|
on Heterodox Microeconomics |
|
Issue of 2021‒07‒19
twenty papers chosen by Carlo D’Ippoliti Università degli Studi di Roma “La Sapienza” |
| By: | Spash, Clive L. |
| Abstract: | Ecological economics has developed as a modern movement with its roots in environmentalism and radical environmental economics. Divisions and conflicts within the field are explored to show why material claiming to fall under the title of ecological economics fails to be representative of progress or the vision which drove socio-economic specialists to interact with ecologists in the first place. The argument is then put forward that ecological economics, as a social science engagingwith the natural sciences, is a heterodox school of modern political economy. |
| Keywords: | ecological economics, methodology, ideology, politics, history |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus009:8202&r= |
| By: | Petri, Fabio (University of Siena) |
| Abstract: | Professor Bertram Schefold’s recent papers on capital theory and the Cambridge critique argue that the very low likelihood of reswitching and reverse capital deepening that appears to emerge from empirical input-output tables is confirmed by theoretical results; these results, he concludes, largely rehabilitate traditional neoclassical views on capital and show that the Sraffian critics’ insistence on reverse capital deepening as a fundamental criticism of neoclassical theory is misplaced. The present paper raises doubts about these arguments. In particular Professor Schefold does not give adequate consideration to the ‘supply-side’ problems with the measurability and the given endowment of the traditional notion of capital as a single factor. On the empirical evidence based on input-output tables, I agree with Professor Kurz that it suffers from very serious weaknesses. The more recent argument for an extremely low likelihood of double switching, advanced in Schefold (2016) and (2017), appears criticisable too. |
| Keywords: | capital theory; Cambridge critique; random matrices; aggregate production function |
| JEL: | B13 B51 E25 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ris:sraffa:0050&r= |
| By: | Spash, Clive L.; Smith, Tone |
| Abstract: | The values of Nature are today ever more contested in attempts to reduce them to a narroweconomics calculus and financial metrics. The crisis of modernity is evident is that the concept ofNature itself has been subject to post-modern deconstruction as archaic Romanticism whilesimultaneously being made into a modernist capital form by economists, bankers and financiers. Inthis paper we start by defining the meaning of Nature before moving to its values, the two beinginseparable. Nature is seen as combining three aspect: (i) being ‘other’ than human, (ii) abiophysical structure and (iii) a quality which humans commonly and intuitively reference butstruggle to specify. When turning to the values of Nature we describe the three major meta-ethicalsystems of Western philosophy—utilitarianism, deontology and virtue ethics. The contestationespecially between utilitarian and rights-based approaches is explored. The role of intrinsic value inthese systems is outlined. Modern mainstream economic valuation is then placed in context of theforgoing discussion and critically reviewed as a misguided but hegemonic approach to valuingNature. The terrain of debate is laid out, briefly covering recent developments of rights to Natureand Nature’s contribution to people. That Nature cannot be dismissed as a concept (somethingattempted by some post-modernists and strong constructionists), but remains importantly contestedin terms of its values, is central to understanding the on-going social-ecological conflicts created by. |
| Keywords: | environmental values, Nature, ethics, utilitarianism, rights, virtue, incommensurability,intrinsic value, economic valuation, moral considerability; standing, plural values |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wus009:8176&r= |
| By: | Schlicht, Ekkehart |
| Abstract: | The new institutional economics has one of its roots in evolutionary thinking. The idea is that there is competition among organizational forms. Some forms spread faster than others and thereby displace and eventually destroy the less well adapted forms. In the end, the most 'efficient' organizational formation will survive, where 'efficiency’ is a social analogue for biological fitness. The process is predominately envisaged as a process of what I am going to term 'blind evolution': a combination of random variation and selection. The idea of randomness is put into question. If evolution is is to be able to work successfully on complex organisms or organizations, it is necessary that variation occurs in a patterned fashion with systematically correlated changes. Once the importance of patterned variation is established, it must be asked where the patterns come from. It will be argued that, for the purpose of the social sciences, these patterns are generated by psychological regularities, both cognitive and emotional. Features of patterning are discussed (channeling by constraints, hitchhiking, radiation, founder effects, irreversibly, functional shifts, evolutionary detours, punctuation). |
