|
on Post Keynesian Economics |
| By: | Pablo Marmisolle (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | This paper presents an extension of the distribution and growth model developed by Hein and Tarassow (2010), incorporating land rents as a relevant component of the functional income distribution. The extension is based on the post-Kaleckian model for open economies with endogenous technical progress and positive saving out of all types of income, integrating land rents alongside wages and profits into the functional distribution. Land rents are considered income derived from the monopolistic control of a non-reproducible capital: land. In this context, the mark-up rate on average variable cost is implicitly higher in the agricultural sector, whose surplus includes both profits and land rents, than in the rest of the economy. By considering the share of wages, profits, and land rents within the functional income distribution, the model allows for the analysis of how changes in the distribution among these three components affect aggregate demand, productivity growth, and ultimately, economic growth. Incorporating land rents allows the model to characterise and analyse multiple regimes and/or combinations of demand, productivity, and growth regimes. Particularly, the extended model opens up the possibility that wage-led or profit-led regimes may not be ‘pure’ but could also incorporate elements of a land rent-led regime. This is especially relevant for peripheral economies, mainly for long-term analyses or during historical periods in which land rents may have had a larger share of income. |
| Keywords: | growth regimes, functional income distribution, land rents |
| JEL: | E12 E25 O41 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-16-24 |
| By: | Cajas Guijarro, John |
| Abstract: | This paper proposes an extended Goodwin model that synthesizes Marxian and Keynesian dynamics into a unified four-dimensional framework. The model integrates endogenous technical change via mechanization, investment behavior driven by effective demand, and goods market disequilibrium. We develop two three-dimensional closures–a Classical-Marxian and a Keynesian-Kaleckian formulation–each capable of generating persistent endogenous cycles through Hopf bifurcations. These are then combined into a Marxian-Keynesian (MK) system, which exhibits complex dynamics including quasi-periodicity and, under specific parameter values, a double-Hopf bifurcation. This result, to our knowledge not previously identified in extended Goodwin models, points to the potential for interacting oscillatory modes and long-run fluctuations even with relatively simple behavioral rules. Numerical simulations suggest that the MK synthesis captures rich endogenous fluctuations without relying on exogenous shocks and may exhibit chaotic dynamics under future extensions. These findings lay the groundwork for a more comprehensive Mars-Keynes-Schumpeter synthesis of capital instability, as suggested in the conclusion section. |
| Keywords: | Extended Goodwin model; Mechanization; Effective demand; Marxian-Keynesian synthesis; Double-Hopf bifurcation |
| JEL: | B51 C61 E12 E32 O41 |
| Date: | 2025–07–08 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125286 |
| By: | Thomas Palley (Economics for Democratic and Opens Societies) |
| Abstract: | This paper presents a theory and model of long-run cycles in income inequality. The model explains the historical pattern of income distribution identified by Kuznets (1955) and Piketty (2014). It breaks with conventional marginal product theory which claims functional income distribution is determined by the technological conditions of production. Instead, it emphasizes the role of socio-political forces that shape and drive fluctuations in the level of popular political organizations, which then impact distribution. That impact includes assessment and attribution of productivity contributions. The model provides a framework for interpreting the historical evolution of income distribution and inequality, and for reflecting on current conditions and possible future developments. The core message is twofold. First, socio-political developments matter for income distribution. Second, if those developments are cyclical, income distribution will also exhibit cyclicality. |
| Keywords: | Income distribution, inequality, cycles, Kuznets curve, Piketty |
| JEL: | E3 J3 N3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:imk:fmmpap:117-2025 |
| By: | Buzdugan, Stephen R.; Freund, David; Forsgren, Mats; Holm, Ulf |
