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on Heterodox Microeconomics |
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Issue of 2025–03–10
twelve papers chosen by Carlo D’Ippoliti, Università degli Studi di Roma “La Sapienza” |
| By: | Hudson, Michael; Nitzan, Jonathan; Di Muzio, Tim; Fix, Blair |
| Abstract: | El 3 de diciembre de 2024, Michael Hudson se reunió con los investigadores del capital como poder Jonathan Nitzan, Tim Di Muzio y Blair Fix para discutir las intersecciones entre sus dos líneas de investigación. Lo que sigue es una transcripción de la conversación. |
| Keywords: | capital accumulation, capital as power, capitalism, finance, political economy, philosophy of science, production, rent |
| JEL: | P P1 P12 G |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:312262 |
| By: | Mansoori, Issa |
| Abstract: | By framing development as an emergent property of collective consciousness, this paper provides a fresh epistemological lens to address local and global common challenges, such as inequality, social, cultural, and ecological degradation, and resource management through commoning. The paper argues for the ‘new commons’, reimagining the concept of development by integrating insights from the philosophy and neuroscience of consciousness. Moving beyond economic conventional and institutionalist paradigms, it explores how development, like consciousness, functions as an interconnected and emergent system that transcends the sum of its parts. Countering neoliberal ideologies and prioritizing collective intention instead of pluralistic action, ‘new commons’ can be defined from a different perspective. Also, distinct from Ostrom’s common resource management model, the new commons framework emphasizes the societal construction of shared spaces and values through collective consciousness. |
| Keywords: | New commons, Development, Epistemology, Economic goods |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:312282 |
| By: | Hosseini, S A Hamed (The University of Newcastle) |
| Abstract: | In the realm of contemporary discourse, grasping the complexities of the pluriverse and its potential to transcend compartmentality has emerged as a central and pressing concern. Rooted in political ontology, pluriversalist perspectives offer a critical lens through which to challenge the deep-seated Western epistemological divisions between humanity and nature. This short preprint, as a complementary piece of a broader scholarly endeavor, explores the intricate concept of compartmentality and its manifestation within the ‘Actually Existing Pluriverse.’ Through a comprehensive analysis of respondents’ prioritization of ‘Ultimate Outcomes, ’ including decolonization, ecological health, public well-being, social justice, and economic democratization, this study reveals the role of decolonization in overcoming compartmentality within progressive initiatives. |
| Date: | 2024–01–14 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:ycu8a_v1 |
| By: | Amoozadeh Mahdiraji, Hanif |
| Abstract: | The cooperative sector in Iran holds a distinctive position within the nation's constitutional framework and official documents. However, despite concerted efforts, it presents a duality in its performance. While demonstrating relative acceptability compared to peers within the Middle East, it remains notably distant from the prescribed standards delineated in foundational documents. Notably, in 2013, an amendment bill addressing the Cooperative Sector Law, aiming for substantial revisions, was presented by the Executive branch to Parliament. This Bill, however, failed to garner the necessary attention from stakeholders and legislative bodies, prompting a critical evaluation of its necessity. This evaluative process encompassed meticulous scrutiny of the sector's standing, involving an alignment of definitions with legal frameworks and a comprehensive assessment of goal achievement utilizing official statistical data. A systematic review of antecedent research on cooperatives was also conducted to unearth and comprehend the critical operational barriers. The findings of this comprehensive analysis unveiled a spectrum of challenges afflicting Iran's cooperative sector, ranging from ambiguity in defining cooperatives to inadequate competitiveness vis-à-vis private enterprises, lack of member awareness, deficiencies in human resources and administrative capacities, financial constraints, overreliance on governmental support, and inefficiencies within supervisory institutions. A series of strategic alternatives have emerged to address these multifaceted challenges effectively. These include redefining cooperatives in alignment with international benchmarks, harnessing the potential of New-Generation Cooperatives (NGCs), diversifying shareholding structures, deploying Crowdfunding tools, establishing Cooperatives Credit Unions, fortifying internal supervisory entities, revising founding member prerequisites, reinstating cooperative education within legal frameworks, integrating specialized expertise on cooperative boards, and rejuvenating cooperative management certifications. |
| Date: | 2024–03–27 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:tyq39_v1 |
| By: | R D Congo (Université de Kinshasa) |
| Abstract: | The allocation of scarce resources depends fundamentally on the economic system and the institutions that frame trade (market economy, command economy or mixed economy). This analysis deals with the allocation of resources in a market economy with private ownership of the means of production. In a market economy, goods and services are freely traded on the basis of relative prices resulting from the confrontation of supply and demand. The market economy combines the action of agents – consumers and producers – and the state, within a given institutional, social and cultural framework. There is private ownership of the means of production when the companies are owned by a part of the consumers, who are then shareholders and share the profits. Firms use labour and other factors of production, especially capital (K), to produce goods that they sell at a market price. Consumers use income from their labour (L), capital (if they are shareholders) and social income to buy the goods and services they want at market prices – they may face budgetary constraints in the face of different choices of goods and services. Amartya Sen points out that institutions – the state, the market, the legal system, social organizations, etc. – contribute to the proper functioning of market economies if they contribute to increasing human freedoms. |