| Keywords: | evolution; evodevo; evo-devo; variation; selection; institutional economics; social psychology; channeling by constraints; hitchhiking; radiation; founder effects; irreversibly; functional shifts; evolutionary detours; punctuation |
| JEL: | B15 B25 B52 D02 D23 E14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:lmu:muenec:76567&r= |
| By: | Robert Hillman; Sebastian Barnes; George Wharf; Duncan MacDonald |
| Abstract: | This paper develops a new large-scale firm-level simulation model, the Corporate Sector Agent-Based (CAB) Model, which is applied to analyse the COVID-19 shock and policy options in Barnes, Hillman, MacDonald and Wharf (2021). Agent-based models (ABMs) simulate the interaction of autonomous agents to generate emergent aggregate behaviours. The CAB model takes into account: heterogeneity across firms; a realistic customer-supplier network; interactions between firms; rule-of-thumb behaviour by firms and bankruptcy constraints. |
| Keywords: | agent-based modelling, bankruptcy, Covid-19, credit guarantees, financial stability, firm dynamics, firm-level data, input-output analysis, network analysis, short-time working schemes |
| JEL: | D21 D22 D57 D85 E27 G33 |
| Date: | 2021–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1675-en&r= |
| By: | Julia M. Puaschunder (The New School, New York, USA) |
| Abstract: | Globalization leveraged pressure on contemporary society. Today's most pressing social dilemmas regarding climate change demand for inclusive solutions that marry the idea of sustainable growth with environmental economics. Understanding the bounds of environmental limits to avoid ethical downfalls beyond the control of singular nation states infringing on intergenerational equity – the fairness to provide an at least as favorable standard of living to future generations as enjoyed today – has become a blatant demand. In a history of turning to natural law as a human-imbued moral compass for solving societal downfalls on a global scale in times of crises; the paper covers the ethical justification for environmental economics. Climate change demands for intergenerational equity in the 21st century and climate justice attention around the globe, while the gains and losses of a warming globe are distributed unequally. Only ethical foundations and imperatives will help to provide the groundwork on climate justice within a society, around the world and over time. Ethics of the environment derived from a human natural drive towards intergenerational fairness back climate justice based governance and private sector solutions. |
| Keywords: | Climate Bonds, Climate Change, Climate Justice, Climatorial Imperative, Economics of the Environment, Ethics, Environmental Justice, Environmental Governance, Heidegger, Kant, Public Policy, Rawls, Sustainability, Teaching |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:smo:lpaper:0043&r= |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | his paper investigates the methodology of Nicholas Georgescu-Roegen and his conception of economic models as analytical similes. His approach has received little attention from mathematical economists and economic methodologists. Thus, the purpose of this paper is to characterize his perspective and situate it in the broader spectrum of economic methodologies. It shows that Georgescu-Roegen criticized the lack of significance of certain economic models and attempted to give philosophical foundations to this criticism. He also provided a set of methodological principles that are illustrated by his practice of economic modeling. This perspective placed Georgescu-Roegen in opposition to the axiomatic approach that dominated postwar economics, and in line with economists such as Marshall, Wicksell, and Keynes, on the limited and subordinate role of mathematics in the discipline. Overall, the paper shows that Georgescu-Roegen's methodological contribution is still relevant to contemporary debates on the status of economic models. |
| Keywords: | Georgescu-Roegen,methodology,mathematical economics,models |
| Date: | 2021–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03226589&r= |
| By: | Julia M. Puaschunder (The New School, New York, USA) |
