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on Heterodox Microeconomics |
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Issue of 2023‒10‒02
24 papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Eduardo Ferraciolli; Tanya Araújo |
| Abstract: | The institution of money can be seen as a foundational social mechanism providing communities with the ability to quantify the results of economic processes and collectively regulate independent activities of production and trade – money can be said, indeed, to constitute the micro-macro link in economics. As such, investigations of money’s role in the economy can be fruitfully combined with the tools of social simulation. This paper revisits some of the main positions taken in the contested landscape of monetary theory, evaluating how they might serve as a foundation for the development of a new generation of conceptual and empirical agent-based models.We start out by presenting a comparative review of the way different intellectual traditions in mainstream economics, heterodox economics, and economic sociology attempt to specify the nature of money as an institution and clarify its role in the economy. We extract the key "concepts of money" that each approach emphasizes, paying especially close attention to the contrast between the sociology of money and the microfoundations-related traditions in economics (focusing on "money is memory" models, search-theory and mechanism design). We then review the current literature applying agent-based modeling to questions surrounding the nature of money, assessing some of the main contributions from the perspectives of generative epistemology and of the key concepts identified above. We conclude by indicating different research directions in which we believe agent-based models, in combination with the sociology of money, still have the potential to provide new answers to old questions in monetary theory: by clarifying convergence processes related to money of account, by illustrating the formation of economic structure through symbolic mediation, by constructing tools for analyses of intersubjectivity and coordination, or by providing formal generalization to the social-monetary patterns that are currently being revealed in the wealth of empirical data originating from digital complementary currencies and new histories of money. |
| Keywords: | monetary theory, agent-based modeling, economic sociology |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:ise:remwps:wp02852023&r=hme |
| By: | Zdravka Todorova |
| Abstract: | Conceptions of social stratification and oppression should be central to Post Keynesian inquiry. The article takes a Veblenian feminist view to discuss aspects of oppression in economies of stratification, and outlines connections to areas of Post Keynesian economics. The article is structured around “five faces of oppression” delineated by political theorist Iris Young: exploitation, violence, powerlessness, cultural imperialism, and marginalization. The paper reframes those based on a conception of evolving social processes and diverse economic relations, and employs Veblen’s theory of surplus and stratification, which has a broad understanding of domination that goes beyond capital accumulation. The article provides illustrations of these interconnected aspects of oppression, and discusses how each is co-opted today. The article presents specific connections to Post Keynesian economic analysis and concludes by highlighting the potential of Post Keynesian economics for social justice. |
| Keywords: | Stratification; Oppression; Thorstein Veblen; Feminist Post Keynesian Economics; Social Processes |
| JEL: | B52 B54 E12 Z13 Z18 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:pke:wpaper:pkwp2311&r=hme |
| By: | Ambrosino, Angela; Cedrini, Mario; Davis, John B. (Department of Economics Marquette University; Department of Economics Marquette University) |
| Abstract: | We argue that in a core-periphery economic world economics imperialism as advanced by the postwar Chicago School and economic imperialism led by the economies of the north are two sides of the same coin. We first review the parallelism between postwar capitalism’s core-periphery expansion of the north into the south and the Chicago’s theory of economics imperialism. We then distinguish four forms of relationships between different disciplines, and using Rodrik’s augmented global capitalism trilemma argue Chicago adopts his Golden Straitjacket pathway, both for north-south capitalist expansion and core mainstream economics’ orientation toward other social science disciplines. The paper then uses Ricardo’s classic theory of rising rents to argue the Golden Straitjacket pathway is self-undermining for both, because it produces costly rising inframarginal rents in the north economies associated with financialization and in Chicago economics associated with its defense against other disciplines’ reverse imperialisms. We conclude that long-term forces operating on global economic development and the evolution of the social sciences suggest an alternative pathway for both that would produce a more pluralistic world economy and a more pluralistic economics. |
