|
on Heterodox Microeconomics |
|
Issue of 2021‒01‒25
25 papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Yoshihara, Naoki; Kwak, Se Ho |
| Abstract: | In contrast toMandler’s (1999; Theorem 6.1) impossibility result about the Sraffian indeterminacy of the steady-state equilibrium, we have proposed a simple example of overlapping generation economy in which generic indeterminacy occurs in the Sraffian steady-state equilibrium. |
| Keywords: | Sraffian indeterminacy, factor income distribution, general equilibrium framework |
| JEL: | B51 D33 D50 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:717&r=all |
| By: | Gilles Campagnolo (Aix-Marseille Univ, CNRS, AMSE, Marseille, France.); Christel Vivel (Esdes Business School of the Catholic University of Lyon, France.) |
| Abstract: | This paper is the last part of a trilogy on the theory and history of entrepreneurship in Austrian school of economics. The triptych ends with contemporary members by comparing Israel Kirzner and Murray Rothbard. The migration of the Austrian school induced a new assessment of Austrian traits in a new setting. While we do not focus on the history of the Austrian school in America as such, we will stress how Kirzner focused his view of entrepreneurship on the concepts of alertness, discovery by opportunity and the equilibrating action of the entrepreneur – while Rothbard’s contribution was more ideologically engaged. |
| Keywords: | Austrian School of Economics, entrepreneurship, institutions, Kirzner (Israel), methodology, Rothbard (Murray) |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:aim:wpaimx:2103&r=all |
| By: | Wieland, Hanspeter; Lenzen, Manfred; Geschke, Arne; Fry, Jacob; Wiedenhofer, Dominik; Eisenmenger, Nina; Schenk, Johannes; Giljum, Stefan |
| Abstract: | Informed environmental-economic policy decisions require a solid understanding of the economy’s biophysical basis. Global physical input-output tables ( gPIOTs) collate a vast array ofinformation on the world economy’s physical structure and its interdependence with the environment. However, building gPIOTs requires dealing with mismatched and incompleteprimary data with high uncertainties, which makes it a time-consuming and labor-intensive endeavor. We address this challenge by introducing the PIOLab: A virtual laboratory for building gPIOTs. It represents the newest branch of the Industrial Ecology virtual laboratory (IELab) concept, a cloud-computing platform and collaborative research environment through which participants can use each other’s resources to assemble individual input-output tables targeting specific research questions. To overcome the lack of primary data, the PIOLab builds extensively upon secondary data derived from a variety of models commonly used in Industrial Ecology. We use the case of global iron-steel supply chains to describe the architecture of the PIOLab and highlight its analytical capabilities. A major strength of the gPIOT is its ability to provide mass-balanced indicators on both apparent/direct and embodied/indirect flows, for regions and disaggregated economic sectors. We present the first gPIOTs for 10 years (2008-2017), covering32 regions, 30 processes and 39 types of iron/steel flows. Diagnostic tests of the data reconciliation show a good level of adherence between raw data and the values realized in the gPIOT. We conclude with elaborating on how the PIOLab will be extended to cover other materials and energyflows. |
| Keywords: | Industrial ecology, material flow analysis, physical input-output tables, virtual laboratories, environmental input-output analysis, footprint, consumption-based indicators, iron, steel |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus045:7949&r=all |
| By: | Cogliano, Jonathan F.; Veneziani, Roberto; Yoshihara, Naoki |
| Abstract: | This article surveys computational approaches to classical-Marxian economics. These approaches include a range of techniques - such as numerical simulations, agent-based models, and Monte Carlo methods - and cover many areas within the classical-Marxian tradition. We focus on three major themes in classical-Marxian economics, namely price and value theory; inequality, exploitation, and classes; and technical change, profitability, growth and cycles. We show that computational methods are particularly well-suited to capture certain key elements of the vision of the classical-Marxian approach and can be fruitfully used to make significant progress in the study of classical-Marxian topics. |
| Keywords: | Computational Methods, Agent-Based Models, Classical Economists, Marx |
| JEL: | C63 B51 B41 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:716&r=all |
| By: | Müller, Henrik; Hornig, Nico |