| Abstract: | Globalization leveraged pressure on contemporary society. Today's most pressing social dilemmas regarding climate change demand for inclusive solutions that marry the idea of sustainable growth with environmental economics. Understanding the bounds of environmental limits to avoid ethical downfalls beyond the control of singular nation states infringing on intergenerational equity – the fairness to provide an at least as favorable standard of living to future generations as enjoyed today – has become a blatant demand. In a history of turning to natural law as a human-imbued moral compass for solving societal downfalls on a global scale in times of crises; the paper covers the ethical justification for environmental economics. Climate change demands for intergenerational equity in the 21st century and climate justice attention around the globe, while the gains and losses of a warming globe are distributed unequally. Only ethical foundations and imperatives will help to provide the groundwork on climate justice within a society, around the world and over time. Ethics of the environment derived from a human natural drive towards intergenerational fairness back climate justice based governance and private sector solutions. |
| Keywords: | Climate Bonds, Climate Change, Climate Justice, Climatorial Imperative, Economics of the Environment, Ethics, Environmental Justice, Environmental Governance, Heidegger, Kant, Public Policy, Rawls, Sustainability, Teaching |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:smo:lpaper:0039&r= |
| By: | Abdullahi Abubakar Lamido (PhD Candidate, Department of Economics International Islamic University, Malaysia) |
| Abstract: | Islamic economics is at an important crossroads. Leading scholars have continued to reassess the journey so far in its development, offering fresh looks into its future directions. At the core of all the debates on the development of Islamic economics lies the need for standard texts that would guide the teaching of the new discipline. Islamic economics: Principles and analysis, published forty-two years after the formal ‘birth’ of the nascent discipline, represents one of the most important steps in that direction. This paper makes a critical review of the book and offers some insights towards its further improvement. The book has succeeded remarkably in summarizing, evaluating, and simplifying the most important materials on the concept, philosophy, principles, methodology, and frontiers of Islamic economics. It details the analysis of such topics as Islamic microeconomics, macroeconomics, economic development, Islamic finance, Islamic social finance, and the challenges and future directions of Islamic economics. It stands unique given its coverage of essential topics, the caliber of scholars that contributed chapters and made reviews, as well as its rigorous editorial process. Even with areas that need improvement, it is envisaged that the book can spark a new wave of convergence towards consensus on some key concepts in Islamic economics. يَقِفُ الاقتصاد الإسلامي عند مفترق طريق مهم. وهذا ما حدا بكبار العلماء والباحثين إلى إعادة تقييم المرحلة لهذا العلم، مع السعي الحثيث إلى تقديم نظرة جديدة لاتجاهات المستقبل. تتمثل القضية الجوهرية في النقاش المتعلق بتطوير الاقتصاد الإسلامي في الحاجة الماسة إلى كتب مرجعية من شأنها الإسهام النوعي الجاد في تدريس هذا الحقل المعرفي الجديد. يُعد كتاب " الاقتصاد الإسلامي: المبادئ والتحليل"، الذي نُشر بعد اثنين وأربعين عامًا من "الولادة" الرسمية للنظام الناشئ، إحدى المُبادرات المُهمة في هذا الاتجاه. تُقَدِّم هذه الورقة مراجعة علمية للكتاب وتستعرض بعض الأفكار من أجل مزيد من التحسين. لقد نجح الكتاب بشكل ملحوظ في تلخيص وتقييم وتبسيط أهم المواد المتعلقة بمفهوم وفلسفة ومبادئ ومنهجية وحدود الاقتصاد الإسلامي، يتضح ذلك من خلال جملة الموضوعات التي يُغطيها الكتاب؛ مثل الاقتصاد الجزئي الإسلامي، والاقتصاد الكلي، والتنمية الاقتصادية، والتمويل الإسلامي، والتمويل الاجتماعي الإسلامي، والتحديات والتوجهات المستقبلية للاقتصاد الإسلامي. والكتاب فريد من نوعه نظرًا لتغطيته للموضوعات الأساسية، ولمكانة ومستوى العلماء والباحثين الذين أسهموا في إعداد فصوله المتنوعة أو قدموا مراجعات، بالإضافة إلى عملية التحرير المهنية. ومع الإقرار بوجود مجالات وموضوعات تحتاج إلى تحسين -كأي جهد بشري-، من المؤمل أن يُسهم الكتاب في إطلاق موجة جديدة من التقارب نحو الإجماع حول بعض المفاهيم الأساسية في الاقتصاد الإسلامي، التي من شأنها أن تكون مفيدة للمتعلم في هذا التخصص الجديد. |
| Keywords: | Islamic economics, Islamic finance, Principles of Islamic economics. الاقتصاد الإسلامي، التمويل الإسلامي، مبادئ الاقتصاد الإسلامي. |
| JEL: | A10 A12 A19 D00 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:abd:jkaubr:1776&r= |
| By: | Erasmo, Valentina |