| Keywords: | economic imperialism, economics imperialism, Rodrik, Golden Straitjacket, Ricardo, financialization, reverse imperialism, pluralism |
| JEL: | A12 B41 F02 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:mrq:wpaper:2023-03&r=hme |
| By: | Helen Mussell |
| Abstract: | Despite the omnipresence of the fiduciary in organisations, there is an omission of contemporary theorisations of this legal concept within the organisational theory literature. This is particularly surprising given the situation that the presence of ethics within the fiduciary is increasingly contested ground, with clear implications for managerial practice. This article addresses the lacuna by theorising the fiduciary using an original ontological analysis, alongside identifying a suitable ethical framework. It argues on two grounds that the ontology of the fiduciary is inherently relational. The fiduciary’s process-oriented focus is shown to indicate an open, emergent, and relational ontology at work. Secondly, historical investigation of the development of the fiduciary highlights its core relationship structure, and the interdependency and power dynamic embedded in the fiduciary are revealed. The argument is advanced that by bringing this inherent relational ontology to the fore, we can see how a relational ethical framework – the Ethics of Care – is best placed to explicate the ethics at work. The article concludes with a discussion outlining how the ontological theorisation offers utility in steering future practice of the fiduciary. |
| Keywords: | Fiduciary duty, Contract Law, Modern Portfolio Theory, Ethics of |
| JEL: | B11 B26 B54 G11 G30 G32 K12 K13 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:cbr:cbrwps:wp534&r=hme |
| By: | Helen Mussell |
| Abstract: | The legal concept of the fiduciary is used extensively in both financial and non-financial organisational contexts. It refers to the situation where one party – the Trustee – is entrusted with serving the best interests of another party – the beneficiary. Because of its wide-ranging use, studies of this concept feature in diverse literature, including legal studies, finance, business ethics, healthcare ethics, and social care. This paper delivers a novel analysis of this concept using social ontological theory – specifically Tony Lawson’s social positioning theory (SPT) – to examine the organisational structure and power embedded in fiduciary relations. It does so for two reasons. Firstly, by theorising the fiduciary from a social ontological perspective we can better understand its structure, the effect of structure on agency, how and why it has evolved, and be clearer on potential for future development. Secondly, equipped with this social ontological analysis, we can explain identified contemporary phenomena which seemingly challenges and contests the power relations embedded in the fiduciary’s organisational structure within the context of financial fiduciary relations. The paper concludes by drawing on the emancipatory potential of SPT as outlined by Lawson, but by applying this potential to considering how financial fiduciary relations can be developed in light of the findings of the SPT analysis. |
| Keywords: | Fiduciary duty; economic agency; trustee; beneficiary; history of finance; share-holder activism; fiduciary activism; contract law; Ethics of Care; Power; Rights and obligations; Trust; Social Ontology; Social positioning theory |
| JEL: | A12 D02 G11 G30 G32 K12 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:cbr:cbrwps:wp536&r=hme |
| By: | Commander, Simon (IE Business School, Altura Partners); Estrin, Saul (London School of Economics) |
| Abstract: | Much of the debate about Asia's economic success has focussed on the respective roles of the market and state. It has been argued that industrial policy has helped address market failures and achieve critical coordination of development planning and process. Yet, starkly contrasting market and state ignores the way that both have been closely intertwined. Indeed, across the different economic and political systems in Asia, a common feature has emerged in which government and big, diversified and mostly family-owned business groups work in close connection to support their mutual interests. Through such ties, Asia has found a solution to many of the problems of economic development by a different type of coordination. Whilst highly effective in a phase of extensive growth, such connections carry less beneficial consequences. Not least, the accumulation of market power and the restraint of competition that result from preferential ties between business groups and political power. At the same time, the lock-hold of business groups limits growth in the formal economy, in employment whilst also stoking inequality. Further, as Asia searches for greater innovation to drive progress, such close ties are far more likely to stand in the way, deterring new entrants and holding back the creation of more broad-based innovation. Breaking down the entrenched power of connected business groups will require new policies that address head-on the distortions that these connections create. These include measures to deter recourse to the business group format itself. |
| Keywords: | Asia growth, industrial policy, business groups |
