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1.
Wilfried Parys 《European Journal of the History of Economic Thought》2018,25(5):1052-1080
AbstractMarx’s Das Kapital (1867) singled out labour as the common substance of value in all commodities. Costanza (1980) in Science chose energy and propagated energy values (a century after Engels criticised Podolinsky on energy). Mainstream economists quickly questioned Marx’s logic. Pareto advocated simultaneous equations, unaware of their use by Mühlpfordt and Dmitriev. Contributions by Charasoff and Potron were also overlooked. Already in 1927, Leontief and Sraffa knew how to replace labour values by other commodity values. Generalising Sraffa’s subsystems and using “percentage formulas” for price-value deviations, I discuss some empirical results for labour or energy theories of value. 相似文献
2.
John Smithin 《Journal of post Keynesian economics》2018,41(1):139-155
Moseley’s (2016) Money and Totality focuses on two important issues: (a) the nature and significance of Marx’s notion of the “circuit of money capital” and (b) the solution to the “transformation problem”. The former question, in particular, makes this book important not only for Marx specialists but also for other dissenting economists. Recall that in writings before the General Theory Keynes (1933a, 1933b), in particular, made allusion to the Marxian circuit via the concept of the monetary theory of production. However, these references did not survive in the published version in 1936. Nor was Keynes at all confident on this topic in debate the following year. It is therefore important to both Marx scholars and other heterodox economists to inquire exactly how the Marxian circuit was supposed to work. A starting point is to write out the scheme from Capital Vol. 2 (Marx, 1885/1976) in full, M – C?…?P … C’ –?M’, and try to explain what the magnitudes (M’ – M) and (C’ – C), are supposed to represent. This is indeed one of Moseley’s main tasks in this thought-provoking book. 相似文献
3.
Nicolò De Vecchi 《European Journal of the History of Economic Thought》2013,20(2):233-258
Abstract Hayek did not review the General Theory, but he criticized it in Profits, Interest and Investment (1939) and in part IV of The Pure Theory of Capital (1941). First, he showed that only exceptionally does greater consumption favour investment and employment. Second, he rejected Keynes's liquidity preference and maintained that only in an ‘extreme case’ might it be said that Keynes's theory of the rate of interest is valid. Although he correctly identified the gist of Keynes's theoretical innovation, his criticisms were already implicitly answered in the General Theory. 相似文献
4.
Fulvio Castellacci 《Economics of Innovation and New Technology》2013,22(1):92-108
This paper introduces service innovation in the proximity-concentration trade-off model of trade and foreign direct investments (FDI) [Helpman, E., M. Melitz, and S. R. Yeaple 2004. “Export Versus FDI with Heterogeneous Firms.” American Economic Review 94 (1): 300–316]. The idea is that innovation will have two main effects on service firms’ choice between exports and FDI. First, innovative firms will on average have higher productivity levels than non-innovative enterprises. Secondly, innovators will have to pay a higher relational distance cost for undertaking export activities, and they will, therefore, prefer to avoid (or reduce) these costs by choosing an FDI strategy instead. We test the empirical relevance of this idea on a new survey data set for a representative sample of firms in all business service sectors in Norway. The results show that firms are more likely to choose FDI rather than export the greater their productivity level and the higher the relational distance costs they face. 相似文献
5.
Rod O’Donnell 《Journal of post Keynesian economics》2016,39(1):17-43
On first encounter, the ergodic/nonergodic (ENE) approach has apparent plausibility. Although concerned by some of its problems for many years, it was only after more concentrated reflection on both its parts and their combinations that I became aware of its manifold deficiencies, some of which I outlined in my previous critique (O’Donnell, 2014). In this paper, facilitated by Davidson’s (2015b) rejoinder, these criticisms are deepened, broadened, and strengthened. Because the debate deals with fundamental matters in several disciplines, a considerable amount of investigation, unpacking, and logical dissection is required to clarify the argumentation beneath the compressed and seemingly smooth surface of the ENE position. For this reason, my reply is divided into two parts. This contribution primarily examines the central role of framing in ENE arguments, and clarifies the various misunderstandings and misrepresentations to which it leads. The subsequent contribution provides more detailed discussion of mathematical, stochastic, and methodological issues. 相似文献
6.
