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on Post Keynesian Economics |
| By: | Francisco Orlando Rosales; Grace Yolanda Llerena; Giuliano Toshiro Yajima; Fernando Martin-Mayoral |
| Abstract: | This paper presents a bibliometric analysis of the Stock-Flow Consistent (SFC) literature from 1975 to 2026. The corpus includes 479 publications from Scopus, Web of Science, and expert-guided screening. Building on the classification proposed by Nikiforos and Zezza (2017), using keyword-based classification and manual validation, the paper maps the evolution of five major research areas: extensions of the core SFC framework, open-economy models, empirical SFC models, ecological SFC models, and SFC-agent–based models. The results show a clear expansion of the literature after the Global Financial Crisis, followed by further acceleration after 2017. Recent growth is especially visible in empirical and ecological SFC applications, as well as in works combining multiple research areas. The journal mapping also shows that, while SFC research remains strongly rooted in heterodox economics outlets, it has increasingly expanded into interdisciplinary and non-traditional journals. The paper contributes by updating the 2017 survey and documenting the diversification and broader diffusion of SFC research. |
| Keywords: | Stock-Flow Consistent Models; Macroeconomic modeling; ecological macroeconomics; bibliometric analysis |
| JEL: | E12 B41 E17 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1126 |
| By: | Armando Alvarez; Esteban Perez-Caldentey; Giuliano Toshiro Yajima |
| Abstract: | This paper develops a stock-flow consistent (SFC) exercise for a smaller and dollarized economy and applies it to the case of El Salvador. Against the backdrop of the 2025 IMF-supported fiscal adjustment program, we reassess the origins of rising public debt and persistent external deficits within a unified sectoral balances framework. In particular, we show the importance of remittances and terms-of-trade effects to capture the structural determinants of the Salvadorian economy. We then reassess the impact of the IMF program within our framework. As exemplified by the case of El Salvador, smaller economies are characterized by persistent twin deficits. Within a stock-flow consistent framework, this sets the stage to analyze the dynamics of the economy of El Salvador in terms of the interaction between the fiscal stance and foreign trade performance ratio. The analysis underscores the centrality of the external constraint in shaping growth and debt trajectories and offers a coherent macro-financial framework for evaluating policy trade-offs in dollarized economies. |
| Keywords: | dollarization; stock-flow consistent models; sectoral balances; external constraint; fiscal policy |
| JEL: | E12 E62 F32 F41 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1123 |
| By: | [Lukas Lehner] |
| Abstract: | This paper studies unemployed workers’ preferences for two widely debated social policy innovations often framed as rivals: a job guarantee and a basic income. It addresses how support for the two policies compares, how policy generosity shapes that support, and which groups are most supportive. Leveraging a randomized experiment in a representative survey of unemployed workers in Austria, the analysis documents broad support for both policies: consistently higher for guaranteed jobs though a majority support both policies. Increasing generosity raises support for each policy, and crossing a pay threshold above average unemployment benefits sharply increases willingness to accept guaranteed jobs. Support and willingness to participate are strongest among disadvantaged respondents, while a small socio-economically advantaged minority opposes both policies across generosity levels. The results suggest that guaranteed jobs and guaranteed income are better understood as complementary rather than opposing strategies for strengthening the welfare state in the twenty-first century. |
| Keywords: | job guarantee; universal basic income; unemployed workers; survey experiment; social policy preferences; welfare state attitudes |
| JEL: | I31 J68 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1125 |
| By: | Eickmeier, Sandra |
| Abstract: | Economists recently have pointed to a critical disconnect between economic value and ethical values as a key societal issue. Using a survey of 2, 000 German households this paper reveals a misalignment between earnings and the values attributed to professions. Households prioritize professions addressing basic needs and benefiting society and nature over those offering personal utility, high remuneration, or economic growth, highlighting the importance of ethical considerations. This paper argues that values require a solid foundation rather than mere discussion or imposition. Linking values (and value) to awareness, it shows that more aware (along with more educated and informed) households favor professions supporting ethical values such as societal and environmental contributions, creativity, and beauty. Lastly, 60% of households support shifting societal values toward shared responsibility, though responses vary across households. |
| Keywords: | Economic value |
| JEL: | E3 E7 I3 Z1 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19948 |
| By: | Enrico Caricchio; Corrado Di Guilmi |