| JEL: | L5 L22 O25 O53 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izapps:pp202&r=hme |
| By: | Temel, Tugrul; Phumpiu, Paul |
| Abstract: | Drawing on input-output data, a computational methodology is proposed to: (i) characterize the upstream and/or downstream network of a targeted (or prioritized) sector i, (ii) uncover the cascade of layers of links in the network constructed, and (iii) measure the degree of network resilience using edge betweenness centrality measure of edges between communities. These objectives are accomplished through three complementary algorithms. The implementation of the algorithms is illustrated using Turkiye’s 2018 input-output production network. Ways to design policies are discussed from a network perspective. The key findings are three-fold. First, in network-based policy design, it is highly critical to consider the interdependencies of regulated and seemingly competitive sectors. Efficiencies gained in liberalized markets via pro-competitive PMR can easily be wasted before final consumers benefit from them as regulated industries may exercise their market power to confiscate part of the efficiency gain created in competitive markets. Improved competition in a single market may not generate the desired outcome even if competition policies perfectly support that market because benefits from competition may not spread over the rest of the network due to disruptions in the cascade of interdependencies concerned. Second, a network-based policy design should start with the identification of the “dominant” source and the “subordinate” sink sector(s), and those in between. The source−sink structure of Turkiye’s manufacturing network illustrates that the manufacturing sector is the most dominant, whereas telecommunications and transport, energy and construction sectors are the potential sinks where large chunk of input flow ends up. Agriculture, finance and oil extraction-mining seem to be interactive sectors. Third, the cascade of three layers of links are identified, and the upstream network of the manufacturing sector is found to have a mediocre level of resilience against the complete disruption of the intermediate layer of the network. |
| Keywords: | graph theory; input-output production network; network resilience; systemic risk; policy plan- ning; technological change; |
| JEL: | C45 C67 D24 O21 O33 |
| Date: | 2023–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118389&r=hme |
| By: | Lichtenstein, Scott; Fenn, Paul; Kah, Sally |
| Abstract: | This research aims to uncover how the personal values of a social enterprise CEO (Paul) influence strategic leadership and choices. We adopt the upper-echelon theory by Hambrick and Mason (1984) of bounded rationality to provide insights into the lived experience of an executive social entrepreneur - how personal values influence the establishment of Local Power and subsequent strategic decisions. To achieve this, we followed Kempster and Stewart's (2010) co-produced auto-ethnography approach, described as two parts of a sandwich: the ‘bread’ as the interpreted observations and the filling as the reflections on the experience. The 'meat' of Paul's auto-ethnographic sandwich reflected significant episodes from 1995 to 2022 when he developed Local Power, California C Corp CEO and LLC President. From a theoretical perspective, this research contributes to creative opportunity recognition and the coupling of personal values that influence strategic leadership and choices in social entrepreneurship. |
| Keywords: | Strategic leadership; personal values; social entrepreneur; USA |
| Date: | 2023–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:akf:cafewp:23&r=hme |
| By: | Simone d’alessandro (University of Pisa); Tiziano Distefano (University of Florence); Guilherme Spinato Morlin (University of Pisa); Davide Villani (Joint Research Centre – European Commission) |
| Abstract: | Several studies argue that the latest advancements in technology could result in a continuous decrease in the employment level, the labour share of income and higher inequalities. This paper investigates policy responses to the rise of labour-saving technologies and their potential negative effects on employment and inequality. Using EUROGREEN (an Input-Output-Stock-Flow model), we assess how three different policy measures – basic income (BI), job guarantee (JG), and working time reduction without loss of payment (WTR) – could affect the economy in the wake of a technological shock. We build different scenarios in which the effects of these policies are implemented against a reference setting of high labour productivity growth. We evaluate the impact of these policies on per capita GDP, the Gini coefficient, the labour share, the unemployment rate, and the deficit-to-GDP ratio. We find that these policies could be effective in counterbalancing some of the negative effects of labour-saving technologies. JG reduces the level of unemployment significantly and permanently, whereas BI and WTR only temporarily affect the unemployment rate. WTR effectively increases the wage share and generates the lowest deficit-to-GDP ratio in the long run. The introduction of a wealth tax further reduces inequality and helps to offset the increase in public spending associated with JG and BI. A mix of these policies delivers the highest per capita GDP, lowest unemployment rate, and best distributive outcomes. |
