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1 – 10 of 236Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from…
Abstract
Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from Veblen’s theory, was developed in the US in the early 20th century. This approach was part of a wider stream of empirical analyses of consumption expenditure that had begun more than a century earlier.
Along with elements that can be traced back to the neoclassical tradition, in Keynes’ analysis of consumption, we find original elements. The dependence of consumption expenditure on the level of income, which is essential for asserting the principle of effective demand, can also be found in a long tradition of empirical studies. In qualifying this relationship, Keynes uses theoretical elements echoing key insights of the economics of consumption as a social phenomenon. There is no documentary evidence that Kyrk or the economics of the social relevance of consumption came to Keynes’ attention. It is possible, however, to develop reasonable speculative considerations to argue a link between Keynes’ elaboration and both the empirical literature on the determinants of consumption and the economics of consumption as a social phenomenon.
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This chapter starts from the issue of debt in the context of a national economy by contrasting two opposed views: policy prescriptions based on the Washington Consensus prioritize…
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This chapter starts from the issue of debt in the context of a national economy by contrasting two opposed views: policy prescriptions based on the Washington Consensus prioritize low public debt and a limited role of the government in the development process whereas a more heterodox view considers debt as logical, necessary, and helpful in order to allow the government to pursue an ambitious growth and development strategy. However, things change when the economy is considered in its international context: foreign debt is different from domestic debt and while the same heterodox analysis still rejects the Washington Consensus' demand for trade and financial liberalization, its own ambitious development strategies for the domestic economy get constrained by trade deficits, the threat of capital flight, and exchange rate instability. The question arises how the government can still significantly contribute to economic development beyond the limits of a purely private sector–driven approach. This is why this chapter reviews proposals to relax or overcome the balance-of-payments constraint. Finally, it considers a reform of international payments, which can be implemented by a single country unilaterally, and which enables it to stabilize its current account, avoid foreign debt accumulation, and support domestic development strategies.
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Glenn W. Harrison and Don Ross
Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of…
Abstract
Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.
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Can we broaden the boundaries of the history of economic thought to include positionalities articulated by grassroots movements? Following Keynes’s famous remark from General…
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Can we broaden the boundaries of the history of economic thought to include positionalities articulated by grassroots movements? Following Keynes’s famous remark from General Theory that ‘practical men […] are usually the slaves of some defunct economist,’ we might be wont to dismiss such a push from below. While it is sometimes true that grassroots movements channel preexisting economic thought, I wish to argue that grassroots economic thought can also precede developments subsequently elaborated by economists. This paper considers such a case: by women at the intersection of the women’s liberation movement and the claimants’ unions movement in 1970s Britain. Oral historical and archival work on these working-class women and on achievements such as their succeeding to establish unconditional basic income as an official demand of the British Women’s Liberation Movement forms the springboard for my reconstruction of the grassroots feminist economic thought underpinning the women’s basic income demand. I hope to demonstrate, firstly, how this was a prefiguration of ideas later developed by feminist economists and philosophers; secondly, how unique it was for its time and a consequence of the intersectionality of class, gender, race, and dis/ability. Thirdly, I should like to suggest that bringing into the fold this particular grassroots feminist economic thought on basic income would widen the mainstream understanding and historiography of the idea of basic income. Lastly, I hope to make the point that, within the history of economic thought, grassroots economic thought ought to be heeded far more than it currently is.
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Today, as we hurtle towards imminent planetary destruction in the age of the Anthropocene, we believe it may be instructive to try and understand if the ancient science of…
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Today, as we hurtle towards imminent planetary destruction in the age of the Anthropocene, we believe it may be instructive to try and understand if the ancient science of spirituality can prove useful in humankind's ability to change course, even at this late hour. We argue that such a paradigm shift is critically essential for human survival and that without the inner transformation proposed by this science, it may prove impossible to build a society based on the principles of liberty, equality and fraternity. This chapter draws from foundational texts and authoritative sources across multiple religious traditions, based upon which it outlines a brief sketch of the ancient science of spirituality. We begin with an account of the differentia specifica of this science, where we delve into what kind of science this is. Since it is centrally concerned with inner transformation, we briefly outline the theory of change embedded in this science and the kind of rejuvenation it enables, which makes it possible for us to clearly perceive the key elements and the structure of reality. We then spell out the impact this has on the nature of human action, continually teasing out implications for policy and practice in our time. We provide a few concrete illustrations of the same. Inter alia, we also show how many of these insights can be found even within modern scientific and philosophical traditions, thereby indicating possibilities of convergence and synthesis between ancient and modern science, following thereby the guidance of genuine spirituality.
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Umar Farooq, Ahmad A. Al-Naimi, Muhammad Irfanullah Arfeen and Mohammad Ahmad Alnaimat
The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).
Abstract
Purpose
The current analysis aims to explore the role of cash holdings in the nexus of national governance and capital investment (CIN).
Design/methodology/approach
To achieve this aim, the authors sample the nonfinancial enterprises from 5 Brazil, Russia, India, China, South Africa (BRICS) economies and employ system generalized method of moments(GMM) models as an estimation technique.
Findings
The empirical analysis infers that national governance has a positive relationship with CIN and a negative relationship with cash holdings. The cash holdings negatively determine CIN. However, the cash holdings show a positive relationship with CIN in the presence of the national governance index (NGI).
Research limitations/implications
The important policy layout of the current analysis is that corporate managers should reduce cash holdings during better governance situations. Alternatively, corporate managers can disentangle the negative impact of bad country governance conditions on CIN by holding more cash.
Originality/value
The study is innovative as it explores mediating impact of cash holdings in the NGI-CIN nexus.
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