| Abstract: | L'allocation des ressources rares dépend fondamentalement du système économique et des institutions qui encadrent les échanges (économie de marché, économie de commandement ou économie mixte). Cette analyse traite de l'allocation des ressources dans une économie de marché avec propriété privée des moyens de production. Dans une économie de marché, les biens et services sont échangés librement sur la base de prix relatifs résultant de la confrontation de l'offre et de la demande. L'économie de marché combine l'action des agents – consommateurs et producteurs – et de l'État, dans un cadre institutionnel, social et culturel donné. Il y a propriété privée des moyens de production lorsque les entreprises sont détenues par une partie des consommateurs, qui sont alors actionnaires et s'en partagent les bénéfices. Les entreprises utilisent le travail et les autres facteurs de production, en particulier le capital (K), pour produire des biens qu'elles vendent à un prix de marché. Les consommateurs utilisent les revenus de leur travail (L), du capital qu'ils détiennent (s'ils sont actionnaires) ainsi que les revenus sociaux pour acheter les biens et services qu'ils désirent au prix de marché – ils peuvent faire face à une contrainte budgétaire face aux différents choix des biens et services. Amartya Sen souligne que les institutions – État, marché, système juridique, organisations sociales, etc. –, concourent au bon fonctionnement des économies de marché si elles contribuent à accroître les libertés humaines. |
| Keywords: | Producteur, Consommateur, Marché, Concurrence |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04915643 |
| By: | Sidenros, Jonathan |
| Abstract: | This study explores the European Union's role in Europe's housing crisis. While much attention has been given to the EU's impact on other welfare state sectors, housing remains underexplored. Using Aalbers' theory of housing financialisation and Scharpf's theory of positive and negative EU integration, this study examines four modes of housing financialisation: mortgage debt, mortgage securitization, financialisation of rental housing, and financialisation of social housing companies. The findings suggest that the EU has contributed to housing commodification through channels such as mortgage market liberalisation, fiscal regulations, monetary policy, capital mobility, and competition law. A hierarchical struggle emerges between the single market and local housing administration, with EU law dominating this relationship through negative integration, since the elimination of market barriers, whether between or within member states, is at the essence of the single market project. This stands in contrast to the EU's commitments to housing as a human right. By highlighting housing as the primary surplus absorber of capitalism, and by integrating Aalbers theory of housing financialisation with Scharpf's theory of EU integration, this study underscores the essential role of housing in the broader EU integration process, i.e. housing commodification is shown to be both a driver and product of the EU's political economy. On a positive note, a theoretical argument can be made of the potential of EU housing to escape the determinism inherent to the negative integration perspective. Housing right obligations in EU treaties do exist, which offer the possibility for housing integration based on social commitments rather than market forces. |
| Keywords: | Financialisation of housing, economic geography, EU integration, welfare state transformation, commodification, decommodification |
| JEL: | P1 P16 R1 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:312409 |
| By: | Pijpers, Kevin |
| Abstract: | The Urban Living Lab (ULL) is an aspirational device to materialize practices designed around co- production, participation, and transformation in the public arena. It is a research approach that emphasizes short-lived in-situ collaborations purified from the wider ex-situ political and social reality. This approach can strengthen epistemic trust injustices and harms by enforcing an overbearing mode of consensus-seeking participation around dominant epistemic regimes. This paper formulates an alternative, speculative realist approach to the ULL and analyses an ethnographic vignette to explore the intricacies, ambiguities, and disagreements within a post- pandemic ULL-situation in a community playground in Rotterdam South. Through these analyses, this paper takes inventory of matters of care in this stigmatized territory to show how an ULL might be done if it is to generate epistemic justice and social transformation. |
| Date: | 2024–06–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:rh6fc_v1 |
| By: | Schulz, Nicolai; Proestou, Maria; Feindt, Peter |
| Abstract: | The sustainability of social-ecological systems has become a major concern in environmental policy. To address the sustainability challenges of the fossil-based economy, more than 50 countries around the world have promulgated policies to promote the transformation towards a bio-based economy. The success of this transformation, in turn, depends on the resilience of the bio-based production systems on which the bioeconomy rests. However, the continued delivery of the desired functions of these systems is challenged by environmental, social, economic, and political short- and long-term stresses. Despite the importance of such resilience challenges for a sustainable bioeconomy transformation, the extent to which they are addressed in bioeconomy policies remains unclear and under-researched. To fill this gap, we investigate the salience of resilience challenges in bioeconomy policies using the Resilience Policy Design (RPD) framework. Specifically, we conduct a systematic content analysis of bioeconomy policy documents in 50 countries to identify and discuss the specific challenges and instruments directly aimed at addressing these challenges. Overall, our analysis contributes to a better understanding of the role and origins of resilience concerns in global bioeconomy policymaking. |
| Date: | 2023–11–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:rp2by_v1 |