| Abstract: | This paper tries to extend the Capabilities Conception of the Individual developed by Davis (2003, 2009), understanding capabilities as relationships. Firstly, I will introduce the main concepts which are useful towards this extension, namely those of agency and capabilities. For this purpose, I will avail of Ricoeur (2004) analysis of Sen’s earlier works. Thanks to his analysis, I will show how agency refers to a rational and responsible exercise of capabilities. After this introduction, I will develop the concept of capabilities as relationships, availing of the distinction between intrapersonal and interpersonal relationships (Giovanola 2005, 2009): in this framework, self-scrutiny and relationality respectively become the leading capabilities of these two relationships. Since this extension of capabilities conception of individuals, two concepts arise with a certain strength, namely those of responsibility and relationality. In contrast, this extension of capabilities conception of individual in economics also in terms of interpersonal relationship emphasizes how this social conception of individual is characterized by relationality. This point is relevant because enables further extensions of Sen’s works, for example, in civil economics. |
| Keywords: | agency; capabilities; responsibility; relationality; relationship (intrapersonal, interpersonal) |
| JEL: | B41 B59 Z13 |
| Date: | 2021–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108487&r= |
| By: | Sebastian Barnes; Robert Hillman; George Wharf; Duncan MacDonald |
| Abstract: | Covid-19 and the associated restrictions on interaction have led to an unprecedented shock to activity and firms’ balance sheets. To assess the impact, this paper applies a new large-scale firm-level simulation model calibrated to the United Kingdom (UK). The paper specifically examines the Coronavirus Job Retention Scheme (CJRS) furlough program and a credit guarantee.The Corporate Sector Agent-Based (CAB) Model (Hillman, Barnes, Wharf and MacDonald, 2021) takes into account: heterogeneity across firms; interactions between firms across a realistic customer-supplier network; and rule-of-thumb behaviour by firms and bankruptcy constraints. The model amplifies the effect of shocks and generates substantial persistence and overshooting, as well as displaying a number of non-linearities. The CAB uses a data-rich approach based on ORBIS firm-level data and the OECD Input-Output tables. Simulations in this paper are calibrated to the observed path of UK output in 2020. |
| Keywords: | agent-based modelling, bankruptcy, Covid-19, credit guarantees, financial stability, firm dynamics, firm-level data, input-output analysis, network analysis, short-time working schemes |
| JEL: | D21 D22 D57 D85 E27 G33 |
| Date: | 2021–07–13 |
| URL: | http://d.repec.org/n?u=RePEc:oec:ecoaaa:1674-en&r= |
| By: | Kelly, Colm (PwC Deutschland); Snower, Dennis J. (Hertie School of Governance) |
| Abstract: | This paper examines major forces that have decoupled economic and business prosperity from social prosperity and explores how recoupling can be promoted. Economists have specified well-known conditions under which free market enterprise with shareholder value maximization is efficient. These conditions are systematically violated by three forces – globalization, technological advance and financialization (GTF) – that have weakened the connections between economies and societies over the past four decades. Consequently, the recoupling process requires abandoning the default premise of economic decision making that social progress follows financial performance. For business, it calls for a move from shareholder to stakeholder value. For government, it calls for setting legal obligations, targets and incentives to ensure that stakeholder value is compatible with a rigorously defined concept of "societal and planetary value." |
| Keywords: | recoupling, shareholder value, stakeholder value, wellbeing, globalization, technological advance, financialization |
| JEL: | M21 P1 A13 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14509&r= |
| By: | Camilla Chlebna (Institute of Social Sciences, Carl von Ossietzky University, Germany); Hanna Martin (Department of Business Administration and Centre for Regional Analysis, School of Business, Economics and Law, University of Gothenburg, Sweden); Jannika Mattes (Institute of Social Sciences, Carl von Ossietzky University, Germany) |
| Abstract: | A comprehensive perspective of regional transformative development is pertinent in light of recurring crises and grand societal challenges. We propose an integrative research agenda for transformative regional development, based on a co-evolutionary perspective on industry-focused regional path development and transitions. Combining existing knowledge from the debates on evolutionary economic geography and transition studies we define three key dimensions of co-evolution: the interrelations between different paths and their impact, interregional and multiscalar development dynamics, and the interdependence between industries and society. We address each dimension separately and suggest concrete avenues for further research. |
