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- Claims (2)
- Efficiency (2)
- Egalitarianism (2)
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- No-envy (2)
- Walrasian exchange (2)
- Agrarian Reform (1)
- Agrarian crisis. (1)
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- Capital as the bundle of reproducible commodities (1)
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- Factor price equalisation (1)
- Farmer suicides (1)
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Articles 1 - 16 of 16
Full-Text Articles in Social and Behavioral Sciences
Aggregate Demand, Functional Finance And Secular Stagnation, Peter Skott
Aggregate Demand, Functional Finance And Secular Stagnation, Peter Skott
Economics Department Working Paper Series
This paper makes three main points. Fiscal policy, first, may be needed in the long run to maintain full employment and avoid secular stagnation. If fiscal policy is used in this way, second, the long-run debt ratio depends (i) inversely on the rate of growth, (ii) inversely on government consumption, and (iii) directly on the degree of inequality. The analysis, third, suggests that policies and policy debates have been misguided. The recent rediscovery of ’secular stagnation’ by Summers and others should be welcomed, but the suggested theoretical redirection is unclear and does not go far enough.
Farmer Suicides In India: Levels And Trends Across Major States, 1995-2011, Deepankar Basu, Debarshi Das, Kartik Misra
Farmer Suicides In India: Levels And Trends Across Major States, 1995-2011, Deepankar Basu, Debarshi Das, Kartik Misra
Economics Department Working Paper Series
In the paper, we use data on farmer suicides from the National Crime Records Bureau and population data from the Censuses of 1991, 2001 and 2011 to estimate the suicide mortality rate (SMR) of farmers and non-farmers for 19 major states of India and for the country as a whole. We use movements in the SMR ratio ratio of farmer SMR and non-farmer SMR) to understand the level and trend of the problem of farmer suicides across states and over time. For the country as a whole, and for many individual states, the SMR ratio has increased over time. This …
The Heckscher-Ohlin-Samuelson Model And The Cambridge Capital Controversies, Naoki Yoshihara, Kazuhiro Kurose
The Heckscher-Ohlin-Samuelson Model And The Cambridge Capital Controversies, Naoki Yoshihara, Kazuhiro Kurose
Economics Department Working Paper Series
This paper examines the validity of the factor price equalisation theorem (FPET) in relation to capital theory. Additionally, it presents a survey of the literature on Heckscher–Ohlin–Samuelson (HOS) models that treat capital as a primary factor, beginning with Samuelson (1953). Furthermore, this paper discusses the Cambridge capital controversy, which contends that marginal productivity theory does not hold when capital is assumed to be as a bundle of reproducible commodities instead of as a primary factor. Consequently, it is shown that under this assumption, the FPET does not hold, even when there is no reversal of capital intensity. This paper also …
On The Existence And Characterization Of Unequal Exchange In The Free Trade Equilibrium, Naoki Yoshihara, Soh Kaneko
On The Existence And Characterization Of Unequal Exchange In The Free Trade Equilibrium, Naoki Yoshihara, Soh Kaneko
Economics Department Working Paper Series
As in Roemer (1982, chapter 1), this paper considers a simple international trade model and examines the existence and characterization of free trade equilibria involving the unequal exchange of labor (UE). The paper provides an almost complete characterization of the domain of economies in which free trade equilibria withincomplete specialization exist. Moreover, the necessary and sufficient conditions for free trade equilibrium to involve UE is identified. It suggests that the emergence of free trade equilibria with UE cannot be entailed by the competitive mechanism of markets and unequal distribution of wealth alone, but might be understood as an outcome of …
Weaknesses Of 'Wage-Led Growth', Peter Skott
Weaknesses Of 'Wage-Led Growth', Peter Skott
Economics Department Working Paper Series
The emphasis in post-Keynesian macroeconomics on wage-versus profit-led growth may not have been helpful. The profit share is not an exogenous variable, and the correlations between the profit share and economic growth can be positive for some exogenous shocks but negative for others. The terminology, second, suggests a unidirectional causality from distribution to aggregate demand while in fact distribution can itself be directly affected by shifts in aggregate demand. The reduced form correlations,third, depend on interactions with the labor market, and a focus on the goods market can be misleading. If, fourth, empirical estimates are taken at face value, the …
A Progress Report On Marxian Economic Theory: On The Controversies In Exploitation Theory Since Okishio (1963), Naoki Yoshihara
A Progress Report On Marxian Economic Theory: On The Controversies In Exploitation Theory Since Okishio (1963), Naoki Yoshihara
Economics Department Working Paper Series
This report explores the development of exploitation theory in mathematical Marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of Okishio(1963). The report first examines the debates on the Fundamental Marxian Theorem and Class-Exploitation Correspondence Principle, developed mainly in the 1970s and 1980s, followed by the property relation theory of exploitation by Roemer (1982). Then, the more recent exploitation theory proposed by Vrousalis (2013) and Wright (2000) is introduced. Finally, the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of Veneziani and Yoshihara (2015a).
