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on Post Keynesian Economics |
| By: | Mark Setterfield (Department of Economics, New School for Social Research, USA) |
| Abstract: | According to Blecker (2027), while tariffs per se are not always and everywhere unwarranted (Blecker, 2026), the Trump tariffs will fail on their own terms. Making this argument necessitates suspending disbelief, so as to interpret the Trump tariffs as economic policy -- something that various commentators, who regard the tariffs as no more than political theatre, refuse to indulge. The argument here is that distinguishing between political chicanery and economics in this fashion involves a false dichotomy. Acknowledging the potential relationship between the two permits analysis that points towards an unpleasant political economy rationale for the Trump tariffs. |
| Keywords: | Trump tariffs, Authoritarian Neoliberalism, social structure of accumulation, capital-citizen accord |
| JEL: | B52 E02 F02 F13 P16 P51 |
| Date: | 2026–09 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2610 |
| By: | Syed Mohib Ali; Y.K. Kim |
| Abstract: | What are the institutional sources of aggregate demand in emerging market economies (EMEs), and how are they related to output dynamics? Building on a structuralist and post-Keynesian framework, we use sectoral national accounts to examine the institutional sources of aggregate demand and their relationship with output in EMEs. Panel regressions are used to estimate the contemporaneous relationship between sectoral balances and output, while local projections are used to examine their dynamic relationship over the medium run. In doing so, we contribute to the post-Keynesian literature on demand regimes in EMEs and the growing literature on growth models in comparative political economy. We find that the external sector plays a prominent role in medium-run output dynamics, with improvements in the current account balance associated with persistent increases in output. Government net lending is negatively associated with output over the early horizons, consistent with an important role for fiscal demand. Finally, country-level results reveal substantial heterogeneity, suggesting that household and corporate borrowing can be important sources of domestic demand in some EMEs. |
| Keywords: | Aggregate demand, Emerging market economies, Sectoral balances, Growth models |
| JEL: | E12 F32 O11 |
| Date: | 2026–09 |
| URL: | https://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2619 |
| By: | Bose, Joy |
| Abstract: | Firms adopting AI to substitute for labor face a coordination problem that recurs across two theoretically incompatible traditions: demand-side models, where aggregate demand depends on the same wage income that firms are cutting, and Marxian value-theoretic models, where the rate of profit depends on a capital-composition ratio that competitive automation drives in a self-undermining direction. We define a latent labor-intensity variable and channel-specific mappings into each tradition's own state variable, rather than assuming the two traditions share a state variable, and ask a narrower, computationally checkable question: under what conditions does decentralized, competitive automation converge on a labor intensity below the level that maximizes each channel's own aggregate outcome, a condition we call automation overshoot. Computed independently across a shared parameter space, the two channels show substantial but incomplete agreement (95% and 84% of the swept region show overshoot in the demand and Marxian channels respectively, 83% show it in both), a result that survives a fifteen-specification robustness check across alternative functional forms and internalization strengths (intersection fraction range 0.57-0.94, mean 0.82). Market concentration moves both channels toward less overshoot under fully independent native-parameter sampling that removes any shared coordinate system, a directional claim that survives four targeted falsification tests, one of which an earlier version of this model failed: a mechanical scale artifact in the demand channel, where more competing firms mechanically implied more aggregate automation activity regardless of any internalization behavior, is identified, derived away analytically, and corrected, with every result in this draft reported post-correction. A follow-up generalization addresses a further concern directly: firm count is not the same thing as market concentration. Removing the symmetric-firm assumption and re-deriving the demand channel's internalization term for heterogeneous market shares shows the correction scales as s_i^2 for each firm's own share s_i, so that aggregate internalization is governed by the Herfindahl-Hirschman Index, HHI = sum over i of s_i^2, with the earlier N-based results recovered as the symmetric-share special case. Holding firm count fixed at N=10 while redistributing shares from equal to one dominant firm moves demand-channel overshoot by a factor of 37; plotting demand-channel overshoot against HHI directly across firm counts from 5 to 50 collapses the resulting curves onto one relationship to within 5%, indicating HHI, not N, explains the concentration dependence in this channel substantially better than firm count alone, within the heterogeneous-share configurations tested and the isolating-benchmark design described in Section 