| Keywords: | Labour-saving technologies; input-output; inequality; policy scenario analysis; automation; structural change; robot |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:dclass:202309&r=hme |
| By: | Jeremy Bertomeu |
| Abstract: | Aghamolla and Smith (2023) make a significant contribution to enhancing our understanding of how managers choose financial reporting complexity. I outline the key assumptions and implications of the theory, and discuss two empirical implications: (1) a U-shaped relationship between complexity and returns, and (2) a negative association between complexity and investor sophistication. However, the robust equilibrium also implies a counterfactual positive market response to complexity. I develop a simplified approach in which simple disclosures indicate positive surprises, and show that this implies greater investor skepticism toward complexity and a positive association between investor sophistication and complexity. More work is needed to understand complexity as an interaction of reporting and economic transactions, rather than solely as a reporting phenomenon. |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2308.09789&r=hme |
| By: | Bill Martin |
| Abstract: | Using the most rudimentary models, this note explains how the pursuit by workers and firms of collectively unobtainable goals for real wages and real profits can lead not simply to a higher rate of inflation but to an explosive inflation. The rudimentary nature of the models allows a clear link to be forged between these conflicting aspirations and the distribution of national income. The models exclude any notion that workers or firms form, or act upon, expectations about future inflation but can generate the equivalent of a non-accelerating inflation rate of unemployment, a concept absent from many complex conflict models. Out of academic fashion since the ‘defeat of inflation’, conflict models may now enjoy a revival of interest from policy makers should the British economy suffer a period of ‘stagflation’. If so, solutions proposed by British academics who developed the inflation conflict approach in the 1970s and 1980s would warrant their own revival. |
| Keywords: | inflation, conflict, stock-flow consistency, British economy |
| JEL: | E25 E31 |
| Date: | 2022–09 |
| URL: | http://d.repec.org/n?u=RePEc:cbr:cbrwps:wp535&r=hme |
| By: | Helen Mussell |
| Abstract: | The paper investigates epistemic vices in the fiduciary. Building on existing work exploring the presence of epistemic injustice embedded in the fiduciary, the paper examines the presence of another vice - epistemic hubris - and suggests how epistemic injustice acts as a capital vice within the context of the fiduciary, facilitating hubris to flourish. Three interrelated arguments are advanced. The first focuses on how the asymmetrical leader-follower dynamic within the fiduciary results in hubris. The second builds on this exploring how the lack of consultation with the beneficiary alongside deployment of specific economic epistemic goods to interpret the fiduciary results in additional hubris. The third draws the two together, arguing that as epistemic injustice creates conditions for both examples of hubris to flourish, it serves as a capital vice within the context of the fiduciary. Finally, safeguarding suggestions are outlined for how these epistemic vices could be avoided. |
| Keywords: | Fiduciary; Epistemic Vices; Epistemic Injustice; Epistemic |
| JEL: | B11 B26 B54 G30 K12 K13 L14 L21 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:cbr:cbrwps:wp533&r=hme |
| By: | González Vélez, Ana Cristina |
| Abstract: | Este documento se concentra en el análisis de cuatro dimensiones de la nueva conceptualización de la autonomía física de las mujeres: la autodeterminación sexual y reproductiva, el ejercicio pleno de los derechos sexuales y reproductivos, la integridad corporal y física y la reproducción como tiempo de trabajo. Cuando se trabaja en la autonomía de las mujeres sus expresiones nunca son fragmentadas e independientes; las manifestaciones de las autonomías de las mujeres tienen comprensiones y usos interrelacionales. |
| Date: | 2023–08–28 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col040:53946&r=hme |
| By: | Elena Bárcena-Martín (Universidad de Málaga); Francisca García-Pardo (Universidad de Málaga); Salvador Përez-Moreno (Universidad de Málaga) |
