SDG 4 is interconnected with other SDG targets, and monitoring progress requires a comprehensive approach considering factors such as access, quality, inclusivity, and equity. The booklet highlights the unique approaches of the United Nations, European Union, and local governments in monitoring SDG 4, emphasizing policy initiatives that enhance education quality, promote digital literacy, and foster inclusive learning environments. Challenges, including funding constraints, technological changes, inclusivity and accessibility, quality of education, teacher training, and sustainable development integration, are addressed through local government investments and success stories from cities like Nantes, France, and Estonia. While Europe has made progress in some areas of education, significant disparities and improvement areas remain. The booklet stresses the need for increased funding, targeted interventions, and a commitment to lifelong learning to bring Europe on track to achieve SDG 4 fully. In the post-2030 era, the booklet envisions education evolving with learning interwoven into daily life's fabric, transcending disciplinary boundaries, and embracing a multidimensional approach that fosters creativity, innovation, and dialogue. The booklet serves as a call to action, emphasizing the importance of education as the heartbeat of societies, pulsating with the joy of discovery and the rhythm of shared humanity. |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc138084 |