4a. Separately, an analysis of the demand and Marxian channels' concentration relationships under independent sampling shows the two channels do not differ in "magnitude" on a single shared scale so much as in shape: the demand channel exhibits a sharp threshold effect concentrated at low firm counts, while the Marxian channel exhibits a shallow, gradual effect spread across the full sampled range of market structures. We extend the model with a hysteretic labor-effort function motivated by, but formalized independently of, Byung-Chul Han's account of the achievement subject: workers sustain effort under a belief that individual strategy can secure their position, a belief that collapses abruptly once a recognition threshold is crossed and recovers only past a lower threshold than the one that triggered the collapse. Wired into a simulated output trajectory, this produces a counterfactual output shortfall that persists after visible layoffs have already subsided; it is reported as an extension, not as co-equal with the core overshoot and concentration results. |
| Keywords: | automation overshoot, computational economics, artificial intelligence adoption, hysteresis |
| JEL: | C63 D43 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:343301 |
| By: | Nandagiri, Rishita; Senderowicz, Leigh; Sigle-Rushton, Wendy |
| Abstract: | This special issue focuses on reproductive justice (RJ) as a framework for feminist research and activism. The introduction provides an overview of when and why the RJ framework was developed, outlines the ways it challenged and extended the way reproductive rights were understood and approached by feminist scholars and activists, and articulaties its productive potential. RJ’s relevance for identifying and responding to the breadth of rights violations taking place across the globe today can only be grasped with a firm understanding of its scope and foundational concepts, such as intersectionality. Its expanded scope, conceptual complexity, and epistemological orientation make RJ incompatible with the neoclassical rational-choice paradigm, but points of resonance with other frameworks provide possibilities for its integration and contribution both to knowledge and to the development of a feminist methodology in economics. The contributions to this special issue represent some of the first efforts to take forward this important project. |
| Keywords: | reproductive justice;intersectionality;feminist methodology;feminist economics;public policy;Reproductive justice |
| JEL: | I30 B54 J13 |
| Date: | 2025–03–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:127175 |
| By: | Valdecantos, Sebastián |
| Abstract: | This paper explores the tensions that the transition toward a zero‑carbon economy entails for countries relying on natural resource exploitation as the main drivers of (net) exports, as in most South American economies. Given their relatively low diversification and high technology gaps compared to advanced economies, attaining higher prosperity levels driven by sustained economic growth has recurrently been hampered by balance of payments crises. Using a simple long-run demand-led theoretical model with balance of payments constrained growth we show that if the structural limitations in their productive structure are not overcome, the decarbonization of the economy, be it exogenously imposed by the rest of the world or sovereignly decided by each South American country, will be exposed to the dilemma of increasing growth or reducing greenhouse gas emissions. Underpinning this dilemma is the essential role of exports and their associated carbon intensity. Finally, we show that to solve this green transition dilemma, even structural change like the one proposed by the old Latin American structuralist school might not be sufficient – only through a process of green structural change will the long-lastingly desired prosperity of South American countries cease to be an impossible quest. |
| Keywords: | Cambio Climático; Transición Energética; Medio Ambiente; Desarrollo Sustentable; Política Energética; América del Sur; |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:nmp:nuland:4609 |
| By: | Drydakis, Nick |
| Abstract: | This study examines whether signalling AI-related digital skills improves employment outcomes for women from underrepresented groups in England, defined by race, age, sexual orientation, and autism-spectrum disclosure. Using correspondence evidence, the study finds that underrepresented women receive fewer interview invitations and are considered for lower-paid vacancies than majority-group women. In pooled analyses, signalling AI-related digital skills increases interview invitations for underrepresented applicants, but does not eliminate the disadvantage. These findings are consistent with AI Capital and productivity-signalling frameworks, as employers appear to value AI-related capabilities while the returns to such credentials remain constrained by persistent demographic inequalities. The study therefore shows that positive returns to AI-related skills and labour-market disadvantage can coexist. Its broader implication is that digital upskilling can strengthen the recruitment prospects of underrepresented women, but cannot by itself deliver parity in employment outcomes. A dual policy response is therefore required, combining wider and more equitable access to AI education and training with stronger anti-discrimination enforcement, greater transparency in shortlisting, improved oversight of recruitment processes, and systematic evaluation of how employers recognise applicant credentials. The study contributes to the economics of AI by linking correspondence evidence to the AI Capital framework and highlighting barriers to converting AI-related resources into meaningful employment opportunities. |