| Keywords: | evolutionary economic geography, regional industrial path development, socio-technical transitions, co-evolution, research agenda |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:aoe:wpaper:2105&r= |
| By: | Kumar, Rishabh (University of Massachusetts Boston) |
| Abstract: | US incomes follow a two class pattern -- an insight originally shown by physicists in the econophysics literature. The upper class fits a power-law, or Pareto distribution, while the lower class follows an exponential distribution. I show that these patterns hold over 2004-2018 and that the upper class has expanded, from 1-3 percent until 2001, to almost the top 6 percent by 2018. I find that growing income inequality is explained by growing \emph{between-class} inequality. As the fraction in the upper class increases, higher average incomes are allocated to more members of the population, while the lower class is constrained tightly around mean incomes that are an order of magnitude smaller. |
| Date: | 2021–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:fmkj3&r= |
| By: | Patrick Reinwald; Stephan Leitner; Friederike Wall |
| Abstract: | Models of economic decision makers often include idealized assumptions, such as rationality, perfect foresight, and access to all relevant pieces of information. These assumptions often assure the models' internal validity, but, at the same time, might limit the models' power to explain empirical phenomena. This paper is particularly concerned with the model of the hidden action problem, which proposes an optimal performance-based sharing rule for situations in which a principal assigns a task to an agent, and the action taken to carry out this task is not observable by the principal. We follow the agentization approach and introduce an agent-based version of the hidden action problem, in which some of the idealized assumptions about the principal and the agent are relaxed so that they only have limited information access, are endowed with the ability to gain information, and store it in and retrieve it from their (limited) memory. We follow an evolutionary approach and analyze how the principal's and the agent's decisions affect the sharing rule, task performance, and their utility over time. The results indicate that the optimal sharing rule does not emerge. The principal's utility is relatively robust to variations in intelligence, while the agent's utility is highly sensitive to limitations in intelligence. The principal's behavior appears to be driven by opportunism, as she withholds a premium from the agent to assure the optimal utility for herself. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2107.03764&r= |
| By: | Quentin Couix (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03226587&r= |
| By: | Klaus S. Friesenbichler; Agnes Kügler |
| Abstract: | This paper uses the supply tables underlying WIOT data to explore the provision of services by manufacturing. The service shares differ substantially across countries and sectors, while they remain largely stable over time. Findings from a latent class analysis reveal that servitization in-crease with labour productivity. The service intensities in the sectoral production mix of broadly defined manufacturing sectors are lower in countries with higher manufacturing shares. This holds for both catching-up and developed economies. Yet, servitization is largely unrelated to productivity and employment growth. We therefore argue that the degree of servitization is contingent on and an attribute of the respective economic model in which a sector operates. |
| Keywords: | Servitiziation, employment, productivity, latent class analysis, WIOD |
| Date: | 2021–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:wfo:wpaper:y:2021:i:&r= |
| By: | Mariano Treacy |