| Abstract: | News-based indicators are in vogue in economics. But they tend to be applied with little consideration for the properties of news itself. In this paper, we try to shed light on the nature of this type of data. Drawing from established findings in communication science and journalism studies we argue that news-based indicators should be taken with a pinch of salt, since news is a somewhat biased representation of political and social reality. Contrary to economics and other social sciences, journalism tends to be driven by outliers, the outrageous, and the outraged. This structural dissonance between journalism and other disciplines needs to be born in mind when dealing with news content as data, and it is of particular concern in the context of economic developments. While economics and statistics are inherently backward looking, trying to make sense of the (immediate) past using models and probability distributions derived from bygone observations, journalism is about the present, and sometimes about the future. What’s going on right now? And where does it lead us? Seeking answers to these questions makes news a valuable data input, as a measure of what drives society at a given point in time. We show how taking the properties of news into consideration influences the entire process of large-scale news analysis. As an example, we update our Uncertainty Perception Indicator (Müller and Hornig 2020), setting it on a firmer footing by enlarging the newspaper corpus considerably. The new version of the UPI for Germany yields some remarkable results. At the trough of the Covid-19-induced economic crisis in Q2 of 2020, the overall indicator already decreased considerably, although it stayed at elevated levels. Deconstructing the UPI by applying the topic modelling approach Latent Dirichlet Allocation (LDA), shows that the coverage of the pandemic has merged with the issue of climate change and its mitigation. In the past decade or so incalculable politics was the main driver of economic uncertainty perception. Now truly exogenous developments, neither elicited by the economy nor by politics, come to the fore, adding to the sense of an inherently unstable world. |
| Keywords: | uncertainty,economic policy,business cycles,Covid-19,Latent Dirichlet Allocation |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:docmaw:22020&r=all |
| By: | Neal, Luke |
| Abstract: | This paper offers an analysis and critique of the Green Industrial Revolution proposed by the Labour Party in 2019. It identifies this policy as a variant of the Keynesian Green New Deal, which has been interpreted favourably by many socialists as a programme for climate stabilisation and an ecologically restorative, egalitarian organisation of the economy. The Green Industrial Revolution pointed towards a hybrid mixed economy whose main features would have been state policy orientation towards and large investments in renewables, efficiencies and retrofitting; as well as a renewed public sector and reforms to corporate ownership. This was predicated on a contradictory policy of green growth. On the contrary, this paper develops a concept of the critical energy constraints to growth, which highlights how, in terms of its focus on "the national economy" and aversion to major infrastructural changes to reduce energy use, Labour's programme was insufficient. Nonetheless, its openings and advantages are considered alongside and in light of these contradictions. They suggest the need for economic and ecological policies that recognise both the critical energy constraints to growth and the antagonistic relation between capital and labour internationally. |
| JEL: | Q58 Q43 F52 B51 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:1522021&r=all |
| By: | Bryan DUFOUR (Aix Marseille Univ, CNRS, LEST, Aix-en-Provence (France)); Francesca PETRELLA (Aix Marseille Univ, CNRS, LEST, Aix-en-Provence (France)); Nadine RICHEZ-BATTESTI (Aix Marseille Univ, CNRS, LEST, Aix-en-Provence (France)) |
| Abstract: | Our research focuses on understanding the use that work integration social enterprises (WISEs) make of performance measurement models such as social impact assessment in their relations with public stakeholders. We carry out a comparative study between France and Denmark which are the two OECD members showing the highest level of social spending. Using public value theory as the pivot point of our analytical framework, we identify seven strategic intents that contribute to explain the use of performance measurement by WISEs. The use of Public Value theory shines a light on the unique set of problems that WISEs face when dealing with their public stakeholder, which is absent from the performance models that are promoted by current policy initiatives or by impact investors. |
| Keywords: | Social impact assessment, Wise, Public Value theory, public stakeholders |
| JEL: | A13 B55 L31 L33 L38 M14 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:crc:wpaper:2012&r=all |
| By: | Elliott, Robert J. R. (University of Birmingham); Kuai, Wenjing (University of Birmingham); Maddison, David (University of Birmingham); Ozgen, Ceren (University of Birmingham) |
