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on Heterodox Microeconomics |
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Issue of 2025–01–06
seven papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Jean-Sébastien Lenfant (PRISM, Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | The purpose of this article is to provide a historical account of the contributions to judgment and decision making by four cognitive psychologists at the turn of the 1970s: Sarah Lichtenstein, Paul Slovic, Amos Tversky and Daniel Kahneman. Beyond the usual focus on Kahneman and Tversky's heuristics and biases approach, we uphold that historians of behavioral economics would gain from a broader and more balanced view of the contributions of these four psychologists to the theory of decision making. Together with the heuristics and biases approach, experiments on preference reversal and choice intransitivities represent a multifaceted criticism of standard theories of choice and decision against which the genesis of behavioral economics could be evaluated. |
| Keywords: | Lichtenstein (Sarah), Slovic (Paul), Tversky (Amos), Kahneman (Daniel), heuristics and biases, preference reversal, intransitivity, preferences, behavioral economics, conjoint measurement, judgment, expected utility theory, mathematical psychology, cognitivism, experiments |
| JEL: | B21 B29 D91 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2024-31 |
| By: | Ariane Tichit (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne); Assen Slim (CESSMA UMRD 245 - Centre d'études en sciences sociales sur les mondes africains, américains et asiatiques - IRD - Institut de Recherche pour le Développement - Inalco - Institut National des Langues et Civilisations Orientales - UPCité - Université Paris Cité, CREE EA 4513 - Centre de recherches Europes-Eurasie - Inalco - Institut National des Langues et Civilisations Orientales, ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School) |
| Abstract: | Starting from the observation that no social model of labor is emerging at a time when the Fordist wage relationship (FRR) is in crisis, the article analyses Robert Boyer's model of anthropogenetic development, arguing that it can draw on Bernard Friot's extension of the general social security system to redefine the wage relationship and promote sustainable productivity. By examining the concepts of Boyer and Friot, he raises questions about the collective determination of pay scales, inequalities linked to qualifications, and democratic negotiation within productive units. In conclusion, it examines why a new social relationship with work is struggling to emerge, highlighting the transformation of the conditions of existence of wage earners as the central issue. The text proposes concrete avenues based on the collective organization of work, redefining its value and taking control of working conditions to promote innovative anthropogenetic development. |
| Abstract: | Partant du constat qu'aucun modèle social du travail n'émerge alors que le rapport salarial fordiste (RSF) est en crise, l'article analyse le modèle de développement anthropogénétique de Robert Boyer, soutenant qu'il peut s'appuyer sur l'extension du régime général de la sécurité sociale de Bernard Friot pour redéfinir le rapport salarial et promouvoir une productivité durable. En examinant les concepts de Boyer et Friot, il soulève des questions sur la détermination collective des grilles de salaire, les inégalités liées aux qualifications, et la négociation démocratique au sein des unités productives. En conclusion, il interroge sur les raisons pour lesquelles un nouveau rapport social du travail peine à émerger, mettant en avant la transformation des conditions d'existence du salariat comme enjeu central. Le texte propose des pistes concrètes basées sur l'organisation collective du travail, la redéfinition de sa valeur et la prise de contrôle des conditions de travail pour favoriser un développement anthropogénétique novateur. |
| Keywords: | Wage relationship, Anthropogenetic development, Generalised social security, Regulation of work, Democracy, Rapport salarial, Développement anthropogénétique, Sécurité sociale généralisée, Régulation du travail, Démocratie |
| Date: | 2024–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cdiwps:hal-04842547 |
| By: | Pies, Ingo |
| Abstract: | Dieser Beitrag rezensiert den außerordentlich lesenswerten Sammelband, den Richard Sturn unter dem Titel 'Joseph Schumpeter und der Staat" in der Nomos-Reihe 'Staatsverständnisse" herausgegeben hat. Zugleich wird herausgearbeitet, dass die Schumpeter Rezeption vor einer groflen Herausforderung steht. Die besteht darin, dass Schumpeter in seinen Texten - vor allem in seinem Buch 'Kapitalismus, Sozialismus und Demokratie" - umfänglichen Gebrauch von Ironie gemacht hat, so dass nicht alle seine Aussagen wortwörtlich zum Nennwert genommen werden dürfen. Somit besteht die Notwendigkeit, dass die mittlerweile immense Gebirgslandschaft der Primär- und Sekundärliteratur, die zu Schumpeter verfügbar ist, von Grund auf neu kartiert werden muss. |
