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on Post Keynesian Economics |
| By: | Jonathan Colmer; Suvy Qin; John Voorheis; Reed Walker |
| Abstract: | This paper explores the relationships between air pollution, income, wealth, and race by combining administrative data from U.S. tax returns between 1979–2016, various measures of air pollution, and sociodemographic information from linked survey and administrative data. In the first year of our data, the relationship between income and ambient pollution levels nationally is approximately zero for both non-Hispanic White and Black individuals. However, at every single percentile of the national income distribution, Black individuals are exposed to, on average, higher levels of pollution than White individuals. By 2016, the relationship between income and air pollution had steepened, primarily for Black individuals, driven by changes in where rich and poor Black individuals live. We utilize quasi-random shocks to income to examine the causal effect of changes in income and wealth on pollution exposure over a five year horizon, finding that these income–pollution elasticities map closely to the values implied by our descriptive patterns. We calculate that Black-White differences in income can explain ∼10 percent of the observed gap in air pollution levels in 2016. |
| Keywords: | income, wealth, air pollution, inequality |
| JEL: | H00 H40 Q50 R00 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11465 |
| By: | Leigh, Andrew |
| Abstract: | From ancient times to the modern world, "The Shortest History of Economics" (published in the United States as "How Economics Explains the World") discusses the hidden economic forces behind war, innovation and social transformation. It traces how capitalism and the market system emerged, and introduces the key ideas and people who shaped the discipline of economics. From the agricultural revolution to the warming of our planet, teh book tells the story of economics that ranges across centuries and continents, highlighting the diversity of the discipline. It delves into the radical origins of the game of Monopoly, why the invention of the plough worsened gender inequality, how certain diseases shaped the patterns of colonialism, the reasons skyscrapers emerged first in American cities, and much more. The upload is the introduction to the book. |
| Keywords: | economic history; trade; technology; women in economics; sport; discrimination; japan; china; india |
| JEL: | B1 B10 B2 B20 B3 B31 N0 N00 N1 N10 N2 N20 N3 N30 N4 N40 N5 N50 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122935 |
| By: | Henrekson, Magnus (Research Institute of Industrial Economics (IFN),); Johansson, Dan (Örebro University School of Business) |
| Abstract: | The neo-Schumpeterian growth models, which appeared in the early 1990s, have ostensibly reintroduced the entrepreneur into mainstream growth theory. However, we show that by ignoring genuine uncertainty and by assuming that profits follow an objectively true and ex ante known probability distribution, the entrepreneur is made redundant. Thus, the theory fails to exhaustively explain innovation, the role of ownership competence, profits, the function of financial markets, wealth and income distribution, and, ultimately, economic growth. These shortcomings risk leading to erroneous or overly narrow policy conclusions by overestimating the importance of supporting R&D investments. Rather, the presence of genuine uncertainty forms a fundamental theoretical basis for the importance of new venture creation as a source of innovation-driven growth; entrepreneurs must establish and expand firms to capture the subjectively perceived profit opportunities. Therefore, tax policy is decisive for the commercialization and dissemination of innovations by providing incentives to uncertainty-bearing, not only for entrepreneurs, but also for intrapreneurs and financiers taking an active part in the governance and development of firms based on innovations characterized by genuine uncertainty. Furthermore, taxation can distort the evolutionary selection of innovations and firms, for instance, by taxing owners and firms differently. |
| Keywords: | creative destruction; economic growth; entrepreneur; entrepreneurship policy; innovation; judgment; Knightian uncertainty |
| JEL: | B40 O10 O30 |
| Date: | 2025–01–02 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:oruesi:2025_001 |
| By: | Williams, Mariama; Constable, Ayesha |
| Abstract: | Addressing gender inequality in climate finance is crucial for reducing women’s vulnerability to climate hazards, especially in the Caribbean where the impacts of climate change are threatening economies and livelihoods. Financial inclusion for women is necessary for sustainable development and climate resilience. This report analyzes gender-based climate financing in the region, examining the global and regional climate finance landscape, and highlighting key issues related to gender equality and women’s autonomy. The report includes: an analysis of challenges and opportunities for gender equality in climate financing; trend analysis of climate finance distribution and its reach to women and women’s organizations, an evaluation of gender action plans by main climate financing mechanisms; and an examination of innovative financing initiatives from a gender perspective. This comprehensive analysis aims to enhance understanding of gender-responsive climate finance and its impact on women’s lives and livelihoods in Latin America and the Caribbean. |
| Date: | 2024–12–02 |
| URL: | https://d.repec.org/n?u=RePEc:ecr:col040:81051 |
| By: | Joseph E. Stiglitz |
| Abstract: | Capitalism since its inception has been marked by large fluctuations. The resulting episodic unemployment has been very costly. This paper provides an overview of alternative theories. Standard models (such as DSGE) have not provided insights into the causes of the fluctuations and the shocks buffeting the economy, which contrary to what they assume, are largely endogenous; they have not provided an understanding of how and why the economy amplifies shocks and makes their effects at times so persistent or how and why there may be oscillatory behavior, rather than a smooth convergence back to some (temporary) equilibrium. Accordingly, they do not give guidance on how to make deep downturns—those that really matter—less frequent, shallower, and less costly. By contrast, there are alternative, new models, often building on older Keynesian foundations, with heterogenous capital goods and heterogeneous agents, interacting with each other in imperfect markets and fragile networks, with endogenous innovation in an ever-evolving economy, with deep uncertainty. These theories, with endogenously driven fluctuations, provide greater insights in the causes and nature of fluctuations, and better policy guidance. |
| JEL: | C62 D84 E12 E32 E44 N30 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33218 |