Rod O'Donnell 《Journal of post Keynesian economics》2016,39(2):145-171
This second part of my reply to Davidson (2015) discusses mathematical and statistical matters using a simple model of ergodicity whose properties do not match many of those asserted by ENE. It responds to Davidson's counterarguments against pre-infinity indeterminacy, examines the works of Billingsley, Uffink, and Malinvaud as cited by Davidson, and then turns to important methodological issues. As in Part 1 of my reply, Davidson's rejoinder helps make the critique stronger, deeper, and more relevant. 相似文献
7.
Emiliano Brancaccio Giuseppe Fontana Milena Lopreite Riccardo Realfonzo 《Journal of post Keynesian economics》2015,38(4):509-531
AbstractUsing a VAR model in first differences with quarterly data for the euro zone, the study aims to ascertain whether decisions on monetary policy can be interpreted in terms of a “monetary policy rule” with specific reference to the so-called nominal GDP targeting rule (Hall and Mankiw, 1994; McCallum, 1988; Woodford, 2012). The results obtained indicate a causal relation proceeding from deviation between the growth rates of nominal gross domestic product (GDP) and target GDP to variation in the three-month market interest rate. The same analyses do not, however, appear to confirm the existence of a significant inverse causal relation from variation in the market interest rate to deviation between the nominal and target GDP growth rates. Similar results were obtained on replacing the market interest rate with the European Central Bank refinancing interest rate. This confirmation of only one of the two directions of causality does not support an interpretation of monetary policy based on the nominal GDP targeting rule and gives rise to doubt in more general terms as to the applicability of the Taylor rule and all the conventional rules of monetary policy to the case in question. The results appear instead to be more in line with other possible approaches, such as those based on post Keynesian analyses of monetary theory and policy and more specifically the so-called solvency rule (Brancaccio and Fontana, 2013, 2015). These lines of research challenge the simplistic argument that the scope of monetary policy consists in the stabilization of inflation, real GDP, or nominal income around a “natural equilibrium” level. Rather, they suggest that central banks actually follow a more complex purpose, which is the political regulation of the financial system with particular reference to the relations between creditors and debtors and the related solvency of economic units. 相似文献
8.
《Applied economics letters》2012,19(11):1125-1132
Employing disaggregated real exchange rates from nine European counties in 16 goods categories, we assess in this study the nonlinearity in the real exchange rates. Surprisingly, we find evidence for nonlinearity in only four (10) out of 143 series with the linearity test proposed by Harvey et al. (2008) at the 5% (10%) significance level. This result differs greatly from those of Juvenal and Taylor (2008), Imbs et al. (2003), Sarno et al. (2004) and Berka (2009), who report ample evidence for nonlinearity for the same or similarly disaggregated real exchange rate datasets. 相似文献
9.
The objective of this article is to argue that the labor productivity slowdown experienced in recent years by several advanced countries can be explained, following a Kaldorian-Classical approach, by a weak gross domestic product (GDP) performance and by a decline in the wage share. Moreover, drawing inspiration from recent post Keynesian literature, the authors identify the ongoing worsening in income equality and the increase in the degree of financialization as other major explanatory factors of sluggish productivity. The article will provide a brief literature review concerning nonmainstream attempts to endogenize labor productivity, beginning from the famous Verdoorn-Kaldor law (Verdoorn, 1949) and the Kaldor technical progress function (Kaldor, 1961) and including Sylos Labini’s productivity equation (Sylos Labini, 1984, 1999). The authors will then discuss how labor flexibility and shareholder value orientation, one of the main aspects of financialization, can negatively affect equality and labor productivity. Finally, they propose an extended version of the Sylos Labini’s equation, where productivity growth is claimed to depend positively on GDP rate of growth and the wage share, and negatively on income inequality and financialization. They submit to empirical scrutiny their extended productivity equation; the results of their estimations provide support to their theoretical argument. 相似文献
10.