| Abstract: | Resumen Los determinantes sociales explican la mayor parte de las inequidades de salud. Uno de los principales determinantes que identifica la Organización Mundial de la Salud es la desigual distribución de los ingresos. En este artículo nos proponemos identificar, en el marco de los determinantes sociales de la salud, aquellos que se vinculan con las tendencias sistémicas y de largo plazo de propagación de la desigual distribución del ingreso y la riqueza. El abordaje de esta temática se realiza desde la economía política, que nos permite visualizar las tendencias macrosociales que configuran los determinantes sociales de la salud. En las últimas décadas, en el marco del despliegue del neoliberalismo a escala global, las inequidades sanitarias se han profundizado en paralelo al incremento de la brecha de ingresos entre países desarrollados y emergentes y hacia el interior de estos, entre los sectores de más altos ingresos y los de más bajos. En Argentina esto se ha traducido en un proceso de desintegración productiva y de un mercado de trabajo cada vez más fragmentado y excluyente, con efectos negativos sobre las inequidades de salud. Abstract Social determinants explain most of the disparities in health. One of the main determinants identified by the World Health Organization is uneven distribution of income. In this article the aim is to identify, in the framework of the social determinants of health, those associated with systemic and long-term trends of the propagation of uneven distribution of income and wealth. This subject matter is approached from a political economics perspective, which allows us to visualize macro-social tendencies that shape the social determinants of health. In the last decades, in the framework of the spread of neoliberalism on a global scale, sanitary inequities have grown deeper parallel to the increase in the income gap among developed and emerging countries and, within these, among the sectors with highest income and those with the lowest. In Argentina this has translated into a process of productive disintegration and a job market more and more fragmented and exclusionary, with negative effects on all health inequities. |
| Keywords: | economía política; neoliberalismo; desigualdad; factores socioeconómicos; disparidades en el estado de salud; inequidad social. |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019347&r= |
| By: | Erik Eyster; Shengwu Li; Sarah Ridout |
| Abstract: | Human beings attempt to rationalize their past choices, even those that were mistakes in hindsight. We propose a formal theory of this behavior. The theory predicts that agents commit the sunk-cost fallacy. Its model primitives are identified by choice behavior and it yields tractable comparative statics. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2107.07491&r= |
| By: | Wilson Quijano; Diego Alejandro Guevara-Castañeda |
| Abstract: | Resumen Este artículo presenta los resultados arrojados por las estimaciones del modelo de las leyes de Kaldor para la búsqueda de evidencias de la desindustrialización de la economía colombiana en el periodo 2005-2017. El ejercicio econométrico muestra el papel de la industria manufacturera como motor de crecimiento. La metodología emplea un modelamiento en dos paneles: el primero de tipo balanceado con datos agregados para 23 áreas metropolitanas, y el segundo de tipo desbalanceado agregando datos desde el nivel de firma, con la muestra obtenida de la Encuesta Anual Manufacturera (EAM) para dicho periodo. Con base en los resultados de múltiples estimaciones, se encuentra y reafirma que el debilitamiento del sector manufacturero se evidencia en el declive sostenido del porcentaje de participación que tiene este en el empleo total y el PIB; y en el vínculo nocivo entre la dinámica del empleo manufacturero y el crecimiento del producto. Las evidencias de la desindustrialización identificadas, permiten concluir que el aporte de la manufactura al crecimiento económico se sustenta en rendimientos crecientes a escala estáticos. Abstract This article presents the results given by the calculations made using Kaldor’s growth model for the search of evidence of deindustrialization in the Colombian economy in the period that spans 2005-2017. This econometric exercise shows the role of the manufacturing industry as a motor for growth. The methodology uses modelling in two panels: the first, a balanced type with data added for 23 metropolitan areas; the second, a balanced type adding data from a company level, with a sample obtained from the Encuesta Anual Manufacturera (EAM) – Annual Manufacturing Survey for said period. Based on the results of multiple calculations, it is found and reaffirmed that the weakening of the manufacturing sector is evidenced in decline sustained by the percentage of participation that it has in total employment and GDP, and the harmful link between the dynamics of manufacturing employment and growth of the product. The evidence of deindustrialization identified allows a conclusion that the contribution of manufacturing to economic growth is based on static economies of scale. |
| Keywords: | desindustrialización; Kaldor; rendimientos crecientes; manufactura; crecimiento económico; ley de Kaldor-Verdoorn. |
| JEL: | B50 E12 L60 O47 |
| Date: | 2021–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:col:000418:019342&r= |