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on Post Keynesian Economics |
| By: | Eric Kemp-Benedict |
| Abstract: | Since its introduction by Rowthorn (1977), the idea that inflation is always and everywhere a result of conflicting distributional claims has become widely accepted by post-Keynesians. This paper contributes to the literature with a proposed behavioural rule that abstracts from both unemployment and labour participation. While they are both presumed to be causally relevant, the causal chains are captured through a rule in which inflation is driven by the deviation between the growth rate of labour demand and that of the working age population. The proposed behavioural rule can be incorporated into a variety of models. One is proposed for concreteness. In the example model, profit-led behaviour produces a stable equilibrium. In the more empirically supported case of wage-led behaviour, stability is not guaranteed, but becomes more likely under cost share-induced technological change. |
| Keywords: | conflict inflation, post-Keynesian, participation rate, cost share-induced technological change |
| JEL: | E11 E12 E31 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2609 |
| By: | Heine, Michael; Herr, Hansjörg |
| Abstract: | John Maynard Keynes clearly recognized the inherent crisis-proneness of capitalist economies and that, for the most part, they did not represent a meritocracy. The lion's share of non-labour income in the form of interest, dividends, or profit distributions is pocketed by households that do not contribute to any entrepreneurial activity. According to Keynes' idea, large corporations should be socialized to control investment. To guarantee sufficient consumer demand, a relatively equal distribution of income and wealth, as well as the elimination of income that is not backed by any performance in the form of work or entrepreneurial activity, is needed. Public utilities such as water supply and local public transportation should remain under the ownership of local authorities. Keynes saw balanced trade and current accounts as an element of fair globalization. International capital flows should be largely controlled. He provided important elements of an ecological transformation and the macroeconomic management of an ecologically and socially sustainable economy. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:gluwps:339601 |
| By: | Arpan Chakraborty |
| Abstract: | This paper analyzes the macroeconomic consequences of military spending and militarization within a dynamic growth framework. Building on a Keynesian goods-market model, we examine how the allocation of government expenditure between civilian and military sectors affects capital accumulation and technological progress. Military spending generates opposing effects: it stimulates aggregate demand and may support innovation through defense-related research, but it also crowds out civilian investment and creates structural rigidities. We formalize these mechanisms in a stylized endogenous-growth model in which productivity depends on the degree of militarization, producing a non-linear relationship between the military burden and long-run growth. Calibrated simulations show that moderate levels of military spending can temporarily support growth, whereas excessive militarization reduces long-run development. We further illustrate the asymmetric growth costs of conflict using a simple two-country war simulation between an advanced economy and a sanctioned middle-income economy. |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2603.23980 |
| By: | Krystian Bua (Institute of Economics, Scuola Superiore Sant’Anna, Pisa, Italy); Giovanni Dosi (Institute of Economics, Scuola Superiore Sant’Anna, Pisa, Italy); Costas Lapavitsas (Department of Economics, SOAS University of London. Russell Square, London WC1H 0XG, UK); Maria Enrica Virgillito (Department of Economic Policy, Universita` Cattolica del Sacro Cuore, Milan, Italy; Institute of Economics, Scuola Superiore Sant’Anna, Pisa, Italy) |
| Abstract: | This article contributes to the literature on corporate financialization by examining the role of asset man- agers. Although these new capitalist enterprises have been an object of investigation, a clear understanding of their importance at the global scale, penetration across industries, ramification across firms, and system- wide implications remains an evolving area of research. With these aims, we first highlight three shifts in the contemporary organization of finance associated with the rise of asset management: the weakening of finance’s intermediation function, the change in the locus of financial influence, and the reconfiguration of the mechanisms underpinning contemporary imperialism. We then provide a newly compiled dataset that maps the ownership stakes of the asset management industry within the universe of billion-dollar companies between 2013 and 2025 and quantify how large current levels of common ownership, that originates from asset managers’ holdings, are in the global corporate sector. Accounting for market and relative investor concentration, and overlapping ownership, we show that the capacity of asset management to influence vir- tually every aspect of production and investment has grown exponentially over time, spanning industries, sectors, and macro-regions. Given our empirical analysis, we provide new evidence that the pervasiveness of common ownership driven by portfolio managers has first-order implications for the restructuring of U.S. hegemonic power in the post-2008 global economic order. |
| Keywords: | Asset manager capitalism, Political economy, Finance, Common ownership, Network analysis, Imperialism |
| JEL: | D23 F54 G34 P12 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:soa:wpaper:273 |
| By: | Alexandre Truc (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); François Claveau (UdeS - Université de Sherbrooke = University of Sherbrooke [Sherbrooke]); Catherine Herfeld (Leibniz Universität Hannover = Leibniz University Hannover); Vincent Larivière (UdeM - Université de Montréal) |
| Abstract: | This study examines gender diversity among authors in philosophy and methodology of economics, comparing it to the disciplines of economics and philosophy. Using bibliometric methods, we find that philosophy and methodology of economics, as an interdisciplinary field, consistently had a lower share of women authors than its parent disciplines, which are the two social sciences and humanities disciplines that are the furthest from gender parity. Although homogeneity compounding generally characterizes the whole field of philosophy and methodology of economics, one small and temporary subfield, making contributions to heterodox economics, structural realism, and the discussion on pluralism in economics, constituted a pocket of gender diversity. Alongside a more general discussion of possible reasons behind the striking gender imbalance in the field, we also elaborate on possible reasons for the limited size and duration of this pocket of diversity. |
| Keywords: | Scientometrics, diversity, gender, philosophy of economics, bibliometrics |
| Date: | 2025–07–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05543110 |