| Abstract: | This paper examines the extent to which individuals of Central and Eastern European (CEE) member countries of the EU are left behind compared to individuals from Western European (WE) countries, as well as across CEE countries. To this end, according to the principle of ‘Leaving no one behind’ (LNOB) of the 2030 Sustainable Development Agenda, a fuzzy approach is applied to a multidimensional setting made up of income, material deprivation, and work intensity. Comparing both blocs of countries, three decades after transitions to liberal democracy and market economies of CEE countries, a certain process of convergence between them is observed over the period 2007–2019 essentially as a result of two processes: a decrease in the level individuals were left behind in the CEE countries, and an increase in the level individuals were left behind in the WE countries in the years following the 2007–2008 financial crisis. Differences in the degree individuals were left behind along the income distribution are also analysed. Specifically, it is found that the extent to which individuals were left behind in both blocs in 2007 differs except in the tails. In contrast, the degree individuals were left behind in 2019 is very similar along the distribution for both the CEE and WE blocs and similar to the levels of the WE bloc in 2007. Focusing on the CEE countries, significant disparities among countries regarding the degree of being left behind and its distribution are also revealed. This finding may be related to the models of capitalism implemented, which ranged from mixed economy models (Czech Republic, Slovenia, and Slovakia), where citizens are less left behind, to Bulgaria, Lithuania, and Romania, characterised by more market-based models where people lag further behind. |
| Keywords: | Leaving no one behind, income, material deprivation, work intensity, fuzzy approach, Central and Eastern European counties |
| JEL: | I30 O57 C02 |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2023-654&r=hme |
| By: | Mayra Buvinic (Center for Global Development); James C. Knowles; Firman Witoelar (Crawford School of Public Policy, Australian National University) |
| Abstract: | This paper analyzes a rich pre-pandemic data set on both men and women business owners from 401 mainly rural villages in five regencies (kabupaten) of East Java province, Indonesia. There are some similarities but mostly large gender differences in characteristics and resources in this random sample of Indonesian businesswomen and businessmen. Similarities include years worked in the business and cognitive ability of businesspeople. Large differences include proportionately more women business owners operating ‘consumer facing’ restaurants and retail shops hard hit by the COVID-19 pandemic and sharp gender gaps favoring men in the total value of business capital and savings and in all sources of monthly earned income. Multivariate analysis (propensity score matching) finds that much of the observed gender gaps in earned income and savings remain after business owners are effectively matched on the basis of their pre-existing characteristics and resources (endowments) suggesting that underlying discrimination may be an important driver. The findings further suggest that discrimination by customers and gender rigidities in women’s work time allocation likely contribute to gender inequalities in business outcomes. In the absence of effective interventions, there is a risk of a vicious cycle in which women’s low earnings lead to low savings (unexplained by gender differences in saving behavior), limited capital formation and risk-taking, and to even lower earnings. The paper uses these and other findings to discuss ways for gender-informed economic recovery programs to strengthen micro and small businesses, especially by addressing household and community factors that tilt business environments in favor of men. |
| Keywords: | gender, women’s entrepreneurship, women’s business outcomes, financial inclusion |
| JEL: | J16 L26 B54 D91 |
| Date: | 2021–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:603&r=hme |
| By: | Temel, Tugrul; Phumpiu, Paul |
| Abstract: | A computational methodology is proposed to: (i) characterize the upstream and/or downstream network of a targeted sector i, (ii) uncover the cascade of layers of links in the network, and (iii) measure the degree of network resilience. The methodology is implemented using Turkiye's 2018 input-output data to characterize the gaps and the type of policy reforms required to address them in the context of the targeted manufacturing sector. Market and competition policy reforms are discussed from a network perspective in such a way as to enhance the productivity of the manufacturing sector. Three findings are noteworthy. First, production activities of the manufacturing sector have strong links with regulated general purpose service sectors, including financial, energy-water-gas, and transport and ICT. Therefore, improved competition in the manufacturing sector will not necessarily increase its productivity even if competition policies perfectly support the market for manufacturing products. Second, the source-sink structure of Turkiye's manufacturing network illustrates that the manufacturing sector is the most dominant, whereas transport-ICT, energy-water-gas, and construction sectors are the potential sinks where large chunk of input flow ends up. Third, the cascade of three layers of links suggests that the upstream network of the manufacturing sector has a moderate level of resilience against the complete disruption of the intermediate layer. |
| Keywords: | graph theory; production network; network resilience; Turkiye; policy planning; |
| JEL: | C45 C67 D24 O21 O33 |
| Date: | 2023–09–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118466&r=hme |
| By: | Sahoo, MadhuBala; Janardhanan, Niranjan S.; Ekkirala, Srinivas |
