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371. Household Borrowing and the Possibility of “Consumption- Driven, Profit-Led Growth”

Author:
Mark Setterfield and Yun K. Kim
Publication Date:
01-2016
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
We first show that, with a Kaleckian structure that is consistent with Pasinetti (1962), the relationship between distribution and growth is more robust than conventional wisdom suggests. Next, we extend our model by incorporating borrowing and emulation effects into workers’ consumption behavior, under different assumptions about how debt is serviced. Our results demonstrate that borrowing and emulation transform the relationship between distribution and growth, giving rise to the possibility of a “consumption-driven, profit-led” growth regime (Kapeller and Schütz, 2015) and what we call the “paradox of inequality.” A key conclusion is that the wage-or -profit led characteristics of the growth process, rather than being invariant, can be altered by social constructs such as borrowing and consumption norms that change over time.
Topic:
Economics, Economic Growth, Economic Theory, Profit, Homeownership, and Consumerism
Political Geography:
Global Focus

372. Labor Market Participation, Political Ideology and Distributive Preferences

Author:
Simona Demel, Abigail Barr, Luis Miller, and Paloma Ubeda
Publication Date:
12-2016
Content Type:
Working Paper
Institution:
Nottingham Interdisciplinary Centre for Economic and Political Research (NICEP)
Abstract:
Using a political-frame-free, lab-in-the-field experiment, we investigate the effects of employment status and political ideology on preferences for redistribution. The experiment consists of a real-effort task, followed by a four-player dictator game. In one treatment, initial endowments depend on participants’ performance in the real-effort task, i.e., they are earned, in the other, they are randomly determined. We find that being employed or unemployed affects revealed redistributive preferences, while the political ideology of the employed and unemployed does not. In contrast, the revealed redistributive preferences of students are strongly related to their political ideologies. The employed and right-leaning students redistribute earnings less than windfalls, the unemployed and left-leaning students make no such distinction. We conclude that, when people are not exposed to the sometimes harsh realities of the labor market, their redistributive preferences depend on their political ideology but, when they are exposed, the effect of those realities overrules their ideology.
Topic:
Economics, Politics, Employment, Ideology, Labor Market, and Redistribution
Political Geography:
Global Focus

373. Let's Take the Bias Out of Econometrics

Author:
Duo Qin
Publication Date:
12-2016
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
This study exposes the cognitive flaws of ‘endogeneity bias’. It reviews how conceptualisation of the bias has evolved to embrace all major econometric problems, despite extensive lack of hard evidence. It reveals the crux of the bias – a priori rejection of causal variables as conditionally valid ones, and of the bias correction by consistent estimators – modification of those variables by non-uniquely and non-causally generated regressors. It traces the flaws to misconceived error terms in statistical modelling and estimation consistency. It highlights the need to shake off the bias to let statistical learning play an active and formal role in econometrics.
Topic:
Economics, Economic Theory, Models, and Bias
Political Geography:
Global Focus

374. From One-Dimensional man to One-Dimensional Economy and Economics

Author:
Ben Fine
Publication Date:
06-2016
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
The evolution to dominance of neoclassical economics is reviewed in light of Marcuse’s One- Dimensional Man in the wake of the fiftieth anniversary of the classic’s first publication.
Topic:
Economics, Imperialism, Commodities, and Economic Theory
Political Geography:
Global Focus

375. Waltz’s Modesty: Structures Never Tell Us All that We Want to Know - They Tell Us “A Small Number of Big and Important Things”

Author:
Hans Rusinek
Publication Date:
01-2016
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
This essay classifies Waltz’s theory into a functionalist framework, very much like the economic theories it is inspired by. Waltz assumes that structure has primacy not because this is the case, but because it helps to theorize upon. His theory should therefore be measured by its predictive fruitfulness and simplicity, not by the empiric truth of its assumptions. Constructivist criticism, which mistakes Waltz’s concept of primacy as ontological primacy and not epistemological, therefore makes a categorical mistake. Anarchy might be what states make of it, but what states make of it is broadly shown by his Theory of International Politics (TIP). By viewing TIP as a functionalist macro-theory it can incorporate constructivist theories as control- theories and creates a powerful synthesis for future research.
Topic:
International Relations, Economics, Anarchy, and Political structure
Political Geography:
Global Focus

376. News shocks in the data: Olympic Games and their macroeconomic effects – Reply

Author:
Viktoria Langer, Wolfgang Maennig, and Felix J. Richter
Publication Date:
10-2015
Content Type:
Working Paper
Institution:
Chair for Economic Policy, University of Hamburg
Abstract:
Recent analyses relate increases in the growth rate of countries to anticipation effects caused by bidding for the Olympic Games, so called news shocks. We argue that these findings should be interpreted cautiously. First, these analyses may suffer from an omitted variable bias because they neglect key determinants of economic growth. Second, these analyses compare the bidders for the Olympic Games to all other countries in the world, which constitutes a comparison between groups that show large differences in their structural characteristics. We show that including established determinants of economic growth and comparing the bidders to a suitable control group may lead to a complete disappearance of the anticipated economic effects of Olympic Games.
Topic:
Economics and Macroeconomics
Political Geography:
Global Focus

377. Volume 65 Issue 1

Author:
Halis Yunus Ersöz
Publication Date:
01-2015
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Economics, International Political Economy, Philosophy, and Political Science
Political Geography:
Turkey and Global Focus

378. Volume 65 Issue 2

Author:
Haluk Alkan
Publication Date:
06-2015
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Economics, International Political Economy, and Political Science
Political Geography:
Turkey and Global Focus

379. Meeting Our Highest Aspirations for Capitalism -2014

Publication Date:
01-2015
Content Type:
Policy Brief
Institution:
Aspen Institute
Abstract:
In New York City on October 16-17, 2014, the Aspen Institute Business & Society Program hosted a Symposium focused on exemplary teaching at the business and society interface with a particular emphasis on sourcing and employment practices-leveraging increased consumer demand for "responsible" labor practices and supply chains, and employer demand for graduates with strong operational skills. This meeting brought together an impressive roster of corporate, academic and non-profit leaders, and identified ways for business schools to effectively prepare future leaders for the challenges of our complex economy, and to lead companies in ways that help build a vibrant economy for all.
Topic:
Economics, Education, International Trade and Finance, Politics, and Labor Issues
Political Geography:
Global Focus

380. From College to Jobs: Making Sense of Labor Market Returns to Higher Education

Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
This report summarizes key findings from recent research on links between higher education and the workforce. Featuring eight brief papers from leading education and workforce experts from around the country, the report offers practical advice for institutional leaders, policymakers, students and their advisers about how to use the increasingly available information on the economic value of higher education. Specifically, the authors’ papers and the opening summary explore what various audiences can learn from emerging evidence about: variations in labor market outcomes by program and institution; the value of degrees to jobs both in and out of fields studied; returns to the completion of certain course clusters that don’t add up to a degree; and distortions that may result from examining returns to individual degrees rather than “stacked” degrees.
Topic:
Economics, Education, Labor Issues, Global Markets, and Employment
Political Geography:
Global Focus