| By: | Wispelwey, Bram; Ray, Lana; Hamideh, Dina; De La Torre, Steven; Bahour, Nadine; Rogers, Artair; Mills, David; Hekler, Eric |
| Abstract: | Settler colonialism is increasingly recognized as a structural force shaping Indigenous health, yet analytic frameworks in the health sciences have limitations in representing its causal dynamics. While Indigenous communities have long identified settler colonialism as foundational in shaping health and wellbeing, conventional epidemiologic approaches rely on causal assumptions—linearity, discrete exposures, and stable pathways—that are misaligned with its theorized properties as a dynamic, transtemporal, and adaptive social process. This misalignment contributes to epistemic exclusion, whereby insights from Indigenous epistemologies and settler colonial studies cannot be represented, remaining analytically unobservable within dominant methodological paradigms. We argue that addressing this gap requires achieving epistemic fit across three interdependent layers: teleological—orienting inquiry toward relationality rather than dominance; ontological—mapping settler colonialism’s higher-order functions onto context-specific forms; and epistemological—selecting causal representations adequate to the phenomenon’s complexity. Drawing on theory construction methodology, we develop a provisional framework for the settler colonial determination of health and outline how its causal architecture may be represented through multi-causal, feedback-informed approaches. We further identify concrete implications for empirical research, including the use of configurational causal logics and dynamic modeling strategies to capture interaction, emergence, and historical dependence. By positioning settler colonialism as a conditioning causal structure rather than a discrete determinant or indecipherable past episode, this framework extends existing public health approaches and provides a foundation for developing empirically tractable models that better align with Indigenous epistemologies and lived experience. Advancing such approaches is essential for generating explanations—and ultimately interventions—adequate to the complexity of health inequities in settler colonial contexts. |
| Date: | 2026–03–24 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:b5xyp_v2 |
| By: | Heinzmann, Antonia; de Wall, Michel; Kiesel, Andrea; Gros, Wilhelm; Reuter, Lisa |
| Abstract: | The concept of a Universal Basic Income (UBI) was explored using a content structuring qualitative analysis to identify needs and need relevant aspects and classifying whether their satisfaction was perceived as favored or endangered by UBI. The analyses was based on 62 online-collected Cognitive-Affective Maps (CAMs) on the topic "personal attitudes associated with UBI". Maslow's classification of five basic human needs served deductively as reference theory (Maslow, 1943). By inductively differentiating the a priori categories, a comprehensive category system of main and subcategories was developed. Most frequently expressed were the Needs for Safety and Self-Actualization as well as the need-relevant aspect of Justice. Physiological and Social Needs were mentioned least often. The majority of codings were classified as benefiting from UBI; within Safety and Justice-related Needs the classification differed depending on the respective subcategories. Insights into the qualitative approach of CAMs were gained and implications for future research on UBI derived. |
| Keywords: | cognitive-affective maps, Maslow, needs, need satisfaction, qualitative content analysis, universal basic income |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:fribis:339588 |
| By: | Alexandre Truc (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: | Disciplinary mobility occurs when researchers publish outside their disciplines of origin. It is an important mechanism of interdisciplinarity and knowledge transfer. Behavioral economics (BE) was founded by two psychologists, Daniel Kahneman and Amos Tversky, who used disciplinary mobility to influence economics. In this article, we study the disciplinary mobility of eight core behavioral economists to better understand how it has influenced the early development of BE and the interdisciplinary practices of later behavioral economists. Besides the movement of psychologists toward the core of economics, we identify an outward movement of economists away from the discipline. This movement away from economics has allowed some behavioral economists to escape some of the normative traditions of economics while establishing new forms of scientific legitimacy for economists. This has enabled them to push the frontiers of economics and promote a more radical approach to BE at the cost of an increasingly weaker relationship with the core concerns of economics. |
| Abstract: | La mobilité disciplinaire est le fait de publier hors de sa discipline d'origine. Il s'agit d'un mécanisme important d'interdisciplinarité et de transfert de connaissances. L'économie comportementale (EC) a été créée par deux psychologues, Daniel Kahneman et Amos Tversky, qui ont utilisé la mobilité disciplinaire pour influencer l'économie. Dans cet article, nous étudions la mobilité disciplinaire de huit économistes comportementaux afin de mieux comprendre comment cette mobilité a influencé le développement et les pratiques interdisciplinaires de l'EC. Outre le mouvement des psychologues vers le cœur de l'économie, nous identifions aussi un mouvement de certains économistes vers d'autres disciplines. Ce mouvement d'éloignement a permis à certains économistes comportementaux de trouver de nouvelles sources de légitimité scientifique dans d'autres disciplines, tout en échappant à certaines traditions normatives de l'économie. Cela leur a permis de repousser les frontières de l'économie et de promouvoir une approche plus radicale de l'EC au prix d'une relation de plus en plus ténue avec l'économie . |
| Keywords: | Behavioral Economics, Interdisciplinarity, Social Network Analysis |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05543132 |
| By: | Alexander Eliseev (Bank of Russia, Russian Federation); Sergei Seleznev (Bank of Russia, Russian Federation) |
| Abstract: | Large language models (LLMs) are a type of machine learning tool that economists have started to apply in their empirical research. One such application is macroeconomic forecasting with backtesting of LLMs, even though they are trained on the same data that is used to estimate their forecasting performance. Can these in-sample accuracy results be extrapolated to the model’s out-of-sample performance? To answer this question, we developed a family of prompt sensitivity tests and two members of this family, which we call the fake date tests. These tests aim to detect two types of biases in LLMs’ in-sample forecasts: lookahead bias and context bias. According to the empirical results, none of the modern LLMs tested in this study passed our tests, signaling the presence of biases in their in-sample forecasts. |
| Keywords: | large language models, macroeconomic forecasting, lookahead bias, context bias |
| JEL: | C12 C52 C53 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:bkr:wpaper:wps167 |