| Abstract: | This article reviews the extremely readable anthology published by Richard Sturn under the title 'Joseph Schumpeter and the State" in the Nomos series 'Understanding the State". At the same time, it is worked out that the reception of Schumpeter faces a great challenge. This consists in the fact that Schumpeter made extensive use of irony in his texts - especially in his book 'Capitalism, Socialism and Democracy" - so that not all of his statements should be taken literally at face value. Thus, there is a need to re-map from scratch the by now immense landscape of primary and secondary literature on Schumpeter. |
| Keywords: | Steuerstaat, Kapitalismus, Sozialismus, Demokratie, Ironie, Tax State, Capitalism, Socialism, Democracy, Irony |
| JEL: | B24 B25 B31 B52 B53 Z1 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:mlucee:307121 |
| By: | Emanuele Ciola (Fondazione Eni Enrico Mattei and Department of Economics and Management, Università degli Studi di Brescia); Enrico M. Turco (Fondazione Eni Enrico Mattei and Department of Economics and Finance, Catholic University of Sacred Heart, Milan); Massimiliano Rizzati (Fondazione Eni Enrico Mattei and Department of Economics and Management, Università degli Studi di Brescia); Davide Bazzana (Fondazione Eni Enrico Mattei and Department of Economics and Management, Università degli Studi di Brescia); Sergio Vergalli (Fondazione Eni Enrico Mattei and Department of Economics and Management, Università degli Studi di Brescia) |
| Abstract: | This paper evaluates the macroeconomic and financial risks of the energy transition using an extended MATRIX model, a multi-agent, multi-sector integrated assessment framework for the Euro Area. The model features endogenous, directed technical change in the energy sector and a decentralized electricity market based on merit-order rule. Energy firms switch technologies based on relative profitability, capturing feedback loops between R&D, productivity gains, and competitiveness, which may lead to either brown lock-in or green energy transition. We compare conventional policies – brown tax (BT), unconditional green subsidy (GS), and conditional green subsidy (CGS) linked to R&D – with alternative policy mixes, such as coordinated monetary policy, green finance and green industrial policy. Results show that while conventional policies modestly increase transition likelihood, they entail GDP losses due to production and financial constraints. These can be mitigated with green industrial policy and green finance, which alleviate sectoral bottlenecks and foster a more effective transition. |
| Keywords: | Energy Sector, Agent-Based Models, Macroeconomic Dynamics, Directed Technological Change, Green Transition |
| JEL: | C63 E61 O33 Q43 Q55 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:fem:femwpa:2024.27 |
| By: | Vlados, Charis (Democritus University of Thrace, Department of Economics) |
| Abstract: | This study explores the evolving theoretical divide within the field of International Political Economy (IPE), focusing on the debate between the advocates of new globalization and critics from the anti-globalization perspective. By conducting an integrative review of the contemporary literature, we explore the foundational theories, core components, and primary theorists of both perspectives, aiming to understand their predictions for future global dynamics. The investigation reveals a polarization in theoretical orientation, reflecting divergent views on the implications of globalization. Through a critical analysis, the paper identifies the liberal international order and the respective contemporary neo-Marxist viewpoints as central to the debate, evaluating their critiques and contributions to understanding the new globalization’s trajectory. We suggest a synthesis of these perspectives, positing that the future of globalization—or “new globalization”—will be influenced by structural changes in global power dynamics, ongoing crises, and technological progress. This is encapsulated in the “evolutionary structural triptych” (EST) approach, which perceives the world economy as an evolutionary result of political, economic, and technological structures, which correspondingly reposition the objectives of stability, growth, and innovation in the new emerging era. In conclusion, we advocate for a balanced approach to globalization, emphasizing the need for policies that promote fairness, sustainability, and cooperation in the changing global environment. This leads to the re-introduction of an appealing concept for globalization’s future: a new, realistic, open, and innovative global liberalism. |