| Abstract: | This paper provides some of the first evidence of the relationship between eco-innovation and employment. Adopting a O*NET based task approach, in a study of the Dutch firms, we show that eco-innovation has no impact on overall employment. However, compared to non- eco-innovators there is an 18.2% increase in the number of green jobs (equivalent to 12 new green workers for the average firm). This means an average increase in the share of green workers of around 3.3%. Broadly speaking, the increase in the share of green jobs was driven by a reduction in non-green workers and a smaller but still significant increase in the number of green workers. We further show that subsidy-driven policies, rather than regulation-driven policies positively correlate with the number of green workers. |
| Keywords: | eco-innovation, green jobs, subsidies |
| JEL: | Q52 Q55 J23 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14028&r=all |
| By: | Bichler, Shimshon; Nitzan, Jonathan |
| Abstract: | Corporate power in the United States has risen to unprecedented levels, but the rate at which this power has grown is decelerating. Both facts have important implications for the future of U.S. capitalism. |
| Keywords: | capital as power,corporate power,differential accumulation,income distribution,sabotage,United States |
| JEL: | P16 P26 G3 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:228515&r=all |
| By: | Ivan Chase; Raphaël Douady (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Dianna Padilla |
| Abstract: | HIGHLIGHTS • We present the first description of "wealth" inequality in a non-human animal • We describe the distribution of snail shells occupied by a hermit crab species • The distribution of shells resembles the common form of human wealth distributions • Hermit crabs may provide an animal model of the dynamics generating wealth inequality • Shell distribution in hermit crabs provides a baseline to compare to human inequality |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03018472&r=all |
| By: | Hebinck, Aniek; Zurek, Monika; Achterbosch, Thom; Forkman, Björn; Kuijsten, Anneleen; Kuiper, Marijke; Nørrung, Birgit; van ’t Veer, Pieter; Leip, Adrian |
| Abstract: | The growing acknowledgement that food systems require transformation has led to a call for comprehensive sustainability assessments to support decision-making. For frameworks to serve sustainability governance, they must show the trade-offs and unintended consequences that might result from policy decisions across key goals relevant to food system actors. This paper reviews existing literature and frameworks and builds on stakeholder input to present a sustainability compass with associated metrics for food system assessments. The compass defines sustainability scores for four societal goals, underpinned by areas of concern. The operationalisation approach for assessment balances policy-usability, system complexity and comprehensiveness, while providing actionable insights. It concludes by outlining additional challenges for research to continue development of food system frameworks that support sustainability governance. |
| Date: | 2020–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:ab8ts&r=all |
| By: | Jos BIJMAN (Wageningen University (The Netherlands)); Markus HANISCH (Humboldt University of Berlin (Germany)) |
| Abstract: | This paper discusses the importance of acknowledging and understanding the heterogeneity among cooperatives. Many studies on agricultural cooperatives, particularly on the impact of membership, do not account for the large differences in organisational and functional characteristics across cooperatives. We identify and discuss five core differences that have implications for theoretical and empirical research. We propose a classification that can be used by scholars in their research on understanding the evolution, performance and impact of producer cooperatives, and that can be used by policy makers in better targeting their support policies. |
| Keywords: | Cooperatives, agriculture, typology, transactions, governance, evolution, performance, impact |
| JEL: | L2 D23 Q13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:crc:wpaper:2013&r=all |
| By: | Mark Setterfield (Department of Economics, New School for Social Research) |
| Abstract: | The 'Goodwin pattern' -- an anti-clockwise rotation in real activity x wage share space recurring at intervals that correspond roughly to the duration of business cycles -- is an enduring feature of high-frequency dynamics in capitalist economies. It is well known that the centre or focus of this rotation shifts over time. More recently, however, the Goodwin pattern seems to have broken down, the wage share no longer increasing as the real economy improves over the course of short-term booms. In this paper, the breakdown of the Goodwin pattern is associated with the consolidation of an 'incomes policy based on fear' that is part-and-parcel of neoliberalism. As a result of this incomes policy based on fear, the institutional structure of the labour market disciplines labour at any rate of unemployment. This decouples wage-share dynamics from the state of the real economy, with the result that as recently witnessed, the wage share is rendered invariant to tightening of the labour market in the course of short-term cyclical booms. |
| Keywords: | Goodwin pattern, distributional con ict, worker insecurity, incomes policy based on fear |
| JEL: | E11 E12 E25 E64 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:new:wpaper:2101&r=all |