| Abstract: | This paper examines the implications of introducing non-regular workers, typically characterized by limited wage bargaining power, into the Goodwin cyclical growth framework, and applies the extended model to the Japanese data. Analytically, we incorporate this duality by adding a third dynamic equation to the original two-dimensional Goodwin system, assuming that firms turn to this secondary workforce to offset upward pressure on the wage share during periods of labor market tightness. The resulting three-dimensional system is studied empirically, analytically, and numerically. This threefold analysis reveals that the introduction of secondary workers substantially modifies the dynamics of class conflict and, under certain conditions, replaces the Goodwin limit cycle with a convergent equilibrium. Our empirical estimates suggest that Japanese firms' hiring behavior is consistent with the convergent regime. However, adjustment frictions in the composition of employment may slow the reallocation of workers across contract types, preventing convergence and allowing the economy to remain on the Goodwin limit cycle. |
| Keywords: | Goodwin model, non-regular employment, distributional conflict |
| JEL: | C62 E25 E32 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:een:camaaa:2026-62 |
| By: | Robinson, James A. |
| Abstract: | My research suggests that world inequality is explained by the incidence of extractive and inclusive institutions. But why do some countries have extractive institutions? I distinguish between two main reasons; first, power relations; second, the “normative order.†Normative orders provide justifications and legitimacy for institutions which may not generate prosperity, but may achieve other goals. These distinctions are critical because they create very different challenges in trying to make institutions more inclusive and create prosperity. I show how countries move from the economic periphery as a consequence of changing both. My own intellectual journey has been in the other direction, however, hence the title of the paper: I was fortunate to be born in Britain, but I have had to unlearn much of my own experience, socialization and training in order to see other societies on their own terms. That’s crucial to be able to help them, but also to learn from them. |
| Keywords: | comparative economic prosperity; Institutions; Political economy; Culture |
| JEL: | D63 D72 O47 P00 Z1 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20148 |
| By: | Robert L. Vienneau |
| Abstract: | This article presents examples of models of rent with decreasing wage frontiers; with unique, square cost-minimizing techniques at a given rate of profits; but without the wage maximization property. Anomalous switch points are highlighted, where an anomalous switch point has properties that contrast with generic switch points in models of circulating capital. This article presents a numerical example of a switch point along a single wage curve, with no other wage curve intersecting at the switch point. Other numerical examples are of switch points in which only the scale, not the operated processes, vary between the cost-minimizing techniques at the switch point. A fake switch point is presented in which prices vary only for goods which are not commodities under the non-cost minimizing technique, also known as ghost commodities. |
| Keywords: | Cambridge Capital Controversy; Fixed Capital; Rent |
| JEL: | B51 C67 D24 D33 Q13 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:ris:sraffa:023230 |
| By: | Niftiyev, Ibrahim |
| Abstract: | Economics education and research have long relied on formal quantitative methods and abstract theoretical models. This approach creates a gap between textbook material and actual economic life. This discussion paper makes the case for documentary film as a valuable secondary methodological tool and pedagogical technique to help bridge this gap. Although mathematical models, statistics, and econometrics play an invaluable role in economic research, it is impossible to fully incorporate the institutional, historical, cultural, and behavioral factors that drive economic events into such models. Similarly, many students struggle to connect abstract notions such as inflation, market failures, externalities, foreign direct investment (FDI), and inequality to their everyday realities. Drawing on evidence from several research projects and classroom experiments, I argue that documentary films offer a way to ground economic theory in reality through specific examples, narratives, experiences, and perspectives. In economic research, documentary films provide in-depth qualitative case evidence that can be systematically analyzed using established methods such as thematic analysis (TA), grounded theory, qualitative coding, and structured note-taking. Pedagogically, documentaries can promote interactive classroom discussions, foster critical thinking, and enhance student interest by bringing academic learning into real-world contexts. They demonstrate the versatility of documentary films as a data source for analyzing dispersed and international economic transactions, such as heterogeneous externalities associated with FDI. Despite potential issues such as narrative bias and the need for methodologically sound implementation of a film-based approach, documentary films serve as a useful complement when other quantitative data sources fall short or when context is crucial. Overall, this paper calls for greater methodological openness in economics by exploring the use of documentary films in research and in the classroom. |
| Keywords: | Active learning, Documentary movies, Economic analysis, Experiential learning, Higher education, Methodological innovation, Qualitative research, Research methodology |
| JEL: | A20 A22 B41 C83 C89 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:342410 |
| By: | Schoenmaker, Dirk; Schramade, Willem |