| Keywords: | international political economy; new globalization; anti-globalization; liberal international order; neo-Marxist perspectives; evolutionary structural triptych; socioeconomic development |
| JEL: | F60 |
| Date: | 2024–08–29 |
| URL: | https://d.repec.org/n?u=RePEc:ris:duthrp:2024_005 |
| By: | Hadjer Haned (ENSSEA - Ecole Nationale Supérieure de Statistique et d'Economie Appliquée [Tipaza]); Saloua Chaouche (ENSSEA - Ecole Nationale Supérieure de Statistique et d'Economie Appliquée [Tipaza]) |
| Abstract: | In the modern field of economic analysis, structural analysis techniques have emerged as invaluable tools for monitoring and understanding the structure of the economics' sectors dynamic. This article analyses structural change in the Algerian economy for the period 2015 -2021, based on a series of input-output tables. For this purpose, we used the powerful Rasmussen's structural decomposition method to inspect the structure of the economy and examined the evolving internal complexity of relationships and interdependencies, using key sector analysis to assess the strength of forward and backward linkages. The objective was to gain insights into the dynamics of this economy and to evaluate the extent to which it has undergone changes during this critical period witness of a multifaceted crisis. The findings from our analysis provide support for the hypothesis that the structural framework of the economy remained relatively stable over this period. While the broader structure exhibited signs of continuity, our investigation also revealed a modest enhancement in the cross-sector connections within the economy. These results could be used as a strong tool in terms of the relationships and interactions among various sectors, for the country's economic resilience and prospects for diversification. Indeed, over time we would expect economic growth and development to coincide with increasing internal complexity and perhaps durability. |
| Keywords: | Structural change economics' diversification multifaceted crisis Rasmussen's method key sectors, Structural change, economics' diversification, multifaceted crisis, Rasmussen's method, key sectors |
| Date: | 2024–12–05 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04820643 |
| By: | Pettena, Mattia (CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy); Raberto, Marco (University of Genoa - Department of Mechanical, Energy, Management and Transportation Engineering) |
| Abstract: | The energy transition involves substantial structural changes in the economy. Green utilities increase their production and investments, while brown utilities and fossil fuel producers decline. These developments impact supply chains in expansionary and contractionary ways, respectively, with the net effect feeding back into the economy by a↵ecting aggregate consumption and investment. We have developed a Stock-Flow Consistent Input-Output macroeconomic model of the world economy to analyse these dynamics. It includes a production network comprising 27 industries, differentiating between key mining, manufacturing, service, and both green and brown electricity sectors. It is the first model of its kind to have each industry invest in distinct capital goods based on sector- and asset-specific requirements. All parameters related to production technologies capture physical relationships and are derived from real-world data. We have simulated three energy transition pathways envisioned by the International Energy Agency (IEA) by modeling two parallel processes: (i) the increasing share of total electricity generated by green utilities and (ii) the electrification of production techniques and household consumption. The resulting dynamics yield several key insights. In the short-to-medium term, the net effect of the above-mentioned expansionary and contractionary forces is to boost GDP growth. The relative importance of industries supplying machinery and metals increases. The electrification of transportation services raises their cost, which, in turn, a↵ects other prices and generates inflation. Finally, we find that electricity production significantly exceeds IEA’s projections, which may underestimate demand due to their framework’s absence of an input-output production structure. |
| Keywords: | Energy transition; Renewable energy investment; Structural change; Input-Output modeling; Stock-Flow Consistent model; Electrification; Net Zero |
| JEL: | C63 C67 E12 L16 Q43 |
| Date: | 2024–12–27 |
| URL: | https://d.repec.org/n?u=RePEc:sal:celpdp:0171 |