| By: | Curtis Atkisson; Monique Borgerhoff Mulder |
| Abstract: | Explaining why humans cooperate in anonymous contexts is a major goal of human behavioral ecology, cultural evolution, and related fields. What predicts cooperation in anonymous contexts is inconsistent across populations, levels of analysis, and games. For instance, market integration is a key predictor across ethnolinguistic groups but has inconsistent predictive power at the individual level. We adapt an idea from 19th-century sociology: people in societies with greater overlap in ties across domains among community members (Durkheim's "mechanical" solidarity) will cooperate more with their network partners and less in anonymous contexts than people in societies with less overlap ("organic" solidarity). This hypothesis, which can be tested at the individual and community level, assumes that these two types of societies differ in the importance of keeping existing relationships as opposed to recruiting new partners. Using multiplex networks, we test this idea by comparing cooperative tendencies in both anonymous experimental games and real-life communal labor tasks across 9 Makushi villages in Guyana that vary in the degree of within-village overlap. Average overlap in a village predicts both real-world cooperative and anonymous interactions in the predicted direction; individual overlap also has effects in the expected direction. These results reveal a consistent patterning of cooperative tendencies at both individual and local levels and contribute to the debate over the emergence of norms for cooperation among humans. Multiplex overlap can help us understand inconsistencies in previous studies of cooperation in anonymous contexts and is an unexplored dimension with explanatory power at multiple levels of analysis. |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2012.07669&r=all |
| By: | Ingela Alger (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Institute for Advanced Study Toulouse); Jean-François Laslier (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | This paper revisits two classical problems in the theory of voting-viz. the divided majority problem and the strategic revelation of information by majority vote-in the light of evolutionarily founded partial Kantian morality. It is shown that, compared to electorates consisting of purely self-interested voters, such Kantian morality helps voters solve coordination problems and improves the information aggregation properties of equilibria, even for modest levels of morality. |
| Keywords: | Condorcet jury theorem,divided majority problem,voting,Homo moralis,Kantian morality,social dilemmas |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03031118&r=all |
| By: | Tharp, Derek; Parks-Stamm, Elizabeth |
| Abstract: | Using an integrative model of top-down and bottom-up influences on financial satisfaction, this study examines gender differences in the predictors of financial satisfaction in Taiwan. Using the 2016 wave of the Panel Study of Family Dynamics (PSFD), gender differences in the extent to which top-down (trait positive and negative affect) and bottom-up (demographic, financial, and social support) factors predicted financial satisfaction were explored within three Taiwanese social contexts: all adults (n=3,593), working adults (n=2,713), and married working adults (n=1,306). Varied gender differences were observed across all three social contexts. In particular, income (more strongly associated among men than women), education (more strongly associated among women than men), and trait negative affect (more strongly associated among women than men) tended to predict financial satisfaction differently by gender. Trait positive affect predicted financial satisfaction regardless of gender. The present analysis suggests traditional breadwinner ideologies continue to influence financial satisfaction assessment in Taiwan. |
| Date: | 2020–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:2yvjs&r=all |
| By: | Sara Vicari; Cécile Berranger (Manchester Metropolitan University); Federica Rinaldi (University Roma Tre, Department of Economics) |
| Abstract: | What could be the role of cooperatives in implementing responsible investment in agriculture (RAI) in developing countries? As a result of a fieldwork research carried out on two cooperative unions and one area cooperative enterprise (ACE) in Uganda, this paper investigates the role of cooperatives in promoting RAI and the related effect on members’ well-being at the level of their holdings, households and communities. This has been explored both using qualitative methods and analyzing quantitative indicators related to unions’ economic and financial trends. The main contribution of this research is to identify main challenges and possible related strategies for cooperatives as implementers and generators of RAI and to provide policy recommendations. |
| Keywords: | Cooperatives; Responsible Investment in Agriculture; Focus groups; Uganda; Well-being. |
| JEL: | P13 Q13 |
| URL: | http://d.repec.org/n?u=RePEc:rtr:wpaper:0258&r=all |
| By: | Heise, Arne |
