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on Post Keynesian Economics |
| By: | Vuorinen, Katariina E. M. |
| Abstract: | It has been proposed that stagnating and contracting economies experience macroeconomic instability due to so-called "economic growth dependencies". Yet, this concept has remained macroeconomically ambiguous, leaving unclear whether and under what conditions such dependencies may rise, leading to numerous, heterogeneous, and sometimes contradictory proposals for purported economic growth dependency mechanisms. This paper applies a post-Keynesian lens on the question of economic growth dependencies and presents a conceptual synthesis, demonstrating that the diversity, heterogeneity and inconsistencies of economic growth dependencies suggested by literature are only apparent. Stock-flow consistent approach shows that economic growth dependency, sensu stricto, comes down to one clearly definable macroeconomic mechanism: asymmetric monetary circulation where certain agents or sectors experience persistent structural liquidity shortfalls creating pressures for continued expansion of aggregate economic activity. This dynamic, however, results in structurally enforced growth only if the liquidity shortfalls cannot be resolved through redistribution or expansion of monetary supply in a competitive market environment. By using this synthesis, the paper refines conceptual boundaries of economic growth dependency and defines the necessary and sufficient conditions under which such dependency arises, clarifying the terminological debate and laying the foundation for a macroeconomically consistent theory of economic growth dependency. The paper will also demonstrate that different economic traditions (post-Keynesian, neoclassical, and ecological economics) hold differing views on economic growth dependencies due to differing model structures. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:penwps:340038 |
| By: | Cordilha, Ana Carolina |
| Abstract: | Does the French social protection system act as a brake on financialized capitalism, or as one of its mechanisms? The system is often presented as a Fordist legacy standing in the way of a finance-dominated accumulation regime. This reading appears to rest on a perspective that does not fully account for its recent transformations. This article analyzes the financing arrangements of social protection in the era of financialized capitalism and questions its place within a financialized economy. Drawing on the concept of financialization, it traces the recomposition of financing since the 1990s, showing how the system has integrated financial capital, through what instruments, and at what cost. The method combines an original quantitative analysis of financial flows between social protection bodies and the financial sector over the period 1990–2024, complemented by a qualitative analysis of institutional and financial documents. The article then offers a reinterpretation of its role in the contemporary configuration of capitalism, drawing on regulation theory. The results show that the system has integrated financial actors and instruments at the core of its financing. Its model is now hybrid: non-repayable resources from compulsory levies are supplemented by repayable funds, accompanied by interest payments to financial actors. Thus, far from restraining a financialized economy, social protection today appears to contribute to its reproduction. It produces safe and profitable assets that fuel financial expansion, while containing the social tensions liable to destabilize it. |
| Keywords: | Financialization; financialisation; financialized capitalism; financialised capitalism; social policy; social protection; regulation theory; finance; health; financiarisation; capitalisme financiarisé; protection sociale; théorie de la régulation; Sécurité sociale; santé |
| JEL: | G1 G10 G23 I0 I1 I18 I38 |
| Date: | 2026–03–22 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:128653 |
| By: | Lukas Bäuerle (Socio-Ecological Transformation Lab, Johannes Kepler University Linz, Austria; Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria; Department of Socioeconomics, University of Hamburg, Germany); Rouven Reinke (Department of Socioeconomics, University of Hamburg, Germany) |
| Abstract: | Economic expertise in German policymaking has long been shaped by technocratic, market-liberal advisory bodies closely connected to mainstream economics. Over the past decade, however, an alternative knowledge ecosystem—the New Economy Space (NES)—has emerged, promoting heterodox, pluralist, and impact-orientated approaches to economic policy. Drawing on interviews and organisational documents, this paper maps the internal diversity of the NES and compares it with established advisory configurations. We identify three distinct modes of economic knowledge and political interventions: technical and model-driven expertise within institutionalised advisory bodies, paradigm-driven interventions by neoliberal think tanks, and pragmatic, co-creative, and problem-focused approaches within the NES. While institutionalised actors continue to hold greater resources and formal authority, the NES introduces new topics, actor constellations, and practices into economic policy debates. |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:ico:wpaper:180 |
| By: | Scott A. Wolla |
| Abstract: | Teaching economic reasoning boosts financial literacy, helping students make smarter personal finance decisions using tools like the ‘PACED’ model. |
| Keywords: | financial literacy; economic reasoning; decisionmaking; personal finance |
| Date: | 2026–04–08 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00100:103014 |
| By: | Diego Vallarino |
| Abstract: | Why do capitalist economies recurrently generate crises whose severity is disproportionate to the size of the triggering shock? This paper proposes a structural answer grounded in the evolutionary geometry of production networks. As economies evolve through specialization, integration, and competitive selection, their inter-sectoral linkages drift toward configurations of increasing geometric fragility, eventually crossing a threshold beyond which small disturbances generate disproportionately large cascades. We introduce Sandpile Economics, a formal framework that interprets macroeconomic instability as an emergent property of disequilibrium production networks. The key state variable is the Forman--Ricci curvature of the input--output graph, capturing local substitution possibilities when supply chains are disrupted. We show that when curvature falls below an endogenous threshold, the distribution of cascade sizes follows a power law with tail index $\alpha \in (1, 2)$, implying a regime of unbounded amplification. The underlying mechanism is evolutionary: specialization reduces input substitutability, pushing the economy toward criticality, while crisis episodes induce endogenous network reconfiguration and path dependence. These dynamics are inherently non-ergodic and cannot be captured by representative-agent frameworks. Empirically, using global input--output data, we document that production networks operate in persistently negative curvature regimes and that curvature robustly predicts medium-run output dynamics. A one-standard-deviation increase in curvature is associated with higher cumulative growth over three-year horizons, and curvature systematically outperforms standard network metrics in explaining cross-country differences in resilience. |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2604.13890 |