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Pablo Gabriel Bortz
This paper sets out to find commonalities and divergences in the writings of Marx, Kalecki and Keynes regarding their analysis of social (class) conflict in capitalist societies. We find evidence that shows that, contrary to a harmonious view of society, Keynes had a class stratification of society and an understanding of conflictive interests and developments compatible with that of Marx and Kalecki. The presence of political motivations as fuel for economic instability is another shared element between Kalecki and Keynes. Differences arise regarding the relative importance of the inter- and intra-class dynamic as a driver of distributive conflict, and the State's capabilities to guide or control those conflicts and their consequences.
Antonin Pottier and Adrien Nguyen-Huu
We examine to what extent the Keen model (Keen 1995) is a faithful modelling of Minsky's financial instability hypothesis. We focus on debt, money, and debt-induced crisis. We propose a clear interpretation of the debt: households lend unconsumed income to firms to finance their investments, and money creation is not necessary. We offer a detailed description of the economic collapse and analyse its causes thanks to numerical experiments. The crisis is triggered by profits squeezed by wages and not by debt overhang. We test alternative assumptions on the investors’ behaviour to show that behaviour at very low profits is fundamental. We conclude that the Keen crisis has few Minskyan flavours.
The Economics of an Emergent System Property
This chapter highlights the limits of current approaches to the economics of innovation. It also stresses their role in articulating a theory of innovation as an endogenous process that relies upon the characteristics of the system in which the response of firms to unexpected mismatches in both labour and factor markets takes place. The role of Marshallian contributions to Schumpeterian thinking is stressed.
Edited by Mellani Day, Mary C. Boardman and Norris F. Krueger
Achieving Fiscal Sustainability
Edited by Naoyuki Yoshino and Peter J. Morgan
A Narrative of Theory and Practice
Outlines the aims, themes and content/structure of the book (i) To track the development of a theory of IB that will allow the understanding and evaluation of MNEs as agents in the global economy. (ii) To trace the evolution of the MNE as an organisational structure that has changed through time in response to changes (institutional and technological) in the global economy. (iii) To point up the ways in which these two analytical strands have overlapped in mutually supportive and elucidatory ways. (iv) Provides and elaborates a definition of the MNE.
Sherrill Shaffer and Laura Spierdijk
Decades of theoretical and empirical research have contributed numerous ways to measure competition and to compare the competitive impact of alternate regulatory policies and market environments. Several of the most convenient measures, unfortunately, are beset by very serious problems, while none are completely ideal. Faced with an ongoing and undiminished need to assess competition and market power nonetheless, we would advocate a focus on the scant handful of “least objectionable” measures. Among these, the Lerner index and the Rothschild–Bresnahan conduct index together provide complementary, well-established, easily understood measures that relate to policy-relevant aspects of market power according to formal underlying theoretical models of firms and industries. The latter approach is slightly more demanding with regard to data and estimation techniques, requiring nonlinear systems estimation except in a correlation version under additional assumptions; one tradeoff is that the correlation version yields only qualitative (rather than quantitative) conclusions about market power.
Jana Schmutzler, Marcela Suarez, Alexandra Tsvetkova and Alessandra Faggian
This introductory chapter synthesizes the arguments presented by the book contributors and argues that a broad definition of innovation systems is appropriate in the context of developing and transition countries. By weaving in specific examples from the chapters, the introduction demonstrates the importance of a context-specific approach that takes into account sociocultural context, macroeconomic structures and institutions. Taken as a whole, the book shows how the system level of National Innovation Systems (NIS) influences the way firms and other actors build up competences and learn, while the outcomes of interactions among these actors at the micro level shape the NIS environment.