David Collie 《International economic journal》2013,27(1):141-154
Conditions for the occurrence of immiserizing growth and the Metzler paradox are analysed in the Ricardian model when consumers in the foreign country have Leontief preferences while consumers in the home country have Cobb-Douglas preferences. By using specific functional forms, the conditions for the occurrence of the two paradoxes are defined in terms of the exogenous parameters of the model rather than endogenous variables such as the foreign import demand elasticity in the conditions of Bhagwati (1958) and Metzler (1949a, b). It is shown that the simultaneous occurrence of both paradoxical results is possible for some parameter values. 相似文献
11.
The aim of this article is to analyze the effect of the income distribution between labor and capital on the growth performance of Thailand from a post Keynesian view. It rests on the theoretical model of Bhaduri and Marglin (1990) to see if an increase in the labor income share has a sufficient positive effect on consumption to offset a negative effect on investment and export demand. In order to investigate the question empirically we adopt and develop the approach of Stockhammer, Onaran, and Ederer (2009). Several measures of the labor income share are calculated to take into account the fact that wage labor represents only half of the total labor force and check the robustness of our results. We also introduce a new treatment of external trade to better integrate the price competitiveness of Thailand. The econometric investigation shows that the growth regime is profit-led over the period 1970–2011, which shows that rebalancing the Thai economy will be difficult and requires an overall change of strategy going beyond a simple prolabor policy. 相似文献
12.
This paper seeks empirical evidence of nonlinear mean-reversion in relative national stock price indices for Emerging Asian countries. It is well known that conventional linear unit root tests suffer from low power against the stationary nonlinear alternative. Implementing the nonlinear unit root tests proposed by Kapetanios et al. (2003) and Cerrato et al. (2009) for the relative stock prices of Emerging Asian markets, we find strong evidence of nonlinear mean reversion, whereas linear tests fail to reject the unit root null for most cases. We also report some evidence that stock markets in China and Taiwan are highly localized. 相似文献
13.
《Applied economics letters》2012,19(12):1201-1204
This article takes as its point of departure the herding model of Bikhchandani et al. (1992). We extend earlier experimental evidence to distinguish between informational herding, as in the model, and ownership herding, an alternative explanation for observed behaviour. 相似文献
14.
《Applied economics》2012,44(24):3065-3088
This article estimates a simple univariate model of expectation or opinion formation in continuous time adapting a ‘canonical’ stochastic model of collective opinion dynamics (Weidlich and Haag, 1983; Lux, 1995, 2009a). This framework is applied to a selected data set on survey-based expectations from the rich EU business and consumer survey database for 12 European countries. The model parameters are estimated through Maximum Likelihood (ML) and numerical solution of the transient probability density functions for the resulting stochastic process. The model's success is assessed with respect to its out-of-sample forecasting performance relative to univariate Time Series (TS) models of the Autoregressive Moving Average model, ARMA(p,?q) and Autoregressive Fractionally Integrated Moving Average, ARFIMA(p,?d,?q) varieties. These tests speak for a slight superiority of the canonical opinion dynamics model over the alternatives in the majority of cases. 相似文献
15.
《China Economic Journal》2013,6(2):203-212
We calculate a variety of welfare gains for Mainland China, following the approach of Romer (1994), who emphasized that proper modelling of the impact of trade restrictions on the number of available product varieties is crucial for quantifying the welfare impact of trade liberalization. The empirical work presented relies on direct measures of product variety calculated from highly disaggregated trade data. The emerging conclusion is that freer trade has indeed boosted welfare. 相似文献
16.