Assessing The Jobs-Environment Relationship With Matched Data From Us Eeoc And Us Epa, Michael Ash, James K. Boyce
Assessing The Jobs-Environment Relationship With Matched Data From Us Eeoc And Us Epa, Michael Ash, James K. Boyce
Economics Department Working Paper Series
Using matched facility-level data from the US EPA Toxics Release Inventory (TRI) and the US Equal Employment Opportunity Commission EEO-1 database, we assess (1) the trade-off between jobs and environmental quality and (2) the extent to which the distribution of the benefits of employment in industrial production mirrors the distribution of the costs of exposure to hazardous byproducts of industrial activity in the dimension of race and ethnicity. We find no evidence that facilities that create higher pollution risk for surrounding communities provide more jobs in aggregate. The share of pollution risk accruing to ethnic or racial minority groups typically …
Globalisation And Inequality: A Dynamic General Equilibrium Model Of Unequal Exchange, Naoki Yoshihara, Roberto Veneziani
Globalisation And Inequality: A Dynamic General Equilibrium Model Of Unequal Exchange, Naoki Yoshihara, Roberto Veneziani
Economics Department Working Paper Series
A dynamic general equilibrium model that generalises Roemer's [23] economy with a global capital market is analysed. An axiomatic analysis of the concept of unequal exchange (UE) between countries is developed at general dynamic equilibria. The class of UE definitions that satisfy three fundamental properties - including a correspondence between wealth, class and UE exploitation status - is completely characterised. It is shown that this class is nonempty and a definition of UE exploitation between countries is proposed, which is theoretically robust and firmly anchored to empirically observable data. The full class and UE exploitation structure of the international economy …
Property, Possession, Incorporation: Another Look At Agribusiness Venture Agreements In The Philippines, Alfredo Rosete
Property, Possession, Incorporation: Another Look At Agribusiness Venture Agreements In The Philippines, Alfredo Rosete
Economics Department Working Paper Series
Of late, incorporating smallholder land, through partnerships with agribusiness firms that cultivate export crops has received some attention among scholars, policymakers and non-government organizations (NGOs). Some see such partnerships as a means of raising smallholder incomes, and achieving rural development. However, several case studies have shown that such partnerships can result in low incomes, and effective dispossession of smallholders. This essay examines how this dynamic occurs by comparing the experiences of smallholders in the Davao Region of the Philippines. I argue that despite the smallholders observable and enforceable property rights, the costs and risks of cultivation, coupled with an unfavorable …
Farmer Perspectives On Livelihoods Within Community Supported Agriculture, Mark Paul
Farmer Perspectives On Livelihoods Within Community Supported Agriculture, Mark Paul
Economics Department Working Paper Series
In the United States there is a tremendous amount of interest in Community Supported Agriculture (CSA) among farmers, consumers, activists, and policymakers. Despite the attention garnered by CSA farms and the resurgence of local agriculture, relatively few studies have examined the livelihood opportunities for farmers within local agriculture. This paper takes a step in this direction, evaluating livelihoods for CSA farmers through in-depth interviews conducted in the Pioneer Valley of Massachusetts. Based on the principles early advocates set forth as goals of the CSA movement, the paper evaluates how CSA farmers are doing from the farmers’ perspective. The paper finds …
Long Waves Of Capitalist Development: An Empirical Investigation, Deepankar Basu
Long Waves Of Capitalist Development: An Empirical Investigation, Deepankar Basu
Economics Department Working Paper Series
In this paper, I investigate the phenomenon of long waves of capitalist development from two perspectives. First, I look for evidence of long waves of economic growth taking the dates for turning points of long waves from the historical literature (Mandel, 1995). Using historical data for 20 capitalist countries from the Maddison-Project, I find that the growth rate of real per capita GDP (and real GDP) is significantly higher in the upswing than in the downswing phase of long waves. I interpret this as evidence of long waves of economic activity. Second, I revisit the method used by Gordon, Weisskopf …