| Abstract: | The Cambridge Journal of Economics witnessed an important debate between Mark Pernecky and Paul Wojick on the one side and Rod Thomas on the other about the usefulness of Thomas Kuhn's sociology and philosophy of science in explaining why Keynes's revolutionary ideas exposed in the General Theory have been 'lost in translation'. This brief note is an attempt to reconcile Pernecky and Wojick's claim that Keynes's new economics of the General Theory and Walrasian General Equilibrium are incommensurable paradigms in a Kuhnian understanding and Thomas's critique that - if they were incommensurable - Pernecki and Wojick's appraisal of Keynes's paradigm as a better approximation to the 'real world' than Walsrasian General Equilibrum is inconsistent within that very Kuhnian framework. |
| Keywords: | Keynes,Kuhn,Paradigm,Incommensurability |
| JEL: | B2 B40 B5 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cessdp:82&r=all |
| By: | Agnès Festré (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur) |
| Abstract: | This paper analyses Michael Polanyi's vision of economics. We stress two major features: first, the radical opposition to central planning and his defence of self-organization as a superior mechanism for coordinating individual plans that he shared with Hayek; second, the strong support for state interventionism in order to fight unemployment and limit income inequalities that he borrowed from Keynes. Polanyi blended these two apparently contradictory influences and provided an original institutionalist approach, which has unfortunately been underrated in the economics literature. We argue that this approach is consistent with Polanyi's intellectual background and more specifically, his view on tacit knowledge and his critical approach of liberalism. |
| Keywords: | Michael Polanyi,Hayek,Keynes,spontaneous order,State intervention,liberalism,tacit knowledge,public liberty B25,B31,B41 |
| Date: | 2020–12–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03036824&r=all |
| By: | Jotham J Akaka (LEE & Department of Economics, Universitat Jaume I, Castellón, Spain); Aurora García-Gallego (LEE & Department of Economics, Universitat Jaume I, Castellón, Spain); Riccardo Lucchetti (Department of Economics, U. Politecnica Delle Marche, Ancona, Italy) |
| Abstract: | Many humanitarian organisations and institutions have focussed on reducing inequality, end discrimination, promote cohesiveness and ensure that everyone enjoys their fundamental human rights regardless of race, sexual orientation, age and income. What makes it more of a massive undertaking is that there are so many different conceptions of fairness and equality around the world. As evidence suggests, there is limited information on how different people understand and assign meaning to these concepts. This paper tries to identify the key drivers that shape the attitudes and understanding of fairness and equality among Erasmus students. It also investigates the implications of their understanding towards building a more equitable society. The key drivers of attitudes were demographic factors (age and political orientation). Other demographic factors, such as gender and income, were not significant. Equality was divided two-fold: equality of process and equality of outcome. Subjects who saw inequality as a valid issue also supported equality of outcome. |
| Keywords: | equality, fairness, equality of opportunity, equality of outcome |
| JEL: | D31 E11 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:jau:wpaper:2021/02&r=all |
| By: | Reinke, Rouven |
| Abstract: | In der Debatte über die Pluralisierung der Volkswirtschaftslehre sind Beiträge aus der Nachbardisziplin der Soziologie bisher kaum aufgegriffen worden. Dabei hat sich hier mit der Neuen Wirtschaftssoziologie ein Forschungsstrang etabliert, dessen Selbstverständnis dezidiert in einer kritischen Auseinandersetzung mit der Neoklassik verankert ist. So bietet die Neue Wirtschaftssoziologie diverse Anknüpfungspunkte für die heterodoxe Kritik am Mainstream. Vor allem im Hinblick auf das mikroökonomische Gleichgewichtsgewichtsmodell der Neoklassik liefert die Neue Wirtschaftssoziologie wichtige Erkenntnisse, welche die Funktionsweise von Märkten nicht nur anhand des Preismechanismus erklären. Die Analyse offenbart gleichwohl ganz deutlich, dass eine umfassende Anschlussfähigkeit der Neuen Wirtschaftssoziologie an die heterodoxe Kritik nur bedingt gegeben ist. Die methodologischen Unterschiede zwischen den Wirtschaftswissenschaften und der (Wirtschafts-)Soziologie zeigen die Grenzen einer soziologischen Mainstreamkritik. |
| Keywords: | Neoklassik,Neue Wirtschaftssoziologie,Methodologie,Paradigma |
| JEL: | A12 B13 B41 Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cessdp:83&r=all |
| By: | Cogliano, Jonathan F.; Kaneko, Soh; Veneziani, Roberto; Yoshihara, Naoki |