| Abstract: | This article unveils a new way of theorizing the multinational enterprise (MNE) to explain why it may engage in ‘anti-societal’ behavior – i.e. behavior that may systematically lead to negative societal outcomes, such as environmental degradation, poor working conditions, or antitrust violations. Our new ‘self-preservation perspective’ of the MNE holds that MNEs exert their relative political power to protect their market position, assets, and strategic advantages from political and economic threats. In doing so, negative societal outcomes can result, not as anomalies but rather a structural phenomenon rooted in the firm’s intrinsic drive for survival. Drawing on insights from institutional economics and international relations theory, we argue that self-preservation behavior is more fundamental than profit-maximization behavior, which has long been assumed to be the primary motive of MNEs. We shed new light on why MNEs engage with transnational social spaces through an illustrative case of Tesla's anti-union activities in Sweden. We observe how self-preservation has influenced Tesla’s resistance to signing collective bargaining agreements in Sweden and has led to the emergence of a self-interested transnational regulatory community that deteriorates labor rights. Thus, we posit that the self-preservation perspective offers a powerful complement to existing international business theory by providing a critical analytical lens on the societal role of MNEs in the context of the ‘grand challenges’. This alternative perspective challenges conventional narratives of MNE behavior as primarily cost-efficient, value-creating or innovative, and demonstrates that MNE anti-societal behavior is structural rather than isolated to a few individual cases. |
| Date: | 2025–06–27 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:m87se_v1 |
| By: | Xu, Tao Louie |
| Abstract: | This research examines the limits of neoliberal economic growth in poverty mitigation and spotlights the role of social policy in mediating social and economic objectives. Based on double movement, fictitious commodities, and social embeddedness of plural markets, with a Polanyian perspective on Bolivia’s Water Wars case, it disenchants the marketism legacy in our contemporary neoliberalism materialised in growth-poverty dynamics. The findings indicate that economic growth is accessible but insufficient to mitigate multi-layered poverty around societal demands and structures. The research argues for a holistic, contextualised anti-poverty framework with protective social policy and mediated socio-economic development embedded in social relations during the neoliberal era. |
| Keywords: | neoliberalism; economic growth; poverty; fictitious commodities; double movement; social policy |
| JEL: | B5 B52 O1 O2 Z1 Z13 Z18 |
| Date: | 2024–04–13 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122658 |
| By: | Jade Leroueil (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | Technological development consumes energy, depletes natural resources and generates significant carbon emissions and environmental damage (IPCC, 2023). For this reason, and in view of an effective ecological transition, it is essential that industry leaders commit themselves and steer their companies towards a development that is consistent with the challenges of sobriety. Based on qualitative research, this article aims to shed light on the contradictions between environmental objectives and sector managers' "cowboy" vision, particularly regarding their view of competition. Interviews reveal a Darwinian approach to competition, with the underlying idea that there is no monopoly. A logic of conquest, of "always more, " drives this vision. This article discusses the role of democratic institutions and legal frameworks in changing tech leaders' attitudes from a Wild West vision of unlimited resources to one of responsibility to society, especially in facing environmental challenges (Boulding 1966). |
| Keywords: | climate change, antitrust policy, ideology, institutional economics |
| Date: | 2025–05–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05146308 |
| By: | Goghie, Alexandru-Stefan |
| Abstract: | This paper explores the symbiotic relationship between the Cayman Islands and the centrality of the United States (US) in global financial networks, using their connection as a test case for a broader theory of how infrastructural power of states is achieved through transnational and networked strategies. The legal and financial infrastructure of the Cayman Islands is extensively used by US financial institutions. This infrastructure supports the development of a significantly US-centric fund industry, facilitating substantial investments into US capital markets. Additionally, it serves as a global conduit, channelling funds from regions such as Asia and Latin America into US markets, streamlining the process by which foreign investors acquire US securities, and supporting the development of complex USD-denominated financial products. This dynamic enhances the depth, liquidity, and complexity of US capital markets, thereby reinforcing US centrality in global financial networks and bolstering its geopolitical power through financial diplomacy, economic sanctions, regulatory influence, and control over critical financial infrastructure. The relationship underscores the infrastructural power of the Cayman Islands, whose financial and legal framework is essential for sustaining and amplifying US centrality. Consequently, this paper aims to integrate the transnational perspective on infrastructural power within the International Political Economy (IPE) and Geopolitics literature, demonstrating how the Cayman Islands function as a multifaceted networked site that strengthens, projects, and sustains US state power on a global scale. |