Self-Employed Tutor Pricing Model, Tyler Hansen, Jared Rand
Self-Employed Tutor Pricing Model, Tyler Hansen, Jared Rand
Economics Department Working Paper Series
One of the biggest problems faced by freelance tutors is choosing a price. Too high or too low, and tutors lose out on earnings. What should a tutor take into account when setting a price? This project surveys the relevant economic literature—most importantly wage determination—to specify a tutor pricing model, and then applies econometric methods to test the model. The data set used is from Knowledge Roundtable, which is a website matching independent tutors to students, and contains data on 1,250 tutors from around the United States. Using the natural logarithm of tutor price as the dependent variable, it was …
Top Income Shares And Aggregate Wealth-Income Ratio In A Two-Class Corporate Economy, Soon Ryoo
Top Income Shares And Aggregate Wealth-Income Ratio In A Two-Class Corporate Economy, Soon Ryoo
Economics Department Working Paper Series
This paper examines some determinants of top income shares and the aggregate wealth-income ratio in the United States. The paper, first, points out the difficulties in Piketty’s neo-classical version of explanation of US income inequality, which stresses the effect of the rising aggregate wealth-income ratio and high elasticity of factor substitution. Second, the analysis, based on a Cambridge two-class model along the lines of Kaldor (1955/56, 1966) and Pasinetti (1962), highlights the role of financialization in increasing inequality. Third, the analysis suggests that the rise in the aggregate wealth-income ratio from 1980 to 2007 in the US is explained mostly …
Entitlement Theory Of Justice And End-State Fairness In The Allocation Of Goods, Biung-Ghi Ju, Juan D. Moreno-Ternero
Entitlement Theory Of Justice And End-State Fairness In The Allocation Of Goods, Biung-Ghi Ju, Juan D. Moreno-Ternero
Economics Department Working Paper Series
Robert Nozick allegedly introduced his liberal theory of private ownership as an objection to theories of end-state justice. Nevertheless, we show that, in a stylized framework for the allocation of goods in joint ventures, both approaches can be seen as complementary. More precisely, in such a context, self-ownership (the basis for Nozick’s entitlement theory of justice) followed by voluntary transfer (Nozick’s principle of just transfer) can lead to end-state fairness (as well as Pareto efficiency). Furthermore, under a certain solidarity condition, the only way to achieve end-state fairness, following Nozick’s procedure, is to endorse an egalitarian rule for the initial …
Autonomous Demand, Harrodian Instability And The Supply Side, Peter Skott
Autonomous Demand, Harrodian Instability And The Supply Side, Peter Skott
Economics Department Working Paper Series
A recent literature introduces autonomous demand as the driver of long-run economic growth and as a stabilizing force that tames Harrodian instability. The argument is unconvincing. The stabilizing effect is modest for plausible parameter values and, more importantly, it is questionable whether any components of aggregate demand can be viewed as autonomous in the long run. By contrast, models that include the supply side (the labor market) and/or economic policy can address Harrodian instability and produce level and growth effects that resemble those derived in the literature on autonomous demand.
Fair Allocation Of Disputed Properties, Biung-Ghi Ju, Juan D. Moreno-Ternero
Fair Allocation Of Disputed Properties, Biung-Ghi Ju, Juan D. Moreno-Ternero
Economics Department Working Paper Series
We model problems of allocating disputed properties as generalized exchange economies. Therein, agents have preferences and claims over multiple goods, and the social endowment of each good may not be sufficient to satisfy all individual claims. We focus on market-based allocation rules that impose a two-step procedure: assignment of rights based on claims first, and voluntary exchange based on the assigned rights afterwards. We characterize three focal egalitarian rights-assignment rules that guarantee that the allocation rules are fair. We apply our results to problems of greenhouse gas emissions and contested water rights.