| Abstract: | The dominant shareholder value paradigm in academic finance is a major obstacle to responsible management. The methodology for responsible management education identifies three aspects to address: building sustainability knowledge, incorporating sustainability in an integrated way, and developing practical applications. Applying this methodology to academic finance education, and based on our own teaching experience, we propose three shifts to the current approach. First, courses should start with sustainable development as the goal, i.e. finance as a means instead of finance for the sake of shareholder value maximisation. Second, courses should offer an alternative perspective to shareholder value, not just slight modifications. We suggest using the integrated value paradigm, which estimates not only financial value, but also social and environmental value, which tends to be an eye-opener to students. Third, practical learning tools could enhance the interdisciplinary learning experience of students. To achieve these shifts, business schools need to show leadership with the right tone and incentives from the top. |
| Keywords: | Education; Sustainable finance; Shareholder value |
| JEL: | A2 G1 G3 M1 |
| Date: | 2025–04 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:20122 |
| By: | Zhang, Linzhi |
| Abstract: | Amidst the growing interest in Chinese women artists’ feminist interventions, this article delves into a less-explored theme in their artistic practices: labour. Through a close examination of two artists’ critical engagement with women’s labour in China, I highlight their Marxist feminist concerns. The first artist, Hu Yinping, creates a work utopia that ensures work autonomy for her mother who had taken on precarious part-time jobs after being laid off. The second artist, Feng Lin, appropriates ready-mades derived from a housewife’s life for her critical enquiry into whether domestic labour or home truly shields women from capitalist relations. It is argued that the two artists make women’s problems with work visible in a post-socialist China, where women’s labour becomes increasingly devalued, less conspicuous, and more precarious. Furthermore, both artists experiment with alternatives to capitalist commodified labour. However, it becomes apparent that Hu Yinping cannot sustain her utopian vision without selling her labour as an artist, and Feng Lin demonstrates that a housewife cannot fully escape the capitalist imposition of work. Ultimately, the interventions of these artists serve as a dual critique of capitalist labour and a revelation of its totality. |
| Keywords: | artistic labour;contemporary Chinese art;gender;labour;Marxist feminism;women artists |
| JEL: | R14 J01 |
| Date: | 2024–12–25 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140272 |
| By: | Khachatur Babayan (Burnaby Mountain Secondary School) |
| Abstract: | This paper explores how artificial intelligence (AI) can support everyday environmental behavior through a narrative case study of one high-school student who transformed a small apartment balcony into a circular micro-garden system. Using kitchen scraps, recycled containers and free AI tools such as ChatGPT and QualiGPT, the student created a household loop where waste became inputs, plants reduced packaging demand and AI guided efficient decision-making. The project demonstrates how AI supports real-time environmental learning by offering personalized explanations, troubleshooting plant-health issues through image analysis and reducing uncertainty around recycling choices. Findings show that AI increased confidence, reduced resource waste and strengthened long-term thinking, which are the key principles in Environmental Economics. While small in scale, the micro-garden functioned as a miniature circular economy shaped by AI-enhanced decision-making. The study suggests that when AI meets hands-on sustainability tasks, teenagers can meaningfully participate in environmental stewardship, reducing waste and practicing household-level resource optimization. |
| Keywords: | Artificial intelligence, Circular economy, Environmental behavior, Micro-gardening, Sustainability |
| URL: | https://d.repec.org/n?u=RePEc:sek:iefpro:15816983 |
| By: | Dan-Andrei Năfureanu (UniBuc - University of Bucharest) |
| Abstract: | This review examines The Greatest of All Plagues (2024) by David Lay Williams, an intellectual history of economic inequality in the Western canon. Drawing its title from Plato's Laws, the book traces the concept of inequality -- understood through the recurring motif of pleonexia (insatiable greed) -- across seven influential figures: Plato, Jesus Christ, Thomas Hobbes, Jean-Jacques Rousseau, Adam Smith, John Stuart Mill and Karl Marx. Williams situates each thinker within their socio-economic context, arguing that philosophical reflection on inequality has consistently emerged in response to concrete historical crises and remains indispensable for contemporary political economy. While acknowledging the book's strengths - its interdisciplinary scope, close textual analysis, and contemporary relevance - the review also considers its limitations, including its exclusive focus on the Western canon and the practical inadequacy of some historical prescriptions. Nevertheless, it concludes that Williams offers a timely and philosophically rich intervention. By recovering neglected resources within canonical texts, the author challenges economists, political leaders, scholars and the wealthy elites alike to confront inequality as a structural and moral problem central to the fate of modern democracy. |
| Keywords: | History of Philosophy, Political Economy, Political Philosophy, Inequality, Greed |
| Date: | 2026–06–22 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05511717 |