《China Economic Journal》2013,6(1):17-28
The study re-examined the time series properties and regional disparities in Chinese inflation by extending the work of Chong, Zhang, and Feng (2011). For this purpose we employed the Lagrange Multiplier (LM) unit root test with one structural break and two structural breaks suggested by Lee and Strazicich (2003, 2004) and a recently developed ADF type unit root test with two structural breaks of Narayan and Popp (2010). We found that national, urban and rural series of the overall inflation series, clothing, and food, national series of education and residence and the rural series of residence and education are stationary. We also found regional disparity in Chinese inflation, but the disparities existed only in education inflation series. 相似文献
17.
In this article, the authors use the concept of the hierarchy of money found in the works of Minsky (2008[1986]), Foley (1987), Wray (1990), and Bell (2001) to analyze the process of liquidity creation in modern capitalist economies where shadow banks play an active role. They abandon the narrow focus on banks as the creators of money as well as the idea that nonbank financial institutions are mere intermediaries between savers and borrowers. Instead, the authors demonstrate that, similar to banks, nonbank financial institutions and foreign banks (through their cross-border activities) create liquidity endogenously by leveraging over the liabilities of entities hierarchically above them. The authors further elucidate Kregel’s concept of “fictitious” liquidity in the context of the hierarchy of financial liabilities, distinguishing it from “true” liquidity. By bringing shadow banks and the euro-currency markets into to the pyramid of financial liabilities, they develop a more complete framework of liquidity creation in modern capitalist economies. Their “extended” pyramid is useful for analyzing not only the fragility that may arise from the interactions between firms, households and banks, but also that which may originate through the interactions between banks, shadow banks and foreign banks. 相似文献
18.
M. Ray Perryman 《Journal of economic issues》2013,47(2):563-568
For the last twenty years, the world economy has evolved at a great speed. Every good, capital asset, and knowledge is mobile and induces more competition. Innovation in commodities is a complex process that requires more cooperation. To innovate in the knowledge economy, firms nowadays must establish “win-win situations” for individuals in creating networks. These networks are useful for firms in order to come up with innovative strategies. The building of networks enables the interactions between agents, the environment, and institutions. The interdependence of agents and institutions is not new to evolutionary theory (Commons 1931; Veblen 1898). However, I argue that institutions must be more flexible than ever before in order to help agents adapt to the modern knowledge economy. On the basis of the role of meso-networks, I propose new long-run specialization and short-run competitiveness that will promote greater efficiency and equality around the world in relation to firms and countries exporting industrial goods into world markets. Within the innovative networks, I analyze the role of two different actors: (i) the “economic leader” who has a long-run strategy and (ii) the “go-between leader” who knows how to diffuse “useful information” to actors to help them innovate in new products, services, or processes. 相似文献
19.
Michael Assous 《European Journal of the History of Economic Thought》2013,20(2):305-322
AbstractIn 1933, Irving Fisher proposed an explanation for the Great Depression based on the distinction between the price level and price change effect of deflation in a context of over-indebtedness. This paper compares the debt-deflation theory of Fisher (1933) with the dynamic depression process he had expounded almost 20 years earlier in the Purchasing Power of Money (1911). The role played by both price level and price change effects in the analyses of Fisher (1933, 1911) are clarified in the context of the disequilibrium model of Tobin (1975). More precisely, we show that the stationary equilibrium is assumed to be locally unstable according to Fisher's 1911 insights and globally unstable according to his 1933 analysis. 相似文献
20.
《Applied economics letters》2012,19(12):1223-1228
In this study, the panel Seemingly Unrelated Regressions Augmented Dickey–Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to test the validity of Purchasing Power Parity (PPP) for G-7 countries over the period 1980M1 to 2008M5. The empirical results from several panel-based unit root tests indicate that PPP does not hold for G-7 countries under study; however, Breuer et al.'s (2001) panel SURADF tests unequivocally indicate that PPP is valid for half of the G-7 countries. 相似文献