| Keywords: | AI Capital, Artificial Intelligence, Skills, Discrimination, Hiring, Wages, Sexual Orientation, Race, Age, Autism Spectrum |
| JEL: | J71 J24 J31 J64 C93 J15 J16 J14 O33 M51 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1823 |
| By: | Sergio Cesaratto |
| Abstract: | Students of ancient societies critical of New Institutional Economics (NIE) seem ineAective or intimidated in expressing a full alternative to its current hegemony. Yet a conceptual ghost continues to haunt many works in this field: that of economic surplus. The notion of social surplus is indeed distinctive of the classical economists’ approach, continued by Marx, and more recently revived by Piero SraAa and Pierangelo Garegnani, after having been ‘submerged and forgotten’ by the Marginalist revolution of the late Ninetieth century. This paper builds upon the familiarity that students of precapitalist societies have with the concept of surplus to delineate a robust economic alternative to NIE. After a brief presentation of the surplus approach, the paper examines some motives of unsatisfaction with NIE and with some more recent mainstream studies of the onset of inequality we label ‘marginalist materialism’. The criticism Karl Polanyi has moved to the surplus approach is then constructively reconsidered. The paper underlines the bidirectionality of the interest in communication between economic history studies and surplus theory. |
| Keywords: | Surplus Approach, Marginalism, New Institutional Economics, Samuel Bowles, Sraffa, Marginism Jel Classification: A12, B51, B52, N01, Z13 |
| Date: | 2026–09 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:946 |
| By: | Tomasz Kopczewski (University of Warsaw, Faculty of Economic Sciences); Jan Lisicki (University of Warsaw, Faculty of Economic Sciences) |
| Abstract: | Economic analysis of information explains how existing knowledge is distributed, revealed, and used, while the economics of innovation treats new ideas as outcomes of search and recombination. This paper examines a distinct role of communication in knowledge production: interaction can change the course of search itself. We define the mechanism as adaptive feedback, in which one participant responds to the current state of another participant's reasoning and thereby alters the directions subsequently explored. The resulting idea need not be contained in the feedback or previously possessed by either participant. In stronger cases, interaction can change the representation of the problem and make previously unavailable hypotheses accessible. The paper distinguishes this generative role of interaction from information transmission and access to others' knowledge. It argues that institutions shape knowledge production through both information structure and interaction structure, including the timing of interaction and the balance between independent search and mutual influence. |
| Keywords: | communication, knowledge production, generative interaction, search, innovation, problem representation |
| JEL: | D83 O31 O32 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:war:wpaper:2026-30 |
| By: | Cooiman, Franziska; de Groote, Julia; Stamm, Isabell; Krieg, Jan Ole |
| Abstract: | Given the centrality of entrepreneurial activity to the accumulation, reproduction, and legitimization of wealth – and conversely, of wealth in the form of capital to foster entrepreneurship – it might be reasonable to expect a plethora of research on the relationship between entrepreneurship and wealth. However, as we demonstrate in our interdisciplinary literature review, a surprising lack of engagement exists with regard to this relationship. Sociological studies of wealth inequality rarely address entrepreneurship, and entrepreneurship research rarely addresses wealth. We systematically review, discuss, and synthesize the discourse in the leading journals of both fields. In the sociological discourse on wealth, we find that entrepreneurship is seen as one of many sources of income and wealth, and as a means of legitimizing its accumulation. However, the social practices, actors, and institutions that mediate the concentration of wealth through entrepreneurship, as well as the structural power of wealth in entrepreneurial activity, are rarely addressed. Similarly, in entrepreneurship research, we show that considerable attention is paid to the role of family businesses, transgenerational wealth, and non-financial wealth (“socioemotional wealth”), whilst the fundamental role of these factors in fostering wealth concentration more broadly remains largely unremarked upon in the literature. We therefore suggest future research that systematically engages with how entrepreneurial activity shapes wealth accumulation, and how wealth, in turn, structures entrepreneurial opportunities and outcomes. With this review, we contribute to advancing debates on inequality, social mobility, and economic development. |
| Date: | 2026–09–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:5j4rp_v2 |