| Abstract: | We discuss how international exploitation and unequal exchange emerge in the global economy by focusing on simple economic models with and without credit markets. Free trade of commodities among rich and poor countries results in a transfer of labor time between countries, allowing the citizens of some countries to consume more of the world's social labor than they have contributed. Capital movements across borders together with strong restrictions on the movement of people result in net exporters of capital exploiting (or bene ting from unequal exchange at the expense of) net capital importers. Under perfect competition, mutual bene ts from free trade in goods and capital can coexist alongside unequal flows of revenue and labor in the world economy. Market imperfections and the open use of coercion are not necessary for international exploitation to emerge. However, they may be central for it to persist over time. |
| Keywords: | Unequal exchange, class, capital flows, global economy |
| JEL: | B51 D63 C63 F21 F54 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hituec:718&r=all |
| By: | Deepankar Basu (Department of Economics, University of Massachusetts Amherst) |
| Abstract: | The Marxian labour theory of value considers labour as the only substance of value. The generalized commodity exploitation theorem (GCET) purports to demonstrate that many other commodities can be substances of value. This note argues that the GCET is based on two conceptual flaws: (a) failure to distinguish labour and labour-power; and (b) failure to distinguish labour-power and other commodities. Once these flaws are corrected, it is easy to show that commodities cannot function as the substances of value. Only labour can be the substance of value. |
| Keywords: | labour theory of value; generalized commodity exploitation theorem. |
| JEL: | B51 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2020-07&r=all |
| By: | Hyun Woong Park (Department of Economics, Denison University) |
| Abstract: | In this paper, I develop a Marxian model of market for money capital populated by capitalists equipped with equal money capital endowment but with heterogeneous linear production technology. Due to a maximization of return on equity, capitalists with relatively weak technology, yielding profit rate lower than interest rate, become a money capitalist (lender) and capitalists with relatively strong technology, yielding profit rate greater than interest rate, become an industrial capitalist (borrower). The equilibrium interest rate is derived by the associated demand and supply relation. In this context, Marx’s notion of the role of credit system in an expanded reproduction of capital is understood in terms of an efficient reallocation of funds through credit market. From this setup of the model follow two essential relationships Marx establishes between the average profit rate and the interest rate: (i) that the profit (rate) sets a maximum limit of interest (rate), and (ii) that the two rates are correlated. Lastly, depending on the financial sector’s leverage ratio, which is supported by its intermediation technology, the financial sector may be more or less profitable than the industrial sector. This result suggests that one aspect of the industrial-banking capitalists antagonism surrounding the division of profit into interest and profit of enterprise lies in the banking capitalists’ strenuous efforts towards continuous innovations in financial intermediation technology. |
| Keywords: | Money capital, interest-bearing capital, loanable capital, credit, interest rate |
| JEL: | B51 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ums:papers:2020-02&r=all |
| By: | Alba Moreira Pinargote (Universidad San Gregorio de Portoviejo) |
| Abstract: | The decriminalization of abortion for rape and the implementation of the Comprehensive Organic Law to Prevent and Eradicate Violence against Women, in force since 2018, are the two main requests of feminist women's groups in the province of Manabí. For this reason, gender violence and the role that the State plays with respect to these main demands are the focus of the analysis of this work. It is an initial ethnographic work that aims to understand the discourses and practices of feminist women in this specific territory, through the perspective of the Manabita Tejedora Women's Collective and the group Yo Decido por los Derechos Sexuales y Derechos Reproductivos Manabí. |
| Abstract: | La despenalización del aborto por violación y la implementación de la Ley Orgánica Integral para Prevenir y Erradicar la Violencia contra las Mujeres, vigente desde el 2018, son las dos principales demandas de los grupos de mujeres feministas en la provincia de Manabí. Por este motivo, la violencia de género y el rol que cumple el Estado respecto a estas demandas son el centro del análisis del presente trabajo. Se trata de un trabajo etnográfico inicial que tiene por objetivo comprender los discursos y prácticas de las mujeres feministas en este territorio concreto, a través de la mirada del Colectivo de Mujeres Tejedora Manabita y del grupo Yo Decido por los Derechos Sexuales y Derechos Reproductivos Manabí. |
| Keywords: | Femicides,Patriarchy,Gender stereotypes,Gender biases,Femicidios,Patriarcado,Estereotipos de género,Prejuicios de género |
| Date: | 2020–11–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03032649&r=all |