| Abstract: | Although social networks have been examined in teams, an understanding of the consequences of team social network ties on employees’ attitudes beyond team boundaries is hard to come by. Integrating insights from social networks and gestalt field theory, we examine interactive effects of centrality and density of inclusion and exclusion ties in teams on the relationship between employees’ community embeddedness—connectedness with the broader social context—and turnover intentions. In a multi-source field study of 215 employees in 34 teams, we demonstrate that inclusion and exclusion centrality and team exclusion density weaken the effect of community embeddedness on turnover intention. |
| Keywords: | community embeddedness; gestalt field theory; inclusion/exclusion; team social networks; turnover intentions; Sage deal |
| JEL: | J50 |
| Date: | 2023–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:119924&r=hme |
| By: | Evelyn F. Wamboye (Penn State University; Center for Global Development) |
| Abstract: | Equal rights and proactive protection of the right for women and girls to inherit and own land in sub-Saharan Africa (SSA) is important to the expansion of the capabilities of women and girls to lead the kind of lives they value, and have reason to value. This study provides an in-depth analysis of the role of women’s ownership and access to land in SSA in determining gender equality and women’s economic and social outcomes, and provides suggestions to inform effective gender-sensitive land policies. Using cross-sectional regression analysis, we find that ownership of land by women positively contributes to women’s absolute employment. Conversely, results from pairwise correlation showed that lack of ownership of land by women is highly correlated with increased women’s unemployment. Despite these findings, the proportion of women who own land in SSA is 40 percent lower than that of men, whereby about 30 percent of women own land in SSA, compared to 70 percent of men. Moreover, women usually acquire this land either through purchase from the market system or marriage. |
| Keywords: | Land inheritance, gender equality, sub-Saharan Africa, Land ownership |
| JEL: | B54 J16 J21 O55 |
| Date: | 2021–12–08 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:601&r=hme |
| By: | Haochen Li; Yi Cao; Maria Polukarov; Carmine Ventre |
| Abstract: | In this study, we introduce a physical model inspired by statistical physics for predicting price volatility and expected returns by leveraging Level 3 order book data. By drawing parallels between orders in the limit order book and particles in a physical system, we establish unique measures for the system's kinetic energy and momentum as a way to comprehend and evaluate the state of limit order book. Our model goes beyond examining merely the top layers of the order book by introducing the concept of 'active depth', a computationally-efficient approach for identifying order book levels that have impact on price dynamics. We empirically demonstrate that our model outperforms the benchmarks of traditional approaches and machine learning algorithm. Our model provides a nuanced comprehension of market microstructure and produces more accurate forecasts on volatility and expected returns. By incorporating principles of statistical physics, this research offers valuable insights on understanding the behaviours of market participants and order book dynamics. |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2308.14235&r=hme |
| By: | Michele Campolieti; Arturo Ramos |
| Abstract: | We study the distribution of strike size, which we measure as lost person days, for a long period in several countries of Europe and America. When we consider the full samples, the mixtures of two or three lognormals arise as very convenient models. When restricting to the upper tails, the Pareto power law becomes almost indistinguishable of the truncated lognormal. |
| Date: | 2023–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2308.10030&r=hme |
| By: | Liu, Kaiola |
| Abstract: | The purpose of this paper on the study of Quantitative and Qualitative finance aims to bring forward new innovation in Data Science Methodologies. In this publication a unique equation form... F(x) = A·Sin (x)+ B · Cos (x) + C · Tan (x) + ɸ (n) + M(c) + F(n) Is given to pursue the analysis of quantitative or qualitative data as defined by parameterization metrics given to satisfy research data given in any analysis. Whereas this paper explores the complex relationship between the calculaic methods and the quantitative expertise of the researcher. |
| Keywords: | Economics, Mathematics, Philosophy, and Finance |
| JEL: | C00 C01 C02 C2 C20 Y9 Y90 |
| Date: | 2023–08–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118393&r=hme |
| By: | de Moraes Achcar, Helena |