| Date: | 2024–10–06 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:acnrb_v1 |
| By: | Olivier Brette (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique, INSA Lyon - Institut National des Sciences Appliquées de Lyon - Université de Lyon - INSA - Institut National des Sciences Appliquées); Nathalie Lazaric (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur) |
| Abstract: | Abstract: In the recent decades, circular economy (CE) has attracted increasing interest from public authorities, non-profit organizations, businesses and, more recently, scholars who have proposed a variety of approaches to the concept. This article aims to lay the foundations for an original framework for analyzing CE from the perspective of the evolutionary institutionalism pioneered by Thorstein Veblen. Evolutionary institutionalism is rooted in a systemic and multi-layered ontology. It employs the Darwinian triplet of variation, selection, and retention/replication (VSR) as a fruitful framework for analyzing evolving population systems. Building on this generalized Darwinism framework, the article argues that the transition from a linear economy to a (more) circular economy should be conceived primarily as a co-evolution between business firms and industry architectures. From this perspective, it suggests centering the analysis of the VSR processes of the CE transition on the notion of business model, defined as a system of organizational routines that structures interactions between the members of the firm and the social entities of its industrial environment |
| Keywords: | circular economy business model evolutionary institutionalism generalized Darwinism JEL Classification Codes: B52 L20 Q57, circular economy, business model, evolutionary institutionalism, generalized Darwinism |
| Date: | 2025–05–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:halshs-05102816 |
| By: | Lyubomir Stoychev (Department of Economic Science, University of Plovdiv Paisii Hilendarski); Stefan Raychev (Department of Economic Science, University of Plovdiv Paisii Hilendarski) |
| Abstract: | This study emphasizes the importance of green marketing in promoting sustainable economic growth, particularly through the development of green sectors like the EGGS industry. Green marketing highlights the environmental and economic benefits of such sectors, attracting investment and driving sectoral growth. By fostering consumer awareness and aligning with sustainability goals, green marketing enhances the contribution of the EGGS sector to overall economic performance. Using data from 27 primarily EU countries from 2013 to 2021 (excluding 2020 due to COVID-19?s economic impact), this analysis employs time-series regression and correlation methods to examine the relationship between EGGS contributions and GDP growth. The results show positive correlations in the majority of countries, , underscoring the role of the EGGS sector in driving sustainable growth. As economies transition toward greener practices, green marketing will be crucial in supporting sectors like EGGS, which not only contribute to GDP growth but also promote environmental sustainability. |
| Keywords: | Green marketing, EGGS sector, Sustainable economic growth, GDP growth, Environmental sustainability, Green transition, Green economics |
| JEL: | M31 Q01 Q56 |
| URL: | https://d.repec.org/n?u=RePEc:sek:iefpro:15016516 |
| By: | García-Suaza, Andrés; Caiza-Guamán, Pamela; Sarango-Iturralde, Alexander; Romero-Torres, Bernardo; Buitrago, Catalina |
| Abstract: | The green transition represents one of the most significant transformational forces in the labor market in the coming years. This paper analyzes the incidence of green jobs in four Latin American countries using information from job vacancy data. The results reveal a low incidence of demand for jobs with green potential or for new and emerging occupations related to the green transition. Such occupations are characterized by requiring high levels of education and offer a significant wage premium. These results highlight the main challenge of the green transition, which lies in the need to implement training processes, while revealing opportunities for the creation of high-quality jobs in the region. |
| Keywords: | Labor demand, green jobs, green transition, climate change, skills |
| JEL: | J24 J62 Q52 Q58 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:rie:riecdt:118 |