| By: | Gutierrez, Eylla Laire M.; Rueda, Diana |
| Abstract: | For years, women’s involvement in entrepreneurial activities has been widely advocated as part of economic development agendas. This is evidenced by numerous initiatives, projects, and roadmaps that promote women's integration into economic activities through entrepreneurship. Underpinning these efforts is the assumption that women's active participation in economic activities leads to improved well-being and empowerment. While this is an essential step toward improving women’s conditions, the realities are more complex. Beyond the economic contributions of such entrepreneurial activities, other facets—such as psychological, social, and political dimensions—also need to be considered. This study primarily addresses the question: “How does women’s engagement in micro-enterprising facilitate their own and their communities’ human flourishing and empowerment?” More specifically, it examines the critical role of sari-sari stores in the socio-economic landscape of the Philippines, with a particular focus on their contributions to community development and women's flourishing and empowerment. While sari-sari store owners often face financial constraints, this research highlights a significant relationship between micro-entrepreneurship, human flourishing, and empowerment. Through the analysis of the Flourishing Index, Secured Flourishing Index measures, and the Empowerment Model, the findings reveal that women sari-sari store owners exhibit high levels of well-being, empowerment, optimism, and resilience, despite limited economic prosperity. The study further explores how sari-sari stores serve not only as micro-retail enterprises but also as platforms for fostering individual and social well-being. The owners demonstrate psychological and social empowerment through the ownership of sari-sari stores, while economic and political empowerment is still a work in progress. The results suggest that women, through the ownership of sari-sari stores, achieve individual well-being while also extending that well-being to their communities. Thus, this study offers a nuanced perspective on the significance of sari-sari stores, not just for the economic development of communities but also for the individual and social well-being of their women owners. Comments on this paper are welcome within 60 days from the date of posting. Email publications@pids.gov.ph. |
| Keywords: | microentrepreneurship;female leadership;women empowerment;human flourishing |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:phd:dpaper:dp_2024-50 |
| By: | Quaas, Georg |
| Abstract: | Most neo-Ricardian studies on the "choice of technique" are based on a comparison of alternative technologies applicable to the same industrial branch. Some authors even recommend restrict analyses of the long-run technological changes to a single industry. In reality, innovations often require technological changes in several industries. In this article, it is shown that a step-by-step analysis of complex technological innovations is path-dependent and does not always lead to a result. Furthermore: The number of mathematically possible switch-points is reduced by the number of affected industries and by ambiguous price relations in the vicinity of intersection-points of wage curves. This could, without simplification of Sraffa's theory, explain why situations in which two alternative technologies generate the same prices, i.e. switch-points, are empirically extremely rare events. |
| Keywords: | capital theory, switch-points, choice of technologies, path-dependency, embedded equations |
| JEL: | B24 C67 O14 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:leiwps:312399 |
| By: | Ambati, Murari |
| Abstract: | The Fractal Market Hypothesis (FMH) proposes that financial markets have fractal behaviors. Fractal behaviors are patterns that are primarily characterized by self-similarity. Furthermore, there are other methods to characterize fractal behaviors by checking long-range dependencies and for a non-linear structure. Thus, this paper showcases the theoretical and mathematical foundations of FMH. There is a significant focus on FMHs applications to financial markets. Furthermore, this includes focusing on volatility, market crashes, and long-range dependencies. The paper analyzes using fractal geometry, multifractal models, statistical tools, fractal dimension, and power-law distributions to model financial time series. This paper also compares FMH with classical market theories like the Efficient Market Hypothesis (EMH). We then highlight FMH’s capacity to describe real-world market phenomena better. |
| Date: | 2025–02–21 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:rx3vj_v1 |
| By: | Serafica, Ramonette B.; Tabuga, Aubrey D.; Baino, Madeleine Louise S. |
| Abstract: | This paper aims to explore ownership networks of publicly listed financial institutions in the Philippines. It covers the second phase of a research project on financial networks and builds on the analyses conducted in Tabuga et al. (2024), which aims to provide an understanding of the underlying network structure that may influence financial sector development and stability in the Philippines. The current paper further expounds on the connections examined in the first paper—focusing on the extent of financial institutions’ networks in other sectors and assessing the roles of connections within the network. In this report, the network illustrating ownership and investment relationships has been expanded to include entities with relatively smaller shares, emphasizing the possible importance of weaker ties. By identifying the sectors and subsectors of nodes in the network, this paper aims to provide a deeper understanding of the extent of the network of the country’s publicly listed financial institutions. Furthermore, it seeks to draw insights that may be valuable for policy formulation and financial supervision/regulation. Comments on this paper are welcome within 60 days from the date of posting. Email publications@pids.gov.ph. |
| Keywords: | ownership networks;publicly listed financial institutions;financial networks;network structure;investment relationships;inter-sector connections;network analysis |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:phd:dpaper:dp_2024-46 |