| Abstract: | Brazil's South-South cooperation (SSC) has been accused of using a depoliticizing language of similarity and horizontality that hid structural asymmetries between very divergent realities. Focusing on a SSC project in health between Brazil and Mozambique, the Mozambican Pharmaceutical Ltd. (SMM), this article seeks to understand whether SSC can in fact re-politicize development. Drawing on a poststructuralist approach to discourse, I see re-politicization as challenging views of development in line with foreign aid (privatization in this context) and the enactment of initiatives in line with SSC principles (state-ownership). I explore the political negotiations and conflict around the implementation of the SMM and argue that while initially the language of horizontality masked structural differences between Brazil and Mozambique, it was later mobilized to challenge Mozambique's desire to privatize the SMM. A compromise between stakeholders allowed the SMM to be majority state-owned, in what I say represented some degree of structural transformation. My analysis shows that development principles are neither universal (a criticism long addressed at foreign aid) nor do they have a single effect. The implementation of SSC projects that aim to effect structural transformation on highly divergent contexts will be subject to contestation, negotiation and accommodation by stakeholders, and the strategic employment of principles. The article suggests that SSC would require a more frequent engagement between partners so that SSC norms become naturalized. More broadly, it echoes part of the SSC literature that calls for a focus on development encounters, political dynamics and local constructions of reality rather than generic policy statements or principles. |
| Keywords: | cooperation in health; logics of critical explanation; Mozambican Pharmaceutical Limited; post-structuralism; re-politicization of development; South-South cooperation |
| JEL: | N0 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111947&r=hme |
| By: | Jorge Miranda-Pinto; Alvaro Silva; Eric R. Young |
| Abstract: | We study the network origins of business cycle asymmetries using cross-country and administrative firmlevel data. At the country level, we document that countries with a larger number of non-zero intersectoral linkages (denser networks) display a more negatively skewed cyclical component of output. At the firm level, we find that firms with a larger number of suppliers and customers (degrees) display a more negatively-skewed distribution of their output growth. To rationalize these findings, we construct a multisector model with input-output linkages and show that the relationship between output skewness and network density naturally arises once we consider non-linearities in production. In an economy with low production flexibility (inputs are gross complements), denser production structures imply that relying on more inputs becomes a risk that further amplifies the effects of negative productivity shocks. The opposite holds if firms display high production flexibility (inputs are gross substitutes): having more inputs to choose from becomes an opportunity to diversify the effects of negative productivity shocks. We calibrate the model using our rich firm-to-firm network Chilean data and show that more connected firms experience larger declines in output in response to a COVID-19 shock, consistent with the data. We also show that, as in the data, the cross-sectional distribution of output growth in the model displays a fatter left tail during downturns. The previous result is shaped by the interplay between production complementarities and network interconnectedness, rather than by the asymmetry of the shocks. The size of the shock determines the strength of the relationship between degrees and output decline, which highlights the importance of non-linearities and the limitations of local approximations. |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:chb:bcchwp:965&r=hme |
| By: | Valerija Botric (The Institute of Economics, Zagreb); Sonja Radas (The Institute of Economics, Zagreb); Bruno Skrinjaric (The Institute of Economics, Zagreb) |
| Abstract: | This paper aims to shed light on gender differences in firm performance in a period that entails an unprecedented crisis with specific effects on gender roles, i.e., COVID-19. The analysis focuses on Croatian high-tech manufacturing and knowledge-intensive service sector SMEs. Previous literature indicates that the obstacles the SMEs face may be even more significant for women-owned firms. Specifically, women entrepreneurs find it more challenging to secure social and financial capital. Women often face restrictions on their working hours due to societal pressure and family obligations, and they are rarely well-connected because they are often not members of influential business networks. Literature also suggests that the usual pressures on female working hours have disproportionally increased during the COVID-19 imposed lockdowns, so the general expectation is that women entrepreneurs were not able to cope equally with the changed market circumstances. In this study, we consider a causation-effectuation management framework to investigate how women- and men-owned SMEs used these management styles to address the business challenges in the COVID-19 crisis. Our contribution aims explicitly to answer the invitation made in recent literature to explore how gender influences the effects of the four dimensions of effectuation on firm performance. |
| Keywords: | women entrepreneurship; firm performance; management styles; COVID-19 |
| JEL: | B54 J16 L26 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:iez:wpaper:2301&r=hme |